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The Downside of Price Promotions Did you know that price promotions could sometimes have a negative impact? As unfortunate as it is, there can, in fact, be a downside to price promotions. It's not that price promotions are bad, but they should be used in conjunction with other strategies in order to be effective. Recent Videos: How to Compete with the BIG Competitors Competition is meant to keep businesses on their toes. However, there are times when it seems like an impossible task to compete with the really large players. Creating a Daily Destination Website Wouldn't it be great if your customers visited your site on a daily basis? Fortunately, it is possible, if businesses are willing to put time into communication, commitment, and ... Why Marketing Efforts Need to Be Continuous As a business owner/manager, what do your marketing efforts consist of after the holidays are over? Unfortunately, some businesses...

Thursday, May 19, 2011 1. Some people are watching their business grow. 2. Some are watching their business plateau. 3. Some are watching their business slump. If you are in that first group, congratulations! Hard work and smart decisions are rewarding you, just as they always do. However, don't get complacent (see below.) If you are in the second group, you need to make some changes. It's tiring and extremely stressful when a business is spinning its wheels. If you are in the third group, you need to immediately focus your resources on pulling your business out of the nosedive. In my experience, most people don't! They get so used to doing things a certain way, that they decide to carry on "as is" and hope things "just get better." From growth to a slump The reason for this post, is that many of the people who end up in that third group, started off in the top group! They found a way of running their business and marketing their products or services, which worked. Then, as the marketplace changed, they didn't. Things started to dip and they went from growth, to stagnation. After a while, stagnation was replaced with a drop in revenues and profits. The good news is that this can't happen to you. At least not without your cooperation. Wherever you are in that process right now, you need to be vigilant. You need to be on the lookout for areas of your business that are under-performing. You need to be looking for signs of possible future problems, such as: - An over reliance on a small number of clients for too much of your revenue. - Poor or erratic cash flow. - Ineffective sales and marketing, which is generating too few qualified inquiries or sales. - Toxic business practices, which could be damaging your reputation. These range from under delivering on the service you offer your existing clients, through to spamming prospective clients with unsolicited email. The answer? We need to study and listen to our marketplace. If we do, it will tell us what it needs. For example, by listening to the challenges and problems facing them, we can develop products or services, which answer a pressing need. It's a lot easier to grow your business, when your service is in demand! If you are smart enough, you will spot the opportunity first and have the marketplace to yourself – At least for a while. Don't stand still: No matter how things are with you and your business right now, look for ways to strengthen your position. Originally published on Jim's Marketing Blog » Comment on this article About the Author: Jim Connolly has worked in marketing for 24 years and had his own successful marketing business since the mid 1990's. Jim is known worldwide for his ability to help small businesses make massively more sales and boost their profits. Although Jim now works exclusively with small businesses, he has worked with people from some of the best known companies in the world. These include; The BBC, Disney, Rothschilds, Mitsibishi, Hewlett Packard, Edelman and AWD PLC plus many more. To see how he can help your small business, visit his blog at Jim's Marketing Blog.

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Google and Digitas Reflect On A Mobile Mother's Day Mobile Continues to Grow in Significance to Small Businesses Marketing, Google, Digitas... Why You Need to Be Careful with Price Promotions Although they can be great, they can also be harmful Marketing, Price, Promotion... Small Business Owners Take to Washington to Fight Swipe Fees "Free Coffee Drive" used to make point about ongoing cost to SB owners Banks, debit cards, Swipe Fees... 4 comments Isn't it About Time Your Site Has a Better Mobile Experience? Smartphone Usage Numbers Aren't Getting Any Smaller mobile, Smartphones... Get more inquiries from your marketing with this 1 simple idea Content marketing Marketing, content... Small Business Owners Optimistic About the Future Still cautious about hiring and spending, however surveys, spending, hiring...

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