qprev_HBB Manual 2.qxd - Small Business BC

Guarantees spell out what you promise to replaceor repair. They are promises that a businessperson must live up to. Be sure you build in thecosts of returns ( 5 per cent for example) or aftersalesservice as part of your variable costs. Thenyou can cheerfully live up to your guarantees.Warranties are a special kind of guarantee thatusually promises certain standards ofperformance for a set period of time – forexample, promising to replace defective parts fortwo years.Revising Your Marketing StrategyHaving a business plan means you have a basisto work from. Using a plan to help you managemeans regularly referring to it, and makingchanges to keep it current. Evaluating amarketing strategy is an important part of thisprocess. It involves watching how all thedifferent parts of a marketing plan work and howwell they all fit together to support sales. Beingwilling to try something different is one way tomake sure you don’t get stuck with a marketingapproach just because it is familiar or the firstone you tried.• Regularly check what marketing costs arebeing converted into sales. Stop spendingmoney for things that don’t convertinto sales.• Budget enough for advertising andpromotion. This area of business finance isoften underfunded and one of the first to be cutif money is tight. Keep your customerorientation firmly in mind. Advertising andpromotion are necessary for the customer tofind out about the business. Advertising andpromotion expenses are essential businessexpenses and should only be reduced whenabsolutely necessary.And the last word on marketing ... nothingsucceeds like success. Go with anything legalthat works.Some specific ways you can evaluate yourmarketing strategy are:• Keep track of what is working. Somepromotions and advertisements carry asentence like, “Tell them you saw it in theXXX”. This is how a company tries to trackthe effectiveness of its marketing dollars.Other ways include coding coupons orbrochures, and asking customers directly.• Choose the best places for spending yourmoney. Keep your goals clearly in mind. Ifyou are trying to build a base of customerswith a certain profile, choose the methods thatare known to reach that group.solutions for small business home-based business 53