Brand Marketing Strategy

'Build your brand'. It's become a highly popular buzz phrase in marketing, technology and social media circles. Building a brand is a process, some would say a life-long undertaking for any company or product. It takes innovation, great customer relations and cosistent messaging.

If you're the leader of a company, small business or not -- it's just as important to build your personal brand. You are the public face of your operation to the customers, the media and various business partners. In meetings, in the headlines and cocktail hours, people will relate or be drawn to the personal brand you have developed and project. You had better start working on it if you haven't already.

Inc. Magazine has some pertinent suggestions to help you start.

Pick an area of expertise
So you're going to be an ambassador for your brand. But what do you want to be known as an expert or pro in? Maybe you run a marketing firm - your specialty can't be that broad when building a brand. What do you bring to the table that no one else can? Maybe you're great at the design aspect of marketing or maybe you know all of the technologies that can assist in marketing efforts. Just make sure you've zeroed in what it is you can do for others that really sets you apart.

The web is your friend
After you meet a potential employee or business partner or hey, your daughter's boyfriend -- where is the first place you go to get the 'real' scoop? Google of course. You should automatically assume this is where people are going to check out you, your company and anything else you've published or are associated with. You should be making sure your website as up to date and state of the art as possible. Also be sure any other sites you have profiles on are updated and grammatically correct such as LinkedIn, Facebook, etc.

Writing and blogging
Making your perspective readily available for anyone who may be interested in it shows you care to communicate with others and you know how to intelligently express your opinions. It can also help you make connections with others, whether they be for business or personal purposes. If you blog regularly and invite comments, criticisms, etc. you open the door to two-way communication that can ultimately benefit you. (i.e. what if someone sends you an idea on new products or has insight into a global marketing strategy)

Make some headlines
Being quoted in stories or making an appearance in any form of media can benefit your personal brand, positioning you as an expert people go to for insight and information.

There is so much one can do strategically to enhance your personal brand which will ultimately benefit your company as well as yourself. It's not about publicity, attention or making yourself known. It's about establishing who you are, what it is you're about and being sure you can be seen in enough places where those who need to find you can do so.

We discuss the importance of blogging and social media quite often. It should be a part of everyone's business plan and an even greater part of your company's marketing strategy. And while you can appoint one key person to handle the load, it's important you have diverse voices coming from all areas and levels of your company so the average reader gets a comprehensive look at your operations.

Yet explaining the importance of blogging, making sure others understand it and are willing (maybe even excited) to participate isn't easy. You should be prepared for it to be a long process, one in which you will need to be patient and regularly follow up with people. I have been charged with implementing a social media strategy here at Milestone Advisors and encouraging others to take part so we provide well-rounded information on all of our specialties (which include marketing, technology, outsourced bookkeeping and much more).

Here are some suggestions that might make the process a bit easier for you that I have learned through trial and error:

1. Take time to explain and be sure participating members truly understand the value of social media, what it means to your company, your customers and more.

2. Explain the technical aspects of the platform you're using. You will surprised at how many people don't adapt quickly to different software products. Carving time out to walk people through the steps, leading by example will save you time in the long run

3. Do some creative brainstorming as a group. Just explaining what blogging is and how to do it isn't enough. And leaving it at that can lead to your team members sitting in front of their computers with question marks in their brains and blank stares on their faces. Helping them talk through subjects they can write about a few times will help them to easily develop story ideas on their own.

4. Send them some examples of blogs you really like, whether that's because they are well-written, tackle pertinent subjects or are just fun -- giving your team examples will also aid in inspiration.

5. Continue to provide encouragement. You're asking your team to step out of their comfort zones and do something for the good of the company as a whole. A confident financial advisor or marketing strategy pro may be nervous about sharing their thoughts in an open forum like a blog, check in regularly with words of advice, tips or positive feedback. It will go a long way

Company blogs aren't easy to get off of the ground and they're not easy to maintain but I will say, they are more than worth the effort. They enable you to connect with like-minded businesses, leaders, enhance your brand and maybe, sell a little!

