If you’re like most entrepreneurs, most if not all of your marketing energy is focused on bringing in new business.

Maybe you’re doing a lot of networking…Or placing ads…Or cold calling…Or finding referral partners…Or all of these and more.

I call these “attraction” tactics because they attract new clients and customers. And they can be quite effective.

Most entrepreneurs gravitate towards using attraction tactics right off the bat. Mainly because attraction tactics are what everyone is most familiar with.

Think of all the companies that advertise on TV or radio, or in magazines and newspapers, all the time. Not to mention on billboards, the sides of buses, and these days even on eggs (yes eggs–apparently this is the next advertising frontier).

If all those big, successful companies are spending oodles of cash on attraction tactics, you probable should too. Right?

Well, yes and no.

There are actually two more, powerful types of tactics. And you need to use all three if you really want your business to grow.

—-
The problems with attraction
—-

Now, I’ll be the first to say that attraction tactics can be a valuable and effective part of any marketing plan. They get your name out there, create a sense of familiarity, and hopefully make your business memorable.

The problem is that straight attraction tactics are usually the most expensive, and take the longest to generate results (IE sales).

Here’s why…

On average, it takes 7 times more money to get a new customer than keep an existing customer.

Because you’ve got to get in front of people 7-10 times before they notice you. Then another 7 times or more before they even think about taking action (calling, buying, etc.) And that’s assuming you’re getting in front of the right audience.

On top of that, it is often difficult to track results from attraction tactics. Coke has no idea how many people, if any, buy more soda after watching their Super Bowl commercials.

But they can afford to spend a ton of money just building and maintaining brand familiarity.

Most of us small business owners can’t.

Thankfully, attraction tactics are not the only game in town.

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The 3 types of marketing tactics every business should use
—–

To really make your marketing work magic, you can’t just focus on attracting new customers. You need to use a mix of:

1) Attraction tactics to get you noticed, develop brand recognition, and increase familiarity and memorability

2) Conversion tactics to get people to take action, call, sign up or buy

3) Retention tactics to keep you in touch with past customers, and ideally turn them into repeat customers and referral sources

Actually, I rarely recommend my clients even invest in straight attraction tactics. Because the other two kinds of tactics–”Conversion” and “Retention”–provide far more bang for the buck. Plus, conversion tactics can usually do double duty as attraction tactics anyway.

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Converting the masses
—-

Basically, conversion tactics are designed to get you to take some kind of action. They convert cold prospects into warm prospects, or prospects into customers.

The best example is direct response marketing–whether it’s direct mail, a coupon, sweepstakes or a special giveaway.

A letter in the mail that says “Put a sticker here. Send this back in. Order this. Do that.” is conversion marketing.

An advertisement that says, “Call now for your free report on…”
is looking for you to take action. Conversion again.

Effective conversion is a very, very good thing because it often results in sales.

—–
Don’t forget about retention
—–

The final category of tactics is retention. This is where most entrepreneurs fail miserably.

It’s easy to spend so much time focused on getting new customers–or taking care of ones you have–you forget about the ones you already have. And before you know it, they’ve forgotten about you too.

Yet retention tactics are usually the easiest, most effective and least expensive to implement.

After all, you don’t have to tell past clients who you are, or explain the value of what you offer. If they were happy the first time they did business with you, chances are they’d feel good about coming to you again–or referring someone else.

But that’s only going to happen if they fondly remember who you are and what you do. So you need a system for staying in touch and top of mind.

Maybe you send out a newsletter. Write thank you cards. Hold special events.
Call people personally. Whatever.

The bottom line is, you can’t just advertise and sit back hoping people will decide to call or come in. If you want to turbo-charge your business growth, you need to use a mix of attraction, conversion and retention marketing tactics. Once you do, your sales will soar.

©2002-2007 Success Stream. All Rights Reserved. www.success-stream.com

Planning for Your Success

By Stacy Karacostas

“The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.” Sun Tzu

This week, I’ve got a question for you…

What is one of the critical differences between successful businesses owners and unsuccessful businesses owners?

It’s not how much money they start with, or where they come from.

It’s not their level of education.

It’s not who they know.

The majority of truly successful business owners have one thing in common…they are really good at deciding exactly what it is they want, creating a detailed plan for getting
it, and putting that plan into action.

