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Small Business News

Who Is Using Social Media, and Where Are They?

May 2nd, 2013 ::

Social media based on demographicsPew Internet released a short but incredibly useful report earlier this year called The Demographics of Social Media Users – 2012. While it’s imperative to do your own research to uncover where your customers are, use these stats as a general guideline as you plan and refine your social media marketing strategy.

Who is using social media?

By gender, race, and geography

Women tend to use social media a bit more than men – 71% vs. 62% – and Hispanics use social media slightly more than blacks and whites, clocking in at 72% (68% of blacks and 65% of whites use social media). Urbanites and suburbanites are on social media in almost equal numbers (70% vs. 67%), while 61% of those who reside in rural areas use social media.

By age

It comes as absolutely no surprise that the younger you are, the more likely you are to use social media. A full 83% of those between 18 and 29 use social media, while only 32% of those over 65 use it.

By education and income

When you look at social media usage based on education and household income, there is very little difference in usage rates. In fact, the biggest users had some college and the lowest household incomes. I am curious: Do those two stats taken together represent college and university students? Are they the biggest social media users overall? Unfortunately, the study doesn’t say.

What social media sites do they use?

In sum, this study confirms what we already pretty much know: Facebook is king, and young adults are on social media a lot.

  • Facebook: 67% use Facebook; the biggest users are young women, ages 18-29.
  • Twitter: 16% use Twitter; the biggest users are also ages 18-29, live in an urban area and tend to be African-American.
  • Pinterest: 15% use Pinterest; users tend to be white adult women under 50 with some college education.
  • Instagram: 13% use Instagram; again, it’s popular with young adults ages 18-29, but Instagram tends to be used the most by African-Americans, Latinos, and women who live in an urban area.
  • Tumblr: The smallest user base (with 6%) is used mostly by those ages 18-29.

Will these statistics change the way you use social media?

Image courtesy of 123rf.com

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The Venture Capital World Keeps Getting Smaller

May 2nd, 2013 ::

By Maria Valdez Haubrich

Are you seeking venture capital to grow your small business? Then you’ll find a little good news, but mostly bad news, in the continued consolidation of U.S. venture capital firms. Venture capital firms raised $4.1 billion from 35 funds in the first quarter of 2013, according to the latest report from Thomson Reuters and the National Venture Capital Association (NVCA).

The good news: That’s an increase of 22 percent compared to the level of dollar commitments raised during the fourth quarter of 2012. The bad news? It’s a 14 percent decrease in terms of the number of funds.

Measured in terms of the number of funds, the first quarter of 2013 was the slowest quarter for venture capital fundraising since the third quarter of 2003. In addition, the majority of the total fundraising (57 percent) came from the top five venture capital funds, three of which are based in Massachusetts (Battery Ventures X, Third Rock Ventures III and Spark Capital IV).

“The first quarter venture fundraising activity really demonstrates the contracting and consolidating nature” of venture capital today, John Taylor, head of research for NVCA, said in announcing the report’s results. “The lack of a strong exit market is keeping many funds that would like to be raising money away from investors until they can demonstrate a track record. This dynamic is keeping the number of funds raised low.”

The trend is going to continue, Taylor says, warning entrepreneurs they should be prepared for fewer funds in 2013, and noting that this will ultimately decrease investment levels from traditional firms.

The NVCA reports that there were 30 follow-on funds and five new funds raised during the first quarter of 2013, for a 6-to-1 ratio of follow-on to new funds. (A “new” fund is defined as the first fund at a newly established venture capital firm.) Based on dollars raised, follow-on funds account for 98 percent of total dollar commitments made during the first quarter of 2013. This continues a trend that’s been going on during the past five years, in which time follow-on fund dollars have accounted for a whopping 92 percent of total venture capital fundraising.

