Business Information for Entrepreneurs by an Entrepreneur

Toyota, the trusted foreign automaker who has produced cars that people love for decades, is in a sticky situation. The company is in the middle of a giant recall effort of unknown size and origin, and Toyota has confirmed that its accelerators stick on up to 5 million vehicles and could cause an accident for an auto owner.

However, by not disclosing the models affected and stating that the matter is ‘still under investigation,’ Toyota has a lot of goodwill to collect as it sorts out the recall problem.

The problem with sticky accelerators is not contained in just the U.S., but is a global issue. Toyota, therefore, has begun forming a global campaign to try and heal its image and restore faith in the name that has meant quality for years.

The First Steps in Healing its Name

While it continues to work on the recall problem, they must focus on their brand management. The Toyota brand image is what will save the company once the crisis is over. If consumers are to have faith once again in the Toyota brand, they must be assured that Toyota remains dedicated to excellence and quality.

The first step to rebuilding its image is already underway. By acknowledging the problem and offering a factory-sponsored fix for current owners, they already have taken the bull by the horns and are attempting to give current and future owners assurance that the company sticks by its products. In fact, Toyota stated that many dealers will expand their hours or even stay open around the clock to provide the service necessary to fix their automobiles. They even spent millions advertising during the Super Bowl to convey its message and “dedication” to solving the problems.

The Future of Toyota’s Branding

Once the problem of the sticky accelerator pedal is fixed, Toyota will likely be spending years fixing its image problem. Financial experts are already predicting a $2 billion loss in sales for the company in 2010, and this doesn’t include the money that will be spent on their image campaign.

Toyota has weathered problems in the past. While the recall problem is bad timing during a global economic downturn, Toyota will likely find its way back on top as one of the world’s leading automobile manufacturers.

Negotiate the highest price for your services.  Overcome price resistance by your prospects and customers.

Here is a proven strategy to negotiate pricing in your favor when a customer asks for a lower price. This video includes sample dialogs you can use to show your customer why your prices are worth it.

Note: this video is streamed directly from YouTube. If it hangs or you have issues, try one of these other links:

• Negotating: BlipTV
• Negotating: Yahoo Video
• Negotiating: DailyMotion

Thanks to the digital age and the information superhighway, small businesses are finding new ways to reach customers and potential customers. Traditional advertising media is still prominent, but the creativity of small business marketers has moved into new realms. One of the growing and popular forms of advertising is text messaging.

From elementary school children to adults, text messaging is the vogue method of communicating today. Subsequently, small businesses can use a simple text message to offer special deals and promote their business to local customers.

Case Study: 7-Eleven and Text Messaging

Take, for example, 7-Eleven. The chain convenience store has announced that it will be conducting test marketing campaigns through text messages in San Diego. Locals who have a cell phone can send a text message to a specific number, and thereafter, they will be eligible to receive a text message back with a code to redeem a free beverage at a participating store.

The goal is to not only offer a special deal for a free beverage, but encourage phone users to “opt in” to receive future messages. 7-Eleven hopes that the opt-in user database will grow, creating a fantastic venue for marketing. Those who participate will be eligible to receive additional text messages for news and other special deals.

How Small Businesses Can Benefit

How can you as a small business owner learn from this experiment? It shows that people are interested in receiving deal offers on their phone while they are on the go. In addition to building your email list, you can also attempt to acquire cell numbers of your customers and other interested parties. With your ever-growing contact list, you can offer deals to customers that are redeemable at your store. You might even send time-limited deals to encourage recipients to act “today.”

You should always offer those on your text message list to opt out at any time. Of course, you want to avoid sending too many text messages that users might find annoying, giving them a reason to opt out. Two text messages a month might be a good starting number.

Texting has become a favorite pastime, especially for the younger generation of Americans. Take advantage of phone texts to help your business grow.