Build a better brand
by Allison Carter
Branding is an incredibly hard concept to define. Not because it’s complicated, but because people like to throw self-aggrandizing puffery and empty words like “synergy,” it becomes a thing of unfathomable mystery.
Contrary to popular belief, a brand is not simply a logo. Seth Godin has a long, but clear definition:
“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.”
Ultimately, building a brand is about differentiating yourself from your competitors who provide similar goods or services. Take a look at Target and Wal-Mart: both are big box retailers. They both sell roughly the same merchandise. Yet their brands are vastly different. Target is hip and trendy, while Wal-Mart is the champion of the working man and moms everywhere.
Don’t limit your branding efforts to just a logo. Work to build a bond and a story with customers, and show them why your company will fit their needs better than any other.
Stop limiting your branding efforts to your logos and physical appearances–you need to tell consumers a story that will make them pick you over dozens of similar competitors.
Build a Better Website in Seven Weeks
These days, a website is an integral part oft he marketing plan for every small business! You probably have one, but is your website doing it’s job? Is it representing your brand, attracting visitors, and converting those visitors to qualified prospects or even customers.
Do you know how your website stacks up against your competitors and do you have a plan to improve?
To help small business owners answer these questions, and many more, we are launching a FREE even week program designed to help you build a better website.
Interested? Simply fill out the form below to get started.
This is part of our FREE On-Line Education Program. When you finish this class, we will send you a link to the others in the program as well.
Business Plan Mistake # 6 Inadequate Competitive Assessment
Many business owners make the mistake of viewing the world through their eyes, instead of those of their customers. This leads to the next common business mistake
Business Mistake # 6 Inadequate Competitive Assessment
People buy products which address their needs, and long before you started your business, you prospective customer found a way to meet those needs. To attract the attention of a prospective customer, you have to identify from whom you are taking attention.
Even unique and innovative products must deal with competing products or services that may or may not solve the same problem, but ultimately will compete for the end customer’s available resources.
Failing to take the time to understand how potential customers are solving their problems today will make it harder for you to convince them to switch to your solution in the future.
Want to learn more? Consider attending our FREE Introduction to Business Planning Semianr on March 10.
Business Plan Mistake # 2 No Clear Audience
Yesterday, we started looking at the 10 mistakes business owners make as they write their plan. Today we continue with
Business Plan Mistake # 2 - No Clear Audience
Business plans are written for many different reasons: to take to the bank for a loan, to prove to potential investors your plan is marketable, or simply to guide your business. While the outline is the same, the amount of detail required in each section varies depending on the primary reader. Before you begin writing, decide for whom you are writing.
Are you applying for a loan? Then your primary reader is probably a commercial loan officer and members of the lender’s underwriting team. For this audience, you must pay careful attention to the numbers. Be sure you spend a significant amount of time building realistic financial projections. Good plans are written in stages, and it is common to make adjustments in your assumptions during the process. Before you submit the plan to the bank, double check to be sure your numbers are consistent throughout.
For a banker, one of the most important questions the plan should answer is: When will the business have positive cash flow? Be careful not to confuse profits with cash flow. Remember, profits don’t guarantee cash in the bank! Debts, startup loans, and disbursements to owners may erode cash reserves. Be sure you can prove the business will be able to repay a loan before you ask for one.
In contrast, a plan written to sell an idea for a new business to an investor or venture capitalist will have a slightly different emphasis. Almost a sales document, this type of plan is written to persuade investors you can take advantage of an opportunity by generating significant rewards for everyone involved. Investors evaluate the people and their track records, the idea, the market, and the technology. To capture their attention, you should focus on three elements:
- How big is the opportunity?
- What is your ability to execute the idea effectively?
- Why is the investment worth the perceived risk?
Most investors understand it is impossible to create realistic projections for truly innovative ideas. Therefore, they are more concerned with seeing proof that you have done your homework (spent time on research) and that you have the skills to manage the business.
And sometimes, you write just for you. Even if you do not need external funding, a written operating plan helps organize your business activities and creates a process to achieve your goals. The planning process defines objectives, establishes priorities, and outlines specific steps to achieve your goals. When you are writing for yourself, and perhaps for a management team, the most important sections are operations and business strategy. Do not spend a lot of time writing a detailed history. Instead, focus on how you will get to the future! This type of business plan is a living, breathing document that organizes your time and resources. Updated frequently, it is never quite finished.
Business Plan Mistake #1 No Plan
About once a month I teach a short workshop on the 10 mistakes business owners make when it comes to business planning. Since only a handful of people can attend at any given time, I thought it would be fun to take a closer look at the mistakes, one day at a time.
Today we begin with Mistake #1 – No Plan
Many business owners put off writing a business plan until they have no choice because their banker, investor, or potential landlord requires it. This is a huge mistake! It is easy to put off writing your plan for “someday when you have the time.” But you will never have enough time unless you make the time. The busier you are, the more you need a plan to guide and simplify your decision-making process and automate day-to-day operations. A well-thought-out plan will help you do just that.
