​Smartly Selling Your Business, An Interview with Eric Gilboord by Richard Dri

In this podcast I was interviewed by Richard Dri a Portfolio Manager and founder of Dri Financial Group at Scotia Wealth Management

Introduction by Richard Dri
Eric is the founder and CEO of Warren Business Development Centre, which assists business owners in maximizing how much their companies are worth, while finding the right people to purchase them. One of the bigger challenges Eric faces in his line of work is that many of his clients are older and often begin the selling process late and without proper preparation, with quite a few owners realizing they’re not yet ready to sell.

In this episode, Eric discusses how working in marketing taught him the ins and outs of how to value and sell businesses, explains why he talks about “transitioning” rather than retirement with his clients and imparts why it’s okay to make mistakes. 

Podcast Highlights:
Eric came to understand how business owners think by working with them for two decades as part of the marketing company he founded.

With WarrenBDC, Eric helps his clients understand the wide variety of options they have for their business when it comes to transitioning (i.e. retiring).

One of the first pieces of advice he gives his clients is to focus on the relatively small percentage of products or services that actually make up the bulk of their business, so as to not overwhelm them.

WarrenBDC typically doesn’t need to hire its own accountants and tax experts as the businesses they work with almost always already have them.

Eric’s firm charges its clients a relatively low fee up front because they have such confidence in their services that they can rely on the success fee.

WarrenBDC finds the most success working with older clients in the “widget” industry—those making practical products or tools that most people don’t even think about.

Eric prefers to use the term “transition” instead of “retire” when speaking to his clients because while they might be averse to the latter, most do recognize that as they get older their relationship with their company will change in terms of how many responsibilities they take on.

He advises entrepreneurs to be realistic about their business environment, make plans for the future, and accept that at some point you will make a bad call or poor decision.

Eric has a financial advisor, through whom he purchases funds. Eric also purchases and invests in private companies.

The most important money lesson Eric has learned is that the value a service or task provides is more important than how long the service or task took.

Quotes:
“20% of your customers do 80% of the business.”

“To us, it’s less about finding a buyer for a seller, and it’s more about putting the right buyer and the right seller together.”

“At the end of the day if you’re helping a lot of people to improve their lives, that’s a pretty good thing to be doing.”

“If you’re at the top of your game and the business is doing really well, it’s a good time to consider getting out.”

“A business is only worth what someone is willing to pay for it.”

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

​Tom and Joe are brothers who grew up working in the family business. Tom is conservative and, in his own words, not very creative. He chose to stay with the older, established company and continue in his parents’ footsteps, running the business as his father did for the past forty years.

He had no desire to change anything and felt that if he continued to run the company the way his parents did, he would have a nice lifestyle and hopefully be able to pass the business on to his children. Tom was not a marketing-oriented businessman. 

Every year, he followed the same marketing program, conducted seasonal sales, developed the same brochure (substituting a few new products), and worked with the same sales reps his father had employed for many years. Tom felt that if you built a good product, the customers would find you.

Joe, on the other hand, knew that there was more they could do with the business. He wasn’t sure what needed to be done, but he realized that marketing would play a large part in the future success of their business. Joe spent a lot of time out on the road, talking to customers, finding out what competitors were up to, and looking for new opportunities.

Joe often returned from sales trips and trade shows brimming with ideas. He told Tom that they needed to expand their marketing efforts to include new media and a social media program. But Tom insisted that they were doing enough marketing and had no reason to change. Sometimes when a business has been successful, the thought of new activities seems to be an unnecessary expense.

Unfortunately a business owner can wait too long, until the market requirements and competitors catch up to them and it’s then too late.

As time passed, the conflict with Tom became unbearable for Joe. He recognized the opportunities for the family business but knew that his brother would not change. Joe decided to start his own business. He knew that marketing was more than a brochure and the occasional sale. Over the years, he had learned that there are two key components to marketing:

1. Creating and using the various tools available.

2. Managing the marketing program from original strategy and design to the finished marketing materials.

Joe planned to stay in the same kind of business as his family. His first major commitment was to ensure that his business would be marketing oriented. 

He researched opportunities, became familiar with new marketing techniques, and established a long-term relationship with a marketing professional, who helped guide him and establish a team of suppliers to cover traditional, new media and social media marketing. Joe's strategy included using the best of the established methods and continually testing new marketing methods. 

Eventually, Tom’s business stagnated, sales barely kept up with expenses, and profits became a thing of the past. While Tom was suffering, Joe became more successful than even he had dreamed he could be.

Joe hired a marketing consultant. Together, they developed a solid sales and marketing strategy, embraced new technology by establishing a strong database, and conducted ongoing focused communication with staff, suppliers, customers, and prospects. They developed and updated sales tools on an ongoing basis to keep their sales force and customer service staff equipped with the latest in marketing weapons.

In time, Joe absorbed the family business into his own. Tom stayed on but acquired a new appreciation for marketing. Joe continued to manage the marketing efforts and his company grew large enough to create their own internal marketing team. Joe creates the company vision and the entire company carries out that vision.

These cases demonstrate how marketing plays a key role in the success of any small business. Ignoring the advantages that a structured, well thought-out marketing program offers could put your business in jeopardy. Make use of experts, try to benefit from their years of experience and keep up with the newest techniques.