If you're in charge of increasing public exposure and enhancing the brand image for your company, there are some basics when it comes to social media that you must know, fully understand and put into action. They are simple concepts that won't take much time or effort to wrap your mind around, however, their effective implementation may take a bit longer.

Simple Truth #1
It's your duty to learn how existing and new tools can help your clients or your company. No excuses.

Simple Truth #2
Use and learn new Social Media tools before your clients or executives do. What is an expert? Frequently, it’s someone who just has a jump on the information.

Simple Truth #3
As you learn about a new social media platform or tool, sign up and try for a minimum of 30 days. You may find that it has little use for you personally but it may be a useful channel for your brand or clients to engage stakeholders and customers.

Simple Truth #4
Take some time to reevaluate your personal usage of Facebook, Twitter, Foursquare, and any other platforms.

Simple Truth #5
You should be asking, what's next? One word, DIGITAL.

Once you take the time to research the foundation of each truth you will better understand how to use social media for yourself, your company or your clients. In-depth understanding of these concepts ensures effective implementation of all things social in your strategic business plan or marketing strategy.

As social media continues to grow by leaps and bounds in its practical applications for business operations and people's careers it's imperative we know as much as possible about the ways in which people use the forums (potential customers/clients included), how they prefer to be communicated with and what their motivations are for spending time on them.

But does Facebook have practical application for those of us working in B2B? Granted, we can all relate to its useful nature for any consumer product -- people love to visit and connect with their most trusted brands, see what promotions are being offered, what new spring line is being revealed or who won the latest contest. I could go on and on but we get it, it makes complete sense for those brands and companies to have a visible presence on Facebook. I, for one, am connected to Ann Taylor Loft across all SM mediums, I can't help myself and I get some pretty great coupons (which of course, lead me to shop and spend there more often than normal but I still sleep at night).

Yet in the same breath, all of us who work in B2B will acknowledge that marketing plans and marketing strategies often look much different than the fun and flash often associated with B2C. Yet, marketers, social media experts and leaders (and market research itself) alike are finding that Facebook has become a great place for B2B operations to be seen.

Follow this link for well done and highly effective Facebook Fan pages that B2B companies have added into their marketing communication strategies, product development plans and business plans to connect with clients in new way and demonstrate they're on top of the trends.

Many of our clients are start ups or young companies with fantastic ideas on very tight budgets. It's not an easy process to start a company, become profitable and maintain that growth. Never mind initiating efforts to garner public exposure for your wonderful company and recruiting brand ambassadors through strategic marketing efforts.

There may be a new trend in public relations that will allow smaller operations or start ups to begin PR efforts on a tight budget. In a recent Inc. article a Los Angeles-based PR agency is offering a bundle of services for a flat fee, sort of like your phone bill. You pay a monthly fee and receive a specific amount of anytime minutes, nightime minutes and text messages. Except with these PR services, you won't be charged overage fees.

The packages vary but can include such things as media list building, pitch creation, 20 press releases a year and basic wire distribution. The minimum commitment for their services is three months and the longer you do business with the firm, the more tailored your service package bundle can become.

PR is an extremely powerful tool that can help point your operations in the right direction for profitability. Reaching out to the public should be a key element in any marketing strategy, product marketing plan, new product positioning or product launch plan.

Any marketing professional worth their salt these days not only understands the importance of the Internet and technology to deliver a company's message and solidify their brand identity - they're incorporating these new platforms into their company, their marketing plan strategies, product marketing plan or marketing communication strategy.

But a truly smart, savvy marketer is going on step further and seeking out the next wave of Web 2.0 innovations that can bolster, aid or make more efficient their marketing outreach.

I did some research and found what some believe to be the emerging social media tools (via Social Media Examiner) that will continue to change the way we do business (and the tools we use to do it).

