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Archive for March 2009

30
Mar

Over 90 Field Tested Guerrilla Marketing Tactics

Looking for some easy ways to get your business noticed? Try one of these quick, fairly easy, and sometimes free guerilla marketing tactics.

This presentation is literally chock full of ideas on who to market your business, and what’s nice many come with real world examples and case studies.

Best viewed with full screen

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Photo Credit: bengarland

25
Mar

The Nuts and Bolts of Advertising

The following guest post by John McLain, author of How to Promote Your Home Business, goes over a few often overlooked but potentially effective forms of advertising.

Even the smallest business may on occasion find it useful to PAY for a placement in the form of a display ad, a classified ad or a radio spot. Because paid advertising seems at times to invade our every waking moment, there is a mystique about the power inherent in growing your business through the lavish use of your advertising budget.

Advertising Works…

First, let me point out that advertising does work. Companies ranging from huge department stores to pizza parlors and quick-lube shops to high-tech manufacturing facilities would not do it if it didn’t work. It is, after all, the American way for the widget-maker to let the public know, through advertising, of their need and desire for the latest, greatest widget. However, keep in mind that there is no faster way to go through your hard-earned money than buying ads, particularly if you don’t know what you are doing. Small- and home-based business owners are especially vulnerable to this notion that advertising will save the day.

…If You Track Results

This doesn’t mean that you should avoid advertising. It just means that you too should TRACK the pulling power of every single ad you place. When most small business people decide that it is time to advertise, they typically will seek out the assistance of ad representatives of newspapers, magazines, shoppers or radio stations. Here is where, as the small business owner, you may make your first and often biggest mistake.

It is one thing to gather from the ad rep statistics on circulation figures, exposure and the market reach of your potential ad, but it is quite another to rely too heavily on any ad salesman for predictions on whether your advertising will be a success in his or her medium. Without a doubt, you will hear that your ad dollar will be best invested in that ad rep’s station or periodical because it’s the most powerful medium in town, you’ll be reaching the right people. And, most of all, it will be suggested that for best results you advertise big and advertise often. Consistency, consistency, consistency. That’s what works in advertising. If you are not consistent, you won’t make a lasting impression. Potential buyers often don’t even notice an ad or advertiser until the second, third or fourth time the ad appears, they say. It takes that long to make an impression, they say.

What Good is an Ad? Will it Work for Me?

All of the foregoing is true. But, it just may not be true for you. You can easily blow an entire bankroll in the process of learning whether this or that particular ad vehicle is right for your business. A typical scenario involves the small business owner whose business is in the doldrums and decides to advertise out of panic. That’s when he becomes easy prey for any ad rep touting the special of the week. Advertising in such a desperate or erratic manner will have the same result as if you had flung your limited cash out the window. It seldom works.

It’s far better to develop your own marketing and advertising strategy in advance, and then stick with the plan — consistently. It’s fine to gather facts and figures from advertising salespeople, but it’s equally smart to consult with successful colleagues who run similar home-based businesses. Study what other like businesses are doing to advertise. Examine their ads. Find out what works for them, what has worked in the past, which methods are a waste of time and money.

Importance of Knowing Your Market

Knowing your own business and knowing why customers would want to seek out your products or services will help you decide whether your advertising budget is best spent on an ad in the Yellow Pages, on a sprinkling of jazzy radio spots, or on classifieds and display ads.

Most advertisers select a combination of ad vehicles as part of their promotional strategy. In very few cases will choosing a single medium in which to advertise be enough to warrant advertising or yield results.

Example

In one example, the owner of a picturesque, popular New England bed-and-breakfast inn says she will never buy display ads in one of America’ s biggest-circulation magazines on New England life, the obvious spot for a B&B to advertise. For her, it’s too costly. An ad like that costs her an average of $250 for each new customer generated. With rooms at the inn earning $70 a night, such a display ad is simply not cost effective.

Instead, she relies on cheaper ads placed in chamber of commerce publications, local traveler-oriented tabloids, her own brochures, and discount coupons B&B Bucks — which she hands out to both regular customers and prospects. The coupons get results in both repeat and new business and they cost her pennies to photocopy. In a word, she found what works for her including her new Internet web site. Repeat business from existing clientele and customer referrals are what she nurtures.

As part of your own ad campaign, you’ll need to do some homework by studying good, well-written ads in your field. Clip your favorites from newspapers and magazines. Keep them in a shoebox or album to refer to as models for your own. Many excellent books on ad copywriting are available in your library or local bookstore. One of these, coupled with the ad-writing tips offered in this article, will go a long way in helping you craft your own hard-hitting copy.

