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Category: Branding

A Huge Key to Small Business Success

Posted by on in Branding, Business Coaching, Change, Communication, Continuous Improvement, Market Demand, Marketing StrategyLeave a comment

Nearly Half of Businesses Fail Due to Market Demand

This is a crazy statistic and it’s definitely one that small business owners need to pay attention to. Starting a small business and growing it over time can be exciting and scary and statistics and everything that plays into it can cause many sleepless nights. On the positive side, there are things we can do to help prevent being one of these statistics.

Especially for start-ups, it’s important to understand and align with market demand to avoid becoming a part of history. Here are three practical strategies that small business owners can employ to ensure their venture meets a real market need and thrives in a competitive landscape.

1. Conduct Thorough Market Research

The foundation of any successful business is thorough market research. Understanding who your customers are, what they need, and how they prefer to receive your product or service is crucial. Market research can come in many forms, including:

  • Surveys and Questionnaires: Directly asking potential customers about their preferences and pain points can yield valuable insights.
  • Focus Groups: Gathering a diverse group of people and getting feedback on your product or business idea can help refine your offerings.
  • Competitive Analysis: Studying what your competitors are doing right or doing wrong can help you find a niche or an area of improvement that they are missing, giving you a competitive edge.

Investing time and resources in solid market research before launching your product or small business can save you from making costly mistakes associated with launching a product or service for which there is no real demand. No demand, no customers.

Word of Caution: Many people, especially people you know and trust, will not tell you the whole truth. They will sugarcoat and that will not help. I’ve seen many small business owners start a business on sugarcoated information, only to realize the fatal flaw in their market research. One way to get around this is to survey outside of your network. Another way is to create a culture of asking for honest feedback. Overtime, people will realize you want the truth and finally gain the courage to say the things you may not want to hear. The latter takes time so for Entrepreneurs with great ideas and fast-moving energy, this may be difficult. Keep in mind that many of the best decisions are slow decisions.

2. Develop a Strong Value Proposition

Once you have a clear understanding of the market needs, your next step is to create a strong value proposition. This is a statement that clearly and concisely describes why a customer would choose your product or service over others. It focuses on the uniqueness of your offering and the specific benefits it provides that are not available elsewhere.

Essentially, Answer This Question: “In a room with 99 other providers that do what you do, why should I buy from you?”

Here are a few tips to help you create a compelling value proposition:

  • Highlight Unique Features: What makes your product or service unique? How does it solve problems better than any other similar offerings?
  • Emphasize Benefits: Focus on how your product improves lives or adds value, rather than just listing its features.
  • Speak to Your Audience: Use language that resonates with your prospects. Make them feel understood and valued.

A well-defined value proposition feeds the core of your messaging for your marketing strategy. It attracts the right customers for the right reasons which means you and they are on the same page from the get-go thereby reducing time and cost to get to the sale.

3. Review, Adapt, and Repeat

Starting your business is just the beginning. To be in it for the long term, getting customer feedback in real time and adjusting to provide ever better products and services to stay relevant and competitive, needs to be part of your company norms and culture. Use that feedback for effective and efficient growth and development.

  • Gather Feedback on a Regular Basis: Use tools like customer surveys, online reviews, and social media interactions to continuously gather insights about customer experiences and expectations.
  • Implement Change Proactively: You’ll need to adapt as you go to stay in the game. Proactive change is almost always preferable to reactive change!
  • Stay Flexible: Market trends and consumer preferences change rapidly. Staying flexible and being willing to pivot can help you stay top of mind with your target market.

By investing in thorough market research, crafting a compelling value proposition, and continuously adapting based on customer feedback, small business owners can significantly increase their chances of success. Remember, understanding and meeting market demand isn’t a one-time thing – it’s an ongoing process that requires persistence, flexibility, and creativity. By following these strategies, entrepreneurs can not only survive but thrive in today’s competitive business environment.

“Your most unhappy customers are your greatest source of learning.” – Bill Gates

If you would like to learn more about small business success, contact Coach Ernie today!

Can You Pass the QR Code Quiz?

Posted by on in Branding, Business Coaching, Coach Robin, Continuous Improvement, Marketing StrategyLeave a comment

by Coach Robin

Is a QR Code the right move for your marketing? Take The QR Code Quiz!

We see QR codes almost everywhere we go. They are a quick and convenient way to access a website or app from your mobile device. Many businesses use QR Codes but don’t necessarily know if they are using them correctly. They’re for more than just reaching your audience!

Knowing when, where, and how to use a QR Code can make a big difference in your marketing strategy effectiveness. So, take the QR Code Quiz today! 

These simple Yes or No questions will help you decide if a QR code is the right addition to your messaging. Read along with the tips and tricks to become a QR Code pro! 

1. Will your messaging be viewed in a physical, in-person format? 

You should never plan to use a QR code online. If you’re presenting your message online, such as in an email or on social media, a clickable link is the way to go, not a QR code. Remember that QR codes are accessed by scanning them with the camera on a smartphone, and over 90% of internet users browse from their mobile device, making it very difficult for those users to access a QR code. QR codes are highly effective for use in store displays, event spaces, screens, and pretty much every printed material you can imagine, such as flyers, brochures, and even business cards. 

2. Is your QR code accompanied by a strong call to action?

It’s important to determine whether or not a QR code can help you reach your goals, so make sure you have a clear objective in mind. You’re asking the audience to take a specific action, and that QR code is the quickest way to reach their destination. Here are some great examples…

  • Leave us a review
  • Register for our event
  • Order online
  • Browse our specials
  • Apply today!

Without a clear motivation for the audience to act, the code will not be effective. 

3. Does the link in your QR code match the audience expectations? 

Remember that a QR code is meant to make it easy and convenient for the audience to accomplish their objectives. Help them out by making the link as direct as possible. If you want them to read your blog post, the link needs to go to the blog page, not the home page. If you want them to leave a review, the link needs to take them directly to the review form, etc. There’s nothing more frustrating than the bait and switch, so don’t ask your audience to scan your code for savings, then link to your contact page instead. Take them straight to the savings!

4. Does your target audience have their phone handy when they see your code?

It seems like everyone is on their phones constantly these days, but there are still a few settings where QR codes aren’t the right fit because you shouldn’t be expecting people to have their phones handy. Billboards are not the right place to use a QR code because most of your audience will be driving in their cars and should NOT be opening the camera on their phones as they pass by your ad. Another example is during presentations. It is still common etiquette for people to put their phones away during high-end presentations. If you’re a keynote speaker at an event, think about providing a handout instead of asking the audience members to take out their phones to scan your code in the middle of the event. Of course, there are some settings where this is ok, so use some discretion when making that decision. 

5. Do you have a trust-based relationship with your audience? 

In this era of hacking and scams, it’s important to establish trust before using a QR code. Please make sure you trust that your audience will only use the link as intended and they won’t be trying to hack your code to embed a malicious link. You also want to make sure you have trust with your audience, because if they don’t trust you then they may not (and shouldn’t) scan your code.

If you answered “YES” to all of the questions above, then a QR code should be effective in producing results. If you answered “NO” to even one of these questions, then let’s discuss better strategies for achieving your goals through effective messaging. Schedule a consultation with our Marketing Muse, Robin Mahle-Piccione, and get ready to take your branding to the next level!