Category Archives: brand bulidng

How to Write A Stellar Mission Statement

Marketers and branding gurus throw around term “mission statement” so much that it has almost turned into yet another bit of jargon. However, a mission statement, when created with intention and careful thought, serves a valuable purpose for all small business owners.

What is a Mission Statement?

A mission statement is a short sentence or a short paragraph that summarizes what a company does, what its business philosophy is, who it serves, and what value it offers.

In short; it captures the essence of why the business exists. Sometimes, a mission statement also includes what the organization aspires to be upon achieving its mission, or that might appear in another statement (vision statement).

Some businesses publish their mission statements for all the world to see, while others keep within their companies as a tool for their leadership team and employees.

Why Should Your Small Business Create a Mission Statement?

Mission statements aren’t only for big corporations. They are useful tools for small business owners as well.

A mission statement serves as a way to differentiate your business from your competitors. It also serves as a guidepost for your business. Before you make decisions that will impact your business, evaluating your options to determine if they line up with your mission statement can help you determine the best course of action. If something doesn’t align with your mission, it’s likely it will confuse customers, derail other initiatives, or overtax your resources.

4 Tips for Writing a Mission Statement

Getting started can be the most challenging and exciting part of the process as you take a blank slate and craft what will be at the foundation of everything your business does. Keep the following tips in mind as you sit down to write your business’s mission statement.

1. Keep it real.

Authenticity is essential for a mission statement. If you write something that you don’t believe or intend to strive for, you’ll create a piece of fiction rather than a meaningful mission statement. Be true to what your company stands for and what you envision for it.

2. Make sure it can’t be just anyone’s mission statement.

Think through what’s unique about your business and how you can bring that into your mission statement. Perhaps it’s your backstory, your approach to providing your products and services, the atmosphere you offer, or something else that makes you stand out. Your mission statement should be a perfect fit for your company and not one that could reflect what any of your competitors stand for.

A few examples of unique mission statements in competitive industries include:

  • Arby’s – The Arby’s brand purpose is Inspiring Smiles Through Delicious Experiences®. Arby’s delivers on its purpose by celebrating the art of Meatcraft® with a variety of high-quality proteins and innovative, crave-able sides, such as Curly Fries and Jamocha shakes. Arby’s Fast Crafted® restaurant services feature a unique blend of quick-serve speed combined with the quality and made-for-you care of fast casual.
  • Bass Pro Shops – To be the leading merchant of outdoor recreational products inspiring people to love, enjoy, and conserve the great outdoors.
  • Ford Motor Company – Our belief: Freedom of movement drives human progress. Our aspiration: To become the world’s most trusted company, designing smart vehicles for a smart world.

3. Keep it simple.

A lengthy and elaborately written mission statement might sound impressive, but the simpler and more straightforward the language you use, the easier it will be for your employees and customers to understand it.

For example, Nike’s mission statement, Bring Inspiration and innovation to every athlete in the world, says a lot in only a few words. The same is true with IKEA’s mission statement, To create a better everyday life for many people. And TED, says it all in just two words, “Spread ideas.

You might find it difficult to sum up your mission in such short order, and that’s OK. But strive to keep your mission statement as concise and clear as possible.

4. Ask for Feedback from a SCORE Mentor.

Creating a mission statement can be a frustrating process for business owners. It requires taking a step back from everyday minutia and tasks and looking at the big picture. Consider asking a SCORE mentor for guidance as you craft your mission statement. With experience and expertise in all aspects of starting and running a business, SCORE mentors can offer valuable input and feedback to help you develop a mission statement that captures your purpose and inspires you and your team.

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4 Tips for Choosing Your Business Name!

Who knew? April 9 is “National Name Yourself Day,” a day when you’re encouraged to give yourself a new name for one day. Sounds like fun, doesn’t it? And if you search for the hashtag #NameYourselfDay on Twitter or Instagram, you’ll surely have a few laughs upon seeing the new names people adopt for the day.

But selecting a name for your business is no laughing matter. It requires serious thought because a business name serves as the cornerstone of your brand.

  • It serves as your brand’s first impression, affecting how prospective customers perceive your company.
  • It differentiates you from your competitors.
  • It affects your company’s capacity to become memorable.

Tips for Selecting a Business Name

With so much riding on a business name, how do you go about choosing the right one? Consider the following tips:

1. Think about your company’s culture and vibe.

Make sure your name authentically projects the tone of your business and your approach to what you do. Consider how you would describe your company’s aura (such as formal, edgy, academic, approachable, serious, or light-hearted, etc.)—homing in on some adjectives can help you assess whether potential names will be a good match. Having a name that reflects the vibe of your business will help customers know what they might expect from buying your products or services.

2. Be mindful of cultural and societal sensitivities.

Take care not to select a name that will offend, alienate, or outrage the public at large or segments of your market. Unless your brand will be intentionally controversial, names that hint of political, religious, ethnic, or other biases will hurt rather than help you build your business.

