Q. How do I build my brand online?
A. The Internet is all about search, so building your brand online means making yourself searchable. That requires getting involved and communicating with other users to generate a Web presence around your brand. Social media (such as blogs and social networks) make this much easier than it sounds. If you start contributing to groups or blogs about a topic you’re interested in or have an expertise in, it won’t be long until your name becomes associated with those topics.
The goal is to build subtle word of mouth – think conversations, not billboards. You could start by leaving comments on blogs that discuss topics you’d like to align with your brand. For example, if your business is construction, you might contribute your expertise to a local forum where people are asking questions about finding a good contractor or what materials to use for a particular job. You might even start your own blog on the topic, but the first step is to start interacting with the people who are already involved in that space.
Q. I have an IT consulting company with about eight employees and we have been in business for two years. How can I compete in this economy with bigger, more established competitors?A. With only eight employees and only a two-year history, you’re not exactly a threat to more established competitors – yet. But compared to your competition, your size makes you more nimble and presents certain advantages because you can change faster than they can to adjust to today’s volatile economy. Remember that your costs are probably easier to change than theirs as well. Your short history means you won’t destroy your brand by changing a part of it, so you won’t confuse your existing customers or have to fight through the existing perceptions of potential new customers.
Dig for gold in your current client list. Teach your employees how to build business from existing business by identifying new sales opportunities as they work with their clients. Every person you hire needs to accept the responsibility of being on the lookout for new sales opportunities with existing clients.
Q. I sell and install solar panels for office buildings. Despite all the hype, it is very hard to make the business case that this investment will pay off for the owner of the building. What should I do?A. Just like any other owner of a small construction company, who can’t change the cost of raw materials or goods, the market is saying you are still too expensive, so you need to change your focus. Look at your business model and innovate it. For example, find out what other costs can be offset, but better yet, show your customer the potential benefits from this investment in green technology. For example, demonstrate to the landlord how new tenants may be willing to pay a premium for the privilege of living in a “green” building. Show your customer how other landlords are leveraging a “green” message into their marketing to attract customers. Suggesting strategies like these can support your customers’ marketing objectives and make you a partner in their success.
Q. I am a small distributor and sell a variety of gift products to tourist shops in resort towns. I have looked at my costs, I have tried to get the best pricing on my products, but still I struggle. There are a lot of other small distributors in my industry, how can I compete? A. You must make it easier and pleasant for your customers to do business with you. Make sure your ordering system is easier to use than your competitor’s. Offer training and support to your customers so they can order from you more efficiently. And always remember to provide your customers with advice and information about what you see other successful retailers doing in other markets. You might want to consider a short eNewsletter to send customers to help them with their business.
Q. I need someone new to do my taxes. How do I find a good CPA?
A. The No. 1 reason clients fire their CPAs is because the CPA was not proactive with them. When you interview a new CPA, make sure to ask for references and check for any complaints filed with the state CPA society. Then ask these three qualifying questions: Do you have clients similar to my business? What are your rates? What does your firm do to help your clients be successful in their business?
The real differentiating question for me is when I ask them about the last time they introduced a client business-owner to someone who could help them in their business. A good CPA should have a good network of bankers, suppliers and/or potential customers.
