Archive for the ‘Business Growth’ Category

“Successful Business Turnaround – A Definition”

Tuesday, July 27th, 2010

What does “successful business turnaround” mean?

At first this might seem to be a simple questions, but like many things in business, it is more difficult than it first appears when you get further into the details.

It turns out there are many ways to measure and define a “successful turnaround.“

You might say that keeping your business alive for at least one year means that you have executed a successful turnaround.

You might say that keeping it alive for five years is the definition.

You might say that converting your business from a nonprofitable to a profitable company is the definition.

Or you might say that it is something else.

I am going to define what I call a successful turnaround. A successful turnaround has two elements:

1) Your business has a positive cash flow
2) Your business is transformed to sustain a positive cash flow

I think you could reasonably add a third element to the above definition:

3) Your business has a well-defined plan to restructure and further stabilize

I think this last item reflects that it is not enough just to fix a few problems with the business and nudge your company back into positive cash flow territory. The fixes you implement to accomplish this may be only temporary; as a result, your company may inadvertently fall back into turnaround range. Therefore, further steps are necessary.

If—in addition to correcting your immediate problems and sustaining a short-term positive cash flow—you restructure your company SUCH THAT THE REVENUE STREAMS ARE MORE STABLE AND PREDICTABLE, then you will be on the right track to stabilizing your business and avoiding the need for a future turnaround.

André Larabie

www.andrelarabie.com

Using Article Marketing To Market And Grow Your Business

Friday, July 2nd, 2010

The Internet is increasingly the method of choice for consumers to research products, and this is why it is important to have some type of connection to this form of marketing. Traditionally, if you are a writer about a subject, you are viewed as an expert because in order to write about the subject, you must know something. If you can write an article on boat propellers, then you will have some credibility on the subject, and if you make a suggestion or recommendation about certain boat propellers—the ones you sell—you can increase your revenue dollars. Simply put: Write articles about the products you sell, and in each article, have a link to your website. A basic equation is at work with article marketing, and it can be verbalized as this: the more articles (with backlinks and/or hyperlinks that point to your website) you write, the greater your sales revenues. Specific Internet sites focus entirely on publishing articles for this very reason. Traditionally, getting an article published in a glossy magazine is very difficult and a large amount of vetting takes place before you get published. That is not true on the Internet, and almost anyone can publish an article on any subject using one of these article websites. Some people have taken this to the extreme and published thousands of articles on hundreds of subjects. Some Internet marketing gurus have made thousands of dollars (or millions) with article marketing techniques, and if you read their how to material, you will find that they are able to generate 10 or 20 articles per day, all with backlinks to their money sites. Some of them have taken it one step further and hired writers in 3rd world countries to generate articles for them. This increases their output. Companies exist in cyberspace that sell software to generate articles. You input 1 article and the software mixes all the words around so you get 5 or ten articles from the original article, all saying about the same thing (as you can imagine). Why use such software? Because the search engines know about this type of thing and if they find a bunch of these “gibberish” articles on the Internet with backlinks pointing to your site, they will LOWER you in the search rankings. This is the opposite of what you are trying to accomplish with search engine optimization, so you don’t want to do this sort of thing. In any case, at a minimum, you should author a few good articles (or hire a good ghostwriter to do so) on the subject area of your business products, and get them published on these article sites.

Using Video Marketing To Market And Grow Your Business

Sunday, May 30th, 2010

Have you noticed how more and more Internet videos are finding their way onto prime time television news shows? It is nearly impossible to watch the nightly news without seeing such a video.

These are called “viral videos” and usually they arrive on national TV because they were interesting enough to be passed around on the Internet. Several top websites carry and rank these videos daily based on viewer popularity. YouTube is one of them.

Viral videos can also be a force in marketing. Consider the Arm Blanket, a simple product consisting of a blanket with two sleeves. The owner puts their arms in the sleeves and “wears” the blanket.

After only a few months in existence, the inventor of this product realized millions of dollars in sales, and this popularity was largely due to viral videos that showed people “wearing” the blanket in different venues.

Before the advent of the Internet and viral videos, to launch such a product might have been very costly and so difficult that it may have failed. But many videos made by the owners of the blanket were passed around on the Internet and served to fuel the remarkable sales of these products. Companies exist that can help you use this new exciting form of marketing.

How is this different than traditional TV advertising?

