Archive for Business Building
Strategic Marketing: The 6 Ps of Marketing
Posted by: | CommentsThe marketing mix, often referred to as the 4 Ps of Marketing, includes product, price place and promotion.
But let’s challenge that model.
I believe there are two more P’s of Marketing that are more important that the original 4…Purpose and Passion.
Why? Because product, price, place and promotion can be duplicated. The only real points of marketing differentiation are Purpose and Passion. Both visceral, intangible and powerful. And, they can not be duplicated.
- Purpose: Answers the question why…it gives meaning to and provides direction for every action. It is one of the first questions you must answer when setting strategic direction for your business. Little hint: When you ask why, your first answer will probably not be the best answer. So, keep brainstorming.
- Passion: This is where the juice is…it is intense, emotional excitement about your business. Passion provides focus and energy to stay on course even when you face challenges. Not sure where your passion lies? What do you do that makes you lose your sense of time? What do you think and talk about all the time?
You may be surprised by your purpose and passion. But I can assure that the easiest way to build a profitable business is to align your purpose and passion with your area of expertise. You will be unstoppable.
Now, before you go, comment and share, OK?
Amelia Brazell, Strategy Source, Inc.
Entrepreneurs: 3 Business Challenges You Must Address
Posted by: | CommentsWorking with entrepreneurial CEOs, I often hear them express common themes about why they started their businesses, as well as, the challenges they face as the business grows.
Conceiving, building and growing business are the reasons most entrepreneurs strike out on their own. They want financial freedom. They want control over their time. They want independence.
Some build enterprises that far exceed their expectations. However, it is at that point they begin to face some of the challenges they left behind in the corporate world.
The three challenges that surface most often are:
- Leadership challenges – in their industry as well as in their organization. Many entrepreneurs have not had the opportunity to learn leadership skills before building their companies. However, leadership is a required skill even if you are a one-person company. Or, I should say it is most important in a one-person company.
- Communication challenges – When an entrepreneurial organization grows beyond one or two people, communication challenges begin to surface between individuals, between departments and often with clients and vendors. These challenges must be addressed to prevent infighting and company-wide melt-down.
- Immersion challenges – Most entrepreneurs find they are working just to keep up. Being immersed in the business means there is very little time dedicated to working on the business.
Burn-out and overwhelm are the results of these challenges not being addressed and resolved.
When you find yourself in any of these situations, it is a good idea to get an outside, objective opinion. Then, realign parts of the business to function better and allocate time to work on the business from a strategic perspective. My company, Strategy Source, Inc., provides coaching and planning services for emerging and established entrepreneurs.
Leave a comment before you go.
Amelia Brazell, Strategy Source, Inc.
Client Expectation Strategy: Understand the Good, Fast, Cheap Triangle
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Client expectations and client deliverables must be in sync for a business to grow.
Now here is the rub: Most clients want the products and services they purchase to be good, they want to get them fast and they want to get them cheap. Well, I am here to tell you that is not what you should expect.
The ad agency industry taught me that there’s good, there’s fast, and there’s cheap. However, you can only have two of the three components at any one time. So you can get good and fast but it will be expensive. You can get good and cheap but it will take forever. Or, you can get fast, cheap and very bad.
Keep this in mind as you work with vendors as well as when you provide services to clients. Observing this simple principle eliminates a great deal of stress and avoids setting unrealistic client expectations.
To demonstrate this concept, you may want to use a triangle like the one in this post. When you are planning a project, circle the two elements that you must have to meet your desired results. You will have to accept the consequences of not having the third point. But at least, you will be in control of your expectations for the project.
Last, it is a good idea to explain this concept to new clients so that their expectations are realistic as you launch new projects.
Now, leave a comment before you go.
Amelia Brazell, Strategy Source, Inc.
Heed Your Own Advice
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How often are you asked for advice? I am betting that you are asked for and offer advice nearly every day.
