Ideal Marketing Company Blog

Free Marketing Seminar in Lutterworth

Free Marketing Seminar at The Greyhound Hotel, Lutterworth, Leicestershire.

How to Grow & Protect Your Business in 2010

Tuesday 16th February 5.30pm – 7.30pm at the Greyhound Inn, Lutterworth

With the start of the New Year, you may be wondering about what 2010 holds in store for your business.  Would you like it to great off to a great start? You are invited to a seminar and networking event which offers practical ideas on how to grow & protect your business during the year ahead and beyond.

Part 1 - What are the best ways to grow your business?  The first part of the session covers low cost marketing ideas on the 4 key areas of business growth.  Attracting more leads, converting more prospects into customers, selling additional services to existing customers and keeping customers for longer.

Part 2 – How do you protect the business that you have grown? It’s all too easy to let the wealth and value slip away or to expose yourself to unnecessary risks.  The second part of the seminar looks at how to protect yourself financially and how to use your business to build yourself a financial fortress.

The seminar starts at 5.30pm with presentations commencing by 6pm.  The event is free of charge and you are invited to attend and bring up to 3 people with you. We are anticipating a good level of attendance so PLEASE reserve your place in advance.

To reserve you place please call 01858 44 55 43  e-mail seminar@idealmarketingcompany.com

Tough times ahead?

Who can help in a turnaround?

In a turnaround, businesses often need help from people who are familiar with this type of crisis situation and who possess the specific experience and skills needed. But there are differing types of help available so it is worth understanding who’s who in the world of CROs, IPs, IMs and other professionals you may encounter, some of whom work within your business and some of whom work simply as advisors.

A Chief Restructuring Officer or CRO, is a turnaround professional that management hire on a temporary basis to provide support and assistance.

A CRO’s job is firstly to help the business analyse its position, providing an experienced eye to look over how deep the crisis is, assess the options and make an informed judgement as to whether the business is salvageable.

CROs then move on to help to drive through the actions needed to deal with the situation, acting as a crisis manager to handle issues with the urgency, independence and sometimes ruthlessness required. CROs therefore need to be people who can cope with the challenges and difficulties that this implies in a professional way.

The CRO also brings to the business a body of specialist knowledge of relevant commercial and insolvency issues such as redundancy processes and wrongful trading, so helping to manage these risks.

A CRO brings their experience of dealing with not only a business in crisis, bit also their experience in keeping financial stakeholders such as banks on board supporting the turnaround. A CRO has the ability to talk to the bank and insolvency advisers their own language, so giving the business the best chance that it will receive funders’ support through its difficulties.

The help provided by a CRO is generally therefore extremely ‘hands on’ in nature. The contrast here is with the professional advisers such as the insolvency practitioner or the lawyer who, however close the relationship, do remain outside the business. The CRO sits on your side of the table at meetings and actively works on behalf of your business, often becoming part of your business by taking on the role and responsibilities of becoming a director to take charge and drive through change for the time needed to make the plan happen.

The Institute for Turnaround provides formal accreditation of UK turnaround professionals, and such they may also be a member of the US based Turnaround Management Association. They often work alone but increasingly are operating as teams, often in conjunction with or organised through the firms who are also involved in supplying in specialists on a temporary basis known as interim managers to deal with particular functional aspects of the business (such as a temporary finance or production director) as may be required to turn the business’ performance around.

But there are many other resources available that a business can need apart from CROs. As a turnaround affects all areas of the business, so the business tends to need assistance from a broad range of specialists.

Business owners should always take formal insolvency advice from either lawyers or an insolvency practitioner (or ‘IP’) if the business is in severe difficulty to see whether they are safe to continue trading the business. An IP will be able to advise on use of any of the business rescue procedures under the Insolvency Act such as a Company Voluntary Arrangement; will be able to help the directors in assessing the business’s position. They will also often have a strong working relationship with the bank and so may be able to to help gain bank support for a turnaround, as well as introducing or working with a turnaround professional.

Often there is a need to raise new or replacement finance to provide funds to deal with the initial crisis or to support the subsequent recovery and regrowth of the business. These funds will come from specialist asset financiers either directly or more usually through a broker who knows the market and is used to placing such business.

