Best Quotes from The Small Business Bible by Steven D. Strauss with Page Numbers

Being a doer is perhaps the ultimate mark of a successful person.

Rather than thinking or wishing, they get out there and make something happen.

If you try to sell something that people don’t want, they won’t buy it.

A profitable market consists of people who have dire wants that are being unmet.

Knowing your customer intimately is the first step to easy sales.

People will buy what they want (even if they don’t have the money!), not what they need.

If you say that your target customer is 'everybody' then nobody will be your customer.

Carve out a specific niche and dominate that niche.

A wish is a goal that hasn’t been written down.

Remember the 80 / 20 rule: 80% of your results will come from 20% of your effort.

Knowing the lifetime value of a customer is the first step in creating your marketing budget.

These figures are the key ingredients to making decisions concerning marketing expenditures.

Although your new customer acquisition cost may not be entirely correct, at least it’s a start.

By the way, you should start to collect some important information from your customers at the time of the sales.

So let’s do a hypothetical calculation with the answers to these questions.

If you are grossing $4,128 per customer would you be willing to spend more than $300 to acquire a new customer?

Time and time again I see most small business owners under-invest in marketing.

Did you know that the majority of best practice small businesses invest up to 10% or more of the total revenue on marketing?

They have taken the time to compute the lifetime value of their customers and realize that it's one of the best investments they can make.

Let it be a constant reminder of how important each and every customer is to your business.

Your Unique Selling Proposition states your distinct advantage.

One of the deadliest mistakes small businesses make is not being unique.

To be successful in small business you don’t have to be the best, you just have to be unique.

Identifying, developing, and incorporating your USP into everything you do is challenging. But the reward is worth every effort.

‘Me too’ businesses rarely survive.

The more clearly you announce your USP, the more often customers will choose you over your competition.

Your USP must create a real and perceived advantage in your prospect’s mind.

Your USP doesn’t have to be unique; it just has to be the first declaration.

Having a strong USP can make your business super successful.

You can’t over-do or wear out your USP, especially if it’s powerful.

Your marketing message is critical to everything you do in your marketing efforts.

If you have a great marketing message and combine that with effective promotion, you’ll never have to worry about getting customers again.

Your marketing message should 'speak' to your prospect.

People don’t care about you, until they know you care.

The key to creating a winning marketing message is to make sure that it matches the wants and needs of those who receive it.

Once you identify the pain, rub it in and make people really feel it.

The best testimonial is one that starts out by telling the prospect what life was like before applying your solution.

Prospects are looking for you to communicate your differences.

The biggest marketing message mistake I see is companies communicating 'What-We-Do' instead of 'What’s-In-It-For-Me.'

Your marketing message should be used in all your external communications.

Referrals are the lifeblood of small business — if you haven’t yet institutionalized a referral program, you’re making a huge mistake.

The reason referrals are so powerful is because they come from a credible third-party that has experienced first hand the benefits of doing business with you.

Research shows the importance of referrals.

Most of the time, referrals are completely free.

If you are not deliberate and proactive in creating referrals, the chances of you receiving as many referrals as you want are slim.

If your attitude is one that believes that you are asking that person to go out on a limb for you by asking them to give you referrals, then you will always be battling with fear.

Your customers want to give you referrals. It makes them feel good that they found a great small business that they had a good experience with.

Your request will also stay in their mind long after you’ve asked it because they visualized your services with much greater intensity.

Don’t confuse word-of-mouth advertising with developing a methodical system for referral prospecting.

Developing your networking skills and referral programs today can start an endless stream of new customers.

There is gold in your customer base waiting to be mined.

You miss out on lost revenue when you ignore them, but you also flush your return on investment from acquiring your customers right down the tube.

If you’ve provided good service and met (or exceeded) their expectations, it’s very likely that they would be willing to give you a second vote of confidence.

To get to the pot of gold, you have to know where to mine.

Your marketing costs go down because you do not have to blast your marketing message to the world.

Your marketing efforts become more efficient because you are dealing with responsive customers.

