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Archive for the ‘Small Business’ Category

Media Spotlight: Globe and Mail – The Challenge

Wednesday, March 7th, 2012

Allistyle, a fashion line for plus-sized women that’s backed by America’s Next Top Model winner Whitney Thompson, is facing a challenge – how to crack the Canadian market.

The firm, founded by Pam Shainhouse who was inspired by her daughter’s battle with cancer, is the focus of this week’s Globe and Mail Challenge editorial series. 

For the second time, we have been invited to offer our advice as one of the experts. Read what our principal consultant, Sandy Huang, has to say to writer Bryan Borzykowski.

Allistyle partner and executive vice-president and spokesperson, and America's Next Top Model winner Whitney Thompson. Courtesy of Allistyle.

 

 

Is Market Research an Ongoing Business Practice in Your Company?

Tuesday, February 14th, 2012

I’ve enjoyed teaching a market research course to would-be entrepreneurs for a couple of years. Many of my students were amazed by the amount of useful information they found and how the process shaped their business visions. By using market research as a planning tool, they were able to identity and reach their target customers, understand their competitive landscapes and get a good sense of the industry trends. In another word, they’re much more prepared to succeed in business because of the leg work they’ve done.

However, what many overlook after the business is up and running is that market research, as a management tool, is just as important for established businesses. On a weekly basis, I come across companies that do not conduct market research or use surveys as a tool to better serve their current customers. By understanding your customers’ needs, expectations and their loyalty to your business, you will be better at anticipating demands and achieving higher customer satisfaction.

For companies that are introducing new products or services, or entering into a new market, the process of market research will help businesses understand the demands and gain insights into success factors. It’s the continuous effort and commitment toward market research that drive company growth.

As an example, test marketing is a known research strategy that McDonald’s has adopted. If you’ve ordered a new item on the menu, you’ve participated in the company’s test marketing campaign. The idea is simple – if a new item is popular, it stays on the menu; if it tanks, it’s yanked from the menu. The menu, therefore, is ever evolving and ever adapting to customers’ tastes. Test marketing is one of the factors that enabled McDonald’s to remain as the #1 fast food restaurant after decades in business.

Share with us how your business has benefited from market research by commenting below!

 

What does a Marketing Consultant Do?

Tuesday, September 20th, 2011

Simply put, a marketing consultant is someone who helps maximize your company’s exposure to your market, with the purpose of increasing your profitability. By creating customized marketing strategies, a marketing consultant helps set you apart from your competitors. Armed with a solid marketing plan, your consultant can also help you implement the strategies and follow through with them.

There are several benefits of working with a GOOD marketing consultant:

A marketing consultant helps you stay strategic

Being strategic means knowing where you are, where you’re trying to go and how you’re going to get there, while keeping your attention directed toward getting there. Marketing is a process. It requires constant attention, monitoring and adjustment. Without being strategic, you can lose sight of your goals very easily. A good marketing consultant can strategically guide your marketing efforts.

A marketing consultant offers expertise

The purpose of any marketing is to bring in new sales while retaining current customers by managing and nurturing the relationships with them. Cultivating and deepening your company’s image and brand is another aspect of marketing that requires professional expertise and input. A good marketing consultant can help you gain a deeper understanding of your value proposition (i.e. why your customers should buy your products or use your services) and build solid marketing strategies around it.

A marketing consultant provides objective inputs

As small business owners, we are emotionally tied to our companies and heavily invested in them financially. Making objective business and marketing decisions can therefore become very difficult. As an outsider who has in-depth marketing knowledge and business acumen, a good marketing consultant will ask the right questions, understand the uniqueness of your business and offer objective input for your consideration.

A marketing consultant thinks outside of the box

When it comes to marketing, creativity is the key. Most of us have plenty of competitors occupying the same market space that we are targeting. A good marketing consultant is someone who has an innate ability to generate original and inventive ideas to make a business as unique as the business owners themselves.

A marketing consultant boosts your bottom line

All marketing efforts should be measureable. Otherwise, they are wasted efforts. Marketing is a process that takes time to realize its benefits. An effective marketing consultant will build tracking mechanisms in your marketing plan to ensure that you can see the direct correlation between your marketing efforts and your bottom line.