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Sales & Marketing

Recent Posts

How to Shape Sales to Spark Business Growth

Posted by
Jackie Nagel, Synnovatia

Long gone are the days of the “used car sales” approach (with apologies to any colleagues selling cars). Today’s buyer is a different breed.

Thanks to the digital explosion, the sales process is now in the hands of the consumer—no matter what you may think. This new “consumer in charge” phenom begs the question—are you selling in the manner in which your consumer wants to buy?

I’m confused…

I said to myself on more than one occasion while recently upgrading my phone.

I was ready to buy. I knew what I wanted to buy. There was no sales funnel to pass through. It was relatively straightforward…until the sales rep (excuse me, I mean “consultant”) poked around my account.

The simple in-and-out, 15-minute process quickly turned into 2 hours of a crazy roller coaster ride. (Thank goodness I didn’t have a load of laundry waiting for me.)

The sales “consultant” was very pleasant, although I had trouble making a connection with him. His eyes darted left and right. He checked his phone numerous times. (Waiting for a text from his BFF, perhaps?) And, periodically, he engaged in a side conversation with a colleague. He was all over the map. Too much coffee? FOCUS, BUDDY!

His presentation of my account upgrade options was just as chaotic. I could do this…no, wait! Here’s an even better plan. Waaaiiiiiittttt…we have another that gives an even better deal.

WHAT?! Seriously! What ever happened to giving the consumer three simple solutions. Guess that went by way of the 80’s. (Read Are You Losing Sales By Giving Customers Too Many Choices?)

Ask any of my colleagues and they would describe me as someone with a lot of energy who’s capable of rapid thinking. I’m decisiveness…except this particular day. I lost my mojo. The “consultant” downloaded information in a way that didn’t mesh with my internal CPU. We were on two different operating systems. Like iOS and Windows. It was punishing to process. I felt discomboobled!

BOING! It struck me. His selling style was not matching my buying style.

Are you connecting the dots?

Consumers tell us what they want—and how they want to buy. For instance, consumers engaged in purchasing an automobile expressed that, at the most, they want a 2-hour in-showroom buying experience. In actuality, the process is 4 hours.

What would your potential customers say about your buying process? Are you connecting the dots between your sales process and consumers buying behavior?

Over time, we develop “habits” and “patterns” of behaviors that we carry from one experience to another.

Recently, Hubspot asked for feedback on their newly launched support inbox. I used it to initially ask my questions, then reverted to email for further communication. During the call, and with some good probing questions by the facilitator, we uncovered a few key points of importance.

By understanding their consumer’s behavior, Hubspot redesigned the support inbox for greater consumer effectiveness and use. Here are just two of the insights gleaned through the process that changed by use of the inbox:

  1. The support inbox was buried in the help section of the platform. This deterred me from “digging” for it. Hence, the reason for responding by email. (They brought it the forefront, making it much prominent.)
  2. The “reply” button wasn’t intuitive. Being a long-term gmail user, I’ve grown accustomed to the location of the “reply” button. I’ve carried this “habit” into other programs. Therefore, if the “reply” button is not in my expected location, I look for other locations. If it’s not immediately apparent, however, I click out of the program and use programs that don’t cause me to lose valuable time hunting for what I need. (A “reply” button was added similar to that in gmail.)

Align Your Sales Process With Buying Behaviors

You don’t have to be Hubspot to understand your consumers buying behaviors. All it takes are a few simple steps to adjust your sales process to your clients purchasing patterns to spark business growth.

  1. Understand your buyer persona. If you’ve not yet defined your buyer persona(s), don’t go any further. Make sure the sales course you chart meshes with the right buyer. Download a free buyer persona worksheet now.
  2. Identify 3-5 current or former clients that match your buyer persona.
  3. Schedule 30-minute intellegince seeking appointments with each client.
  4. Ask probing questions to understand their buying habit for services and/or products like yours.
  5. Hack your sales process to correspond with your clients buying behaviors.