First of all, distributing the video is free, and that is a very big difference. Second, if you are able to produce a catchy video about your product or service that goes viral on the Internet, you can end up with priceless exposure that translates to millions of dollars in profit.

This is not possible with traditional broadcasting means where every minute is sold at a high price.

This “democratization” of advertising is a relatively new phenomenon and appeared with the advent of the Internet, and possibly will not be available in the future.

Certainly, the large network broadcasters are pounding their heads against the wall trying to figure out how to take control of it and harness it. Until they figure out a way to do this you can—and should—take advantage of this marketing method.

www.andrelarabie.com

andre@andrelarabie.com

Using Social Media To Market And Grow Your Business

Sunday, May 30th, 2010

Social media refers to websites that allow people to congregate, interact, and communicate digitally using the Internet and web browser programs.

Social media sites include places such as MySpace, Facebook, and others, websites that have been specifically designed for members with a common interest. Social media sites are broadly defined, and this term can also include other, more simple (and subtle) places for people to communicate or collaborate.

A store website such as walmart.com can be viewed as a social media with limited membership abilities. Although members can do only a small fraction of communicating and collaborating, nonetheless, it can be important from a marketing perspective.

For example, Wal-Mart customers can leave feedback about products and experiences they have had with those products. Although this is a limited amount of communication, it is something that affects the marketing equation. Specifically, when a customer leaves a rating on a product, others will see this rating and it will thus affect prospective buyer decision-making.

Each product might have an average “customer rating,” which is a number between 1 and 5, and an area for owners of the item to leave comments.

Believe it or not, there are companies that provide the service of visiting such sites and entering positive comments about products. You can hire one of these companies and pay them per entry to visit product review websites and enter positive information about your product or service. Although this might seem like some type of fraud, it is so new that laws are not in place to regulate it and it is likely that your competitors are possibly doing it.

In fact, the same companies that enter positive information about your products will also enter negative information about your competitor’s products and services.

In any case, you should analyze your particular business and see if it can accommodate a social media site.

It is truly a brave new world. This is only one area of the Internet that affects marketing like never before in the history of business. Note that social media is broad enough to be the subject of an entire book, and for a more detailed treatment, you should search out those books.

www.andrelarabie.com

andre@andrelarabie.com

Using Pay Per Click Advertising To Grow Your Business

Sunday, May 30th, 2010

If you have heard the phrase “Google AdWords,” you have heard something about pay-per-click advertising. AdWords is probably the most popular method of pay-per-click advertising. Microsoft adCenter and Yahoo Search Marketing are other top pay-per-click vendors.

The basic idea is that certain search words are relevant to your business, and when prospective customers enter these words into search engines, a link to your business will appear on the search results page.

The more you pay for a particular word or phrase, the better the chance you have of appearing on page one of someone’s search results. Also, whenever you do appear there, if someone (the searcher) clicks on your link, Google (or whomever you purchased the pay-per-click service from) will charge you for it (thus “pay-per-click).

You pay for each time someone clicks through to your page. If you notice on the Google search results page, several links appear at the top and side of the page, these are the pay-per-click businesses; they have paid Google to appear on page one.

The only drawback to this particular form of advertising is that you essentially have no control over the quality of the click-throughs (those prospects who click on the Google Adwords links in the Google search results). You could have a devious competitor who hires a computer programmer to design a program that would do searches automatically on Google each day and click-through to your site. You would then be charged for all of these click-throughs and they would all be worthless to your business. As a result, your competitor has used a devious tactic to disrupt your business. But when you think about this possibility, you will eventually realize that competitors can do this in other ways as well (programs that tie up your phone lines), so the vulnerability is not unique to AdWords.

www.andrelarabie.com

andre@andrelarabie.com

Using Blogging To Market and Grow your Business

Sunday, May 30th, 2010

A blog is similar in function to a forum (or to a lesser degree, a marketing List), but it is less interactive for the visitors. While visitors can comment on the blog posts, they cannot make posts themselves. In a forum, the visitors can post and comment equally. They are free to create a new discussion topic and then interact with other forum members who may comment on the topic.

In a blog the functionality is more one-sided since the visitors cannot create the postings and this function is reserved for the moderator of the blog. The moderator is tasked with adding posts and managing the comments to those posts. Although the rules vary somewhat between different blogs, this is the general functionality of a blog.

To use blogging in your marketing efforts, you should create a blog and moderate it by adding interesting postings. Once you create the blog, you will be responsible for approving or disapproving the comments.

