We call this an “integrated” approach to using the press release…

Our interview with Sophie Shiatis, VP of eCommerce at PRWeb discusses this integration strategy plus some of the biggest mistakes business owners make on their websites.

Here is my Golden Rule of 5! These are the things you need to keep in mind when identifying potential joint venture partners.

1. Both you and your joint venture partner should share the same ideal client or customer. Meaning, that both of our “ideal” clients have the same wants and needs and hot buttons. The value of the JV partnership goes up significantly when the demographic and psychographic characteristics of our ideal client overlap.

2. These clients must be “willing and able” to buy. This means are they willing to buy what you have AND are they able to do so financially. One of the best places to position yourself as a JV partner is at the back end or as part of an upsell or downsell or bonus after someone has jsut checked out of your partner’s online or offline storefront. These people were willing and able to buy the initial product from your partner, so they are warmed up to buy yours.

3. Your JV partner must understand the value of marketing. Signs of this are: Do they advertise? Do they make offers?  Do they have some kind of a marketing system in place that allows them to attract prospects through lead generation and convert them into clients or customers?  And they should be looking to see if you do as well.

4. Your ideal JV partner should have a target or prospect list to communicate with and to make offers to. Ideally you and your partner should have a list close in size to each other, but that might be challenging, and that’s ok. You can still do things to solve that imbalance.

5. You should have a product or service that solves a need that your JV partners’ existing product or service doesn’t, AND that gets their client closer to where they want to be. It must have a high perceived value. So For example, If my ideal client is a small business owner and I have a product that teaches them how to identify and develop JV partnerships but in my product line I’m missing a series of scripts on how to approach a JV, then an ideal JV partner for me would be someone who could write scripts and offer them to my clients or prospects. So, in a sense, that JV is filling a hole or a gap in my existing product line that gets my small business owner clients closer to where they need to be–which is to get more clients through JV partners.

Steve Jordan, America’s Fitness Ambassador dedicates his fitness practice to helping business owners get in their best shape.

Every business, regardless of size should have the following plans clearly established and operating in their business.  Part of being a small business owner is the ability to step out of working IN your business and spend some time working ON your business as a manager.  These are the management tools that you want to be using:

A GAP Analysis which specifically looks at where you currently are in relation to where you want to be in major areas like revenue, profit, new customers, profit margin, etc.  This is a little broader than just writing down your goals. It actually identifies the gap that currently exists in where you are and where you want to be.  Common mistake: business owners don’t establish very specific, measureable targets for their business.

A SWOT Analysis is an excellent way to identify your personal strengths and weakness or those of your organization (even if you’re a one-man show).  Knowing these can help you to get the support you need to manage the weaknesses so you can focus on the strengths.  And clearly knowing the opportunities and threats that exist in your external environment or marketplace gives you the ability to navigate around real and perceived threats that can exert pressure on your business so that you can focus on seeking out the opportunities to move your business forward.  Common mistake: business owners don’t think through the implications or the opportunities associated with their SWOT.

Every business needs Revenue Plan that identifies and lists all of the products and services that your business offers to the marketplace and their unit price.  The total of your revenue plan should be at least the difference in your GAP analysis between where you are and where you want to be.  Any shortfall will need to be supported by more customers or a higher volume of sales from existing customers.  Common mistake:  business owners think that have only one product or service.

A Marketing Plan is critical.  It consists of a detailed plan on your different lead generation and marketing initiatives as well as their schedule and a budget.  A good marketing plan has each marketing initiative scheduled out on a calendar with a task list and an accountability tracker.  Common mistake:  business owners never develop a marketing detailed enough that they can use effectively as a tool.

An Operating Budget.  An operating budget takes the results of your revenue plan and identifies all of the businesses expenses and cash needed to generate and support that revenue.

Done effectively, these plans are all related to each other, meaning that a well developed, practical revenue plan depends on the GAP of where you are to where you want to be.  And, you can’t have a realistic operating budget without a marketing plan.

This can all be quite simple to put together.  An hour a week at the end of a year is 52 hours spent working ON your business.  I’d say that’s a pretty good use of time.Wha

–by Rick Lugash–

I couldn’t believe it either!  But 56% of all Yellow Page looks ups are still done in the print edition—that big yellow book with the “thump” factor of 10.  Apparently, this is still a very effective way of reaching your clients.  I recently interviewed Barry Maher,  Author of “Getting the Most from Your Yellow Pages Advertising: Maximum Profits at Minimum Cost” and credited with helping thousands of small businesses get the most effective Yellow Page advertising possible.  Here are some questions and answers on Yellow Pages advertising from a recent interview I did with Barry.

Q:  As a business owner what’s the first big question I should be asking myself on whether or not to advertise in the Yellow Pages?

A:  Are your prospects looking in the Yellow Pages when looking to get your service? If so, then yes, you need to be there.  Also, if your competition is advertising there then you should be.

Q:  How much should I be spending on my Yellow Page ad?

A:  It’s very easy to over-spend on your advertising in terms of bigger and bigger ads, larger headlines and more directories.  You should spend enough to be effective and only what you can afford.  A good indicator is what your competition is doing.  The ad needs to be big enough to make an impact and it doesn’t have to be the biggest one on the page.  If your competition has only a bold listing then a bold listing is adequate for you. But, if your competition has a quarter page ad, so should you.  You want to be at least as effective as your competitor.  The biggest thing to remember and what many small business owners neglect to do is test, test and test.

Q: What is an effective return for my ad?

A: If your ad is making you money, keep the ad.  A good return is anywhere between 4 and 7 times what you’re paying for the ad.  And again, you must be tracking this.

Q:  What do I need to know about creating my ad?

A: The right headline is critical—a headline that will grab your prospects attention. Don’t put your company’s name and address across the top.  Your prospect only cares about what is important to them.  In the Interrupt, Engage, Educate and Offer model, we use the headline to interrupt, engage and grab their attention.  We want to educate the prospect on what differentiates you from the competition.  And, always have some kind of an offer or call to action.

Q:  How should I use my Yellow Pages ad rep?

A:  Many ad reps are going to want to design your ad and copy with their standard template. Don’t make that mistake.  I recommend taking out a sheet of paper and start writing down the reasons someone would want to do business with you and how you differentiate yourself.  That’s the copy that should go in the ad. When designing the artwork, work with the artist or the graphics person at the Yellow Pages.  If possible, hire someone to help you with the copy and the layout of the ad.   You should use your ad rep to determine the spec for your ad and helping you place your order and getting it published.