Marketing: Share Of Mind, Share Of Market | William Nozak, MBA | Harper’s Hut Shaved Ice

Marketing: Share Of Mind, Share Of Market | William Nozak, MBA | Harper’s Hut Shaved Ice

Forget boom, recession, recovery. Checks pay for payroll, product, and marketing; rinse and repeat. Right? I mean throw in the bills and other costs of doing business but this seems to be the business cycle. If you had to choose, what was paid it would be payroll, product, and of course marketing. So how do you know which marketing pieces are the best investment when you are as flat as possible? Business is seasonal, streaky, and under increased pressure, requiring financial acumen and marketing genius. Not many things are worst then wasting money on a marketing piece that needed to have a Return on Investment (ROI) but did not procure one client. The first key, understand the difference between Share of Market and Share of Mind.

Share of Market

Typical share of market pieces include shared mail (RSVP, Money Mailer, Valpak, Groupon, Living Social, Amazon), direct mailers, Magazines, newspaper ads, email campaigns, and sales teams. Marketing is rarely either/or but a continuum, most often functioning as both share of market and share of mind. One certain way to decipher where on this continuum the piece sits is to include a marketing code. Always use a marketing code on your marketing pieces. For instance,I purchase a marketing piece in April of 2015 with RSVP I put on the bottom corner of the coupon 0415RSVP. Then in a program or spreadsheet I enter the price and then track how many dollars the marketing piece generates, typically ballooning over the next three months. I then run a return on investment. Say I spent $1 dollar and made four, then my ROI is 4 to 1. This is a great return for marketing pieces, but some can get as high as 20-30-40 and others can still be profitable as low as 1.2. If you do not track the cost of the marketing piece and the dollars generated from that piece, all though in reality it may be share of market, we can only consider it share of mind. Which is much harder to track and less measurable.

Share of Mind

Typical share of mind marketing pieces are billboards, radio, television, P.R., and social media. These pieces might not get the phone to instantly ring. The reason is they are not targeted marketing. In reality, the whole population is not your potential client base, but those that are might watch or hear and be compelled to purchase. These pieces put you in front of clients and non-clients, capturing mind share versus a share of the market. Catching customers closer to when they are purchasing can increase the return on share of mind marketing. Both are very important. The key is to use them wisely.

If you do not play darts, you never hit the bulls’ eye. Marketing is testing, iterating, testing, and iterating. A Go-To-Market Strategy is clear in rear-view or when following an innovator. It takes years to develop a market strategy, a marketing tailwind, analytics, trends and pattern recognition. Marketing is the tree that needs to be pruned, just make sure you know the difference between the trees.

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A Little Help From My Friends | William Nozak | Harper’s Hut Shaved Ice

A Little Help From My Friends | William Nozak, MBA | Harper’s Hut Shaved Ice

I was painting the exterior of the hut for the next Harper’s Hut location, I looked down in my paint bucket, and there was a bug. Most people would pick it out and flick it away and that is what I did too. Knowing that the paint would solidify and the bug would die a very unfair death, I got down off the ladder, found the bug, and rinsed it off; giving it another chance at survival. Oftentimes business owners are that little bug in the paint pail. A paint covered bug where a little rinsing off could have drastically changed expected outcomes.

How many friends do you have that run some form of business? Guess what. They know something about business that you do not. For instance, the friend that owns the nail salon most likely knows effective customer retention secrets, let us call these guerrilla business secrets. Other friends that work for companies have insights into marketing, best hiring practices, process scripting, documentation, accounting, AKA guerrilla business secrets. If you learn of them, implement them! Many solid entrepreneurs have never dared to learn from these friends and acquaintances. Many of these friends and acquaintances have also never opened the door for you to learn from them. The best set up is when you can learn from each other. You are trudging along making a profit and have had no need to improve upon your strengths while minimizing the risk of your weaknesses, when wham, Joe Shmo’s Big Name Brand Store just broke ground in the neighborhood competing directly for the same customers that currently patronize yours. In an instant, you are a bug in a bucket.

