Friday, May 23, 2014

Connect With Your Customers

 
 

No matter how great your product or service is -- and we know it's great -- customers still make buying decisions based on emotions. Sadly, most businesses don't strive to create that personal connection that influences buying behavior. When it comes to effective sales and marketing approaches, building relationships with customers is key. But how can you bring that all-important personal touch to every transaction and really make your business stand out?

These best practices will help you nurture personal connections with customers and build brand loyalty.

Ask First, Sell Later

Before you jump right into a standard sales pitch, take the time to ask your customers a few questions. More importantly, really listen to their answers. A bit of gentle probing will help your customer articulate exactly what it is they need. That, in turn, will allow you to clearly explain exactly how your products or services will solve their problems.

This way, you're not simply pushing something that they may or may not really need or want. Instead, you're taking their unique situation into account and providing a personalized, customized solution. At the same time, you're building rapport by creating a personal interaction that's so important.

Again, really listening is key. While your customer is speaking, stop what you're doing, take a breath, and simply listen. Don't attempt to think ahead and formulate answers before they're finished talking. Remain in the moment, and place your full attention on them. They'll notice the difference!

Quid Pro Quo

Keep on building that relationship by offering some personal information about yourself, too. Don't worry. You don't have to give out your Social Security number or your home address. In fact, avoid TMI at all costs. Sharing just a bit will humanize you to your customer. Talking about where you where born, a common hobby, a sports team, or even a recent movie you watched or book you read can make a real impact.

Scientific studies support this strategy. A 2009 study in theJournal of Consumer Research found that customers were more likely to buy -- and to be happy about their purchase -- when a salesperson shared personal info like a birthday or a birthplace. But don't fake it; the study also found that creating similarities where none really exist simply to make a connection tended to backfire, especially if the customer found out later that the salesperson wasn't being forthcoming.

Keep in Touch

Regular newsletters are a great way to keep in touch with your customers -- with the added benefit of keeping your brand in the forefront of their minds. CIO recommends sending a newsletter at least 10 times per year. Make it simple to scan and read, with short, concise articles and a prominent table of contents so customers can find what they're looking for with ease. Focus on relevant content that your customers can use, making your newsletter something to look forward to.

That Personal Touch

Sending a handwritten note or postcard is a great way to ensure that your business stands out. Handwritten communication proves beyond a doubt that you've taken the time to sit down and make an effort, which makes your customer feel valued. Try to include personalized content in each note to really make an impact.

These simple steps will help you build that human connection that's so key to driving sales and customer loyalty.

Tuesday, May 20, 2014

Building a Community No One Can Resist

 
 

People enjoy feeling as though they belong. It's a part of our universal desire to form strong bonds with other people and feel connected to those around us. From student clubs to neighborhood organizations, this desire plays out across our nation in a variety of settings.

This desire also has a firm place in marketing. One of the best ways to encourage brand loyalty involves encouraging customers to feel as though they're part of an exclusive group when they use your brand. When people feel connected to your company and to other users, they're more likely to become repeat customers and even recommend your brand to others. Few companies have enjoyed the success Facebook has in this regard.

The early days of Facebook

Back when Facebook was first developed, it was available only to users at colleges and universities, and they had to have a .edu email address to register. This effort to create a distinctive market resulted in a very strong community among Facebook users. Many users today still reminisce about the early days when their parents and grandparents weren't registered and it was just a way to communicate with their college friends. In many ways, the desire to belong to this exclusive 'club' of Facebook users helped the company grow exponentially.

Revising the Facebook exclusivity

After a few years of immense popularity with the college-age crowd, Facebook began to open registration up to people outside their original targeted demographic. At first, this upset many people who had eagerly waited until their college years to join, only to find that everyone else could now, too. In recent years, there have been some reports of the younger generations leaving as they search for a platform that allows them to converse with their friends without their parents and grandparents seeing their comments. Overall, however, the platform has continued to grow. This is because the developers have taken the time to still encourage feelings of community among users, even though everyone can now join.

How have they managed to maintain this feeling?

  1. Newsfeeds update users to their friends' activities as soon as they log in. This offers a unique way to stay in contact with friends and family. Users know they would lose all this information if they were to leave.

  2. Games and similar activities encourage users to work together on the platform for entertainment, connecting people by common interests within the platform.

  3. Since Facebook use is so prevalent, the default is to use the platform. People expect to be able to connect and communicate with others through it. Those who don't have a page risk losing out on a key form of communication.

How businesses can learn from Facebook

Facebook has managed to build a community so strong that it appeals to nearly every demographic. Few companies will have the reach to accomplish this, but they will be able to strengthen their own connections to encourage customer loyalty and retention.

For example, try building portions of your company website that allow and encourage communication between customers. You can occasionally interject advice as needed, but in general try to keep the conversations between end-users, to encourage a connection between your customers.

Loyalty programs and rewards programs are also helpful. By offering prizes to those who use your products and services regularly, you'll show your appreciation and encourage customers to return to earn more. Publicly rewarding customers, such as showcasing particular people for their loyalty, can also help enhance brand loyalty. Even promotions such as free t-shirts can help customers feel connected to your company.

Facebook has shown the business world what is possible when a brand manages to build such a strong sense of community that users cannot imagine doing without it. Companies of all sizes can take some of the lessons to heart and begin to build their own communities. If you're interested in developing materials to help reach your consumer base and encourage them to be a part of your community, reach out to us. We'd be happy to help you!

Friday, May 16, 2014

McDonald's Rules the Fast Food Industry, and What You Can Learn From It

 
 

Whether you love it or hate it, chances are at some point you've eaten at McDonald's. This corporation was a major cornerstone of the building of the fast food industry and is currently one of the symbols of the exportation of American culture around the world. Perhaps what is most remarkable about the success of the franchise is how unremarkable it is. The restaurants serve burgers and french fries. Yet somehow, out of all the burger joints available, the one started by the McDonald brothers in San Bernardino, California, has gone on to serve roughly 68 million customers per day. How did this happen, and what can other business leaders learn from the company?

The history of McDonald's

McDonald's was first opened by the McDonald brothers in 1940. The little restaurant served burgers and placed an emphasis on quick service, putting the fast food principles developed by White Castle to work for themselves. By 1955, the restaurant became a corporation led by aggressive businessman, Ray Kroc. Kroc is credited with taking what was a successful burger joint to the popular glory it now enjoys. Kroc was known for his risk taking and lofty goals that allowed him to lead the corporation.

