Small Business Boomers » Darlene McDaniel

Your Competition – What Do You Know?

Darlene McDaniel — Tue, 15 May 2007 02:18:03 +0000

What’s up with your competition? Do you know who they are? What are their strengths? Where are their gaps or opportunities? What is their target market? Who are their customers? How can you tailor or market your products to compliment their identified target market?

Your competition are those companies who currently sell the same or similar products or services. It is important for you to know who you are competing with. The questions I ask in the introduction are just a few of the questions you should be asking yourself about your competition.

I wonder if Dave Thomas, Wendy’s founder, ever visited a McDonald’s or Burger King. I betcha he did. Do you remember how Dave Thomas got brand recognition in the mid 80’s? According to Wikipedia, “elderly actress Clara Peller receives a competitor’s burger with a massive bun (the competitor’s slogan was “Home of the Big Bun”). The small patty prompts the gruff Peller to angrily exclaim “Where’s the beef?” The humorous ad and Peller’s memorable character soon gave the catch-phrase a life of its own, and it was repeated in countless TV shows, films, magazines, and other media outlets.”

In order for Dave Thomas to differentiate his burger, he had to know what the other burgers looked like.

What does your competition’s burger look like? You need to invest some of your valuable time studying the competition. You need to know them well enough to leverage your product or service and draw the attention of their identified target market. Come up with a catchy ad campaign and get those customers.
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On a personal note:

Tonight is my last post for Small Business Boomers. Jim Norton is back at the helm and he will begin to post here. Please feel free to visit me at Tough Questions? Great Answers!. It has been my pleasure to guest write here at Small Business Boomer!

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Top 5 Writing Project – More Good Stuff

Darlene McDaniel — Sat, 12 May 2007 15:15:25 +0000

It is late morning and I am committed to recognizing 5 more blogs from the Problogger Writing Project this week. In the end there were 893 total submissions. The grand prize winner was Nancy R. Callahan for her entry Baby Names from Video Games. I

The Top 5 Blogs I found in my reading last night are:

1. Top 5 Things to Consider When Starting a Business

2. Top 5 Young Entrepreneur Projects

3. Top 5 Actions to Build An Online Business

4. Top 5 Ways to Become a Millionaire

5. Top 5 Questions – To Spark New Marketing Ideas

If you are interested in reading the entire list of 893 submissions, I have included the link here! Have fun!

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Marketing YOUrself – Finding Customers

Darlene McDaniel — Sat, 12 May 2007 14:45:56 +0000

How do you define a customer? In short, a customer is someone who is willing to pay for the products and services that you offer. If I were in the business of adding to this definition, I would say a customer is someone who is willing to pay for your products and services over and over. They are committed and loyal to what you are offering in the marketplace. But, that’s my definition.

How do you find customers? You must find prospects first. Who are you targeting? Have you done any market research? Who are potential buyers? If you don’t know the answer to that question – go do your homework!

How do you find customers? If you are still giving your products and services away you have not found customers. There are words for people who want what you have but are not willing to invest their money…, but that’s another post.

How do you find customers? Stop giving your products and services away. That is the first thing you must do. If you don’t believe what you have is valuable enough to charge for, than you are not trying to run a business – you have a charity. And that’s ok, but if you want to run a business, you must bite the bullet and give them your price.

On a personal note: I struggled with this for years. It was difficult for me to charge people for my time to coach them. Some of them couldn’t afford it and others could, but I was AFRAID to ask them for money, so I would give them my time. Not so today! I tell people up front that inquire of my services, there is a cost. I am happy to answer general questions, but if you want specifics, you get to pay. I don’t say it quite like that, but they get it. They understand before I leave or we change the conversation, that I am not free.

How do you find customers? Find the economic buyers in the organizations that you are targeting. Who writes the checks? Who decides what money is spent? If you go in to pitch your products and services to an organization and the economic buyer is not sitting at the table, you will either be disappointed because you will not leave with a “YES” or you will have to go back again and pitch it again. Find out who writes the checks. Get a commitment from your contact, that the decision maker will be in the presentation or you have wasted your time!

Keep in mind that finding your customers will take more than a minute. Be patient, be creative, be a risk-taker, be willing to answer one more question, be willing to here “no”, be willing to negotiate, be willing to do your homework. Be willing…. to do whatever it takes to find the customers for your products and services.

Post from: Small Business Boomers

Top 5 Writing Project – Good Stuff!

Darlene McDaniel — Fri, 11 May 2007 04:40:14 +0000

It is just after midnight east coast time and I have been reading the many Top 5 Blog submissions from Problogger’s Writing Project. Yesterday was Day 3 and I was determined to get my submission in. I challenge everyone of you to go and have a read. There are some interesting reads and there are some not so interesting reads, but it is definitely worth the adventure.

First I want to say to Darren, I love the idea. It was great to participate. I am exhausted from all that I read tonight and I have many more to read over the next few days.