You see, the bug and I were not competing for the same resources. Whereas in real life two entrepreneurs often do. Even if it and I were, it still would be a humane act on my part to rinse the bug off. What happened to it next is not my concern. If I am a bug, I am praying other bugs inform me of potential paint bucket hazards. Here we are, having the most developed communication system on earth, and business owners, not competing for the same resources, neglect to guide, mentor, or assist those that are in the same horizontal plane (noncompeting business owners) as them. So, too often, good, honest, hardworking business owners are a bug in a bucket because of their business deficiencies, lack of knowledge, experience, and mentorship. Do not get me wrong picking up a book, watching a How To YouTube video, or paying for a college education are solutions that work, however many future small business owners will not do those three things. The adage people perish for the lack of knowledge is in full effect in small business. This leaves us with good ole fashion information sharing. Be advised, someone will misinterpret your Samaritan act, guidance, or mentorship as teachings of industry specific secrets and will create a business that competes directly with yours. Slap them in the face and look out for your own interest. Sharing horizontally with those that are business owners is lauded; sharing vertically with those that will compete directly with you is risky business. Only you can know when the latter is appropriate. For more business related articles check out http://harpershutshavedice.me/ or Harper’s Hut Blog.

Stay In Your Lane | William Nozak | Harper’s Hut Shaved Ice

Stay In Your Lane | William Nozak | Harper’s Hut Shaved Ice
So often life seems to give options. Even too many options at once. Although the strangest times in life are when you are sitting at your own red lights wondering where have all the green lights gone. Is it the creator, seasons, our biological rhythms, ebb and flow, the yin-yang? These forces at play seem to be of another world. No one can really say why one rises and another falls. What seems to be clear is to see the green light flash, your altitude improve, ebb, or the yang, stay in your lane.

So many gifted people, neighbors, friends, brothers, and yet what happened to you and me? Working for every inch. The good news is giftedness seems to matter very little. Inches turn into feet and feet into miles. Certainly, the race is not to the swift or the battle to the strong; but time and chance happen to everyone. So I am willing to predict, each person will get a chance at enjoying their passion. That thing that you love, can be the best at, and turns your economic engine. I truly believe you have a chance at it. The trick is not in picking that which compliments your assets, if Spud Webb had thought this way he would never have been an NBA dunk champion, but to stay tasked, brilliant, hardworking, learning, and determined. And by God stay in your lane. When the day comes, you will be ready. When opportunities arise along the way, which carry little weight toward your expectant outcome, remember to veer away from them. Stay in your lane.

If you will stay prepared, focused, determined, and confident, your time will come. I confidently predict time and chance happen to everyone. The difference is those prepared for the moment experience an altitude shift and those who are not have no clue what just happened. Remember to stay in your lane. Every new day will bring more options that are not en route to your destination, do not touch them. If you have no idea which way to head then you will have no clue which lanes to occupy. When you have no destination, you smash into others lanes, because you do not see lanes at all. Define yourself, and stay in your lane. For more business related articles check out http://harpershutshavedice.me/ or at Harper’s Hut Blog.

Marketing? Psshh. Try Branding-Marketing-Public Relations (BMPr) | William Nozak | Harper’s Hut Shaved Ice

Marketing? Psshh. Try Branding-Marketing-Public Relations (BMPr). | William Nozak, MBA | Harper’s Hut Shaved Ice

Once, maybe, marketing was all that was needed to create a revenue stream. I mean think about all of the poorly conceived products you have seen in the market place over the years! Lots of them were profitable! Gone now. Think of the local businesses that have great packaging and the most expensive billboards in your community, but no one knows two things about the owners/executives. (Public relations is less vital if you could give two rips about the communities in which your business serves.) To those that do, (BMPr) is the key. Without proper branding, you have nothing to market. Without marketing, you do not drive buyers to your widget. Without public relations your brand name will rarely drop from the mouths of others. Even though there are exceptions to every rule, Branding, Marketing, and Public Relations will be indispensable to product visibility in the emerging economy.

All good businesses must spend time, money, and effort on Branding. Branding effects the public perception of the product or service. Change the color, mascot, logo and it could signal that the brand is more professional, better tasting, reliable or the opposite. “Built it and they will come” rarely applies in business.