​“Success or failure doesn’t randomly happen to you. You have a large say in when and how much.” EG

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

A sign in the window of a convenience store boldly stated ‘‘No Change.’’ The store had been inundated with people seeking change for the subway or for parking, and the owners felt that it was better to keep them out of their store.

By posting the sign, the owners were effectively driving away new business. If they had taken a more positive approach, they would have seen a great marketing opportunity, not a problem. If the people seeking change were viewed not as a nuisance but as potential customers, a completely different strategy could have been employed to bring in new business.

What the owners could have done was equip themselves with a supply of change and posted a large sign reading ‘‘Change Available.’’ It is likely that many of the people who initially came into the store looking for change could have become regular customers over time.

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

Lists like this one are usually made up of financial reasons for the failure of a small business. Unfortunately there are also many sales and marketing reasons. Fortunately, there is a positive step that can be taken for each one that will greatly increase your chances for success.

“These actionable tips are the responsibility of everyone who works with you. Make sure they know and understand them.” EG

​1. Face Your Weaknesses. Failure to face up to your weaknesses and a lack of effort to take advantage of your strengths can keep your business in a no-growth mode. Take two pieces of paper and list your company’s strengths on one page and its weaknesses on the other. Note the ways you can make your staff, customers, prospects, and other business associates aware of each of your strengths. On the page of weaknesses, identify steps to correct each problem. Discuss the points with your staff and develop a schedule to address them. No, it’s not really as bad as you think.
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2. Take Action. Talking about the great marketing program you have been developing and following through with it are two very different actions. Implementing the program is the key to marketing success. Plan all you want, but be prepared to act on all the steps you have identified. Don’t be surprised to discover that there are some steps you hadn’t initially considered.

3. Accountability And Responsibility. Understand the difference between accountability and responsibility. Make sure your staff and suppliers recognize that by accepting responsibility, they are accountable to you and to the rest of the company. It is now their job to get the assignment completed.

4. Don’t Play At Business. Don’t play at being in business. It is not a hobby or a pastime. Think about the message you are sending to your staff, suppliers, and customers. A genuine commitment to the customer and to the success of the business will get you through difficult times. It will also pave the way for much more success in the future.
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5. Avoid Ad Hoc Marketing. Struggling from one idea to another without thinking your complete marketing story through will typically end in one failure after another. Prepare a program for the year or at least for a complete season. Build on previous efforts to ensure continuity.

6. Seek Employee Buy In. When your staff does not support your marketing program, you are usually destined for failure. Get them involved early in the planning process and incorporate
their ideas.

7. Appreciate Every Customer. A complete disregard for customers is a sure sign that a business is failing. There is nothing more irritating than walking into a business or past a booth at a trade or consumer show and discovering that the person behind the counter is having a personal telephone conversation or reading the paper. Immediately, you are made to feel like you are interrupting. Customers should be welcomed into your business and greeted with your full attention.

8. Spot Trends. Recognize trends, changes, marketing mistakes, etc. A new trend that is different from your product or service is a terrific opportunity to present something new to your customers. New ideas also refresh your staff.

9. No Egos. If you suffer from the ‘‘not invented here’’ syndrome,fix it right away. Great ideas can come from anywhere and fromanyone. Limiting yourself to ideas created only at your company is viewing life through a very narrow lens. Seeking outside assistance and not listening to it is equally dangerous.

10. You Don’t Know It All. The assumption that all of your ideas are right just because they were ‘‘invented here’’ is also dangerous. You may know your business better than anyone else but you don’t know everything. Seek outside help.

11. Control Sales Staff. Lack of control over sales staff will result in missed opportunities and wasted hours. If your sales reps have little direction or support, they could be selling to whomever they choose. Often, they spend much of their time with existing customers and miss large new opportunities. Develop specific sales plans with your reps and review them regularly.

12. Create Tools. If you don’t create proper sales and marketing tools for your staff, you will make their jobs much more difficult. Arm them with well-thought-out selling tools and train them to use the tools effectively.

13. Keep Tools Impressive. If the sales tools you have are unimpressive, out of date, poorly conceived, or lack strategy or focus, they are damaging to sales opportunities. Work with your staff to prepare useful selling tools. 

14. Prepare A Realistic Budget. Don’t force your marketing group to live with a low or non existent budget. Be realistic about your expectations and provide appropriate funding to increase your chances for success.

15. Don’t Try To Spend Your Way To Success. On the other hand, if you spend too much money on marketing, you may not get value for your investment. Carelessly spending dollars on marketing does not always guarantee sales. You may need to rethink the media and promotional offers that currently make up your marketing program. Introduce a social media program that starts with a real strategy and has the manpower to execute it over a sustained timeframe. At least 2 years and if possible forever.

16. Promote Your Website, Content and Social Media Pages In
Traditional Media And Within Each Other. An important lesson recently learned by many participants in the internet is the need to go outside of it to traditional media. Aside from producing a well thought-out website, content and social media presence, the key to success on the net is to let your target group know where your site, articles and social media pages are located. Add your web address and social media pages to all of your communication materials: business cards, letterhead, invoices, flyers, packaging, and cross promoting between all your social media etc.