1. Foursquare
This location-based social network/gaming application is rapidly gaining users and mindshare.  Users “check in” at local businesses and earn rewards for frequently visiting participating establishments. Business owners can get value out of Foursquare by offering incentives for users to check in, such as special offers for repeat visitors.

2. Google Buzz
This is Google’s latest entry into social networking. Buzz allows users to post status updates and upload pictures and videos to a Google profile, not unlike Facebook and Twitter.  A user’s network is formed by contacts they interact with frequently on Gmail.

3.Loopt
Another location-based social service, Loopt aims to connect its users with their friends by visually displaying their location and availability on a localized map. Users can connect with friends in the area, see reviews and recommendations of restaurants, and find events in the area that might be of interest. Businesses have tapped into Loopt’s location data to offer targeted promotions.

4. Blippy
Blippy aims to connect people around the purchases they make. Blippy publishes the amount and location of customer purchases (with user permission), which the rest of the community can then react to.

5. Groupon
This site offers “collective buying power” by providing deals to groups of people who buy products and services in bulk from participating retailers.  The site uses social networking to get users to share offers with their communities, in order to reach the target number of customers the “Groupon” requires to activate. Businesses could gain exposure and new customers by making offers on the site.

The options or opportunities for creative innovation or implementation into your marketing plan, marketing process or strategy with the above tools are endless. Whether you're revamping a brand and plan to utilize giveaways and promotions as part of a product launch plan, all of the above are technologies that should be explored.

Why do you have a blog? Is it to garner publicity and brand recognition in a cost-efficient manner? Is it to drive sales and growth? If so, you might be going about achieving those things in the wrong way says Joel Spolsky, founder of Fog Creek Software and management columnist for Inc. Magazine.

In his most recent column, Joel asserts that too many blogs focus simply on the companies themselves, new hires, acquisition announcements and other company events. This type of communication doesn't recruit regular readers or garner interest in actually doing business with your operation.

Joel asks, what's the proper formula to turn a blog into an area that helps generate revenue?

The answer:

"...an entrepreneur's blog has to be about something bigger than his or her company and his or her product. This sounds simple, but it isn't. It takes real discipline to not talk about yourself and your company. Blogging as a medium seems so personal, and often it is. But when you're using a blog to promote a business, that blog can't be about you. It has to be about your readers, who will, it's hoped, become your customers. It has to be about making them awesome." (Advice from well-known game developer and author, Kathy Sierra)

There you have it. Blogging should be about making those you seek to serve or do business with even better.

As you develop a marketing communication strategy that incorporate business blogging, be sure to align your communication with the needs of your audience just as you would in any other marketing activity (new product positioning or development, product launch plan, etc.)

I am not typically a fan of reality TV. The Bachelor quite literally makes me sick (how can you sincerely fall in love with more than one person at the same time) and I don't think The Apprentice accurately or even interestingly portrays anything. Undercover Boss might be a different story.

Chicago's CBS affiliate recently covered an episode taking place in the city. The owner of White Castle went to work in one of his South Side locations and discovered an entrepreneur.

Jose Gonzalez, a White Castle employee, is shown in the episode to be an extremely hard worker with entrepreneurial spirit and a mind whose wheels never quit turning. My reaction, what a refreshing depiction and discovery.

Gonzalez wants to become a chef and takes culinary classes at his high school and brings his homemade salsa prototypes to the restaurant for co-workers to sample and weigh-in on whether or not he should add more jalapenos. He picks up as many shifts as possible and is thorough while on the job.

All of this caught the eye of CEO David Rife who has awarded Gonzalez with a college scholarship and introduced him to various Chicago culinary professionals all in an effort to make his dream of owning and operating his own restaurant come true.

Yes, entrepreneurs are born from fast food joints. Yes, fellow entrepreneurs who have achieved success have a responsibility to give back. And yes, not all reality TV is terrible.

I believe being an entrepreneur comes with a certain amount of responsibility to help others achieve just as we seek to achieve. It's a small community that contributes so much to the community, nationally and globally. At Milestone Advisors, we recognize this responsibility and seek to do our part by marrying great ideas with the proper bank financing or financial models that will attract investors, etc. Whatever we can do to help others achieve, we do.

