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P 2 6 BUSINESS PRESS | MAY 11,2009

ADVICE As markets shift, business owners should rethink their marketing

I t seems that the eeonomicslowdown has forced manybusiness owners to look diflerently at tlie way tlie>' do husiness. In the past few years especially, we in the Las Vegas Vallej- have l>een hlessed with an abundance of opportunity as our a)[nmiinit>' has grown; customei-s largely found us. Now, we are eompeting more and more for the same customers.

De\'eloping a new marketing strategy for this economy is a worthwhile investment of time.

As you think back to your Marketing 101 class, j-ou may recall that marketing strategies ha\'e five key components:

• Position • Product • Place • Promotion • Price Bacli facet can give you

opportunities to find and attract customers. Wiietheryour product is a tiling or a serviœ, marketing is critical.

VVlien you consider your position in the market, you are trying to find your unique spot that makes you íliíferent from your competitors.

Defining your position a)uld

Karen Durkin Business Coacli

lead you to learning more about your rivals and looking at how they mai-ket and how successfiil they are in attracting customers. You can also ask customers and [wtential customers how you are perceived in your mivket to validate your definition.

Next, you should have a description of your products and the teatiires and benefits of each. You should also determine the ideal ciLstomer for each prcjduct scj you can better tai;get your mariieting. This product list should be analyzed to higliligiit the products that are selling well and at a profit as well as the products that cost you mont^' to sell or provide.

When you look at the third component of a mariíeting strategy, place, you are verifying where your customer find your products. Is the dmnnei for doing business with >TÏU t h r o u ^ a s l « ^ a distributor, a Web site, a sales representativ^e? Each of these channeLs has « )sls and benefits. Finding the hest path to yuur loistomers is changing and you need tt) continual^ explore new w ^ s to connect

Promotion is where most people think that marketing is fixnised because this is the way you atti-act and retain customers. Promotional efforts include publicity; personal selling, sales promotions or incentives, and paid atlvertising. Your promotional message can establish you as a recognizable hrand in your community: It can introduce your business to new customers or remind others that you are active in the marketplace.

If you're trying to reach customers that could soon be in the market to d(5 business with you, ibcus on lead- generating acti\ities. The more you can target your specific audience, the more (Erected j^our message can be.

Did you know that your pricing structure is a marketing activity? To determine a gijod price fur selling

your product you must start with the cost of producing it luid then you detennine the miirkup. Prices are sensitive to many tilings such as availahility and the demand for the product or service. A price increase could cost you sales but you may hofjst profits. A price decrease may or may not increase sales and can also affect profits. Find the hreak- even point (the price increase or decrease versus the rise or drop in sales) for a price change to determine whether a change is optimal.

It is important to rememher that you are not the only husiness v>ing for your customers' attention. Everyone in your business should he focused on marketing, but you need to arm them with information to understand where you are in your market, who are you trying to attract, and how you arc trying to attr;ict them. By iuialyzing where you are, you can better butlgct your time and expenditures and you can take a fresh look at your products and services tí) see how you can attract and serv-e your custiimers.

Karen Durhin i« an f-tex-utixie mach und mtitivuHrmal speaker iirith UeitdrT.ioii-biiia:d

conATiltinj^ arid financial, servicafirm ¡hmldxwtirth. Ruimo Ö Co.

Everyone in your business should be focused on marketing, but you need to arm them with information to understand where you are in your market, who are you trying to attract, and how you are trying to attract them.

Swine flu scare has travelers skipping Mexico, not staying home

I can't speak for others intlie travel business, hutour phones have not been ringing off the hook with queries from clients worried ahout swine flu. The few received mostly wanted to change a trip to Mexico to another location, the aidines/ hotels agreed to allow the travelers to rebook, or refunded their deposits.

Our business is up over the first four months of 2009. Our clients are still traveling, just not to Mexico. The Caribbean and Hawaii have been alternative locations of choice for clients who uoiTnalK' Ixiok Mexico. With the great specials being offered hy hotels in Hawaii, we can hook trips for less than we did last year.

We are noticing that people are booking trips that leave sooner than they normally

Claire MacDonald Guest Columnist

would. TVavelers seem to want to leave within 45 to 60 days, rather than several months from now. We feel the economy has sometliing to do with this trend. I think people want to make sure they get a vacation while they have the money.

Cruises are very popular, although several cruise lines are not stopping in Mexican

ports. We have already booked three times more cruises than last year at this time. Cruise lines are offering great deals, including 2-for-l prices, or free airfare, or free shore excursions, or prepaid gratuities. Ifyou are worried about the flu, I would think breathing the fresh ¡lir on the open water would be reassuring.

We are also selling more travel insurance, because it covers the cost of the trip if the airline or tour company goes out of husiness or into bankruptcy. It also ccjvers not only a passenger who gets sick, but all immediate family members. Even though the sick family memher is not going on tbe trip, the traveler cim cancel the trip or cut it short, and arc still covered hy the insurance. Cancellation for work-related

Travelers seem to want to leave within 45 to 60 days, rather than several months from now. We feel the economy has something to do with this trend.

reasons is also availahle. in case something comes up at work and they can't travei. We highly recommend travel insurance for everyone. My husband and I always buy insurance.

Border agents and airport security officers are to begin asking travelers if they have had the flu or a fever; those who appear ill will he stopped, taken aside and given masks while medical care is arranged. Flight attendants will he on

the lookout for passengers displaying flu symptoms and will notify- airport officials as well.

In a statement on May 2, Mexico's Health Minister José Ángel Cordova said a sign that the disease may not be as serious as feared. And the Air Transport Association, which represents airlines in America, recently said, ''The fact is that the air onhoard a commercial aircraft is cleaner than that in most public buildings."

Othervvise, when traveling, use the same precautions you normally would — be alert, be aware of"your surroundings, and be careful what you eat and drink.

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