17. Answer The Telephone Properly. The habit of not answering the telephone properly or having an uninformed person answering it for you can be damaging. Customers and prospects become frustrated when they can’t get answers to their questions. Train your staff well and equip them with the most up-to-date information. If they shouldn’t be answering the telephone, don’t let them.
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18. Don’t Lose Orders. They are so hard to get these days how can you even think about losing them. The problems of lost orders or orders not completed on time can be easy to resolve. Create a step-by-step fulfilment process with checking systems to make sure that an order is controlled from beginning to end.

19. Promote Yourself. Some business owners believe that the product or service they offer should be as irresistible to others as it is to them and that customers should just come to them without promotion. Not promoting yourself will only serve to keep your business a secret.

20. Encourage Others To Promote You. It is just as important to encourage others to promote you. If someone else has a clear understanding of what your company does and who your target group is, they can help to promote you. Develop a brief statement that identifies who you are, what you do, who you do it for, and why you are different from competitors. Make sure that anyone who may be representing your company to prospects understands this message.

21. Face Negative Word of Mouth Head-On. Negative word of mouth statements can have a devastating impact on your sales, far beyond one or two unhappy customers. Solve the problem quickly and win customers back. Those customers will be your best salespeople. The internet can make this a huge problem.

22. Use Resources Around You. The failure to use readily available resources can lead to wasted opportunities. Seek out mentors government self-help offices, associations, consultants, internet sites, and libraries. Talk to customers and suppliers and study your competitors.

23. Be Better Than Competitors. Don’t just try to be as good as the competition, be better than them, offer something different, provide better service, etc.

Whether you're a start-up or an established business. Sales and Marketing goes well beyond sales calls, social media, advertising, websites and brochures. Owners need to understand the short and long term benefits of the intangibles required to grow their business.

8 Keys to Growing Your Business Now and in the Future 

1. Customers' Needs. A clear understanding of your customers' needs and a strong commitment to satisfy them should be at the heart of your marketing program. You do not have a business without customers. The survival and growth of your business will come from providing great customer service. Happy customers will be loyal and bring you new customers.

2. Competition. Many businesses are aware of their competitors but do not possess intimate knowledge of them. If you know what things they are doing right and what things they may be doing wrong, you can learn from their experiences and apply the good to your organization and avoid the bad. Understanding your competitors will often give you the opportunity to anticipate how they may respond to your tactics. You can then anticipate their marketing activities and be prepared.

3. True Value Of An Opportunity. Look under the surface. Not every opportunity is as it may seem. You need a strategy to assess new opportunities and to allow yourself the choice to walk away from what could be a damaging experience to your company. If it looks too good to be true, it probably is.

4. Times Are Changing. This is a time of rapid and constant change. Traditional ways of thinking will either produce traditional results or prove to be fatal in this non-traditional business climate.

5. Get Progressive. Think about your marketing in an aggressive manner. Break away from the old reliable ways and begin new traditions. If you apply new thinking to new problems and new opportunities, you will see new results. New traditions will have much shorter life spans and will be quickly replaced by more new ideas. Thinking about your business is much like hitting a moving target.

6. Know What You Don't Know. The awareness that there are many things you do not know is also important to the constant updating of information on customers, competitors, and the industry you are in. A wise business owner knows what he or she doesn't know, employs a strategy, and finds the answers.

7. Develop New Business. Business owners would like to believe that customers will just come to them, but this is not the reality. New business development is just as important to a marketing program as satisfying existing customers. If you wish to grow your business or even to keep it at a certain level (customers can leave for various reasons and you often do not have control over their decisions), you will need new customers. You will require a formal, well-thought-out new business development strategy.

8. Customer Contact. In order to meet the sometimes enormous challenge of monitoring and interacting with large numbers of customers and new prospects, you will need a contact management strategy. How you keep in touch with customers and the ease with which you or your staff are able to reach them will dramatically affect the level of customer service you can offer.

"Demonstrate, you know your business and a clear understanding of their needs." A2E

#sellmybusiness #growmybusiness

Featuring Eric Gilboord

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Video Transcript

1. Look For Trade Shows To Exhibit At Or Just Attend.  Sometimes, walking through a show and searching for distributors or customers can be just as beneficial as exhibiting at it. Meeting with customers at the shows can be an opportunity to spend quality time with them out of the office. This is also a great opportunity to research your industry, identify new innovations or coming trends.

2. Plan A Sales Meeting(s) With Your Agents And Sales Reps.  Hold the meetings at the show.  They will likely be attending the same events as you. A sales meeting is a cost-effective method for keeping in touch with and educating your associates on the many new activities and opportunities you have planned for them.

3. Develop An Internal Incentive Program.  Make the prize a trip to the show. If the all the reps go to the show anyway then offer something special for the winners to be enjoyed in the city where the show is being held. New employees can also use these events to accelerate their learning curve.

4. Coordinate Special Offers.  Coordinate offers for your distributors to promote your products or services to their customers. Or offer specials to your customers if you sell direct to end users.