And thanks to Rife putting himself in the shoes of his employees and deciding to give something back, Gonzalez now has a world of opportunities open. He may be competition for Rick Bayless in 10 years when Chicagoans are seeking authentic Mexican. He may become a mogul, dispensing business strategy or brand marketing strategy to more young entrepreneurs - all because one entrepreneur gave back. Think about it.

In recognition of Black History Month, Entrepreneur has compiled a list of the most iconic black entrepreneurs in history and dubbed it 'The Soul of Small Business'.

1. Oprah Winfrey (this should have been blatantly obvious)
Her story is incredible, her beginnings meager and her success unprecedented. Oprah reinvented daytime TV and transformed her personality into a brand with sheer innovation.

2. Berry Gordy
Gordy transcended racial lines of jazz, R&B and soul music when he developed the interracial 'Motown Sound' later leading him to found the iconic Motown Records.

3. Madam CJ Walker
The daughter of slaves and no stranger to personal tragedy, Walker developed her own product (a scalp conditioning/healing formula) and became the first female, self-made millionaire in the U.S.

4. John Johnson
The founder of Ebony and Jet magazines, Johnson provided African Americans with their own mainstream media outlets.

5. Cathy Hughes
Hughes developed and grew Radio One to the tune of 65 stations after being denied financing by 32 banks.

6. Russell Simmons
Simmons is an icon and attributed with making hip hop an acceptable and often applauded part of America's mainstream pop culture.

7. Magic Johnson
Yep, he's a basketball star. But he's also a smart investor. He's developed movie theaters, restaurants and coffee shops in urban areas in an attempt to revitalize their neighborhoods.

8. Tyra Banks
Beautiful to look at and smart too. Banks has become a media mogul, developing wildly successful TV shows, dabbling in music and movies and creating camps to teach young girls self-worth.

Here's what to take away from their examples.

Oprah is a marketing machine and it's all based on who she is, inserting bits of yourself or your personality into your company's marketing communication strategy or marketing strategy plan may give you that slight edge.

Both Walker and Johnson created something brand new. Innovation will help you lead the way in your industry accompanied by a product development business plan.

Cathy Hughes struggled to secure bank financing and won the battle. It's not an easy process but you only need one yes.

Venture capital is alive and well (and it can do good!), we know this thanks to Magic.

As for Tyra and Russell Simmons, they welcomed new technologies and adopted advancements in the media to launch their brands.

The best place to learn can often be the past.

Some recent advice from the popular marketing site, MarketingProfs, really struck a chord with some of us here at Milestone Advisors. Selecting a marketing strategy is a complex process. It demands creativity, research and must be find favor with most, if not all, of your marketing department.

It's easy to get caught up in simple strategies designed to surprise customers or cut prices for clients. But true marketing genius lies in understanding that delivering your message is a complex process and should be designed in ways that will not simply foster shock and awe, but will build brand and customer loyalty for years to come.

Here are some thoughtful tips on developing affective marketing tactics courtesy of Paul Williams.

Be Individualized
This doesn't mean a form email that uses mail merge to fill in an individual's name. This means understanding that person, their business and what their role is within their organization and appealing to them using that understanding as your foundation.

Immediately Add Value
This is something I talk about a lot but I believe in it. That's what I try to do with this blog. Providing people with information of value, things that they can use, is what being in business is all about. We must all interact in this way for anyone to achieve success.

Be Remarkable
I think this is where some make the mistake of adopting a flashy tactic or shocking slogan intending to solicit "ooooh" and "ahhhhhh" permanently aligning themselves with the idea of what is 'cool' in people's minds. It simply means stand out in a fresh way that they will want to share at the next company meeting. Not because you're cool but because you were innovative.

Be Appropriate & Relevant
In my mind, this should be a given. Getting attention is important but do so in a way that is useful to your specific audience.

