3 Ways To Grow Your Business

3 Ways To Grow Your Business

by | Feb 19, 2024 | Marketing and Advertising Insights, Sound ADvice

Last week subscribers to my SoundADvice email newsletter learned we the advantages of knowing your competitors and finding ways or areas where you can exploit your competitors’ weaknesses and find areas where you can grow your business.

As owners or managers of a business, it’s our responsibility to not only figure out how to keep our business functioning properly and effectively but also how to GROW our business.  Staying even or going backward are not options.  Growth is vital!

Growing a business is not nearly as easy as it may appear and it’s certainly more complicated than just increasing sales.  Understanding that there are only three ways to grow a business is a great place to start.

Regardless of what type of business you have, there are only three ways to grow. They are…

  1. Sell more of what you are currently selling.
  2. Sell what you are currently selling for more money.
  3. Add additional product(s) or service(s) to what you are currently selling.

Regardless of how you slice it, nearly everything you can come up with to grow a business will fall under one of these three headings.

We suggest that you look at each area and identify within your business how you might increase your sales.

  1. Selling more this year than you did last year isn’t as easy as it sounds and simply opening up your doors and hanging a “We’re Open” sign isn’t the answer. What can you do to get the same people, or new people, to buy more of your products or services?
  2. Can you increase prices? If not on every product or service, can you increase the pricing on some of them? Which ones? Identify them!
  3. Adding products or services gets tricky. Think within your business category and then think outside of it. Are there products or services that you can add that won’t distract from or replace your current offerings?

Attracting a customer and getting them to open their wallets can be a difficult and costly process.  But once they’re in your showroom and have their wallets open, an accompanying up-sell is relatively easy.  Once the customer has chosen a new outfit, getting them to consider adding a pair of shoes or belt is relatively easy and it can be a big step towards growing your business.

The formula works regardless of whether your business is retail, service, medical, or professional.

If you would like to see a simple worksheet that can help you start the process of utilizing the three ways to grow your business, click here.

Also if you want to start receiving these Sound ADvice emails free every week in your inbox, let me know.

QR Code Mania

QR Code Mania

by | Feb 12, 2024 | Marketing and Advertising Insights, ScLoHo's Media, ScLoHo's Web World, The Not-So-Secret Writings of ScLoHo

Sometimes technology comes before it’s needed and then there is a triggering event that propels that emerging technology towards mainstream use.

This is the story of QR codes.

Do you use them in your business?

They’ve been around for quite awhile and some of the early uses left people wondering “Why?”

The triggering event that propelled them into the mainstream consumer world happened in 2020 and 2021.

You recall a mere 4 years ago when this coronavirus with the name Covid-19 created a huge upheaval in our world.

Initially at the end of 2019 and beginning of 2020 we were told it’s no big deal, just a few isolated cases in the world and if it came to America, we could isolate it.  But a few weeks later a different strategy was urged. First we were told to stay home and shelter in place for a few weeks. Different government agencies and groups were giving conflicting advice and the whole thing turned political instead of just a health issue.

It was up to states and local governments to create and enforce rules, while solutions were being fast-tracked that led to millions getting vaccine jabs and others saying it was a hoax, or at least not as big of a deal as the media was portraying it to be.

A lot of confusion and upheaval but also a few changes in the way businesses operated.

One shift was the move back to one-time use items instead of reusable.  For years, climate change advocates were moving us away from plastics and even some paper to old fashioned alternatives.  In my life, the local Taco Bell that I would stop at for my breakfast burrito used to give me my food on a tray.  When the pandemic hit they were drive-thru only but when they reopened the dining room, it was no more trays, here’s your food in a paper bag.

I’ve seen other restaurants switch from glassware and silverware to disposable in order to eliminate potential cross contamination.

And we’ve finally seen the rise of QR code use.

Useful QR Code use, not the silly QR code use from a decade ago.

Many restaurants and drinking establishments switched from having printed menus that would get touched by 100’s of people and were big germ spreaders to placing QR codes on the table so we can scan and view the menu on our phones.  Some establishments also have a set up where i can pay my bill with QR code technology.

Let me be clear that in case you are unaware of what these QR codes do, they are simply a way for a consumer to get to a place online by scanning a QR code.  This makes it possible for you and I to visit a website without typing in a URL or doing a Google Search or any of that.

A QR code is a tool that the camera on your smartphone or tablet can read and interpret as a hyperlink to something online. That’s all it is.

From a business standpoint QR codes can be a money saver too because instead of printing hundreds of menu’s and then tossing them when they have changes or simply are worn out, the business can update the online page.  Someplaces update it weekly to reflect their specials.  This was prohibitively expense when all we had was ink and paper.