Image by Flickr user tuppus (Creative Commons)

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Web.com Small Business Tip of the Day: Homeowner Dreams Live On

May 1st, 2013 ::

Despite the recent mortgage crises of the past few years, the American dream of owning a home is still alive and well, according to a new Gallup poll. The poll shows 56 percent of Americans still own their home and plan to continue to do so, while 25 percent don’t own a home but plan on buying one in the next 10 years. Only 11 percent of Americans don’t own a home and have no plans to buy one, and just 3 percent own a home but plan on selling it and renting in the next 10 years. The continued desire for home ownership is good news for home maintenance, remodeling, decor and improvement businesses.

 

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The Future of Marketing: 3 Big Changes That Are Already Here

May 1st, 2013 ::

The Future of MarketingEach January, experts from every industry publish blog posts and articles that list their predictions of what’s going to happen over the next 12 months and how those changes will affect the industry.

This is not one of those posts – and not just because it’s May. We all know that marketing has shifted from offline to online, from analog to digital, and that marketing has become more personal.

Based on my research, there are 3 big changes that are already here but will continue to affect marketing over the next few years as they become more widespread.

1. Web and mobile sites will use responsive design to focus on the user experience

Responsive design means designing your website, tablet site, and smartphone site from one platform to keep the user experience consistent while taking advantage of each platform’s unique features.

Think about how you access the Web on each device. You navigate websites from a computer with a cursor, but you move around tablet sites by tapping and swiping. On your smartphone, you navigate a mobile site by tapping on a small screen.

What this means for you: With the explosion of tablet and smartphone use, especially when accessing email and the Web, it is critical that you have mobile and tablet sites that provide a great user experience.

2. Marketing will go beyond real-time

Ever hear of an Anticipatory Computer Engine? It will allow your smartphone to offer you relevant news, information, and recommendations based on where you are, what you’re doing, and what you’re talking about.

A San Francisco-based company called Expect Labs is developing a MindMeld iPad app, which will capture ambient audio, visual, and location-based information to interpret “meaning and intent from multiple different streams of sensor data.”

What this means for you: Yes, it’s kind of creepy, but think of it this way: one day, we will no longer have to search for information. The information we want will come to us, and, conversely, the information you are sharing online about your service will be delivered automatically to someone who is just sort of thinking about it.

3. Data will drive marketing

Analyzing and using big data for a variety of purposes will continue, but for now, there are quite a few tools at the small business owner’s disposal:

  1. Ad retargeting: Ads that appear in your browser after you leave a website without taking action (maybe you put 5 items in your Gap shopping cart but left the site without buying them).
  2. Predictive recommendations: Tailored recommendations based on products you have looked at or purchased (after you buy a book at Amazon.com, you always get recommendations for other books).
  3. Location-based social and mobile marketing: Mobile ads that appear from local retailers and merchants depending on your location (an offer from the pizza place you are about to walk by at 6pm).

What this means for you: Understanding someone’s behavior and interests helps you deliver tailored offers and messages when they are most receptive. In other words, you are marketing to people who are already qualified leads.

Are you already using some of the above technology? How has it improved your marketing?

Image courtesy of civilsociety.co.uk

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Want to Reach Affluent Consumers? Here’s How

May 1st, 2013 ::

By Rieva Lesonsky

If you’re trying to reach affluent consumers, what marketing and advertising venues work best? The newest Shullman Research Center “Survey of the Affluent,” reported in MediaPost, has some insights. The study looked at 6.7 million U.S. adults with household incomes of $250,000 or more. These high-income consumers account for just 3 percent of the U.S. population. Of these, 40 percent (3.1 million) are age 35 to 54; 31 percent (2 million) are age 55 and up; and 23 percent (1.6 million) are under 35.

No matter what the age group, Shullman found, these high-income consumers are devoted to their electronic devices and apps, and are open to advertising in almost any venue. Interestingly, when consumers were asked where they were most likely to see or hear ads that sparked some interest or high interest in their daily life, health clubs/gyms ranked at the top of the list. This was especially true for the under-35 age category, 85 percent of whom saw or heard ads in health clubs that interested them.