Voila! It’s a match made in heaven that fosters trust, builds credibility, and promotes business growth. You can take that all the way to your shopping cart!

Ready to rock your sales and light a fire under your business growth? Let us coach you to create probing questions, interpret your clients buying habits, and set up your sales process.

Schedule Your Free Consultation with Synnovatia

Connect Your Way to Business Growth Through Social Media

Posted by
Jackie Nagel, Synnovatia

Charles Dickens must have been thinking of social media when he so eloquently said, “It was the best of times, it was the worst of times.”

Without a doubt, social media levels the playing field for all businesses—large and small. It amplifies the “best of times” (and tools) for business growth for smaller business enterprises.

Used ineffectively, social media assumes the form of the “worst of times” in the life of the overwhelmed small business entrepreneur.

How can social media efforts be tailored to achieve your goals for business growth? Easy! Make a connection.

Let’s Connect…and Then We Don’t

Who hasn’t received an automated LinkedIn connection request!?

When I see the subject line, “I’d like to connect with you on LinkedIn,” I’m tempted to send back a one-word response—why.

Why, you ask? Well, it’s really simple. If a connection is important enough to request, wouldn’t you think it was important enough to craft a personal message? For too many that are extending the invitation, it’s not…and it hurts their business growth.

With little or no effort put into “connecting,” opportunities to grow relationships through social media are merely a pipe dream—often expressed as, “you can’t get clients from social media.”

Oh, contraire!

Come Back and See Me Sometime

Google the meaning of “connection,” and you won’t be at a loss for an abundance of definitions. From “establish communication between” to “associate mentally or emotionally,” my favorite characterization, as it relates to business growth, is “to have or establish successful communication.”

NASP (National Association of Sales Professionals) featured an excellent article authored by Julie McEwen Johnson titled, “Use Social Media Sites For Their Original Purpose And You Will See Excellent Results.” Like Mae West, for social media to produce results, you need to connect—and reconnect—to create relationships that contribute to the growth of your business.

Make Connections That Last

Once you decide which social media platform is best for your business, there are a variety of ways to use social media to make lasting connections. Whether you’re linking, following, liking, or pinning, here are a few tips you’ll find helpful:

  1. Connect with those who match your buyer persona.
  2. Personalize your social media invitations—without selling!
  3. Express appreciation when someone accepts your invitations and/or shares your status updates.
  4. Ask genuine questions to get to know them and their business—without selling!
  5. Build trust by following the Nine Steps to Building Trust Online and Offline for Your Small Business.
  6. Keep up with the latest developments and achievements in their business.
  7. Share their social media posts and/or status updates with your network.
  8. Reach out to say “thinking of you”—without selling!
  9. Demonstrate your sincere interest in your clients—and their business—by researching their social media before meetings. If appropriate, mention it during your client meeting.
  10. Share information of value to your clients through social media. Nothing says “top of the mind” like a post that says, “I thought of you when I read this.”
  11. Wish your clients well before a big event.

People don’t care how much you know, until they know how much you care. Social media is the perfect platform to demonstrate the value of the relationship. After all, it’s the relationship that leads to business growth—not social media!

These tips merely graze the tip of the iceberg. In fact, we’d love to hear how you use social media to better connect with your clients.

Low-cost Ideas of Appreciation for Referrals Leads to Business Growth

Posted by
Jackie Nagel, Synnovatia

No matter how advanced our technology or the number of new marketing avenues invented, there’s one time-tested path that enhances business growth: the referral. Most business owners think of current clients when they hear the word “referral,” but there’s another group that can launch your brand to success through referrals—your Centers of Influence (COI).

Your COI is anyone—whether an individual or an organization—who has a significant influence in your niche and can spread the word about your brand.

According to a study done by the Financial Planning Association’s Research & Practice Institute, participants who experienced the fastest growth were 68 percent more likely to gain referrals from COI than other participants. The study also indicates that client referrals and COI referrals are the top two most crucial aspects of business growth.