QR codes can by a shortcut to trackable hyperlinks too which helps businesses but doesn’t look scary to the consumer.

In 2012, I wrote an article about Idiotic QR Codes that I’ve linked here.  The Air Force Reserve was running a traditional billboard campaign that you would see as you’re driving and expected people to have their phones handy to be able to scan a giant QR code while speeding down the road.  Talk about the dangers of multi-tasking distracted driving!

I’ve written other articles about QR codes in years past that you can find here.

A big challenge in advertising and marketing is the ability to track results. and while the use of QR codes is not a solution for everyone, everywhere, I discovered a marketing success story from URL shortening service Bit.ly that was used by cat food company Smalls in New York City.

Smalls recently launched an advertising campaign throughout the New York City subway system that scratched just the right itch for cat parents in the Big Apple. These adorable ads had the power to make even the most dogged commuter pause and purr with delight. according to the article.

Signage on the subway system included QR codes.

Knowing that this campaign marked their grand entrance into the world of big-city advertising, Smalls wanted to get the most out of their efforts by leveraging QR Codes to drive viewers to their website across every ad placement.

And what were the results?

By putting the spotlight on these irresistibly photogenic cats and pairing them with concise, compelling messaging, Smalls managed to not only create brand awareness but also guide people toward their ultimate goal—interacting with the brand on their website. With smartphones in hand, subway riders could easily scan the Bitly QR Code and enter the Smalls universe.

As a result, Smalls reached up to 3.6 million subway riders and 500,000 New York City cat parents, building more brand awareness and driving new traffic to their website.

I’ve used the free Bit.ly services for years along with Google’s URL shortening service.  Both offer free and paid versions of QR Code generation.  A couple years ago when I was looking to add people to my team, I created cards that I handed out at career fairs with a QR code that potential candidates could scan to go online and see our openings.  We’ve also used them at a fund-raising event to make it easy to receive online donations.

Need help deciding if you should include QR codes in your business?  Reach out and let’s talk.  I’d also like to hear from those of you who are already implementing QR codes and how you’ve incorporated them.

 

 

Your Customers ALWAYS Have A Choice

Your Customers ALWAYS Have A Choice

by | Feb 5, 2024 | Marketing and Advertising Insights, Sound ADvice, The Not-So-Secret Writings of ScLoHo

Only fools believe their business has no competition.

There are multiple ways to think about who your competition is, however, I’m going to define it in the simplest terms for businesses and that is customer money.

If I have a need and you could supply that need for a price, but I choose to satisfy that need by spending my money with someone else, that someone else is your competition.

This weeks Sound ADvice newsletter talks about competition and  I’ll share that with you in a second but first I want to broaden your idea of competition.

Today, I ate breakfast.

I had the choice of eating something I already spent money on and was in my kitchen…

Or I could leave my house and spend money somewhere else.

Often, business owners only look at their direct competition.  Today I spent a couple of bucks for a breakfast burrito and a diet Mt. Dew. Yesterday I spent 6 times that for a breakfast sandwich and white mocha from my favorite coffee shop. Tomorrow, I’ll have a bowl of cereal.

See, sometimes the competition isn’t direct, but an alternative, however they all are ways that involve my money and my desire for breakfast.

Now let’s look at the SoundADvice I’m sending out in my weekly newsletter this week. (and if you want a free copy emailed to you every week, just let me know).

Have you ever heard someone say, “We don’t worry about our competitors, we just focus on what we do”?

Sure you have! It sounds nice, but the truth is that most successful business owners have a very keen eye on their competitors and know as much about them as possible. If not, there is no way to know which cards you can or should play or when to play them.

More than likely you know “who” your competitors are, but “how much” do you know about them? It’s not so much about knowing them so you can be like them, but, the more you know them, the more you can make sure you differentiate your business from theirs.

Motivational and self-help speaker Jim Rohn was known for his witty one-liners. One of his best was directed at people and businesses and it encouraged them to be different.

“Walk away from the 97%. Don’t talk like they talk,
don’t act like they act,
don’t go where they go, don’t do what they do,
don’t specialize in what they specialize in”.

In other words, Jim is saying, be yourself, make your own mark. Make sure you and your business are clearly different than your competitors.

Why is it so important to know your competitors?

In any given market, large, medium, or small, there is only so much business. Capturing your fair share and growing your share is the path to success. Only when you know what their strengths and weaknesses are can we know how you can best position your business to compete with them and grow your share of the market.

When we are armed with this knowledge, we can communicate our true value to consumers, adapt our brand and communications strategy accordingly, and win market share.

