Is Your Advertising Working? Calculating Customer Acquisition Cost

Whenever you are wondering whether you should continue to run an advertisement or whether your last mailer was worth the cost, you need to consider customer acquisition costs. Customer acquisition cost is not hard to understand, but few businesses do the math required to evaluate their advertising efforts. I first learned about calculating customer acquisition … Read moreIs Your Advertising Working? Calculating Customer Acquisition Cost

Sit Out the Recession by Joining an Upcoming Peer Benchmarking Review Group for Your Industry

Reid Hoffman, CEO of Linkedin, asked an interesting question of participants in the business networking site. He asked a question about the best ways small business people could stimulate the economy on a grassroots level. I believe he is asking the right question. I firmly believe that the recovery, when it comes, will be led … Read moreSit Out the Recession by Joining an Upcoming Peer Benchmarking Review Group for Your Industry

Management Article – Diary of an Identity Theft Victim Two Tools to Protect Yourself from Identity Theft

Imagine receiving a visit from a local sheriff with a handful of your mail that he retrieved from a ditch. Consider how it would feel to get a welcome call from an account representative at a store in a city 1,000 miles away verifying that you have opened a charge account. The Federal Trade Commission … Read moreManagement Article – Diary of an Identity Theft Victim Two Tools to Protect Yourself from Identity Theft

Power Marketing: Choosing Your Customers – Part 4 of 5

In 1993, a good friend of mine and fellow auto salvage business owner DL Fitz opened a new location about 60 miles south of his family’s existing locations, near Tacoma, WA. Traffic in the Tacoma area made delivering parts on time very difficult. In response, a new facility at Graham was added to speed deliveries. … Read morePower Marketing: Choosing Your Customers – Part 4 of 5

A Case Study in Real World Marketing – Part 2 of 5

Last month we talked about marketing vs. advertising. This month, I would like to share a personal example. Here is how my marketing team applied the principles we have been discussing to help make my first book for entrepreneurs a success. We applied the same basic principles of marketing that can work in your business … Read moreA Case Study in Real World Marketing – Part 2 of 5

Climbing Above The Competition: Marketing Versus Advertising (Part 1 of 5)

How do you promote your company? There is so much noise out there in the form of advertising that you must have a good answer to this question, or you won’t climb above your competitors. If people don’t know about you and your business, you won’t be in a position to be considered when they … Read moreClimbing Above The Competition: Marketing Versus Advertising (Part 1 of 5)

Management Article – Who Owns Your Company Name? Part 2 of 2

Branding serves to influence a customer’s perception. Doesn’t Mrs. Butterworth’s syrup just taste buttery and gooood? If you bought a Betty Crocker cake mix, wouldn’t you expect it to be moist and pleasing to the palate? That’s branding. Your company name is your brand. It is also your intellectual property. It’s good to understand the … Read moreManagement Article – Who Owns Your Company Name? Part 2 of 2

Management Article – How Do Your Customers See You? Part 1 of 2

How you present your image is important to the subliminal imprint on your customers’ memories. Have you got a logo for your firm? How about a standard color theme? If not, it’s time to think about your business image and its overall symbol in the public mind. Say you have a floral shop. Over time, … Read moreManagement Article – How Do Your Customers See You? Part 1 of 2

The Key Question When Employees Don’t Have the Faith to Follow

You’ve got to be collaborative, and surround yourself with people that are smarter than you, or can or will do what you cant or wont. What will you do, or what do you do when your employees, some of whom may be highly qualified, stand up and say something is not going to work? Imagine … Read moreThe Key Question When Employees Don’t Have the Faith to Follow

Light Bulbs, Your Check Engine Light, and A Brighter Future

Last month we talked about passion, and how being passionate can make being in business more rewarding than any job ever could be! An enduring passion for the work on the part of the owners, managers, and employees makes a huge difference in the level of success of any business.  When business is good, being … Read moreLight Bulbs, Your Check Engine Light, and A Brighter Future

Tools You Must Consider to Control Profits in 2006 – And Beyond (Part 3 of 3)

This is a three-part article. Check the last two-month’s issues for parts one and two, or visit our web site. Last month we talked about Purchasing and Performance Pay. This month we will talk about Employees and Financial Metrics. Employees – Average your last three months net sales and divide that amount by $20,000. This … Read moreTools You Must Consider to Control Profits in 2006 – And Beyond (Part 3 of 3)

Tools You Must Consider to Control Profits in 2006 – And Beyond (Part 2 of 3)

This is a three part article, check last month’s issue for part one. Last month we talked about systems. This month we will discuss Purchasing and Performance Pay. Purchasing – You need a yard management system with a bid pad or you need a yard management system and a stand-alone bid pad to purchase by … Read moreTools You Must Consider to Control Profits in 2006 – And Beyond (Part 2 of 3)

Tools You Must Consider to Control Profits in 2006 – And Beyond (Part one of three)

Since this is a three part article, please watch for the remaining portions over the next two months.  As I travel internationally consulting, I continue to come across the same problems time and time again.  The biggest problems I see are (in no particular sequence): 1. A total lack of or very poor systems in … Read moreTools You Must Consider to Control Profits in 2006 – And Beyond (Part one of three)

How to Get More from Your Advertising Dollars – Part 2 of 2

Last month, I discussed the components of an effective campaign, this month I will give you tips on how to differentiate yourself from your competition. Charles Tandy (of Tandy Corp fame) once said, “The most likely person to buy something from you is the person that just bought something from you.” We spend an inordinate … Read moreHow to Get More from Your Advertising Dollars – Part 2 of 2

How to Get More for Your Advertising Dollars – Part one of two

So many folks ask me to help them with marketing and advertising when I do a consulting assignment. Historically, most recyclers don’t spend enough of their revenue on advertising (I recommend at least 1-2%) because they have had bad results and don’t know what to do. I am always amazed when I see sponsorships of … Read moreHow to Get More for Your Advertising Dollars – Part one of two

Time for a Change – Recyclers Have Tried to be Too Much, for Too Long, for Too Many.

We have tried to be retail, wholesale, and everything in between. We have tried to handle too many parts on too many types of vehicles. We think that anyone that drives a used car must be our prospect. Although this might have been ok 10 years ago, when we had 25% cost of goods, and … Read moreTime for a Change – Recyclers Have Tried to be Too Much, for Too Long, for Too Many.

It’s All Up to You – (Part two of two)

Do you look for excuses to work less? Do you ever complain about how much money you’re making? Last month, we talked about two entrepreneurs, and what was different about them and their success. (You can find last month’s article at www.autosalvageconsultant.com, or email me; I will send it to you) Across town, another business … Read moreIt’s All Up to You – (Part two of two)

Management Article: The Secret To Beating Your Competitors – The Odds Are in Your Favor!

I’ve just returned from speaking at the Saskatchewan Recycler Conference, where it was cold! It was four below zero. (OK, it was Centigrade!) They were gracious hosts, and most of the Canadian recyclers who attended the conference are doing very well. After my remarks, usually one or more of attendees will come up and want … Read moreManagement Article: The Secret To Beating Your Competitors – The Odds Are in Your Favor!