With this importance being placed on referrals, what’s the best way to keep them coming to your business? It’s simple—show your appreciation.

Appreciation and Business Growth

Besides the obvious common courtesy, sending small, low-cost expressions of appreciation for referrals benefits your growth. Why? If people know you’re grateful for their support, they’re more likely to continue referring clients to you.

There’s a concept that says “business goes where it’s invited and stays where it’s appreciated.” Saying “thank you” with a small gift shows you appreciate those involved in helping you reach your goals. It builds loyalty to your brand, shows your “human” side, and sets you apart from the competition.

How do you put the principle into action? We’re so glad you asked.

Things to Remember

Giving gifts of appreciation for referrals does require a bit of brainpower on your behalf. You want the expressions to be seen as thoughtful and personal—not generic.

Here are some tips to keep in mind when deciding on referral gifts:

  • Consider if it’s appropriate. Some professionals may not accept gifts due to ethics (such as doctors and journalists, for example). Additionally, there are specific countries where gift giving is frowned upon and/or has certain restrictions regarding the gift amount. Do your homework to make sure you adhere to business gift-giving etiquette.
  • Be personal, but not too personal. A Starbucks gift card is a nice enough, but to really make an impact, be a bit more creative. If you know the client or business associate to whom you want to send a gift, give something that’s of use to them. For example, if the person loves to read, send an Amazon gift card. Just avoid intimate or overly expensive items that might embarrass the recipient.
  • Embrace the forgotten art of the hand-written thank-you note. There’s nothing better in today’s world of emails and social media than receiving a genuine, personal, hand-written note.
  • Send a gift before the referral becomes a client. This shows your genuine appreciation and implies that you’re grateful for the effort and support, not just the money.

Some Examples

There’s no shortage of items to express your gratitude for referrals that spur growth. But in case your mind is too overwhelmed for this sort of strategic thinking, here are some examples to get you started:

  • Amazon gift cards for avid readers
  • iRoller – a reusable touchscreen cleaner
  • Eua Water Bottle for the environmentally-friendly
  • A plant – signifies business growth

Whatever gift you choose, be sure it’s appropriate, personal, and thoughtful. Showing your appreciation for referrals isn’t just good manners; it’s a simple, cost-effective way to build brand loyalty and facilitate business growth.

What has been your most treasured display of appreciation for a referral you provided? Is there something special that you like to give?

How Building a Brand Like Starbucks Sparks Business Growth

Posted by
Jackie Nagel, Synnovatia

If you’re in business, you’ve likely heard the term “branding.” But, what does it mean for business growth? How do companies like Starbucks, whose coffee is highly overpriced for its quality, get away with increasing prices without experiencing the slightest drop in loyalty? They’ve mastered the art of creating a brand that resonates.

Oh, What a Feeling!

Fifteen years ago, my husband and I purchased our first Lexus. This was a brand that promised luxury and reliability. To join this exclusive club was to be…well, exclusive. At the time, Lexus was rare in the U.S. So rare, in fact, there wasn’t any room for price negotiations. Do you know what else they didn’t have? The color we wanted. Still, we enthusiastically wrote the check and purchased the car. In a color other than our first choice, at a price we weren’t able to negotiate. Why? We weren’t simply buying a vehicle; we were part of what the brand stood for.

Thinking back on this story makes me wonder how these brands sway people to buy something they don’t need at a price beyond their budget. It was a real head scratcher.

After some thought and research, here’s what I’ve discovered.

Bringing Out the “Starbucks” in Your Business

Building a strong, lasting brand, like Starbucks, goes beyond advertising and marketing. It takes guts, creativity, and the will to keep pushing forward. Here are a few tips to keep in mind to create a brand that facilitates business growth.

