Small Business Revitalization Blog

Recently I registered a couple of .com.au domain names.  Not long after, I received a very official looking letter from www.domainregister.com.au asking me to pay for these names (again!).  A closer look revealed that these were the .com versions of the sites I had recently registered - and they were offering me the domain names for just $249 each!!  

A quick check on www.godaddy.com revealed that I could get them for $9.99 USD each - a saving of over $450!!!  Of course there was also the enticement of a "free" Ipod Shuffle to take your attention away from the basic offer... Remember that there is generally no such thing as a free lunch... my friends at Domain Register were still making a rather tidy profit from those less vigilant with their accounts!!

The other part of this equation to consider was did I need the .com domains - clearly not as I did not choose to register these first time around...  It always pays to be 'buyer beware' when you receive invoices.  Do check what you are paying for carefully.  It would have been easy to have let that one slip through...and that is exactly what companies like this are hoping for...

		As a recovering workaholic, whenever the pressure is on it is always tempting for me just to work harder, longer and stronger!  The problem with this is that the more I work, the more likely it is I’ll end up burnt out and broken down (again)!  Being effortlessly productive is a much better option for both your stress levels and your creative problem solving capacity. Here’s a few ways to achieve this zone whenever you need to…

Lao Tse, an ancient Chinese philosopher practiced Wu Wei – the art of ‘action without action’.  Sounds confusing, is simple!  The idea of this practice is to get the conscious mind out of the way, so that your creative source can work its magic!

When you put your body into the ‘exercise high’ state, you are effectively practicing Wu Wei! Many business people don’t find the time for exercise because they don’t understand the benefits.  Anytime I am ‘stuck’ or can’t think clearly, I take the dog for a walk.  Inevitably, the creativity will flow and I will solve my challenge with ease.  The useful thoughts seem to just rise to the top!

Creative daydreaming is another way to practice Wu Wei.  A little hammock time, or time spent just listening to the bamboo rustling in the breeze can free up your mind to create results effortlessly.  Listening to peaceful music is another great way to free up your mind chatter and let the good stuff out!

If you are into nanna naps or lucid dreaming, you can also harness your creativity by allowing the sleep state to work on your challenge whilst you are resting – just set your intention!  Take note of the insights and ideas which arise immediately upon waking – these are the keys to ‘doing without doing’!

When you are engaged in effortless action, you are ‘in the zone’ or in the flow state.  This is where information, opportunities and possibilities arrive out of nowhere, in ways you couldn’t possibly imagine if you were trying hard.  I have a list of at least 50 ‘actions’ which can put me into this precious creative zone – make your own list - the more easily you can achieve this state, the less stressed and the more productive you will be!!

Lisa Murray - REVIVE Business Coaching

		Many small business owners ignore the marketing strategy of networking because they don’t see obvious results on the bottom line, or they feel they are just too busy to invest the time that networking requires.  Here’s 3 quick tips on how to leverage your networking investment and maximize the results:

1.    Define your networking objectives clearly.
‘Getting some leads’ is not a clear objective.  Consider the following instead:
•    Make contact with at least three people who want to know more about what I do
•    Meet someone who can ……….(fill in the gap – what do you need to make your business work better right now?)
•    Find at least two opportunities for joint ventures or promotional partnerships…
Now that you know exactly ‘who’ you are looking for, networking is going to start working for you!!

2.    Follow up!!!
By this I do not mean collect as many cards as you can and add them to your database without asking!!!  Be strategic in your follow-ups:
•    Write notes on the back of the person’s business card if you need to follow up in any way.  Do what you promised within 48 hours.
•    Set up an automated process on your website where you can enter their details into your database – BUT you give them the choice to opt-in!  I actually share an example ezine with my prospects to entice them to sign-up.
•    Be willing to explore.  I often have coffee with people I’ve met just to explore what the possible opportunities are – a quick brainstorm can lead to outstanding profit generating projects!

3.    Measure your networking returns
If you don’t know what you get out of networking events, it’s time to start measuring the return on your marketing investment for each event that you attend.  
•    Set up a simple spreadsheet that notes investment of both time and money, the follow-ups and the outcomes.
•    Measure the returns on any joint promotions that you undertake.
•    Measure the referrals you receive from people you have met networking.

Networking will work for you, when you start working it!  I always go to events with the approach of ‘how can I help you get what you need?”  Give first and you will always receive!

It is oft said 'follow your passion and the money will come'  to those both wise and wayward enough to start their own business!  What if you can't choose?  What if you don't think your passion will earn enough?  What if it would stop being your passion if you did it for money? (now that is something to think about!!)

Randy Komisar from Standford University has some really insightful things to say about passion...enjoy!!

Everywhere I look at the moment there is buzz around using social media as a marketing tool!  Twitter and Facebook are constantly in the news and the growth of 'how to' information is almost overwhelming.  It was refreshing to come across some great social media statistics today that shed some light on what's really happening out there! Over 800 businesses were surveyed by Michael A Stelzner from the Social Media Marketing Industry Report and the tangible results being achieved were very encouraging, especially as using social media is free (except for your time investment):

• Generated exposure for my business (81%)
•  Increased my traffic, subscribers or opt-in list (61%)
• Resulted in new business partnerships (56%)
• Helped us rise in the search rankings (52%)
• Generated qualified leads (48%)
• Reduced overall marketing expenses (45%)
• Helped me close business (35%)

So what is your social media strategy?  If you don't have one, now is the time to start!  Email me if you'd like my free 'Get Started on Twitter' guide! Of course, for Revive Coaching clients, there will be a much more comprehensive guide coming your way soon!