How Ray Kroc made a burger franchise into a global phenomenon

Professionals have spent years analyzing the business decisions of Ray Kroc. Few disagree that he was a genius, even though his feud with the McDonald brothers certainly earned him some animosity. Two particular traits tend to be cited by those exploring the reasons for the success of the corporation:

- Attention to details
- Passion for the business

Attention to details

Kroc did not allow a single detail of the burger making process to go un-analyzed. He even broke down the process of putting a patty and toppings into a bun to see if he could improve it. He ended up essentially creating an assembly line for putting together sandwiches, which lives on in McDonald's restaurants today. Kroc worked to develop teamwork within each restaurant and even constructed the customer service model that includes a smile when greeting patrons.

Other businesses should put the same consideration into their own companies. This doesn't mean micromanaging the company, but rather looking for ways to improve the company from the ground up.

As a business owner, explore each level of your business to see what can be improved. Research the consumer base and gain deeper insights into their challenges, so you can see how your company can better help them. Similarly, research customer experiences with the company to see how customer service can be improved. Look for answers to questions such as:

  • How long do customers have to wait for responses to inquires?
  • How efficient are customer service lines?
  • Do customers tend to get passed from person to person before receiving an answer?

Passion for the business

Kroc had a passion for building his business. He believed in dreaming big while always working to improve the business. In the world of making burgers, Kroc had a vision of turning McDonald's into a major franchise, and he worked to make that happen. He was also willing to take risks, which included betting on the likelihood of customers taking to the casual, fast-food model over the common sit down and more formal dining experience.

Try translating this passion into your own business. Your enthusiasm should be contagious. No one wants to support a company that doesn't have a clear vision, a plan for getting there, and a confident leader who seems capable of getting the business to these new heights. Use your industry knowledge and foresight to anticipate customer desires and needs, and show a true eagerness to encourage your entire team to work toward the shared vision.

Success isn't dependent on developing something extraordinary. Sometimes, it's leaders doing extraordinary things with ordinary ideas that can make a company great. If an empire can be built out of burgers and fries, the right business prowess can offer anyone the chance to have success. Keeping Ray Kroc's mantras of paying attention to details and a passion for business in mind can help you get on the path to bringing your own company to the top. If you're looking for ways to get started growing your company vision, contact us to see how we can help you get your message out.

Tuesday, May 13, 2014

Top 5 Secrets of Successful Direct Mailers

 
 

Savvy marketers know that direct mail offers a cost-effective and potentially profitable marketing method -- but in order to work, it must be done right! In fact, some of today's most innovative and creative advertising is sent through the mail, according to Entrepreneur magazine.

An effective direct-mail campaign can accomplish several goals, including: 

  • Generating leads
  • Attracting new customers
  • Engaging with current customers
  • Expanding the reach of your brand
  • Producing profits

Here are the top five secrets of successful direct mailers.

1. Focus, Focus, and More Focus

The success of any direct-mail campaign depends in large part on your audience, so you need to target the right people. A direct-marketing rule known as the 60-30-10 states that 60% of success depends on the list, 30% depends on the offer you present, and 10% lies in creative elements. This highlights the importance of choosing the right list for your mailing.

If you're building your own list, start with your past and current customers. After all, they're a known factor -- they've purchased your product or service before, and you probably already have all of their info. (If you don't, now's the time to start collecting it!)

If you're purchasing or creating a list, consider your target audience's characteristics carefully. Who's your "ideal" customer? Look at demographics such as age, gender, locale, interests, buying patterns, climate, and leisure activities when compiling your mailing list. The more specifically targeted you can get, the better.

2. Keep it Updated

If it's been a while since you updated your customer data, a direct mailing is a good place to start. People change addresses more than you might think! Simply add a request for address corrections onto the label; the post office will send undeliverable mail back with the recipient's new address. It costs a bit more, but doing this at least once per year keeps your database updated.

3. Determine Your Goal

What do you want this particular campaign to achieve? Do you want to generate orders, build your brand, or produce leads? Setting a clear, measurable objective will help you drive the creative portion of your campaign. If your goals are too broad, your message is likely to be vague -- and less effective -- as well.

4. Grab their Attention

You only have a few seconds to grab their attention -- and if you don't, they won't even open the envelope. Take a look at your own mail; what are you most likely to open? Are you enticed by offers of "FREE MONEY!" or "AMAZING PRIZES!"? Probably not, and your audience is similarly jaded to cheesy, gimmicky headlines. Instead, pique their interest with a creative headline, interesting use of color, a hand-addressed envelope, or a bit of humor. In other words, go for elements that stereotypical "junk mail" doesn't have.

5. Develop a Relevant Offer

Now that you've gotten your customer to open the mail, present them with an offer that appeals to them. Here's where knowing your audience is key. Be brief, but include the information they need to make an on-the-spot decision. Why do they need your product? How will your service benefit them? Testimonials from satisfied customers can be powerful in this capacity.

Above all else, make it easy for them to respond. Provide multiple contact channels, including a website, email address, and phone number, but don't leave it at that. Always (ALWAYS) include a call to action. Tell them to call, email, or visit your website. Remember, if you don't tell them what you want them to do, they simply won't do it.

Thursday, May 8, 2014

Oh, The Places You'll Go (In Business)

 

Congratulations!
Today is your day.
You're off to Great Places!
You're off and away!

You have brains in your head.
You have feet in your shoes.
You can steer yourself
any direction you choose.
You're on your own. And you know what you know.
And YOU are the guy who'll decide where to go.

You'll look up and down streets. Look 'em over with care.
About some you will say, "I don't choose to go there."
With your head full of brains and your shoes full of feet,
you're too smart to go down any not-so-good street.

And you may not find any
you'll want to go down.
In that case, of course,
you'll head straight out of town.

...
And when things start to happen,
don't worry. Don't stew.
Just go right along.
You'll start happening, too.

OH!
THE PLACES YOU'LL GO!

The opening lines of Dr. Seuss's Oh, the Places You'll Go! have been read by graduating students, entrepreneurs, and business professionals alike. The words are inspirational, calling upon each of us to contemplate what we're capable of accomplishing. Even the most monotonous worker will find that the language can stir something deep inside them, propelling them to try to accomplish great things. Beyond just the immediate emotions the words stir within the reader, however, Dr. Seuss's wisdom about success and inspiration also rings true at a much deeper level.