  • Tell your story—and share it. Whether it’s the tale of how you struggled for years selling baby dolls out of the trunk of your car or the innovative approach you take when manufacturing baby dolls, everyone has a story. Tell yours to consumers. They’re more likely to want to be a part of it. And if things start falling apart, go back to the basics: your story, your mission, and your goals.
  • Diversify your efforts. Digital marketing is all the rage these days, and for good reason. But in the midst of posting, tweeting, and emailing, don’t neglect the older methods…like talking with real live people.
  • Embrace the video trend.Videos have a huge impact on consumers. The more inundated our society becomes with social media, the shorter our attention spans. Engaging video captures consumers’ attention and creates a reputation, both of which promote business growth.
  • Make an emotional connection.Provide something consumers want, need, or desire—before they even know they want, need, or desire it. Steve Jobs was a master at this. Create something that makes people’s lives easier, more fun, or more successful.
  • Focus on the end result. When creating marketing materials for your new product, tell (better yet, show) consumers what will happen to them emotionally when they buy into your brand. How will they feel? What will they experience?
  • Create the experience first and product second. If people just wanted to buy coffee for the sake of drinking coffee, they’d go anywhere but Starbucks. And save a ton of money. People buy experiences—or perceived experiences. Name-brand shoes equal improved performance, right? (That’s my story and I’m sticking to it.)
  • Find your differentiator. Do you sell toys? Well, so do about a million other people. You need to find the thing that sets your business apart, and focus on building your brand around it.
  • With the right mindset and a bit of perseverance, you can channel the Starbucks energy into your brand, and experience success like you never thought possible.

By the way—the 2000 Lexus with the non-negotiable price and wrong color we purchased? It’s been 15 years…and we still own the car. It’s good to be part of the “exclusive club.”

Small Business Blogging: How to Get Business Results

Posted by
Jackie Nagel, Synnovatia

Recently I wrote about the latest trends in blogging that make your blog more appealing to your readers (Stay Abreast of Small Business Blogging Trends to Cultivate More Readers). Although it’s important to please your reader, it’s equally important to make sure your blogging efforts net results…especially when you want to make certain your blog achieves (or exceeds) benchmarks.

My favorite inbound marketing resource, Hubspot, shared the targets their 13,500+ clients are reaping. It goes like this: companies that blog 15x or more per month get 5x more traffic than those who don’t blog. Businesses that increase the number of blog posts from 3-5x per month to 6-8x per month, double their leads. When the TOTAL number of blogs on a site grows from 20 to 50, traffic increases by 45%; spike the TOTAL blog posts past 100 and you’ll see a 59% upturn in traffic.

Small Business Blogging: Tech Talk

What makes an effective blog—and by effective I mean a blog that produces results. These are the 10 elements I include to make sure resources dedicated to blogging aren’t wasted.

1) Keyword/Keyword Phrases

  • Particular word or phrase that describes the contents of a web page (i.e., business coach, business coaching, or strategic business coach)
  • Typed into search by internet users to find what they are looking for (i.e., how can I benefit from strategic business coaching)
  • See Google Keyword Planner for keywords/keyword phrases for your business

2) Author/Blog Writer

  • Identifies the appropriate author, especially when several authors contribute to a blog

3) Topic/Category

  • Broad grouping of topics that make it easier for the reader to find multiple articles on the blog related to their interest (i.e., small business coaching, strategic coaching, benefits of business coaching)
  • Tool for organizing blog posts (i.e., content marketing)

4) Publish Date

  • Date when blog article is to be published (i.e., goes live on the website)
  • Assists with managing the publishing schedule

5) Subject/Title

  • Also referred to as “Headline”
  • Keep under 70 characters to avoid title being truncated in search results

6) Key Points

  • For research, planning, and writing your blog only (internal use only)
  • The most important points or messages to include in your blog