Legal advice is almost always required and the business will need a recovery specialist as a lead advisor who can call upon expertise within his or her firm across a wide range of areas such as insolvency and debt collection in the early stages; through key issues for restructuring a business such as employment and redundancy, as well as contractual disputes such as problem contracts; right through to corporate finance specialists if there is a need to raise new equity or arrange a sale of the business.

Interim Managers are often used as a flexible resource to meet the changing needs of a business during the different phases of a turnaround. A typical case might require significant assistance from an interim financial controller on tightening up management of its cash to survive an initial crisis. Then the business might need an operations specialist to address manufacturing issues, before then bringing in a marketing expert to provide a boost to regrowing sales, while the whole strategy is overseen by the CRO.

Mark Blayney has 20 years experience in business rescues, is an IfT member and is the author of Turning a Business Around  visit www.markblayney.co.uk for more ideas.

Marketing Seminar

Thanks to all the small business owners and marketing managers who attended my latest marketing seminar at Hothorpe Hall.  Judging from your feedbackforms and the e-mails I’ve since received you got a lot out the day.

Hear what one of the delegates had to say about yesterday’s event by clicking on these links:

Marketing Mentor Feedback

Marketing Mentor Feedback- part 2

penny wise - pound foolish?

Marketing ways out of recession

I read a YouGov survey recently which showed that small businesses plan to increase their marketing budgets over the next 12 months inspite of the current economic climate.

Marketing is important for SMEs in UK as in a survey of nearly 1,000 small business owners found that 38% plan to invest more in marketing.

SME’s can be shielded from recession by reducing external costs and consolidating suppliers. Further protection can be given by bringing in-house traditionally outsourced speciality tasks, such as production of marketing materials.

The survey by YouGov reveals that only 40% respondents will bring professional quality marketing material production in-house and only a quarter said they’d be unlikely to do so.

“The survey results highlight how businesses are looking to reduce external costs through bringing printing requirements in-house, with the ability to produce professional quality print material themselves, rather than through an external supplier,” said Officejet Brand Manager, HP UK, Beth de Avila.

The survey also reveals that 79% of those businesses that advertise rely on printed and online advertising as their primary means.

Added to the information given by the same survey 40% used print as their primary form of advertising and 7% were with event based advertising.

“These results highlight how UK business owners are not panicking in their attitudes to marketing during the current economic downturn, and are budgeting for the long term as well as the short,” added de Avila.
“Previous recessions have shown that those businesses that market themselves well during fallow periods are significantly better positioned when the good times return.”

It also showed that 13% respondents spend more than 80% of the company’s marketing budget on print advertising and 27% spent more than half.

The research was conducted by YouGov and surveyed 943 micro, small and medium sized business owners from 10th – 12th June 2009.

Marketing Seminar at the Angel Hotel

Free Marketing Seminar – November 2009

What can you do to minimise the marketing mistakes that can happen when you launch a new product, run an advert or send out a direct mail campaign? ‘12 Reasons Why Marketing Fails’ is packed with simple ideas that will help you to avoid the 12 most common errors that spell disaster for your next marketing campaign.

If you want to avoid the wasted money and missed opportunities for growth that can result, book your free place today.

You can also find out more about the ‘Marketing Mentor’ programme and how you can enrol in it for no charge as it is currently fully Government funded.

Details about the free Marketing Seminar at the Angel Hotel, Market Harborough

Date: Thursday November 12th at 5pm

Location: The Angel Hotel, High Street, Market Harborough

Duration: 5pm for a 5.15 start till 6.30pm

Parking: Free in The Angel car park behind the hotel

Please e-mail Helen@idealmarketingcompany.com to reserve up to 3 places or call 01858 44 55 43

Northampton Marketing Seminars

Just arrived back from a morning seminar I was asked to run for the FSB in Northampton.  The event took place at the Northampton cricket club.  With around 60 business owners present it was a goodoppertunity to talk about the ‘9 steps to successful marketing’ that I recently completed a tips booklet on.  If you were one of the people there I hope you found it useful.  I actually recorded the talk and plan on creating a CD and transcript out of it later this month.