It’s important to categorize your customer base to identify your top 20% customers.

Inviting your customers to do business with you is an effective strategy for significantly improving current sales.

Even big companies use it.

Find a need and fill it. Find a hurt and heal it. Find an itch and scratch it.

Too many small businesses make the mistake of not looking beyond the walls of their own business to see the vast opportunities of business waiting for them through 'joint venture marketing.'

Your only limitation is your imagination.

The 'common customer' is the center of the joint venture marketing concept.

There is no limit to the types of joint ventures you can profitably set up with other related businesses.

Your approach should be a simple proposition: 'Mr(s). Business Owner, would you like to instantly make $10,000 to $20,000 or more without any effort, risk, or investment on your part?'

Always be completely honest, open, and trusting. Your ultimate goal is to establish an ongoing synergistic relationship with your partner.

Joint Venture Marketing allows you to partner with your competitors to win new customers.

Make a list of potential complimentary or related products and services; don’t leave out products or services that your customers might still be interested in.

Deliver on what you promise with integrity, honesty, ethics, and enthusiasm.

Stop thinking 'competitor' and start thinking 'opportunity!'

Potential joint ventures are all around you, waiting for you to take advantage of them.

"Any Fool Can Make Soap, It Takes a Clever Man to Sell It."

"Your principal occupation is NOT marketing consulting; it’s the MARKETING of consulting services."

"Failing to understand (or accept) this principle is so poisonous that it can kill any small business fast."

"To make a small business successful you need cash flow. To get cash flow you need customers. To get customers you must sell your product or service."

"What would you do differently tomorrow morning?"

"If you truly believed that your most important function was the marketing of your products and services, would your daily to-do list change?"

"Make a habit of asking yourself: 'Am I adding value right now, equal to the price my client is paying?'"

"Why leave the absolutely most critical part of your business to someone else?"

"To be really successful, you should stop doing any activity that wouldn’t normally pay you what you’re worth."

"An insatiable desire to learn is a common trait among successful business people."

The word 'free', as worn out as it may seem, is still the most powerful word in marketing.

People naturally feel an obligation to return favors as a way of expressing their thanks.

The key to safely offering free giveaways is to know your 'total customer value.'

Why wouldn’t you invest $100 to gain $1,250 in profits?

Information is a great example of a free giveaway that has a low product cost and a high perceived value.

Giving away free informational videos can turn a mediocre offer into a valuable and compelling offer.

Your prospects are very skeptical and have good reason to be.

Furnishing your prospects with the reason why you can offer them such a good deal helps them to logically reconcile your offer.

Using free giveaways is an effective marketing strategy if used correctly.

Think about what you can offer free-of-charge that your prospects would consider valuable.

A strong guarantee makes it less threatening for people to consider your offer.

By removing the risk to buyers through guarantees, your business will stand out.

Make the strongest promise you can comfortably live up to, and feature it prominently in all your marketing materials.

If you’re already honoring an invisible guarantee you need to start publicizing it.

You need to satisfy your customers and a guarantee makes it all possible.

Your opportunity lies in how aggressively you’re willing to tell the world about your guarantee.

Companies that make their guarantee part of their Unique Selling Proposition have prospered.

What I’m suggesting is that you make your guarantee a focal point in your marketing efforts.

The ability to differentiate your business by the guarantee that you provide will set you apart from your competition.

Develop a guarantee today that stretches you to the limits and test it.

I believe one of the most underutilized marketing weapons for small businesses is the power of niche marketing.

When you narrow whom you market to, three magical things happen.

Your product or service becomes more desirable.

If you’re good and you provide products and services for a specific niche, your name will travel fast.

Less competition results in more business with less effort.

Don’t get hung up on the type of niche you want to go after. Just make sure that you go after a niche.

People like to buy from people that have 'been there and done that' and have walked in their shoes.

The more you know about your niche customer and what keeps them up at night, the easier it will be for you to provide tailored solutions.

The safest way to penetrate a market is to find one that already understands the need for what you sell.