Next came magazines, which ranked second for all age groups. However, if you want to reach under-35 affluents, you’d best not advertise in the newspaper. While newspapers ranked third in effectiveness for the 35-to-54 and 55-plus age groups, they were the least effective means of reaching the under-35 category. Television ranked fourth in effectiveness overall and works well for all age groups.

If you’re specifically targeting under-35s, advertising in bus stops, subway stations and train stations works best; 89 percent of this age group said this advertising interested them. Looking to reach the 55-and-over club? Focus on magazines and newspapers.

When asked what type of electronic device they would keep if they could only keep one, the majority (58 percent) of these very-high-income consumers chose their smartphone. Even among the age 55-plus group, 58 percent voted for the smartphone; among the 35-to-54 group, 63 percent did. Tablets came in second, chosen by 22 percent overall.

Older consumers were more likely to use weather, e-reader, GPS/directions/maps, business and finance apps on their smartphones. Younger users were more likely to have social networking apps on their smartphones.

What do these results mean for your business?

  • Tailor your advertising to your target age group. Traditional media still work best for the older consumers, while younger consumers are more open to ads in less traditional venues such as out-of-home and health club ads.
  • Don’t stereotype. Among the very affluent, the oldest age group is equally devoted to its mobile devices as the youngest age group. Purchasing ads on business, finance or weather apps is a good way to reach these users.
  • Keep your eye on tablets. Although they’re not considered as essential as smartphones, they are rising quickly, with more than one-third of under-35 affluents indicating plans to buy a tablet in the next 12 months.

Image by Flickr user DonkeyHotey (Creative Commons)

 

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Web.com Small Business Tip of the Day: Why You Need a Privacy Policy

April 30th, 2013 ::

If you collect any kind of information about your customers online, you need a privacy policy. A privacy policy lets customers know exactly what information is tracked and tabulated and how it will be used. According to the U.S. Federal Trade Commission’s Fair Information Practice Principles, you must meet the principles of privacy protection by providing the following information in your policy: 1) Who is collecting the data; 2) The uses to which the data will be put; 3) Recipients of the data; 4) A description of what and how the data is collected; 5) Whether the requested data is voluntary or required, and what if the user refuses to comply; and 6) What steps are being taken to ensure the confidentiality, integrity and quality of the data.

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Help Your Customers Spend Their Tax Refunds—With You

April 30th, 2013 ::

By Karen Axelton

Tax time is over, and those Americans who are expecting a refund are already making plans to spend it. How? A study of Twitter feeds by IQ Agency found that as of early April, 65 percent of Americans already knew how they planned to spend their tax refunds. The result is good news for retailers, with

  • 14% planning to spend it on electronics
  • 11% planning to spend it on fashion
  • 11% planning to spend it on automotive
  • 10% planning to spend it on food and beverages
  • 7% planning to spend it on travel
  • 7% planning to spend it on events
  • 5% planning to spend it on music.

You’ll notice most of these purchases fall into the discretionary category, which means consumers can easily be swayed to buy by emotional appeals. Consider a marketing approach that does one or more of the following:

  • Focuses on the tax refund as “found money” that won’t impact the family budget if spent on discretionary items.
  • Emphasizes the “reward yourself” or “treat yourself” aspect of making these purchases.
  • Suggests making a long-desired, big-ticket purchase (such as a new TV or electronic device) that otherwise would be too costly.
  • Highlights the experiential quality of spending on vacations, events, or food and beverages, such as sharing good times with friends or making memories with the family.
  • Appeals to the sensible side by offering discounts or deals on these product and service categories to tempt consumers who may be on the fence.
  • Uses humor to sympathize with consumers’ tax time headaches and celebrate that they’re finally over.