Advertising Mediums to Consider

CLASSIFIEDS

Don’t overlook the power of tiny classified ads in newspapers or magazines. They’re not just for flea markets, church suppers and used cars. Retailers often devote a portion of their ad budgets to using the classifieds. They’re relatively cheap and, if well-written, sometimes can outpull a display ad. Some home-based businesses with a potential national clientele have good luck with classifieds placed in special-interest magazines. If you place classifieds in more than one magazine, you should always "key," or code, the ads so you can gauge which periodical is pulling the best for you. You may have to run your classified a few times to give it a fair test. Generally, you’ll find it’s easy to write your own classifieds. Study others to determine which ones appeal to you and which ones don’t. Model yours on the ones that you find most effective, and move you to action. Later in this chapter, we’ll examine how a good ad is written.

DISPLAY ADS

If you decide to advertise this way, you’ll find plenty of help available from the newspaper or magazine ad reps you deal with. They can take care of the mechanics of designing and laying out an effective display ad. They’ll help write your ad or make good suggestions on how to improve your copy. However, with the abundance of software design programs available packages like Microsoft Publisher or high-end programs like QuarkXPress and Pagemaker many individuals can crank out their own camera-ready display ads. They can be printed right on your own laser printer and are suitable for most publications. Take care to lay out your ad precisely in the column widths and lengths required by the periodical. Often you can save a little money by producing your own camera-ready artwork. But if this is alien to you, it’s wiser and more cost-effective to let a professional on staff write and design the display ad.

RADIO ADVERTISING

Jingles and radio spots to advertise your business are best left up to the experts. After you buy a spot on the radio station most likely to target the audience you’re after, the radio ad staff is in the best position to craft your ad. They do it day in and day out. They know how to "write for the ear." And they’ll sell you better than you can sell yourself. Jingles and radio chatter are deceptively hard to write, and it’s very easy for the do-it-yourselfer to miss the mark and sound foolish in the process. The main thing you need to worry about is explaining your business sufficiently to those who will be crafting your spot. This advice applies equally to TV advertising: leave it up to the experts to devise your ad and translate your selling message.

THE YELLOW PAGES

Ironically, the Yellow Pages aren’t the place to motivate someone to purchase your service or product. By letting her fingers do the walking, the potential customer already knows what service or product she’s looking for. The key to a successful Yellow Pages ad is to merely persuade her to do business with you and your firm. It’s a subtle distinction, but one you need to understand in order to put together an effective phone-book ad. A Yellow Pages ad must position you as the best choice. Here, instead of focusing on whetting the customer’s appetite for your service or product, the emphasis will be on how you deliver fast, effectively and with the most professionalism.

First, if you have more than one phone directory in your area to choose from, ask what each directory’s "usage" number is. Usage is the number of times consumers use it each year. This is different from the directory’s distribution figure. By dividing the directories’ usage number-per-year by what they charge you for a same-size display ad, you can easily determine which gives you the most uses for your dollar.

BIGGER IS BETTER

The idea in Yellow Page ads is to grab the reader’s attention and size-of-ad is the way to do it. Bigger ads, when it comes to the Yellow Pages, have more stopping power. Besides an attention-getting headline and supporting copy that impels the reader to act, it’s critical for your Yellow Pages ad to contain a good graphic, eye-catching artwork that focuses the reader on your ad. Clipart for such purposes is inexpensive and widely available. It’s often best to choose interesting "line art" (line drawings) over photographs. Photographs tend not to reproduce well or look crisp on the rough, yellow stock used for phone directories. In order to attain the best position on the page for your ad, you will need to sign on with the Yellow Pages as early as you can. It’s very easy to overlook their early deadlines and wind up jockeying for precious space with your competitors or getting left out altogether. Call ahead for their schedules.

*~*~*~*~*~*~*

John McLain, a veteran journalist and national media consultant, is author of the newly published book, HOW TO PROMOTE YOUR HOME BUSINESS, available on Amazon.com or through his New York publisher at: Strategic Book Publishing

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Photo Credit: Stuck in Customs
23
Mar

Five Very Last Minute Tax Tips

The following guest post from top selling author, attorney, tax and small business expert, Barbara Weltman is extremely timely for people like myself who put off taxes until the last minute. Here Barbara shares her best last minute tips for tax day.

In today’s economic environment, every financial milestone is an important one. It’s critical that small business owners have the right tools and know-how to properly manage their taxes year-round so they’re not dealing with undue stress on the days leading up to April 15th. The right solutions can help small business owners efficiently and easily manage their business’s finances and employee tax withholdings, so they can spend more time running their business. With the April 15th deadline looming, here are some things you can still do to reduce your tax bill and make the filing process a little easier.

5 Very Last Minute Tax Tips

1. Contribute to a deductible IRA or HSA. Yes, even though 2008 is over, you can put money into an IRA or health savings account (HSA) for the 2008 year (assuming you’re eligible for these accounts) and deduct the contributions on your 2008 return. You must act by April 15th. IRA contribution limits for 2008: $5,000, or $6,000 for those 50 or older on December 31, 2008. HSA contribution limits for 2008 depend on whether you have self-only coverage under a high-deductible health plan, or family coverage; those 55 or older on December 31, 2008, can add another $900.

