Loading

Grow Smart Business


teaserInfographic
Close
For more information and charts about Small Business Mobile:
and See Key Highlights from the Web.com Small Business Mobile Survey
homepreneur

Search Articles



Archive for November, 2009


Essential Elements and Steps to Developing a Killer Elevator Pitch

November 11th, 2009 ::

Have you ever had to explain something really quickly and just stumbled over your words not prepared? Well the concept of an elevator pitch is not new and actually came from the concept of a sales person riding up the elevator with a prospect in an elevator which takes from 30-60 seconds. These days everyone has limited time and if you are at a networking event and do get someone with the chance to invest or buy your product/service they will in so many words ask “what do you do” or be direct and say “give me your elevator pitch”. It is partly a test to see if you know your business and have enough focus to get to the point quickly and the other part is to find out what you do and why they should work with you.

So What Are the Essential Elements of a Killer Elevator Pitch

  • Be Clear and Concise – No one needs to hear how well you use fancy words or buzz words. They don’t make you look smarter they really make the customer feel stupid. Like we said before, keep it to 30-60 seconds long.
  • Be Visual and Tell a Story – Use powerful words that create a visual image in your listeners mind. Build on that with a story can clearly illustrate what you do and connect to the customer.
  • Be Relevant – Find words and phrases that get their attention but are relevant to your audience.
  • Be Targeted – Killer elevator pitches are targeted at specific audiences. Have different pitches for different target audiences.
  • Be Goal Oriented – Start with the end in mind because different pitches have different objectives and if you can hook some one from the beginning with the bottom line, you can explain how you achieve this for them.

What Are the Steps to Develop a Killer Elevator Pitch

  1. Start Writing and Don’t Stop – Since we have covered the elements, it is time to start writing. The best way to do this is to write a very short story that illustrates what you do for customers. There is no time or size limit here because you need to get it all out. Think of it like business vision therapy. Just let it all out. After your first attempt, start trying to write it different ways. Like 10-20 different ways and don’t edit it yet.
  2. Start with a new sheet of paper and write down your objective or goal – What do you want this elevator pitch to do? Make a sale, develop a prospect, gain support for an idea, get a referral?
  3. Write action statements for that objective or goal – Take the statement and write 10-20 actions that are associated with this goal.
  4. Highlight the good stuff – Highlight or circle the phrases that hook you with clear, powerful, and visual words. Tell us what you do and why people should want to do business with you. You still need connector words, but you want them to be as few as possible.
  5. Edit and cut as many words as possible – Cut and rearrange words/phrases until it sounds just right. This is where you need to start working on the 30-60 second time limit.
  6. Test it with friends – Take this elevator pitch and give it to as many people as you can get to listen to you. Get feedback from colleagues, clients you trust, friends and family.
  7. Take your final elevator pitch and practice until memorized – Memorize and practice it until it just slides off your tongue naturally.
  8. Always Be Tuning – This is not an endless thing, but you should always be aware of things you think could give your elevator pitch more impact and clarity.

You Are Ready, Now What?

If you want to be public about it you can submit it to a place like Vator.TV or TechCruch pitches. If you still want to practice ask friends or business colleagues to let you pitch it and see if they not only understand it but agree that it aligns with what you do. Once you are more confident, ask current customers to listen to your refined pitch. I recommend that you only ask those you trust and that you preface that you are trying to focus better and are listening to customers and want to make sure that what you heard is right.

Is Your Marketing Strategy Using All of the Ice on the Rink?

November 10th, 2009 ::

This past weekend, I enjoyed a Washington Capitals ice hockey game and the game got me thinking about something Jermaine Dupri said at BlogWorldExpo this year. I’m going to paraphrase, but he said that you should use social media tools in tandem with each other. Have something on Twitter that sends people to your Facebook page that references your blog and so on. Watching how they hockey players used the rounded end of the rink to pass the puck around behind the goalie to another player, or just out of the way, it made me realize that Jermaine had something there.

