Once you have measured your marketing, to understand what has worked for you; focused on who the perfect client is for you and developed a marketing plan, you have to deliver on that plan.

SME Needs will help you deliver the plan.  You are busy delivering on your client’s needs. We will help you deliver the marketing plan so you have the sales pipeline you are looking for. One that will help you build your business.

How Opportunity Costs impact your Marketing

No one likes the idea of wasting time or money, especially marketers. However, no matter the industry, everything you do comes at a cost. This is why it is crucial you weigh up the pros and cons of your marketing efforts and ensure they are helping you achieve your goals in the most efficient way possible. Opportunity costs aren’t something that can be avoided. Instead, you need to learn how you and your business can best navigate through it.

But first, what is opportunity cost?

Opportunity cost is the benefit or opportunity you sacrifice when you choose an alternative option. Understanding the value of the alternative is an incredibly useful skill to have. It means your decision making is precise and done in consideration for what other options were available.

To calculate something’s opportunity cost, you need to predict the return on investment of each alternative and compare it to the chosen option. If the cost is not a concrete figure, rather an opportunity, you will need to decide which you feel will be the bring the biggest benefit long term.

So how does this affect my marketing?

The concept of opportunity cost affects your marketing strategy more than you may think. The aim of a marketing campaign is to efficiently reach a certain group of people and direct them back to a product or service that they then purchase.

What tends to happen is a company’s marketing strategy will be working, so they do not question it. However, what they don’t realise is they could be doing even better had they gone a different route. For example, say you have a successful Facebook campaign in action and that’s where all of your marketing budget is going. This means you don’t have any budget for LinkedIn marketing which would have brought you double the amount of leads.

To avoid losing out on the opportunity cost of your marketing efforts, before committing to an avenue of marketing, explore all of the options. This means looking in detail at how each alternate could benefit you both short term and long term. From there you can decide which option best aligns with your company’s goals.

If you need help understanding and navigating the opportunity costs of your current marketing strategy, give us a call. We’d be happy to walk you through it.

Cost of marketing support vs. doing it yourself

When thinking about marketing and the costs involved, you have to think about the physical cost of it as well. You have two main options. You either hire marketing support or you do the marketing yourself. These are both great options and which is best will differ from company to company. So what is best for yours?

If you’re currently doing all of your own marketing, there are a few things you may want to take into consideration. Similar to what we discussed above, could your time be better spent elsewhere? Are there more profitable things you could be doing instead of doing your own marketing? If so and these things bring in more income than what it would cost to outsource your marketing, it’s probably a smart decision to consider making the swap. That way you can be confident that you’re delivering great marketing content while having more time to dedicate to other aspects of your business.

If you have any questions about outsourced marketing and whether it’s the right fit for your company, give us a call and we’ll help you with everything you need to know.

Excellent Customer Service generates more business

Customer service is a subject where we all have an opinion.  It is a subjective thing we people need, want and expect different levels of customer service.

However we think about it, I am pretty sure that we all agree that excellent customer service is a key factor in generating more business, either from current customers or from new ones.  I wanted to share an example of excellent service I received.

When I launched SME Needs I needed business cards to help me spread the word.  I spoke to the company who had always supplied them to me at my previous place and they admitted that they simply used someone else and I should go direct.  That company is Solopress.

I ordered my cards on the Wednesday and was told to expect them on Friday.  On Tuesday morning I received a phone call from Solopress asking about the cards and whether they met with my satisfaction.  Unfortunately I hadn’t actually received them at this point and so I wasn’t that happy.  They promised to investigate.

At this point, as you can imagine, I wasn’t overly impressed but it was the way they recovered that has led to me talk about them on a frequent basis.

I’m based in Croydon, South London and Solopress is in Southend, Essex. The business cards I’d ordered seemed to have been lost in transit but I needed them for a big networking event the next morning.

I got two phone calls early that afternoon.  The first saying they would deliver them to the networking event in St Pauls for 6.45am; the 2nd asking if they could deliver them, that night, to my house.  I had them in my hands by 10.00pm.  Three weeks later it seems that the transit company found them as I got another delivery.

I am now about to order more cards so what do I think about Solopress?  The initial delivery failure or the way they went well out of their way  to fix the problem?

The order went in yesterday.

The morale of the story – even if your initial effort isn’t as good as it should be, the way you deal with the problem will determine whether you keep the customer.  Great Customer Service will win you customers

 

Business and Football

Which type of football does your business look like?
What can businesses learn from football?

Each version of the beloved game has different rules, different playing periods, team sizes and injury levels/quantities.

The reason I use football here as a sporting metaphor is the varying stop and review periods:

Footballers have one real aim: to get the ball down the other end and into the goal/across the line more times than their opponents do. Small business owners aim to win customers more frequently than their competitors do. That way they grow their profits and meet their goals.

The use of rest periods in football as a business metaphor is to compare and contrast how often small business owners take time out from the business to look at what is going on; to work on the business instead of in the business.

Working in the business brings in the money as you deliver on each customer order. Working on the business ensures the company is heading in the right direction, is meeting its targets and everyone understands is what direction they should be pushing.

Within large businesses there are layers of management to be doing this type of work constantly; for smaller businesses this isn’t the case. There is rarely enough money to have somebody doing this, unless you consider that to be the sole purpose of the Managing Director. The problem is that even he, or she, often gets pulled in to the business; meeting customers, going to sales meetings, talking to the bank etc. So what do you do?

In my humble opinion, you monitor constantly and assess periodically. Monitoring constantly doesn’t mean looking over everyone shoulder every minute of the day. Football managers are lucky as they have the TV cameras to record everything and the statisticians to produce relevant statistics. Small business owners should identify what is important for them to assess and then ensure the necessary information is being recorded constantly.

What do I mean by this? Lets consider some examples:

  • If you are a manufacturing business, keep records of raw material costs, the time used in the manufacturing process and the rate at which stock is moving.
  • If you are a services business, record the time used to deliver on each project.
  • If you are a retailer, look at the footfall patterns, the stock levels and ensure the date codes are being watched.

Above all else, make sure you know where your sales opportunities are coming from, no matter what type of business you are.

If you look at your financial year as a football match, how often should you be assessing and communicating? Again, let’s look at the various versions of the beautiful game:

  • Mob football had few, if any, rules. I doubt there was a manager and the free for all meant that lots of people got hurt or simply buggered off because they didn’t know what was going on.
  • Sunday League teams will stand at the side of the pitch at half-time for a fag and an orange segment, listen to the manager for a couple of minutes and then slag each other for either not doing something or doing it badly.
  • Premiership teams will return to a private space (their dressing room) to receive, hopefully, constructive information about the performance and direction on how to improve in the 2nd half of the game.
  • Aussie Rules and American football break the game into quarters. This means there are more opportunities to assess and communicate so the players know what is going on and how it can be further improved (or fixed dependent upon the score at the time).

Which do you think is better for your business?

How often do you take time to assess the performance of the business and then communicate matters to your staff?

How often do you listen to them about what ideas they have that could improve the business and generate more profit?