3. Keep the future in mind.

Most businesses evolve over time. So when you decide on a name, think about your long-term vision. Avoid choosing a name that will limit you as our business grows or changes. For example, the name “Smith’s Hockey Shop” would become obsolete if the Smiths decide to expand their offerings to equipment and accessories for a variety of sports.

4. Check availability before putting the name on a website and marketing materials.

This is critical because if another business is using your desired name, you may not be able to use it legally. You’ll find free name search tools online, and many states offer a name search option on their websites so that you can see if any other businesses in your state have claimed the name you want to use.  

If you believe you may eventually want to expand your business in other states, you can check on the United States Patent and Trademark Office’s website to see if anyone else has registered for or been granted a federal trademark for your proposed name.

You Decided on a Business Name. Now What?

Attorneys that specialize in business formation and trademarks can guide you in taking steps to protect your business name.

Sole proprietorships, if they use a name other than their owner’s legal name, must get approval to use that name by filing a DBA (“Doing Business As,” also known as a “fictitious name”).

By registering a business as a legal business entity (e.g., LLC, Corporation), a business name becomes protected within the state of registration, helping to prevent any other registered entities within the state from using it. Obtaining a trademark protects a name throughout the entire United States.

SCORE, of course, can also help you as you decide on your business name. With expertise in marketing and branding, our mentors can offer valuable input and feedback. Contact us today to connect with a SCORE Maine mentor!

Do Your Market Research! 8 Resources that Can Help.

Market research is an essential part of a business plan or developing a new product or service. By doing market research, you can:

  • Confirm or deny that there’s a need for your products or services;
  • Zero in on your target market;
  • Learn more about your target market’s needs and wants;
  • identify the price points the market will bear;
  • discover industry challenges; and
  • shed light on other critical success factors.

Market Research Basics

There are two types of market research:

  • Primary
  • Secondary

Primary Market Research

This involves getting information straight from your potential customers. Focus groups, online surveys, personal interviews, telephone interviews, and direct mail questionnaires are all examples of primary research methods. If you have an existing business, you can also use information about your current customers. Online reviews, notes about customer feedback, and other data that you’ve collected might provide valuable insight.

By doing primary research, you can learn directly about your target audience’s need for your product or service, lifestyle, buying habits, perception of your brand’s marketing assets (e.g., business name, logo, taglines, etc.), sensitivity to price, and more.

Secondary Market Research

Secondary research involves pulling together information from external sources to learn about opportunities and challenges within your market and industry. Studies, statistics, surveys, and other data from organizations that have conducted research can help you assess how much competition you face in your market, the size of your market, average earnings, and profitability of businesses like yours, regulatory factors that may affect your company, and other information.

Market Research Resources

So, where and how do you begin? As for primary research, a tool such as Survey Monkey can help streamline the creation and analysis of online surveys. If you’re not sure what to ask in your surveys, you can find articles to guide you in the types of questions to ask. In using focus groups, you might consider contracting someone with expertise in planning and executing them effectively. If your business is up and running, leverage data within your customer relationship management (CRM) system (if you use one), your accounting software, point of sale records, website analytics, inventory management system, and other programs.

For secondary research data, consider tapping the following resources:

These represent a small sampling of organizations and online resources that might help you in your efforts. For additional insight into where you might find the information that you’ll need to launch or grow your small business successfully, ask a SCORE mentor for guidance. With experience in providing direction and feedback to entrepreneurs in all industries, SCORE has the knowledge and connections to help you no matter where you are in your business journey.

How to get five stars on managing your online reviews

In today’s market, consumers read online reviews before buying products and services whether they’re buying an item on Amazon or scoping out a local small business. You can’t afford to miss out on what people might be saying about your business online.

Online Reviews Wield Word-of-Mouth Power

According to BrightLocal, “Nearly every consumer now conducts regular local searches, placing expectations on businesses to be visible online. Some businesses can struggle to differentiate from their competitors, so a positive online reputation is useful to help customers make a choice.”

BrightLocal’s Local Consumer Review Survey – 2017 found that 85 percent of consumers trust online reviews as much as personal recommendations.”

Online Reviews Help SEO

Online reviews may also help a business get found in online searches. According to the Moz 2018 Local Search Ranking Factors study, review signals are among the top 8 ranking factors used by Google.

The number of reviews, diversity of reviews, and review velocity (the rate at which a product garners new reviews) all have an impact on where on the search engine results pages a business will appear.

Which Review Sites Carry the Most Weight?

The 2018 ReviewTrackers Online Reviews Survey: Statistics and Trends found that Google has become the preferred review site for consumers. “63.6 percent of consumers say they are likely to check online reviews on Google before visiting a business — more than any other review site.”

