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Archive for February, 2009

Does ‘failure’ mean you are one step closer to success?

Thursday, February 5th, 2009

THE WORD FAILURE IS ONE THAT CONJURES UP ALL SORTS OF NASTY THOUGHTS!The reality is that if we never failed it would mean you were 100% perfect in everything you do, or you have not tried to do anything.My hubby has a saying that, "even his mistakes are perfect!"My comment of course is, "that must make you perfect all the time!"When you start a home based business it is a given fact that you are going to make mistakes.  If you understand this from the start, then you can look at your mistakes as part of your learning curve to success.

Everyone has different talents and will fail at certain things that others may find extremely easy, but that is OK, just make sure that you do not let your mistakes get you down.

thumb WOMAN%20COMP%20RED Does ‘failure’ mean you are one step closer to success?

 

I know, depending on the size of the mistake that can be easier said than done.  Some people make mistakes work noting, like losing $1M, and others only $1, but each is a learning curve nevertheless.

Analyse your mistake, learn from it, and move on.

Sometimes we forget how good we are at certain things, and let the negative take over.  Always remind yourself how good you are.

2 SOLUTIONS TO YOUR CURRENT MARKETING STRATEGY WOES

Tuesday, February 3rd, 2009

PURCHASING

 

 Have a look at your products and at the products you will be purchasing in the near future.  Make sure they fit the criteria we have outlined: quality, durability, perhaps not so fashionable, and the best price for the product. 

Before purchasing check what your competitors are offering and at what price they are selling their items.  Before you see sales reps, find out what they are going to be offering you, and at what price.  You want to be informed about your competitors’ prices before they visit you.  If they do not want to tell you prior to their visit, tell them not to bother coming, or alternatively tell them to come if they like but that you will not be ordering until you can check out local selling prices. 

As a small business owner you have the upper hand, more than you ever have had before.  Suppliers need your trade, so do it on your terms. 

thumb marketing%20chart 2 SOLUTIONS TO YOUR CURRENT MARKETING STRATEGY WOESBUY RIGHT TO MAKE MONEY ON SALES 

Firstly, only run specials when you are trying to quit a certain line of stock, and in this case do not advertise it, because if you have it still sitting on your shelf you may have limited customers for it, and therefore any advertising you do will not meet your wider range of customers.  Just do in store promotions to get rid of it, or get rid of it as an add on in an advertised promotion. Secondly, with your marketing campaigns, only sell stock that you have been able to purchase at a reduced price. 

As a small business operator you cannot afford, in today’s business climate, to be selling good stock at reduced profit.   Query your customers, find out what their most purchased items are, find a supplier who will talk reduced terms and deliver on your terms (maybe extended payment so you can set up your marketing campaign with the knowledge you have stock on hand to sell), and plan your marketing strategy.

 

Change your marketing strategy for 2009

Sunday, February 1st, 2009

A marketing strategy that small business owners have always been encouraged to understand is to sell what the customer ‘wants’ rather than what the customer ‘needs’. 

During the more difficult financial times that the world has been experiencing since 2008, it has become obvious that customer buying patterns have changed. 

Customers have to make more economical choices, and they also have to choose items that will last, rather than purchase the look or color that they may prefer to buy.  They have to make sure that the items they buy will last the distance, and usually this means that they need to be more practical than fashionable. There has always been the distinction between what your customers want and what they need.  In other words, your customer may need a low fat cooking book, but want to buy all the latest chocolate recipes. Because of the world financial crisis of 2008 your customers will, more than ever before, be looking for quality, best price and lasting power of your products.   Even though your customers may still have the same income, the same day to day expenses, we have all become aware of the fact that our financial situation may change in the year ahead.  Because of this people are spending less, saving more, and buying better.