2. Double check for carryovers. You may have forgotten tax breaks from your 2007 tax return that can be used to cut your 2008 tax bill. Look for capital loss carryovers (reported on last year’s Schedule D of Form 1040), which can be used to offset any capital gains in 2008 if you had them, plus up to $3,000 of ordinary income. Other carryover possibilities: home office deductions, charitable contributions, and net operating losses.

3. Settle up your tax bill. If you owe a small amount, pay it by check or charge it to a major credit card. While the IRS doesn’t charge a fee for paying by credit card, there’s a 2.49% convenience fee imposed by the credit card processor, so if you charge $1,000 in taxes, you’ll pay $24.90 to the processor—a hefty cost for racking up frequent flyer miles. Larger bill? If you can’t pay in full, ask the IRS for an installment agreement by filing Form 9564 This usually allows you to pay what you owe, plus interest, over the next three years.

4. File electronically. If you wait until the last minute, avoid lines at the Post Office, as well as save paper and postage, by using e-File to submit your return. Electronic filing also ensures that your return is free from math errors and has all the required information (e.g., Social Security numbers) for processing; you’ll receive an electronic acknowledgment from the IRS that the return has been accepted for filing. You may even be eligible to use FreeFile to prepare your return online and file it electronically at no cost. Bonus: If you’re owed a tax refund, you’ll get it sooner by filing electronically than you would if you send in a paper return.

5. Put your refund to work. If you’re owed money, use it to create future tax savings. You can have the IRS deposit your refund directly into an IRA, an HSA, or a Coverdell education savings account. Provide the account information (account number and routing number). Make sure the account custodian credits your refund to the correct tax year (e.g., your 2008 is applied toward your 2009 IRA contribution). You can even split your refund into two or more accounts (file Form 8888 to provide all account information.)

Caution: If you had a large refund, recognize that it amounts to an interest-free loan you made to Uncle Sam. To avoid this next year, reduce quarterly estimated tax payments related to your business income to better equal your actual tax bill for the year. Under a new rule for small business owners (more than half your income is derived from a small business and your 2008 adjusted gross income was under $500,000), you won’t be penalized for underpaying estimated taxes and you’ll improve your cash flow by pegging 2009 estimated tax payments (plus any tax withholding) at 90% or more of last year’s tax bill.

Final word. If, for any reason, you don’t want to think about taxes now, be sure to obtain an automatic six-month filing extension. File Form 4868 no later than April 15 to avoid late filing penalties. Also, if you expect to owe money, pay as much of it as you can now to minimize or avoid interest and penalties for late tax payments.

About Barbara

Barbara Weltman is a top selling author, attorney, tax and small business expert. Barbara serves as an expert on the Small Business Online Community, powered by Bank of America. She recently conducted an expert forum on the Small Business Online Community, where she answered questions about the impact of the stimulus package on small business owners. Barbara has also authored several books include “J.K. Lasser’s Small Business Taxes” and “The Complete Idiot’s Guide to Starting a Home-Based Business.”

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Photo Credit:Thomas Hawk
21
Mar

How Well do you Know Your Lover?

How well do you know your lover?

Not your wife, or significant other, that’s a topic for another blog – but how well do you know the customers that really love what you do?

They love your products, and they love your brand? Your brand lovers.

Your most powerful marketing tool are your brand lovers. You should know them, and know why the love what you do.

The Power of the Brand Lover

The folks at cultbranding.com have put together a great presentation on the power of the brand lover.

How do brand lovers drive your profitability?

  • Existing customers are 5 times more likely to buy from you than another provider
  • Your brand lover will buy from you more often than a casual customer
  • Brand lovers are your most loyal customer – they don’t even consider the competition as an alternative to what you do
  • They are word of mouth machines, creating new customers for you

Repeat sales at Zappos account for 75% of their revenue. Those are brand lovers hard at work.

If you want to unleash the power of your brand lovers, spend a few minutes with Cultbranding’s presentation.

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Photo credit: just.K

20
Mar

Small Business Succeeding Despite Economic Downturn

A group called Network Solutions recently conducted a survey with the University of Maryland to create the Small Business Success Index

A Peak at The Results

More than 1,000 small business owners were interviewed by phone.

The Small Business Success Index found that small businesses are succeeding despite the economic downturn.

69% of small businesses made a profit in 2008

7% of small businesses report that they broke even

The majority (69%) of those who showed a profit in 2008 said it was equal to or better than the previous year

70% of small businesses expect their firms to still be operating in five years as opposed to being closed, sold or transferred, and of these, 66% expect to be bigger in size

More importantly, entrepreneurs and small businesses can use the Index site to learn which best practices they are succeeding in utilizing, and where they need to improve.

For example, most small business owners think customer service is the most important part of their business, while the research demonstrates that investing in sales and marketing and financial resources are much more important. In essence, small businesses can optimize their performance for maximum success using the index.

