The Top Small Business Books For Dummies_12 doc

ߜ Rebates against spending levels. Instead of providing a discount upon achievement of a spending level, this program tallies up a year’s worth of spending and provides a year-end rebate: Benefit: Urges buyer to rack up purchases for end-of-year payoff. Downside: Success relies on the size of the rebate. Also, because the customer has to wait so long for payoff, it inspires only the most cost- sensitive consumer, who is likely not the buyer in whom you want to invest your marketing effort. ߜ Upgrades and special treatments. This program relies on the value of surprise rewards. Imagine driving into a car wash, pulling out your bill- fold, and having the attendant say, Our license plate reader tells us this is your tenth trip through our car wash, and we want to make this one on us, along with a complimentary wax and hand-dry finish. Benefit: The spontaneous nature of the reward combines customer recog- nition and customer service, a surefire loyalty-development formula. Downside: Customers will begin to anticipate and expect this kind of acknowledgement, so be prepared for ongoing commitment to customer recognition to keep your best customers inspired by demonstration of appreciation. Avoid programs that look more like promotions than rewards or that provide incentives with too many strings attached. For example, a $10 certificate good through the end of this month on any in-stock, regularly priced item of $24.99 or more looks more like a come-on than a gift. In customer service and in customer loyalty programs, give customers what they want, deliver consistently, show true appreciation, and exceed expecta- tions that only your business can meet. See Chapter 18 for tips. 315 Chapter 19: Fortifying Customer Relationships 27_578391 ch19.qxd 12/28/04 9:11 PM Page 315 316 Part V: Winning and Keeping Customers 27_578391 ch19.qxd 12/28/04 9:11 PM Page 316 Part VI The Part of Tens 28_578391 pt06.qxd 12/28/04 9:09 PM Page 317 In this part . . . T he marketing world operates on a fast clock, and this part keeps pace with rapid-fire advice and ten-step answers to commonly faced marketing issues. If you want an at-a-glance list of ten ideas to embrace and avoid as a marketer, or ten thoughts to consider before choosing or changing a business name, or ten steps to follow when writing a marketing plan (in a hurry!), Part VI is your place. These three quick final chapters are followed by an Appendix listing great places to turn for yet more informa- tion as you build your marketing program. Here’s to your marketing solutions — and to your market- ing success! 28_578391 pt06.qxd 12/28/04 9:09 PM Page 318 Chapter 20 Ten Questions to Ask Before You Choose a Name In This Chapter ᮣ Figuring out what kind of name you want ᮣ Looking at a name from every angle ᮣ Determining whether the name you want is available Y our name is the key to your brand image in your customer’s mind. Chosen well, it will unlock an image that is unique, memorable, appro- priate, likeable, and capable of advancing a promise for your business. Here are ten questions to ask before committing to or changing your business name. What Kind of Name Do You Want? Most business names fit into one of the following categories: ߜ The owner’s name: If Jim Smith is opening an accounting firm, he can name it Jim Smith Accounting. The name is easy to choose, easy to regis- ter, and sure to put forth the promise that Jim Smith is proud of this business and willing to give it his own name. On the downside, the name is hard to pass along if Jim decides he wants to sell his practice. ߜ A geographic name: If a new financial institution calls itself Central Coast Bank, the name has local market appeal but it restricts the institution from expanding outside the Central Coast area. ߜ An alphabet name: With a name like ABC Paving, you can assure your- self first place in the Yellow Pages — if the name is available. Be aware, however, that alphabet soup names are generic and don’t advance a per- sonality or promise. 29_578391 ch20.qxd 12/28/04 9:09 PM Page 319 ߜ A descriptive name: This type of name tells what you do and how you do it. A consulting firm specializing in business turnarounds might call itself U-Turn Strategies to convey its offerings and promise to clients. ߜ A borrowed interest name: This type of name bears no direct relation- ship to the company or product. Borrowed interest names require heavy marketing to link the name to a business image, but done right they can work marketing magic. Just look at Apple, Nike, or Infinity. ߜ A fabricated name: You can create a name from an acronym, from words or syllables linked to form a new word, or by stringing together letters that result in a pleasant sound with no dictionary meaning, for example Verizon, Kodak, or the Toyota Ciera. A fabricated name is likely to be available and protectable, and because the word doesn’t yet exist, the Internet domain name probably hasn’t yet been taken. What Do You Want the Name to Convey? Choose a name that depicts or supports your desired business image and position (see Chapter 7). Attributes you may want your name to convey include service, speed, qual- ity, skill, expertise, convenience, efficiency, creativity, professionalism, and