The Resource When They Need It
Research and anticipate your audience's needs. When they realize what they're lacking, you're already offering it. (Williams uses a perfect analogy of old black and white movies, the guy always has a match or lighter ready as soon as the gal puts a cigarette between her lips). Being the first one in line with a perfect solution is a powerful thing.

Whether you're beginning to outline a market research plan, attempting some market research forecasting or building a brand marketing strategy - all of the above concepts should be understood and influence your approach to each one.

One of the many insightful professionals whose tweets I follow and read on a regular basis drew my attention to this article about two weeks ago. 'Why Victims Can't Invent Anything' takes a fresh approach to why many struggle with innovation to either enter a new marketplace or continually develop in order to compete in their current one.

Part of the article can be broken down into a simple concept we're all familiar with - that is, in life, do you typically see the glass as half empty or half full? However, when applied to your business outlook, this theory naturally becomes a bit more complex.

When problems arise do you welcome them, knowing that in the end whatever product or service you produce will ultimately be more complete solutions for your customers/clients due to issues faced early on? Do you see these challenges as times to innovate, to stretch yourself, your employees, your company?

Or do you throw up roadblocks, adopt exasperation as an attitude and complain?

If you regularly do the latter, the piece asserts you're robbing yourself of the ability to innovate. When you complain about hiccups in time lines, frustrations with research and development or any other inevitable hurdles you make yourself a victim. And as the article argues, victims never invented anything.

To lead your company or organization into the future you're going to need the ability to innovate which means no excuses, problems/challenges = opportunities to change the landscape of your marketplace.

This outlook doesn't have to be inherent, it can be learned. After all, many traits or characteristics of entrepreneurs are more skills they have honed than anything else. You can't be the only one whose adopted this attitude either. It should be a part of your organization's identity and brand so all employees not only identify with it, but exhibit it in their approach their every day routines. This means assessing your business plan, product marketing plan business strategy or marketing communications strategy - make the can-do attitude a part of your company culture and you'll be able to innovate on a daily basis.

For the infamous Corner Office column, the New York Times interviewed cosmetics mogul, Bobbi Brown. I appreciated the simplicity in her approach to such complex and sometimes touchy matters of hiring individuals, running a business and her thoughts on getting your career where you'd like it to be.

I've included a few experts I appreciated below.

When asked how she hires and interviews candidates:
"I don’t think about interviewing them for work. I first try to understand who they are as people. I usually have someone’s résumé, but I never look at it until they sit down. Then I say, “O.K., take me through the résumé.”

I really like this approach. So many people look great on paper, but can't relate to you in person. Do you want someone on board who can write a mean blog post but when you meet with potential clients puts them on edge or doesn't communicate well? I think odds are if you knew their qualifications didn't translate into closing a potential business deal you'd pass. Bobbi understands it has to be about people first, who they are and if you like how they come across. Then take a look at what they've done.

When asked for the best career advice she could offer:
"When you’re talking to someone, look them in the eye. Always tell the truth. And you have to start at the bottom. I don’t care who you are and what you do, you have to start at the bottom. If there’s a job as a receptionist at a company you would love to work at and there’s nothing else, get that job. And don’t just sit there. A lot of people have moved up in this company. Be open and be a sponge."

Some of what she says is basic knowledge if you want to make an impression as a good communicator. However, many people perceive 'starting at the bottom' in a negative light and a definitely blow to their pride, "I have a college education, no way I'm making copies and getting coffee for these people". But being in a position that affords you the time to observe the professionals around you, the processes they go through daily and the industry you're in will give you a leg up. Hard work always pays off as does dedication to a company.

The interview is full of other insights into how Brown first conducted business in the manner she thought was expected and that she's learned she should do it how and when she wants to as this allows her to do better work entirely.