If you use search engine optimized content, you will find that your postings get hits in the search engines and you get more visitors to your blog, and to your main site if you have links from the blog content to the site. You can also direct the search engines to spider your blog after each entry is posted and your blog content will get hits immediately.

Besides generating additional Internet traffic with the content of the postings, you can also “visit” (manually or with the help of various software programs) other blogs that discuss related subjects and you can post comments in those blogs, making sure to include a backlink from your comment to your money website (your order page or landing page main business page). When someone reads the blog entry or comment and clicks on the link to your page, they are following a backlink to your site.

There are several savvy marketing companies that can assist you with this process and help you get started. You can search Google to identify and compare their services.

www.andrelarabie.com

andre@andrelarabie.com

Using Article Marketing To Market And Grow Your Business

Sunday, May 30th, 2010

The Internet is increasingly the method of choice for consumers to research products, and this is why it is important to have some type of connection to this form of marketing. Traditionally, if you are a writer about a subject, you are viewed as an expert because in order to write about the subject, you must know something.

If you can write an article on boat propellers, then you will have some credibility on the subject, and if you make a suggestion or recommendation about certain boat propellers—the ones you sell—you can increase your revenue dollars.

Simply put: Write articles about the products you sell, and in each article, have a link to your website. A basic equation is at work with article marketing, and it can be verbalized as this: the more articles (with backlinks and/or hyperlinks that point to your website) you write, the greater your sales revenues.

Specific Internet sites focus entirely on publishing articles for this very reason. Traditionally, getting an article published in a glossy magazine is very difficult and a large amount of vetting takes place before you get published. That is not true on the Internet, and almost anyone can publish an article on any subject using one of these article websites. Some people have taken this to the extreme and published thousands of articles on hundreds of subjects.

Some Internet marketing gurus have made thousands of dollars (or millions) with article marketing techniques, and if you read their how to material, you will find that they are able to generate 10 or 20 articles per day, all with backlinks to their money sites. Some of them have taken it one step further and hired writers in 3rd world countries to generate articles for them. This increases their output.

Companies exist in cyberspace that sell software to generate articles. You input 1 article and the software mixes all the words around so you get 5 or ten articles from the original article, all saying about the same thing (as you can imagine). Why use such software? Because the search engines know about this type of thing and if they find a bunch of these “gibberish” articles on the Internet with backlinks pointing to your site, they will LOWER you in the search rankings. This is the opposite of what you are trying to accomplish with search engine optimization, so you don’t want to do this sort of thing.

In any case, at a minimum, you should author a few good articles (or hire a good ghostwriter to do so) on the subject area of your business products, and get them published on these article sites.

www.andrelarabie.com

andre@andrelarabie.com

Using a Different Approach To Grow Your Business

Sunday, May 30th, 2010

Instead of following the crowd with all the traditional approaches to growing your business—advertising, marketing, etc.—you can take a different approach to grow your customer base, but before you do, it makes sense to do some research. First of all, sit down with a pencil and paper and outline all of the advertising methods that you currently use. Then look at your competition and outline the methods they are using. Once you have your list of the most popular methods for getting new customers, take a different tact. Take some time to look at other businesses to determine the methods they use. If you are in the computer repair business, look at medical doctors and chiropractors, look at flower shops, look at real estate agents, or look at restaurants. What are they doing to get new customers?

Once you have a list for each business type, look at the items on these lists that are not on your list and write down what you would need to do to use their techniques in your business.

Suppose for example that you normally advertise in the newspaper, and that is about all you do. But from your research, you find that a local chiropractor gives presentations on sports injuries. During the presentations, the chiropractor finds new clients because he is seen as an expert and those attending the class are likely in need of an expert in sports injuries or they would not be attending.

How can you take this technique and apply it to your business?

You can give a class on how to search the Internet, or some other aspect of your business that you are an expert in. You will be amazed at how many new customers you can meet this way.

The key here is that you need to think outside the traditional boundaries. You need to come up with new approaches to old marketing problems. The fact of the matter is that the world is changing, and very rapidly with the advent of the Internet.

Every business—whatever they sell, any service or product—is being transformed in some way by the Internet, so it is dangerous to follow the crowd. If you simply look around and copy the tired methods your competitors are still using, you may never get your business off the ground. They might be outdated.