5. Identify Publications To Advertise In.  Contact both print and online vehicles to find out about special promotional issues and their editorial calendars. You could tie your advertisement in with a special issue that is focused on a specific topic. Ask if you can contribute an article or be the subject of an interview.

6. Plan Your Advertising.  Give customers sufficient time to collect information from you and your competitors before making their final decisions. Incorporate seasonality of sales and be aware of customer sales cycles. Be clear on closing times for booking space and providing advertising material.

7. Announce Publicity Opportunities.  Include new product launches and events of interest to industry publications and their readers.

8. List All Seasonal Sales Events.  Use them selectively to package promotional offers.  Seasonal themes can work in many industries.

9. Coordinate Multiple Activities.  News about store and office openings, expansions, new product or services and booth information can be tied into your other marketing efforts. Add a tag line about a sale or show and booth number to an ad or a flyer; it’s a cost-effective method for increasing their success.

10. Plan And Execute Direct Marketing Programs.  Planning enables you to boost sales, increase show booth or store attendance and to make customers aware of special offers. Savings can be enjoyed by purchasing materials for multiple shows or sales at one time. Instead of running around the day before each event. Don’t even think about denying it!

11. Attend Seminars And Workshops Throughout The Season.  Plan for them in advance.  If you don’t plan to attend these events, you probably will not have time for them when they come up.

12. Assess Results Of Your Efforts.  Identify a specific time to learn from your mistakes and make sure that you continue to take advantage of your successes.

Featuring Eric Gilboord

For best picture click HD on.

Video Transcript
Here are a few pointers to guide you through the initial anxiety-filled period when most new entrepreneurs are in a mental and physical transition prior to, and for a while after, the actual move. Emotions tend to be higher, and your mind is somewhat distracted by changes you are going through and the many new issues needing your attention.

1. Talk to other entrepreneurs about leaping from a job to being your own boss. You are not the first person to make this move. Others have gone before you and are usually willing to share their experiences. Lessons can be learned and costly mistakes avoided.

2. Get a basic understanding of marketing to help reduce the sense of fear, anxiety and overwhelm that occurs when you enter an area of unfamiliarity. Read books on marketing and take marketing courses. Become familiar with marketing terminology and activities.

3. Take advantage of up front time before you leap.  Start the thinking process early, before you jump. Waiting until you leave to start your planning can be too late. Do as much advance work as possible. Research your target group, competition, the potential of your idea, and the services you'll offer. Start the marketing process by working to determine who you are and what you are selling.

4. Ask yourself if your expectations are realistic? Discuss these issues with your family and get their agreement. A reasonable initial financial goal should be to at least replace your current income. Be prepared as this goal may take longer to reach than expected.

5. Consider approaching your present employer and offer your services on a contract basis. They could be your first customer, serving as a stepping stone until you develop a larger customer base.

6.  Go out and see prospects. Be objective, honest, realistic, about what you can do, who you are, don't over promise. I recommend making your early mistakes with smaller less important potential customers.  Don't take it personally if you are rejected. They may be reacting to the way you have presented your company or they may genuinely not have a need for your services. Either way there is valuable learning to be had.

7. Qualify leads carefully, hear what a prospect is saying not what you want them to say and be very realistic about their intentions. Many promising businesses have failed in infancy because a new entrepreneur thought a positive response to their idea meant money in the 


Here's 7 more.

8.  Join up with other small businesses who complement your products or services. They could provide much needed leads and act as part of your support system.

9.  Look for a mentor or group of advisors to provide guidance. Preferably those familiar with the business you are entering. They may have been there before you and hopefully can help to avoid some of the pitfalls of running your own business.

10. If you are planning on a career change try working for a company in the same business you are entering learning what and what not to do.

11. Make sure your voicemail is businesslike and professional before you leave the job, while going through the initial research stages. It is not necessary to use a company name, but leave a professional message and don't have the kids answering the telephone. Train them early, when to answer and what to say or get an extra telephone line for your computer (internet/fax) and business voicemail.

12. Purchase computer equipment early and learn to use it. You don't want to be scrambling at the last minute learning new software when you're trying to produce a letter or proposal.

13. Prepare marketing tools with the understanding that you will likely need to revise them as you go. Get business cards and letterhead produced in small quantities. Do not produce homemade cards. The negative message you are sending out is a lack of commitment to the idea you are attempting to base a business on.

14. Have fun but don't let the new business venture consume your life. Make time for family and friends. You will be amazed at how much more energy and clarity you will have if a balance is maintained.

Featuring Eric Gilboord

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Video Transcript

1. Build Traffic At Point Of Sale. This could be at your store or office or a trade/consumer show.

2. Promote Trial Use of Products During Launch Phase. If you have a new product or service, you will need to create some excitement and to generate special interest in it.

3. Counter Competitors' Tactics. Your competitor just started a new advertising campaign and customers are drawn to their special offer. You need to fight back and regain the attention of your customers.

4. Level Seasonal Sales Peaks and Valleys. Sales may seem to be on a roller coaster ride sometimes and you need to have more control over cash flow and inventory management.

5. Control Overstock Situations. The brand-new widget you imported is turning out to be a dud and you can't afford to carry it indefinitely. It's time for a blowout sale.

