The ONE Thing Business Owners Want And Need

by | Jul 28, 2016 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo

In my couple of decades of helping business owners with their advertising and marketing, when you boil it all down there is only one thing that business owners need and want.

What is that one thing?ddddd

Customers.

Yep, that’s it.  Customers, people who will reward them by spending money with them.

Why is this important?

Money.

Everyone needs money to pay for the basics in life.

And we need money to pay for the extras too.

Advertising and marketing needs to always be thought of in terms of the bottom line, but money is not the bottom line.

That sounds like a contradiction but hold on a moment.

I spend money every week at a local coffee shop that I’ve been visiting since my wife first introduced me to this place 16 years ago.  I might look like another $3 cup of coffee to some folks, but that’s only when you look at me as a simple money transaction. Some days I am a $10 food and drink guy.

But when you look at me as a customer, my value changes.  Using the same price points I just mentioned, I spend at this one coffee shop $50 bucks a month or more. That’s $600 a year. Make that $6000 over ten years.  My guess is I’ve given this one coffee shop $10,000 or more so far.

Plus the countless meetings I’ve had where I introduced others to this coffee shop and they spend money too.

It’s not just the money, because we can’t really count the exact dollars.  Those numbers are guesstimates based on what I saw when I checked my bank statement a few moments ago.

It’s the extra value I bring as a loyal customer that has brought others to become customers too and they pay for food and drinks too.

Customers are where it’s at.  No customers and you have no business.

The advertising and marketing efforts need to be appropriate for what you are needing to attract and retain customers and to help those customers tell others about you in a positive manner.

Instead of trying to figure out if you need to be on Instagram, Pinterest, HGTV, the local 11 o’clock newscast or advertising with Rush Limbaugh, take a step back and understand that you simply need customers.

It’s my job to help you weave your way through the multitude of marketing and advertising options.  Want help?  Let’s talk.

 

Is it Time To Raise Your Prices?

by | Feb 5, 2016 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo

Last month, I did a quick list of 17 Ways To Increase Your Business Profitability and today we’ll start a deep dive into these, one at a time on the next several Fridays.

You really need to raise your prices.

This graphic is from this article (click) that also has some great info on this subject

This graphic is from this article (click) that also has some great info on this subject

I have talked to way too many businesses that are afraid to charge more in 2016 than they did in 2015.

Problem is, they have been doing the same thing for years.  Not raising their prices.

Some have not changed their prices for 5 or 10 years.

Why?

First let’s look at why not.

You may think that you will lose customers if they notice that you are charging more for the same thing.

You might, but it’s not going to be significant,

You might think that inflation should be your guide on when it’s time to raise your price.

Problem is inflation numbers reported by our government do not accurately reflect the cost of running your business.  Some prices are lower (gasoline) some are higher, (you name it) and as a result, you’re fooling yourself.

I have a friend that was losing money by making certain service calls because they were not charging enough.  10 years ago, the price was right, but not now.

I made them promise to raise their prices, which they are doing this year, finally.

Want to increase your business sales by 10% this year?  Just raise your prices by 5% and you’ll automatically be half way there.

This works very effectively with companies that sell products and services to the same customers infrequently, like a heating and cooling contractor.  But it will also work with companies that offer value beyond being the cheapest, like one of my favorite local coffee shops.

Perhaps you need to be creative if you are going to raise your prices.  McDonald’s did this recently with a switch from their Dollar Menu to a 2 for 2 Menu.

Walmart which built their business dominance with the marketing slogan of Always Low Prices, changed to Save Money, Live Better. They charge more on some stuff, less on others but they are always raising their prices.

You really do need to raise your prices this year.

Healthy, Wealthy and Wise?

Healthy, Wealthy and Wise?

by | Dec 13, 2011 | Really? The Personal ScLoHo

Having recently celebrated my 52nd Birthday, I was talking again with my wife Kathy about our lives.

Kathy and I have a lot of opposites in our lives, I was an only child, she has 6 siblings.

She thinks we are polar opposites politically, I think we are closer than she realizes, but we have different views on how to solve some of the political based problems.

We share a love that overcomes the differences, (which make life less boring), and instead focus on our common bonds including our faith, our sense of humor and our support for each other.

So as far as Wise… Wisdom comes with age only if we keep learning.  Curiosity combined with access to the web can make anyone as wise as they want.

Wealthy?  That’s all a matter of perspective.  I work in the world of marketing and advertising.  My primary responsibility is to sell stuff and get paid to do so. I am in a profession that I can always find work.  I walked away from my last job this year after 8 years to move into the web world. While there has been a bit of a learning curve, which I expected, I am never afraid of being unemployed.  And that is significant in this age we live in.

Kathy also has the opportunity to never be unemployed with her experience and credentials in health care, plus she launched her Life Coaching business a few years ago.  Will we be wealthy?  Not compared to some, but we’re not comparing ourselves to the mega-rich.

Health.  This is a subject that each of us need to take personal responsibility for. You can’t really say, “I’m not as fat as ______”, and ignore your own health.

Ignorace is not bliss.

I know that my family has had a history of early deaths and some have lived long lives.

On my Mom’s side, she passed away in 2001 at the age of 68 from a heart attack.  We discovered afterwards that she had heart disease. Her Mom also died from disease, cancer.

On my Dad’s side, both of his parents passed away before I was born and he died at age 67 from cancer.

But an early death, (before age 70) is not inevitable. I have an Uncle Bill on my Mom’s side who is now around 80. My Dad’s oldest brother Uncle Dean and my Aunt Jean are still going strong.  I’m not sure their exact ages, but I’m guessing they will live to be in their 90’s.

So, I’m not exactly sure which steps I will be taking to improve my health, but eating habits is one I will be taking a close look at and making adjustments.

After all, if you’re not Healthy, all the “Wealthy and Wise” is wasted.

(The featured picture today is my first wedding, when I was 6 and a ring bearer along with my cousin Susie as the flower girl at a family wedding.)