Friday, March 8, 2013

4 Tips on Creating a Personal Brand


Note:  This blog post is an excerpt of a speech I presented on March 7, 2013 at a Women in Business Event hosted by the Timmins Chamber of Commerce.
 
When you’re at a networking event, you are marketing yourself and your company, whether you own the company or you work for it.  Essentially what you’re doing is creating a brand for yourself and you are an extension of your company brand.  Today I want to give you a quick overview of what it takes to create a memorable brand.
 
People ask me all the time, “How do I get my name out there without coming across like a pushy know-it-all?”  Developing a memorable brand takes time, but first impressions go a long way in establishing your business as credible in the eyes of consumers and in the eyes of other businesses.  Not only do you want to gain the attention of your customers, but you want to establish a good rapport with other business owners, managers and community leaders.  Here are a few tips that will help you create your own personal brand.

1.        First, be unique.   The whole idea behind branding is that you distinguish yourself in a crowded marketplace. If you try and be everything to everyone, you will be nothing to no one. Your brand has to be unique to your business, and different than other things out there. And it must also be something at which you are great.  Stepping outside the box is essential.  What do you offer that your competitors don’t?  Why do customers want to come to you?  If your only differentiating factor is price, you need to take a closer look at your offerings.  What customers really want to know is how you can solve their problem.  Providing them with a unique experience is what will set you apart.  Remember we’re trying to create a positive memorable impression.

2.        Focus on benefits.  When you go shopping for something you aren’t really buying that tangible item.  What you’re buying is the benefits you’ll get from using that product or service.  Let’s relate that to your personal brand.  When you first introduce yourself to someone, what do you say about your company?  What do you say about yourself?   Think about this for a minute.  Could you clearly and completely tell someone about you and your company in less than 25 words?  We’ve all had this same conversation with someone.  You’ve just met someone new and they ask, “So, what do you do?”    Well, since people love to talk about themselves, you might find yourself answering by saying, “I am the owner of manufacturing company called ABC Manufacturing.  We make and sell widgets to the mining industry, the forestry industry and many other industrial companies.  We have clients all over the country who just love our widgets.”  By the time, you got to “we make and sell widgets...” the other guy has tuned you out.  All he wanted to know was what you have to offer. So think about developing what’s called an elevator pitch.  Focus on the benefits to other person in 25 words or less.

3.       Consistency is the one thing I stress the most when it comes to marketing.  In the consumer’s mind, advertising messages from different media and different promotional approaches all become part of a single message about the company.  Building a brand requires a lot of work and consistency in every single way you communicate to the public.  I want to reinforce this one more time.  The brand that you develop for your company is the unique vision that the public has of you. The way you communicate with your customers is absolutely vital in developing that positive impression.  Take a second to think about all of the levels of communication you distribute throughout the day.  You post on your business Facebook wall, you send out emails to current clients and to prospects, you send out email newsletters.  Have you ever given much thought as to how your communication sounds and looks?  Make sure that your emails reflect a positive, professional image of your company and are not filled with spelling and grammatical errors.  Anyone in your company who is going to interact with customers—from the receptionist through to the collections department—has to understand the importance of creating a positive interaction with the customer.  All I’m saying here is that you need to keep in mind the image that you are trying to project.  Potential customers may get the impression that either you don’t know how to spell or that you’re too lazy to take the time to correct it.  What kind of impression do you want to make?

4.       A quality brand must also deliver on its promise.   Your brand must be based in reality. What I mean is that it must be linked to the culture, style, product and service of your business and that extends to you as well. Your brand has to be, well, organic. There must be integrity in your brand and what you promise must be a close approximation of what you deliver. 

Finally, remember that your brand is an integrated effort.   A quality brand is reinforced by everything you do; where your business is located, your prices, your customer service, as well as your advertising and promotional activities.  So remember that you are an extension of your company brand.  Remember to be unique, focus on your benefits, stay consistent and deliver on what you promise.  When you use these tips you’ll be sure that you are on the right track to creating that positive memorable brand experience. 

Tuesday, March 5, 2013

What You Need to Know Before Launching a New Product


I hear people all the time saying that they have developed a new product or service that they know is going to be a hit.  I can’t tell you how many times I’ve heard someone say, “It`s going to sell!  It`s going to make money!”  Well, maybe it will, but don`t make the mistake of getting tunnel vision with your own product.  You’ve developed this product and put your heart and soul into it.  This is your baby so of course you want the world to know how fantastic it is.  But before you spend even $1 of your marketing budget on promotion you need to do some research.
Market Research
 
Some of the basic things you need to know before launching a new product, service or business are:
1.       Is there a market for your product?

2.       Who is most likely to purchase the product?

3.       What kinds of similar products are already on the market?

4.       Would your customers recommend the product to a friend?

5.       What do consumers like and dislike about the product?
 
Getting access to in-depth market research databases can be both time-consuming and costly.  And unless you understand how to read and analyze the information you may not be getting a true picture.  However, there are a few ways you can at least get some basic information without breaking the bank.  And at least this way you can customize your research to your specific product.
1.       Implement market surveys.  These can be done by phone, by email, through social media or in person.  Make sure the questions you ask are:

a.       relevant to your product

b.      not overly lengthy or complicated, and

c.       not skewed towards a positive outcome

2.       Hold focus groups.

3.       Do a product test launch

4.       Host a free promotional event where you let people sample your product.  Ask people for their honest opinion by giving them a short (3-5 multiple choice/yes or no questions) questionnaire.  The more feedback you get the better.
The information gathered will help you narrow down your target market, make appropriate changes to the product, and give you a starting point to developing your marketing strategy.  Now that you have a better understanding of what your customers want, you can go about giving them exactly what they want.
However, all of this research might show that there really isn’t a market for your product.  If that’s the case, find out why.  If you’re still convinced that this new product needs to be on the market, find out what concerns your potential customers have with the product.  This information will give you a better insight into what changes you can make that might make the product more marketable.  But if your research indicates that there isn’t much of a market for your product right now, that’s okay.  It just means that you will have saved a lot of money on the promotion of a new product only to have it sit on store shelves.
So, before you spend any money on promotion, be sure to allocate some money to research.  It’s just as important, if not more important than your advertising spending.  Get your head out of the clouds and really look at things from the consumer’s point of view.  It will be well worth it.