unique knowledge. Avoid words like quality, creative, or premier, even if they define your offering well. Fair or not, there’s an inverse relationship between companies that claim that they’re the best and consumers who believe that they are. Is the Name You Want Available? The law will stop you from using a name that is too close to an existing busi- ness name or trademark, so before falling in love with a name, see whether it’s available. If it is, move quickly to protect it for your use. ߜ Screen the name. The U.S. Patent and Trademark Office has an online database of registered and pending trademarks. Go to www.uspto.gov to conduct an online search to see whether the name you want is available. ߜ See whether the name is available as a domain name. Search for the name using at least three major search engines to see whether it is already part of a domain name. Or conduct a free search at www. networksolutions.com , following the instructions for registering a domain name. 320 Part VI: The Part of Tens 29_578391 ch20.qxd 12/28/04 9:09 PM Page 320 ߜ Protect the name if it’s available. Register the name with your state’s Secretary of State office. If you plan to do business across state or inter- national borders, also consider a trademark to help prevent others from promoting a similar name, logo, or distinctive aspect of your business. Contact an attorney who specializes in trademark protection or visit the U.S. Patent and Trademark Office at www.uspto.gov. Is It Easy to Spell? The best names have four to eight letters, look good in writing, and are spelled just like they sound. Avoid unusual spaces, hyphens, or symbols, aiming instead for a straightfor- ward presentation that consumers are almost certain to spell correctly based on guesswork alone. Be aware that names that begin with The or A are con- fusing to find in the Yellow Pages. And try to steer clear of clever alternate spellings (for example, Compleat for Complete) unless you have the ad dollars to teach the market how you spell the name. Is It Easy to Say? Show your name to people and ask them to read it. Do they pronounce it cor- rectly? Is it phonetically pleasing? Do you think it will work well in normal business conversation? As a test, imagine a receptionist answering the phone using the name. (Good morning, this is Greatname Consulting. May I help you?) Be sure that the name sounds good when it is said out loud. Is It Original? Look up the name in your local phone book and in the phone book for the biggest city in your state to see how many other companies have sound-alike names. 321 Chapter 20: Ten Questions to Ask Before You Choose a Name 29_578391 ch20.qxd 12/28/04 9:09 PM Page 321 Aim for an original name that stands apart from the pack. Avoid names tied to dominant local geographic features, as they tend to get lost in a line-up of similarly named businesses. For example, in a mountain- ous area, you’ll find names like Mountain View, Mountain Comfort, Mountain Country, Mountain Cycle, Mountain Pine, Mountain Shadow, and a mountain of other similar and easy-to-confuse names. Is It Universal? The Internet gives every company access to a worldwide market, so think globally as you settle on a business name. Look for a name that has a positive connotation in a range of major languages — and especially in the languages of those you feel may represent future markets for your business. Is It Memorable? Look for a name that reflects a distinct aspect of your company. Businesses named after their founders are easy to remember because they link to the face of the owner, which triggers recollection of the name. Similarly, busi- nesses named after a physical characteristic (Pebble Beach, for example) are memorable because the unique attribute creates such a strong impression. Strong logos that reinforce the name also add to consumer recall of names. Can You Live and Grow with This Name? You’re going to live with this name a long time, so the most important ques- tion of all may be Do you like it? Ponder this question alone. Names are like ads in that they don’t get better as they undergo consideration by a commit- tee. It’s your business. Be sure that you like the name and that you’re com- fortable saying it, and you’ll be proud repeating it countless times over years to come. And that leads to the next most important question: Will the name adapt to your future? 322 Part VI: The Part of Tens 29_578391 ch20.qxd 12/28/04 9:09 PM Page 322 Be careful about names that tie you to a specific geographic area or product offering, and especially be careful about names that include faddish buzz- words that can get stuck in time. Are You Ready to Commit to the Name? Once you settle on a name and determine that people can spell it, say it, remember it, and relate well to it (even in other cultures), you’re ready to take the following steps: 1. Register the name in your state, file for a trademark if you choose to, and secure the domain name if you can. 2. Create a professional logo to serve as the face of your name. 3. Make a list of every place that your name and logo will appear (see the “Impression Points” in Chapter 6) to use as you plan your name introduction. 