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San Luis Obispo Small Business Success Blog
These blogs are devoted to issues facing entrepreneurs trying to start a new business and small business owners seeking information or assistance with growing their business.
Creating a brand name is one of the essential stages of launching a business. A good name is just what you need to attract customers, differentiate your brand, and help you build trust and recognition in the market.
One of the first steps you should take before deciding to go into business is to determine why you, the prospective business owner, want to go into business. Have you realistically calculated the rewards and challenges of owning a business?
If you have decided to start your business from scratch you need to know how to find a good idea and turn it into a business opportunity.
In any new business start-up, we need to begin by projecting an income. To do this we need to make some assumptions about our business and its projected revenue, to make a more informed decision on whether our business idea will be profitable.
Segmentation Marketing is one of the most common marketing strategies businesses use to grow their firms, by adding logical new products or services to one’s repertoire, thus attracting new customers and/or providing existing customers with a broader variety of purchase choices.
Did you know it costs 5 times as much to acquire a new customer than to keep an existing one? Along with the fact that you’re much more likely to sell to an existing customer than to a new one, it’s not difficult to see why customer retention is one of the paramount concerns of every company, big and small.
“Would you rather be a Little Fish in a giant lake or a Big Fish in a small pond?” This question has faced countless business owners for centuries. And many, many such owners have been at one time or another, forced to choose.
Recent experience has shown that Brainstorming is a useful management tool, not just to solve problems but also to help develop employees, establish policy, improve communication, and determine new business activities.
So, what is “Branding” anyway? It’s “Creating an emotional link between your product or service and its consumer”. As these famous brands did and do still. The word Brand used to only be found in print in marketing literature, now it’s everywhere!
In the Products and Services section of your Business Plan/Marketing Plan, you need to describe your products and services. Features are their unique characteristics, traits or attributes. The goal is to translate those features into meaningful benefits for your customers. Benefits are the unique advantages or values your product/service will offer the buyer.