You're on your own. And you know what you know. / And YOU are the guy who'll decide where to go.

Business leaders need to have confidence in their own knowledge and direction. When you're at the helm of a company, you cannot rely on others to tell you what you can accomplish or what direction your should take. It doesn't do your business any good to copy another company, no matter how successful that company may be. Instead, use the knowledge and experience you have about your industry to plot your own course. Find a specific industry niche that you can uniquely fill and work to build a company with that specialty in mind.

With your head full of brains and your shoes full of feet, / you're too smart to go down any not-so-good street.

Like anything else, there are plenty of ways to cheat in business. There are ways to take advantage of people, to steal, to doctor books. While taking these shortcuts might pay off in the short term, such actions can come back to haunt you in the long run. Major corporations have been brought down by uncovered cheating scandals. On a small scale, burning bridges with possible connections only makes it harder to build a business, not easier. You might find you need to change course, relocate and establish yourself elsewhere, or take some unbeaten paths to success, but that's ok. Don't be afraid to set off on your own path, even if it takes you 'straight out of town.'

And when things start to happen, / don't worry. Don't stew. / Just go right along. / You'll start happening, too.

It can be difficult to see everyone around you start to become successful. This doesn't mean you're a failure or that you won't succeed. If you're pulling in clients and slowly growing your business, you're on the path to success, and you will 'start happening.' Sometimes, it just takes a little time to see fantastic results. Be realistic about your goals and the progress of your company, but don't begin to despair over what others are accomplishing.

Dr. Seuss's words of wisdom can apply to everyone, from students to successful business leaders. Taking the time to listen to the entertaining rhymes can help inspire you and encourage you to accomplish your dreams. If you're looking for more advice or help with growing your business through marketing, reach out to us. We would be happy to help you get started on the right path.

Monday, May 5, 2014

Keeping in Touch with Your Customers -- Without Annoying Them

 
 

When you're trying to build your business, it's easy to get caught up in the thrill of the hunt -- for new customers, that is. However, as studies from the Harvard Business School show, focusing attention on existing customers and increasing retention rates by just 5% will increase your profits by 25% to 95%!

Of course, savvy business owners know there's a fine line between keeping in touch and being a bit... well... annoying, or even worse, stalky.

Put yourself in your customers' shoes: How many e-mails do you want to receive every day? How many phone calls do you want to take? Sure, persistence is important in cultivating your customer base, but overdoing it can prove counterproductive by annoying the very customers you're trying to reach. Here's how to find the right balance.

Make it Personal

Who doesn't like to receive a personalized card or handwritten note in the mail? There's a world of difference between sending out an impersonal flyer or form letter and a customized note printed on attractive cardstock. Which would you be more likely to open and read?

Send personalized updates on the "regular" occasions -- clients' birthdays, anniversaries, major holidays, and the like -- but also consider spicing it up a bit by sending a note or card when they don't expect it. After all, most businesses send appreciation cards and letters during the winter holidays, so that's just par for the course. Stand out by also picking a random date to surprise them.

Loyalty Programs

And speaking of dates, choose a day with significance for your customer -- like their birthday or the anniversary of their first major purchase from your business -- and use that occasion to automatically enroll them in a loyalty program. All you have to do is send an email letting them know you've enrolled them into your "VIP" program, or whatever you choose to call it.

Why automatically? Because a key to successful loyalty programs lies in making it as effortless for your customers as possible, without requiring them to take any extra steps or actions.

Artificial Advancement

The other key to successful loyalty programs lies in creating what's known as "artificial advancement" toward a goal or milestone. A 2006 study in the Journal of Consumer Researchfound that customers who received punch cards as part of a loyalty program were more likely to become repeat customers if they were given a head start toward reaching a goal. For instance, many coffee shops offer loyalty cards that give a customer a stamp for each coffee drink they buy, then reward them with a free drink once they've accrued 10 stamps.

Researchers found that customers were almost three times more likely to use their punch cards -- and spend money at a business -- if at least two stamps were already present on the card when they first received it. Apparently, customers like to feel that they're already well on their way to receiving awards!

Make Contacts Worth Their While

Whether it's in an e-mail, through a printed newsletter, or on a sales call, providing customers with information they can use adds value to your communications and eliminates the annoyance factor. Offering industry news, community updates, or other data that's relevant and useful to your customers goes a long way toward transforming the way they perceive your marketing efforts. A professionally written and well-designed direct mail piece sent a few times a year that's packed with info they can use is always welcome.

If you keep your communications relevant, concise, respectful, useful, and personalized, you'll never have to worry about being too persistent.

Thursday, May 1, 2014

Picking Teams for Sports or Business: The Same Strategies Apply

 
 

Pickup games are the basis of many fond childhood memories -- or nightmares, depending on who you ask. Whether the neighborhood children preferred to play games of basketball, baseball, or hockey, standing in line while waiting for the 'captains' to select you could be pure torture. Those with a bit of athletic prowess would eagerly wait to see if they were going to be on the same team as their friends. Those with a bit less skill crossed their fingers that they wouldn't be picked last.

What made picking those teams so stressful

Children understand that the team you choose matters. The team will decide whether you'll emerge victorious or go home to dinner with your tail between your legs. Growing up, being picked first was an honor. It meant the other kids respected your abilities. Being picked last was something to be avoided.

Team captains would fight to fill out their teams with people who could successfully fill each position on the court or field. Even a casual game, like a snowball fight, needed players who had certain skills. No captain worth their salt would pick just anyone.

While those picked at the end might rather repress these memories, they do have to admit that the captains tended to know what they were doing. Those of us in business can learn something from them.

Why the team matters

Whatever the sport, the teams would work together to devise some kind of strategy under the leadership of their captain. Yet, no matter how talented that captain was or how genius their game strategies were, they couldn't win on their own. They still needed the talents and help of everyone else on the team. The same goes for business.

Countless startups get so wrapped into their vision and dreams for the future that they neglect building their own team to help them get there. However, just like a childhood sports team, a business won't succeed if it relies solely on the grand plans or talents of one person. As important as developing the ideas and plan for the company may be, carefully picking the team to get you there is just as (if not more) important.

Picking your team

Captains of sports teams pick players based on where they can play on the field. They work to get a variety of skills on the team. In baseball, it doesn't do much good to have a team of hitters if no one can field. Similarly, in business, it's important to pick members with various talents and strengths to create a complete picture.

