None Provided17 Essay Example

by asking about customer requests and complaints. The text suggests using comment cards, direct communication with customers, documenting preferences, focus groups, mail surveys, and telephone surveys as ways to gather feedback and improve customer service while staying informed about competition. Before exploring advertising options, it is essential to recognize the importance of well-crafted ads. Effective ads consider factors like wording, graphics, arrangement, coloring, and how the target audience will interpret them. Neglecting these elements can harm a business more than having no ads at all.Seeking assistance when writing ads is highly recommended. To determine what to include in your ads, it is crucial to understand the reading and listening habits of current and potential customers. Conducting basic market research provides valuable insights and utilizing simple methods can increase knowledge. Carefully analyzing your unique selling position enables you to highlight distinctive features and benefits that resonate with your target audience as outlined in Positioning. It's important not to craft ads from your perspective but rather from the customers' standpoint, clearly outlining the benefits they value such as accessibility, affordability, ease of use, reliability, etc. The goal is to answer the customer's question: "What's in it for me?" Additionally, provide specific instructions on what action the customer should take next in your advertisement. Businesses have several major advertising methods available including brochures or flyers which can be easily created using desktop publishing and word-processing software. Well-designed brochures are popular due to their ability to contain a lot of information.Another way to advertise a business is through direct mail. This method involves sending personalized mail directly to customers. To do this, businesses can create a mailing list of

current and desired customers. Address information can be collected through various means such as checking addresses on customers' checks or asking them to fill out information cards. It's important to keep the mailing list up-to-date to avoid sending mail to outdated addresses.

E-mail messages are also an effective advertising avenue. By designing their e-mail software to include a "signature line" at the end of each message, businesses can effectively promote their brand. Some e-mail software packages even have the option to automatically attach the signature line.

Magazines provide another opportunity for advertisement, although they can be costly. It's best to find a magazine that focuses on the specific industry in which the business operates, as it already targets the right market and potential customers. Placing an ad or writing a short article for the magazine is recommended. Contacting a reporter can help introduce yourself, as reporters are often looking for new stories and sources from which to collect quotes.

Newsletters can also serve as powerful means of conveying information about your organization and its services. Consider hiring a consultant for the initial design and layout, as today's desktop publishing tools allow for inexpensive yet interesting newsletters creation.
Placing ads, writing letters to the editor, or collaborating with a reporter can help get your business in major newspapers. However, newspaper advertising can be expensive, so it's essential to know when to advertise based on customer buying habits. Neighborhood newspapers are often overlooked but align closely with stakeholders' interests. Participating in online discussion and chat groups provides frequent exposure for your business, but be cautious of rules against obvious advertising. Consult with the moderator before joining a group. Strategically placing posters

and bulletin boards where customers can easily notice them is powerful. Consider refreshing posters with new designs for maximum visibility and attention from passersby. Note that businesses and municipalities may have regulations regarding the number and size of allowed posters in designated areas. Radio ads offer cost-effective advantages compared to television ads as many still listen while driving cars.When purchasing radio ad packages, it is important to consider the quantity and duration of the ads, as well as their timing. To effectively reach potential customers, it is crucial to schedule the ads during times when they are more likely to be listening.

Telemarketing has become increasingly popular as an advertising method. Television ads, on the other hand, are often disregarded due to their perceived high cost. However, with a growing number of television networks and stations, businesses now have opportunities to find favorable deals for placing commercials or other advertisement formats.

Both television and radio ads are priced similarly based on factors such as the number of ads, their length, and placement. Advertising on web pages has become common practice for businesses looking to stay updated. This form of advertising requires specific equipment and expertise.

The Yellow Pages can be effective if ads are strategically placed and stand out. The phone company often provides advice on Yellow Pages advertising and offers packages that include a business phone line.

Another promotional activity is writing articles for the media. This can be especially beneficial if there is something noteworthy about your industry or market. Consider contributing to a local newspaper or magazine where you can describe how your business is addressing relevant issues in your article.Please send editorials and letters to

the editor, as both program providers and newspapers are interested in receiving information about community needs. Press kits are a useful tool for working with the media or training employees. These kits typically include business information, pictures, product details, and customer testimonials. In addition to press kits, press releases or news alerts can be used to notify the press about important events or accomplishments and request coverage in newspapers. These releases provide all necessary details and may include pictures and quotes.