We all like to complain about things from time to time.  This BBC page has a summary of the past 12 months most controversial and complained about adverts.

What I always find interesting about these lists is how some things which seem harmless to me WILL cause offence in others.  Also how some very uncontroversial products of service will rely on sex or violence to sell. Judge for yourself at http://news.bbc.co.uk/1/hi/magazine/8020881.stm

Thank you to everybody who came to The Business Club meeting on Tuesday evening.  I was asked to speak on the ‘9 Steps to successful marketing’ which I’m pleased to say received very positive feedback.

If you have never been to a Business Club event, I would suggest you try one of them.  They run in Leicester, Northampton, Peterborough & Hertfordshire.  The format of the meeting works well and all the events I’ve spoken at have been very well attended and seem very well liked by the members. I’m due to return to run another marketing seminar / marketing talk at the Leicester event again this June.

Marketing Seminars – Keeping Customers Happy

7. Really care about your customers.  Take notes about when their birthday is, who their children are, hobbies and interests etc.  This creates a far deeper level of communication and shows that you are interested in them as individuals.

8. Encourage complaints.  Do you know what most people do when they hear a customer complain?  They think of a reason why the complaint is not valid.  When a customer complains, they are telling you that they want to keep using you despite the problem, but would prefer to do business with you if you could sort it out.  For every customer that TELLS you about a problem, 10 customers may have experienced the same problem and gone elsewhere or are getting progressively more annoyed by it.  When a customer tells you something is wrong, listen and then ask them if anything else is wrong.  Most people treat complaining customers with contempt, when in fact, they act as an early warning system alerting you to the majority of customers who will sit in silence and then quickly leave you ‘for no reason’ one day.

9. Avoid confusion. If you have a contract, make it so simple that it can be explained in a paragraph.  If you are doing work on a customer’s behalf, make sure that they understand exactly what you are doing and when.  Don’t do anything that you think will confuse or frustrate your customer – just keep things simple and clear.

For more marketing ideas come to our next free marketing seminar on February 9^th  Hothorpe Hall, near Leicestershire – see the seminars page for full details.

Other Direct Mail letter ideas that work well

Create interest by being topical.  By using a headline from a newspaper (quoting the publication and date) you can show just how up to date your product or offer is. It also makes it clear that your message is based on ‘facts’ rather than being made up by you to sell things. 

It takes seven meaningful points of contact to make the average sale, yet most people give up on direct mail after one letter.  Better to create a list of 100 companies that you REALLY want to work with and mail them regularly than to mail a hundred different companies every week.

As part of your regular mailing campaign, send cuttings (about you or relevant stories) to your contact to show that you understand the industry and how it works. Mixed in with regular direct mail letters, this can be very effective.

Timing is (almost everything). The day your letter arrives has an effect, as does the time of year you send it.  Send your letter so that it arrives on a Tuesday.  For other matters think about the time of year that people are most likely to reply.  For example, when mailing schools, September seems to be the best month.

Stamp rather than frank.  It looks less industrial and is almost always more cost effective.

Follow up with e-mail or a phone call.  This area is covered later in the series, but a good direct mail letter that is followed up by phone within a week of being sent out will generate a far higher response rate for you. 

3D Mailers and novelties can work IF they are very carefully targeted; the more personal or suited to the contact the better.  For example, a personalised calendar can work well and even if it is expensive, it can prove to be a good investment in the long term if you bear in mind the lifetime value of a customer.

Qualify your data.  It’s a pain, but worth calling people on a mailing list prior to writing to them.  Make sure that the name you have is up to date and is the right person to contact otherwise you might as well save your stamp.  Writing to somebody who isn’t there anymore or isn’t in a position to buy from you is rarely going to end well. 

Test, test and test again.  If you think you have a good product and there is a market for it, then direct mail should work for you – it’s just a question of finding the key to unlocking the door, so keep testing out different headlines, offers, lists etc.  You’ll find one that works for you in the end – it might just take a few attempts to get it right. Remember that when you are testing, check out one thing at a time.
This material comes from one one of the Marketing Mentor Marketing Seminars.