Begin by outlining who is needed to help the business grow. Find people who share your vision and can help fill in your own gaps, so you can work on building your company's future. Different people will bring different ideas to the table, which will challenge you to develop and grow as a team.

Success for startups (and even more established companies) often depends heavily on the types of people the company founders surround themselves with. Fresh people bring fresh ideas, and no person can fill every role.

Rather than trying to be everything for your company, focus instead on building a strong team that can work together to take your company to the top. Just like the kids from childhood sports games understood, strategy and big plans will only get you so far. Sometimes who you pick will make the most difference.

When you're ready to build your marketing team, we can help you make smart decisions about your strategy and how your team will work to reach your customers.

Monday, April 28, 2014

Building the Main Street of the Past Into Your Modern Business

 
 

For many of us, the idea of the small town is iconic. For some, it embodies the place where they grew up or currently live. For others, it represents more of an ideal than anything based on personal experience. In any case, quintessential small town life presents a business model we all can learn from.

Main Street

Every small town, it seems, has a Main Street -- a place dotted with mom-and-pop shops, each with its own inviting display, encouraging people to stop in and check out their wares. The bakery or candy shop often has samples out front for people to stop by and taste as they walk down the street. The neighborhood grocer knows the patrons by name and has a variety of appealing fruits and vegetables right out front. The local cafe offers places for people to sit outside and engage with others as they pass by.

The 'Main Street' of the Internet

For many people, this real life type of Main Street is just a figment of their imagination or a distant memory of days gone by. Their reality is comprised more of national brands and busy shopping malls. What marketers have increasingly found, however, is that customers find it more appealing to shop on websites that contain many of the popular features of these once commonplace Main Streets than websites that don't. Even though the world has become more interconnected and people are increasingly more accustomed to the hustle of city life, the desire to feel welcomed into a place of business and valued as a customer never goes away.

What businesses can learn from the mom-and-pop shops of the past

The secrets to success for the shops of Main Street continue to work today. The stores of Main Street made every customer feel welcome to stop and check out their place of business right from the street. These welcoming shops would also offer a variety of samples customers could try in order to see if a particular product would work for them.

As you think about your own company, take a close look at your website, physical place of business, and advertising materials. Are each of these designed to encourage customers to see what you have to offer? Do you offer customers incentives such as discounts, free samples, or rewards for using your business?

One of biggest lessons that modern companies can learn from the past, however, is personalization. Main Street business owners took the time to learn the names of their customers and greet them personally when they entered the shop. You should strive to accomplish a similar effect online and off.

Start by keeping careful records of how customers use your website. Responsive sites that can remember what a customer looked at the last time they visited or what they bought in the past tend to encourage more repeat business than those that don't.

Train your in-store representatives to remember what customers say when they enter the shop to provide them with an individualized experience.

Such personalization can even extend to your marketing materials. For example, consider using variable data to personalize your direct mail campaigns and targeted mailings to reach niche buyers who may be interested in the products or services you sell.

While the ultimate Main Street might no longer exist for many people, the desire for finding welcoming shops that remember our names has not gone away. Incorporating as many of these values as possible into your marketing efforts can impress customers and help build relationships around trust and loyalty.

We can help you find ways to express these values in your marketing materials, so reach out to us today!

Wednesday, April 23, 2014

Add Pinterest to Your Marketing Strategies

 

As a savvy business owner, you're probably already using multiple marketing channels -- such as printed media, ads, and social media sites like Facebook and Twitter -- to get the word out about all that your company has to offer. But you may be overlooking one of the most popular and fastest-growing social sites of all: Pinterest.

If you think of Pinterest as simply a place to "pin" cute pictures of your dog or the handmade decorations from your kid's latest birthday party, think again. A 2014 consumer trends report from ShareThis shares a few (very) interesting Pinterest trends that should make any business owner who wants to take advantage of all possible marketing channels stand up and take careful notice, such as:

  • Pinterest users grew by 58 percent in 2013, making it the fastest-growing sharing site, even beating out Facebook and LinkedIn.
  • Pinterest is the third-largest social sharing platform.
  • Sharing on Pinterest has outpaced sharing through e-mail, an especially notable development given that the platform has only been around since 2008.

And if that isn't enough to convince you, consider a 2013 study from Piquora that found that:
  • Pins are 100 times more likely to go "viral" than tweets.
  • The average pin drives $.78 in sales, a number that's on the rise.
  • Pins continue to drive sales for 3.5 months, much longer than Facebook posts or tweets.

Piqued your interest yet? Here's how you can incorporate Pinterest into your print and digital marketing strategies and use this up-and-coming platform to drive traffic to your website, enhance your brand's online image, and boost sales.

Get Verified

First step: Verify your business. Not only does Pinterest's simple verification process prove that you are, indeed, who you say you are (i.e., adds to your trustworthiness), but it also allows you to take full advantage of Pinterest's on-site analytics features. Analytics provide an easy way to track what your customers are looking at and repinning, as well as what's getting repinned from your website. These metrics help your marketing team determine what's working and what needs improvement.

Visual Marketing

Using the right images is key to Pinterest success, so choose your pins carefully. Choose visually striking images that grabs viewers' attention and inspire them to repin. And think twice before using images that include faces; studies find that users are almost 25% more likely to repin a brand-related image if it doesn't include a face. Also of note, users tend to prefer images that are:
  • Colorful
  • Predominantly red, brown, or orange, rather than blue
  • Of medium lightness, rather than very dark or mostly black

On a similar note, keep your pins focused on images you know will appeal to your target audience. One way to figure this out? Use analytics!

Targeting the Audience

Speaking of target audiences, another easy way to figure out exactly who's out there is by doing a bit of sleuthing on those who follow your business. What else are they pinning? What types of content are generating comments and conversation? These trends make it easier to pinpoint your ideal audience.

Another great tool: Following other boards with the same images. Pinterest allows you to "follow" other users that pin the same images on their boards -- and prompt them to follow you, too. Remember, the more you pin, the greater the chances of this happening.

User Friendly

Focus pin content on information that's useful to your target audience. Whether this is an industry infographic, a well-done video presentation, or even a great marketing book that you just finished, providing your audience with content that offers a solution or helps your customers will keep them coming back for more.

Finally, provide easy ways for your users to interact with you. Adding questions to your descriptions fields, such as "What could this be?" or "Have you ever used one of these?" opens up a conversation with your potential clients and helps build brand recognition and loyalty.

