ONE OF OUR clients in the retail industry admitted to us one of the worst sins -they stopped marketing the business. The business had some staff issues and the owner ended up spending most of his time in the operations part of his business.
The usual business advisor type questions were asked: what strategies are you currently using to increase enquiries Trevon Wesco Jets Jersey , what position is your business within its category, and the strategies used to convert an enquiry into a sale. From all of this probing and questioning the diagnosis was simple; the business was the leader within its category, and the basis of the sales and marketing strategies were reasonably sound and only needed a little tinkering.
The real problem was that because the business was suffering from shortages in staffing, the owner moved more and more into the operations of the business, and therefore all of the sales and marketing activities came to a halt.
The best lesson learnt was that the owners realised that they had made an error in stopping their marketing efforts. They then created a marketing planner Chuma Edoga Jets Jersey , and started to map out all of the strategies that they could commence in the following six months.
The same issue arises in large companies. At my time at Harvey Norman, Gerry Harvey always had the belief that in quiet times the business should pump out more advertisements, because when the good times come back the market will remember you. In quiet times Harvey Norman's competitors and some of the major department stores would pull back on their marketing spending, so that they could maintain their net profit. Harvey Norman would keep on promoting, buying advertising spaces in print Jachai Polite Jets Jersey , television and radio media, where the major retailers had pulled out. The business was growing whilst the others were slipping backwards. The sin is never rewarded.
Invest in marketing
John owns a coffee and cake franchise in a new development area of Western Sydney. He paid $300,000 to obtain his license, training, and a brand new fit-out. John decided after reading a multitude of books on wealth creation and business that leaving his $100 Quinnen Williams Jets Jersey ,000 a year white collar job and opening a franchise was the key to becoming rich.
Six months pass and John is burning the cash that he had saved and borrowed to build the business. He has bought a reputable name in franchising, and he thoroughly believed that the brand alone would drive traffic into the shop. Another six months pass, and the business is still losing money.
One day one of his loyal customers, a business advisor, comes in Jamal Adams Jets Jersey , orders his usual cappuccino and raisin toast, and sits down and starts to do some work on his notebook. As John brings this loyal customer his order, he starts up some small talk by enquiring "Do you mind if I ask you a couple of questions David?" David asks John to take a seat, and after some probing questions from David, John explains to him how his business has not made any money at all Sam Darnold Jets Jersey , how the marketing efforts were in all in vain.
After listening and understanding the root of the problems that John was facing, David gave him some free advice "John, you need to own the area that you live in, and make this business the place where the locals come and have coffee and cakes. This can only be achieved if you become disciplined and persist in the marketing, get out in the community and promote your business. Also invest in marketing as if you are spending money but looking for a return in investment Le'Veon Bell Jets Jersey ," David explained. Then he brought up a file on his notebook to teach John some principles.
John started to apply these principles. After understanding that his target customers for cakes were receptionists organising birthday parties, he planned out a campaign where he visited receptionists, personally gave them an order form and product brochure. A week after visiting them, he personally delivered a sample box of six slices of cake to share with others. Instead of spending $4500 on quarter page local paper advertisements that made no impact, he shifted this money into product brochures and cake samples. Over a period of four months C.J. Mosley Jets Jersey , his average sale increased from $6 to $13 because he was selling more cakes. John was now making a profit. Did you know that 60 percent of the restaurants that open up fail in just about a year? So it is evident from the fact that for opening up a restaurant accumulating the capital is not enough. You need proper planning to go with it if you wish to have a smooth run of the trade. Food is important but not the only important thing about a restaurant. Good food is not the only paving stone on your way for a successful restaurant business. First of all, you need to have all the good intentions a heart, then a good planning and finally great execution. Any kind of business needs detailed planning and to help you with that Ribbon Consulting comes in play. The company helps you acquire all the knowledge that you required to ensure restaurant business plan feasibility Dubai businesses ask for. Every city has its own set of rules for business and Ribbon Consulting gives you pointers for restaurant management Dubai, UAE demands. The company has come up with a number of feasibility studies for this sole purpose like 鈥?Market and Industry Research, Competitive Analysis Curtis Martin Jets Jersey , Financial Projections and Investment Summary, Key Performance Indicators and Return on Investments Analysis and Concept Rationale and Recommendations. The company has been founded by Love Mansukhani who has had immense experience in this field from a lot of different places throughout the world. The company that he set up in the year 2012 indulges in offering services like 鈥?business planning and feasi. Cheap Jerseys ChinaCheap Throwback JerseysCheap Authentic NHL JerseysCheap Custom Soccer JerseysCheap Custom Soccer JerseysCheap Basketball JerseysWholesale Jerseys ChinaWholesale Jerseys ChinaWholesale MLB JerseysWholesale NFL Jerseys