Marketing Monday posts


 

Are You Pushing the Right Buttons?

No discussion about consumer behavior is complete without a reference to Maslow’s Hierarchy of Needs. Have you ever thought about applying this theory to your customer/client base? Chances are your product serves to fulfill one of more of Maslow’s five identified needs. Let’s see which one.

Are You Burning Cash Because You Don’t Know Your Customer?

While most businesses know they need customers to survive (believe me, there are some businesses that do not recognize this fact!), most businesses don’t take the time to actually understand their customers or pay attention to their buying habits. Are you wasting time, energy, and money and potentially sacrifice the success of your business because you don’t know your customer? How understanding consumer behavior strengthens your marketing strategy, improves your customer engagement, and makes you a better consumer.

Is Your Product Losing Traction with Your Target?

Last week’s assignment was to identify your target and give them a face.  Did you give it a try?  Were you able to create one persona for your product or service?Maybe you found that one specific person did not cover the variety of customers for which your product or...

If You Build It, Will They Come?

Movie fans raved about the 1989 film “Field of Dreams,” starring Kevin Costner. And it’s theme “If you build it, they will come” has become a business mantra. While the phrase inspired magic in the movie, such thinking has contributed to many a business failure. But why?

Are Customers Doing What You Want Them To?

Last week I ended the post commenting about how bright ideas are a dime a dozen and many entrepreneurs and small business owners often get distracted by the shiny objects.  The key to successful new products and product line extensions is that they make sense in the...

Managing Product/Service Life Cycles

This week’s marketing tip is about your product or service offering—the cornerstone of your business model and the foundation of your business. Let’s face it, if you don’t have a product or a service, you don’t have a business.  How else would you be able to bring...

Giving Customers Value

The value proposition describes the benefits customers/clients can expect from your products and services. It is about differentiating your product/service from your competitors and creating a strong connection between your ideal customer/client and the product/service you provide.

Moving in the Same Direction

Every strategic planning initiative begins with crafting a mission statement the organization believes in and can support. This well-crafted statement provides framework and purpose for you and your employees and is the basis from which all decisions are made across all functions.

Finance Friday posts


 

Measure It, Manage It

Understanding and tracking basic financial ratios is a key ingredient in that recipe for success. Although ratios report mostly on past performance, they can also be predictive too. There is a saying that I heard along the way that makes sense to me, “If you can measure it, you can manage it”. No foolin’!

Are You Trending Toward Profitability?

Tracking your business’ financial history and comparing your gross profit percentage to others in your industry will give you a good indication of your business’ financial health. Calculating your gross profit percentage is the quickest way to determine if your business is on track or not. It acts as an early warning system.

Would You Like Profit with That?

This week’s tip continues with tools that help you make well-calculated business decisions. Wouldn’t it be nice to know which of your products and services are the most profitable? It’s important to know how far sales can dip before the ink turns from black to red. If...

Is Your Business Breaking Even?

When I first started out in business I used the “make a wish and hope it all works out” method. Now that I am a bit more seasoned, I use the “evaluate the decision and see if it makes financial sense” method. See how a break-even analysis improves your profitability and decision-making ability.

Making the Most with What You’ve Got

Last week we looked at using the business cash flow worksheet to generate actionable steps for increasing cash flow. Today’s tip is about looking specifically at revenues, (the income side of the cash flow worksheet) and the age old question of "how do we make more...

Riding the Teeter Totter of Cash Flow

Today’s tip continues with the cash flow theme and revolves around using cash flow projections to create action items throughout the year. Do you remember when you were a kid and how much fun it was playing on the teeter totter?  There was always someone on the other...

Don’t Get Caught Up a Creek without a Paddle

As business owners, we sometimes find ourselves without the means to pay our bills. Not because we don’t have the revenues, but because we don’t have the cash. Our customers haven’t paid us yet, a delivery truck broke down and needed immediate repair, and sales tax is due tomorrow. It’s the dreaded “up a creek without a paddle” scenario.

Getting the Gears Turning

Today’s tip is about putting the pieces in place to create a budget for your comprehensive financial plan.  This week we’ll continue following the money by watching how the cash flows in and out of our business. To review, we’ve talked about the danger of making...

Following the Money

Today’s tip is about building your comprehensive financial plan. Your company is thriving!  You have customers knocking on the door!  The business is bringing in money hand over fist!  So why is it when you go to pay the bills you come up short? I’ve met with...