Last night I stayed up until well after 1:00am est writing my submission to the writing project – Top 5 Reasons to Vote For Me As President -2008. Of course I think it is a great read, but I would love to know what you think!

The purpose of this late night post is to invite you to join in my reading project. I have included the Top 5 Links from the Top 5 Writing Project that I think would be appropriate for Business Owners. Enjoy. Please feel free to leave a comment for the blog and let me know what you think! I will share at least 2 or 3 more times over the course of the next few days! Enjoy!

1. Top Five Keys to Successful Persuasive Writing

2. How to Gain 5 Additional Hours a Week

3. Entrepreneurs Developing Web Sites Must Address These Top 5 Potential Pitfalls

4. Top 5 Must-Have Blog Monitoring Tools

5. Top 5 Ways of Increasing RSS Subscribers

I would like to see the subscribers of Small Business Boomers leave comments on any and all of the blogs I have recommended. If none of them are your Top 5, find 5 or more you do like and click the subscribe button and go meet some new people and learn some new things. Enjoy the read and I will be adding more of my favorites over the weekend. I will probably do a rollup of the ones I have selected and rank order them if that is possible!! See you tomorrow!

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Should You Conduct Market Research?

Darlene McDaniel — Fri, 11 May 2007 01:19:41 +0000

Should you conduct market research? In a word – YES! Your competition uses market research. Here are a few things to remember as you consider the value for your organization.

1. Garbage in/ garbage out – The information you gather from the market research results will only be as good as the information you choose to collect. If you choose to use surveys or sampling with your customers or prospective customers it will be very important that you ask the right questions. You should not have to guess about the results you are looking at in the end.

2. Interviews are very helpful. I have 3 recommendations if you choose to use interviews as a data collection source. a) Ask the right questions b)Make sure you have the right person doing the interview c) How you collect the information is critical. Record or video the interviews to ensure you are not relying on the interviewers memory.

3. Lastly, I would recommend that you measure the types of Market Research tools you will use. Each will net different data for you to review. Change up how you collect information to ensure that people are not completing information without giving you what
I call “valid data”. Valid data as defined by me is information that is current, and based off of their personal experience, not what they heard from someone else 3 years ago.

Methods You Can Use:

1. Online Surveys
2. Focus Groups
3. One on One Interviews
4. Telephone Interviews
5. Surveys
6. Taste Test
7. Product Samples w/Immediate Interviews

All of these methods can be conducted by you or a third party market research company.

Remember that the market reseach tools you choose to use will help to measure how strong your product or services are to your existing customers. They will also measure whether potential customers will choose to use you, your product or service.

Post from: Small Business Boomers

Marketing YOUrself – Business Marketing Strategy

Darlene McDaniel — Wed, 09 May 2007 01:52:13 +0000

On my blog, Tough Questions? Great Answers! I created a new term, sort of…. Anyway, the new term is Marketing YOUrself, which is read Marketing You Yourself. For some reason, I thought I would focus on marketing over the next few days here at Small Business Boomers. Whether you are marketing you, yourself or you are marketing your business, yourself, marketing is critical to the success of your business.

Marketing is sales, and yet it is more than sales. Marketing is also about creating a compelling strategy that literally pulls in consumers to buy. From my perspective it is your responsibility as a business owner/entrepreneur to ensure that your business has a strong marketing strategy.

What does that mean? First it means you need to have a strategy with a plan embedded, that has very clear goals and objectives that you will implement.

Donald Trump says, “You have to be able to pinpoint your market and if you don’t …. you won’t be successful.”

Your plan should help you pinpoint your market. Who is it you want to target with your product and services. Once you are VERY clear about that, implement the plan so that your target market knows who you are and the product and service you are offering.

What are your metrics to determine the success of your plan? And what do you do with the information you glean from your metrics? How you answer these questions along with the plan are the basis of your marketing strategy.

Post from: Small Business Boomers

When Should You Quit Your Day Job?

Darlene McDaniel — Tue, 08 May 2007 02:20:18 +0000

Many people think that when starting a business they need to spend endless and I mean endless hours just to make it go!! At some level that is true. I do believe that sweat equity is critical in the start-up of a business, but it doesn’t mean you should quit your day job.

When should you quit your day job? Well, I really don’t know, but you need to know. Only you can really answer that question. What seems right to me, may not seem right to you and vice versa.

Prior to quitting your day job, I would recommend that you know that you know that your business is generating revenue. In other words, you must be profitable and have sustainable profitability. Not just a flash in the pan. Are you making money? How much money do you have in the bank?

By definition small businesses are small. Remaining small is not a bad thing. Sometimes, less is truly better. I do believe that incremental growth is important, but if you grow too fast too soon, just like a teenager with a growth spurt, it could be painful.