What are some of your HR policies? Do you have a strategic HR plan or approach like Brown? Do you have a work philosophy that's built into the core of your business so it guides not only what you do but your employees as well? All the things Brown expresses in the piece demonstrate her understanding that she has formed a brand, a firm corporate identity. You can be sure that identification took time and market research and was eventually used as the foundation for a brand marketing strategy and business plan the Bobbi Brown Cosmetics uses as a platform to function daily.


 

No, what we're talking about has nothing to do with airports, terminal, security checkpoints, etc. Today we're talking about Twitter again. More specifically, we're talking about the growing popularity of an off-shoot networking tool called FourSquare. First let me say that if you're still fighting the near necessity of allocating some resources to investigating how your operations could utilize and benefit from Twitter, you may be fast losing ground to key competitors.

Now, Foursquare. What is it? As defined in a great post from Marketing Profs, Foursquare is,

" ...a location-based social network where users “check in” wherever they might be.
Whoever has checked into a specific location the most is crowned Mayor and part of the social network’s appeal is this sense of competition for the title of Mayor in key locations."

I can already here many "why do I care where other people are eating lunch or who flies out of Indy's airport the most often?". Well, bring out the most recent marketing plan or marketing strategy you have on file. What initiatives do you have place to connect with customers? Do have any promotions, contests or similar activities scheduled for new product positioning on the horizon or as a part of a brand marketing strategy? If not, you should.

Here are some fantastic ideas from Drew McLellan (we'll only share a few as there are many, please read the whole post, I promise it will get your creative juices flowing):

Give the Mayor his/her Due: Imagine the local pizza palace declaring that on any given day…if you are the Mayor of their palace, you and your party dine for free.  (Who wouldn’t love to announce that to your friends or the kid’s baseball team?)

Buddy Up: Imagine four or five businesses working together to create a fun scavenger hunt of sorts that requires you check into each locale…and then you enjoy some huge discount or prize package that features all of their offerings.

Newbies Welcome Wagon: When you check into the dry cleaners for the first time, those laundered shirts are just a penny each.

And Drew acknowledges, his ideas are only scratching the surface of all the potential impact Foursuare can have on your marketing initiatives, brand awareness and customer connection. When you're writing a marketing  plan, I'd advise you give both Twitter and Foursquare a fair shake, possibly including them.

"It's not about profit. It's not about customer service. It's not about inventory. It's about consistency."

This is the perspective put forth by Mitch Joel, author of the book and blog, both named Six Pixels of Separation. Consistency is the ultimate driver of success for any business or brand. It is those operations that continually deliver their services or products in the same way, at the same level of quality that win our hearts, business and loyalty.

Why is Southwest Airlines one of America's favorite and most heralded airlines? Is it because they have great customer service and low fares? Yes, to a certain extent. But even more of their favorably perceived brand can be attributed to the fact that they have always had low fares and always delivered fantastic customer service. When the economy crashed and in response, most airlines charged passengers additional fees anywhere they could find remotely reasonable cause. Not Southwest, the epitome of consistency.

In the piece referenced above, Mitch uses the current travel regulations as an example of a complete failure when it comes to a consistent message. Regulations, rules and procedures for travel are different at varying airports and for people who are leaving the country, traveling domestically or those who are entering the U.S. This is what leads to a complete break down in which disaster can occur and travelers are frustrated everyday.

This may be a problem your brand and company faces. Being consistent isn't easy. This all hearkens back to having created a clear, comprehensive business strategy and business plan that identifies a consistent mission, message and execution method. This should be built into your marketing communication strategy from day one to ensure your brand's success and loyalty of subsequent customers and consumers.

In one of his more recent posts, the always opinionated columnist for Fortune starts out discussing sleep patterns. He reminisces about when he was a young professional just starting out, he firmly believed he required a full eight hours of sleep in order to function well on the job. If he didn't get it, he just knew deep down his productivity was going to suffer.