Now don’t get me wrong, it made perfect sense to me at BlogWorldExpo, but something about that particular game, my first hockey game in years, spun my mind into translating the puck into marketing message, the rink into your marketing plan, and the players your marketing pieces. At no point in that game was their wasted space on that ice. All parts of the rink were open and the puck flew anywhere it was needed with speed because of the actions of the players.

I have all ways believed that each marketing piece should support the one before it and the one after it. If you have to have a brochure, have it direct people to more information on a specific url on your website so you can track it. On that page let people share that message for your using something like Share This or send them directly to your companies Facebook or Twitter. Use social media to direct people to special content they can only find by following all your pucks on the ice, your marketing pieces.

Part of this is establishing how these pieces are all going to support each other, but another part of this is being comfortable, and confident, in your content so that you can let go of the message. Like a good hockey player, you have the control on how much intensity and strength is behind your marketing pieces. You will need to step back and let the natural momentum of your marketing strategy take its course. It will be up to you to make sure that the paths between your pieces are clear enough for the message to slide easily between them.

Most of us already have a few pieces in play, but as you create anything moving forward try to be conscious on how you can link the new pieces together. Or get really creative and start an off shoot campaign with new pieces and tactics that drive people to the pieces that existed before them. Sometimes scoring a win means you need to take a few extra chances with a few well placed shots, but if that shot misses it has a team behind it to give it the support it needs for a second shot at the goal.

Now here’s a question for you. Does your marketing strategy easily move your message from one piece to another? Are you using all of the ice on the rink?

I would love your thoughts on this. What other sports can you compare your marketing strategy to?

You can reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways, if you have been reading, thank you and stay wicked.

How to Calculate Start-up Costs

November 9th, 2009 ::

Many of you small business owners might think that the Wall Street Journal is for the big business people but you should be aware that many articles and some sections focus on small business in a big way. Recently, I came across this article from the WSJ on calculating start-up costs for your new business. Since many of you are unintentional entrepreneurs these days or you have that awesome idea but need to figure out how much it is going to cost to start the business.

Start with a Brainstorm

The WSJ article says “A smart way to start is to brainstorm everything you’ll need, from tangible goods (such as inventory, equipment and fixtures) to professional services (such as remodeling, advertising and legal work). Then, start calculating how much you’ll need to pay for all those goods and services.”

Understand the Categories

The WSJ article goes on to list the basic categories to calculate the costs for opening and operating a small business:

Location. Think about how much you’ll need to pay for rent, to make improvements to the space or for full-scale renovations.

Inventory. Figure out the cost of raw materials, plus any production costs, or the wholesale prices of products you’ll be selling. Calculate shipping and packaging costs, sales commissions and other costs related to the sale of your product.

Equipment. Add up how much it costs to buy or lease computers, copiers, telephones, heavy-duty machinery or other fixtures.

Employees. Calculate salaries and wages, plus benefits you would offer, and don’t forget payroll-related taxes, overtime pay and workers’ compensation.

Marketing. Figure out how much you’ll pay for new stationery, marketing materials, advertising campaigns, the sign above your door and meals or entertainment with clients.

Administrative and operational costs. Keep track of how much you’ll need to pay for insurance (to protect against property damage, business interruption and floods) and office supplies. Don’t forget utilities, a commonly overlooked expense, and other charges, such as phone and Internet service, cleaning and property maintenance.

Professional fees and permits. Add up how much you’ll pay for your attorney, accountant or other advisor or consultant. Factor in what you’ll need to pay for permits or licenses related to your business.

Ready to get started? Get a worksheet and get to work

To help you along, the Better Business Bureau has put together a great starter worksheet here. If you want to get more good data on starting up, check out the UnintentionalEntrepreneur.com site for more information.