6. Gain Leverage And Stretch Your Advertising Budget. Use cooperative programs with other marketers whose products or services are complementary to your own (e.g., software and computers, swimming pools and water treatment supplies).

7. Complement Your Regular Advertising Program. Promotions add a new dimension as part of a multi-disciplined strategy.

8. Develop Your Customer And Prospect Databases. Not every business requires customers to supply contact information. A quick way to gather names of existing customers and prospects is to run a promotion and get them to fill out a ballot online or in person.

Looking At Your Customers, Through An Angel Investors’ Eyes
by Eric Gilboord

Angel Investors often invest money and time. As a business owner you’re investing your time, resources and money in acquiring or keeping customers. The wrong customer can be costly and disruptive to your company. Your customer base is like an investors’ portfolio. Smart Angels review their investments to adjust for performance and economic changes. Wise business owners do the same with their customer base.

Typically 20% of the customers contribute 80% of your income. An experienced Angel may invest in 10 companies hoping to score a hit with one or two. It may be time to review your customer list and fire the bottom 10% as an investor might do while cutting their losing investments. Then focus your resources on finding better customers with larger opportunities. Or simply spend more time on some of the good customers you already have.

Finding good customers and keeping them is hard enough without spending a disproportionate amount of your time and resources on generating more new ones. Before you accept a new customer, consider using the indicators below to determine whether or not they are a good fit for your company. Various criteria may be utilized. Here are 7 to get you started.

7 Things to Consider About Current or New Customers

1. Do they have the ability to pay for your services? 
2. Have they used a service like yours before and was it successful? What went wrong?
3. Are their sales up or down? Do you want to be part of a winning or losing situation? 
4. Are their employees happy or biding their time waiting for the doors to close?
5. What is their reputation with customers and competitors? Are they forward thinking or out of pace with their industry?
6. Do they have a plan to grow? This includes Business, Sales and Marketing plans. 
7. Do they have complete management and worker teams or are there holes? Is that trouble or an opportunity for you as a supplier?

4 Minute Video with Eric Gilboord

1. Know What You Want. Know what information you are looking for. Much of what you are seeking is readily available. Talk to your staff, customers, and suppliers. Equip yourself with a list of the specific information you require. Look at competitors' price plans, additional services, and staff capabilities. Review their product lines and determine how much they overlap with yours.

2. Get to Know Your Competitors. Make sure you balance older established businesses with new ones. Talk to competitors at trade shows when they are more inclined to be chatty. But be cautious: sharp competitors may feed you misinformation or embellish sales figures to make themselves look good. Or they could just be seeing what you know. It goes both ways.   Print this post out for your staff.

7 Sure-Fire Ways to Beat Large Business
by Eric Gilboord from his book 'Just Tell Me More'

1. Outmaneuver Them.  A small business is like a speedboat that can manoeuvre quickly, slow down or speed up as needed, and turn around completely in a much smaller space than a battleship (a larger business) can. A new strategy may take a large business three months to develop and implement. You could execute it in three days.

2. Offer Genuine Personal Attention.  Small businesses can offer real personal attention, greeting customers by name and having a brief conversation with them when they enter their establishments. Customer service is more than screaming, ‘‘Hello!’’ indiscriminately when someone walks into a store. I find this particular activity, conducted mostly by the larger U.S.- based chain stores, to be somewhat unsettling and in many cases, quite insincere.

3. Choose Between Help And Help Yourself.  I prefer to buy from small businesses because they’re usually more ready, willing, and able to help me. It seems that customers must choose between getting help and helping themselves. The staffs at some larger organizations tend to be busy stocking shelves. They may point out where something is but they don’t always have the time or the expertise to help customers make a purchase.

4. Educate Yourself.  Education can be an important part of the purchasing process. When many products deliver the same benefits, it is not always easy to make the right choice. In order to select the best product or service for your needs, you may require education. Small businesses tend to be better suited at offering assistance and are the best choice for one-time requests or requests for unusual or rare products and services.

5. Tailor Your Products.  A small business has the ability to tailor its product or service selection to its specific customers. The most popular products your specific customer desires can be stocked in depth. This feature can be a disadvantage to large businesses as they carry a wide range of products offering little choice within a specific product group. Don’t forget to promote this advantage. Your business may represent one section of one aisle in a big box store. You don’t need to worry about the rest as you are not in those businesses.

6. Train Your Staff.  Make sure you don’t make the same mistakes that some large businesses make. Don’t fall into the trap of being too busy to provide good service. Unfortunately, several large businesses seem to have staff to stock shelves but not to help customers and in some cases, not even to take your money. I can’t imagine any small business allowing a customer to stand in the middle of the floor with his or her money and no one to give it to.

This unfortunate experience happened to me in one of the well-established department stores. I couldn’t even pay for the one item that I came in to buy. But small businesses don’t always have good service. You must train your staff.

Your larger competitors probably have training programs. Your advantage is the ability to have an informal, on the spot training session for your staff. Augment any formal group training with small amounts of input when needed. If you notice something wrong or there’s a situation where you can improve your service, the changes can be made almost immediately, unlike your larger competitors, who may have to take months to develop a more formal, structured training program.