Tuesday, April 15, 2014

Honest Abe, A Cherry Tree, and Running a Successful Business

 
 

Quick: Name two of the most popular historic U.S. presidents. The first names that come to mind for most people are George Washington and Abraham Lincoln. These two presidents are well known for their leadership during tumultuous times in American history. But they're also known for their place in American folklore. Specifically, they have both gained reputations for being exceptionally honest.

George Washington and the cherry tree

According to the popular story, young George Washington was playing with his new hatchet when he killed his father's favorite cherry tree. When his father confronted the household about who had hurt the tree, young George quickly confessed, telling his father that he could not tell a lie. His father forgave him, reinforcing the importance of his son's honesty. George Washington carried this lesson about the importance of telling the truth with him the rest of his life.

Honest Abe

Before Abraham Lincoln became involved in politics, he was involved in a number of businesses. He bought a small store, was a lawyer, and served in Congress. In each of these positions, he became known as 'Honest Abe.' Stories abound about young Abe returning a few cents of change or tracking down customers to complete their orders if their requests were mis-measured. He carried this reputation as a reputable businessman with him to the White House.

What these two men can teach us today

Many people couldn't tell you the date the American Civil War ended, when Abraham Lincoln was assassinated, or when George Washington died. Despite these gaps of knowledge, most people would be able to tell you that these men were known for their honesty. Why is that? Because people value honesty in their leaders. They want to be able to trust the people they elect.

This also applies to their business leaders. When customers are looking for companies they want to work with or buy products from, they need to be able to trust that the company will provide them with the quality service they're expecting. They want to trust that the advertising they see is accurate and that if they have any kind of problem, they'll be able to get the situation addressed by a quality customer service team.

How you can show your honesty to potential customers

Since we all know customers are looking for honest businesses, it's important to display this characteristic in all our dealings with customers, especially online. Social media and websites make customer service and customer opinions very public, for all potential customers to see. This makes honesty and quality customer service even more critical.

As a business leader, it's important to monitor the web for discussions about your company to see what people are saying. If customers have legitimate complaints about the quality of service they received, make sure you do everything you can to make it right. This may include issuing refunds, providing coupons, and addressing other concerns.

Similarly, when you come across positive reviews, it's a good idea to send notes of appreciation or coupons to encourage repeat business and as a sign of thanks. Above all, you should strive to be above reproach when it comes to honesty.

People like knowing they can trust their leaders, whether presidents or business owners. Stories abound in the collective consciousness about the honesty of some presidents in particular. When you (and your company) gain the same reputation for honesty, you can also live in the public consciousness as someone worth following; and that's how customers are gained.
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Friday, April 11, 2014

Don't Overlook SMS: Why Your Marketing Strategies Should Incorporate Text Messaging

 
 

Mobile text messaging, also known as SMS (for short message service), may just represent the next frontier in mobile marketing. Why? More than 4 billion people worldwide -- and 75 percent of Americans -- regularly send and receive text messages. With the recent announcement that social media giant Facebook is acquiring WhatsApp -- an SMS platform that allows users to send free text messages on smart phones of all kinds -- texting's popularity isn't likely to decrease anytime soon.

Here's why you should take advantage of this growing market and add SMS to your marketing strategies.

The Power of the Personal

In Internet years, text messaging is a virtual grandfather; after all, the technology has been around for more than 20 years. In fact, it's been around so long that a (mind-blowing) two-thirds of the Earth's population has access to it. Perhaps due to the well-established nature of SMS, many companies have bypassed it as a marketing strategy, probably in their rush to drive customers to the mobile-optimized versions of their websites.

However, as any marketing guru will tell you, customers respond best when a campaign engages them personally. That's where text message marketing comes in. Stats from Techipedia reveal that: 

  • 98 percent of all sent text messages are opened
  • 83 percent of text messages are opened within three minutes
  • SMS marketing campaigns boast response rates of up to 45 percent, as compared to email campaigns, which average a 6 percent response rate

Given these high response rates, using SMS seems like a no-brainer. Just send out a few well-worded messages to leads, and watch the sales grow -- right? Of course, there's a catch.

In order to be successful, text message marketing requires thoughtful implementation.

Effective Implementation of Text Message Marketing

Consider how annoying you (probably) find telemarketing calls, spammy-sounding emails, and all of that other marketing stuff you're constantly bombarded with but didn't sign up for. Same goes for SMS; no one wants to receive random or irrelevant text messages all the time. Add in the fact that some mobile users have to pay for each text message they receive, and the importance of only sending texts to those who've opted in becomes crystal clear. It's all about relevance.

Speaking of relevance, one of the most effective uses of text message marketing is keeping in contact with your existing customers. They've already tried your product or service and decided they like you. SMS offers a cost-effective way to keep in touch. Whether you're announcing a special event, sending a coupon code, or implementing a loyalty program, the judicious use of text messages keeps your company in your customers' consciousness.

SMS can also enhance your customers' experience. Text messages containing reminders, schedules, notices of last-minute availability, and even customer satisfaction surveys provide value to your customers while saving them time and hassles.

Appropriate Uses of SMS Marketing

Here are a few ways to incorporate text messaging into your marketing plan in a way that customers will appreciate.

Promotions and Sales: Send promo codes, coupons, and special event notices. Consider geo-fencing to send offers to opted-in customers when they come near your place of business.

Receipts: Sending receipts makes it easy for customers to keep track of spending.

Surveys: Customers can fill out surveys about their experience, providing you with valuable feedback.

Loyalty Programs: Make it easy for customers to join your loyalty program via text, and get information you need to develop detailed customer profiles that help your marketing strategies.

No matter what you're using SMS for, the key lies in creating an opt-in program and focusing on content that provides value to customers. Text messaging shouldn't be used to generate leads; instead, it should provide relevant information to interested customers.

Thursday, April 3, 2014

Being the Apple of the Industry

When it comes to technology, few companies have enjoyed the branding success of Apple. In certain circles, they've cast themselves as the industry standard. Customers across the country line up for days to be the first to buy their latest products, even if their latest phone has only minor improvements over the previous one. Apple's products are so coveted that many people even overlook the company requiring them to buy special parts or the lack of synchronization with other technologies inherent in some Apple products, just for the opportunity to be part of the Apple community.

The power of the Apple symbol and reputation is something many companies can only hope to one day taste. What makes the power even more incredible is that among the technologically inclined, there is still a debate if Apple products are actually superior to other brands.

