Marketing: Establishing a Brand

Boost Your Brand Recognition

Establishing and branding your business in an important business strategy.  It would include your name, trademark and all other means of product identification.  In your business you should consider creating brand recognition so that your customers recognize and accept your company as the best company to do business with.  Your customers will remember you and your brand because of habit and a good customer experience.  It is about creating awareness and having your customers talk about your product or service to others.

So how can a firm develop a brand?  First, It must have meaning in its customers’ lives.  It must create value which is something that your customers are willing to pay for.  The goal is to create a bond between a company and its customers.

Some ways to build your Brand name:

1. Advertising
2. Public relations
3. Sponsorships
4. Supporting social causes
5. Exceptional performance
6. Company logo, website design, letterhead  and the company image.

A good brand name can help build brand familiarity as it tells something important about the company and its product.  Ultimately a strong brand can be a powerful asset for a company because:

1. A brand is a promise
2. A brand is a guarantee
3. A brand is a pledge
4. A brand is a reputation
5. A brand is an expectation of performance
6. A brand is a presentation of credentials
7. A brand is a mark of trust
8. A brand is a handshake between a company and its customers

Know that a good brand will reduce selling time and effort as your brand is your reputation.  It will also improve the company image because it is known and trusted.  Your goal is to have your customers choose your brand over other brands because of their positive experience doing business with your company.

Julie Brander, New Haven SCORE
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2 Comments December 17, 2009

Legal: Get Everything in Writing

Save Time & Money with a Written Agreement

One of the first steps in creating a company and getting all of the business ideas in place is to have your written business plan and to have any agreements or partnerships put into a written document.

A known fact is that people only hear 20% of what is said, so in daily life there are misunderstandings. Most can be dealt with easily, but sometimes misunderstandings can be critical in a business.

An example was in my own business. I brought a partner in promising a small percentage of the business based on performance. A written document was never in place just a verbal conversation. This employee was caught embezzling money from the company and we fired him. The employee went to a labor lawyer and the case went to court and we were forced to give him what we promised. A written document would have kept this case out of court and would have saved us thousands of dollars in legal fees.

The critical aspect of any business relationship is to get everything in writing. Agreements are needed for employees, partners, services, purchases and sales.

Most business disputes arise because there was no written agreement or contract. Always have open clear communication with a follow up written agreement so that there are no questions and if there are they can be addressed.

Unfortunately, we learn from mistakes we have made and to share this one simple mistake can save you and your business thousands of dollars and save a lot of aggravation and stress in the future.

Please share stories of how a written contract has saved you money in your business.

Julie Brander, New Haven SCORE
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3 Comments December 3, 2009

Management: The Art of Complaining

Improve Service with Constructive Feedback

We are taught that it is not good to complain, but think about all the times you did not complain when you received bad service, a faulty product or an extra charge on an invoice?

In fact, your vendors need to know when there are service and/or product deficiencies. You can make a difference by bringing the problem to the attention of management. Just as you value feedback in your business, the companies you work with also appreciate it.

How to make a complaint:

• Speak to the person in charge.
• Voice your concern when the problem occurs.
• If you don’t get results, put it in writing and send it to the owner or vendor to recap the situation with dates of occurrence and keep track of the dates of communication.
• Most companies will respond to complaints and correct the problem.
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If you do not get results, contact The Better Business Bureau, Department of Consumer Protection or go on web sites that rate businesses, such as www.yelp.com and www.Angieslist.com, etc. In these tough economic times, even entrepreneurs have to be smart about where they spend their hard earned dollars. Just as you ensure your customers are satisfied, it is essential to make sure that you (the entrepreneur) also receive the service you need. Don’t be afraid to ask for it.

But don’t forget, when you receive superior service or an excellent product, it’s good to send a compliment to the vendor or supplier. It always makes people feel good and great work should not go unappreciated. Being complimentary costs nothing and goes a long way!

Julie Brander, New Haven SCORE
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Leave a Comment November 26, 2009

Manage: Set Goals, Establish Purpose

Ways to Define Business Goals

Setting goals can be critical in giving you more focus in the direction you want your business to go.  Consider these tips which can give you a better sense of direction and purpose.

• Use your mind and talents fully and efficiently
• Make decisions that have positive results
• Get more organized
• Plan each day with a list of tasks that need to be completed
• Do more for yourself and others
• Feel more fulfilled by doing things you enjoy doing
• Be more enthusiastic and positive about everything you do
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Consider what motivates you to get things done and achieve your objectives in business and in your personal life.  It is not hard to accomplish something meaningful when there is a direction and a will.  If you commit to a goal and visualize it, it can be done.

The key steps in getting things done:

• Write your goals down
• Set a date to complete them
• List any obstacles that you may have to overcome
• Identify people and resources that can help
• Develop a plan of action on how it will get done
• When completed you will feel that sense of accomplishment
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Often times we get caught up in our day-to-day activities and fail to feel any sense of accomplishment or purpose.  Take a few minutes to rethink and set some meaningful goals that you wish to achieve…it can only improve your focus and the benefits you will reap can be abundant.

Julie Brander, New Haven SCORE
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Leave a Comment November 12, 2009

Life Balance: Enhance Your Life

5 Ways to Improve Your Daily Life

As we spend more time at work and continue to feel the pressures of how to cope with daily stresses consider these tips that can improve your life.

1. Do something for someone else.  It can be rewarding and nurturing others can reduce stress.
2. Meditate: it only takes 10 minutes, sit comfortably, relax and focus on your breath with your eyes closed and your hands facing up on your lap
3. Spend quality time with others
4. Move more…exercise has been shown to elevate moods
5. Change your way of thinking…”how we think affects how we feel” Interrupt negative thoughts and replace them with constructive positive thoughts.