Even for the 35 percent of Americans that IQ Agency found plan to save their refund or use it to pay bills, there could be opportunity for financial planners, insurance salespeople and advisers. With tax time fresh in customers’ minds and finances on their brains, you can:

  • Contact existing clients with suggestions for how to maximize their refund.
  • Offer to review current clients’ portfolios or insurance coverage, suggesting that refund money provides an opportunity to upgrade with “found money.”
  • Reach out to prospects by offering a free consultation as to how their refund can be the start of an investment plan or used to purchase needed insurance that they may have been putting off.

Image by Flickr user bradleygee (Creative Commons)

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Web.com is now offering forums designed to support small businesses in cities throughout the US. Learn more about these forums here: http://Businessforum.web.com/

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Web.com Small Business Tip of the Day: Fuel Prices Head Lower for Summer

April 29th, 2013 ::

How do fuel prices affect your business? Besides directly affecting your cost of shipping and receiving products, fuel prices affect how much money your customers have to spend on your business. According to the U.S. Energy Information Administration (EIA), the average price for a gallon of gas is expected to go down slightly from last year because of a small decline in crude oil prices and expected gasoline consumption, as well as higher gasoline inventory levels. Depending on where you live, the small savings could be good news for summer travelers wanting to visit your community, or the savings at the pump could mean prospects have more disposable cash to spend on your products or more services.

 

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Why Images Matter to Your Content Marketing

April 29th, 2013 ::

By Rieva Lesonsky

There’s one piece of the content marketing puzzle that many otherwise smart marketers overlook: the power of images. With visual-based social media sites such as Instagram, Pinterest and Tumblr making waves, images are more important than ever. What do you need to know about using images in your content marketing?

Images grab attention. It’s human nature to gravitate to visuals before type, so adding images to your blog posts, email newsletters, Facebook posts or tweets makes them more likely to stand out in the sea of competition.

Images provide the personal touch. These days, potential customers want to know who’s behind the business. Including photos of yourself and your employees with your content makes prospects feel like they know you, and that builds affinity and trust.

Images build brands. Be sure to regularly use images that convey your company’s brand, such as your logo, packaging, or photos of your products and your location. For example, a restaurant’s content strategy could include lots of mouthwatering photos of menu items, customers enjoying their meals or your newly redecorated dining room.

Images also provide an important way to improve your content’s rank in search engines. If you include images in a blog post, for example, be sure to tag the image with the keywords you want your business to be found for when customers do a search.

Where can you get images for your content? It’s easier than ever to capture your own photos using any good smartphone camera. However, there are times you’ll want more professional photos, or concept shots. Don’t just grab something off Google—posting a photo you don’t have the rights to could get you in legal hot water.

You can buy photos for re-use from a stock house such as Thinkstock or Shutterstock, which take care of the licensing issues for you. Just make sure that the photos they provide are licensed for the specific use you need them for. Or, search online for photos available under a “creative commons” license. These are photos whose owners allow people to post them as long as the owner is properly credited and linked to on the site. Flickr is one good site for creative commons-licensable photos.

Image by Flickr user Oyvind Solstad (Creative Commons)

 

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Web.com is now offering forums designed to support small businesses in cities throughout the US. Learn more about these forums here: http://Businessforum.web.com/

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Posted in Branding, Marketing, Small Business, small business, Social Media | 1 Comment »

Web.com Small Business Tip of the Day: Banks Optimistic About Small Businesses

April 26th, 2013 ::

If you’ve been holding off on applying for a small business loan, now might be the time to make your move. A recent survey conducted for FICO, an analytics software company, revealed 62 percent of U.S. banks are optimistic that the demands for small business loans would be met in the next six months. In addition, 89 percent of banks surveyed said the approval rate for small business loans would hold steady or increase, and 79 percent of respondents believe the delinquency rate on small business loans would remain flat or decrease in the same time period. The survey results could mean small businesses would have more capital to begin investing and hiring again.

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