Once you have your niche marketing process down, don’t stop at one niche.

All profitable marketing strategies are based on a complete and thorough knowledge of the customer.

Successful small businesses know their customer extremely well.

Having consumer research information allows you to tailor your marketing tactics to meet the needs and wants of your target customers.

The pot of gold is not necessarily in having the consumer research, but knowing HOW to use it to sell more products and services.

The fact that 27% of the people never even considered buying a spa means that manufacturers have not been doing their marketing jobs.

If 65% of spa owners said they like the relaxation they received most from their spa then that needs to be a key marketing message to your customers.

The only way to overcome skepticism is to educate your consumer.

Of all the statistics in this study, this is perhaps the most important, because it helps you understand why your customers purchase spas.

Consumers purchase as a result of their emotional responses.

You should consider writing a press release with a headline that captures the emotional connection between products and relationships.

"You must have a specific objective for your ad if you want people to act."

"People only want two things, (1) to gain pleasure, or (2) to avoid pain."

"Without a real or perceived sense of urgency, your prospects will drag their feet."

"Testimonials from real people are powerful. People don’t like to be guinea pigs."

"If you can’t provide a strong guarantee for your product, perhaps you shouldn’t be selling it."

"A powerful headline is either, (1) benefit-driven, (2) news-oriented, (3) curiosity-driven, or (4) how-to oriented."

"The secret to constructing an irresistible offer is to add valuable bonuses and extend risk-free, easy-to-pay terms."

"Your unique competitive advantage is the biggest benefit you can offer your prospects."

"People respond better to the fear of loss (pain) then they do to the promise of gain."

"Make it easy to do business with you. Many people communicate in different ways."

Even the pros use proven 'templates' to create sales letters that get results.

The objective of your sales letter should be to overcome your reader’s buying resistance, while persuading them to take action.

Motivation is an emotional thing.

People are motivated to buy based on their emotions, and they justify their purchase based on logic only after the sale.

There are only two things that truly motivate people — the promise of gain and the fear of loss.

Your product or service is just a vehicle to providing these benefits.

A great offer can overcome mediocre copy, but great copy cannot overcome a mediocre offer.

To make your offer even more irresistible you need to take all the risk out of the purchase.

Most businesses already have a very strong guarantee, but don’t realize it!

Voila! You now have a powerful sales letter.

Don't squander your hard-earned marketing dollars (and reputation) by underestimating the value of each phone call.

A ringing phone is the result of your marketing efforts, which you pay good money to develop and implement.

Stress the value of each and every phone call.

People call you because they want something.

The key to selling is to give people what they want.

If you listen well enough, your prospects will tell you just what you need to know to sell them your product or service.

If you can’t build value then all you have to compete on is price, and this is rarely a winning proposition.

A phone call without an appointment is like a website without visitors.

You should ask for an appointment on most every call.

Your telephone can be a powerful marketing tool if it is used correctly.

"The ultimate objective of your price is to make the most money possible."

"Your price is not just a function of the cost to produce your product or deliver your service but is more a function of what you’re trying to achieve."

"Price is about perception of value and has little to do with actual value."

"Your product or service’s price has nothing to do with its actual value. It has everything to do with its perceived value."

"I often advise business owners to consider how they present their price as much as they consider the price itself."

"Build your value and charge higher prices."

"Never compete on price! It’s a losing proposition for you and for your competitors."

"Every time you lower your price, you invite your competitors to do the same."

"The truth is that people do put a high value on price but they also put a high value on quality."

"Test the waters; you might find that the price that obtains the maximum sales and profitability is higher than what you had originally intended."

Using creative packaging deals can boost sales and impress your customer.

Marketing is simply a psychological battle that goes on in the mind of a consumer.

The better value in the mind of the consumer always wins.

Value is based on perception rather than reality.

If Perceived Benefits goes up, and Price stays the same, Value goes up.

The psychology of combining products and services triggers you to buy.

Don’t offer a packaged product or service unless it offers a solution to a problem.

Providing options with increasing value is what motivates consumers to "up-sell" themselves.

