September 16th, 2007
If someone offered you free marketing, would you reject it? Of course not! If someone offered to strengthen your customer relations and humanize your brand, would you reject that? No way! Then why not leverage the power of internet by starting a business blog? No excuses allowed. This is a channel for free marketing and more-
1) It Shows Leadership- A good leader leverages all opportunities to communicate with their clients, potential clients, and the community in general. A blog lets you share your thoughts on a regular basis and is a reflection of your personal values.
2) Get Feedback- A blog allows your customers to communicate with you. It helps you understand and address their issues in a direct and relevant manner. Big corporations spend millions of dollars to figure out what their customers think about them. Here is your chance to learn for free!
3) Establishes Expertise- This is your chance to showcase your expertise without overselling.
4) Humanizes your Brand- Every small business has its story. Its what makes your business unique and allows you to compete with the bigger companies. A business blog allows you to share that story!
5) Media Attention- One month after I helped a client set up a business blog, he got quoted in the Wall Street Journal. A blog allows the media to find you easily and the media is always looking for reliable sources. A blog helps you build yourself as that reliable source.
Posted in Business Blogging, Marketing Your Business | 3 Comments »
September 12th, 2007
In business school they teach you that every problem should be solved in a logical and analytical fashion. All based on hard facts. Fair enough-but behind all successful decisions (in life and in business), there is something greater at play. There is intuition. It’s the urge to do something that may or may not make logical sense at the time. You may not be able to rationalize it and this urge is more than just an impulse, it’s almost a mini-calling of sorts. Here is the story of my mini-calling.
This afternoon I was strolling down Austin’s famous Guadalupe Street. (For those who have never been to Austin-Guadalupe Street is right by The University of Texas and lined with small boutiques and restaurants). This particular afternoon I had my heart set on having Chipotle for lunch and was making no detours. That is until I spotted a new sandwich store tucked between two other restaurants-PotBelly Sandwiches. Intrigued but still in the mood for Chipotle, I continued to walk past its door. However, I felt a strong urge (intuition) to turn back around and go inside. So I did-almost reluctantly . As I entered the store, I noticed a menu filled with ice creams and milkshakes. Being the chocolate fanatic that I am, I quickly started scanning it for brownies. The guy at the register asked what I was looking for and if he could help me find it. His tone was not hurried nor annoyed as would be almost expected during lunch hour at one of the busiest places in town. I asked him whether they had brownies and he said they had something very similar-the dream bar. He took one out of the neatly organized tray by the register and asked me if this was my first time in the store. As I said yes, he handed me the brownie and said it was "on the house." I walked out of the store a little bewildered. Sure, the brownie probably only cost the store a few dimes, but it was the act that floored me. Potbelly probably didn’t lack customers due to their location, yet this clerk at the register went out of his way to make sure I would return. Scientifically speaking, there were two very real persuasion strategies at play here. One, communication research proves that spontaneous gifts (versus expected freebies and discounts) have the strongest effect on the recipient. Two, when you do a favor for someone (like give them a brownie), they feel obligated to give back (in this case, I will be buying lunch there!). If I don’t go back, I will feel guilty because they treated me so well the first time. What a way to catch customers!
The entire incident took a few minutes but it left me with some key lessons-
1) Always listen to your intuition-it may lead to a free brownie
2) The Potbelly Dream Bars are very delicious
3) If you can impress a customer the first time they walk into your door, you have a customer for life.
Posted in Leaders with Intuition | 1 Comment »
September 10th, 2007
The most obvious way to use eBay in your own business is to become a merchant and sell your products online. But what if you sell services? Well, then you can just use eBay to generate quick cash for the business by selling the things you no longer need or want. No matter what type of entrepreneur you are, you can still use eBay to generate quick cash.
1) Check out the Competition- Who else is selling what you have on eBay? If there are lots of sellers, you will have to make sure your product really stands out. For example, you want to sell a pair of baby shoes but there are already hundreds of sellers selling the same type of shoes. Now let’s say instead of selling baby shoes you sell "A Pair of Baby Shoes that Look Just like the Ones Shirley Temple Wore in Her First Movie." All of a sudden your shoes are more special. I am not encouraging you to lie or misrepresent your products by any means but words do make a difference. You can sell a red lipstick and label it a red lipstick or you can call it "The Scarlet O’Harra Red Lipstick." Ah, the power of advertising.
2) Look for Niche Markets- Never underestimate the power of a small group of people. Such "small groups of people" have made many ebay sellers into millionaires. There IS someone out there who wants to buy your collection of chipped Elvis mugs or your mother’s hand made tablecloths. Seek out for those niche markets.
3) Build up a Solid Reputation- In the online marketplace, everyone gets to see what your customers think. I personally find this is a fantastic thing and you can use it to your advantage. The higher your customer satisfaction, the more people will be willing to buy from you. Here is the simple formula to building up a strong reputation: Provide fair descriptions of your products, answer email queries in a timely manner, and only promise what you KNOW you can deliver.
4) Use Pictures- Yes, eBay charges you a few more cents for adding the picture but it is money well spent. Your product is a lot more likely to sell or get bid on when people can see it in the listings. Human beings are very visual creatures!
5) Keep it Simple and Clear- Keep your auction page simple and clear. Too many colors or "glitter" objects can take away from your main listing. On your auction page be sure to list out all your policies in a very clear and coherent manner. Not only will this reduce the number of email questions you get but it also safeguards you from being accused of misrepresenting yourself or your policies.
Posted in Marketing Your Business | 1 Comment »
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