7. Don’t Compete On Price Alone.  Some small businesses charge a little more than a larger competitor but that’s OK. Some segments of your target group are willing to pay a little more in order to receive better service. It’s up to you to provide it and to make sure that customers know they are receiving added value. Some customers will always look for the lowest price. They will shop around, use your time and expertise, then go to your larger competitors to make the purchase.

It’s your job to recognize these people and to educate them about the advantages of doing business with you. Customers are not mind readers. These ideas apply to many business categories such as retail, manufacturing, and industrial or professional services. No matter what business you are in, act like a speedboat and outmaneuver the battleship. Go out and run circles around big businesses.

It’s Harder Than It Looks
by Eric Gilboord from his book 'Just Tell Me More'.
Get FREE PDF of complete book.

Many small business owners/managers view the creative development of marketing materials as a burden to be avoided at all costs. Conversely, others look upon the task as a source of excitement and amusement. After all, everyone is constantly exposed to marketing materials on a daily basis. Since you know all about your business, how difficult can it be to make a brochure?

Neither attitude is in the best interests of your company. The preparation of your marketing tools is a serious and often frustrating experience. Many small businesses (and many larger ones) have been known to run around at the last minute, creating brochures and hand-outs for a trade show that will be starting the next day. Printers, who often bear the brunt of the pressure, usually ask for the delivery date when they first discuss a new job.

Although it may seem to be exhilarating to do everything in a short period of time, you may later
realize that important points have been left out of your presentation materials. If you do leave something out and a prospect (potential customer) asks to see a list of the benefits of your product or service, don’t place yourself in the embarrassing position of having to write them out on a scrap of paper; the prospect shouldn’t have to take notes. Suggesting they go to your website for the information says you don’t care enough to be prepared.

However, if you prepare ahead of time, the information will be readily available to the prospect and reinforced in all of your marketing materials.

Perhaps your materials lack focus and the prospect is left wondering who you are and exactly what you do. After reviewing your brochure, he or she may have more questions than before. It may appear to the prospect that you merely offer the same services that your competitors do at an unjustified premium price.

Some companies develop their marketing materials over a period of time. These materials, which usually include a collection of ads, brochures, and a website that bear no resemblance to each other, send inconsistent messages about the company. In these instances, the business card, the sign outside the office, website, social media pages, posters, brochures, and other presentation materials all have different logos, looks, and even conflicting descriptions of the products or services offered.

Marketing materials should also include very clear and specific contact information. There are some wonderfully creative and exciting ads that present products or services you might need right now. However, if the company has neglected to include contact information, you can’t make a purchase because they didn’t tell you where or how to get in touch with them or a representative. Sounds crazy but this happens all the time.

Sometimes your advertisement may make sense to you but not to the reader. When someone is not living with your products or services on a daily basis like you are, they may not understand your industry’s language or may miss a selling feature that you have taken for granted.

9 Tips For Developing Your Marketing Tools

1. Plan Your Materials in Advance.  Also, try to adapt creative concepts and looks to different media and sizes of materials. The basic look of a magazine ad often can be adapted to a poster or to a sign in a store. These materials will help your company maintain a consistent look and will reinforce a specific message.

2. Be Clear on Your Message.  It is difficult for the reader to know who you are or what they are to do if you try to deliver too many messages.

3. Be Clear On The Objective. The communication piece must say clearly what you want the reader to do.

4. Avoid Combining Two Or More Businesses.  Offering two products to the same target group within one brochure or ad might seem efficient. The risk of confusing the reader could cost you potential sales.

5. Do Not Assume.  The reader does not know your product as well as you. They are not thinking about your product or service on a daily basis and may not pick up on its selling points if presented too subtly. Be straightforward and direct in what you say. Do not make the reader work too hard. A clever twist of words may be more of a challenge than the reader is prepared to take on.

6. Include Contact Information.  Make it easy for customers to contact you by providing several ways to get in touch: by telephone, fax, e-mail, websites, social media pages, toll-free numbers, etc.

7. Use Professionals For Their Individual Skills.  Do not expect a writer to provide the visual impact that a designer can offer. Printers or production people can rarely write compelling copy. Not all designers are qualified to make websites. I think you get the point. Your expectations do not qualify suppliers.

8. Encourage Outside Resources To Speak Up. Let them challenge your thoughts, bringing an element of objectivity to the creative development process. Original ideas from others are part of what you are paying for. Fresh eyes can be as valuable as the skills you hired them to provide.

9. Test Your Creative Ideas. Use small print runs and split email blasts.  Show materials to those connected to your business as and others not in your target group or industry. Remember, you are looking for clarity and understanding of your message, not creative development tips from unqualified sources.

I just went through this process and the clarity it delivers is well worth the effort. The questions can also apply equally well to a potential buyer of or investor in your business. A2E

From Seth Godin
Four questions worth answering.

1. Who is your next customer? (Conceptually, not specifically. Describe his outlook, his tribe, his hopes and dreams and needs and wants...)
2. What is the story he told himself (about the world, about his situation, about his perceptions) before he met you?
3. How do you encounter him in a way that he trusts the story you tell him about what you have to offer?
4. What change are you trying to make in him, his life, or his story?

Start with this before you spend time on tactics, technology or scalability.

If you would like some assistance in answering these questions click here.
 

