Business Plan

For anyone who is involved in marketing their products and services on the internet, a successful lead generation strategy is vital for business success and sustainability. Many businesses advertise on the internet without consideration for effectively attracting leads or possible customers towards purchase. Lead Generation strategy is a science that is still in its infancy and persons and organizations will do well to add this portfolio to their overall marketing operations.

Traditionally marketing one’s product or service comprised the activities of market survey and market research into the demographics of who one’s possible customers were. This then yielded information which allowed one to carry out sales surveys and sales pitching into these same demographic groups. The outcome of this then allowed one to do sales forecasting, product or service adjustments and improvements, etc.

When the product is finally launched this process of marketing and sales survey, research and forecasting is repeated. Out of these exercises, the appropriate product or service improvements or even new products and services will arise.

One can imagine that these cycles of marketing and sales research can be very expensive for even the larger companies and be totally unaffordable for the smaller operation. Fortunately the presence of the internet can and has made this vital activity more affordable and more precise for even the smallest of businesses. Although much money is expended on marketing and sales research, the information received is not precise as only numbers, percentages and general demographic information are obtained. The internet allows the possibility of obtaining the traditional information as well as the precise information on the prospect’s name, address, telephone number and any other precise information that will be helpful to the survey or research. The internet also allows this information to be obtained very cheaply and timely. The prospective customers can be more easily turned into actual customers using the internet rather than the traditional systems. Economies of scale, economies of expenditure, economies of information, economies of time are more possible than otherwise. We can now turn to how in fact the internet can allow more efficient and effective market research, survey and customer leads.

Attraction Marketing.
One of the great failings of traditional marketing and sales methods is that there is no education of the prospective customer of the product or service offering. In the new internet genre that is Web 2.0, there are many facilities that the engines such as this one and others provide that allow the marketer to educate the prospective customer as well as obtain his vital information and establish a relationship with him that could be to the organization’s benefit. This new genre has leveled the playfield where all aspirants can now effectively market their products very inexpensively.

More importantly very precise and actionable leads in large quantities are obtainable by using Web 2.0. A very important pioneer and marketing visionary educating Web 2.0 is the team of Ann Sieg and Mike Klinger. They have done extensive work and have launched many successful network marketers using the concept of attracting marketing and the facilities that Web 2.0 provide. I would urge you to check out this approach if you need to have a review of your marketing approach in general and your leads generation in particular.

I recall a conversation I had with my kids when we were at the ice cream store one day. On that particular occasion I was somewhat annoyed when I noticed that there was no place to sit. The store owner only had two chairs with no table near the window and of course they were already taken.

I asked myself, why only two chairs and what is the deal with having no table? My kids also looked around the store and each commented as to why wasn’t there a place for us to sit. Neither of us said anything more about it but I knew that it was an uncomfortable feeling for them. We made the best of our time together by standing and making casual conversation about how good the ice cream tasted. As I pondered over this ice cream maker’s ridiculous customer service strategy, I thought to myself I am probably not bringing my kids to this store again. It was not only the sitting dilemma that influenced my decision but also how the place looked.

It had poor lighting, the floors were dirty and the decor was gloomy to say the least. The owner never seemed to have a good selection; neither did he have an inviting smile.

As a customer I was not at ease, and as a business enthusiast I was disappointed that the owner did not do more for his customers. Let’s face it, your customer base will ultimately determine the growth of your business not just your product. Yes, if you have a good product your customers will come back but if someone else has a similar product and yet offers more for that same dollar; I will bet that those customers will begin to shop at the new place instead. I know I will! Your company must evolve and flow with the new spectrum of business for each season. The needs of your customers will not always be the same. People change, and so will your customers. Because they are people and not robots; who are programmed to do the same thing over and over again. It’s simple, people follow change not repetition.

Is your business adapting to consumer needs or is your company suffering because you are not? While I write this entry I’ve learned that the neighborhood ice cream shop has closed its doors, along with others that have been there for a long time. Now you might say the economy is bad and that is the reason. But I don’t think it was due to the economy. I live here and I’ve seen all of these stores and everything was always the same. In the 1980′s and early 1990′s the economy was pretty bad, not as bad as it is now, but still it had similar effects for businesses. Yet, those companies that saw the handwriting on the wall made changes that spawned longevity for their business, even through today. Others who did not adhered to the winds of change and did not make the investments necessary were never heard from again.

If you love something you do not let it slip from your hands or let it die. You cultivate and restructure the areas needed to make it strive, live, and prosper. There is a Japanese word that signifies this business principle and if applied you will reap its benefits; that word is Kaizen. It means constant continuous improvement. I believe that its concept could even be used for our personal development. We all could use a little improvement every so often, but I’ll save that discussion for another time.

Business owner, leader, and potential CEO, you have worked extremely hard with your dreams to allow a little slow down to effect its growth. I hope you will consider the ideas I have presented. Please remember -

1. Customers want more: The decreasing value of the dollar doesn’t mean that we should decrease our service. Selection, Price, and a pleasurable shopping experience are very important for your company’s growth.

2. Additional Investment: Make changes to the product you are selling; consider updating the appearance of your website or packaging. If your clients come to you then consider making some small improvements, like lighting, painting, and if your space allows new furniture; especially for customers to sit and enjoy your product.

3. Research: Create a forum by which you could learn about your customer or clients needs. Study your market for trends and technology.

4. Keep at it: Don’t give up. Don’t allow negative changes in your area to stifle your dreams. Be open to new directions and ideas.

Lastly, remember your purpose, live with passion, and stay true to who you are. Be honest, embrace integrity and take some time for yourself and family.

Business owners need solid exit strategies to be able to make successful transitions, such as handing over the business to a co-owner or family member, or selling off the company. If you’re a senior who doesn’t have a good exit strategy for his or her business, you won’t be able to make the most out of the transition, and may not be able to get maximum value for your business when you decide to sell, for example. As such, planning ahead and planning well are integral.

You may need to pool together a professional team to help you establish your transition plans and work through the transition when it happens. Business owners often have a couple of trusted people who advise them on their businesses, but it can be infinitely more helpful to collaborate or work with a team that consists of experts, including a CPA, tax advisor, estate planner, investment banker, and financial advisor; all of whom who specialize in the development of exit strategies for business owners. In your planning, you’ll need team members who have specific backgrounds, and can look at the exit issue from their own perspectives. When these members all work together, you can be confident that all aspects and angles are considered and discussed to make the best decision possible.

After you’ve created your team, you need to be prepared to let them in on your business, your exit objectives, business valuation, and many other considerations. Your exit objectives need to be clearly delineated and identified to find an appropriate method with which you can exit your business. With the team, you’ll need to inform them about factors such as your personal and business goals, choices of exit route, your business’ key employees, and so on.

Some owners may consider the business’ sale or handing down to a family member or co-owner so the business will continue growing, while others may want to sell to a third party for a huge windfall. These are just a couple of concerns business owners may have, which necessitates working with a group of experts and advisers.