When Small Business Fails to Grow – Part 3

So here’s the final word on what I think happened to this great little business. We’ve already established that the business owner was capable and knowledgeable, adept in most areas of running his store. The business was capitalizing on multiple marketing pillars and was taking advantage of many of its marketing assets such as owner expertise, location, publicity, unique product, and community relationships. If so much was going right, what went wrong? As I mentioned in Part 1, the owner felt that he was squeezed out because he could not compete with “the big boys”, notably Ikea. Yes, the business could have had a more compelling USP (Unique Selling Proposition) but it was not far off. Most of the messaging about the store in some way captured how this shop was different from its competitors. It had a distinct advantage over competitors like impersonal big box furniture stores. When working with any small business client, our first step is to ensure they have a solid USP in place, because that is the foundation upon which all other aspects of the business can be built.

Continue reading

Systematize your Business Growth

When I speak with clients about the Core Four marketing steps that every business should undertake when looking for growth, part of my job is to help them understand that making marketing part of their business systems is vital to make their business a going concern. Crafting a Unique Selling Proposition (USP), integrating that USP into all your marketing activities, setting up processes for customer relationship management (CRM), and establishing processes for joint ventures and alliances all contribute to making a marketing system that is repeatable, measurable, and effective. If you do not have systems in place in your business, you are at risk. Here’s why. If your sales processes depend upon the knowledge of the business owner or the top sales person, you need those individuals in order to make a sale. Customers may buy because they like you, or because you have a business relationship with them. But if those people are not available, no sale can be made. By writing down the USP and ensuring it is communicated during every customer contact, you take the sales process out of the head of the business owner and the top sales person and make it into a system that…

Continue reading

Hidden Marketing Assets

How much money are you leaving on the table by not fully utilizing all of your marketing assets? If you have a small- to medium-sized business, with revenue under $5 million annually, you probably have some hidden marketing assets that can be leveraged to increase profits, without spending additional money on advertising. These are assets in which you have already invested. Advertising is a huge expense. If you know exactly how much business your advertising is bringing you, then that’s good! If you can point to the marketing activities that bring in the most revenue, then you’re doing a great job at targeting your market. But if you have a sense that you could grow, or reverse a downward trend, then there’s probably money sitting on the table in the form of customer data and marketing strategies that are not being put to advantage.

Continue reading