Writing a plan does not have to be overwhelming or incredibly time consuming. You can get started with a simple outline and refine it along the way.
To begin, find a three-ring binder. No excuses that you don’t have time to go to the office supply store! Everyone has at least one binder lying around somewhere! Next, add to a stack of loose-leaf or copier paper with the holes already punched. Finally, get a set of tabs or dividers so you can label each section of the plan. The titles of each section should be:
- Executive Summary
- History and Position to Date
- Market Research
- Business Strategy
- Operations
- Financial Performance
- Appendix
Now start collecting all the scraps of paper, notes and ideas you have stored somewhere, and start organizing your information. Before long you will be well on your way to a productive plan
IBJ Forty Under 40
The IBJ ( Indianapolis Business Journal) Released their list of the Forty Under 40 this weekend. This is a group of outstanding young professionals making a difference in the Indianapolis Business Community.
It was nice to see a few of my friends on the list. Congratulations to Kyle Lacy, Jennifer Ruby and Joel Russell.
Develop Good Habits!
Good habits take practice and repetition. If you want to develop good eating, exercise or study habits, you have to work at it. The same is true for your blog and the rest of your social media habit. As, ProBlogger Darren Rowse explains, it requires a system. He outlines five steps to improving your blog.
- Don’t bite off more than you can chew
- Regularity is more important than High Frequency
- Under Promise and Over Deliver
- Build a Schedule
- Have Someone (or Something) Manage You
While all of these are important, I think number 3 tops my list. This applies to more than just your blog. The same is true for email. Don’t promise a weekly or monthly email, and then fail to deliver .
To be sure I always have new content, I always write more than one post at a sitting. I like to have at least a half dozen stacked up and ready to use. If I hit a dry spell, or I am just really busy, I still have something new to share with my readers.
Indy Start Up Weekend
One of the coolest experiences I have had in the last few years is was a chance to be a part of two StartUp Weekends. And now, I am officially a StartUp Junkie. What is StartUp Weekend? Imagaine living a year of your life in 54 hours. It is a year in which you conceive, build and hopefully launch a business. StartUp Weekends have been held around the country,and three times in Indiana. We are hoping to bring SUW back for a fourth time this spring.
We held our first meeting today, and I think the program is going to come together pretty quickly. Jon Speer has already made a connection for us to the Purdue Research Park by the Airport, and it looks like they are willing to host the event. BlueLock is going to sponsor, providing the servers, and some financial support.
Interested in being part of the planning? Post a comment here, or join the discussion Join the discussion in our StartUp Weekend Group, on Smaller Indiana.
Everyone’s Predictions for 2010
Have you noticed everyone has a list of predictions for the year to come? It seems everyone is jumping into the conversation with titles like this:
- eMarketer Weighs in on 2010 Trends and compiles a 2010 Roundup of Predictions
- Chris Brogan looks notes that 2010 Will See Consolidations and Fold-ups
- Forrester predicts 2010: The Year Marketing Dies
- Read Write Web tell us about 10 Ways Social Media Will Change in 2010
- MediaPost says that 2010 Is the Year Social Media Gets Serious
- Scott Monty has his Social Media Predictions for 2010
- Forester Twitter gets serious or Twitter gets Bought
There are lots of similar views, with Twitter finally becoming profitable, and companies embracing social media as part of their overall strategy . But what do you think? What will the year ahead look like?
And, as a small business owner, which of these trends will be most relevant for you?
Street Marketing
Growing up in NY the highest compliment you could pay someone, was to say they were “Street Smart.” This indicated the individual knew how to get things done, with a commons sense no nonsense approach to life. This same common sense approach makes Street Marketing ideal for the small business owners looking to create a big impression on a limited budget.
Street Marketing is built on the same foundation as traditional marketing; clear goals, concise description of a target customer, and a well thought out plan.
The Difference is a Matter of Focus!
Unless you have the marketing budget of Coca Cola or McDonalds, you don’t really have sufficient funds to support a true mass market campaign, one that reaches all consumers.
Savvy Street Marketers narrow down their audience to people who are most likely to buy. They spend marketing dollars reaching a concentrated group several times, rather than trying to touch everyone once
Street Marketing Takes Leg Work!
How do you decide where to invest your money? Take time to do some analysis and planning on the front end. Study your past sales, where does most of your business come from?
Take time to hit the streets. Look at census data, and local real estate and business publications to find uncover neighborhood trends. The local chamber of commerce or other business association may have some additional insight into where the “action” is.
If you join an association, show up for meetings on a regular basis. You won’t necessarily get referrals the first time you attend a networking meeting. But hang in there, as you become part of the “regular” crowd opportunities will drift your way.
And finally, look for sub-groups and niche populations ignored by your competitors. Become an expert or a big fish in one of these ponds instead of a small fish in the larger community