If your are expert in your field, your advice can be expensive. Whether you consult, coach or train, your knowledge is valuable. Clients and students are willing to pay for your knowledge, experience and guidance.
So why do so many entrepreneurs struggle with their own business? Big questions; simple answer…they do not heed their own advice. This is especially true when it comes to business basics.
How do I know this? Because I have been there.
Earlier this year, I decided to restructure my business. Deciding and intending does not mean doing. I have been procrastinating, dragging my feet, and dedicating all of my time to my clients. My business was on autopilot and working OK. Sound familiar?
Then a very bad thing happened — my virtual private server was hacked and all of my websites had to be scrubbed. That stopped me in my tracks.
So, I have hired Cathy Perkins, the WordPress Wizard, to revamp, retool and rebuild my blogs. In my opinion, Cathy is the leading expert on wordpress so she was the logical selection to add to my team.
This is the first blog to be put back on line. Let me know what you think.
Amelia Brazell, Strategy Source, Inc.
PAR Formula: Your Business Succcess Formula
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No, I am not talking about golf, although golf can be very good for your business.
What is the PAR Formula? It is the case method taught at many business schools and universities. It’s a way to tell a story about your business that embeds itself in the audience’s memory. The beauty of a story is that it has a beginning, middle and end. Therefore, making it memorable and repeatable.
Here are the three steps of the PAR Formula:
- P is for Problem – Identify the problem your target audience wants solve. It must be something they want as well as something that you have been instrumental in solving for yourself or someone else. Describe the problem in specific details. The more visual and emotional you make this, the stronger your audience will identify with the problem. Remember your words are painting a visual as well as creating a visceral feeling for your target audience.
- A is for Action – Describe the specific action that was taken by someone with the problem. The specific action they took – they being your student, customer, client, friend, yourself – is the action you advise them to take.
- R is for Results - Demonstrate the results achieved by taking those actions.
Now that you understand what the PAR Formula is, consider ways to use it in your:
- Advertising – remember “Plop, Plop, Fizz, Fizz. Oh, what a relief it is?”
- Product testimonials – PAR Formula testimonials are more impactful than saying how much you like something.
- Sales letters- review any online sales letter and you will see the formula in action.
- Presentations – stories hold audience’s attention.
- Media interviews – use to deliver your message points in an interesting and memorable way.
- Job interviews – demonstrates how you think and work without saying how good you are.
- New business pitches – prove your claims with stories that demonstrate the results you deliver.
- Your 30-second infomercial introduction – use at your next networking function.
- Articles – one of the easiest ways to structure articles to showcase your business and expertise.
- Trainings – people learn quicker through PAR Formula stories than most any other format.
These are just a few of the many ways to use the PAR Formula to accelerate the growth of your business – online and offline.
If you have used the PAR Formula, share your experience in a comment.
Amelia Brazell, Strategy Source, Inc.
Exponential Business Growth Starts with Small Steps
Posted by: | CommentsExponential business growth must be based on business basics in the following three arms of business: operations, finance, and marketing.
Surprised?
Many coaches and consultants tell entrepreneurs that to succeed, all you have to do is market, market, market…
As a marketing veteran, I am the first to say that marketing must be at the heart of your successful business. However, experience has also shown me that exponential growth is just as dependent upon strong operations and solid finances as it is on brilliant marketing.
Here are a few small steps I took early on when establishing my business:
- Operations: Established my legal entity – Strategy Source, Inc. I consulted my tax attorney on which type of entity was best for my business structure and goals.
- Finance: Opened a business checking account so that my funds were not co-mingled with my personal funds. The IRS really appreciates this action.
- Marketing: Set up this blog as the cornerstone of my online communications and marketing efforts.
When you set your business up professionally, everyone takes you more seriously. And, more business opportunities will come your way. Just watch…
If you have any suggestions you would like to share, leave a comment – particularly any steps you have taken to professionally position your business and what impact you have seen.
Amelia Brazell, Strategy Source, Inc.