You see, successful people don’t just wait around for things to start happening…they make things happen. And not just any old things…the right things.

That’s why, last week, I talked about the power of creating and writing down clear, well-defined intentions, or goals, for your business (read last weeks issue ).

If you’ve already done that, congratulations! Just taking that one simple step is often enough get you moving down the right path.

But here’s the catch…If you really want to achieve success quickly, you have to do more than just set clear goals. You need to come up with a doable plan for achieving them.

Now I’m not saying you have to spend weeks creating a 30-page business or marketing plan (though that is certainly a good idea some situations). But you do need to have a well-thought out, written plan of action.

So in order to help you do just that, I’m going to take you through a simplified version of the process I use to create highly-effective Marketing Success Action Plans for my
clients…

Let’s say you want to grow your business by 30% next year.

I start by listing three objectives, or targets, you could hit that would let you reach that goal (I don’t advise choosing more than three unless you’ve got people to help
you. Otherwise you can get overwhelmed and never get anything done.).

For example, you could decide to increase return visits by 10%, attract 20 new customers per month, and develop new products or services to generate an additional $X a year.

Whatever you choose, always give yourself specific numbers, or targets, to hit. That way you have benchmarks you can refer to later to make sure your plan is working.

Next, I come up with one strategy (more if you have the resources) for achieving each of your objectives. Say you want to increase return visits. A good strategy could
be to send out a regular newsletter to your current clients.

Now, I make a checklist of all the steps you need to take in order to put each of your strategies into action.
Whatever you do, don’t skip this part…it’s critical.

So to start a print newsletter, at minimum you’re going to need to: pick a marketing angle, come up with a name, decide how often you want it to go out, write or get content, purchase a template or hire a graphic designer, choose a printer, find a mailing house, compile your client database and get the whole thing put together and out the door.

Finally, I create a detailed timeline with deadlines to get it all done.

Whew!
Now you have a goal, and a plan reach it. And you can start taking action by checking things off of your new to-do list.

Of course, don’t forget that some plans are going to be easier to implement, and/or more effective, than others.

So take your time researching options and choosing strategies. Better yet, unless you really know your stuff, consider hiring a professional to help you make the best decisions for your business and your goals.

Remember, this is the blueprint for your future success. It’s worth the extra effort!

©2002-2006 Success Stream. All Rights Reserved. www.success-stream.com

You Have a Plan

You have a business plan if you have a business. What would you tell people about your business at a party?

Jim Horan thinks “business plans don’t have to be long to be good.”

A single page can contain all of the essential elements you need to tell your employees, board of directors, potential partners, or banker where you are taking your business and how you are going to get there. (p. 17)

The One Page Business Plan will help you:

• Clarify your thinking
• Get focused
• Prevent wasting your time and your resources
• Stop distractions
• Put it in writing

It doesn’t have to take six months of agonizing meetings, pounds of written documents, endless spreadsheets, and complicated flowcharts to produce a meaningful business plan. It also does not take an army of expensive consultants. A few well-constructed phrases and short sentences can say a lot. The examples in this book will demonstrate that for you. (p. 25)

My Experience with One Page Business Plan

I have used The One Page Business Plan to summarize and then flesh out my ideas for a series of major business building projects and marketing plans. It’s been a very simple and effective process and the results are readily understandable. (Don’t you have someone in your life who wants to understand what you are trying to do–but doesn’t?)

This planning process didn’t take up much time. It provided me with an easy to follow, step by step, quick way to get my ideas down on paper. I’ve got a reference point for communicating about my business–and it’s easy to change my plan as I change my thinking.

An important thought in the morning can be in your plan that afternoon. (p.25)

Home Business Internet Marketing: True or False?

There are hundreds, thousands and even millions of prospective customers or clients looking for you and what you and your business has to offer and you can connect with them on the Internet.

It’s true.

Most e-commerce ventures (online businesses) fail.

Also, true.

My advice after playing around with internet marketing for a couple of years (with not great results) is to find a step-by-step approach.  A step-by-step approach to building an internet marketing structure and system.

Remember? Marketing is a process, not just a project. You are looking for tools and technical know-how. Even more important than that:

You are looking for a step by step approach to developing an internet marketing action plan. Your plan is a road map to putting together the pieces: all your internet marketing strategies which are the vehicles you will use to connect with your target audience and communicate information that is valuable to them.