Pick up a free copy of the full report here

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19
Mar

Q&A With Jim Sinegal Founder of Costco

I had the pleasure of attending a Q&A session this morning with Jim Sinegal, co- founder and CEO of Costco.

Costco racks up around $53 billion in sales, has over 500 outlets and employs over 120,000 workers. For his efforts as the founder of one of the nations largest retail companies, Mr. Sinegal takes home about $350,000 a year for his troubles.

Summarizing the Q&A

What impressed me with Mr. Sinegal was is unassuming, down to earth persona, mixed with a laser sharp focus on what his business does. In every answer, to every question it was apparent he not only knows the retail business inside and out, but the business model he has set for Costco permeates everything his does – he has never wavered.

I thought I’d try to summarize some key points from his talk this morning and hit on some of the highlights and “ah-ha” moments I had.

As you read through his thoughts and ideas, keep in mind he didn’t start the $50 billion dollar behemoth until he was nearly 50 years old. For those of you who think there is only one window of opportunity to start your own business, let Mr. Sinegal serve as a model for what can be accomplished at any stage of life.

Also keep in mind that Costco didn’t start out as “Big Business”, it’s beginnings trace back to 3 outlets in the Pacific Northwest.

On Starting-Up

Sinegal spent nearly 25 years in retail before he decided to build a retail business of his own. Here are some key points he made about the start-up phase:

  • Have enthusiasm – he truly loved retail
  • Be an expert in your field – he knew retail backwards and forwards
  • Understand you can’t do it all, you’ll need to surround yourself with good people
  • Know your market – Sinegal was from California and decided to start his company in Seattle, WA which market research told him was one of the “least competitive” regions in the US when it came to retail competition.
  • Have a long term outlook – “Short term outlooks lead to short term goals”
  • Be realistic about goals, but also stretch yourself – originally Costco’s goal was to get to 12 outlets. They thought that was the most they could do. He said he still has the original business plan with that number on it, and it’s a bit embarrassing now.

On Employees

Sinegal runs his company on the belief that if you treat people good, good things will happen. In every answer he gave, he referenced how important the employees are.

  • Hire great people, who identify with your business
  • Treat them well
  • Give them good jobs
  • If you do right by the people working for you, they will build you a successful business

On Management

Costco managers are always promoted from within. As Mr. Sinegal put it, “I can’t conceive of a time when we’d hire management from outside the company”.

Therefore his thoughts on how to manage were from the perspective that any one of the employees could some day be running the company.

  • Training happens constantly – not just in classes or training sessions
  • Grow your own talent – those are the employees who get what your business is trying to do
  • Model what you want from your employees – Sinegal said that when he goes to a CostCo store, and takes the time to pick up a piece of trash on the ground, the employees see that and immediately know it’s important and therefore do it themselves.

On Business

Above I said Mr Sinegal has a laser focus on what his business does, and that focus is the core of what makes his company successful. A few of the highlights:

  • Know who your customers are and why they do business with you
  • Stay focused on your core business.
  • Don’t try to be too much to too many, you’ll dilute your business model and loose focus
  • Know on what level you compete – For Costco they compete on quality and price. They want the highest quality merchandise for the best value. Mr. Sinegal shared a story of selling designer jeans for $29.99 and selling out as quickly as they could stock the shelves. Every retailer in the nation had these jeans priced at $50 and above. He was asked why not move the price up just a bit, maybe capture another $2-3 per jean and still be the lowest price. His answer – that’s not our business. Our business is to give the customer the best value we can.

On Growth

Mr Sinegal sees no slow down, in fact he mentioned:

  • Still opening new stores as we speak, with new stores opening in Hawaii, and parts of the Northeast
  • Same growth plan as before – open 50-60 Costco locations a year (even one planned for Australia)
  • Internet sales are growing, nearly $2 billion in revenue from the net
  • Will run the business for long term sustainability. He wants Costco to be here long after he’s gone.

On Marketing

Someone asked how in the early stages of growing a business he could get away with not having any advertising, his answer:

  • Word of mouth is the most powerful marketing tool there is
  • It sounds better when somebody else talks about you than when you talk about yourself
  • Costco still has no PR department and probably never will.

On Ethics

As Costco grows, becomes even more multinational, and his span of control widens, somebody asked if ethics plays a bigger part in his thinking. Again, his answer was very straightforward. He said they will continue to do business like they’ve always done:

  • Obey the law
  • Treat customers right
  • Treat employees right
  • Treat suppliers right

If they do the above, he felt ethically they would be just fine.

On Challenges

Of course he was asked what he see’s as the biggest challenges facing Costco, especially in tough times. His answer to this question struck more of a chord with me than anything else he said. Essentially,

  • The biggest challenge will be what it always has been, not to loose focus of what we do, and our business model
  • Focusing on our core business, and ensuring we do not loose sight of that, transcends any economical challenge we may face.
  • He sighted other retailers who lost focus, and eventually lost their way and their business/market share.

