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1. Know what you want to achieve before spending a cent.

You should have a marketing plan before spending any money on advertising or promotion. You
may get great deals on advertising but if it doesn’t fit your objectives, you are wasting your time.

2. Know your audience demographics and psychographics.

It’s important to know that you sell most of your widgets to 39-year old married woman with 2.4
children. But even more powerful information is psychographics – what are her hobbies, politics,
cultural beliefs, etc. Targeted activities based on this information will ensure greater impact.

3. Don’t try to be an expert at everything.

Small-business people are self-sufficient, but outsourcing is the answer.

4. Treat your employees as customers.

Employee churn can be devastating to client satisfaction and return business.

5. Not every customer is worth keeping.

You will go broke trying to service everyone. Select your target and service them well.

6. Getting a new customer is five times more expensive than a current customer.

Strong relationships = strong referrals

7. Don’t Differentiate on Price – only 15% buy based on Price.

Convenience:	3%
Miscellaneous:	5%
Perceived indifference:	9%
Price/time:	15%
Perception of Value:	68%
	100%

8. Ensure the Business can operate WITHOUT YOU.

Create a saleable asset – NOT a job.

9. Establish at least 5 Methods to Generate Leads.

Individuals, Groups, Industries, Government, Commercial, Domestic.

10. SUCCESS = H V T C + L C T Y

Higher Value To Customer + Lower Cost To You.

This article was supplied by Power Marketing and Business Development Solutions. For more information contact Brett Power on 02 9501 3451 or email powermarketing@optusnet.com.au