 The Director's Corner
Carroll Cobb
Many businesses are started by a person who has developed a product that they think fulfills a need, or by a person who has a special skill they believe can be marketed. Often they will spend months, even years perfecting their product or honing their skill, but almost no time in developing a marketing strategy. It is crucial to the success of a new business that the owner know:
(1) Who is going to buy this product for service?
(2) What is my unique SOB (Statement of Benefit)?
(3) What is the most efficient and effective means of reaching my market?
(4) How should I price my product to be competitive?
(5) How can I predict sales and profits?
(6) How can I assess the effectiveness of my marketing campaign?
Your GCSBDC consultant can help you answer these questions and plan your marketing campaign. We have the resources of the University of Houston network, including a dedicated research librarian, to assist us in gathering marketing information. We offer classes in marketing, both traditional and internet marketing, and we will help you develop your marketing message. As you prepare your business plan, with the guidance of your advisor, you will learn how to predict sales and profits. You will also learn the difference between profits and cash flow. And you will set up a system for monitoring the effectiveness and the cost/benefit ratio of the various marketing strategies you employ.
Once your plan is devised and your system for monitoring results is in place, your plan must be implemented. Whether you handle your own sales or hire sales representatives to deliver your message, the key to success is to persevere without exception. You can never let up on marketing. You must be relentless in pursuit of sales. When you make a sale, go right on to the next one. When you don't make a sale, go right on to the next one.
As we enter a new year together, let us focus on increasing sales and profits. Certainly this is a challenge during a slow economy...but the economy will not remain slow forever and we cannot use the slow economy as an excuse for poor performance. Thriving during an economic slowdown is a true hallmark of a good manager.
Let's all have a happy and prosperous New Year!
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