Let’s Make a Deal
Priding myself on taking advice from women entrepreneurs I trust and implementing it in my business, I decided to pitch the idea of my favorite car brand to give me a discount on a car I’m interested in buying in exchange for a year of major marketing through my company’s media channels.
The question took the saleswoman back for a moment. I’m not sure if anyone else has ever approached her trying to work on pricing that way before. But I have always believed, “If you don’t try, you can’t fail.” With the inspiration from a woman who gets most of her favorite brand items sponsored, I figured I had nothing to lose and a lot to gain.
As I await their response, I wanted to share how I prepared for the “ask” so it can help other entrepreneurs who are brand loyal the next time they are purchasing a product or service from their favorite vendor.
* Make a list of brands you love and use all the time. Then make a list of the money you spend annually on these brand items. Be prepared to discuss the amount of money you spend, how often you make purchases and why you love the brand before you pitch a discount or free item to them. Be prepared for the discussion.
* Create a list of the reasons why a company should partner with you on a sponsorship request. Highlight your mission, customer demographics, corporate reach, and strength of customer loyalty. Share the list with the company you’re pitching and open up the conversation to answer their questions.
* Consider giving more than you’ll receive if the item you are asking for is very valuable to you and especially if there isn’t a major cost associated with what you are giving back. Be generous. Be creative. Be prepared to compromise to make the deal occur.
The money you save might be well worth the effort it takes to secure the deal. Keep posted and I’ll let you know what happens with my “deal.”
The Power of Meeting Someone New
Business Advice for Women Entrepreneurs
Shortly after landing my first major event planning contract for a community festival, I soon realized I needed to add a new skill set to my repertoire to be successful. Although I had some experience with fundraising and sponsorship solicitation working for two educational institutions, I hadn’t planned on becoming a fundraiser when I began Five Star Events.
As many entrepreneurs experience, it doesn’t take long to accept new responsibilities in order to land a lucrative contract. If my new festival client needed me to raise money to pay for my fee and fund the festival, I was willing to take what I knew and try. After 9 years working for the same festival, I realized that no one from the organization was actually paying my fee; instead I was paying my fee by raising all the money for the event and I was good at it.
A few months ago when Albany woman entrepreneur Shannon Cherry approached me and said, “Do you realize you could have your clothes, your haircut, your paper supplies, your event flowers and other business items covered by companies who want to sponsor you to market to you audience,” I stopped, caught off guard, and admitted I had never thought of the concept. Sure I have companies sponsor a majority of our events to offset room fees and to give them exceptional marketing coverage but I never thought about using sponsorship solicitation as a way to pay for most of my corporate expenses.
What I’ve always found fascinating after meeting new women and starting conversations is the eye opening effect they can have on my business. Women have a wealth of information they are willing to share with other women to make them more successful. It’s something we shouldn’t forget when it comes time to accept or turn down an invitation to an event or networking experience. I always ask myself when contemplating an invitation, “Who will be in the room. What can I learn from meeting some new women? How could it positively affect the trajectory of my business?”
Today’s post is to remind you that other women you meet possess a wealth of information that could play a small or significant role in helping you personally or professionally. Don’t underestimate the power of meeting someone new. This month open yourself up to new events, new opportunities and new venues to meet people you haven’t met before.
Before my conversation with Shannon ended, I seized the opportunity and asked her to present the topic she approached me about. She agreed and I can’t wait to be inspired by her knowledge, wisdom and ways to get more funding for my company next Thursday in Albany. The door opened because we had a conversation at an event. Who aren’t you meeting that could be a valuable new contact?
Empathy Works in Business
Advice for Women Entrepreneurs and Small Businesses
“Learn to feel and show empathy for your client’s situation in a non-judgmental way,” is the quote on this morning’s business calendar. The quotation resonated with me this week after speaking with a few women entrepreneurs about their struggles to collect revenue from customers.
One woman in particular has been challenged the past year to collect payments from a long time client who produces 30% of her annual revenue. With a soft market, this entrepreneur doesn’t want to lose this vital income yet her impatience with her client is increasing. After calling me angry and in need of advice, I suggested she step away from her irritated thoughts, pick up the phone and set a date to take her client to lunch. I advised her to use the luncheon to discuss the issue in person displaying a non-judgmental attitude during the conversation. Sometimes there are unknown circumstances about clients we aren’t aware of until we embark on a discussion with them. An honest face-to-face talk is the best way to gather information and communicate our needs..