Public service announcements (PSAs) for nonprofit efforts can be obtained from radio and television stations free of charge. Another promotional activity is disseminating annual reports to key stakeholders. These reports offer an overview of your organization's activities, achievements, challenges, and financial status. If your organization is involved in collaboration or strategic restructuring, it should be publicly celebrated. Make sure to spread the news about these activities to peers, professional organizations, educators, consultants, suppliers, clients – anyone you interact with outside of your organization.

Novelties such as ads on pens, pencils, coffee cups, and T-shirts are becoming increasingly popular advertising methods that can effectively reach current and potential customers. However, it's important to note that these methods often come with additional costs for mailing novelties or printing T-shirts.The text provides strategies for finding opportunities to give presentations at local seminars, Chamber of Commerce meetings, trade shows, conventions, and seminars. It mentions that sending out 500 brochures may only result in 5 responses, while giving a presentation to 30 people could lead to 15 highly interested individuals. The importance of establishing relationships with key stakeholders is emphasized by suggesting taking representatives from each major stakeholder group out to

lunch once a year. Brief and casual exchanges are mentioned as powerful ways to foster relationships of mutual interest and concern.

Special events such as open houses, granting special awards, announcing major programs or services, or launching campaigns are highlighted as attention-grabbing activities. Special offers like coupons, discounts, sweepstakes, and sales are commonly used methods for sales forecasting according to the text. It also suggests the availability of books containing forecasting techniques in libraries and business-oriented book stores.

The document recommends creating separate sales forecasts for different types of products or services. Various sources of information for sales forecasting include competitors, neighboring businesses, trade suppliers,downtown business associations ,trade associations ,trade publications ,trade directories,and statistics. The significance of developing a customer profile and identifying industry trends is emphasized in the text.The text suggests assuming that 20% of customers account for 80% of sales and using this information to create profiles of principal markets. It also advises consulting with trade suppliers to determine which products are selling well.

To begin, it is recommended that you check recent copies of trade magazines in your industry. Additionally, search the Business Periodicals Index for articles related to your business. Next, establish the approximate size and location of your planned trading area. Utilize available statistics to determine the general characteristics of this area. Furthermore, rely on local sources to discover unique characteristics about your trading area. Estimating the number of individuals or households can be easily done using Statistics Canada or U.S. census data.

Then, create a list and profile of competitors who are selling in your trading area. Take the time to study your competitors by visiting their stores or locations where their products

are offered. Analyze various aspects such as location, customer volumes, traffic patterns, hours of operation, busy periods, prices, quality of goods and services, product lines carried, promotional techniques, positioning, product catalogues,and other handouts.If possible engage in conversations with customers and sales staff.

Finally , utilize your research findings to estimate your monthly sales for the first year .It is recommended to use the average monthly sales of a similar-sized competitor in a similar market as the foundation for your sales forecast. Adjustments should be made considering this year's predicted industry trends. Additionally, reduce the figures by 50% per month for the initial months to account for start-up year factors. Evaluate how well your competition meets the needs of potential customers in your trading area. Determine your fit in this market and identify the niche you plan to fill. Take into account population and economic growth in your trading area. Use research findings to estimate your market share, expressed as the number of customers you aim to attract. To be conservative, decrease this figure by approximately 15%. Create monthly sales estimates considering seasonality and any start-up months specific to your business. Sales revenues from the same month in previous years can serve as a reliable base for predicting future sales during that particular month. If there is a projected general economic and industry growth of 4% for next year, it is acceptable to project each month's sales at 4% higher than actual sales from the previous year. For credible forecasts, consult with salespersons who have direct customer contact as they can provide their best estimates based on their association with a specific product line, service, market or

territory.Experience has shown that grassroots forecasts can be surprisingly accurate. It is recommended to review and revise the data, summarizing it as part of your business plan. For the first year, the sales forecast should be monthly, while for the next two years, it could be expressed quarterly. Seeking a second opinion and having someone familiar with your line of business check the forecast is also suggested. Show them the factors considered and explain why you believe the figures are realistic. Treating forecasting as a "live" forecast will enhance skills over time. Monthly reviews should include inserting actual figures and revising if significant discrepancies arise that cannot be explained by a one-time situation. By following this approach, forecasting technique will improve rapidly and accuracy will increase steadily.