So how in the world did Apple manage to control the conversation about technology so completely that users of their devices feel so superior? Perhaps even more importantly, what can you learn from Apple's experience and apply to your own business?

Apple and Innovation

Apple is nearly synonymous with innovation. The company prides itself on being the first to develop a wide range of products. For products that are already in existence, they look for ways to make theirs superior. Being a follower is not in the vocabulary of an Apple designer. Steve Jobs and his business partners were experts at getting people excited. Even if an idea had already been used by other companies, they had a way of making investors and customers feel as though they were getting something new and exciting, and people jumped at the chance.

As a business leader, you should aspire to this same spirit of innovation. Rather than looking and seeing what has made your competitors successful, try instead to see where your competitors still fall short, and capitalize on those differences. Take these weaknesses and use them to drive the industry forward, with your company at the helm.

Apple and Price

There's no denying that Apple products tend to cost more than comparable products from other companies, yet that has not hindered the company's progress. While customers like feeling as though they're getting a good deal, they're more concerned about getting quality and service. An estimated 70 percent of customers would be willing to pay up to 13 percent more if it meant having a more positive customer experience. Apple has fine-tuned the customer experience. Just walk into one of the stores, and watch how carefully the associates acknowledge you, get to know your name, and find out what you're looking for.

The products themselves also define style and elegance. While people might debate whether Apple is the actual industry leader, few would deny that their products do perform well and continue to amaze people with what technology is capable of doing. When companies successfully combine innovation, customer service, and solid products, sometimes a bump in price can actually work in their favor. The higher prices Apple charges only add to the perception that their products are superiorly made.

Whether people love or hate Apple and its products, they cannot deny the influence the company has had on the technology industry. For many, the company represents the pinnacle of branding and controlling an industry conversation. Although only a few companies can so completely dominate their respective industries, all businesses can learn from Apple's business model. Apple offers lessons for even the most seasoned of business professionals looking to improve customer reach. If you're not sure how to go about implementing these ideas, we can help you hone your message and control your brand conversation.

Thursday, March 27, 2014

Increase Awareness About Your Products

 


One of the biggest reasons many people don't buy quality products from businesses is because they simply aren't aware of what products are offered. Here are a few ways to increase awareness about your products and services:
  • Consider creative marketing avenues you haven't tried before. These may include table tents, lumpy direct mailers, door hangers, event flyers, bag inserts, statement stuffers, social media posts, chat forums, industry publications, tradeshows, and more. Test your marketing results via coupon codes and targeted promotions.
  • Create a regular product spotlight postcard campaign that highlights various products or services you offer.
  • Create a customer referral program that encourages loyal customers to spread the word about your business and do the selling for you.
  • Showcase happy customers who are using your product. Consider testimonial stories or brief customer quotes.
  • Team your marketing efforts with an established business that complements your offerings. Offer discounted promotions when purchasing both.
  • Create a goodwill marketing plan to increase name recognition and drive business while also giving back to your community. For example, you might sponsor a local charity event or donate a portion of your profits to a charity (e.g., "10 percent of all sales in June will be donated to XYZ charity").
  • Provide a risk-free trial offer and satisfaction guarantee to take the worry out of trying a new product.
  • Utilize social media by creating a company LinkedIn and Facebook page, and build your audience through employee connections.
  • Differentiate yourself from the competition by offering value add-ons, educating customers about industry trends, providing helpful tips, or simply having a live person answer your phones instead of a confusing, automated system.
  • Build your customer base by offering exclusive first-time customer promotions.
  • Learn from others. Collect examples of marketing materials or creative ideas that caught your attention, and combine some of your favorite features into customized ideas for your business.

If you need help creating the perfect marketing materials that are sure to get noticed and remembered, give us a call today!
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Tuesday, March 18, 2014

Top Tips for Generating Customer Reviews

If you own a business, you probably know how important great online customer reviews can be to your bottom line. In fact, one 2013 study revealed that eight out of every 10 customers trust online reviews as much as they trust personal recommendations.

So how do you go about generating online feedback? Here are some simple things to get you started:

  • Get social: If you don't have a Facebook page and Twitter account, now is the time to get one. If you already do have Facebook and Twitter accounts, make sure you're checking them regularly for comments. You need to keep a close eye on your social pages and respond to customer comments -- good and bad -- as they arise. And of course, you need to make it easy for people to find your social sites, so include links on your website and in your emails.

  • Make it easy to be nice: Sure, you may like to go on and on about how great your product or service is, but your customers may not be that chatty. For the verbally shy, make reviews easy by adding non-verbal options like multiple choice options or a star-rating system.

  • Get your game on: Ever heard of gamification? Basically, that term refers to websites that incorporate some sort of game play into their design to make it more fun for customers to engage. You can get as complex as you want, but even a simple thing like adding virtual badges or trophies for customers who leave reviews can increase feedback.

  • Be generous: Everyone likes to score something for free, and offering a free sample or free trial period can be really effective at getting customers to leave reviews.

  • Follow up: A customer just made a purchase. Is that the end of the transaction? Not if you want to generate some (generally positive) reviews. Once a purchase is complete, touch base with the customer to discuss both the item they purchased and the purchase experience in general. When you get positive responses, ask if you can share them as testimonials on your site.

OK, so those are just a few ways to generate reviews and feedback, but what should you do if some of that feedback is negative? First, set aside your anger and indignation, and don't stress: Every business is going to catch a little flak once in a while. Don't ignore negative reviews; instead, reply politely to deescalate and help soothe the customer. Try not to get into a debate on your social page; instead, invite the customer to contact you by phone or email, or offer to contact them. Be sure to thank them for their feedback and apologize for any inconvenience they've felt. And of course, if the feedback is on target, use it to make needed improvements.

Engaging customers and generating positive reviews takes work, but it's work that can yield big returns. Take a few minutes today to think about how your business can improve feedback and start building its own base of dedicated fans.