Other Interesting Anecdotes

Mr Sinegal seemed to be a very unassuming, down to earth guy. Which means many of his answers were peppered with stories, and he really is quite funny. Here were some of my favorite facts/stories.

  • His first retail job (just out of college) was a one day employment to help unload some mattresses off a truck and into the company’s warehouse. He did his job, but they didn’t pay him at the end of the day ($1.25/hr), instead they told him to come back the next. He came back, they had more work and again didn’t pay him at the end of the day. He said he just kept coming back everyday, hoping they’d eventually pay him, and after leaving the company 25 years later he felt it all worked out okay.
  • The maximum markup at Costco is 14%. Meaning you never pay more than 14% more than Costco paid for the item.
  • Costco has some of the lowest shrinkage in the industry (unexplained disappearing of merchandise) at 1/10 of 1%.
  • Those people at the door who check your receipt before you leave aren’t just looking for theft, they find as many mistakes in the customers favor as they do against. It’s another way to make sure you got the best value.
  • He likes to visit as many of the stores as he can every year, and still “perpetuates the myth” that he goes to all of them once a year. He said he likes them to think that he can show up anytime!

It was great getting a few minutes in the same room with someone so successful. After listening to him talk it is satisfying to know that great businesses can be made and sustained on the back of a set of core values, and that even at his level he hasn’t wavered from what makes his company great.

For Costco that means giving customers the best value, at the best price. Treating people right, and with respect. Acting ethically, and most importantly never loosing sight of what the purpose of your business is.

Inspiring.

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18
Mar

Small Business Marketing – Easy as 1-2-3

Possibly the question I am most often asked goes something like this “What should I do to market my product?”, or “How should I advertise my service?’.

I then ask probing follow up questions, and that’s where it tends to break down. In the euphoria to get the word out, we can easily forget the process and method to the marketing madness.

Make it Easy as 1-2-3

You can make your next campaign as easy as 1-2-3 by working through the following – in order! Please continue to email me for thoughts and ideas about your marketing, but be prepared for me to ask you about the following:

#1 Purpose

What is the purpose of your marketing? On the surface that may seem like an easy question, but not all marketing purposes are created equal – that is not all are designed to immediately sell more product.

The purpose of your marketing can be:

  • informational focused
  • a teaser to intrigue
  • a sales generator
  • a lead generator (not the same as a sales generator)
  • Word of mouth “bait”
  • A call to action
  • Brand reinforcement

You need to know first and foremost what the purpose of your marketing campaign is. You can have multiple campaigns with different purposes, but you can’t have different purposes for one campaign.

#2 Message

Once you know why you are marketing. You can begin to craft the message.

Ask yourself “what am I trying to say to my customers?” Your key, or central message to the customer needs to be clear, concise, and laser focused. You’re not trying to tell me what War and Peace was about, you’re giving me the first sentence and letting me decide how I want to proceed. You can have multiple campaigns with different key messages, but you cannot have multiple key messages in a single campaign.

#3 Medium

Only after you know your purpose, and your key message, can you decide on the proper medium.

This is where I see people go wrong most often. They start with an idea they want to use Youtube to promote their service, and then work backwards to the purpose and message. Only after you know #1 and #2 can you decide on what the best medium is to reach your customers with your message.

Think about your current marketing…did you work through the steps? If not, would your marketing efforts been more successful had you of?

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Photo Credit: Bravo213
15
Mar

Seth Godin on Social Networking and how to do it Right

A couple days ago I posted some thoughts/questions that I was working through when it comes to networking and the effect the breadth of our conversations has on the depth.

I asked “Is the breadth of our conversations diluting the depth?” And we’ve had some very good responses, which I thank you all for taking the time to do.

Today I stumbled across a video in which Seth Godin was asked almost that same question.

Who is Seth Godin?

For those of you unfamiliar with Seth he describes himself as “a best selling author, entrepreneur and agent of change.” His list of credentials is much to long to post here. Check out the bio on his blog for a full run down.

Seth is widely considered an expert in all things marketing, so his opinion on networking and social networking in particular was one I was interested to hear.

How to do Social Networking Right

What is Seth’s opinion on creating large social networks?  Does he think social networking is important for business?  Take a look at this one minute video and find out:

What do you think? Agree or disagree with Seth in the comments below.

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Photo Credit: marketingfacts
14
Mar

5 Secrets of the World’s Best Marketing Machine

Very few brands can equal Apple in success and recognition.

The folks at Apple have reshaped what we’ve come to expect in portable electronics, their functionality, and most definitely their style.

So what were the secrets to Apple’s marketing and branding success?

Don’t Sell Products

Products don’t sell – people do. Focus on what people do with your product, not what the product does.

Never be the First to Market

Make something that is already good, greater.

Empower Early Adopters

Help your customers help you.

