When you decide to open your business the most important p word that you need to have in you vocabulary is profit. When you open your business you must have a goal in mind as to how much profit you want to make so that you can take action to exceed this goal with the idea of utilizing other important p words.
People is a very important p word for you will need to reach the people in your desired target audience and have them do business with you. Remember people do business with those they know, like, and trust. In giving people what they desire and building awareness of your products and services you will increase your profits. You may have need to hire people and hiring the right people who are in alignment with your core values will lead you to having success when it comes to customer acquisition and retention. Continue reading Advertisement Ideas: Important P Words!!!
When you opened your business today what were your priorities? Did you write down your priorities and make sure they were in sync with your goals and objectives? So many times when working with entrepreneurs I find that many do not set priorities and thus continue to be on this endless hamster wheel that creates a struggle. The end result of this struggle is that they fail to thrive and eventually close their business. I always ask people who I work with what did you do to promote your business today? Many times the answer is nothing people will come because they are in the plaza anyway or they are by where we are located and will see us and come in out of curiosity. I give the people I work with the strategy to do out reach to potential customers daily while also having a retention program to keep existing customers. I have worked for people over the last 40 years and I have seen that the successful ones are innovative and seek to stay ahead of the curve while those who close up their business get set in their ways and are closed-minded. I have also found that many business owners do not get out of their own way and as a result they believe they know everything. I was told by a very prominent business coach, Bert Oliva, that “The Day You Think You Know Everything Is The Day You Start To Lose Everything,” this is so true as you begin to alienate those that truly want to help you. What are your priorities today? How do these priorities fit with the over all core model for your business? Are you listening to the people working with you? Continue reading Advertisement Ideas: Prioritize This!!!
In business marketing it is all about creating a solid base. Many times we call this our tribe or followers. The key is to have a strategic plan and to implement that plan while evaluating the plan and making the necessary adjustments so as to strengthen the brand and increase revenue. In my 40 years of working in the for profit and non-profit sectors I have witnessed a few things about successful businesses and they all have one thing in common consistency. Most businesses tat succeed build a base through effective targeted advertising. It is important to remember that one oh shit can ruin 1000 at a boys so you must strive to keep your base happy by providing great quality products and services while delivering what the consumer wants. Your advertising must build confidence with the consumer by having a strong call to action that will make your base shop with you and recommend you to others. When you are making your advertising choices you must consider who the ad reaches and what return on your investment you desire. When you give your base what they desire and you exceed their expectations you will create a buzz about your business that will then translate into greater revenue. In spending money on customer acquisition it is important to remember that customer loyalty also goes a long way in strengthening your brand and thus increasing revenue. After you acquire your base it is important to retain that base so that you can continue to grow by gathering and using testimonials of satisfied clients who continue to use your products and services.
Advertisement Ideas: Building The Base!!!
The buzz word today is attraction marketing. The idea is to create a niche market and to attract the customer base that fits into that niche. This allows you to narrow your scope and more effectively market your products and services. The idea is to keep ahead of the curve by being a step ahead of the current trends and then having a marketing plan that is very fluid and adaptable that can be implemented at any time for any situation so that customers will still have confidence in doing business with you. I saw today that a business that has been in the same place for 9 years is being forced to move and they are doing a moving sale although they have a second location that could handle stocking the inventory. They instead have marked things down to a point that they are selling off certain items at a loss. This is okay to create quick cash flow and liquidate items that aren’t moving but it also sets a perception with the consumer to wait until they mark down merchandise. This is where knowing what you paid for an item is very important. You can attract customers by doing a liquidation sale and letting them know about your other location that will accommodate them in the future but it is important to let them know that these type of sales are not the norm. Also when you move it is important to let your existing customers know that you moved. In doing attraction marketing you must know your desired target demographic and where they are getting there information. I recently worked for someone who did not have a website and I thought wow you are behind the times as most people are looking for what you have on the Internet. I mentioned that the business should be doing targeted marketing and each time the manager told me that doesn’t work. Needless to say that business closed and he now has a warehouse full of inventory. When you attract your desired audience and turn the browsers into buyers you can capitalize by offering more items. It is when you know what your base desires that you can deliver.
Advertisement Ideas: Building The Base: A Case Study!!!
The year was 1987 I was a Senior at Hofstra University majoring in Marketing when I was given the opportunity to intern with The New York Liberties of Major League Volleyball. I will be forever grateful to Jerry Saperstein who taught me the importance of building a fan base and making sure the fan experience is something to remember. Our team was very competitive and we did many promotions. The first thing I did to build a base was I reached out to the students on campus and gave them FREE Tickets, we made up for the give-a-way with concessions and Liberty Merchandise. I then reached out to the media and invited people like Pete Axhelm to cover the team. I then contacted all the local schools and volleyball clubs in the area. When the season ended we went from 250 people at a game to 400 people at the game. I did this by making sure people knew who we were and that when they came to a game they would have a great experience. I remember one game we invited The Hempstead High School Band to perform and we gave them a donation and they came out in force and their parents and friends came and they started to come to games even if they were not performing. The idea is that when building your base you have to do outreach and make sure people know who you are and give them a reason to do business with you.
