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Bringing Market Intelligence to Your Sales ProspectingThe single most important yet forgotten step in developing a sales prospecting campaign is market intelligence. Your resources are optimized when you have a well-qualified prospect list. Imagine you own a roofing company looking to generate leads. A typical costly prospecting campaign would involve calling or mailing home owners to determine if there is a need for roof repair.
A more effective approach may be to use services such as Geosemble Technologies Inc. based in El Segundo, CA. The company utilizes high tech and satellite imagery to locate swimming pools, roofs in need of repair, cracked driveways, etc. which is crossed referenced with city data to create highly target leads. Before you embark on any prospecting campaign, make sure you perform some form of market intelligence to improve your results. Sunday May 11, 2008 | permalink | comments (1) Finding a Business PartnerThe road of entrepreneurship can be a lonely one. One means to make the ride a possible smoother one is to find a business partner. Partners can bring to the table the skills, connections or capital you may lack. The one dilemma for small business is where can I find the partner I need? Beyond the scope of friends, family and networks, locating the ideal partner can be a difficult task. Steve Nielsen had problems finding a partner for his radio-frequency identification (RFID) business. Nielsen knew he wasn't alone in trying to locate a partner so he created the business PartnerUp. The company is an online community to help entrepreneurs and companies find the people that they need, and allow people interested in getting involved in businesses to find those entrepreneurs and businesses. The online network allows you to post opportunities, search partners and more. Sunday May 4, 2008 | permalink | comments (2) Freakonomics of Failure![]() Recently, the Tyra Banks Show did an episode on the income of women in various careers including a few high earning small business owners. Banks posed a question to her audience asking if they had any idea of the number of small businesses that fail. The number to the surprise of the audience was 80%. The show producers and Tyra had good intentions, I believe, by informing people that business ownership can pay well but the risks are great. But as I have mentioned in previous blog posts, the 80% failure rate for small business is simply misinformation. The Tyra Banks Show has unintentionally dissuaded more people from the possibility of starting a small business. Not everyone will be swayed by the scary figures. In an article Debunking Small-Business Myths, writer Shannon McRae addresses the failure myth and how Vicky Carver and Michelle Ward left full-time jobs to start their own business but has some reservations about being poor. McRae stated, "Had the pair believed the myth that most businesses don't--or can't--survive the early years, they might still be sitting in their dead-end jobs today. But fortunately, Carver had a knack for sales and Ward had a head for business--a winning combination that has driven their transportation firm to be on track for $13 million in sales this year." It's unfortunate that fiction becomes fact by constant misinformation. From entrepreneurial schools, business training programs, consultants and media (myself included) we have fallen for the 80% failure rate. It's easy to assume a "fact" is trustworthy when it's stated on a popular show or other media. The so-called failure statistic is an urban myth with no credible source of research. Studies focusing on failure rates deemed failures as business closures which could be due to any reason including selling the business, mergers, and owners simply bored and closing shop. I have tried to do my part in dispelling this myth by trying 4 times to send an email to the Tyra Banks Show producers informing them of the misinformation but my email wouldn't go through the website contact form. The small business failure myth may never end but with others like McRae spreading the truth, we may just help a few more people build the courage to make the plunge into entrepreneurship. Sunday April 27, 2008 | permalink | comments (1) Make it Pay on "Take Your Kids to Work Day"This Thursday is Take Our Daughters and Sons to Work Day. It's a great opportunity to begin to teach your children the skills of entrepreneurship. The future of America lies in the next generation of entrepreneurs. Abbey Fleck was just 8 years old when she had the brainstorm of a million dollar idea to create a method to microwave bacon while draining off the fat. With her Dad she developed the "Mak'in Bacon Dish" and the rest was history. While your kids may not have the next big idea you can get them started on the path to business ownership in many ways including:
Sunday April 20, 2008 | permalink | comments (1) Small Business Guilty of Website NeglectHas it been over a year since you updated your website? Do you rarely look at your website statistics? Are you unfamiliar with local search or blogging? If you answered yes to any of these questions you may be guilty of website neglected. A recent survey by Netflare revealed over 23% of websites haven't been updated since launch and 38% have no budget.