7) Body

  • Content of the blog consisting of 400–600 words
    • External link: hyperlink(s) that points at another domain/website outside of your website or blog; used when referring the reader to further information, referencing a resource article or site, or validating stats
    • Internal link: hyperlink(s) that point the reader to another article, blog, or page on your website or blog; used when referring the reader to further information, keep reader on website longer, build credibility
    • Use no more than two hyperlinks per paragraph (internal or external)
    • Use internal links to reference other blog pages and/or service pages on your website
    • Call-to-action: instruction to the reader to provoke a response; usually a verb such as “call now” or “find out more” or “tell us what you think”

8) Image

  • Picture capturing the essence of the blog content
  • Image Resources: http://www.fotolia.com, http://istockphoto.com, http://bigstockphoto.com
  • Alt Tag/Text: alternative text for an image on your blog; provides further information that assists with search; generally keyword/keyphrase used as alt tag/text
  • Example: small_business_coaching_results

9) Meta Description

  • Description of your blog article for search engines
  • Limited to 140 characters, including spaces
  • Includes keyword/keyphrase
  • Example: 

10) Social Media Message

  • Text to be used to post on social media platforms to promote blog article, increase website visits, and attract potential clients
  • Include keyword/keyphrase
  • Limit to 100 characters, including spaces, to allow for link to blog article
  • Example: Are you curious if you’re a match for #business #coaching? Surprisingly, not every entrepreneur is. (100 characters with spaces)

Small Business Blogging: The Results

It’s one thing to discuss the technical aspects of a blog but what matters most is the result.

During my first 30-day blogging challenge I put the technical aspects of blogging to the test. These are the results achieved:

  • Website visits increased 101%
  • Unique visits climbed by 86%
  • Number of page visits went from 2.11 to 4.48
  • Time spent on the site rose from 2:16 to 3:08
  • Bounce rate dropped 8%
  • Returning visitors increase 7%
  • Blog subscribers increased 27%
  • Number of leads generated increased 150%

To piggyback on these results, I continued my blogging efforts throughout the year creating an average of 12 blogs per month. (Don’t panic. October 2014 was a big fat zero.)

The second 30-day blogging challenge created an additional bump in results.

  • Website sessions increased 41%
  • Unique users increased 29%
  • Page views increase 43%
  • Average Session duration increased 42%
  • Bounce rate dropped 3%

And, wait for it…

  • Number of leads increased by 92.5%

In a nutshell, small business blogging produces results—when you meet the needs of your reader and the business!

There’s still time to launch your blogging adventure and snag results like this for your business. Check out Never Too Late: Your Roadmap to Small Business Blogging Success.

Stay Abreast of Small Business Blogging Trends to Cultivate More Readers

Posted by
Jackie Nagel, Synnovatia

It’s no secret that I’m a voracious reader. And, to avoid looking obsolete and irrelevant, most of my reading is keeping up with best practices and trends…one of which is blogging for small business.

Recently, I came across new blogging trends. Knowing what I like—and don’t like—when reading blogs, I was intrigued.

I’d be lying if I didn’t admit that my excitement was mixed with intimidation and trepidation. Not being a formally trained writer/blogger, I questioned my ability to integrate the up-to-date views.

Would you still love me tomorrow, I wondered? It was then I realized—we’re friends and you would tell me, in no uncertain terms, if the latest intelligence worked or wrecked my blog.

Why Blogging Succeeds for Small Business

More and more consumers turn to the web for information. In fact, today’s consumers are more sophisticated in their buying approach. With 329 million people reading blogs, 97% conduct research online for products and services before they buy.

First of all, over 70% of buyers prefer to get to know a business through (blogs) articles rather than ads. That’s a shocker (unless you’re the consumer). Typically, 57% of a purchase decision is made before a client ever speaks to a business. That’s Why We Love Small Business Blogging.

In fact, businesses who write just 3-4 blog posts per month get 20 more monthly lead submissions, 800 more monthly site visits, 60 more Twitter followers, and 50 more Facebook Like’s than those who only write 2 blog posts per month.