Now he points out that his job requires him to consistently switch living, functioning and yes, working, between two timezones. Therefore, he has learned to work effectively and produce desired results without the famed and restful eight hours. He then makes this assertion:

"I may be wrong here, but I think most of senior management, in corporations and governments alike, function on something like this very same sleep schedule. Work all day. Stay up late. Get up early. I wonder what it does to our decision-making processes. Actually, I don’t have to wonder. I know what it does. It makes people a little bit grouchy, more impatient, more solution-oriented, with shorter attention spans and a greater need for visual, auditory and sensory stimulation. We are never tired. We are always tired. And if we stop moving forward, we sink in the water, like sharks. They don’t sleep much either, do they. Maybe that’s why they’re one of the few species to survive while so many others have fallen to the wayside. And why they pretty much run any corner of the ocean they choose to inhabit, come to think of it."

I think he's right and I like the analogy here. That's why entrepreneurs succeed. They're the people whose passion burns so hot, they can't sleep at night and instead are up working on a global marketing strategy for a product launch plan that details a new brand no one has ever heard of. These are also the people who drive the economy and why America as a whole can be the global competitor it is - we can't concentrate on tonight's Leno when we know there's an organizational development strategy that needs to be laid out. During Sunday's sermon we're running through our company's numbers and reminding ourselves that a new finance model needs to be created. The wheels are always turning, the desire to achieve is a constant.

So yea Stanley, I like it. We're sharks.

At Milestone Advisors we believe an opportunity assessment is an essential exercise and integral part of any business plan strategy. In the small business world, terms such as this are often thrown around but never clearly addressed or clarified (many consulting firms could have different interpretations of the general concept).

An opportunity assessment includes a description of the product or service, an assessment of the opportunity, an assessment of the entrepreneur and the team, and specifications of all the activities and resources needed to translate the opportunity into a viable business venture. The assessment of an opportunity requires answering the following questions:

1. What market need does it fill?  Is there a compelling reason to buy the product/service verses the alternatives?
2. What personal observations have you experienced or recorded with regard to that market need?
3. What social condition underlies this market need?
4. What market research data can be marshaled to describe this market need?
5. What patents might be available to fulfill this need?
6. What competition exists in this market? How would you describe the behavior of this competition?
7. What does the international market look like?
8. Where are the real profits to be made in this activity

After these questions have been answered, a clear vision for business plan structure should start to emerge and the building blocks for a successful venture will start to fall into place. By taking part in an opportunity assessment you are laying the foundation for brand identity and a deliverable service or product, coming that much closer to operating a profitable business.

Dogswell: a five-year old company that markets dog treats worth $17 million

Ambition: to edge it's way into the natural dog food market, competing directly with such major brands as Purina and Iams

Issue:the owner of the company launched too quickly and anticipated returns that never materialized. Also, in expanding the company's identity and focus, he forgot to utilize many keys in his previous marketing strategy that had allowed the original operation to enjoy success. Therefore, he is facing his first red ink on bank statements. His first reaction was to generate more funding and line up investors. However, that's not always the right answer.

I would weigh-in and say this is a fairly common occurrence. Many companies launch with just one product or focus and as they get to know their customers, they respond to additional needs they might have as well as conduct consistent market research or analysis. What are other companies in my market selling? How have they expanded their market line? 

Too much focus is placed on expanding and doing so immediately, without the proper planning, research or analysis taking place first.

What do the experts say?

Be more disciplined
A lot of emphasis was placed on researching the initial product but not enough was done in researching the current market, competitors or a market research plan in general. Conducting market tests would even be helpful. Simply not enough has been done to fill out an entire business model or business strategy plan.

Don't lose focus
To make your company a true competitor, you want to stand out, specialize in something. While it's natural to want to compete with major retailers with what you deem a superior product, it may be better to stick to a niche, that way you can completely dominate the area.

How do you find and recruit new customers? Do you buy traditional advertising or offer special promotions for current customers to do recruiting for you? Do you rely on word of mouth from your most loyal followers?

Regardless of which strategy you have tapped to bring in new business - a clear approach must be identified concerning how you will put your company in front of customers and staying visible and top of mind for those making purchasing decisions.