10 Tips To Success With A Team Approach
From 'Just Tell Me More' by Eric Gilboord - Get the complete book FREE in PDF.

1. Don’t Get Swayed. Be careful not to get swayed too far from the original vision while remaining open to new ideas. The benefit of a team approach is to provide insights and viewpoints different from yours. The downside is becoming overwhelmed by all the new ideas. You could forget the original motives,  objectives, and strategies. Don’t become so overwhelmed you decide to do nothing.

2. Listen To Your Internal Resources. Sometimes owners assume they require an outside source of information. But your internal team is invaluable in providing information about customers, products, and services. They are close to the purchaser and possess first-hand daily knowledge of product use, demand for services, and old and new customer profiles. They will be able to advise you on internal resources such as the development of and capacity to handle special sales, increased demand for services, and order processing.

3. Use External Resources. If short on staff, the external team you gather around you is even more important. To be effective, members of an external team must bring with them a good understanding of your business, a desire for quality, and a clear appreciation of timing. The external team can provide ideas that are outside the day-to-day life of your company. It brings an objectivity not found within an internal team.

4. Don’t Assume The External Resource is Correct. Rightly or wrongly, you will likely find yourself becoming more open to ideas from an outside resource than from your own staff. Don’t jump blindly into the new ideas just because they come from an outsider. Challenge the information and check with the internal team for their views. Make sure the external source can contribute information you do not already know.

5. Integrate Resources. Your external team may be made up of representatives from more than one company. Some effort may be necessary to integrate this collection of individuals and instill a true team spirit. Watch out for a marketing supplier who does just what you ask him or her to do. The last thing you need is a ‘‘yes man.’’

6. Your Idea May Not Be The Best One. The opposite of NIH, but equally destructive, is IHMBR (invented here, must be right). Some people go from idea straight to execution and nothing will sway them from this path. These are the marketers who will by any means and at any cost do it their way. They are usually the same small business owners who jump from one marketing supplier to another. They often move for the wrong reasons.

7. Avoid Ego Justification. Be careful you don’t fall victim to NIH (not invented here). Many solid ideas never make it past the investigation stage because an owner didn’t think of it. Be open to new ideas and study them. Check with others for objective, educated, and reliable opinions. You’re looking for more than a ‘‘What do you think?’’ opinion. Asking someone what they think without first identifying objectives or strategy is like opening ‘Pandora’s Box.’ You will receive personal opinions based on their limited marketing experience. You risk abandoning a potentially logical and valuable marketing approach for the wrong reasons.

8. Don’t Expect Results Right Away. Marketing is a constantly changing set of circumstances. Your company changes internally, competitors are often unpredictable, and customer needs evolve.

9. If It Sounds Too Good, It Is. Be wary of the marketing supplier who claims to have the power to solve all your marketing problems instantly. Marketing is your job, the team will change from time to time, and you will get stronger as your experience grows.

10. Cover Your Bases. Make sure all departments and all aspects of your business are covered. If you use outside resources, such as sales agents or distributors, to perform functions of your business, ask a representative from those companies to participate. There should not be an issue uncovered after the marketing materials have been prepared. Use your resources to test ideas as you go through the development process.

To begin putting your team together click here. You are not alone.

It Takes A Team To Get It Done
From 'Just Tell Me More' by Eric Gilboord - Get the complete book FREE in PDF.

It’s time to get down to the hard work, executing the plan. You can’t and should not do this alone. You will need to work with a team. A marketing project can require many different skills and a wide variety of experience from industry related to communications. 

A familiar story:
Bruce owns a thriving service business, which he has built up over the past thirty years. He started it on his own when he had a young family. Over the years, the members of his family joined the business at different points in its evolution. The children worked there on weekends and during the summers. As they got older, Bruce planned to bring them in full time. Bruce’s son Paul went to business school and took some marketing courses. He enjoyed working with computers and experimented with some of the graphics software as a hobby.

Story 25: The Self-Produced Brochure
From 'Just Tell Me More' by Eric Gilboord - Get the complete book FREE in PDF.

Steve owned a manufacturing company with a reputation for producing top-quality instruments that were considered the gold standard within the industry. Over the past few years, he had success selling his products without the aid of brochures. With assistance from his local printer, he only produced a specification sheet to hand out to prospects.

Business became tougher as stronger competitors entered the market. Steve’s sales reps were starting to compete head to head with these companies and they noticed that the quality of competitors’ marketing and presentation materials were higher than Steve’s. The customers began to make assumptions about the quality of Steve’s products based on the calibre of his marketing materials. They asked questions and compared Steve’s products to his competitors’. The selling process became more difficult and Steve’s company was faced with the challenge of creating comparable brochures in order to maintain its status with prospects and customers.

by Eric Gilboord

Are you not investing in marketing because you are afraid of success or more success? This may be a good question to ask yourself.

I have spent many hours with intelligent successful business owner/operators discussing the growth of their business. Only to be stunned when they say they are not going to invest in any marketing even when they know it will increase their sales and help get them to their admitted goals. At first I thought ok, they have other operational issues to sort out or they need more staff to handle the additional business or maybe they are not sold on the advantages of marketing.