“If you know thy enemy and know thyself,
you need not fear the result of a thousand battles”.
– Sun Tzu

Identifying what differentiates your brand, product, or service from other players in the industry is only one of the benefits of analyzing your competitors. It’s crucial to increasing sales with your current customers, building customer loyalty, and attracting new customers. It will also help you identify the following:

  • Understanding industry standards so that you can meet and exceed them.
  • Discovering untapped niche markets.
  • Fulfilling customers’ desires and solving their problems better than competitors.
  • Distinguishing your brand.
  • Standing out in your marketing.

In today’s multifaceted world, competitions come in many forms. Direct competitors are easy to identify. Indirect competitors are sometimes harder to uncover and can come from anywhere. Grocery stores had no idea they would be competing against Amazon. Tire stores and hearing centers didn’t imagine they would be competing with Costco and Sam’s.

While the process of evaluating and knowing your competition can be taxing, the benefits of knowing can open an array of opportunities for your business.

If you would like to see nine ways to help you understand your competition, click here.

The State of Radio and WOWO in 2024

The State of Radio and WOWO in 2024

by | Jan 29, 2024 | Marketing and Advertising Insights, ScLoHo's Collective Wisdom, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard

Is Radio still a viable advertising media in 2024?

The TL;DR answer is yes.

Last week I shared the story of the demise of our local newspapers over the past 20 years and my insider numbers.  Today, I’ll review the local radio scene and include some numbers from a recent study on the benefits businesses can get from becoming an advertising partner with me on WOWO.

There are all kinds of studies and surveys and polls that are used to predict what is going to happen.  In Fort Wayne, Indiana there were two companies that were measuring radio station listenership, Eastlan and Nielsen, but with some changes back in 2022 and 2023, we just have Nielsen.

Federated Media which is the company I work for, subscribed to Eastlan for well over a decade.  I was working for some competing stations when we heard that Fed Med was switching to Eastlan while the rest of the Fort Wayne area stations were still using Arbitron.  Arbitron was bought by Nielsen, but Nielsen and Arbitron are essentially the same for radio.  Eastlan used a different methodology for doing their research, and when we were subscribers, it served it’s purpose.

However at Federated Media we wanted some of the additional research tools that Nielsen offers and that’s why we returned and dropped Eastlan.

Fort Wayne is market number 116 in size and we get surveyed twice a year, in the spring and fall and we just received the results from the Fall 2023 survey. The rating numbers for all of the local Federated Media stations, including WOWO are good.  Depending on the demographics we look at all 5 stations are doing exactly what we want and that is being listened to by the locals more and more.  Just the opposite of the newspapers which saw readership declining as I shared last week.

Overall, Federated Media’s Rock station, WBYR, 98.9 The Bear along with Country Station WQHK K105 and Hot Adult Contemporary Music station WMEE are strong and growing with the most listeners overall, and each of those music stations have a competing station in Fort Wayne that we are beating in terms of listenership.

Our two talk stations are also doing well.  WKJG 1380 The Fan is a Sports Talk station that has a steady niche audience with both local and national sports talk and play by play games.

WOWO, my primary radio station is also setting new records.  As a News Talk radio station for 25 years at 1190AM, we’ve also had an FM signal.  10 years ago it was at 92.3FM, then Federated Media made 92.3 and FM Music station for a number of years.  May 1st, in the middle of our last rating period, we flipped the programming on 92.3 FM back to a News Talk Simulcast of WOWO 1190 AM.  This most recent rating period shows the full impact of putting the WOWO News Talk programming on 92.3FM along with 1190AM.

As a side note, because 92.3FM still has the legal call letters of WFWI, when we look at the ratings, we do a combination on WOWO & WFWI to get a true picture.  WOWO’s target audience is what I call grown-ups.  Adults ages 35 and older.  Those are the ones that are spending money on big and important stuff for their families and for themselves.  Sure there are a few teens and 20 year olds who listen to WOWO too, but at that stage of your life, you’re more likely to listen to the radio for music, not news and information.

Of course the real reason WOWO and our other Federated Media stations are successful is that they are also a good choice for businesses to advertise.  The antidotal stories of success from WOWO advertising partners keep coming, but today I’m going to point to a national study that shows why radio is relevant for businesses to grow this year.

Inside Radio reported last week a summary of marketing researcher Peter Field’s latest study.

Based on case studies from 2000-2022, advertisers using AM/FM radio have seen notable increases in brand trust (up 58%), profits (+42%), market share (+28%),and return on ad spend (+23%). Also notable among Field’s findings is that since 2016, profit increases among advertisers using AM/FM radio have steadily grown, compared to those not using the medium. What’s more, over the past two decades, AM/FM radio advertisers have experienced a 23% greater return on ROI vs. non-AM/FM users.

