Make The Right Adjustments

Make The Right Adjustments

“We gotta do something”

That’s been the theme for 2022 from many business people.

So they prepare to Make Adjustments.

Making Adjustments is neither good or bad.  Actually it is something that all of us are doing all the time.

The question that often comes up is “What adjustments are we going to do?”

I urge you to stop for a moment and take a few deep breaths before making any decisions.

As hard as it is, now, more than ever, is time to remove emotions from your decision making process.

Emotions can be temporary, and decisions can have lasting consequences.

If you are running a business and you don’t have a strategic plan in place, it’s time to create one.

If you have a plan, but it was created before March 2020, it’s time to review it and see if it needs updated.

If the plan you created isn’t working right now, it’s time to see why and take a look at the whole picture.

For nearly 6 years I have served on the Board of Directors of Homebound Meals of Fort Wayne and I am in my final 6 months.  Besides myself, there is one other board member who has been there as long as me and his term expires early next year like mine.  The organization has been around since 1971 and during that time there have been dozens of board members, hundreds of volunteers, and thousands of recipients of the lunch time meal program.

Their mission has never changed.  The strategy and tactics used to fulfil the mission have certainly evolved over time including the last few years.  I am confident that the partnership between the board and Executive Director will keep the organization around for many more decades as people come and go.

Making the right adjustments is also something I have seen take place at the church my wife and I attend.  We’ve been members for nearly 20 years and have seen numerous changes take place in leadership as some Pastors retire or are called to other places to serve.  Besides the church, we also have a school and they have had people changes too over the past 77 years too.  This summer their Executive Director, Mark Lange stepped down to move forward with other areas he and his wife Sue are being called.

I bring up Mark’s name specifically because I’ve known him and his wife Sue since I was 13 years old and we went to the same high school.  Our church and school, Holy Cross Lutheran in Fort Wayne was going thru some transitions that many older churches have gone thru and that was simply changes in the make-up of the congregation that was part of what was going to have an impact on the finances of the church and school.

A few years ago, I was one of a dozen who were asked to serve on a task force to explore the future needs and future circumstances using demographic studies, internal surveys, and antidotal stories.  Mark showed me how each year we had a financial plan and each week he would release numbers that showed how our income compared to the plan. He also included the actual expenses which were the reality of what was spent and I learned in my conversations with Mark how we were making adjustments as the year progressed.  Besides having the initial plan or budget, we also had a plan on what adjustments to make as needed.

No matter what business you are in, there are a few things you need to always include in your plan:

  1. Products and Services to sell
  2. Have the People and Infrastructure to create those Products and Services
  3. Invitations to potential customers to buy your stuff and ongoing marketing to keep those customers.

Some of you have had to change the portfolio of products or services you sell.  I’m not talking about completely abandoning everything, I’m talking about making adjustments. Fast Food places that were short staffed ran drive-thru only and closed their dining rooms for awhile.  Some restaurants limited their menu to their best sellers.

I’ve also seen some of you expand and not shrink.  Two ways to do this have been to add more products to sell to your customers.  One company added a second business that went hand in hand with their primary business and it’s created more opportunities.

The other way to expand has been to raise prices.  Too many businesses have been afraid to pass along increases to their customers because they were afraid of losing customers.  But inflation is one of the biggest headlines of 2022 and you really need to pass along your additional costs to your customers.  They are expecting it.  No, they won’t like it, but they will understand, (most of them).  You will also lose some.  A few years ago I told one of my clients that she needed to raise her prices which she resisted at first for those same reasons. However this is the ideal time to do it.

Some of the adjustments you may be tempted to make is to cut your advertising.  To which I say, maybe.  However the answer is probably maybe not.

It really depends on your overall strategic plan, not just current circumstances.  While I sell advertising on WOWO Radio and lead a team of advertising sales pros, I’m also a marketing and advertising consultant.  I want what is best for you and your company now and for the future.  If we can help with using the advertising resources of WOWO radio and our online options… great.  But I don’t want you to buy advertising from us or anyone that isn’t in your best interest.

More on what happens when you cut advertising in a future article.  For now, I urge you to Make the Right Adjustments for the Right Reasons, based on a Strategic Plan, not emotion.  Need help?  Contact me.

More Than Price

More Than Price

Breaking the Tie

Being different is sometimes all that is needed to break the tie.

In a retail world that’s changing faster than the speed of sound, it continues to be more difficult to stand out among the crowd. Regardless if you own a retail store or you have a business in a service or professional category, it’s imperative that you have a clear and compelling reason for consumers to choose you over your competitors. 

At this very moment, people have a need or a want to buy the products or services you sell. Their next decision is the all-important one. Where will they choose to buy and why?