Remember to provide a strong up-sell option in your package by offering multiple options, each progressively more valuable and expensive.

Packaging creates a higher perceived value by increasing the benefits and lowering the unit price.

It satisfies our deepest needs as human beings to be wanted, loved, and appreciated.

Every business can benefit from a membership program and should establish some form of membership marketing.

Membership provides a sense of belonging to an organization, which breeds loyalty.

Membership programs provide powerful benefits that will improve your company’s performance.

Your goal should be to convert your customers into members so that they’ll begin to feel an affinity to your business.

If you don’t provide value and keep your promises during your customer’s membership, it will be difficult to get them to renew.

The key to getting your members to renew is to provide value beyond what was promised and to offer incentives to renew.

A powerful hidden benefit of locking your customer into a long-term membership program is that you’ll also be locking out your competition!

Membership cards serve several purposes beyond just holding personal and transaction information.

Membership programs help to properly allocate company resources, increase customer loyalty, provide predictable revenue streams, sell more products and services, generate higher revenue per customer, and improve referrals.

One-to-one community-based street marketing is powerful and effective because it searches and finds your prospect and delivers your marketing message face to face.

Those businesses that take their customers by the hand and demonstrate their value proposition will be the winners.

The most important element of success for street marketing is the offer.

If you understand your 'total customer value' and your 'customer acquisition cost,' creating a great offer isn’t hard.

When your new customer has a great experience, they will come back again.

Street marketing is neighborhood and community based. It attacks the small puddles.

You see your coupon is just a lead generator, nothing more.

Make it a real 'Wow' experience.

Consider using young adults who are trying to raise funds for college or a worthy cause.

Door-to-door, community based marketing is more effective at cutting through the marketing clutter than any other marketing tactic in existence.

One of the most powerful tools in your marketing arsenal is customer testimonials.

Testimonials are powerful. They create believability, credibility, and a sense of security for your customer.

Testimonials have the magic power of persuasion.

Customers who give testimonials are more loyal.

Once people have put their name and reputation on the line by publicly endorsing a product or service, they will stand behind that decision.

Ask your customer for a testimonial as soon as possible.

Always ask your customers to include your unique selling proposition (USP) in the testimonial.

Pictures double the effectiveness of your testimonial and bring the testimonials to life.

Thanking your customer always tends to improve your rapport and solidify your relationship.

Testimonials are a powerful tool in helping you to break down your prospects’ skepticism and fear.

There is no more customer loyalty!

Just because your customer purchased from you once, don’t be fooled into thinking that they will buy from you a second time.

Being unique will compel your prospect to consider your product or service above all others.

The Integrated Relationship... extends into the life of a person or into the operations of a business.

The operational relationship is the most powerful.

Companies who reward their customers with coupons, points, credits, and bonuses create an incentive-based relationship.

To do this you must provide a unique offering and find ways to extend your operations deep into your customer’s business.

The more personalized and intrusive your services are, the harder it is for your customer to switch to another provider.

Take some time to brainstorm how you can create Integrated Relationships in your business.

Remember, the most powerful relationship is one in which you and your customer’s business processes are intertwined.

The number one issue facing small business owners today is not having enough qualified prospects.

Generating hot qualified prospects is, in fact, a simple system based on human psychology.

People are naturally curious and will go to great lengths to know information that other people don’t know.

People can’t resist a free offer. It’s the oldest, most worn out offer in the books; however, there is no risk in responding to something for free.

The system works like a radio volume control that increases your business when turned up and maintains your business when turned down.

You must follow up immediately, persistently, consistently, and persuasively.

Every viable business solves a problem.

The key to The System is offering special information that helps people to avoid pain or to achieve gain.

Invest the majority of your precious marketing dollars in converting qualified prospects, not blasting your marketing message to the masses.

Continue to improve your results by looking at what others are doing, implementing slight changes, and tracking the results for improvement.

Not only is it a primary means for developing a powerful network but also it helps others in the process.

People like to associate themselves with businesses that support causes, which help disadvantaged people in a meaningful way.