Here are a few ways to get the word out:
- Have a webinar
- Establish an online marketing List
- Create an active blog

www.andrelarabie.com

andre@andrelarabie.com

Use a Tagline to Help Establish Your Niche in Business

Sunday, May 30th, 2010

If you do not have a tagline and you do not really know what separates you from your competition, yet you have been in business for a while and are doing well, then it is likely that a tagline does exist underneath all of it, and you only need to discover what it is! To do so, you can spend some time looking around and asking questions.

First of all, you can look closely at what your business is doing and how it is different than your competitors.

What is your most popular product or service?

How are you offering it differently to your customers?

What makes you different?

If you work at these questions for a while, but still you cannot get answers that allow you to identify the unique features of your business, don’t despair; ask your customers.

Ask them what it is that keeps them coming back or what it is that brought them to you in the first place. They will likely point out some unique features of your products and or services that you can use in your marketing efforts.

Also ask the people who work for you what they like about your company. They will also be able to provide insight because when a company has something good going for it, usually that feature is also attractive to employees; they want to be associated with the company and work there because of those same features that are attracting the customers.

When you find these unique elements of your business, you are exposing and identifying the niche that you operate in. Understanding and leveraging your niche will allow you to further dominate your competition. You can take it to the next level. This understanding will then help guide you to establishing an effective tagline.

www.andrelarabie.com

andre@andrelarabie.com

Understanding the Customer Mindset

Sunday, May 30th, 2010

Before developing a marketing strategy for your business, it helps to consider several things with respect to the customer mindset. Here are some ideas related to this subject.

First of all, what types of things go through a customer’s mind during the process of purchasing a particular product?

- Is this the product that will meet my needs?
- How much does it cost?
- How do I pay for the product?
- Is this the best value I can obtain for my money?
- What if I need to return this product, for whatever reason?
- What advantage do I get by purchasing this product from a particular vendor?
- What is the customer service and support behind this product?

These are all questions that your marketing program should address, both implicitly and explicitly. If a customer asks you why he or she should buy from you, think deeply before you answer. Don’t respond by saying, “We have the best price, the best products, and the best service.”

Everyone says this, so you should be different or you risk blending in with your competitive background. You need to offer something unique or you risk getting lumped in with everyone else.

To answer the question with a compelling, non-standard answer, you should think long and hard about what makes you different and what niche you are in.

These will form the keystones of your marketing programs, and you should create a succinct slogan that embodies the things that differentiate you from your competitors, those added value advantages are what make you a unique and valuable choice for your customers.

After you have distilled those elements of your business into several sentences or paragraphs, compress it into a short phrase or tagline.

Here are some examples of popular business taglines:

AT&T – “Reach out and touch someone”
American Express – “Don’t leave home without it”
Charmin – “Please don’t squeeze the Charmin”
Fox News – “Fair and balanced, we report, you decide”
Kellogg’s Rice Krispies – “Snap, Crackle, Pop”
M&Ms – “Melts in your mouth, not in your hands”
Memorex – “Is it live or is it Memorex?”
Miller Lite – “Tastes great, less filling”
Nissan – “Enjoy the ride”
Panasonic – “Slightly ahead of its time”
Paul Masson – “We will sell no wine before its time”
Rolaids – “How do you spell relief? R-O-L-A-I-D-S”
Taco Bell – “Think outside the bun”
Target – “Expect more. Pay less”
United Airlines – “Fly the friendly skies”
US Marines – “The few, the proud, the Marines”
V-8 – “I coulda had a V-8!”
VISA – “It’s everywhere you want to be”
Wal-Mart – “Always low prices”
Yellow Pages – “Let your fingers do the walking”

Note that as you read each tagline, an image comes to mind that conveys something unique about the company; at least in the better taglines, this is the case. For example, “Always low prices” emphasizes economy, the Wal-Mart image. “Tastes great, less filling” makes you believe that this beer will do something difficult to accomplish—not leave you feeling bloated after drinking a few beers. “Slightly ahead of its time” implies great technology with Panasonic, the cutting edge.

All of these companies have taken the time to think long and hard about the differentiating elements of their business, those things that make their product, service, and company uniquely different than the competition’s offering.

You can also do this with your business, and if you find it difficult to do, then in fact, I contend that you need to redesign elements of your business so that you are unique. Doing so will give you a competitive advantage and a foundation for a popular and successful marketing campaign.

www.andrelarabie.com

andre@andrelarabie.com