As easy as it is to send a text, email and voice mail message, those communication methods don’t repair short or long term tension that needs to be rectified. It takes a more assertive and personal approach. But a tough client meeting should always be handled with diplomacy for the sake of the relationship. Being empathic about a customer’s reasons for consistent late payments is the best approach if maintaining the relationship is of utmost importance to the entrepreneur.
Today’s post is to encourage you to set a personal appointment with vital customers when an important situation needs to be discussed. The meeting might be because you need to increase fees, address late payment issues, discuss miscommunication or hash out an ongoing problem. We owe it to ourselves and our clients to handle big problems in person. As tough as it can be, it’s the right way to resolve issues.
Being empathic means we have the ability to identify with and understand somebody else’s feelings or difficulties. Don’t forget the periods when others have been empathic with you and set up a time to deal with customer problems honestly and in person.
Variety is the Spice of Life for Entrepreneurs
Advice for Women Entrepreneurs and Small Business Owners
A few weeks ago, I was shopping in the supermarket for Easter gifts for my family when I notice the abundance of choices before me. No longer did I have to buy traditional colored M&Ms or Kit Kats for my sons’ Easter baskets, there were pastel shades of this customary candy ready for purchase. When I looked for a Paas Egg Coloring Kit, the traditional six color pack wasn’t available instead I had to choose from pastel or neon colored packs. When I stood in the floral department at Wegmans, I couldn’t find a basic lily plant because it was buried behind ten different colored tulip plants, roses and hydrangeas.
My shopping experience was not only colorful; as an entrepreneur, it was thought provoking and ultimately instructive.
As a consumer, I like having choices as long as my favorite products are still available. I don’t mind variations in a product’s color, size and shape as long as I have access to the traditional brand. But I know there are consumers who like change, who thrive on variety and enjoy purchasing new versions of old time favorites, so today’s entrepreneurial advice comes from both buying perspectives.
• If you sell a popular basic product, always make sure consumers can buy it from your online store or in a local or regional shopping outlet. A traditional branded product takes years to develop and market. Just because other companies are offering new and improved products, it doesn’t mean your company must. Survey your customers and find out what they love about your product and keep marketing its fundamental features, and emphasize the product’s strengths’.
• If you want to add variety to a product or service line, study what’s new by conducting market research or attending a national industry trade show. A number of my members who sell food products attend the annual National Food Show to discover the latest craze; and then they incorporate a few new ideas into their businesses each year. It has helped to keep their product lines diverse and fresh for their customers.
• After you produce a new variety of a traditional brand, pay attention to buying statistics so you can analyze whether new varieties are selling well. Track buying patterns, survey consumers and make adjustments to sell more of the new product if it has a favorable rating or cut back on production if it isn’t doing well. Businesses like McDonald’s change their menus all the time based on the popularity of both old and new products.
As an entrepreneur it’s wise to produce familiar, well known and popular products while dabbling in new varieties periodically. Without innovation and diversity, my Easter shopping experience along with that of my fellow consumers would have been much less colorful.
Around the table were four women including a 55 year old female attorney, 50 year old business consultant, 48 year old marketing professional and a 27 year old woman about to embark on her first entrepreneurial adventure buying a 42 year old existing business from its owner. Me and the other two women where there to sign off on a $15,000 loan to give this young woman collateral to buy the business.
But by the end of the meeting, it wasn’t just a loan that was given to her it was a gift of legal support, marketing support and inspirational wisdom from 3 women she had never met who are inspired to help her make her dream come true! What a powerful and moving meeting – one of my favorites of all time to be honest.
When I left the meeting, I was faced with a son who had returned from a sporting practice sad and disappointed in himself because of a harsh male coach who has forgotten that sports is about developing young men and women to be the best they can be. When my parents were coaches in the 1970’s they believed in working with athletes to develop their mind, body and spirit. It wasn’t about the awards, college scholarships and accolades that counted like it is in today’s programs. It was about making a positive difference in these young people.
In light of this week’s firing of Basketball Coach Kevin Rice of Rutgers University reported on ESPN and seeing the frustration on my son’s face, I realize what I love most about women entrepreneurs is our true interest in lifting up our sister business women. Does competition exist? Yes, it does at times but for the most part women entrepreneurs are the most caring and supportive women I have met when it comes to helping other women.
Taking the positive feelings from the meeting where 3 of us lifted up a much younger woman entrepreneur, I encouraged my son to make sure the eleven month commitment to his sporting program was truly making him feel good about himself. If not I told him, reconsider whether this is the best place you should be spending your valuable time.