Make Your Message Memorable

Boil the story down to its “syrupy goodness”.

Go One Step Further

Surprise and delight your customers

For more detail on Apple’s five secrets to building the worlds best marketing machine, take a few minutes to check out the following:

Tip: For best viewing use full screen mode


Marketing Apple – 5 Secrets of the World’s Best Marketing Machine – Get more Business Plans

Photo Credit: jonrawlinson

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13
Mar

A Question for You

This week we’ve done quite a bit of talking about relationships that have been formed due to social networking, and conversations over social channels.

In Wednesday’s post about Twitter we had some conversation around relationship building in the comments section, and our featured entrepreneur from last week talked about relationships in the context of their business.

Evolving Conversation

I started thinking about how conversations have changed, and evolved, not only with the advent of the internet, but with the proliferation of social media networking, and how that affects our relationships. We (the collective we being us plugged in internet folk) do more communicating now than the generation before us. And no doubt we would say we foster more relationships than we did a few years back.

My Question

The breadth of communication and relationship building is greater today than it has been at any other time in our history.

But are we sacrificing the depth? Has quantity overtaken quality – or has the internet and social media made it so we can have quality conversations and relationships on a large scale?

That’s today’s question.

Let me know your thoughts in the comments below, and let’s see if we can get some “conversation” going around this topic. I’m interested in what you have to say…

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12
Mar

18 Ways Your Business Can Get Ready for a Rebound!

Tough times aren’t lasting forever, and anyone who’s been reading this site for a while knows that the astute business owner is using the downturn as a way position their business for the eventual upturn.

Here are five areas you can focus on to ensure you emerge from the recession depression stronger than ever:

Connect With Your Customer

Refresh Your Product and/or Service

Network Your Tail Off

Market Wisely

Invest in Yourself

What’s going to make you stronger when the economy turns around?

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11
Mar

To Twitter or not to Twitter, that is the Question!

The following guest post is submitted by Corey Perlman, the author of the #1 Amazon.com bestseller eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business.

Here Corey answers the age old question, to twitter or not to twitter as part of your marketing mix.

If you haven’t heard the buzz going around about the micro-blogging site Twitter.com, you soon will. It’s by far the hottest social networking application in the ever-evolving world of Internet marketing. But, should you join the cyber-party? Well, I will humbly offer you my answer to that question in this article.

What is all the Tweet About?

I always like to begin by providing a layman’s term definition of exactly what we’re talking about. Twitter is a Web site where you can follow what people are saying and they can follow what you are saying. The unique thing about Twitter is that they only allow you to write your “tweet” (or written message) in 140 characters or less. Yep, in the ‘more is less’ world of Internet communication, they have the audacity to make us be short and to the point with everything we write. The nerve!

When you follow someone, each of their tweets shows up on your personal Web page. And when you tweet, each of your messages shows up on their Twitter page. One of the distinct differences between Twitter and other social communities such as Facebook or Linkedin is the more liberal screening process people seem to have on Twitter when deciding who to connect with. It’s not uncommon to follow complete strangers based on knowing very little about them except maybe that they are following someone you are following. You can blink and have hundreds of people following you or vice versa. For an even clearer definition of Twitter, go to www.twitter.com and watch the video in the top right-hand corner of the page.

To Twitter or Not to Twitter

So, on to the question of if you should add Twitter as part of your Internet marketing repertoire. My answer is Yes and No. ? Let me explain. My answer is no if you’re simply looking for a tool to sell more of your products or services. In my opinion, it’s just not being used that way and people frown upon heavy promoting and selling. However, if you are looking to create more online relationships, expand your brand, or stay on the bleeding edge of information in your industry, then I wholeheartedly recommend that you jump on Twitter right away.

A colleague of mine, Perry Belcher, had a great analogy of how to view Twitter. It’s like hosting a huge party. You wouldn’t invite someone to your party and immediately try and sell them the second you opened the door. Instead, you’d greet them, invite them in, have a conversation and potentially engage in business if the opportunity presents itself. This is exactly how Twitter seems to work as well.

Getting Started With Twitter

So, are you still interested in trying out Twitter or did I scare you away? I hope I didn’t because I think Twitter can be a great opportunity for you to engage people with similar interests in an incredibly fast and effective way. So here are the steps to create your Twitter account:

  1. Go to Twitter.com and register for an account. It’s free!
  2. Take some time and fill out your profile. The more thought out your profile is, the more likely people will follow you.
  3. Write your first tweet. Let everyone know you are new to the site and find a fun way to introduce yourself.
  4. Look for some of your friends on Twitter. You have a friend in me! Just go to www.twitter.com/coreyperlman and www.twitter.com/ebootcamp and click “follow” and you will then be following me. You’ll be able to see all the people that I follow and can follow them as well if you choose.
  5. For the next few weeks, tweet at least once a day. It takes all of about 2-3 minutes, so don’t worry about finding the time. You can also write your tweets via your cell phone. See Twitter.com for instructions on how to do that.