Social media is steadily becoming a force to be reckoned with in terms of a marketing strategy plan. Using interactive mediums to connect with consumers and customers, encouraging their support of your brand is a valuable approach that is quick, inexpensive and effective.

This piece in Inc. positions Twitter as a resource to find and develop sales leads. How? One restaurant chain featured posted live links to coupons at specific locations where they wanted to see traffic spike. The real-time nature of Twitter increases the chance they'll actually be used.

Announce the release of new products on Twitter where you can also link to more details, post photos and best of all, instantly connect with customers to solicit feedback. Use the search function to see what people are saying about other products in your space, competitors or your company itself. How do key demographics perceive your industry? This is all valuable information you can quickly get a pulse on by being present on Twitter. And what better way to go after sales leads than to be equipped with the most recent conversations and information about your market?

Twitter also allows you to instantly connect with customers - find someone tweeting negative things about a product of yours? Tweet them back, in a friendly manner ask to know more about the issue they experienced and determine what you can do to correct it. You can actually solve a problem right as it happens. Imagine that.

So why not incorporate a Twitter campaign into your marketing strategy or possibly a product development plan or product development strategy? It can help to put a human face on your product or company, something today's business people and general consumers both crave. It can also encourage employee involvement, fostering feelings of goodwill toward the main operation as their voices are being given a platform from which to be heard.

And, bottom line is its free and you can spend as much or as little time 'joining the conversation' as you like.

His story is as inspiring and motivational as any - a curious 19 year-old dismantling computers in his dorm room instead of investigating all that college night life had to offer is now the leader of the company that has changed the way we think about computers.

Inc. has Michael Dell quoted back in 2002 saying, "the worst thing you could do to a new business is to give it too much capital." An interesting thought considering most entrepreneurs are continually struggling to garner funding to secure their start-ups future.

But could there also be advantages to being, as the article calls it, a lean operation?

Companies with funding challenges are sometimes forced to find creative means of accomplishing objectives which can often lead to innovation or breakthroughs that help streamlines processes making a company run more efficiently. Thus, giving the organization a leg up on competition and opening up new doors.

These challenges could lead to rethinking operations, outsourced bookkeeping, conducting more market research or forecasting possibly even writing a completely new business plan or brand marketing strategy that will shake up strategies that already exist, positioning the company for success in a changed market.

One huge advantage new companies have is they are in a position to observe what competition is already doing and take a different, more advanced approach, "attacking" the competition if you will. In being new, your operation is poised for an element of surprise and has an advantage.

Yes, this is a risky time to be opening up shop. But take a look at history, some of our country's most successful operations were started in times of economic turmoil. Entrepreneurs got creative, thinking of means to solve current issues across several industries, fill a need no one else had. It may be the most challenging time to do so, but it is in that challenge that true break through and ultimately, success, awaits.

Here are three rules that I live by when blogging for Milestone Advisors. Their explanations are a little harsh, but important insights nonetheless.

Blogging has become an essential part of many small businesses marketing or business plans. It's highly-cost effective and allows you to reach desired audiences as well as provide information of value to others within your industry. And yes, I know there are literally thousands of sites out there recommending best practices.

However, I think these are three very simple, direct and priceless insights. If you pay attention to no other advice when blogging for your business, I would pay attention to these:

1. Don't publish bad content
For a good SEO strategy you need to have a lot of content but publishing just anything to make sure you have a high volume of posts violates a standard rule of them, quality over quantity.

2. Don't publish bad content
Yes, it's the same rule, in an effort to reiterate it's importance. The explanation is priceless and you should give it a peek.

3. What makes good content?
The third rule is more of a question. The author's theory: good content doesn't necessarily demand skill. It comes from writing about topics you know inside and out, lots of care and even more time in crafting the message.

If you're not already blogging, you should most likely add the effort to a marketing strategy or your business plan. Writing a blog will allow you to garner exposure for your company, your product or your brand.