Avoid These Marketing Pitfalls

When developing your marketing strategy, mistakes can be made on even then most elementary level. Here are some common mistakes that are often overlooked:

Mistake #1: Failure to be consistent in your marketing strategy. If you say one thing and do another, fail to keep a consistent marketing message, or have little follow through, you run the risk of losing trust in building relationships with your customers. 

Mistake #2: Not setting yourself apart from your competitors. Why would anyone want to buy from you if you don't offer anything different from your competitors? Whether it's price or increased value (even if it's only perceived value), if you don't individualize your brand, you may as well work for the competitor!

Mistake #3: Underestimating the power of unhappy customers. Some business owners are more concerned about bringing in new customers than keeping their current ones happy. This method of doing business is more costly, not to mention detrimental to one's image.

Mistake #4: Failing to create trust in the marketplace. Having trust in a particular business, product or service goes a long way when a consumer makes a buying decision.

Time to Make More Money

Once you've established your business and built up clientele, it's time to focus on increasing your profit. The Direct Selling Education Foundation offers these tips for business owners:

Have a detailed plan, but be ready to adapt. Business plans can't anticipate every circumstance, so you need to be flexible and willing to adapt as necessary.

Be a creative problem solver.  Think outside the box to figure out what your business is lacking.

Persevere. Don't let the roadblocks keep you from success.

Have mentors. Seek out mentors who have been successful and pick their brains for ideas you may not have thought of. Most people are happy to share their success stories with others and "pay it forward". 

Stay lean with your budget.  Be careful with how you spend, be aware of every aspect of cash flow and find ways to decrease spending.

Believe in yourself.  If it's in your heart to succeed, you will always find the motivation to continue. It's a good idea to seek out people who can boost your self-esteem when you are facing doubt.

Can you offer any additional tips? 

National Grid Utility Scam Targets Businesses

National Grid is warning consumers about a utility bill payment scam. Scammers are calling National Grid customers and claiming to be a official representatives. They have been calling businesses in the Rhode Island area and claiming that the businesses have a past due account balance. The scammers threaten to turn off the business' utilities if immediate payment over the phone is not received. 

National Grid warns customers that they do call about past due balances, but they do not demand immediate payment over the phone. 

Customers should contact National Grid if they believe they have been contacted under fraudulent circumstances or if they believe they have been victim to this scam.

If you are contacted by an alleged National Grid representative, BBB advises you to end the conversation and contact National Grid. This way, customers will know who they’re contacting and can inquire about any outstanding bills.

As always, never give out personal or banking information to unfamiliar people. For more information, visit, http://www.abc6.com/story/23110034/national-grid-warns-customers-about-scam. 

Does Your Business Plan Have ADD?

It doesn't matter how many great ideas an individual, team, or company comes up with. Until you implement one, you haven’t made any progress. Execution is what builds lasting success, and splitting your business’ energy among too many outcomes can hinder your ability to execute good ideas and achieve your goals.

Fragmentation vs Integration: Many organizations go through an elaborate planning process. While their goals may be strategic, their process is lengthy and involved. If your method is overly time consuming, it takes away from more important work. More problematic, reliance on the idea generation phase of planning frequently results in a fragmented outcome. Whether you measure the results of your planning process in goals, objectives, or KPIs, if you’re trying to achieve too many outcomes, your business starts to suffer from Attention Deficit Disorder. It’s tough to achieve your desired execution when your attention is split in a million directions.

Your Top Three Goals: One of the keys to execution is focus. You may want to achieve a hundred different things, but most of us find it impossible to focus if we’re intent on more than four all-important goals. In fact, four may be too many. I would suggest erring on the side of success: choose your top three goals and be uncompromising in your pursuit of excellence in these areas. A relentless focus makes a positive outcome all the more likely. 

Choose three goals on which to focus: Customer satisfaction, revenue and products (improving existing base or adding new ones). It may not seem like a lot on paper, but executing these three goals is a good focus, as well as, devoting one hundred percent of your efforts into their integration. It’s become a formula for success. Every year you should add or improve your products or services. Every day you should work to improve customer satisfaction. And every moment, you should seek to increase your revenue. For us, a focus on executing these three goals is the key to prosperity.

What's your business plan like? Does it include these goals?

Satisfaction Guaranteed — What It Really Means

The “pants lawsuit” may have been regarded as one of the most frivolous cases in American history, but it did remind business owners to take care when they advertise.

In 2005, Roy Pearson sued his local dry cleaners over a pair of lost suit pants. The dry cleaners had a sign in the window that said “Satisfaction Guaranteed.”

Mr. Pearson lost the case, and wasn’t awarded the $67 million that he originally sought from the business. The Superior Court of the District of Columbia found that the phrase doesn’t mean that the customer is entitled to anything that his or her heart desires.

However, with a “satisfaction guaranteed” claim, consumers can reasonably expect a full refund if they aren’t satisfied. In the end, the court found that the business offered Mr. Pearson more than the value of his pants.

BBB advises both businesses and consumers to be aware of the meaning of “Satisfaction Guaranteed” claims.

Not only the court, but also the Federal Trade Commission (FTC) guides and the BBB Code of Advertising call for a full refund with a “satisfaction guaranteed” claim. Any material limitations or conditions that apply to the guarantee should be clearly and prominently disclosed.

BBB also advises consumers to read and understand any terms and conditions for any guarantee, including “Satisfaction Guaranteed” claims. Guarantees often have requirements, restrictions, or limitations that consumers would want to know about. It’s easy for businesses to take a few steps to avoid consumer confusion with clear and straightforward advertisements.

Businesses that don’t offer a full refund may use a different claim. Phrases like, “customer service is our highest priority” and “customer service promise” give the impression that a business will work to remedy dissatisfaction. However, these claims don’t give the impression that a full refund will be issued.

Businesses that do intend to give a refund should be sure to disclose any material limitations to the guarantee. Here are a few examples of how limitations can be disclosed:

1. We guarantee your satisfaction. If not completely satisfied with ABC product, return the unused portion within 30 days for a full refund of the purchase price.

2. Satisfaction Guaranteed! Full refund available upon written request within 60 days of purchase.

3. Just return the ABC product in its original package within six months and we will fully refund your money, no questions asked.