Founder Institute comes to Washington, DC

November 5th, 2009 ::

You might have heard of TheFunded.com site created by Adeo Ressi, which was very controversial at first because entrepreneurs and CEOs could share details in an anonymous way of how the venture firms and other investment sources treated them or how they are to work with in an investor relationship. Currently, it has about 12,000 members in the community has become a valuable resource for helping entrepreneurs find the right match when they are looking for an investor and know what to expect.

Because of his work with building startups and with this site, Adeo created the Founder Institute, which is in the same vein of TechStars and LaunchBox Digital, among others that have a program for startups and give them mentorship and access to investors in exchange for equity or something similar. From CrunchBase “TheFunded Founder Institute is a start-up incubator focused on grooming entrepreneurs into CEOs. Founded by Adeo Ressi, The Founder Institute is located in Silicon Valley and began its first program in late Spring 2009.”

It goes on to describe its mission: “The Founder Institute is a four month training program for both new and seasoned entrepreneurs. The Institute prepares founders to lead the next generation of world-class technology companies across a wide range industries, from the biotech to the internet. Weekly company-building sessions are guided by experienced CEOs, and they are held in the evening to allow participants to keep their day job or develop their companies during business hours. All of the program stakeholders, from the participating founders to the experienced CEO Mentors, share in the upside generated by the companies formed during the program. Participants also enjoy free services from three dozen Institute Partners, fundraising opportunities at fair market value, and a teamwork-oriented environment to build a company”.

After launching 54 companies in this summer’s Bay Area Semester, the Institute is now opening its doors to the Washington DC area for the Winter of 2009. Applications have already begun, and Institute sessions will begin in December. It will run in Washington, DC from December 1, 2009 – March 23, 2010. They recently had an informational meeting on October 13 at George Mason University. There is still time to apply for acceptance into the program so if you have a great startup, you should give it a shot!

#GrowSmartBiz Video: SmallBiz Quick Tips: SEO/SEM Randy Windsor Network Solutions

November 4th, 2009 ::

This was originally posted on GrowSmartBusiness.com and is from the GrowSmartBiz Conference held September 29, 2009:

At the GrowSmartBiz conference, Randy Windsor of Network Solutions gave a great small business tip presentation onf SEO and SEM. Check out the video below:

Leveraging the Power of Email Marketing for your Small Business – A #GrowSmartBiz Interview with John Arnold of Constant Contact

November 4th, 2009 ::

Constant Contact Logo

John Arnold has had many roles in his nearly four years with Constant Contact. For those of you not familiar with Constant Contact, it is an email marketing company that has been at the forefront of the email marketing industry for over 10 years. Many of you out there might have done an email marketing campaign while those who are new entrepreneurs this might be a thing you have heard of but don’t know much about it.

John Arnold HeadshotJohn is the author of E-Mail Marketing for Dummies and co-author of the comprehensive desk reference Web Marketing All-In-One for Dummies. John is presently the Director of Training and Certification. I recently had the opportunity to sit down with him and talk with him about Constant Contact and email marketing trends. Here is a transcript of that interview:

Steve: John, Constant Contact has been around for over 10 years and as email marketing has evolved do you think that social media has been the biggest shift in online communications?

John: Clearly social media is getting a lot of attention from marketers, and I think it’s a good idea to be aware of the possibilities and make a few moves. A very small percentage of consumers consider social media to be their primary form of communication, however. As with any emerging trend, it’s important to be involved, but as a small business you can’t afford to bet the farm on new forms of communication before majority adoption. Email is still the best choice for small businesses. Good marketing relies on evolution, not revolution.

Steve: Email marketing has evolved to include social media tools. You say that “Share This” is the new “Forward” button. What kind of advantages do these capabilities provide small businesses?

John: This is a perfect example of evolution in marketing. When you send an email, there are only three possible positive outcomes. Your audience can respond to your call to action immediately, they can save it for later, or they can share it with someone they know. Putting a “share this” button in your emails allows your recipients to easily post the emails they want to share to any social media site. This is better than forwarding because the content lives on and reaches beyond the inbox without the need to overhaul the way your business communicates.