There’s also something in this report that I’ve seen during my 10+ years at WOWO and also at stations I worked for previously, but even more so with WOWO and that is Top Of Mind Awareness of a company.  I’ve called it Word Of Mouth with a Bigger Mouth for years.  This report on radio stations overall states that there is a 13% increase in what they refer to as Mental Availability.  This simply means your company, your brand, your product lives in your future customers mind so that there is a greater chance of you being considered when they are ready to make a buying decision and that is due to the power of radio advertising messaging.  You won’t get that from a Tik Tok video.

Want help seeing how to apply this in 2024?  Reach out to me,  Scott@WOWO.com or 260-255-4357.

 

 

What Happened to Our Newspaper?

What Happened to Our Newspaper?

by | Jan 22, 2024 | Marketing and Advertising Insights, ScLoHo's Fort Wayne, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard

I get to work with all kinds of businesses, new ones, old ones, online only and brick and mortar only along with many that are some kind of combination of all these factors.

This is the final few months for one of my favorite clients in Fort Wayne, a retail shop that has sold coins since 1976.  They used to also sell stamps and then switched over to jewelry along with the collectable coins and related supplies.  They were a big advertiser in the local newspaper when they began and only in the past decade have stopped their newspaper ads.

The reason they are closing is their business has changed.  Michelle is the youngest of the owners at 58 and her partners are 70+.  When their lease expires this summer, they will have liquidated all the gold, silver and collectables and either retired or picked up something else to do with their time.

The store closure is a sign of the times as many businesses have closed as the owners have decided to call it quits.  Some are sold to new owners, some are passed down to another generation, but those that last have made some changes over time.

Another client of mine recently completed an ownership transition as the previous owners sold the company to some of the management staff.  That company is over 70 years strong and will continue for a few more decades I predict.  They also used to run newspaper ads and don’t anymore.

Two decades ago when I returned to the radio advertising world in Fort Wayne Indiana, the major media sources that you could use to advertise with were radio stations, television stations and newspapers.  Fort Wayne had a pretty healthy newspaper business with both a morning paper and afternoon paper and it was filled with ads and local news.

This would have been 2003.  We had the internet, but MySpace was the primary Social Media platform until Facebook launched a couple years later and grew to be the dominant online site in the world.

Traditional media has made adjustments, as radio and TV have evolved and added services to keep and grow their audiences so businesses could continue to advertise and invite those viewers and listeners to spend money with them.

Newspapers however have not faired as well.

Earlier this month, on Facebook,  I posted a picture of the building that used to house our two daily newspapers.  All day long and for a few more days, people were commenting about how much has changed with the newspaper business.

For starters, the afternoon paper finally ceased publication a few years ago and more recently the morning paper dropped from publishing 7 days a week to just 6 with a combined weekend edition for Saturday and Sunday.

As I was sharing some of my insider knowledge about the reasons the newspaper has become so small with a fraction of the number of pages, I decided to also share some data that I received with actual numbers.

For a long time the Radio Advertising Bureau was able to provide me with personalized reports that were verified and audited for our local papers.  My access to this service ended in 2015 but the numbers tell the story.

In a snapshot in the time from 2009 to 2014, the number of households in our area climbed 2.6%.  That’s good.

Newspaper subscriptions to the morning paper fell by over 34% during those 5 years.  The number of subscribers to the afternoon paper declined by over 40% in those same 5 short years.  In an attempt to hang on, the newspapers increased their advertising rates on their rate card by 18.5 percent.  That’s bad.

If you were unable to cut a deal with the paper you were paying over 18 % more to reach between 30% and 40% less people than you had 5 years before.   That’s a spread of over 50% that is not in your favor if you were a newspaper advertiser.

This downward spiral of decreased subscribers which lead to decreased ad revenue (despite the attempted ad rate increases) has lead to less pages in the daily paper.  Less reporters too along with less people overall.  In short, that’s what happened to our newspaper.

The last set of circulation numbers for the afternoon paper was less than 13,000 and the morning paper 42,000. Population figures in my reports indicate there were over 300,000 people in our area back in 2014.

I tell this not to gloat about how great radio is compared to our papers.

While it is true we have more radio listeners to WOWO and our sister stations at Federated Media then the remaining paper has subscribers, and I can help you invite those listeners to become your customers…

… I am saddened by the demise of our local paper.  The journalists and the people who supported them are a type of news media that needs to find a way forward.  Long form investigative reporting along with seeing the news about your family or neighbor making a positive impact, that’s good news worth keeping alive.