Helpful Twitter Marketing Notes

  1. Try not to just tweet about what you are doing. Although that is the theme of Twitter.com, most people like to offer some value in some of their tweets. For example, did you see a really good article (maybe like the one you’re reading ?) and want to share it with your followers? Simply highlight the article link and add it as a tweet.
  2. You don’t have to be too picky on who you follow. It’s easy to un-follow someone if they are tweeting too much or for any other reason.
  3. On occasion, it is ok to promote your products or services. Just remember the party analogy – don’t overdue it and annoy people. Communicate on a personal level with people and build trust. There will be plenty of opportunity down the road to conduct business if the opportunity presents itself naturally.

Ok my friends, enough with the analysis paralysis, get out there and start TWEETING!

See you in Twitterville!

Author Bio:

Corey Perlman is the author of the #1 Amazon.com bestseller eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business. The book provides easy-to-do strategies and techniques to help you market your business on the Web. To learn more about eBoot Camp or to purchase a copy, go to www.ebootcampbook.com.

What do you think about using Twitter as part of your marketing strategy? Is it working for you?

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Photo Credit: mfilej
10
Mar

Top Ten Ways To Grow A Business In A Recession

The following guest post is from Neil Belenkie, who lends his expertise on steps businesses can take to not only survive the recession, but thrive in it.  Here’s his top 10 ways to grow your business during tough economic times.

1. Budget Responsibly

This is not the time for frivolous spending. 60 inch plasma tvs are not a priority, no matter how cool they would look in your foyer. Make absolutely certain that every dollar you spend is directly related to generating revenue for your business.

2. Make Knowledge-Based Decisions

Don’t use intuition when it is possible to use facts. It will take extra work, but when you have data to base your decisions on, not only can you measure the success of your decisions but you can remove the risk of uncertainty.

3. Be Strategic

Success is not luck. Think hard about why your customer would want your products or services. The marketplace has evolved, make sure that your message is relevant and that your communications resonate with your target audience.

4. Be Unique

Do not try to be all things to all people, be all things to a few people and they will all buy.

5. Innovate

You need to find new ways to make money. Create new applications for your existing products, find new customers who would benefit from your services, find new products that your existing customers will also need… Do not accept that what you’re currently doing is all that can be done.

6. Partnerships

Figure out exactly who your customers are and then think about where else they are purchasing their products or services. Approach the providers of these other products and services and create partnerships where you can refer customers back and forth between your businesses. Their company is not competitive to yours so it is in both of your best interests’ to make this work.

7. Plan Well

The marketplace has changed, is your business plan still relevant? Spend time analyzing how your customer’s need have changed and ask yourself if you have changed with them. If not, you need to make sure that you have a plan to bring your business up to date. If you are doing well, then make sure you have a plan for the next phase of this evolving marketplace. Stay ahead of the wave and the water will always be ripple free.

8. Invest in Low Risk ROI Opportunities.

Money is tight but that doesn’t mean that you can afford not to spend. Keep seeking out new business opportunities. With each opportunity, assess the investment versus the forecasted revenue and don’t be afraid to go after an opportunity when the numbers work.

9. Create Multiple Revenue Channels.

If you are only doing business through your store, you need to find new ways to access your customers. Start an online business where customers can purchase your products remotely. Hire sales representatives who can take your products to the customers instead of waiting for your customers to come to you. Find other companies to sell your products for you. More access to customers equals more sales.

10. Do it Now

Your business will not turn around on its own and every day passed is another day of lost revenue. Commit to making changes now.

Author Bio:

Neil has spent more than 15 years as a sales, marketing, and business development executive in multiple industries.  He has served as a consultant with Ray & Berndtson Executive Search in Vancouver, and also co-hosted a radio show in Vancouver called “Grow Your Business”.  Neil is active in the non-profit sector serving as a Board Member of the Vancouver Biennale.

Keep up with all that Neil is doing on his blog, This Spade is a Spade.

What do you think? Anything you would add/subtract from Neil’s list?

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Photo Credit:  Darwin Bell
9
Mar

Featured Entrepreneur: Anyluckyday.com

In today’s economy who wouldn’t want something for free? Our latest “Featured Entrepreneur” is taking advantage of that fact, and giving it all away at anyluckyday.com

Proving that free can be a perfectly suitable business model, owner Giancarlo Massaro jokes that there is such a thing as a free lunch:

“At AnyLuckDay.com, your free lunch is not too good to be true. The prizes are absolutely free (or else they wouldn’t be prizes). We even cover the shipping.”

To get an idea of what’s going on at Anyluckyday.com take a look at the interview below, but first don’t overlook the fact that you can win free stuff too!

SPECIAL OFFER:To see what this site is all about, head on over to Anyluckyday.com and enter for your chance to win a brand new Flip Mino. The contest starts today, and it’s absolutely free!!

