Building a Business – The forgotten truths!
By Andrew Stott
I’ve never heard so much confusing talk about how to grow a business. Some say “sell direct to the CEO”, others say “go wide and deep – speak to them all.” Some say “direct mail really works!” while others say “Don’t waste your money!” What to believe?
The truth is this: there is a magic formula, but it’s different for every business. So, how do you find that magical formula for your business? It’s actually pretty simple:
Know what you sell.
This might sound obvious, but most companies don’t know what they sell. For example, a technology company that provides mobile email software and hardware is actually selling freedom from the office.
So, figure out what it is you really sell, and make sure that is what you talk about and promote.
Know your current customers, ask them questions and listen to them.
Current customers can tell you all you really need to know. They will tell you what they want, what they need, what competitors are offering, where the industry is moving, what they think of you and your place in the market. Their comments will give you the best market information available – far better than any information you could
ever buy.
With this information, you can:
• Develop new products, product features, or services
• Develop pricing strategies
• Develop your message about the benefits of your products or services
• Develop your marketing plan i.e. trade shows, direct mail, advertising.
Develop your Unique Value Proposition.
You have competitors, and for you to succeed you must differentiate yourself from the market. A “Unique Value Proposition (UVP)” clearly defines you, explains exactly what benefits your customers will receive and details what your business is all about.
Utilize a marketing mix which targets your audience.
Now that you know what you want to say to the marketplace, you must determine how to get your message out. Trade shows? Telemarketing? Advertising? Direct Mail? It depends on 3 things:
• What are YOU comfortable doing? If you can’t stand using the phone, don’t plan on telemarketing. If you are a great public speaker – do a lot of shows and seminars. If you choose things you like to do, you’re more likely to do them and they’re more likely to be effective.
• Look at what has worked well in the past and what has not? Focus on where results have come from – don’t force any one channel because you want it to work.
• Try one new marketing tool each quarter alongside your regular advertising efforts; assess its usefulness and decide to include it or not in the future, i.e. have you tried an online newsletter?
Your magic formula will be different than anyone else’s and will evolve over time.
Andrew Stott is the Founder and President of Sales Solutions. He provides small and medium-sized businesses with “go-to-market” sales and marketing programs. Contact him at 905.918.1909 or andrew.stott@sales-solutions.org.
2600 John Street, Unit 207, Markham, ON L3R 3W3 T: 905.475.5222 F: 905.475.6369