Look for charities that you believe in and to which you have some affinity.

You’ll also want to volunteer your time in a position that will show your talents and skills.

Linking your name with the charitable cause is an important part of charitable marketing.

Even if you are participating in a charity for altruistic reasons, there’s no reason why you should not benefit from the resulting positive exposure.

These people make excellent prospects for your products or services because of your indirect association with them.

Using your name and the name of your non-profit charity in your promotion will lend credibility and breed trust in your offer.

Although this article has been about building your business through charities, your primary motivation should be to help other people.

Hundreds of charities are searching for special businesses to help them in their cause. Find them and lend your helping hand.

"Too many small business people spend inordinate amounts of time and money trying to increase their profitability by attracting new customers, when all along they’re allowing a goldmine of profits to slip by right under their nose."

"When people are in the act of buying something, they are in the buying mood and are highly susceptible to buying more."

"You see, your customers are loyal to you and trust you. They would rather pay for a home repair done by you even though you do pest control than from someone who does home repair as 100% of their business."

"The key to effective up-selling is in the 'value quotient.' The value quotient states that Value = Perceived Benefits / Price."

"Add so much value that your offer becomes irresistible. But don’t get greedy."

"People like to receive offers on products and services that interest them. Even the rich and famous want good deals."

"Scripts are essential for bumping customers. Make the script simple so that your lowest level employee can use it effectively."

"If your prospect doesn’t take the bait, then present them with a better offer for a scaled down version of your product or service that keeps the same fundamental benefits of the high-priced version."

"You’ll be amazed at the power and the profitability of a simple suggestive bump."

"Bumps, up-sells, cross-sells, and down-sells can all mean significant additional revenue for your business."

People don't buy 'things,' they buy opportunities!

Your challenge is to create an offer so irresistible that your prospect says to herself, 'I'd be a darned fool if I said 'no' to this opportunity.'

If the perceived value goes up and risk stays the same, your response rate will increase.

Imagine if your perceived value went up and your risk went down, what would happen to your response rate? It would skyrocket!

Value is based on the prospect's perception and not reality.

The most powerful word in marketing is the word, 'FREE.' Because it reduces the risk down to zero.

Most people DON'T... send things back when they get broke.

Confused minds always say, 'No.'

Tell them what you want them to do...exactly.

If you don't make an offer you'll never get a sale.

"The secret key to overcoming buyer’s remorse is to reassure your customer that they made the right decision buying your product or service and that they were smart for doing business with you."

"It’s far better to prepare and prevent than to repair and repent."

"Good products = happy customers = more referrals and repeat sales = higher profits."

"The sure formula for success is to ‘under-promise and over-deliver.’"

"People don’t expect to get a thank you note from anybody, let alone from the person they just purchased something from."

"Always make a strong guarantee. This reduces the risk that people take when they are considering buying your product or service."

"Instead of being upset at customers who complain, be grateful for them. They are a gift."

"Did you know that it’s not product defects that destroy customer satisfaction? It’s how you react to product defects that determine customer satisfaction."

"Unhappy customers are in a prime position to become your most loyal customers."

"If a customer does want his money back, give it to him with a smile."

"All it takes is a little creativity and effort to draw attention and visitors to your website."

"The most successful, low cost, alternatives to drawing traffic to your website are joint ventures with local business people who also have a web presence."

"If you are a small ‘offline’ business you may find several of these innovative strategies useful to your local Internet marketing efforts."

"Not will you get local website traffic, you’ll receive a lot of valuable goodwill as well."

"You can see one in action at www.whichquarterback.com that takes advantage of the recent quarterback controversy in Alabama."

"Make sure you create a customized landing page with an offer on it for your free vacation visitors."

"Develop a FreeYourTown.com site which posts coupons, free offers, and discount services of local vendors."

"Choose partners whose customers would benefit and potentially purchase your product and service."

"I figure that is just a given. If you’re going to have a website, put it everywhere you would normally have your business name."