You are also looking for help with combining your internet marketing strategies and implementing them so that you get results.

True or false?

You want to convert people searching the Internet to prospective customers to buyers to raving fans!

True, right?

WARNING! WARNING! WARNING! 

There are lots of people out there on the Net who will offer to show you how to make millions of dollars doing Internet marketing. Many people who are beginners in this arena have spent hundreds and thousands of dollars and have become frustrated with their failed attempts. Don’t join them.

Here at Simply Home Business, we are enrolled at Renegade University. The outstanding benefits of the Renegade University are:

• The step-by-step approach that really does begin at The Beginning
• Mike Klingler’s excellent teaching skills
• The Renegade Marketing philosphy and Attraction Marketing approach.

Renegade University emphasizes providing value to your prospects and building a list to which you provide valuable information while marketing to them over the length of a long and mutually beneficial relationship. 

True or False?

Renegade University is free.

True. The first level of training you receive is free. It is based on the work of Ann Sieg and her e-book, The Renegade Network Marketer as well as Mike Dillard’s Magnetic Sponsoring. If you’d like a taste of their work (try before you buy), look here:

• For Ann Sieg, read her free online report, The Seven Lies of Network Marketing.
• For Mike Dillard, consider reading about Magnetic Sponsoring. 

To learn how to apply Attraction Marketing, Renegade Marketing and Magnetic Sponsoring principles in a step-by-step guide, get started at Renegade University. 

Home Business Marketing: Your Home Business Success Engine

Marketing is the engine of home business success. If I could only give you one tip, one suggestion about how to build a successful home based business it would be this:

Think of marketing as a process, an on-going cycle of business activity which can be duplicated and used over and over again. 

One of your first projects is to design and build your marketing strategy and write a marketing plan that will serve as a road map keeping you and your business on track–on time and on target. Choose your marketing tactics carefully and choose a minimum of 5-6 tactics (both online and offline).

Offline marketing strategies and tactics include:

• Fliers
• Newspaper ads
• Business cards
• Radio ads
• Public speaking
• Free workshops or seminars 

Online marketing strategies and tactics include:

• Blogging
• Social marketing
• Google AdWords
• Pay-per-click (PPC) campaigns
• Email lists and email newsletters

There’s a master out there–a master of marketing according to a road map that keeps you on track. His name is Robert Middleton and his business is Action Plan Marketing. Robert has Free Stuff for your home business start up at his web site that I recommend you take advantage of:

• Marketing Plan Start Up Kit
• More Clients Blog 

Start making money at home when you get into action and create your business.

According to Mark Joyner, author of Simpleology,

The Scientific Formula for Success is:
Step 1: See your target.
Step 2: Keep it in your sights.
Step 3: Hit it (until you hit it).

This area, the Home Business Start Up Guide, is for all of you who are at the beginning of your journey to home business success. It is all about getting into action and creating your business. Its a kind of "nuts and bolts" part of the building, requiring some left brained activity. There are some things to do that will bring you closer step by step to being prepared to grow a business. First, you have to take steps to bring your new business into being. Next, you’ll define and then refine your business through action and reflection. This part is all about action: concrete steps to bringing your dream of a home based business business opportunity into reality. Concrete steps to set up your office and finances and to acquire the habits that will ensure productivity.

There are a number of skills and experiences you bring to your new home business–and some you will develop. You can only focus on one target at a time — if you want to hit it accurately. In the same way, you can’t get training and experience you need for everything all at the same time. Pick your first steps, take action and bring your home business dream to life.

(Reference: Mark Joyner, Simple-ology 101, http://www.simpleology.com)

• Get more information about the Simpleology book and free training program for Simpleology 101.
• See if the Simpleology training program (free) is for you.
• To find out what Mark Joyner thinks about the Law of Attraction, read his blog post at Evolving Times.

When you work at home, it can be tempting to postpone activities that would result in income until you have a perfect office set up. Don’t postpone earning money from home but do set up a simple, functional office for your work.

Office Space

Everyone needs a physical location to serve as the “command center” of business action. The basic requirements for a work space are a flat surface for writing and room for an in-tray. If you don’t have a dedicated (not used for anything else) and functional workspace with an in-tray, get one now.