But the more I probed the stranger it got. In some cases there was no other issue to resolve. They just liked the comfort of running a business of a certain size and even though they asked for help to build their business the reality was when it came time to commit they would rather stay where they were.

I'm not suggesting that every business owner should continue growing their enterprise just because they can. What I am saying is think hard about why you are not taking even small steps to build when they are available to you with relative ease.

So the next time someone offers to help you grow; dig deep inside and get in touch with what you really want. If you would like to meet in person or by telephone and just want to see the other side of the decision please call me at 416-270-2466 and let's talk.

And that's According 2 Eric

Get started with our FREE SALES and MARKETING PLANNING GUIDE. At the very least you'll see what a plan should cover. No strings. Just a detailed easy to follow integrated format free to help you think through the process. A2E 

Successful business owners prepare their Sales & Marketing programs for the Fall, starting right now. You can do it on your own or with some guidance. 
 
I have an outline template to help you with the preparation of your own Sales & Marketing plan. My gift to you, no strings, just click here and start planning. 
 
This is the same working document we use at Warren BDC as a base to prepare detailed custom plans for our clients and to implement actions from. 

Good luck, and it's ok to call if you have a question or 2.

Cheers, Eric A2E
416-270-2466
eric@warrenbdc.com

PS: Need a gift for your SMB Customers, Dealers, Vendors, VARs or Franchisees.
    10 Reasons to give away copies of my business growth tips book. 
 
From last week:
 8 Rules For Successfully Hiring Marketing Suppliers 
11 Marketing Tips For Reviving Your Business 
11 Tips For Continued Marketing Success 
11 Ways To Get Your Marketing Started
 

8 Rules For Successfully Hiring Marketing Suppliers
by Eric Gilboord A2E

1. Be Clear About Your Needs.  Determine your needs either on your own or with the help of a professional. When I meet a new prospect for the first time, I ask, ‘‘How can I help you get what you want?’’ Make sure you know what you want to achieve. Be open to new ideas for reaching this goal.

2. Be Open and Honest.  Open your business to a supplier. Don’t keep him or her in the dark about your business. People can’t help you if they do not have the whole picture.

11 (Marketing) Tips For Reviving Your Business
by Eric Gilboord A2E

1. Seek Outside Help.  Seek objective, outside professional help. If you do the marketing yourself, you will likely take your eye off the day-to-day running of the business, cause unnecessary anxiety, and either keep your business where it is or hurt it further.

2. Rethink Your Business.  Think again about current customers, competition, industry changes, and technology. Even rethink the type of business you are in. Many successful businesses have      managed to stay successful by moving with the times. They saw that the needs of their customers were changing and acted accordingly.

3. Assess Your Company’s Current Status.  Put everything on the table, both the good and the bad. Include areas of the business you are proud of and problems you wish would just go away. Address issues relating to staff, products and services, location, profitability, and new business development.

4. Keep Some, Change Some.  Determine what your customers like about you and what they would like to see changed. Be honest with yourself.

5. Maintain Objectivity.  Emotion has no place in this process. To achieve a successful marketing turnaround, you must do what is best for your company. This may mean letting long-term employees go or finding new suppliers.

6. Review The Past.  Look carefully at your past marketing efforts, successes, and failures. If you are running a marketing program but cannot justify its expense with increased sales, consider cancelling it or placing it on hold. Successful marketing turnarounds stop the bleeding quickly.

7. Review Competitive Activity.  Often, a new entry in a market will use new marketing techniques and follow new thinking to achieve sales that you didn’t know were possible.

8. Look At The Staff.  Take time to review existing staff in light of the plans you are preparing and the growth you are seeking. Many companies that have set out on a path for success have been thwarted by staff members who didn’t agree with the new ways or were actually afraid that the company would succeed. The last person you expect to come forward will be the first to say goodbye. People can be resistant to change. They like things to stay the way they are. If you need new people, clearly identify the skills required and begin the hiring process immediately.

9. Be Flexible.  Be flexible and prepared to adjust your marketing plan as new opportunities and challenges arise.

10. Persevere.  Perseverance is an absolute must. If you give up too early, you may fall short of the great success your business was destined for.

11. Be Quick.  Speed is essential in turning a company around. While you were planning and executing the marketing efforts, your competitors may have been taking advantage of the opportunity to move in on your customers.

To increase the VALUE of your business through... Integrated Sales & Marketing click here. 

11 Tips For Continued Marketing Success
by Eric Gilboord A2E

1. Know Your Target Audience.  Understand members of your target group thoroughly, including their attitudes toward the services you offer (e.g., is the purchase of your product or service important, fun, or a necessary evil?). What motivates them, excites them, and makes them want to come back? Be honest and clear about your target group. It is not all adults or all females or all females with blue eyes. Get as close as possible to the core of your target audience and know who is really buying your product or service. Create a mental picture of your customers. See them clearly and make sure that anyone involved with your business has the same picture.

2. Be Up-To-Date On Your Competition.  Be completely up-to-date on your competition. How are your competitors marketing? Are they spending more on marketing than you are? Are they spending less? What kind of results are they getting? Know what your competition is going to do before they do it and prepare yourself. Learn from their mistakes and their successes.