What is Anyluckyday.com?

Have you ever heard the phrase, “There’s no such thing as a free lunch. If it sounds too good to be true, it probably is.”

-=
At AnyLuckDay.com, your free lunch is not too good to be true. The prizes are absolutely free (or else they wouldn’t be prizes). We even cover the shipping.

=
How can we do this? In this economy, companies are trying to save advertising dollars but still need to successfully promote their businesses. By donating their products to us, companies get the exposure they need and YOU have the chance to win great prizes, absolutely free. All you have to do is go to the specific contest that is running, read the blog post, and make a comment. So, ANY DAY can be your LUCKY DAY. A free lunch never tasted so good.

When did you start the business?

I started the business in January 09. We are about 1 ½ months post launch and the site is growing quickly. We’ve received an amazing amount of donations from sponsors, and with some upcoming interviews we have, we expect the donations to continue to grow.

How did you get the idea?

I used to think of website ideas and then have them built, but ever since I started college two years ago, I was unable to properly manage my time and therefore sold off all my sites. This year I finally managed to setup a good schedule, and I wanted to get back into making websites. I pondered for weeks on what type of website I could make that would not be targeted towards a specific niche, and would allow me to include almost anyone. I was actually lying on the couch at my girlfriend’s house one night and thought up the idea for AnyLuckyDay at around 3:30 in the morning after watching an infomercial on TV. They were selling the Snuggie and I thought, wouldn’t it be cool if they gave those out for free. A light bulb then went off in my head and I instantly grabbed my laptop, open notepad, and starting building off my idea.

What sources did you use to fund your biz?

My long time friend, Jason Tessitore and I have funded the site completely. We have not searched for outside funding.

What was the biggest start-up challenges?

The biggest challenge was getting people to come to the site. You know you have something great to offer, but no one knows about it. It was hard to accept the fact that the site would not explode overnight, even though I feel like it should have because of the idea behind it. I have learned that patience and persistency is key.

How did you overcome those challenges?

Social media. I talked to people via twitter, facebook, myspace, and linkedin and let them know about my idea. I then began talking to many bloggers and was able to get some links back and reviews of my site. I was then able to get some interviews done. I also talked to members of a few forums that I frequent. Once you begin to get your name out there, people will recognize you and tell others and it grows from there.

What has been the response/reaction to your business from your clients?

To be completely honest, not a single person that we have talked to has responded with negativity towards our business model. People seem to love what we do and have only given us constructive criticism to help improve the site for everyone who visits. No negative feedback? Hm..I might be onto something here.

Best advice you can give to a new start-up?

You must love, care, and be passionate about what you are doing. If the love and passion for your startup isn’t there, then you should not be doing it. If your users see that you care and are passionate about them and what you are doing, they will begin to care as well.

Biggest lesson you’ve learned from starting your own business?

Analyze every single feature that you want on your website, and ask yourself if you REALLY need it. This was a major mistake on my part and I ended up having so many features put into the site at the beginning that it actually drove people away from the site rather than bring them in.

What’s the future look like for Anyluckyday.com?

I see a very, very bright future for the site. I’ve had my ups and downs and have been unmotivated at times, but recently there has been an increase in interest in the site and we have received an overwhelming amount of sponsors. The more attention and press the site gets, the bigger it will get, and the more sponsors it will get. I see endless opportunities for Any Lucky Day because literally anyone who knows how to use a computer can simply come to our site and win something.

What inspires you to do what you do?

As a little kid I always loved buying presents for my family and friends and would enjoy seeing their reaction when they opened it. Now that I am older I’ve tried to apply this same notion to Any Lucky Day and help companies get more exposure while at the same time giving gifts to people.

In one word, what’s the key to success?

Passion.

Short personal bio:

Giancarlo Massaro is a 19 years old college student at Sacred Heart University in Fairfield, CT. He is a Division I soccer player, and founder/owner of AnyLuckyDay.com. Previously he founded WootAgent.com which was featured on TechCrunch, LifeHacker and many other large blogs, and the site has since been sold. Also he founded friendfleet.com, a popular myspace friend adding tool, also sold.

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7
Mar

Top 10 Must Have For a Start-up Success

What are the ten things start-ups need to be successful? According to Frank Levinson, it’s the following.

And Frank may know a thing or two about start-ups, considering he founded Finisar in 1988 with $60,000 and 12 years later hit the Forbes 400 list of richest Americans.

10 Must Have for Start-Up Success

  • Spending everything on a good team and equipment
  • Letting people know the company is in business
  • Raising limited capital
  • Taking stock of a company and determining its needs
  • Being open to opportunities
  • Having a supportive family
  • Targeting mass markets, not just niche markets
  • Having confidence in new ideas
  • Acquiring and selling to real customers
  • Choosing a great partner

Did Frank cover the essentials for start-up success?  Let me know your thoughts in the comment section below.

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Photo Credit: Today is a good day