Spending on word-of-mouth marketing “has increased from $76 million in 2001 to $981 million in 2007 and is expected to grow to approximately $3.7 billion by 2011,” according to a report by PQ Media.

Still, word-of-mouth marketing accounts for just 0.4% of the estimated $254 billion spent on all marketing services, which includes (more…)

No matter how you sell—by a captive sales force, by a telemarketing unit, by a distribution network of some type, through a retail store, via the Internet, or by a combination of methods—you need to have your sales force selling on a continuing basis. In today’s competitive world it’s necessary for survival.

Your sales team will find it easier to close sales if you are more visible in your market. Continuity both in the marketplace and in sales effort tie together.

Here’s a quick look at the seven reasons why you must develop a (more…)

I’ve always found the nation’s $11 billion health club industry fascinating, especially around this time of the year. Every new year–January/February–millions of Americans make a resolution to get in shape and go to a health club or fitness center with the best of intentions.

Around April there is a dramatic drop off that as the “get in shape” resolution (more…)

It’s not unusual for 70 to 80 percent of a firm’s cash business to come from 10 to 20 percent of its customers-often referred to as “A” customers. Yet don’t confuse your “A” customers as being only cash customers.

What is an “A” customer for your firm? Each business needs to develop a specific profile of its best and most profitable customer. High volume is a major ranking criterion. But be prepared to downgrade the slow-paying big spender who consistently demands extra discounts and services.

Take another look at your customer base. How many “A”s can you identify? Where are your potential “A”s? What strategies can be developed to (more…)

We’ve often pointed out that frequent-flyer miles and the different reward cards in the marketplace are a private currency. And doesn’t everyone like their own private (more…)

When is comes to succeeding in today’s
business world, it’s not how much you know, it’s how much you
know ABOUT YOUR NICHE. In her newly launched book, “Riches In
Niches: How to Make It BIG in a Small Market”, veteran business
expert Susan Friedmann teaches entrepreneurs and business owners
that transforming from being a generalist to a specialist can
mean the difference between business success & business
struggle.

Friedmann’s trademarked term “nichepreneur”, meaning one who (more…)

An excellent article on gift cards from CFO (Chief Financial Officer) magazine’s website shows how unused gift cards can boost company income.

One example, Ruth’s Chris, a popular chain of steakhouses, said last summer that it expected to gain an added $2.2 million in operating income this year thanks to unredeemed gift cards.
That, along with growing revenues, helped spur a 33.8 percent increase in operating (more…)

Writing a joint venture proposal is really just a fancy way of saying to your potential partner, “Hey, let’s do a deal.” And brief, to-the-point proposals are just as effective as the stereotypical twelve-page document packed full of corporate jargon…and a lot less work and expense.

The truth of the matter is that regardless of who your potential partner may be–whether they’re a magazine publisher, a competing business owner or even if they’re the CEO of a Fortune 500 company–they’re all going to be asking themselves the same question (more…)

Is running local ads on radio and cable TV as effective as the sponsorship of a golf tournament–giving away caps and shirts, a logo on the program, having signs placed around the golf course during (more…)

The next time you are considering a loan for your business from the traditional source–a bank, you might want want to consider your option…barter. Recently we talked with a client of a trade exchange, who, admittedly, is a staunch proponent of barter credit as a way to reduce his bank borrowing.

He explained that at one time he was a veteran of the banking scene, and had lines of credit as high as $250,000 in the past. No longer, now that he’s discovered barter.

Asked to compare (more…)