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Test Your Sales and Marketing IQBy Kim T. Gordon Like most small or home-based business owners, you have important questions about your company's sales and marketing programs. How will you create a professional image and win new customers? Where will you run your advertising and how often? How can you use public relations and special events to get noticed? And how much should you invest in direct mail marketing? Take this quick quiz to test your sales and marketing know-how, then read the expert tips to put your company's marketing program on the fast track. Answer True or False. Give yourself 10 points for each correct answer. 1. For a new business, it's smart to produce a quick, temporary brochure at first, then invest in a higher-quality piece when the business becomes successful. A. True B. False Answer: B. False. Ever heard the expression, "You never get a second chance to make a first impression?" Carefully craft your company's image right from the start or you risk creating a poor impression that will be difficult to correct as months go by. You may also miss out on closing sales which might bring your company its initial springboard to success. 2. When it comes to sales and marketing, a business owner should stick with what he or she does best, such as networking or direct mail marketing. A. True B. False Answer: B. False. For most businesses, the sales cycle can be fairly long, requiring eight or ten contacts with a prospect before a sale is closed. To be successful, you must learn a wide range of sales and marketing tactics that motivate prospects throughout the sales cycle. 3. It's normal for a company's marketing activities to increase or decrease based on the workflow in-house, with reduced marketing activities during the busiest times, and peak marketing during the slow periods. A. True B. False Answer: B. False. Entrepreneurs that market only in the slow times experience corresponding highs and lows in their cash flow and risk plunging their business into a valley so deep they won't be able to market their way out. 4. The advertising term "frequency" refers to the number of times you run an ad. For example, if you run an ad seven times, you have a frequency of seven. A. True B. False Answer: B. False. Frequency is the number of times the readers of a specific publication can be expected to see your ad. While actual percentages vary between trade and consumer magazines and newspapers, for example, we know that a typical subscriber will not see every page of every issue. This accounts for why ads are typically run many times in the same publication. 5. A consistent, steady stream of press releases to a single source will eventually get your business noticed. A. True B. False Answer: B. False. Journalists and news directors receive your information with one overriding question in mind, "Will this information be of special interest to my readers or viewers?" Instead of a steady barrage of so-so information which will be tuned out, fax or e-mail only what is of special interest or newsworthy. Then be certain to follow up by telephone. 6. The best way to initiate contact with a new business-to-business prospect is by telephone. A. True B. False Answer: A. True. The traditional contact sequence in business-to-business sales is: Call, mail, call. Those who mail first, then call are generally disappointed to learn the prospect can't remember having received their materials. 7. A typical response rate for direct mail is one to three percent. A. True B. False Answer: A. True. That's why testing prior to undertaking large programs is so important. Mail five thousand pieces first and gauge the results before mailing to the full list. 8. When you start a new business, the impression conveyed by the way your company "sounds" on the telephone is less important than the image you present in person. A. True B. False Answer: B. False. Just as top-quality tools and materials are vital from day one, your company must have the communications tools in place to create a professional-sounding image. Use a combination of tools such as voicemail and a cellular phone or pager, and make call-backs in a timely manner. 9. With all the information available on the Internet, small businesses no longer have to do their own primary research. A. True B. False Answer: B. False. The wealth of information available on the Web has reduced the amount of primary research necessary to launch a new business, but it cannot replace testing your own unique product or service with members of your real-life target audience. Tools such as surveys and informal focus groups are inexpensive and essential to long-term success. 10. The best way to get the most out of a limited special events budget is to take a small booth in as many community-based events as possible. A. True B. False Answer: B. False. By having a small booth in a fair with several hundred others, you run the risk of getting lost in the crowd. Instead of participating in lots of small events, select or create one opportunity for your company to shine. Rather than sponsor a single runner in five races, sponsor one race with a highly visible banner at the finish line. 11. You know a one-on-one meeting is going well when your prospect is doing most of the talking. A. True B. False Answer: A. True. The two most important components of effective interaction with a prospect are asking questions and listening to the answers. If you're doing most of the talking, chances are your meeting isn't going as well as it might. 12. It's better to run an ad where there is less competition so it will be noticed. A. True B. False Answer: B. False. Media such as newspapers create what's called a "search corridor" by clustering competitive advertising together in a designated section or on a particular day. This is where prospects look when they've made a decision to buy. Running an ad elsewhere is like opening up a new store half a mile away from the mall -- you'll get a lot less traffic and fewer sales. How did you score? 120 = A perfect score! You're a marketing whiz. 90 to 110 = Brush up on the basics. 60 to 80 = Make time to learn more about marketing. 50 or less = You have work to do.
Kim T. Gordon's columns and articles are read by nearly 3 million small and home-based business owners each month. She is the author of three books, including Bringing Home the Business: The 30 Truths Every Home Business Owner Must Know. Copyrighted material. May not be reproduced in whole or part without expressed permission from the author. |
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