BMI
How To Beat The Mid January Business Blues
So we're two weeks into the new year. It seems that commerce in 2010 is probably going to move along at about the pace of 2009, gradually picking up as the year moves on. I continue to encounter people who have found new jobs, so it seems that there may be light at the end of the tunnel.
Small Businesses In Queens - Business Models
Small businesses, of which there are many in Queens, continue to struggle to define themselves. They're squeezed by competitive pricing and inventory selection challenges from monolithic corporations and online retailers. The key to ensuring the survival / thriving of a small business, is to review the company business model to be sure that the company provides added value to its customers at a competitive price. The time proven approach to doing this is by using the six P's of marketing to examine your business.
Marketing Tips For Small Businesses In Queens
- Price. Have I priced my products competitively? Can I use promotional pricing on a select item to draw customers into the store? Conventional wisdom indicates that the best pricing strategy is to price your products as competitively as you can - all the time - and to manage your costs like a hawk.
- Product. Do I have the right selection of products / services? Are there things that aren't in demand much that cost me a lot to either inventory or provide? Are there add on products or services I could be offering that would please the customers, while increasing my revenue and profit?
- Placement. Can I increase the availability of my product by distributing it through others, lengthening my store hours, selling via a machine or selling online?
- Promotion. Are there things I can do to create a 'buzz' about my store, products or services? For instance getting involved in local events or partnering with non-profits.
- Packaging. Are there things I can do to better package my offerings? For instance, lay new carpet on the store floor to provide the store with a better appearance. Paint the exterior with brighter colors so it will become more noticeable. Post a more noticeable sign outside, so passerby will notice me. Provide gift wrapping services.
- Positioning. Have I positioned my store, service or offerings in a way that tells the customer why they should buy from me versus all my competitors? In marketing jargon this is called the unique selling proposition. For instance, I provide the fastest service, the best inventory selection, the best selection of a specified line of products, the longest store hours or the friendliest or most convenient service.
Louis Armstrong - Martin Luther King Weekend - America
Great things are always possible in this country, especially when one combines a lot of hard work with a bit of creativity. Consider Louis Armstrong, an African American, who by the forties, prior to desegregation and the 1964 Civil Rights Act, became a millionaire. How? By a lot of hard work and a lot of ingenuity. Let's not wait to see if 2010 is going to be a good year. Let's decide to make 2010 a good year.
Posted January 17, 2010.
New Years Resolution 2010
Forthwith I expect to begin a Queens Buzz column of sorts. Not sure exactly how it will evolve, but the starting concept is a sort of online round table. In addition to some of my own musings, I'll link to others' blogs or home pages highlighting interesting commentary coming out of them.
The idea will be to find things worthwhile that might also be of interest to you. I expect to post notes here from time to time, but at this moment I'm not sure how periodically that will be. I may have daily postings some weeks and then go for a few weeks with none. Over time I'm sure we'll find a cadence.
By The Way, BMI stands for 'Buzz Me In'.
Posted January 4, 2010.
