Enroll in a Free Online College Course

My Photoshop class, which I mentioned in a previous post, ends in two weeks. Going to New York City for the class is somewhat draining. I leave the office three hours before the class begins to allow for rush hour delays.

Many of us don’t have time for school even though learning new techniques is an important part of marketing. However, help may be a keystroke away.

I read in Kiplinger’s July issue that some colleges are making their course curriculum accessible online. Large universities, such as the Massachusetts Institute of Technology and the University of Notre Dame, will make syllabus outlines and complete lectures available.

You might get little more than a syllabus and reading list for one course, but another might have a full complement of lectures - via audio podcasts or video webcasts - complete with exams and answer keys.

This course-auditing structure doesn’t allow you to receive a grade, and in many cases, you may not have access to all class notes. The article points out that “what is posted is often left to the teachers.”

Still, this is a terrific option to learn new and upcoming marketing techniques as well as information on other business and personal topics.

Visit college and university Web sites to see what materials they’ll make available online. If learning is part of your agenda, I think you’ll be satisfied with this option.

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July 12, 2007 | Filed Under Online Ideas, Saving Money | Leave a Comment 

How to Borrow Money to Build Your Business

This year or next, you will be faced with a great opportunity. The potential sales from this investment looks good on paper. There’s just one wrinkle: your budget. That’s when the banking relationships you’ve maintained since going into business turns your idea into reality.

This was my dilemma three months ago. I needed funds to print a brochure to sell my services to a specialized market. I saw no reason to use all of my money when my bank had pre-approved me for a business line of credit (LOC).

The deal came together when I didn’t need the funds, which is the precise timing necessary to be approved. Most of all, you can get a great deal when you apply.

For example, my LOC costs me nothing - no yearly cost, no maintenance charge, not one penny until I access the funds. Negotiate these terms with your banker. You may fair as well as I did, especially if you have a good relationship with your contact. If you haven’t yet developed a relationship, start working on it now in anticipation of the loan.

In February I accessed $3,000 of the funds. My March minimum payment was $50, but I paid $1,500. The interest shown on the April statement was just under $12, a fantastic deal.

Here’s how I view my LOC.

1. I get to use the bank’s money and pay a better rate than through a credit card.

2. My credit score is positively impacted as long as I pay on time.

3. The project is complete, allowing me to make much more than I’ve borrowed.

That’s the right way for me to use credit to build my enterprise. I bet this method of borrowing money will also work for you.

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May 8, 2007 | Filed Under Offline Ideas, Problems & Solutions, Recent Entries, Saving Money | Leave a Comment 

Distribution Turns Direct Marketing into Dollars

Hoarding makes you no money
Marketing Ideas from Manhattan Series, No. 3

Are you sitting on a stockpile of marketing materials? That practice won’t bring customers to your real or virtual door.

It’s not easy for small and solo business owners to keep track of everything. However, marketing materials that sell products and services should not be amassed over long periods of time.

There are many reasons for temporarily not distributing promotional materials, including:

1. The last campaign stalled.
2. A better idea replaced the current one.
3. You forgot the materials exist.
4. The printed deadline date voids the copy.
5. The material (appearance) is uninspiring.

What are the options for these objections?

Money going to waste
Order lower quantities. If you quickly grow tired of seeing the same brochure, perhaps it’s best to order fewer quantities (if possible) so you can create and issue new materials.

Line out a printed deadline and write in the new one. This procedure won’t look sloppy with one line through the old date and legible, handwritten printing added above, below, or on the side. I successfully re-invigorated a campaign with postcards using this procedure.

Wait no more than three months to use materials that were trumped by another idea. Some trends occur so quickly that you must resort to a fast plan to capitalize on the event. That’s fine. Wait no longer than three months to revive the first plan to keep the campaign on track.

Keep your materials in sight. Storing boxes of marketing literature may lead to wasted space, opportunity, and money. Write yourself a note or post a sample as a reminder, especially if the materials are in a plain, brown box.

Prospects and customers must be informed, on a regular basis, about what you sell and how it benefits their lives. The only way to do this is through distribution.

The top picture was captured on 7th Avenue, just above Times Square. The second picture is a second or third story window at East 38th Street and 8th Avenue.

Thursday’s Idea: Be the Center of Attention

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September 6, 2006 | Filed Under Customer Connections, Offline Ideas, Problems & Solutions, Recent Entries, Saving Money | Leave a Comment 

Three Ways to Overcome Price Objections

A prospect is 99 percent ready to buy your product or service. Now comes the hard part: convincing them to sign the contract at the price you deem as reasonable.

This is when the soon-to-be client asks for a lower price, discount, or another type of reduction.

Small and solo business owners know all about these tactics. We do it ourselves when negotiating. It’s a common pause before signatures and handshakes.

The September issue of Sales & Marketing Management addresses “how to beat the most common objection - pricing” in a column entitled, “Cutting Your Losses.” Daniel Adams of Chicago-based Adams & Associates shares three tips to remember during the negotiation process.

The captions are featured in S&MM along with my explanation for each.

1. Don’t Drop the Price
This is the worse thing you can do, especially during a pause in the conversation. Ask questions to uncover why the client believes the price is too high. The response should help you re-state or re-phrase the benefits that accompany the product or service, which may satisfy the client’s objections.

2. Establish a Timeline
Show the client how the investment will benefit his firm throughout a certain time period (6 months, one year, etc.).

Another option is to offer what you’re selling on a six-month basis. In this case, cut the product’s price by one third or two fifths, not one half. When the results are satisfactory, the client will be ready to invest for a longer period of time.

3. Add More Value
If the client continues to press for a price reduction, offer more service such as a better warranty or faster technical support.

Everyone wants a lower price, but other options are just as meaningful. Keep your sales on target with help from a list of services you can realistically provide, created by you and ready to offer as benefits during the negotiation process.

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August 31, 2006 | Filed Under Offline Ideas, Problems & Solutions, Recent Entries, Saving Money | Leave a Comment 

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