Wednesday, March 5, 2014

Turn Your Competitors' Customers into YOUR Customers

Here are a few creative ways to help turn your competitors' customers into your own: 


  • Offer a comparison chart that focuses on reasons why customers should choose your product over the competition. For example, you may offer a standard five-year warranty, while your competitors may only offer a three-year warranty. Or perhaps they offer an extended five-year warranty option, but at an additional price.
  • Stay informed of what your competitors are doing, but avoid copying their ideas. Instead, add value and make their ideas even better. For example, if a competitor offers free shipping on purchases of $100+, you could provide free shipping on all purchases and possibly even returns.
  • Create a unique tagline or slogan that focuses on your key selling points, such as: "Hassle-Free Returns" or "Receive your lunch order within 30 minutes or it's free."
  • Add value to a comparable product through added services, such as longer support hours, free training, and live phone operators (no automated phone service).
  • Create a customer survey. Ask your audience how you can improve, what new offerings they wish you provided, what they like best about your company, and what areas they may find lacking. Their answers could easily point to ideas that will help you gain a competitive advantage.
  • Provide a risk-free trial to test your products or services before committing to a change.
  • Compare your guarantee to your competition. If your competitors don't offer a guarantee, this is an extra reason to promote your guarantee heavily.
  • Compete with low-price competitors in creative ways. Offer exclusive discounts when items are purchased together as a package, or offer free or discounted add-on bonuses.
  • Romance your competitors' customers. Show them the affection they may be missing from their current vendor, and let them know you're willing to go the extra mile to win their business.
  • Even if prospects are happy with their current provider, be sure to continue your marketing efforts. Create front-of-mind awareness so you're at the top of their list if they ever change their mind.

Tuesday, February 25, 2014

Employee Recognition on a Budget: 5 Ways to Motivate on the Cheap

 
 

The first Friday in March is Employee Recognition Day, but you don't have to wait until then to show your employees how much you appreciate them. Though the economy is on the upswing -- finally -- many employers are still feeling pinched, especially when it comes to budgeting for pay increases and other employee-motivating benefits. But even if you can't afford a grand gesture, showing your employees how much you value their contributions is still a must.

Why is Employee Recognition So Important?

It may help to think of employee recognition efforts as an investment in your company's success. While it's true that motivated employees work harder and take more pride in their work, empirical evidence also supports the benefits of recognition.

study of more than 4 million employees found that regular praise and recognition has a positive impact on employee performance, specifically resulting in:

  • An increase in individual productivity
  • More engagement between colleagues
  • Increased employee retention
  • A decreased number of on-the-job accidents
  • A better safety record
  • A greater number of positive comments and loyalty scores from customers
Now that you know how important recognition is, here are a few budget-friendly ways to honor your hard-working employees.

1. Just Say Thanks

A survey by Dr. Bob Nelson, noted author and motivational guru, asked employees to rate their most-desired and least-desired forms of recognition. Guess where "cash or cash substitutes" finished? Near the bottom. You heard that right. Only 42 percent of those surveyed deemed monetary reward as very or extremely important.

So what grabbed the top spot? Ninety-two percent of those surveyed rated "support and involvement" from their supervisor as the most desired motivator. Similarly, "personal praise" took second place with 79 percent describing it as very or extremely important. These statistics underscore the impact an employer can have, even without the backing of a huge budget.

Sometimes, it's enough just to express your gratitude. Make it public by posting a handwritten note on their office door or wall, sending out a company-wide email, mentioning them in a newsletter, or praising your employee at the beginning of a meeting.


2. Break Time

Maybe you can't afford to give them a raise, but can you spare an hour here or there? Instituting a recognition program based on off-time shows you care without cutting into payroll too sharply. Consider offering an extra hour at lunch, providing an early dismissal on a day of their choosing, or adding a few extra minutes to breaks every day for a week. If you can afford it, comp time is always appreciated and gives employees the break they need to recharge and come back re-motivated and ready to work.

3. Take 'em to Lunch

Recognize hard work by treating that special honoree to lunch. Find out their favorite eatery and order take-out, or go all out and have a sit-down nosh together.

4. Added Perks

Some incentives come at absolutely no cost to your bottom line, but can make a big difference to an employee. Reserve that prime parking space for them for a week -- or a month, if you're feeling generous. Ask one of the top managers or execs to stop by the employee's desk and offer a personal "thank you." Post a congrats message to Facebook or tweet it out -- with your employee's permission, of course.

5. Gifting

If you have a small slush fund available, purchase some small gifts from nearby businesses. What employee wouldn't love being surprised with a free car wash, movie passes, or a gift card to Starbucks?

Whichever low-budget option you choose, be sure to tailor it to each individual employee. After all, thanking your workers in cookie-cutter style doesn't exactly scream, "You're special! I value you as an individual!" With a bit of forethought and planning, you can give morale -- and productivity -- a boost.

Tuesday, February 18, 2014

Making Business Sweet: The Benefits of Delayed Gratification

 
 

Imagine taking several children, one at a time, into a room, where you've placed a tantalizing marshmallow on a table. You tell the children that if they can resist eating the delicious sweet sitting in front of them while you step out of the room for a few minutes, they can have two when you return. If the child can't wait, they can eat the first marshmallow whenever they want, but they won't get the second marshmallow when you return.

That's exactly the experiment researchers at Stanford performed in the late 1960s. The footage they obtained of the children was quite fascinating. Some children looked away from the treat in front of them, while others tried to distract themselves by kicking the table or fiddling with their hair. Some of the children poked or stroked the marshmallow.

Years later, the researchers were able to make the connection that the children most capable of delaying gratification were the ones who were also more likely to succeed in school, resist other temptations in life (such as drugs or excessive alcohol), and avoid having behavioral problems. Clearly, the ability to delay gratification is significantly linked to personal success.

Adults and delayed gratification

Hopefully, most adults can be left alone with a marshmallow and avoid eating it when the situation calls for it, but that doesn't mean most adults have mastered self control and delayed gratification. It's always tempting to accept immediate pleasure or reward rather than wait for something more important down the line. We all have different areas where we know we would struggle to resist temptation. Just like the children in this experiment, however, we need to keep in mind the larger picture and see the good that can come from waiting.

What marshmallows have to do with business success

Business is all about being able to see the big picture. For companies to be successful, they have to be able to look beyond the current options and see where they want to go in the future. Sometimes, achieving these long-term goals means being able to pass over smaller rewards and delay gratification for the greater good.

For example, some companies may find themselves tempted to maintain their traditional marketing techniques rather than branching out into social media and inbound marketing. Sure, the company may continue to find occasional new customers, but that's the small reward. The fact is the Internet is now critical for reaching an ever-growing portion of the consumer base. While entering the world of Internet marketing may require patience and extra work upfront, the reward companies receive from reaching their customers online can be enormous.