Website neglect is a problem in the small business sector in many countries, even though consumers have fully embraced the Internet. Broken links, out-dated contact information and old web design are all factors that leave an unfavorable impression on your potential customers. Your website is more than a calling card. It's like your virtual salesperson. Would your business send out the best and most professional sales rep or a second rate slob to represent your company? Treat your web presence with the same level of professionalism as the rest of your company and you'll see greater return on sales and reputation. Sunday April 13, 2008 | permalink | comments (1) Tax Procrastination CityDoes the thought of preparing your small business tax return leave a feeling of guilt? Are you waiting until the last minute for some inspiration? Depending where you live you may not be alone. According to the TurboTax 7th Annual List of Top 10 Tax
Procrastinating Cities -- established by the number of tax returns electronically filed by the TurboTax Online service from April 14-17, 2007 -- the leading tax procrastinators reside in:
Although this list isn't small business alone, you're probably not alone. If you need a kick start, here are 10 motivators to overcome your tax procrastination habits. Saturday April 5, 2008 | permalink | comments (0) Nobody's Fool Phineas Taylor Barnum, the founder of the Ringling Bros. and Barnum & Bailey Circus is often credited with the phrase "There's a sucker born every minute." Barnum was the quintessential entrepreneur, operating multiple businesses including a store, auction business and even dabbling in real estate.His business acumen was less a result of tricking customers and more of understanding how to build a loyal fan base in an intensely competitive market. In fact, P.T. Barnum never uttered the famous "sucker born" quote. It was merely a smear tactic of his jealous competitors. Any business owner in today's market would benefit from using Barnum's focus to constantly "wow" customers and create a loyal following. There is no better time to focus on customer loyalty than customer loyalty month. Don't be an April fool. Wednesday April 2, 2008 | permalink | comments (1) Can You Bounce?All small businesses know the reality of being your own boss. Plans go awry. Set backs happen. Assumptions turn out wrong. It sometimes seems like two steps forward and one back. You need the elasticity of a super hero. In this current economy, you need resiliency. Which is why I was intrigued by Barry Moltz's new book, Bounce! Failure, Resiliency, and Confidence to Achieve Your Next Great Success. Moltz looks at how we can accept failure. Bounce! helps you move forward in any good or bad event to the next place where a decision can be made. Immobilization can kill any business. When your down, just Bounce!
Thursday March 27, 2008 | permalink | comments (0) Auto Dealers: Down But Not OutAuto dealers are embracing Web 2.0 marketing despite the toll of the economic slowdown. In tough times, the auto dealer feels the weight of declining consumer sales. The combined tightening credit market and the housing slump has resulted in lackluster February sales for dealers, according to the American International Automobile Dealers Association.
When business is troubling, it's tempting not to take risks. Why jump into something new when you're familiar with the old standard? Not the mind-set of the dealers. The Kelsey Group recently reported over 50% of dealers are adding Internet video and social media to their marketing mix in the next 12 months. Online video advertising and marketing is experiencing rapid growth with the popularity of YouTube. Kudos to the auto dealers for embracing the new despite hard times. Those who have the guts to go outside their comfort zone are more apt to survive. Saturday March 15, 2008 | permalink | comments (0) Pink Slips To Deposit Slips The biggest increase in job cuts in the last 5 years was reported for February, according to Friday's Labor Department Employment Report. Many industries were hit hard except for the few like health care. Job cut numbers include:
Sunday March 9, 2008 | permalink | comments (1) Display Latest Headlines | powered by WordPress |
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Phineas Taylor Barnum, the founder of the Ringling Bros. and Barnum & Bailey Circus is often credited with the phrase "There's a sucker born every minute." Barnum was the quintessential entrepreneur, operating multiple businesses including a store, auction business and even dabbling in real estate.
The biggest increase in job cuts in the last 5 years was reported for February, according to Friday's