To get started in your new home business you will need two kinds of “office”: your functional work space at home and a portable system that you can take with you. In time, your work space will probably expand to include a phone, a computer, stacking trays, working file drawers, book shelves for reference books and media. Some will also need a fax, a printer, a VCR/DVD player and/or multi-media conferencing equipment. For people who travel, a laptop computer will seem like a necessity.

The Simplest Start

You can start to build your business with the simplest work spaces: an old door on top of two, 2-drawer filing cabinets (one at each end) with three stacking trays on it, a legal pad and a pen and access to your phone. You could start with one end of your kitchen or dining table and a plastic filing box, a phone and a pad of paper and a pen. You will need a satchel or a backpack or some other way to “take the show on the road” carrying a few folders and your Productivity Tools.

Your 21st Century Home Office

In this day and age, if you want your home based business to be a modern business with communication by email and marketing and ordering online, you will need to take stock of your office set up and plan to update your equipment and skills as needed. It is possible to conduct business from a distance which makes your business “portable” e.g. you don’t have to be in your home office to take care of business. You are free to travel and to work any hours of the day (or night) that suit you. However, don’t let anyone convince you that you’ll be able to do this without up-to-date technology. Begin to plan for the gradual building of your truly modern and convenient office and communications systems and skills.

Productivity results from practicing the habits of good business systematically.

The Systems of Success

Whatever your learning style and working style, as you move forward with your business, you will need some systems to “keep track”.

Start now keeping track of:
1. Contact data for a) all the people you meet, b) new customers and c) new team members.
2. Mileage (and other tax deductible expenses).
3. Appointments (and use your appointment records to match up with your mileage records for tax purposes). Example: in my appointment book I note a coaching appointment with “Carole S.” and make a matching note in my mileage book in my car (small spiral bound book).

Start with simple systems and teach yourself new habits. It will make your life easier as you “mess it up” with all the new people you will be meeting and making relationships with as you grow your healthy, successful business.

Network Your Way to Success

Your business goal is to fill your business "pipeline" with never-ending referrals. The primary way you will do that is to make new relationships with people and stay in touch with them. A very important networking tip is this: It is more important to get someone else’s contact information e.g. their business card than it is for you to give them yours.

And then what? Send a card or a postcard with a handwritten note (note written and card addressed in blue ink. Yep. Trust me, blue is it). For example, if you go to a meeting, meet someone new and get their card–go to your car and before driving home, address a card, add a note, put on a stamp and drop into a mailbox right away. Get their contact information into your address book and into your electronic system (like Outlook) as soon as you can. Don’t have time to copy information into your address book? Tape or staple their business card into your book.

A Bias for Action

Use an Activity Tracker, a tickler file and keeping track of "the next actionable item" as your support for action to build your business.

Earn money at home by paying attention to getting off to a good start with financial basics.

Your Recording Keeping System

Your financial records are the voice of your success. Good records can do two things for you:

• Tell you whether or not you are achieving your goals step-by-step, by telling you whether your business activities are giving you a financial return on the time you invest in them.
• Keep you organized

Financial Files

Keep your financial files separate from the rest of your filing system. Keep your business files separate from your personal financial files.

Start with one "Business Financial" file and keep all financial paperwork in it as it comes in: bank statement, receipts, bills, etc. Make a date with yourself at least once a month to reconcile your bank records and track your business expenses. When the month is "closed", put it all in one envelope and label it for the month.

At the end of the year, you may want to file your receipts according to the types or categories of business expense but if you use an electronic system like Quicken, just make sure that for each entry you categorize your expenses. (This system works well for your personal finances, too, as long as you keep a separate folder and separate bank accounts.)

Banking

Set up a separate bank account for your business to keep your business finances separate from your personal finances. Look for a free checking account for small business with a debit card (if you like the convenience of a debit card). Keep your check register up to date.

If you will be using a credit card, apply for a separate business credit card and look for one that will send you a detailed categorized statement at the end of the year.

Taxes

If you need tax advice it is best to consult someone qualified in your state to help you. When you are just getting started, make sure to have a “My Business” folder and file some essential pieces of information:

• a business plan,
• some records related to using your car and mileage records,
• a marketing plan.

So, now you have two files, minimum: "My Business" and "Business Financial".

When you sign up for the Simply Home Business News, we will send you a free 5-email series, First Steps for a New Home Business, to kick off your subscription.