Please share things you have done to enhance your daily life.

Julie Brander, New Haven SCORE
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2 Comments November 5, 2009

Communication: Get the "Wow" Factor!

Get Inspired

Business today is more challenging than ever before. Inspiration is what we need to be better at what we do. I just attended a business expo in NYC and was able to listen to some inspiring business authors.

Frances Cole Jones was a dynamic speaker who wrote “The Wow Factor.” Her focus is on developing effective communication skills. The things that she spoke about may also be helpful to you.

An audience will assess you when you speak: verbally, vocally and visually. We all know this when we hear any speaker, we judge them and have our first impressions. Here are a few interesting facts that Frances mentions:

• 7% is verbal, what you say and how you say it.
• 38% is vocal, tone, quality and enthusiasm.
• 55% is visual, what your body is doing.
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Three Tips

1. Never use a podium as your body is much more interesting and memorable for an audience. Keep your hands open and visible, never fold your arms or fold your hands. Studies have shown that people trust you more when they can see your hands.
2. Include stories when speaking as stories are more compelling and memorable when a point is being made.
3. Remember the rule of three. People can only remember three things, so when making a point use only three examples.

I would recommend this book as it has so many more things that will help you in today’s business world, www.thewowfactor-thebook.com.

Julie Brander, New Haven SCORE
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Leave a Comment October 29, 2009

Marketing: Twitter for Business

Grow Your Biz Using Social Media

Avaya’s Small Business Communications Makeover Contest
Small Biz Contest. What’s Your Disconnect? Want to win a communications makeover and new IP office system? Enter Avaya’s Small Business Communications Makeover Contest. Submit a short video or online written entry about communications “disconnects” costing your businesses pain, time and money. Enter by October 15th. Enter here.

DELUXE Corporation Foundation Provides Major Grant
DELUXE Corporation Foundation selects SCORE as a major grant recipient to develop a new counseling methodology for small business mentoring. This methodology will help increase business survival rates and create new business and jobs. SCORE thanks DELUXE for its tremendous support of small business. Learn more.

Avaya’s Small Business Communications Makeover Contest
Small Biz Contest. What’s Your Disconnect? Want to win a communications makeover and new IP office system? Enter Avaya’s Small Business Communications Makeover Contest. Submit a short video or online written entry about communications “disconnects” costing your businesses pain, time and money. Enter by October 15th. Enter here. (more…)

Leave a Comment October 29, 2009

Manage: Outsourcing for Efficiency

Save Time & Resources

In these economic times, resources are limited in many businesses today which make outsourcing an option to get a project or task done with a fixed cost.

The following options can be considered.

• A  small company can consider partnering with a larger company by providing their expertise as a subcontractor. This can be done by registering with the state and bidding on state contracts. In most states there is a department of administrative services that helps a business who has been in business for 2 or more years. In Connecticut, www.das.gov and www.sba.gov offer matchmaking events where small businesses are introduced to larger businesses for tasks that they need help with. Many larger companies use smaller companies to subcontract work to.
• It is also possible to find companies who can produce, fulfill and ship products to buyers which allow design and marketing to stay in house. This is a process where a manufacturer will drop ship merchandise and stock inventory for a fee. If a service business needs help…temporary help is an option. Part time help makes sense in busy times and in slow times you are not locked into a fixed payroll.
• Outsourcing human resources and management tasks that are labor intensive and costly makes sense. Payroll is very common and ends up being more cost effective than hiring an accounting firm or hiring a full time employee.
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When things can be outsourced it allows the company to focus on its customers and sales. Look into the options that make sense for your business.

Share ideas that have worked for you to make your business run more efficiently.

Julie Brander, New Haven SCORE
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3 Comments October 22, 2009

Go Green: 10 Valuable Tips to Preserve Our Environment

10 Ways Your Biz Can Go Green… And Save Money

Businesses are making it their business to help save natural resources. Many of these tips will not only save the earth, but also help save money.

1. Buy energy efficient equipment.
2. Buy energy efficient light bulbs.
3. Buy hybrid cars.
4. Use environmentally friendly soaps and cleaning supplies.
5. Provide products and services that are environmentally friendly.
6. Get educated about how to “go green”. 
7. Allow employees to work from home to save gas.
8. Send documents electronically whenever possible.
9. Recycle paper, boxes, bags and cups.
10. Reuse whatever you can and recycle whatever you can’t.

Not only will these tips save our natural resources it will also minimize business expenses.  Can you think of other tips that will be useful in business?

Julie Brander, New Haven SCORE
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1 Comment October 15, 2009

Grow: Will Lower Prices Increase Sales?

How Do You Boost Profits in a Recession?

In this recession we are all thinking that if we lower prices we will get more business…but guess what?  Price is a losing battle because when you discount your products or services you are driving your revenues down and your profit margins. Always remember, we are in business to make a profit.

Price cutting is NOT the answer:

Leverage the benefits of your products and services.

• Give guarantees
• Build sales with value
• Gauge sales by phone calls, are customers calling you?
• Gauge sales by clicks, is your website getting visitors?
• Consider cause marketing; can a percentage of all sales be donated to your favorite charity or your customer’s favorite charity?
• Be a better corporate citizen: publicize how you are going green by saving resources and preserving the environment.
• Become more relevant to your customers educate them and help them this builds trust, credibility and loyalty.
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Create value for customers and value is not just price.  Drive sales with the benefits you can offer.  Listen to your customers and stimulate sales through loyalty.  These are a few ideas that I learned when I attended Advertising Week in NYC.  Are there other ideas that you can share on how to keep your customers coming back.

Julie Brander, New Haven SCORE
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1 Comment October 8, 2009