If you are reading this blog post today, I encourage you to be a positive role model in the lives of younger men and women in all areas of your life – business, sports or music. The next generation of smart, good, young professionals deserve nurturing from as many adults as possible.
The Road Map to Business Success
Last night’s guest speaker Deborah Cabral of DC Efficiency Consulting said to an audience of 25 women learning about government certification, “Your business plan is your road map to success. If you fail to plan, you plan to fail.” They were sobering but truthful words from a woman who has grown her company extensively in three years to include four divisions and three government certifications.
Her reference to needing a road map to be successful hit the spot last night. Priding myself on being perfectly on time for events – if not early, I found myself lost in the sprawling metropolis of Herkimer, New York without a road map or a working GPS device. I assumed my trusty, reliable printed MapQuest directions would get me to the right location.
But 30 minutes after I should have arrived at my destination and not able to find the venue from the directions, I discovered the address was incorrect because the venue had moved. After stopping 3 different times to ask people in town where the venue was, I was sent 3 times in the wrong direction. I tried calling the venue but no one answered. Lost without a road map is differently where I was last night!
So when Deb said entrepreneurs need a road map to be successful I really got it! So did 75% of the women in the room who raised their hands when asked, “Who doesn’t have a business plan yet?” If last night’s audience is indicative of women entrepreneurs in general, I’m afraid many of them will end up like me last night lost and going in the wrong direction.
Today’s blog post is to reiterate the importance of beginning, recreating or updating your business plan so you aren’t traveling down the wrong road with your business. It is much easier to have a map to glance at for assistance, then to be unsure of where you are, where you are heading or where you are suppose to be. Going in the wrong direction wastes time, money and productivity.
Before you do anything else today, ask yourself, “Do I know where my business is going? Do I know where I’m heading? Do I have a road map to get me to my entrepreneurial destination?” If the answer is no, I encourage you to start finding time in your calendar this month to create a better road map to take your business truly where you want it to go.
“Oh By the Way…I’m Charging You More”
Business Advice for Women Entrepreneurs
I called a restaurant I have been using for five years to host quarterly events for Women TIES. They have been very cooperative in setting the room up the way I requested. I was always impressed with their willingness to arrange the space I needed to make my event successful. I never had a feeling it was a problem.
This morning I emailed my contact to book my next event. She said, “Yes we have the date you want open but the owner has decided to start charging you a $100 setup fee since you always ask us to move the room around.” I said to her in reply, “I never knew there was an issue with moving the room around. I noticed the last time I left it took the staff member only 15 minute to move everything back in place. $100 seems steep for such a little change.”
As I wait for a reply to my email and figure the increased fee will remain, I wish the owner thought of these customer service thoughts before implementing the additional fee:
* Take the time to inform a good paying, repeat customer of a policy change in writing before they arrange to do future business with you. A well written letter notifying customers of fee increases are a better way to maintain loyal customers over time.
* Before implementing new fees, notify the client and give them one last purchase before instituting the new fees to their bill. Good paying, long lasting clients deserve some type of notification before fees are raised. The notice would give the client more time to ponder the situation, budget and plan to remain loyal to you.
* Pick up the phone to tell a loyal customer about policy changes. A short email notifying a client of a fee increase isn’t the best tactic to keep a loyal client. If you must deliver perceived bad news to a customer, respect the customer enough to have a personal conversation with them. They will not only respond better but you have the chance to have a conversation with them about the change.
In a world where fees keep increasing every moment of every day, consumers are noticing the companies who take the extra effort to keep their clients informed of pricing changes.
Success Strategies for Women Entrepreneurs
Sometimes the best advice comes from other women entrepreneurs. Today’s blog post is filled with great advice from one of the major conferences Women TIES conducted a few years ago. The wisdom is worth sharing again today. I hope it helps you in your business.
* If you stop long enough to listen, you’ll hear a voice in your head, a tug at your heart, a pounding in your chest to follow a certain dream. It might not be what you are expecting to do next but it is what you are meant to do. Don’t push the voice or feeling aside. Get quiet enough to hear it and follow where it leads. You’ll end up in the middle of a wonderful dream come true. By: Julie Pech, The Chocolate Therapist, Inc.
* Whether you decide to brand the name of your business after yourself or not, everything you do is a reflection on you the owner. Your business truly represents your head, heart and spirit. Your reputation and your name are very important. When it comes time to test out a new idea that might affect your brand, rally in the troops to seek their opinion and ignore the voices of the “random fools.” By: Gwen Webber-McLeod, Gwen, Inc.