"It doesn’t even have to be with local businesses. Local high schools and churches are always looking for different fundraising and promotional activities."

The Web is fast becoming a major channel for lead generation and sales of products and services.

Once you develop your unique selling proposition, make sure that you drive the point home all throughout your site.

Your website marketing plan should include, but shouldn’t be limited to, search engine strategies.

A powerful way to capture a visitor’s name and email address is to create tools that your visitor would find useful.

People don’t care about you or any of your awards. All they care about is how you can help them solve their problem.

You can’t be boring and expect to get people’s attention — let alone hold their attention for any length of time.

The moment you start to understand that people don’t care about you, and that what they really care about is how you can solve their problem, your sales will begin to increase.

Provide full contact information. Yes, even your phone number.

If you’ve sold your product or service for any period of time you’ve probably heard all the objections that your prospects give when selling your product.

All they care about is how you can help them solve their problem.

Perhaps the greatest tool to come from the Internet is e-mail.

E-mail allows you to create an electronic newsletter, commonly referred to as an ezine.

A successful ezine is one that people open up and read as soon as it arrives.

Your list of subscribers may be the most important asset in your business.

Fear of the inability to create worthwhile content is probably the number one cause of people not starting their own newsletter.

Everyone can write about something. Everyone has something worthwhile to say.

By giving your best information your subscribers will come to trust and respect you as a true expert.

Your newsletter should always be in a state of flux.

You are going to get negative feedback and complaints. That's just a part of doing business.

Don't let negative feedback get to you. Deal with complaints professionally and pleasantly.

Years of experience does not equate to marketing expertise.

You must track how many of those callers visit your store.

Understanding the source of your traffic will allow you to reallocate your marketing investment.

Make specific appointments and particular time slots. This will make you appear busy.

Pique their curiosity by telling them you have something special to show them.

You should see a dramatic increase in your call volume when you install your 24-hour information line.

How can you start to improve if you don’t know where you stand today?

The important question about measuring the number of incoming phone calls is not how many you should be getting. The question is, what is the trend?

People like working with people they like.

Keep a detailed log on walk-in traffic to determine the source of your traffic.

Yellow Pages ads can bring you a pot of gold… if they’re done correctly.

People go to the Yellow Pages with intent to buy.

Your primary Yellow Pages objective is to get your prospect to call you.

If you’re going to advertise, make it pay off.

You must be different! You must design your ad so that it stands out.

All good ads start with a dynamic, attention getting headline.

Don’t tell me it’s because you or your business has won a bunch of awards. Your customers don’t care about that.

Give your reader your strongest selling points.

End your ad with a firm call to action. In other words, you want your reader to do something.

The bigger the ad the better, but always remember to get a proof before the ad is placed.

"Direct mail is perhaps, one of the most powerful marketing media in use today."

"Direct mail allows you to pinpoint the people who fit your psychographic, demographic, and geographic profile."

"The money is in the list."

"If the numbers work in your favor, direct mail can become a cash flow profit-generating machine."

"Your goal is to get your letter put into the 'A' pile, the pile that gets opened."

"When you try again in direct mail, you must change something."

"Testing is all about making small changes in order to achieve a higher response rate."

"The more powerful the guarantee the lower the risk you put in your offer."

"People buy from people they have a relationship with and trust."

"Your first question in planning your campaign should be, 'What must be my conversion rate at breakeven, for my assumed selling price?'"

Free publicity can provide the level of credibility and respect that can spark on-the-spot sales for your business.

There are no boring stories, just boring approaches to interesting stories.

If you don’t have a catchy headline that grabs the editor’s attention, it won’t stand much of a chance.

Make yourself newsworthy instead of waiting to be deemed newsworthy.

To give your business the best chance of being covered by local news media, give them what they are looking for.

Human interest stories are powerful; the media loves to know about people.

Don’t pitch an advertisement for your business; you must be newsworthy!

With creativity and a little effort, you can make almost any situation newsworthy.

Being persistent is key; try again, and again, and again.

The easier you make it for them, the higher chance you have of being published.