Facebook is the most popular online space for leaving reviews. Although growth has slowed for sites like Yelp, TripAdvisor, and CitySearch, many people are still using them, and they continue to have an impact on companies’ reputations and ranking in online searches.

A Few Things to Keep In Mind

1. If you haven’t established or claimed your business on Google My Business and other review sites, consider doing so.

On some sites, such as Yelp, customers might be leaving reviews even if a business hasn’t established an account there. Realize that people can and will talk about your business online, so it’s in your best interest to know where that’s happening.

2. Be careful about soliciting reviews from customers.

While Google allows businesses to encourage customers to leave online reviews, some other review sites prohibit it. Some review sites prohibit asking customers to leave reviews. Always check the website’s terms of service to make sure you follow their rules.

3. Make sure that your business information is consistent across review sites.

Use the same company name, address, and phone number (NAP) information across all of them. Many SEO experts say that search engines view consistency in NAP information as a sign that a business is legitimate. If your NAP info differs from one site to the next, people might see incorrect information about your business in search results—or your business might not turn up on the search engine results page at all.

4. Pay attention to when someone leaves reviews.

Stay tuned into notifications when someone leaves a review of your business so you can respond—particularly if it’s a negative review. According to the ReviewTrackers survey, 53.3 percent of people expect a business to respond to a negative review within 7 days. By acknowledging customers’ dissatisfaction and taking action to remedy it, you’ll demonstrate integrity…and those people might be inclined to remove their negative review and write a more favorable one.

If you do get a few negative reviews, don’t fret. It’s likely it won’t permanently damage your reputation. In fact, several critical reviews may even help your business. Reviews, whether positive or negative, increase the overall number of reviews and they may enhance your credibility. Some people might suspect that a company with all glowing reviews is “too good to be true.”

5. Watch out for fake reviews.

Positive and negative fake reviews can do damage to your business’s credibility online. On many sites, anyone (whether a customer or not) can write a review. Some have automated mechanisms in place to detect and remove fake reviews, but their methods aren’t always 100 percent effective. If you find that someone has left a fraudulent review about your business, follow the review site’s process to launch an investigation.

 

6. Monitor your online reputation so you can detect when people are talking about your business.

Besides checking activity directly on the review sites, also consider setting up a Google Alert on your business name to notify you whenever someone has mentioned your business online. The more you know about what people are saying about your business, the better able you’ll be able to understand what you’re doing well and what you might improve. Online reviews and conversations can provide valuable feedback to help your business serve your customers better.

If you have questions or need guidance about managing aspects of your business online (and off), contact SCORE to talk with a mentor.

 

Make “Shop Small” a Big Win for Your Business November 24th

Since American Express launched Small Business Saturday in 2010, it’s mantra “Shop Small” has become the rallying cry to encourage the support of local small businesses in communities across the nation.

According to the Shop Small website, a 2017 survey found that 90 percent of consumers believe Small Business Saturday has a positive impact on their community.

With this year’s Small Business Saturday approaching on November 24, 2018, are you prepared to seize the momentum and boost your business?

Fortunately, there’s still time—even if you haven’t given it much thought yet.

5 Tips for Making Small Business Saturday a Success for Your Business

  1. Make your place of business a Small Business Saturday destination.

Give consumers some extra incentive to stop by your location on Small Business Saturday. Some ideas to make your store or office a Small Business Saturday destination include:

  1. Partner with other local businesses in your community.

When you and the other local businesses in your town support each other by cross-promoting  the diversity of offerings in your business community, everyone wins. Consider sharing other businesses’ marketing materials at your location, and tell customers about the different stores near you—with the understanding, of course, that they’ll do the same for you.

  1. Power up your social media efforts.

Social media is a powerful medium for generating buzz about Small Business Saturday and promoting what you and the rest of your business community have planned for that day. If you’re on Twitter, Instagram, and LinkedIn, use the hashtag #shopsmall in your updates to encourage engagement from other small businesses and people who are actively seeking out to support small businesses on Small Business Saturday. To boost the number of people who see your posts, consider spending some dollars on social media advertising in the weeks leading up to Small Business Saturday. For example, Facebook’s advertising options (ads and promoted posts) can expand your reach significantly—to a very targeted audience—for a very minimal investment.

  1. Use the free marketing templates available on the Shop Small website.

American Express offers free Shop Small and Small Business Saturday templates that you can customize and download for use on your website, email marketing messages, social media, and in your print marketing efforts.

Some examples of what’s available there include:

  • Website badges
  • Email template
  • Email header
  • Shop Small video (10 seconds)
  • Social media profile and cover images
  • Social media post content and images
  • Event flyer
  • Poster
  1. Ask a SCORE mentor for guidance and ideas.

SCORE mentors have experience in all aspects of running a business, and we’re here as a resource to help you formulate your marketing and sales plans. Contact us today as you develop your Small Business Saturday ideas.