Are you thinking of starting a new business? Have you owned an existing business for
many years? We are faced with making business judgments and decisions every day.
We would like to believe that our decisions are made based upon our best
reasonable and logical methods.
The two major areas of reasoning are: Analyticaland Inductive. In
business you must train yourself to become proficient in the application of the
former. The latter is important and will be useful, but Analytical Reasoning
based upon factual research, must be the main driver of your business
decisions.
Inductive Reasoning draws upon your life experiences: education, hobbies,
books, entertainment, interests, politics, travels, languages, friends, family,
work place, married or single... all have an impact upon your attitudes,
beliefs, and habits.
While your life experiences will provide you with that subconscious “gut-feel” that
may help you to recognize possible opportunities, Intuition alone, can and will
lead you astray with its accompanied euphoria, wherein your idea, concept, or
vision just “feels” right. Your Rule #1 must be Check it out. Research
and Analysis may confirm your intuitive reasoning –getting the facts will save
you much time and money.
Analytical reasoning is based upon facts, not opinions. It
is sometimes difficult to separate facts from opinions, when you are dealing
with people’s thoughts, feelings and their genuine desire to be of assistance.
It is part of the human condition that most of us are reluctant to respond to a
question with, “I don’t know.” When we do not have factual answers, we try to
divine an answer and will rationalize the “best”answer to please, rooted in our
opinion or Inductive Reasoning.
You may have to probe deeply in order to arrive at the real answers. Beware of
responses that begin with, “Well, I think...” Be frank. Just say that you do not
want an opinion. You need the facts. Getting an “I don’t know, but I will find
out and let you know.” is much better than guesswork. At least you will be aware
of where your information deficiencies exist, and where you need to apply your
emphasis in order to make correct judgments and decisions based upon facts, not
opinions or consensus.
Research and Analysis are your primary tools for achieving success
whatever your field of business. Tabulations and evaluation of the results of
your efforts will contribute positively to your accurate judgments during your
decision-making processes.
Quantitative research describes demographic information based upon
numbers, percentages, averages, medians, statistics, tabulations, census data,
zip-codes, populations, expenses, income, age-groups, consumer data, product
costs & sales, market segments, audiences, readership, viewers, investments
and returns, ratios, decimals, metrics, budgeting – and all finite data.
BusinesPlanning must incorporate thoroughly researched quantitative data upon which to budget your start-up costs, and operating expenses. Hard data must be the basis for aminimum of two tofive years of initial projections of your future income, expenses, and setting goals that will lead to break-even status and profits. Completing your
professionally developed Business Plan based upon diligent “homework” will go a long ways to convince lenders as you apply for your vital busines loans
.
Qualitative research involves lifestyle information. attitudes,
perceptions, ethnic origins, languages, cultures, likes & dislikes,
feelings, emotions, tastes, behavior, customs, traditions, preferences,
reactions, personality, character, and additional Psychographic
information.
This data will enable your business to reach buyers of virtually all types of
products and services, from Apples to Zircons. Instead of shot-gunning your
promotional efforts, you will be able to pin down your best buyers: Where they
live, What newspapers and magazines they read, whether horizontal or vertical
media are best, their Internet preferences, purchases and habits, direct mail
responses, radio, television and cable stations they listen to and watch, fax
and E-mail addresses, and more.
You will have developed the tools to create a media mix that will be cost-effective
and efficient. This subject is treated in greater detail in Chapter- VII,
Advertising & Promotion.
As Quantitative data is indispensible to your professional Business Plan,
Qualitative information is equally indispensible to forming the strategies and
tactics that will become the foundation of your Marketing Plan. Your Business
Plan comprises the data basis for your projections and objectives. Your
Marketing Plan will be the road-map that guides your business efforts toward
attaining your goals... and success.
*****
ASSERTIVE: Positive. Determined. Consistent. Forceful.
Internalizing these driving forces is vital in order that you, the
entrepreneur, new business operator, or small business owner, achieve success,
integrated, with a mind-set, and a visceral need that is focused upon
accomplishing the due diligence, the research, and intelligence gathering that
is necessary, prior to evaluating and implementing well-informed decisions,
developing strategic Business Plans, and effective tactical Marketing Plans,
with a keen execution and oversight.
During my seminars I have often been asked:“What if I invest 60 or 90
days in R&D and afterward decide Not to proceed with my business idea? It
would be time and money wasted.”
No! It is more important to make correct judgments after performing your due
diligence, pro or con, manifesting your new business concept, rather than open a
Pizza store on the same corner where other Pizza stores have failed... without
learning Why they failed.
You cannot afford to make mistakes, especially during our current whip-saw economy,
fluctuating markets, and increasing rules and regulation. More than ever, a
conservative, informed operation, reducing risk and growing potential must be
your Job-One. Whether you are contemplating starting a business, or have been
in business for a short or long term, acquiring further business acumen and a
deeper marketing understanding is imperative to receiving a positive operational
Return of Investment, (ROI), and reducing your financial risks.
Though many categories of business may share similar characteristics,
each business’ specific needs may be different. "Winning Success With Assertive Marketing" is written as a separate series of related units so that you may read selectively in accord with your firm’s special needs that will prompt and encourage you to achieve a greater, profitable bottom-line.
Please contact me with your comments, or questions: washuman27@hotmail.com.
RSS Feed