Steve: You have been with Constant Contact for almost four years and have been know for starting up new divisions within the company. Your new initiative is Training and Certification. What is it and what is your role?

John: Constant Contact believes that if we help our customers to grow their businesses, they will reward us by being customers for a long time. This attitude extends to our products because we only develop product features that we believe will help our customers grow. This attitude also extends to our education services because we know that our customers are usually very smart and good at running their businesses, but they need help learning how to be good at marketing. Constant Contact has education services that include a distance-learning center, local seminars, hands-on product training, and certification training. My job is to develop new training and certification programs that help make our customers and business partners more successful.

Steve: Since this is about teaching the customer and empowering them, what would you ultimately like to see small businesses get from Constant Contact?

John: We want small business owners to adopt our success formula because we know it works. Constant Contact is a small business success story. The company started in an attic with only three people and zero customers and used the principles we teach to grow into a market leader and a public company. I believe that small businesses make our lives better. They drive our country and our economy. I’ll never rest as long as there are small business owners struggling to find success.

Steve: To wrap up I always like to ask a “five things” questions. So for you, what are five things a small business should do when starting an email campaign?

John: 1. Have a plan for multiple communications and a measurable objective. When you send an email, the majority of your audience will not be ready to buy for one reason or another. You’ll have to communicate an average of 7 times to get a sale so you need to plan 7-10 communications that fit together and keep people interested during the buying cycle.

2. Send to a permission-based list. People don’t like to receive emails from total strangers. In fact, they hate it and last time I checked hate is not one of the buying emotions. It doesn’t matter what you think the law says or what your ethics tell you because your audience doesn’t care what the law says or what you think about business ethics. They can also ruin your ability to deliver emails by marking your emails as spam and putting your business on a block-list. Just make sure your emails are wanted and expected by your audience before you send and you’ll avoid most negative responses.

3. Send valuable information. There are two types of value in emails. The first is inherent value and it includes things like tips, articles, expertise, opinions, entertainment, and other content that make the email valuable in and of itself. The other type of value is valuable offers or content that is valuable if the person receiving the email takes action. Valuable offers include discounts, coupons, incentives, special privileges, giveaways, and so on. I suggest an 80/20 rule when developing email content. 80% of your email content – over the course of many emails – should be inherently valuable, and no more than 20% should be promotional.

4. Track your results. Email is one of the most trackable forms of marketing. If you use an email service like Constant Contact, you’ll get a tracking report for every email you send that tells you which emails bounced and why the bounced, who viewed the images in the email, which links they clicked in the email, who forwarded the email, and who wants to be taken off your list. You can use this information for targeted follow up and to refine your strategy.

5. Remember that marketing is about people. Always remember that marketing isn’t a technology game, it’s a people game. Don’t get caught in a feature race trying to adopt new technologies before you have a handle on the effect on your customers and your business. I never want to be the first person to adopt a new technology and I never want to be the last. I recommend you test before you invest.

BlogWordExpo 2009: Tee Morris Gets SmallBizCool!

November 3rd, 2009 ::

It’s time for another #SmallBizCool from the floor of BlogWorldExpo 2009. This time around I get to talk to author, actor, podcaster, and social media legend Tee Morris about social media and security. Tee Morris is well known for his history in podcasting and social media. Tee’s most recent efforts focus on Twitter with his two books “All A Twitter”, previously reviewed here on GSB, and “Teach Yourself Twitter in 10 Minutes”.

At BlogWorldExpo 2009, Tee took a few minutes to explain why its cool to keep security in mind when working with social media and to promote his books.

You can learn more about Tee at his website teemorris.com and you can follow Tee on Twitter @teemonster

You can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways if you have been reading, and this time watching, thank you and stay wicked.