San Andres Fault Line

Lastly, where are the “fault lines” in your business? “By definition a fault line is a crack in the earth’s crust resulting from the displacement of one side with respect to the other. A fault line in your business can result in your business going under and you going out of business before you truly get started. By my definition a fault line in your business is a weakness. It is very important to know where the weak spots are in your business prior to leaving a guaranteed income. If you have cash flow problems, employee problems, pricing problems, technology problems, conceptual problems, etc. It is VERY important that you work to strengthen those areas before you consider leaving your day job.

Post from: Small Business Boomers

Are You A Risk-Taker?

Darlene McDaniel — Sat, 05 May 2007 02:26:54 +0000

Are you a Risk-Taker? Or do you need a sure thing in order to start or grow your business? Risk-taking is a prerequisite for any entrepreneur. No matter how you slice it, there is never a guarantee with any business.

When I think about risk-taking I see Peter stepping out of the boat and walking on water. When I think of resistance to risk-taking I see a rut; a rut where many people are stuck. That rut represents your comfort zone.

Stepping out of the boat = RISK vs. Rut = Comfort Zone

Where do you live? I will not presume to know where Boomers live between walking on water and being stuck in the comfort zone. What I can say is you know where you live and you know where you need to live. So take some time and think about it. Do you need to step out of the boat?

Boomers are not necessarily willing to take as much risk in business as their younger contemporaries, Gen-Yers. According to an article written by Kristen Edelhauser called Gen-Yers vs. Boomers “About 72 percent of Gen-Y entrepreneurs say they like to take risk, though only 53 percent of Boomers could say the same.”

Obviously 47 percent are willing to take risk and that’s good. I wonder what would happen if the 53 percent of Boomers unwilling to take risk or leary of taking risk were to step out of the boat, what would happen in their business? Hmm…

Post from: Small Business Boomers

Win $10,000 For Your Business

Darlene McDaniel — Fri, 04 May 2007 01:16:46 +0000

I found a contest for 5 Small Business Owners for a Business Makeover. The contest is called The MSN Business Breakthrough Challenge, presented by Visa. The deadline for your entry is due September 30, 2007. Take a look at the summary I pulled from the Business Breakthrough site. Let me know if you plan to submit your business!

Take the Business Breakthrough Challenge

As a small business owner, you’re faced with tough challenges all the time. But how often do you tackle a challenge where you have the chance to win prizes that make your business more efficient? Now’s your chance with The Business Breakthrough Challenge, presented by Visa.

How do I enter and what can I win?

In 500 words or less, choose one of the five Business Breakthrough categories and tell us how you think your business could be more efficient in that area. One winner from each category will receive:

• An in-person, in-depth business evaluation from an expert in that specific field.


	• A prize package of solutions worth up to $10,000, customized specifically for your business based on the expert’s evaluation.

Categories

		Marketing


		Are you constantly thinking about the best and most economical ways to reach new customers? Or are you more focused on ideas that will make your current customers more loyal? If you answered “yes” to either question, a marketing challenge may be the way to go for your business.

		Technology


		You know there’s a whole world of technological possibilities to help make you more efficient. You fully intend to investigate them…just as soon as you find the time. Sound familiar? Let our technology expert come to the rescue.

		Finance


		You prefer focusing on your business, not day-to-day accounting tasks. The reality is, in your business you probably have to do a little of both. If you’re still paying vendors with checks, managing your accounts with sticky notes and a checkbook ledger, our finance expert may be able to help.

		Team Building


		A team-building expert can offer insights and solutions that may turn an already well-functioning, happy team into a finely tuned, customer service-driven, efficiency machine. Whether you have two employees or 30, if you think you could improve your business by bettering your team dynamic, this is the challenge for you.

		Organization


		A well-organized space can make all the difference in efficiency and productivity. But there’s more to organization than cosmetics. Sometimes processes need to be polished too. If either of these sounds familiar, you may want to consider the organization challenge.


	We also recommend familiarizing yourself with the Judging Criteria below before you begin composing your entry. Understanding each of the areas in which you’ll be evaluated may help you determine what to include in your entry.

Post from: Small Business Boomers

New Start-up – “StandoutJobs”

Darlene McDaniel — Fri, 04 May 2007 00:38:56 +0000

Given the years of experience and creativity, that Baby Boomers bring to whatever they choose to do, dare I suggest this unique approach taken by Standoutjobs.

StandoutJobs is a brand new business, just taking off and getting started and they have found a unique approach for finding a Ruby Guru. The use of a Video introduction of their new organization. What a interesting use of Technology Today. By sending this video link to prospective candidates, Benjamin Yoskovitz and his partners have an excellent opportunity to communicate to the global stage what they are looking for in this employee.

Check out their video presentation. What do you think? Can you find a way to use Technology Today - Video introductions as a tool for finding new employees? I look forward to hearing from you.

Post from: Small Business Boomers