Advertisement Ideas: Wake Up And Be Open To Receive!!!
This entry was inspired by my recent foray back into to The Sports Apparel and Memorabilia Business. I worked with two companies that had the potential to be million dollar sales companies and grow. Unfortunately at one company there was an owner who thought he knew more than everyone else and at the other there was a manager that would tell you why things couldn’t work. One of the aspects of business that I have learned over the years is to always get input from your employees especially from those that are very knowledgeable about the industry. I have worked with several people to help them excel and those who listened to my input and took positive action have found success. I believe if you are going to make a profit in any business you must know the business and be in tune with all the current trends in the business. I have also learned that you must be true and authentic when dealing with people. The reason that you may be holding onto to merchandise is that you have items that are not in demand or that you are not marketing properly or that your staff is not engaging the customer.
When an employee comes to you in your sports business and says there is a growing trend toward throwback jerseys you should look into that and have a plan of action to carry the jerseys that people are looking for not jersey that you ordered at the end of the season that people aren’t looking for at that time. The key is to be open to receive new ideas and to implement them with a solid marketing plan. It was funny because one of the places decided to spend $2000 on plaques that had already been in the hands of two other companies that didn’t sell instead of taking the $2000 and buying up to date in demand merchandise. Imagine had the owner taken the $2000 and bought some popular throwback jerseys and advertised in the community that they had the jerseys what might have been. He chose not to do this and is still sitting on cases of plaques that are taking up space and not moving. Continue reading Advertisement Ideas: Wake Up And Be Open To Receive!!!
When was the last time you got up and went outside of your business to promote your business? I have spoken to many business owners about the importance of putting yourself out there and meeting people as you never know who you might meet and how they can be of service and value to you or how you can be of service and value to them. Sometimes the best promotion is self promotion.
I was out doing a Facebook Live video on January 18, 2017 in front of The Local Subway when a couple Audrey and Rich from Bold Venture Press approached me about this book. We had a great interaction and the next day Audrey surprised me with a post in my Get Motivated With Jonathan JDOGG Lederman group on Facebook stating that on February 4, 2017 during the book launch that they were going to donate a portion of the royalties to The American Cancer Society Relay For Life of Sunrise/Tamarac. By getting out in the community and being vocal about who I am and what I do I was able to further my mission to create a world with less cancer and more birthdays. I was also able to make a key contact to secure guests for my radio show, Get Motivated With JDOGG, which airs at www.blogtalkradio.com/jdoggsshow on Monday at 5:30 PM EST. Continue reading Advertisement Ideas: Get Out!!!
The key in business is to make your customer’s experience so good that when they see you are doing a special campaign or project that they jump to it and come to you every time they seek the type of product or service that you offer. It is important that each time they see your name in an advertisement that they think oh I need to get to that business or I plan to attend that event. The idea is to create such an awesome experience that they become customers for life. Advertising is a great way to enhance their experience by offering specials that you can track and rewarding existing customers for their business. Remember you spent time and money to acquire the customer now you must do what you can to retain the customer. If you are going to continue to build your customer base you need to have great brand awareness and recognition while also creating a buzz about your business giving people a reason to continue to shop with you. In all my retail experience I have made it a point to create good relationships with customers realizing that one oh shit will ruin one thousand at a boys so you must avoid the oh shit moments. Many times it is all about finding ways to enhance the customer experience so as to create customer loyalty. When I was working for a sports apparel, accessories, and memorabilia store I greeted the customer and asked questions so that I could facilitate a sale so that when they came back or we had a item from their team I could show them and build rapport.
If you want to get high in business you must commit to working hard and maximizing your message. If you want high revenue and high brand recognition you must have a strategic plan that defines what type of business you are going to have, who your target audience is going to be, and how you are going to cultivate that target audience. In today’s business world the sole-proprietor is the underdog and thus has to work that much higher having a definitive vision for their business so as to get a percentage of the niche market that will create sustainability. As you continue to open the doors to your sole proprietorship it is important that you are listening to those you have hired as some of those people may have ideas that increase sales and also increase brand recognition. It is important to check your EGO at the door and realize that you may not know everything and the day you think you know everything is the day you lose everything. Make sure you know the demographics of the area you decide to do business in so that you can have the merchandise that they desire. Make sure you know the competition that is around you so that you can create your own unique selling proposition to attract and keep customers.