What Lurks Inside the Mind of a Blog Reader

We already know that blogging is good for business. All the same, do we know what influences a reader to pause long enough to read your blog and take action? The latest trends reveal some intriguing insights into the mind of your readers.

Readers love blogs that include these points:

1) Headlines matter (i.e., the enticement)

2) Once upon a time (i.e., the hook)

  • Opening your blog with a story leads to 300% more readers.
  • Use a personal anecdote or moment of transparency.

3) Less words—more pictures (i.e., the mind’s eye)

  • Readers remember photos 6x easier than text.
  • An image at the top right/left of a blog makes it easier to comprehend.
  • Image strategies: use an average of one visual image for every 350 words.

4) Words, words, and more words (i.e., the scan ability)

  • Readers read only 28% of the words in a blog post.
  • Writing strategies:
    • Write short paragraphs of 2-4 sentences per paragraph
    • Write short sentences
    • Use words/language commonly used by your readers
    • Use subheader(s)
    • Use lists and bullets
    • Average blogs are 400-600 words; some are 1500-1600 words

5) It’s a wrap (i.e., the big finish)

  • Add a call-to-action (CTA) that requires action such as “call” or “join” or “tell us what you think” or “contribute your thoughts”.

Interesting information, isn’t it? Blog readers have spoken. They’ve shared their wants, needs, and desires with us. Now lets see if they’ll take action. 😀

So, how did I do? In the true spirit of “following the rules,” contribute your thoughts below. What works—or doesn’t work—when you’re reading blogs?

Erase the Fears Holding Your Small Business Blog Captive

Posted by
Jackie Nagel, Synnovatia

I’ve been blogging for 5+ years. Given that, understanding the technical nature of an effective business blog is second nature (almost).

Recently one of my clients asked me to facilitate a blogging workshop for his colleagues. Participants were in varying stages of small business blogging—from having read a blog to actually writing one that was wedged in draft.

What made it interesting was to unravel what had become part of their blogging beliefs…and had them stuck in neutral. Their anxiety was palpable and I found myself holding my breath in unison.

As we chatted about what prevented them from blogging, three common fears emerged.

  1. What will I write about?
  2. What do I have to say that’s important enough?
  3. Will it be good enough?

When you considering blogging for your business, do you experience a similar uneasiness? (Psssst, just a hint. Do you notice how many “I’s” reside in those concerns?)

Anxiety Reduction 101

You’ve likely heard the mantra, “Feel the fear and do it anyway.” That was never a very effective strategy to work through my fears. It feels like driving my head through a knothole in a fence.

Discussing fears, concerns, and angst—whatever you want to call what holds you back from launching your business blog—is an excellent way to expose them to the light.

Here are the highlights of our discussion that soon had their fingers flying across the keyboard and on their way to becoming blogging aficionados:

  1. Get out of the way.
    To put it bluntly—blogging isn’t about you. You’re not blogging for you. Admittedly, your blog is a business asset and a way of showing off your chops. However, your blog really is for your reader. Don’t focus on yourself. Rather, think about who might discover your small business blog and what they hope to learn.
  2. Start with what is of interest to your reader and passionate for you.
    Affection and fervor for a blog topic unleashes the blogging genies out of their hiding place.
  3. Commence writing your blog.
    In the recently launched Chase Masters commercial, the US banking business explained how “It took tennis legend Serena Williams, fencing champion Tim Morehouse, and the world famous Rockettes years to master their craft.” Guess what? I’ve yet to meet a born blogger.
  4. Be kind and gentle with yourself.
    Sadly, most bloggers carry on an internal conversation that would make a mother blush. Keep your expectations—and perfectionism—in check. Be proud of the fact that you’re actually blogging for your business!
  5. Avoid editing and writing simultaneously.
    It’s stressful to be creative while being critical.

To borrow a phrase from the world-renowned sports apparel giant, Nike, the next time you sit at your keyboard to blog, reframe your fears and just do it.

