Oddly enough, many of us do not set New Year's resolutions for our business. This is very important to do. The beginning of the year is a great time to look over the past year and look at our successes, and yes, our failures. What went well last year? What needs changed from last year? This information will help us set our resolutions. On top of this, we need to look at how to help our business grow. In this article, I am going to help you get started on your “marketing resolutions for the new year.”
1. Look at your past marketing plan. What worked, what didn't?
2. Create a new marketing plan for this new year. Be sure to include the following:
Ø Successful marketing from last year-Don't try anything new until you are sure you have implemented what has worked for you in the past!
Ø Monthly plans. Create a plan. Don't just haphazardly advertise; what a waste! What will be your goal each month? Will you put together a mailing list and send letters to the same businesses each month for 6 months? Will you add your link to 5 sites each month? Will you start a company newsletter? Will you advertise in 5 newsletters each month? Will you apply or call 5 positions posted each day in your local newspaper?
Ø Target clientele- It is very important in marketing to establish who you want to sell your service or product to, and market to that group. Don't just market somewhere because it's cheap, market because it is going to reach your target clientele. If I am selling computers, why would I advertise in a garden magazine? Wouldn't it be smarter to advertise in an IT magazine or newsletter even if it costs more?
Ø Budget marketing allowance. How much are you going to budget each month for marketing? What will you spend that allowance on? Be specific!! How much will you spend on postage, to advertise in newsletters, etc.?
Ø Track your budget-Pay attention to where you are spending your marketing budget. Make an excel spreadsheet, create your budget in it, and then track your budget by noting besides each allowance where you spent it. You can even add a column to document how many leads you received from each advertising. This will allow you to better track what is working and what is not (helpful for monthly marketing and your next new year plan)!
3. Plan your follow-up. Have a plan in place for when the phone rings from your marketing and it is the first client. I have an initial contact form in place. I fill out all the information I need to do follow up calls/emails. Make sure you get name, number and email (at the least)! I once had a potential client call and in the middle of the call my daughter felt that was the best time to give me back her lunch (if you know what I mean). While trying to talk with the new potential client, and clean her up (without letting him know I was distracted), I forgot to get his email. This cut off any future follow-up that I could do with him. If I had my form, this would not have happened! Have something in place!!!!
4. Continually check your marketing plan. Check frequently the success of all of your marketing-that spreadsheet will be a big help. If you aren't receiving any calls or sales from your marketing letters, evaluate why. Try to use a different marketing letter, or is it that you didn't create your follow-up plan. Check the responses your getting from each newsletter advertisement (track the responses) and evaluate if you are spending your money on the right newsletter.
Make this year your most successful year yet! Let's all grow our businesses and become even more prosperous than last year! In order to do this, let the world know (okay, your neighborhood for now, and the world next year) that your business is there and what you can do for your neighborhood. Create your target, and go for it!
Like many people, you may have made a New Year's resolution to get out of debt this year. Have you considered making a resolution to have better credit, along with your resolution to get out of debt? Learning good credit habits will actually help you get rid of and stay out of debt faster, so consider adding these credit resolutions to your money resolutions this year.
Get your free credit report. You should check your credit report at least once a year to make sure there are no errors, and even worse, no fraud on your report. In addition, if you expect to have a big purchase soon, such as a new car, or a new home, then you should check your credit well before the date of the purchase to make sure there are no items on your credit report that will keep you from qualifying for financing. You can get a free copy of your credit report at www.annualcreditreport.com.
Learn more about credit. The more you know about credit and credit scores, the better chance you have to build a good credit history. Find out how borrowing affects your credit score, as well as how late payments, defaulting on your payments, and closing accounts can affect your credit score.
Pay your bills on time. Your payment history - whether you pay your bills on time or not - is the biggest factor in determining your credit score, so it's important that you pay your bills (this includes all of your bills, not just your credit cards) on time.
Reduce your interest rate. Start by calling your current credit card companies and ask them to reduce the interest rate you are currently paying. Let them know you have received offers to transfer your balance to a lower interest rate card. Chances are they will lower your rate rather than risk losing you as a customer (they can't make money off you if you're not a customer). If that doesn't work, go ahead and transfer your high interest balances to lower interest credit cards, but don't do this too often as it could have a negative impact on your credit score.
Stop paying late or overdraft fees. Make a "date" with yourself to pay your bills every week. Or, even better, setup an automatic payment plan so that your credit cards are always paid on time. Another way to avoid paying late fees is to set up your credit card accounts for online payments. Some credit cards will let you make your payment on the day it's due to avoid late payments (others charge to make same-day payments). Late and overdraft fees can really add up, and even worse, you pay interest on those late fees. Talk about adding insult to injury!
Finally, start an emergency fund. While this doesn't seem like it would directly affect your credit score, it can have a huge impact on how you use credit. If you have an emergency fund in place, you are less likely to turn to credit cards for unexpected expenses, like car repairs, medical expenses, etc. In addition, if you have an emergency fund, you have options if a credit card company suddenly raises your interest rate.
Both Patty Benton & Kristine Mckinley are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Kristine Mckinley has sinced written about articles on various topics from Retirement, Investments and Personal Finance. Does credit card debt have you stressed out? Get your most urgent 'how to get out of debt' questions answered in this free teleseminar,
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