When I was a member of The Jaycees (Junior Chamber of Commerce) we had what we called a Chairman’s Planning Guide which was really a small business plan that served as a road map so you could have a successful project.It asked what the primary purpose of the project was, what the goals and objectives were, who was responsible for certain tasks, the budget, and the items needed to bring the project to fruition. It also asked questions as to things that could have been done differently and what changes you would make. Many people used the CPG to secure small business loans and continued to plan their work and work their plan making adjustments that they now have thriving businesses. It is imperative to plan your work and work your plan. Continue reading Advertisement Ideas: Getting High!!!
In a sports apparel, accessories, and memorabilia store diversity is a necessity. Many entrepreneurs of these type of stores get caught up in what they like that they do not diversify their offerings and as a result lose sales. The key is to see what is selling and to order accordingly. I saw a store where it appeared that FSU Seminoles items were outselling University of Miami Hurricanes items at a 2 to 1 ratio yet the entrepreneur of the store insisted on stocking up on Hurricanes items. This same store had only 3 hats for Notre Dame where Notre Dame is one of the top-selling schools in America. The key to having a successful sports apparel, accessories, and memorabilia store is to have a diverse selection of teams that the consumer is seeking with full size runs. If you have one item that is selling well make sure you are replenishing that item regularly so that when a customer comes looking for it you have it so you can make the sale.
Do you know just how many times I wanted to scream this at entrepreneurs that I have worked with? I often have an experience where the entrepreneur thinks they know everything and refuses to listen to the employee that is working in the business on a regular business. The entrepreneur needs to wake the f up and understand that maybe they don’t know everything and that despite the fact that the employee doesn’t have a fancy car or live in an expensive home or doesn’t live lavishly they just might have a working knowledge to help the entrepreneur exceed their revenue goals. I was working with someone and asked what are your revenue goals. I was told none of your business. This entrepreneur ending up closing the business dissolving the corporation and then reopening in another location under a new name. He still hasn’t set up a website or done any advertising. he didn’t even update his Facebook Page. Then this entrepreneur wonders why his business struggles. The answer is because you don’t have a strategic plan to market and thus exceed your revenue goals. When I worked for Footlocker we had daily goals and the corporate marketing people had plans in place to drive people to the store and once they were in the store it was my job to make the sales. I remember how bad I wanted to tell the DM to wake the f up when he told me you can’t put the new Jordan release sneakers aside for people they are on a first come first serve basis. I called bullshit on that one and explained I have a customer who buys a size 8, a size, 11, and a size 13 in adults and a size 3 and 6 in kids plus matching socks and jerseys when the new Jordan’s are released which meant about $1000 in business. I asked the DM if you have a guaranteed sale of $1000 each time the Jordan’s are released why wouldn’t you put them aside. Well I left Footlocker and guess what I found out when I left and the store would put the Jordan’s aside for this customer he stopped doing business with the store. This is why those in power need to wake the f up. Look at the way you are doing business and ask yourself what can I do to wake the f up and make changes that will strengthen my brand and increase my revenue. Continue reading Advertisement Ideas: Time To Wake The F Up!!!
In business there is a very intangible component that is hard to measure called goodwill. It is a simple act of making your customer happy or serving the community. It is hard to measure as some goodwill is done without fan fare and you never know the power of goodwill until it someone mentions that they heard about what you did for a charity or how you went out of your way for a customer. The power of goodwill is amazing and can lead to increased brand awareness and revenue. In sacrificing a profit today by doing goodwill you will increase future profits.
The other day I had a customer come into Sinbad Sports located at 2164 S. University Drive in The Tower Shops next to Best Buy in Davie, FL and they asked about The Nike Vapor Knit Gloves as their son needed gloves to match his school uniform. I told them they are normally $100 but I could sell them to them for $75. They came back the next day and bought the gloves. The following day one of the players teammates came to the store and bought a pair. I gave him the same deal. Now word is getting around and I anticipate selling The Seahawks gloves out. In giving a little I was able to move a product that had been stagnant. It is in extended goodwill and extending excellent customer service that you drive sales. Remember people will forget what you said or did but they will remember how you made them feel. In extending goodwill to all you create customers who will share their positive experience and thus you will exceed your revenue goals.
Recently Sinbad Sports hosted Reshad Jones, Safety of The Miami Dolphins. As a result we had a few footballs to give away. One was presented to the winner of a contest we sponsored on WQAM and another was given to The Divas For The Cure of The American Cancer Society Relay For Life of Pembroke Pines to use in a fundraiser. As a result of this goodwill we received some publicity that drove people to come to the store to shop. In doing goodwill the word gets a round and people begin to support your business. Continue reading Advertisement Ideas: The Power Of Goodwill!!!
Recently Sinbad Sports hosted Reshad Jones, Safety of The Miami Dolphins. As a result we had a few footballs to give away. One was presented to the winner of a contest we sponsored on WQAM and another was given to The Divas For The Cure of The American Cancer Society Relay For Life of Pembroke Pines to use in a fundraiser. As a result of this goodwill we received some publicity that drove people to come to the store to shop. In doing goodwill the word gets a round and people begin to support your business.