What has been most helpful to you in erasing your blogging fears?

Gain the Edge for Your Small Business Blog with an Editorial Calendar

Posted by
Jackie Nagel, Synnovatia

Running a small business is a tough job. Not only do you need to keep your eye on every aspect of your business, you also need to develop a wide breadth of knowledge in areas covered by multiple specialists in larger organizations. Is it any wonder entrepreneurs struggle to maintain their small business blog with regular insightful content?

One of the best tools to keep you on top of your blogging game is an editorial calendar. It helps grow your small business blog, improve the effectiveness of your articles, maintain a consistent schedule of new material, and—most importantly—attracts and retains clients.

What is an editorial calendar?

We’re so glad you asked. Simply put, an editorial calendar is a bird’s eye view of your plan for blogging.

An editorial calendar isn’t just a list of blog ideas, however. An effective editorial calendar contains the following:

  • Submission date
  • Blog title/topic
  • Target keywords or keyphrases
  • Key points to cover in your blog article
  • Offer or call to action (CTA)
  • Links to additional blogs or information
  • Image/Video URLs
  • Post URL
  • Details for external blog submissions
  • Responsible individual

In fact, the more information your editorial calendar contains, the more valuable it is as a lead generation tool.

How does an editorial calendar expand my small business?

Good question! For entrepreneurs, an editorial calendar seems like a huge amount of extra work (aka headache). Don’t let that stop you. Nothing worthwhile is ever easy. Plus, you don’t want to miss the many benefits an editorial calendar provides to all aspects of your business, such as:

  • Providing a place to store article ideas
  • Ensuring a plan is in place when you’re ready to hit “start”
  • Holding you accountable to a consistent schedule of updates (We already know regular blogging drives traffic to your website.)
  • Helping you visualize your blogging strategy
  • Keeping focused on content that meets the needs of your buyer persona
  • Building trust and credibility with your reader
  • Generating leads
  • Acquiring new clients without having to endure excruciatingly painful networking events

As if that’s not enough to convince you to use an editorial calendar, as your small business blogging efforts grow, it provides another benefit—it makes sharing your blog articles and driving even more traffic to your website, incredible easy. You have everything another writer needs to post your blog content to their website.

Not only is the editorial calendar a great tool that improves your blogging efforts, it’s the tool every small business owner wants in their arsenal to grow their business.

Ready to get your blog on? Gather your free copy of an editorial calendar today.

Ignoring Your Product/Service Lifecycle Is Costing You Clients

Posted by
Jackie Nagel, Synnovatia

Just as your business moves through stages of growth and development, products and services undergo a cycle of life from development to decline. Knowing where each of your products stands in the product/service lifecycle is crucial to the ongoing success of your business. Ignoring this process leads to a decline in sales and the loss of clients.

Defining the Product/Service Lifecycle

The lifecycle of your product and/or service is exactly as it sounds: the stages products and/or services undergo throughout their lifetime. These stages are introduction, growth, maturity, and decline. Each stage requires different actions and produces different results. In the end, you’re left with a product that either continues to be relevant in the market, or one that must be phased out due to technological advances or changes in consumer demand.

Consider typewriters, for example. This is a product that was rendered unnecessary with the invention of the personal computer. Similarly, cassette tapes were replaced with CDs, and now CDs are being replaced by MP3s.

Unfortunately, some products aren’t adaptable with advances in technology, and will eventually become obsolete. Other products or services, though, have the ability to be re-marketed or redesigned in order to continue meeting consumers’ needs. Knowing where your products stand in their lifecycle is the first step toward ensuring they maintain their longevity in the marketplace.

Stages of the Product/Service Lifecycle

From development to decline, each stage of the product/service lifecycle requires different actions. Take a look at the stages below.