Just for the record, after being on Twitter for less than two weeks, I received my first prospective client enquiry!  How does it get any better than that?

		I come from a family packed full of entrepreneurs and small business owners. Just lately I've been to quite a few family functions and have been loving talking to people about their various businesses.  What's interesting is how often people expect a simple perfect answer when they haven't actually told me what they really want to achieve!  To be successful in any area of your business decision-making, you need to start with your objectives and goals!

For example, I am commonly asked about how to set a marketing budget: "Do you set the marketing budget as a percentage of sales or are there better options?"  My usual response is "It depends, what are you trying to achieve?" 

There are some broad rules of thumb around percentage of turnover for most industries, but if you really want to set a marketing budget that is appropriate for your business you need to ask yourself the following:

• What are the specific business objectives that my marketing budget is supporting?
• What marketing strategies do I need to use to achieve these business objectives effectively?
• How much will effective implementation of these marketing strategies cost?
• Are there other hidden costs involved?  (e.g. lots of time or resources, or compromises on gross profit if pricing strategies are a part of the solution?)
• Can my business afford this marketing strategy?  If not, what are my alternatives?

When you ask questions like these, you are setting your marketing budget strategically, rather than operationally.  You are seeing this budget as an investment which will bring a return to your business... just make sure you measure the results of your efforts so that you know exactly which 20% of your marketing budget is creating the 80% of the results!!!

Here are three practical approaches to putting a circuit breaker into your business challenges so that you can move forward…

1. Get really clear about what the gap is: What exactly are you finding impossible? What don’t you have that you need? Why can’t you achieve your vision?

2. Be willing to own the gap! Be willing to be in allowance that the gap exists. Once you see that it’s just a gap, you’ll start to find ways to fill it easily.

3. Ask lots of questions around the specifics of your gap: Who do I know that could help me here? What are the possibilities of finding…… (whatever you need). What would it take for this to happen? When you start asking questions, synchronicity will find you in perfect timing!

Here’s how it works… Last October I decided to write a book. But I kept getting stuck on how I would promote the book – (Publicity hound is not my most favourite job description!!). Eventually I decided to ask a question… “What would it take for me to attract the most phenomenal book publicist?” So I asked the question and kept moving with the book (I am writing in my ‘spare’ moments…!) Recently I realized my question had been answered – one of my new clients specializes in author publicity! So how does it get any better than that? What else is possible? Maybe I’ll get on Oprah yet!!

So, identifying and owning what was keeping me stuck was the key to asking the question that made me feel free! Ask lots and lots of questions around all areas of your business that are stuck – you may be surprised by the outcome! Magic can happen you know…

This is a really simple but highly effective process - if you use it! Some days I just ask questions because my day hasn’t been quite exciting enough yet – often I get a call within minutes with some new exciting opportunity in the offering…ask questions but don’t worry about the answers – that bit isn’t always your job! See that guy on the desert island? There’s a reason he’s stuck!

Albert Einstein was a genius problem solver (amongst other things…) – he offers some good advice: "Out of clutter, find simplicity. From discord, find harmony. In the middle of difficulty lies opportunity."  I suspect he asked a few questions in his day...

What is your biggest challenge around getting unstuck? Share it in the comments section below. If you need to share more than just a comment, call the Revitalization Experts!

Pricing is the most common element to be adjusted in the marketing mix during recessions. Why? Because on the surface the price is what potential customers are responding to. However, research into consumer behavior trends has shown that changing other areas of the marketing mix (ie product, promotion or placement/distribution) can be much more effective!

Your pricing strategy impacts your long-term positioning and image. Becoming known as a discounter during the recession does not position you for a strong come-back when the economy starts to recover. Here’s three things to try instead of discounting your prices:

1. Understand your client! If a client asks for a discount, delve deep into what they are really trying to achieve. Instead of offering a flat discount, you could add additional value for the same price, decrease the product/service offer to more closely meet their needs (ie align your offer with their preferred price). Alternatively use a differentiation strategy: if you are the expert and they really need you – stand firm on your pricing. As Warren Buffett remarked:  "Price is what you pay, value is what you get." Know the difference and communicate it to your clients once you know what they really want from you!!

2. Innovate… If you only offer a ‘first class’ price, introduce a business class and economy class version of your service or product. Do whatever it takes to get prospects on side and the money in your pocket instead of your competitors. Sometimes, instead of upselling, you may need to ‘downsell’ to get the sale. Remember, all value is relative! Create value at multiple levels – redesign your offer to suit the market’s current needs. (I’ve just done this – very soon you’ll be able to purchase business coaching in one-off 15 minute packages – much more affordable but still with the same high quality!!)

3. Avoid profit wars. Getting into a bidding war with a competitor is a sure-fire way to lose your business if it happens regularly. Put a limit on how many times you will re-quote. Put a value on whether business with little or no margin is of any benefit to you in reality (mostly it’s not). Be willing to say no! This is tough to do in tough times, but unprofitable business deals will drive you out of business faster than a lack of business will – never make a loss upfront unless you have a strong backend or strategy for achieving repeat sales at a profit!

What is your biggest challenge around pricing? Share it in the comments section below. If you need to discuss more than just a comment, call the Revitalization Experts for help!