#GrowSmartBiz Video : SmallBiz Quick Tips: Brand Building 101- Anthony Pappas

November 3rd, 2009 ::

This was originally posted on GrowSmartBusiness.com and is from the GrowSmartBiz Conference held September 29, 2009:

At the GrowSmartBiz conference, Anthony Pappas of the Pappas Group gave a great 10 minute presentation on the power of brands. To see the full presentation, check out the video below:

About Anthony Pappas
As the founder of the Pappas Group, Anthony Pappas defines the overall creative direction for the company’s clients, most recently leading the rebranding initiatives of Blackboard, Inc, Discovery Education, Network Solutions, and Destination DC.

Prior to starting Pappas Group in 2003, Anthony held the position of Senior Vice President/Executive Creative Director of Proxicom’s Brand & Experience Group from 1996-2003. During this tenure, he was responsible for leading, developing and executing creative strategy and interactive marketing/design initiatives for Proxicom’s global client roster.

His accomplishments at Proxicom included being appointed Executive Creative Director after the company was named “interactive agency of record” for Mazda North America; producing the interactive campaign for the launch of MCI’s national “IP Telephony over the Web” initiative; and leading the concept creation, identity development, information design and multimedia work for more than 50 Fortune 500 clients such as NIKE, General Electric, Timberland, Merrill Lynch, Mercedes-Benz Credit Corporation, Cole Haan, Liz Claiborne, PepsiCo, MCI, Marriott, Gap Inc, Intel, Microsoft, Marriott, Quikbook.com and the Intel Travel prototype.
Prior to Proxicom, Anthony spent seven years in the “traditional advertising arena,” working with organizations such as Saatchi & Saatchi and Grey Advertising. He also did extensive art direction work in film, television and commercial industries. Clients included: McDonalds, Pepsi, Mellow Yellow, Warner Bros (Batman).

Out there raising captial? See how Mint CEO did it from seed round to acquisition

November 2nd, 2009 ::

Are you out there raising money? Have you raised money for your business in past? Well, it is hard to find good advice on how it is really done and even harder to get the details on how someone else did successfully and then sold the company.

This is why when I came across this post on TechCrunch about Mint CEO Aaron Patzer’s 45 minute presentation on building startups from the ground up I had to share. In the video below, Aaron shows how he raised and spent money, and generated revenue, throughout the lifecycle of Mint, from the very beginning to the $170 million acquisition. Michael Arrington points out that “if you are an aspiring startup entrepreneur, you’ll want to watch that more than a few times. The candid disclosures and advice he gives is rarely seen in Silicon Valley”. He is so right that I can’t even begin to tell you. The video is below and the presentation is farther down the post.

Mint CEO Aaron Patzer on Startups from Techcrunch on Vimeo.

In the presentation below Aaron shows historical slides from early presentations to investors and compares those to the actual results. Here is the presentation and it is truly revealing and from personal experience VERY accurate. This is an approach and model that every startup should study closely. Not only because they have a good model but because they built this and sold it which many are never able to accomplish.


Startup Building 101

#GrowSmartBiz Video: SmallBiz Quick Tip-Becoming an Entrepreneurial Leader Rieva Leonsky

November 2nd, 2009 ::

This was originally posted on GrowSmartBusiness.com and is from the GrowSmartBiz Conference held September 29, 2009:


Rieva Lesonsky is CEO of GrowBiz Media, a communications company offering custom content and expert insight designed to help entrepreneurs build their businesses and achieve success. Lesonsky spent 26 years at Entrepreneur magazine, where she started off as a research assistant and worked her way up to editorial director. Lesonsky is also one of the only women to ever hold a top spot at a business publication.

A native of New York, Ms. Lesonsky is the author of Get Smart and the best-selling Start Your Own Business, and co-author of the books Young Millionaires, Ultimate Book of Franchising and 303 Marketing Tips. She served on the Small Business Administration’s National Advisory Council for six years. The SBA also honored her as a Small Business Media Advocate and a Woman in Business Advocate. She is a nationally recognized speaker and expert on entrepreneurship and small business ownership, and is a regular on MSNBC’s “Your Business” program.