  1. Introduction. During this stage, you don’t make much money due to high development and marketing costs, even though your price is at its highest. To offset costs and begin bringing in a profit as quickly as possible, invest sufficient funds into a marketing campaign and distribution channels to raise awareness about the new product or service. Additionally, watch the market carefully and experiment with various configurations to determine what works best. Once you notice product demand and sales increasing, you know you’re entering the next lifecycle stage.
  2. Growth. This is the phase in which profits are highest and your cash flow improves. Don’t make the mistake of getting too comfortable, though. You need to continue to make refinements and enhance development capabilities in order to stay ahead of the competition. When you see your sales trend stabilizing, you’re headed to the next stage in the lifecycle.
  3. Maturity. During this stage, profits generally decrease, even though sales are stable. This is because prices repeatedly drop in order to compete in the marketplace. That said, sales continue to create sufficient cash flow for your business. It’s crucial during this time to conduct market research, invest in development, and adapt your products and/or services to meet changing consumer needs. Failing to take these actions causes you to be left with products and services that are no longer relevant, and don’t sell.
  4. Decline. While this is the end of the product/service lifecycle, there’s a chance for you to begin the cycle over with your products or services if you’ve taken the appropriate steps during the maturity stage. Invest in a new marketing campaign, address any issues with the product or service, or consider a regeneration strategy (for example, newspapers going from print publications to online publications).

Those companies who carefully analyze the lifecycle of their products and/or services are more likely to continue having a major presence in an ever-changing market. Those who don’t, however, may find themselves struggling just to keep their doors open. Consider following the advice mentioned in each lifecycle stage, and you’ll be on your way to continued market relevance and business growth.

Think your products and/or services might be in need of a nip tuck? Contact us today. We stand at the ready to keep your business relevant and growing.

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The 7 Elements of an Effective Blogging Strategy

Posted by
Jackie Nagel, Synnovatia

The data is conclusive. Blogging rules! With 329 million people reading blogs at any given time, studies show that 70% of readers would rather learn about your product or service through blogs rather than ads. (Corporate Executive Board). Let’s face it…329 million people can’t be wrong.

Don’t Just Blog…Blog for Results

We already know that blogging is an effective tool for driving traffic to your website, generating leads, and acquiring clients. In fact, Hubspot, my favorite marketing software, tells us that those “who write just three to four blog posts per month get 20 more monthly lead submissions, 800 more monthly site visits, 60 more Twitter followers, and 50 more Facebook likes than customers who only write two blog posts per month.” We like those odds.

What makes those numbers work, of course, is an effective blogging strategy. In a recently published article written for Zane Benefits, Small Business Tip: A Step-by-Step Guide to an Effective Blogging Strategy for Results, I’ve laid out the elements required that make a blog purr.

  1. Desired outcome: Don’t blog just to be blogging. Decide, in advance, what you want to achieve with your blog. Be purposeful with a clear goal.
  2. Buyer Persona: A clearly defined buyer persona definitely improves your blogging payoff as it distinctly characterizes your reader.
  3. Keywords: Did you know Google receives over four million search queries per minute? Yikes! With keywords relevant to your buyer personas search probe, the odds of your blog being found at the top of the informational heap are much greater.
  4. Resources: Blogs don’t write themselves. It takes resources beyond a blogging platform, such as time and talent. Know your needs ahead of time to make sure your blogging strategy succeeds.
  5. Frequency: Is six enough? Is ten too many? Companies who increase blogging from three to five times per month to six to eight times per month double their leads. That’s a good fact to keep in mind.
  6. Distribution: If you blog, will they come? Not without a plan for where, when, and how often to distribute your content to various platforms.
  7. Metrics: Metrics matter. Without measuring the outcomes of your efforts—and using the data to improve your results—what’s the point? Decide what is most important to measure, track, and analyze to reach your goals.

Blogging truly is one of the most powerful marketing tools in any small business arsenal…especially when built upon an efficient blogging strategy.

The full article can be accessed at Zane Benefits.

Are you ready for results like this from your blogging efforts? Let’s chat!

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