Profit Pipeline Strategies

 

Partner in Profit

 

 

 

 

 

 

 

 

Follow these tips to increase profits and grow your business.

Prioritize Your Leads
Classify your A, B and C leads in terms of the revenue they can produce. Each company needs large, medium and small clients. Always go after your large prospects first, but pursue small and medium clients simultaneously. Larger deals usually require more time and effort to close. In the interim, smaller customers can provide the cash flow you need to maintain and grow your business. The total gross revenue of your smaller clients may even be greater than that of your larger ones.

Pursue Profitable Industries
Do your research. Find out which industries have been labeled “recession-proof” and those that are growing in spite of the economy. There are numerous case studies available on this topic. A good indicator of growth is if an industry is hiring, rather than firing employees. Focus your business on these segments and make sure to diversify. If your products and services are tailored to a specific industry, try modifying or expanding your offerings. And, if your target audience has been negatively affected by the recession, find a way to market yourself to other segments.

Don’t Lower Your Prices
Price reduction is not an effective growth strategy. There will always be companies that offer the same services at lower prices. Instead, explain to clients what makes your offerings unique. Convince prospects that you can provide the best possible service in your market. Intelligent customers realize that they get what they pay for, so don’t rely on competitive pricing. Now more than ever, the key to closing a deal is quality and service. Make the customer feel like they’re getting more than they paid for, while charging all that your worth.


Another great article, 60-Second Guide to Sales Prospects, Brought to you by SCORE “Counselors to America’s Small Business.” Ask SCORE

Mahalo… 

 

Five Characteristics of Great Business Names

Five Characteristics of Great Business Names and Five Popular Trends to Avoid

Written by Susan L. Reid

Deciding on a name is one of the most exciting parts of starting up a business.

The only problem with choosing the name of your business is that so much rides on your business name. It’s a little like choosing a name for your baby. A little like? Make that a lot like! It’s no easier choosing a name for your business than it is choosing a name for your baby.

What’s in a business name? You want it to be everything. Sadly, many business names are nothing. Deciding on a great business name takes time. It takes thought. Moreover, getting it wrong could spell disaster for your business. Getting it right, however, will give customers a reason to hire you, connect you to your niche market, and save you thousands of marketing dollars.

You want your business name to have a big impact on people. This, in turn, will have a big effect on your market. A name that’s too far out may make it difficult to brand. A name that’s too generic and common is easily ignored. Naming your business “Sarah’s Cookies” may make all the sense in the world to you. In most cases, however, your own name means very little to your customers because it says nothing memorable or of distinction.

The key to picking a great name for your business is to make it memorable. Make it distinctive. Don’t make it silly or cute. Your name should reflect your market niche and identity and be able to reach your customer base easily. So don’t mess it up!

Top Five Characteristics of a Great Business Name

1. It’s short.

2. It’s specific and reflects a specialized business: Jiffy Lube, Home Depot.

3. It’s unique. Consider using words that are not in the dictionary: Alkamae, Google, Squidoo.

4. It’s creative. Don’t copy, borrow, or modify existing famous brand names. Got Milk? has its own branding. Leave Victoria’s Secret to Victoria.

5. It’s an easy name to say, spell, and remember. Use proper English construction so that when put in a sentence, it will work: “I just purchased a book from Amazon.”

Five Popular Business Naming Trends to Avoid

1. Don’t abbreviate your business name. Though it may make communication and correspondence easier, acronyms are sterile.

2. Avoid anything that ends in “global”, “enterprise”, or “Inc.” They’re passé.

3. Avoid using your own name. Build your brand on your company, not on your name. That way, if you decide to sell your company one day, it will be easier to sell.

4. Don’t hyphenate your business name. It makes remembering and writing it difficult. Plus, a hyphenated web name is hard to read.

5. Avoid geographical names unless you’re trying to create a strong local affinity. The name “Willow Oak Center for Arts and Learning at Robertson County” works because this is a business targeted specifically for Robertson County in Tennessee.

Once you’ve found your name, consider trademarking it through the U.S. Patent and Trademark Office and registering it through the Secretary of State offices. If your business operates on the Internet, be aware that domain names are not registered through state or local government, so just registering them at domain registration sites is not enough to protect your great business name.

There is more to naming your business than just coming up with something that sounds good, is clever, or you just happen to like. Naming your business is a serious matter. Your business name reflects your image, your brand, and your position in the marketplace. Because your business name is crucial to your overall branding success and marketing efforts, make your business name count.

Make it great!

Copyright ©2007 by Susan L. Reid, DMA

Susan L Reid, DMA, Small Business Start Up Coach, Consultant & Accidental Pren-her™ is the author of Discovering Your Inner Samurai: The Entrepreneurial Woman’s Journey to Business Success. Known for taking the fear out of starting up businesses, Susan provides value, inspiration and direction to entrepreneurial women starting up and launching small businesses.

To get your copy of Discovering Your Inner Samurai: The Entrepreneurial Woman’s Journey to Business Success, go to WME Books or visit www.Alkamae.com. For ideas and start up tips, sign-up for our free e-Zine for entrepreneurial women called LAUNCH YOU! We are blogging at: http://susanreid.typepad.com

 

  • Thanks Susan for sharing your insightful article!
    Jj Soule’