Whether you're an experienced player or a new kid on the block,
there are several business elements you need to understand in
order to succeed. No matter your goal, whether introducing a new
product, identifying your customer, or getting the word out, here
are some things you need to know.

Unleash a New Offering

I love to introduce a new product to my customers. Not
all work out, but months later when I look for up trends in
my sales, it can usually be tied to the introduction of a new
product.

But don't go too far. Firms that drop their old line to
bring in an entirely new group of products often face
serious disappointment.

Experts say to expect a 20 to 50 percent drop in your sales
projections for a new product or when entering a new
market.

It takes time for customers to get to know and trust a new
offering. If Bill Gates woke up tomorrow and decided
Microsoft should open a chain of hardware stores, it would
be a long time before customers gained confidence that
Gates and company knew what they were doing.

You will do better if new products are related in some way
to the things you have been selling all along.

Introduce new products gradually. For years McDonalds
limited themselves to one new menu item per year.

Who Wants Your Stuff? Figure Your Market Share

Here is a simple method that comes in handy on those
days when you feel like nobody wants to buy what you sell.
It is even more fun to use when things are going well and
you feel like you are about to take the country by storm.

Figure your market share. That is the percentage of all
sales of products and services like yours that are purchased
from your company.

All you need is a slip of paper or the back of an envelope.
First estimate the number of customers who buy from
businesses like yours.

Next figure how many times each of these customers buys
in a year (nine ads, 40 candy bars, 3 hours of plumbing).

Now multiply the two numbers together to get the total
size of the market. Next divide your sales into the total
market size to get your market share.

If you are a small biz working in a very large industry,
your market share can be several zeroes behind the decimal
point.

Instead, you might figure your market share in your town
or in a very targeted group of customers.

Media Creates a Marketing Miracle

You've got a great story, a terrific new product, or some
outstanding information that will interest a lot of people.

How do you get in touch with the media to get them to
spread the word?

Most people send out a press release via mail. When I
worked in radio and TV the letter carrier hauled in bag
loads of them every day.

Now days press releases are emailed and I think it gets
better results.

But you don't have to have a press release to get media
attention. Simply email your idea or information in a brief
message. Include your contact info so the reporter can
follow up with more questions.

Almost all media have a website complete with contact
email addresses.

Editors often appreciate a quick phone call from anyone
with good information to share.

Make sure your info matches the media outlet's audience
interests. Get to the "good stuff" right at the start of your
conversation. Don't bore a busy reporter with preliminary
details.

Promote your business with the complete arsenal of top
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Reach Kevin at kevin@drnunley.com or 801-253-4536.