* Growth is a natural part of business but growth has to be right for each woman in each stage of her business. Don’t be afraid to say “no” to growth if it doesn’t make sense or doesn’t feel right. It’s better to say no, than yes and make a mistake. Don’t forget your business is not a child; you can walk away from it if the time is right. By: Jo Beth Dellinger, Artist Pianos, Inc.
* Social media marketing will more likely help women entrepreneurs create relationships before it brings in money. Money making opportunities will come in time once the relationships are established. There is still alot to learn and gain from social media marketing. Keep learning, keep trying, keep reaching out to more contacts to grow your network. By: Janelle Fields, JFields Marketing
* Using your unique personality and your personal strengths helps create an award winning sales style. Don’t be afraid to be natural and to be who you are when you are selling. The perfect customer buys what you sell, needs what you do, wants to work with someone like you, and has the money to spend. By: Lynn Hidy, UpYourTeleSales.com
Where Everyone Knows Your Name – Great Customer Service Tips
Business Advice for Women Entrepreneurs
I walked into Staples to go to the Copy Center when the cashier at the front of the store said, “Good Morning.” I returned the sentiment. As I approached the Copy Center, a regular employee from behind a large copier said, “Tracy, I’ll be there in just a moment to help you.” I was surprised she knew my name and touched she used it. After placing my order, I left the store only to have the same cashier say, “Have a great day. Hope to see you soon.” I said, ‘You’ll see me in 30 minutes but thanks for wishing me a good day.”
I have had some customer service issues with Staples the past year. It appears I might not have been the only one. Something has changed. Customer service has become a priority – or at least – welcoming customers has become a priority. Their personal acknowledgements did make me feel good. I almost felt like I was in the Boston Cheers bar where everyone knew my name and cared.
Making customers happy is a priority for all businesses. Here are a few pointers for you to implement in your company today to make customers feel appreciated:
• Depending on the size of your company, make it a point to know your customer’s names and buying interests. If you have a retail store, consider implementing a similar welcoming system as Staples does. By making customers feel welcome the moment they walk in the door until they leave will have them sing your praises and land you more business.
• If you can, pay more attention to the special interests and needs of your biggest customers. This might include sending birthday cards, articles or links to online stories that relate to their industry, or sending congratulation notes when they achieve something big. I have said it before, it doesn’t take a lot of time to show a customer you care, it takes time and attention.
• Reward your loyal customers whenever you can. Staples now gives me 10% off my copying business because I make thousands of copies per year. 10% isn’t a lot but it’s something. What discount can you provide to loyal customers that don’t hurt your bottom line but shows them you appreciate their loyalty and business? Create something new and let them know about it.
Next time you are out shopping, pay attention to great customer service you receive and consider implementing it in your own business. And by the way let me say to you, “I hope you have a good business day. Thanks for reading today’s blog post!”
Spring Into Publicity: Advice for Entrepreneurs
You turn on the television and see someone you know answering questions about their business to a popular reporter. You wish it was you they were interviewing. During lunch, you open up the newspaper to see a profile on a woman entrepreneur you use to do business with. You wish it was you. During the evening news, a business associate of yours is answering phones giving business advice on a specific topic. Once again, you wish it was you.
You don’t need a lucky penny or a wishing well to be seen, heard and noticed. You do need confidence, a plan and the right materials to help you get there. Whether you love promoting yourself or your business, or not, seeking publicity can do more for you than just land you a onetime gig during primetime, it can lead to years of more publicity.
One of my favorite quotes is “Publicity begets Publicity.” Reaching out and securing a guest appearance on a local TV show, pitching a new column for an online media source or sending in a resume to become a speaker at a national industry conference are the stepping stones you need to be able to do it again. Creating a list of speaking engagements, media guest appearances and testimonials about your ability to present useful information to an audience, can be the best free marketing you’ll ever receive.
Because I believed very strongly in becoming a resource for local media when I started promoting women entrepreneurship way back in 1995, before it was a recognizable market, landed me on TV and the radio numerous times, as a columnist for 11 years with the Syracuse Post Standard and as a blogger for a highly popular national blog. I landed them all because I asked and positioned myself properly.
Today’s post is to encourage you to learn more about what today’s media is looking for when it comes to resources, interviews, and guest speakers and to create a list of expert topics you could speak about anywhere. Make sure you know the target audience you can help in order to create the list of opportunities. Look into local, state and national conferences within your industry or geared to your target audience.
With the start of spring today, consider what action you can take to spring into action later this year or next as an expert speaker, TV guest or presenter to increase your exposure and brand name.
Women TIES 