 While you're out buying begonias, lawn chairs, or a cooler for the warm weather ahead, take note of the marketing ideas around you. These are likely fully tested and proven ideas. Large companies spend millions on market research to sell more. If at first they don't succeed, they spend millions more to improve results.
Small business owners often can't afford to spend on market research. So, why not borrow what the big companies have learned for free! Have you seen Legos "Friends" collections at the toy store? Less than 10% of Legos sets were purchased for girls until, in 2012, after years of research, with thousands of young female participants and their mothers, the company created Legos "Friends." These more brightly colored blocks have larger figurines with accessories. Targeting specific audiences with color changes, new themes and accessories improved sales, but Legos are still construction blocks. Perhaps, the increase in sales to girls is contributing to a significant rise in female engineering students and construction employees! During Mindful Profits workshops, I talk about the value of direct mail - the kind that is printed on paper and delivered to your mail box. Why? Because big company research shows it is effective. Why else would Google send my company direct mail every quarter offering deals on online ads? Direct mail is contributing to the rise of internet marketing. Maybe it can do the same for your business! We would love to help you, or a small business owner you know, make the most of marketing ideas! All the best for your success, Amanda Weathersby
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 We all do it. We fill in the March Madness ladder, knowing who the winners will be. We buy a lottery ticket, and plan what we'll do with the winnings. And when we see a rainbow, we can't help thinking about a pot of gold at the other end. Wonderful flights of whimsey! But when you have a small business, you need something more concrete.
Here's a March idea. Take the time, while the days are getting longer, to revamp your sales plan. First, figure out how many prospects you need to make a sale. If you sell mostly to existing clients and referrals, your close rate might be 50%, and you won't need as many new prospects to reach your sales goals. However, if you are relying on new prospects, your close rate may be less than 3%, and online, more likely under 1%. That means you'll need many more prospects ASAP! How do you go about scaling up your list of prospects? Set some networking goals, create an online marketing strategy, or develop a contest! Find innovative ways to increase the list and close the sales, then track those close rates. Overtime you'll increase the accuracy of sales planning for your business, which helps you manage your revenue and profitability. Let us know if you, or a small business owner you know, needs help! All the best for your success, Amanda Weathersby  The February lull began on Super Bowl Sunday, when thousands of Nashville restaurants closed. No one eats out. No phones ring. No prospects. No orders. No place to eat, except a casual dining chain where we discovered Coca Cola Cake. (All was not lost!)
The February lull hits most small businesses. So don't panic about the stillness of the phone. Turn a lull into an opportunity. Here's a February idea. This is a perfect time of year to spruce up your prospect database. Why is this important? An artist client of mine broke even by the 3rd year. When she started out, she had about 30 prospects. Today she has nearly 1,000. This growth was intentional. She planned to increase her number of prospects every month by a certain percentage. Then she tracked her progress, to ensure she met her goal. It doesn't matter if your prospect database is online, in Excel or in a notebook. What matters is that you intentionally grow the number of people in it - every month. Your company's sales over time are directly related to the number of prospects you have. Why not revamp your database and set your goals during the February lull? Let us know if you or a small business owner you know needs help! All the best for your success, Amanda Weathersby  OK, so December was chaotic. Sales surged, events accelerated, and everyone needed a piece of you. Whether or not your small business met your 2018 expectations, it's January now, and 2019 is full of opportunity. Here's an idea. Take a step back and envision your year ahead. Establish your financial goals for the year and create a realistic forecast for how your small business will meet those goals - including sales, revenue, expenses and profit. Forecasting is so much fun! It's almost like looking into a crystal ball! You'll be able to look ahead to next December and see how your bottom line will improve. Even though it's still the beginning of 2019! Maybe you need to adjust the strategy, products, sales channels, marketing activity, or expenses. By establishing a small business forecast, you'll know where to go from here. Let us know if you or a small business owner you know needs help! All the best for your success, Amanda Weathersby |
AuthorAmanda Weathersby is an entrepreneur who sold one business to a publicly traded company and another to her partners. She, like more than 300 speakers at 100 Entrepreneur Foundation classes, also knows about business failures. Creative problem solving and predictive forecasting tools have become her passion. Archives
March 2021
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