February 5, 2007
All the Hype Over the Super Bowl... The Essentials of Bootstrapping
Your Business: Part 1... Networking Your Business for Success... and More.
** All the Hype Over the Super Bowl
By Adrian Newman, Founder of e-Wealth Daily
Every year, I'm amazed by the Super Bowl. Not so much the game, as I'm a lukewarm football fan, but rather the entire spectacle and how the National Football League (NFL) markets both itself and this once-a-year event.
First of all, you have to understand that the NFL is a multi- billion-dollar industry, which has always been on the cutting edge in terms of marketing.
For example, when the genre of television sports was in its infancy, the NFL embraced it to the point that one of the most famous sports shows in history, Monday Night Football, was devised solely as a means to gain increased television revenue.
The Super Bowl is without a doubt one of the most hyped-up and over-the-top promoted events in the world, mainly because the hype never translates into a quality product.
With the parties, the merchandising, the pre-game and halftime shows, and, of course, the $2.5 million price tag for a 30- second TV ad, the game itself is usually just an afterthought.
Whether you love it or hate it, the NFL has marketed the Super Bowl as the event of the year, year in and year out.
And it's all because of the hype.
So, can you create hype for you or your business? The answer is of course you can!
Here are some ways you can create "a buzz" about you or your
business:
- Make them wait for it.
Announce months in advance that you're releasing something so radical and so exclusive that early adopters will be so eager to get in on the action, they'll write the release date on their calendars.
- Tease them a bit first.
Unveil just a little bit of your product in your advertising first before disclosing what it's all about.
Movies do this with "teaser trailers." They're not a full, two- minute trailer, but rather a short 30-second spot announcing that the film is coming. They're made so far in advance that you might see them six to eight months before the actual release date! Teaser trailers whet the appetite of an early adopter and start the hype machine rolling.
- Test the waters.
Offer the early adopters a chance to pre-order your product. The video-game industry always uses this term. The number of pre-orders they get helps them gauge their response, thus determining how much demand there is for the product. DVD releases use this marketing trick, too.
Creating hype is the one marketing tool that can turn an ordinary product or service into a "must-have item" that consumers could find irresistible. Try to create your own hype with your next business venture. You'll see what a difference a little hype can make!
** The Essentials of Bootstrapping Your Business: Part 1
By Doug D'Anna, the "Hundred-Million-Dollar Man"
I would be willing to bet that there are a number of you out there who have dreams of starting a business. However, I would also be willing to bet that many of you forget about this dream because you don't think you can finance the venture or even get a loan to get things rolling.
Well, there is a concept called "bootstrapping" that many small business owners adopt as a way of getting started. It's not about getting financial assistance from investors; it's about going it alone. This might be a frightening thought for some of you, but know that there are benefits to this approach. I would like to take this week to discuss the number of ways that you can bootstrap your business.
Starting a business with your own money means that you need to make exceptions in certain areas. You have to cut corners and go without some things that you might have thought you needed. The first step to bootstrapping is breaking your business down into parts that cover all the essential start-up expenses you will need to pay for.
You have to be able to determine what you need and what you can do without. Take a look at the type of business that you're starting and determine if there is anything big that you can cut from your budget. For instance, the first thing you should think about is your potential location.
If you are planning to start your business out of your home, then you're going to save a tremendous amount of money. You probably have old furniture that you can get away with using if you're not having customers into your office. Maybe you have a table that you can make into your desk if you don't have a conventional one available to you, this sort of thing.
Create your own filing cabinets with homemade shelving of some sort such as crates, boxes, and anything else that you can find. Being organized has more to do with how you plan your business and how you manage your time than it does with having expensive filing cabinets. Working from home will be a big part of bootstrapping your business.
Now, keep in mind that you can certainly get a loan or access to money via your credit cards, but you have to be careful of this process. Though you're getting money, this is still a part of bootstrapping your business, as it is essentially your money you are using. Remember, of course, that you have to pay this money back.
You have to be careful that you don't rack up too much debt.
The money still has to be paid back, which means that you have to make room for the monthly payments in your budget.
Putting your office equipment or something else on your credit card might seem like a great idea at the time, but in the long run, you'll probably end up paying more for the purchase when you add on extra fees and interest.
The same can be said for getting a business loan from a bank.
You might need one, but obtaining a bank loan means that some of your money has to go toward paying this debt off every month. Having debt can be a burden that a lot of people can't bear. It can be a lot to keep up with and it can overwhelm someone who is just starting out.
Keeping your debts low and determining what you absolutely need will give you a good start to this bootstrapping process.
On Wednesday, I'll continue with my discussion on bootstrapping a business successfully.
** Networking Your Business for Success
By Michael Newman, the "Money Finder"
You've gotten your business off the ground, you're attracting some great customers, and you're starting to connect with other businesses in your area. You're even feeling great about the future direction of your business and there seems to be no limit to how far your success can go.
Now, sustaining the momentum that you've created by putting in lots of hard work and effort into should be one of your main priorities. In order to keep that momentum going, you should focus on extending your business connections. This means reaching out to other businesses in your community or in your field and creating a network that could help support or even grow your business further. This could even result in broadening your access to new customers or clients as well, so it's definitely worth the effort.
There are many ways you can take advantage of in order to meet with the owners of other local businesses in your area.
You can start by contacting your chamber of commerce for information. Also, if you run a store, you should get to know your neighbors by introducing yourself to them via face-to-face meetings.
The first step to establishing a network of mutually beneficial connections is to focus on starting small. Try and connect with a handful of business owners in your area to start. You can expand on your network of contacts over time.
You may want to get out there and meet everyone you can in your business community. Just make sure that you don't make too many casual friends instead of creating strong business contacts. Don't get me wrong, there is nothing wrong with making friends, but keeping your business and your personal life separate is important when it comes to maintaining your focus on achieving success.
This means focusing on making the types of business connections that are most relevant to you. When you're making those first introductions and creating you're a viable network, you are going to want to communicate exactly what it is that your business is all about and what you specialize in. Avoid making a sales pitch; instead offer up the specifics of your products or services and what you are doing to really set yourself apart from the competition.
Being specific in your needs will also allow your new business contacts to better help you out when you need it most.
The next thing you'll want to do is to stay in contact with the people in your network on a regular basis. Offer to add them to your mailing lists or send them an e-mail when something new or important comes up. Be polite and neighborly, but always remember that you want them to consider you as a serious businessperson, so avoid gossip and keep your e-mails short and to the point.
Keep in mind that being in a network means you will also have to offer and provide support to others in return. So, be sure to keep your new contacts in mind and be proactive when it comes to offering your assistance. You could offer to refer new clients or customers, or you could set up meetings with them just to exchange ideas.
By helping out the individuals within your network and getting involved in their businesses as well, you'll be creating relationships that could benefit you and your business in return for years to come. |