Wizard Wisdom

A few days earlier than usual, from my email:

Dear Scott, Your potential customers are drowning in ads. "The average urban dwelling American sees up to 5,000 advertising 'messages' -- from T-shirts to billboards -- every day. That compares with 2,000 thirty years ago." - CBS Sunday Morning, March 30, 2008. Source: Yankelovich, Inc. This means your message on an average day, is competing with 4,999 others. How can your message cut through in that ever deepening sea of advertising? Your options. 1. Increase the frequency of your ads (This costs money and adds to the noise) 2. Increase the impact quotient of your ads. (This takes great strategy and persuasive writing) 3. Do both. Which will you do? PS. Doing none of the above will result in declining sales. In this issue: 7 Tips for Surviving a Resession From the Editor: Wizard Partner Chuck McKay recently finished a 7 part series titled 'Surviving The Recession'. In true Chuck sytle this is detailed and well thought out series. You may agree with all points raised. You may shake your head at some. It doesn't matter. What's important is to take the time to read and then start implementing. Under each topic heading I selected a random a piece of advice from that particular article. Make sure you click the link to read the full story. Now it's over to Chuck... 1. Focus on Revenue and Customer Service With fewer customers you'll be tempted to reduce the number of customer service personnel. Many of your competitors will. Don't do it. Of course now is the time to cut expenses, but not in ways that touch the customer. Read the full story 2. Cherish Your Existing Customers Do you treat every customer as if they were your best customer? Maybe it's time. Some of these basics should be automatic. Respect your customer's time. Keep your promises. Keep your customer in the information loop. Deliver the same day your customer purchases. Show genuine interest in your customer's satisfaction and success. Read the full story... 3. Accelerate Your Advertising and PR Study after study has delivered the same results: companies who pull in their resources and hunker down to ride out the economic uncertainties fall way behind when things get better. Those same studies show that companies who aggressively pursue revenue in good times and bad leapfrog over their competitors in the following years. Conclusion: Do not interrupt your advertising during tough economic times. Read the full story... 4. Adjust Your Staffing Sort your people into four groups – A, B, C, and D. This sort has nothing to do with rank. A great cashier may be more valuable than a so-so executive. Your A group are the excellent employees that you couldn't get along without. Tell them how important they are. The B's are good, consistent performers. Tell them, too, that they're important to your company's future. The C group are average. Determine which of them can grow into the B list, and make sure they understand that their jobs are secure as long as they stay focused on helping your company through the rough times. The D's are under-performers. They, along with the C's you can't grow, should be cut immediately. Read the full story... 5. Lower Your Profit Margins Reduce your margins by enough to stop the bleeding. Ten percent? Fifteen? You'll have to keep close tabs on your costs, your volume, and your margins, but there is a number that will spur sales enough to keep you profitable. But don't just drop prices. Make it part of a promotion so that shoppers take action NOW, and so that you'll have less resistance to raising those prices again in a few months when the economy improves. Read the full story... 6. Speed Up Cash Flow Have you checked your customer's credit history, recently? You should. All of them, including those who have (so far) paid on time. Those with questionable payment history can be expected to delay their payments again during a cash crunch. Be prepared to cut back on their credit lines, and keep a close eye on potential defaults. As soon as you detect a problem, get them on the phone. It's much harder to ignore a phone call than a collection letter. Besides, your diplomacy will be even more appreciated in a one-to-one conversation. Read the full story... 7. Cut Overhead Its not likely you'll find one big cut. What's very likely is that you'll find several smaller cuts that will add up to significant amounts, and every dollar you save can be the equivalent of ten dollars in before tax earnings. You can't save your way to prosperity, but this exercise will help you find ways to free up operational cash. Question every single expense. Look everywhere for savings. Do you need six incoming telephone lines? Do you need company box seats at the stadium? Do you need a company membership to the country club? Read the full story... PS. Need help implementing some of Chuck's advice. Give him a call (304) 523-0163 or send an email. Previous issue, just in case you missed it: 5 Ways to Attract People to Your Store and Increase Sales... The Extraordinary People Myth A Closing Thought. "Procrastination is the passive assassin of opportunity."- Most probably penned by the Wizard. Now go an implement something! See you next week. Craig Arthur Wizard of Ads PS. Need help to attract more customers and grow your business? Australia Call (07) 4728 4866 or send an email. North America Call 308-254-2732 or send an email. Call 440-610-9746 or send an email We will never try and sell you. You may punch us in the arm really, really hard if we do. Call or email to book a FREE alignment meeting. No obligation. No pressure. It is at this meeting we both decide if there is a fit between our 2 companies. It is only then can we explore your options. We will never try to sell you. Call (07) 4728 4866.

Wizard Partners Australia. Call Us: (07) 4728 4866

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