Children are not known for their patience, and an experiment first done in the 1960s has shown that many struggle with delayed gratification, even when the promised reward is sweet. While adults may have more self control than a child, we can still struggle sometimes to wait for potential opportunities to come to fruition.

When making business decisions, it's always important to determine goals and then keep your eyes on the prize. Opportunities abound for companies that exercise patience and work toward a larger reward. Don't settle for mediocrity. Instead, challenge yourself to think big and build the business of your dreams.

Friday, February 14, 2014

Protecting Reputations in the Limelight of Social Media

 
 

Thomas Paine once said, "Reputation is much easier kept than recovered." There are two groups who understand this better than anyone else: businesses and celebrities. Both groups spend a considerable amount of energy protecting their reputations and promoting the image they want to portray. And both groups have seen this task grow increasingly complicated thanks to the Internet and social media.

Celebrity Reputations
Quick, when you think about Angelina Jolie, what word comes to mind? Probably something like 'humanitarian.' What about Paris Hilton? Her reputation revolves largely around being a party girl. These celebrity reputations are not organically developed. They're carefully orchestrated by publicists and marketing teams, who help the celebrity determine what to say, when they should be seen in public, and what types of stories should be given to the media.

Hugh Grant's experience
Today, Hugh Grant has a carefully cultivated image as a British gentleman and has starred in a variety of romantic comedies. During the mid 1990s, however, the star faced a considerable amount of unfavorable press following his participation in some illegal activities. He managed to save his image, and his career, by giving candid interviews about his own stupidity and then going on to make a variety of hit movies. Now, most younger fans probably don't even remember that past.

How businesses can apply the same concept
As companies grow, some types of negative press are inevitable. It's impossible to make all customers happy 100 percent of the time. Sooner or later, a disgruntled customer will complain about prices, service, or something similar. The trick to successfully maintaining a positive reputation is to address the issue head-on.

Social media and the reputation
Social media has changed customer service. Now, when customers have something to complain about, they're not forced to call a special hotline. Instead, all they need to do is take to the company social media page or blog. They can rip the company to shreds and make their dissatisfaction known for all the world to see. The customer now has much more control over the reputation of a company.

Consider how Hugh Grant planned his comeback. His team worked to help him plan his interviews and create popular movies. He worked past the problem by addressing it bluntly and then looking toward the future. That's also how companies must work.

Celebrities carefully construct their reputations by guarding everything that goes online, similar to how a company guards their own brand and what is posted online. When problems arise, however, they must be addressed, not glossed over. Once the celebrity or company has addressed the problem, they must then focus on providing quality in the future to give people something else to talk about.

For example, if a customer has written a blog post about a genuine grievance, reach out to them to see how the matter can be corrected. If customers post remarks on social media pages, show genuine concern that the customer had such a negative experience and try to make it right. Correct misunderstandings whenever they arise.

Customer service now takes place in the public sphere, and new clients will know if the company doesn't care about past customers. At the same time, once a company has made genuine attempts at restitution, they must focus on providing quality for the future.

Protecting a reputation can be a difficult task in the age of social media, but it's essential if you hope to survive. It involves carefully engaging the public while producing quality services or products that people can appreciate.

Wednesday, January 8, 2014

Does Your Advertising Have a Goal?

 
 

You know all about the importance of setting personal and business goals, but what about setting goals for your advertising? Such goals are also important to the success of your sales and marketing efforts.

The three traditional goals of advertising are to inform, persuade, and remind. However, you should add one more goal to that list, especially if you run a small or medium-sized business. That goal is to break even on the cost of running your ad. If the ad makes money immediately, that's a bonus.

Why just break even?

Your strategy should be to create an ongoing relationship, not just a one-time transaction. You want to build a base -- a growing list of customers who come back to buy over and over again. Long-term growth and stability are the keys, not just one-time, short-term gains.
"The man who stops advertising to save money is like the man who stops the clock to save time." - Henry Ford

Advertising your business is important. Advertising your business on a consistent basis is even more important. Your business has to get noticed. It needs traffic, and that traffic needs to buy.

Instead of thinking about advertising your business as an expense, think about it as an investment. It's an investment with the goal of breaking even quickly while generating ROI for years to come.

Here are eight reasons you need to advertise consistently with a purpose and goal in mind.
  1. Get Noticed -- At any given time and in any market, only 2 to 4% of consumers are ready to buy what you sell. It's nearly impossible to predict when this group is going to actually make the purchase. They'll buy from the company that comes to the top of their mind when they're ready. The company that's most consistent in being seen and getting noticed will win the business most of the time.

  2. Remind Them -- People tend to forget quickly. Busy lives and long to-do lists can make anyone forget about your business. Just because you sent one postcard doesn't mean a prospect will remember your business when it's time to buy. In the advertising race, the tortoise beats the hare.

  3. Your Competition -- Your competitors won't quit advertising anytime soon. You shouldn't either.

  4. Shifting Quicksand -- Your market is constantly changing. You have to be nimble and adjust with it. Change up your ad copy and design. Test it, measure it, and tweak your ads until you achieve your desired return on investment.

  5. Momentum -- Advertising consistently not only informs your audience that you mean business but also serves notice to your competitors that you're in it for the long haul. Advertising boosts the morale of your own staff as well, signaling the vitality of your brand.

  6. Current Customers -- You know your competitors are nipping at your heels, trying to steal away your customers. Don't take your current customers for granted in your ad campaigns. Remind them on a regular basis the unique value you bring to the table and deliver for them. Don't assume they know already.

  7. Past Customers -- One of the fastest ways to boost sales is to reactivate past clients. Most customers leave a business because they feel unwanted and neglected. Tell them you're sorry and that you want them back. Give them an incentive to come back again. Many will come back. This time, don't neglect them. Communicate regularly and tell them that you appreciate their business. Advertising is not just for boosting sales; it also works for retaining customers. It's much cheaper to retain a customer than to find a new one. Advertising to current and past customers is an investment that makes lots of cents!

  8. Competitive Advantage -- Nothing helps you maintain a lead over your competitors like consistent advertising. Whether you're there now or you'll get there soon, once you have the lead, keep the foot on the pedal, so the competition has little chance of catching up.

You must have both strategic and monetary goals in mind when advertising your business. When done with a purpose and vision, your ad campaigns will produce real ROI and real customers who will pay you back for years to come. To start and build momentum, advertise consistently. You'll end up creating your own economy.