Marketing is what businesses must do in order to drive traffic into the front door. Just because you built a better, faster, sleeker widget does not mean people are going to beat a path to your checkout counter. You must market that product. Plan, budget, analyze, cut back, and push forward your marketing strategy. What works in a bull market does not necessarily work in a bear market! Be resourceful, vigilant, and keep track and compare! Get customers to believe in the product. When they do, market those reviews! Present that perception as the brand. Make those client-based reviews synonymous with the brand. Of course do the usual, if they have positive ROI’s i.e. Money Mailer, RSVP, Valpak, local newspapers, local marketing pieces, or television.

Public Relations is paramount to success in modern day small business. It costs so little and returns so much. What is the price of a lunch ticket to a local Rotary Club or Chamber of Commerce meeting, or the cost of gas on a visit to local schools, police stations, fire departments, businesses, churches, vendors, or even a customer? Public relations is an offshoot of what colleges refer to as networking. Some textbooks call it network marketing. Huge industries created business models around network marketing: Amway, Mary Kay. I am not proposing multi-level marketing, but relating to others with a purpose. Publicly relating to your communities is one of the purest forms of promotion and it is cheap to boot. When done with genuine caring for the communities involved it can help produce a sweet bottom line!

There are three pillars to modern day promotion. Branding, Marketing, and Public Relations (BMPr). You might say wait a minute self-promotion is bad! No. A poorly branded product is bad. A lousy marketing plan and/or no marketing budget, when needed, is bad. A small business owner shirking her responsibility to relate to the public is bad. Promoting oneself as an extension of the product or service you sell is public relations. BMPr is good business. For more business related articles check out http://harpershutshavedice.me/ or Harper’s Hut Blog.

How Can A Small Business Enhance Community? | William Nozak | Harper’s Hut Shaved Ice

How Can A Small Business Enhance Community? | William Nozak, MBA | Harper’s Hut Shaved Ice

Small businesses have a great responsibility in the 21st century. They must learn how to survive & thrive among emerging competition owned and operated by business minds located all over the world. As the internet has changed nearly all business models, so must small business owners realize they must shift the way they play the game. Small businesses, among many things, will need to increase their involvement in the local community. Although this cannot ensure success, especially in industries that have moved exclusively online. It can offer an added advantage to a company that has some mix of external (outside buyer radius) and internal (inside buyer radius) competition. Small businesses can enhance community through proper leadership, mission-based marketing, and fundraisers.

A small business enhances community first by being flat (minimal layers) enough to be profitable and produce jobs. Let us assume we are well past that, then, leadership is the key (Hire Level 5!). Instead of managing or even more grueling micromanagement, how about good ole’ fashion leadership. Leaders train and teach employees how things are done right. Competitive firms create training videos or manuals aimed to train new recruits, so training is not a hassle it is just business. Some small business owners did all their training 10-30 years ago and training is not something that they are willing to do again. Which is a huge blunder. Allowing employees to advance not only technically but also emotionally, and intellectually is why larger firms are able to lure better talent. What great artisan was without a great mentor? The need for leadership, mentors, and advancement among the more gifted in the community is high. Think of how many kids go to college these days. Once we have grappled with the hard truths of leadership we then must remember, our product in itself can enrich the community.

The footwear company Toms has made headlines and social media buzz for years donating shoes to inspire consumers to purchase. This company has effectively employed a mission-based marketing strategy. Which is Brilliant. Giving away shoes to the less fortunate in response to sales. Any small business using profits or merchandise as a means to give back to the community and the world abroad gains huge advantages against businesses that are not as philanthropic. Capture your activity! Do not worry if you are a technological dinosaur, social media is easier than you think. I predict the ‘Going Green Age’ will swing around to ‘The Altruism Age’. Once we have mastered the use of our profits and products to enhance community we must then master using our time and effort.

Hosting fundraisers and benefits connect you to communities that need help and buy your products. It is a win-win! By utilizing your financial- and human capital to enrich the community, you have enriched your own business in the long term. This mindset is an alternative to ‘when things are slow get out and make a deal’, ‘when things are slow get out and create appeal”.

By leading our staff, using a mission-based marketing strategy, and hosting community events (small and large), small businesses stand a much greater chance of surviving the unforeseen changes in the ‘globalizing’ market place. Without competition, growth becomes stagnant and one of our greatest achievements is advancement by improvement. Let us jump back on the bandwagon and remind the world why small businesses are also to be applauded for striving & thriving communities. For more business related articles check out http://harpershutshavedice.me/ or Harper’s Hut Blog.