First, let’s be honest.  For a certain percentage of people, price is all that matters, and you may or may not even be in the conversation.  But when price isn’t the only criteria, that’s when you have a shot.  Will it come down to a relationship, an emotional connection created from strong advertising, or a past experience, good or bad?

If you can’t compete on price, what platform or strategy can you compete on?

The key is getting people to know you and your business and know about your business BEFORE they need the products or services you sell.

Developing your tiebreaker, a consistent business strategy you can use to differentiate your business in your advertising and marketing, can be a challenging task but well worth the effort. 

Once you’ve clearly established your competitive difference (strategy), your challenge is to develop a unique and memorable way to consistently highlight that competitive tiebreaker.

If you would like help in creating your unique difference, click here to receive Ten Tiebreaking Strategies as thought-starters for this important exercise. If you would like additional help, contact me. 

What I just shared with you is from my Sound Advice Business and Marketing Tips newsletter that you can receive free in your email in-box nearly every Wednesday.  Just fill out the Sound Advice box below.

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Who Are You and What Do You Do?

Who Are You and What Do You Do?

Who Are You and What Do You Do?

Does your business name say what you do, or does it leave the public guessing?

In a perfect world, the name of a business clearly says what they do or sell…names like Valvoline Instant Oil Change or Lawn and Snow Company instantly “says” what the company does.

If your business name doesn’t say what you do, we’re not suggesting that you change the name, but, it’s not too late to develop and promote a slogan that can be every bit as strong for your identity as the name itself.

Strong slogans not only say “what you do” but more importantly describe “what” you want your business to be “known” for.

GEICO’S “Fifteen minutes could save you fifteen percent on your insurance” is a prime example of a slogan that tells the prospect “what” they want you to remember about them.  They will save you time and money!

For several years, I had an advertising partner that had a name that was confusing because it made them sound like they were an investment company, but they really were an alternative real estate company.  Problem was when the company was created, the name the used was geared to attracting people who wanted to invest in Real Estate, but when I got involved, they were looking for their end users, people who were buying or selling homes.  Our campaign worked because we used WOWO radio to tell listeners of our afternoon talk show, exactly what they did.  The message was out there every hour, 15 hours every week, between 3pm and 6pm.

If your business name says what you do but you don’t have a strong slogan, a good, strong advertising campaign can cure some of these ills. Today, there are simply too many names, too many competitors, and too much fragmentation for you to be remembered for your name alone.  On my radio station we have 7 or 8 heating and cooling companies.  You can’t just toss your name out there and hope that you get some of the business.  I work with 4 of them and each one has a different and distinct slogan and advertising campaign that reflects their unique selling points.

A strong slogan, used consistently over time, will differentiate you in your prospects’ minds and give you a competitive advantage.

Having strong Top of Mind Awareness (TOMA) is even more important in the age of electronic media. Studies suggest that 70% of people will click on the first business they are aware of or have a preference for, rather than clicking on the first name revealed at the top of the search engine page.

In the new electronic era, radio and internet are the perfect combination.  Having strong TOMA (Top of Mind Awareness) is always the best SEO (search engine optimization).

Click here to receive “7 Secrets of Successful Slogans” that will help you create better Top of Mind Awareness for your business.

You can also sign up for my weekly Sound ADvice email newsletter which contains tips and insights just like this. Fill in your info in the box below.

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The Wrong Way To Buy Advertising

I recently wrote a couple articles that gave you the specific price per ad on WOWO radio.

But I must warn you.

The wrong way to buy advertising is by price alone.

If you only use price, then odds are you are going to go with the lowest price.

And lowest price with nearly anything often is the lowest value.

I’m not saying price is unimportant, but it is all relative.

A better way to buy advertising is to start with the end in mind.  You need to know why you want to advertise before you decide how much to spend on advertising.

You need to know what success looks like.

Not just success, but Top Of The Mountain Success!

Also you need to know what medium level success is.

And break-even success.  Because the odds of success are against you.

The majority of businesses that were started in the past 5 years went belly up.

I’m talking post-recession too.

So if considering price only is the wrong way to buy advertising…

and…

you need to know what the different levels of success look like, (in black & white)…

What is the Right Way To Buy Advertising?

It involves creating a business plan that includes a Marketing Strategy Plan.

The word 'Strategy' highlighted in green with felt tip pen

This marketing strategy requires discovering who you want to invite to do business with you, what those people are looking for, who else they could buy from, why your business compared to those others and then what is the best advertising vehicles to use to invite those folks to you.

It’s not until the last step that price is a factor.

Want help?  Ask me.