4. Look for new ways to advance your name — on uniforms, apparel, sig- nage, and other items that increase name awareness. If you’re changing your name, budget to replace all items that carry your old identity. Also, plan to fund new communications to inform your customers, prospects, suppliers, colleagues, and friends about the reasons behind your new name. Don’t be two-faced by trying to use up your old materials while also introduc- ing the new ones. Make a clean break. 323 Chapter 20: Ten Questions to Ask Before You Choose a Name 29_578391 ch20.qxd 12/28/04 9:09 PM Page 323 324 Part VI: The Part of Tens 29_578391 ch20.qxd 12/28/04 9:09 PM Page 324 [...]... word-of-mouth, new business referrals, repeat purchases, and — the most valuable marketing asset — their loyalty to your business Chapter 22 Ten Steps to a Great Marketing Plan In This Chapter ᮣ Tailoring a plan for your small business ᮣ Using the plan to reach your goals C ontrary to popular misconception, marketing plans aren’t just for the big guys When small business owners hear the term, they tend to... one-sentence summary of your business purpose (see Chapter 7) For example, the purpose statement for Small Business Marketing For Dummies could be this: To empower small businesses and entrepreneurs by providing big-time marketing advice scaled to fit the clocks, calendars, budgets, and pressing realities of the small business world Step 2: Define Your Market Situation Describe the changes, problems, and... lawyers Sales Closing For Dummies by Tom Hopkins: Hands-on tools to execute the critical part of the sales negotiation — the close Sales Prospecting For Dummies by Tom Hopkins: Full of insights about prospecting — the first step of a successful sales effort Small Business For Dummies, 2nd Edition, by Eric Tyson and Jim Schell: The resource for those starting or growing a small business Marketing Classics... for making big profits from your small business (Houghton Mifflin) How to Win Customers and Keep Them for Life by Michael LeBoeuf: An action-ready blueprint for achieving the winner’s edge (Berkley) 339 340 Small Business Marketing For Dummies, 2nd Edition Positioning: The Battle for Your Mind by Al Ries and Jack Trout: How to be seen and heard in the overcrowded marketplace (McGraw-Hill) Selling the. .. a page for each month of the year Create four columns down each page — one each for the specified action, the budget for that action, the deadline, and the responsible party for each step along the way If it’s on the calendar, and someone is responsible to meet a deadline, chances are better than good that it will actually happen 335 336 Part VI: The Part of Tens Step 10: Think Long Term In the final... communicate the unique benefits you provide For example, After years as a university admissions director, I now help about 50 students a year to narrow college selections and complete their applications, coaching them as they write their essays and complete their financial aid forms Businesses with the sharpest elevator speeches hone the sharpest marketing plans Write yours today 2 Make a great product before... make for your business Chapter 21: Ten Ideas to Embrace and Ten to Avoid People decide to tune in based on early snap judgments If you don’t grab them with a strong opening, they won’t be around to hear the details 4 Sweat the little stuff Details tip the balance between good and great businesses Answer your phones with a real live voice on the second ring, and your business will rise above the others... customer to expect 8 Increase value before lowering prices When customers see a price tag, they start a mental balancing act In a split second they perform some pretty elaborate mental calculations to 329 330 Part VI: The Part of Tens determine whether the product under consideration is worth the price being asked They weigh the price against their assessment of the quality, features, convenience, reliability,... fixes When the business chips are down, each of these worst ideas pops up to look like a good solution Don’t be fooled Make sure every new idea soars above every single idea on this list 1 Fight bad business with good advertising Here’s the scenario: Business is down, so the owner points fingers at the economy and the competition and decides to run ads to overcome the problem But the economy and the competition... audit statements Available source books include the Business Publication Advertising Source, the Consumer and Magazine Advertising Source, the Newspaper Advertising Source, the Out-of-Home Advertising Source, the TV and Cable Source, the Radio Advertising Source, and the Interactive Advertising Source, which provides planning information for online advertising vehicles The Lifestyle Market Analyst: Published . plan for your small business ᮣ Using the plan to reach your goals C ontrary to popular misconception, marketing plans aren’t just for the big guys. When small business owners hear the term, they. about what’s in it for them. 9. Believe there’s a pie in the online sky. Contrary to rampant belief, the opportunities of the cyber world aren’t just ripe for the picking. The chance of opening. of your business purpose (see Chapter 7). For example, the purpose statement for Small Business Marketing For Dummies could be this: To empower small businesses and entrepreneurs by providing