Small Business Marketing Book Review – People and Your Business

What if somebody told you one critical key to business success was to practice the principle of the Golden Rule in your business? The idea seems to somehow run counter to so much of what we’ve been taught about business, doesn’t it? Yet, what if that same source convinced you through case-study after case-study that application of the Golden Rule in business actually leads to success?

Let us introduce Frederick Reichheld and his book The Loyalty Effect. While not a small business marketer, but rather an expert business consultant, what Reichheld teaches us about loyalty is worthwhile reading for any small business owner or manager.

Did we say “worthwhile”? Scratch that; pencil in the phrase “urgently essential”, instead. This book is that vital to a small company.

The Loyalty Effect focuses on three groups of people critical to business success: Customers, Employees, and Investors. For most small business, the investor is the owner, so for our brief review in this article we will focus on Customers and Employees.

Reichheld is a definite advocate of customer retention. He convincingly demonstrates time and again that small percentage increases in customer retention have huge impacts on profits. This read will be a just-right fit for those of you having problems focusing on the right customers. If you will take the time to trudge through this book, and really understand most of its principles (we found Chapter 8 to be the toughest) then not only will the marketing of your business improve, but so will your profits.

Isn’t that the reason for all this focus on marketing, anyway?

And Reichheld really opened our eyes to how important employees are in retaining customers. If a company treats their employees right, those employees become more efficient and productive in their daily tasks. Profits go up, retention increases.

Reichheld stresses again and again that a company’s prime mission needs to be creating customer value. Most of you in small business realize this, but it’s reaffirming to see hard-and-fast facts to back up what many of us intuitively know. Customers don’t come to a small business looking to boost our profits; they arrive seeking value. If we consistently create value, profit will come.

Another key point for small business owners is the importance of leadership. If you need to go down to the bookstore and browse through The Loyalty Effect before you buy it, flip over to page 246. Reichheld has studied several large and successful businesses, and concludes here that most of them had leaders with an “intuitive grasp” of how important loyalty is. This is critical for business success, regardless of business size. While not written to be a rah-rah inspirational book, Reichheld’s arguments and his examination of the role strong leaders play in forming great companies reinforces just how important to the bottom line it is for a small business owner to be a good leader.

So much of Reichheld’s book seemed familiar; akin to common sense…after we read it. Treat employees well and they’ll perform well for you; we’ll that’s pretty basic, now isn’t it? But we tend to forget, we tend to think we need to cut corners or just “improve efficiency” and that’ll lead to greater profits. In the short term it very well may, but Reichheld argues effectively that in the long run it’s only by creating value for our customer that we build profitable businesses.

Remember, People is the third element–along with Brand and Package–of any small business marketing success story. Taking a week or so and reading Frederick Reichheld over lunch or before lights out at night is a great way to hone your “people productivity”.

© 2006 Marketing Hawks

Tips For Opening a Small Business Checking Account

Business accounts are important for small businessmen, dealers or shop-owners. Banks usually offer a variety of accounts such as saving accounts, current accounts, fixed deposits; etc.According to the need and requirement, an individual can select an account for his use. For businessmen involved in businesses on a lesser scale, opening a small business checking account is indispensable. Ideally the businessman should open an account in the initial stages of business expansion. Before opening a small business checking account, there are several noteworthy features to consider such as daily transaction process which includes deposit and withdrawal as well as borrowing costs. Also banks have various offers to suit ones needs. Some of the tips to help you in opening the right account are as follows:

Analyze your business needs.An approximate measurement of your daily transactions such as deposit and withdrawal should be carried out. This helps a long way in laying down the right foundation for your business.

A small business checking account should be created if and only if you are starting a small company or a joint business involving partnership. Sole traders have the flexibility of operating with a single personal account.

Search and analyze the small business checking account schemes offered by different banks. Remember each and every bank has something different to offer than the other. Do not be compelled to open an account with a bank in which you have a existing personal account because your current bank may not offer great deals. So explore before finalizing!

Compare the costs and charges of each bank as negligence on this may create lots of hassles later. Also look out for hidden charges which your bank representative may avoid to inform you!

Opt for well-established banks which have a good track record.

The most important point to be kept in mind is bank charges. If the monthly or daily transactions are large, your bank may levy some extra charge. So be well informed about this! Some banks provide free charges for small period of time.

Your small business checking account becomes even more flexible if there are facilities for online payment and transactions. Online business banking has become popular and most banks provide this service. Transactions can be viewed from the comfort of your pc.

Lastly the bank which has a dedicated team to look after these business banking services.

Small Business Marketing Tools to Get You Free Publicity

As far as small business marketing goes, free publicity is gold. It’s not just that you’re getting your company name to the public without having to pay for it; it’s that the news publicity – whether it’s in a magazine, newspaper, or online, weighs more heavily in your prospective customers minds. Even as skepticism reigns, people see information printed by news-type sources (whether in print or online) as being more truthful, more objective, than information that’s paid for by the company (advertising).

But simply sending out a press kit to your local news media won’t guarantee you that free publicity. The cardinal rule you have to follow is that your information must be newsworthy. One of the ways that news media keep their reputation as objective sources of information is that they are – they’re not going to print a thinly-veiled ad for your product or service as a news piece. But if you write a release that accomplishes both goals – offering the news media an interesting, informational story and letting potential customers get to know your product or service – that’s where free publicity really pays off.

To start, you need to develop a press kit as a standard component of your small business marketing materials. Your press kit should include:

Small business marketing press kit component 1: A letter to the editor of the newspaper (or magazine, or internet site) pitching your press release as a story idea. Many components of your press kit can be recycled, but the letter to the editor should change every time to send out a new press release.

Small business marketing press kit component 2: The press release. Your press release is where the journalist will look to find most of the information for her story. In the release, you should describe the news item (the launch of a new product that will revolutionize consumer’s lives, for example). Feel free to quote yourself and others in the press release expounding on the issue (that way the journalist won’t have to contact you or others for quotes when she’s writing the story).

Small business marketing press kit component 3: Your business card. Make it easy for the journalist to contact you.

Small business marketing press kit component 4: Your corporate bio. Journalists often like to add background information into their stories; make it easy by including a corporate bio that offers the important information about your business, including who founded it and when, location, and other interesting tidbits.

Small business marketing press kit component 5: Relevant photos. The keyword here is relevant: include photos of the topic your press release is about. If it’s a new product, offer some interesting photos. If it’s a new day care service, offer some pictures of the employees with the kids. Use photos that will make your story more compelling.

Small business marketing press kit component 6: Testimonials. It can be a great strategy to build quotations from current and past customers right into your press release. But even when you do that, don’t be shy about adding more.

Small business marketing press kit component 7: A data sheet for the relevant product or service. A data sheet with give the details about your product or service (that’s being covered in the press release). Relevant details include pricing, components, materials, size, weight, and part number – if applicable.

You should put all seven small business marketing components of your press kit into a folder – ideally one with your logo on the front to finish off the presentation.

Once you’ve created an appropriate small business marketing press kit, you can think about the kind of media outlets that you want to target. That small business marketing decision should be based on where your customers are – are they online, reading the local daily, or a national newsmagazine? Free publicity won’t mean much if it’s not picked up by your target audience – your prospective customers.

Once you’ve decided the media outlet that you want to target, find out who the managing editor is and send a personalized press kit to her. Or, if the publication is very large, send a personalized press kit to the journalist in charge of your area (for example, the Food journalist if your product is gourmet brownies or the Technology journalist if your product is computer software). You can also send out a press release for mass distribution using one of many online press release wires.

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