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Small Business Success Index 5

Index Score*   Grade
73 marginal
Capital Access 67
Marketing & Innovation 65
Workforce 76
Customer Service 88
Computer Technology 75
Compliance 92
*Index score is calculated on a 1-100 scale.
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Small Business News

5 Sure-Fire Social Media Tips for Small Businesses

January 24th, 2012 ::

5 social media tips

If you’re struggling with your small business’s social media strategy, turn to these tried-and-true tips for taking your strategy from stalled to stellar in no time at all.  Here are five tips that put your social media activities to work:

1.  Just Be Yourself

Plenty of marketers post multiple updates per day on places like Facebook, offering their followers links to their recent blog posts and tips for succeeding in business.  How can you stand out from the crowd?

Being yourself and allowing your personality to shine through your social media communications can help you get the attention and interaction that will boost marketing success.  Let your followers and fans know there’s a real, live person behind your posts by sprinkling in personal touches.

For example, posting pictures of your latest culinary masterpiece, or other creative endeavors, adds a fun element to an otherwise “just business” profile.  If you’re heading out to cheer on your favorite sports team, or you heard something hilarious (but PG-rated) on the subway that your followers might enjoy as well, share them with your online community.   These personal touches keep things fresh and are excellent conversation starters, so be sure to use them in addition to your regular wall posts.

2.  Find Your Place Online

As a small business, you know you have to prioritize your resources carefully, including which social networks you devote time and energy to.  Having your business on multiple social media profiles, but only giving them partial effort, won’t cut it.  You need to determine where your customers are, and then devote all your effort to that network.

Use Follower Wonk or Facebook’s advertising platform to find out where your target audience is most concentrated.  Then, invest all your resources building a loyal following there, and engage your community by giving it the attention it deserves.  Your good work here will help you build a case for expanding your reach (and the necessary resources) on additional sites as you grow.

3.  Generate Leads With Facebook

Once you’ve begun engaging your Facebook community, why not leverage your page to generate leads?  Facebook offers small businesses new ways of building their lists of qualified leads.  For example, you can offer an opt-in strategy directly on your page by using iFrames to create a custom welcome tab.  This tab should include a two-step process called a “reveal tab.”

Step 1:  Create a call to action to encourage new visitors to Like your page.

Step 2:  After visitors Like your page, offer them a giveaway for providing their name and email.

Following this simple two-step model will help you increase both your fan base and lead list–now, that’s efficient!

4.  Make the Most of Video

Using video is a creative and interactive way to get your small business to the top of search results, and social media can help.  Google and other search engines use video to decide which pages should be displayed first, but you must tag, title and publish your videos correctly to get their full SEO benefits.

One way to add video marketing to your social media strategy is by creating a custom channel on YouTube.  This is super easy to do.  Think about what problem your business solves for its customers, and create a series of short instructional videos related to this problem.  Use the videos to show how your business can help customers, and try adding testimonials from current customers as well.  For the best videos, use humor and graphics to communicate your messages, and keep it under three minutes.

5.  Do The Hard Work

To stand out in a sea of content, sometimes you have to get down and dirty.  What information do your customers really want to know?  If you’re willing to solve your customers’ hardest problems and answer their toughest questions, your content will be linked to and shared.  This activity will get you higher search rankings and more followers/fans on Twitter and Facebook.

Think about the most difficult and interesting customer questions, and create a list.  Every time you sit down to write, use one of these questions as a starting point.  Be honest, do the extra research required, and strive to help customers with their challenges.  Then, publish your content and promote it on all your social media platforms.  Doing this consistently will earn you significant results.

If you follow these five tips, you should start to see the payoff of your efforts rather quickly.  Do you have additional tips that have taken your small business social media strategy from mediocre to outstanding?  Share them with us by leaving a comment below.

Image courtesy of creative design firm Arrae

2011: A Good—and Bad—Year for Venture Capital

January 24th, 2012 ::

By Maria Valdez Haubrich

The fourth quarter 2011 data from the National Venture Capital Association is in and there is good news and bad news about the venture capital industry.

The good news is that the amount of money venture capital firms are investing is on the rise; the bad news is that the number of venture capital funds out there is declining. In the U.S., 38 venture capital funds raised a total of $5.6 billion in the fourth quarter of 2011, representing a dollar increase of 162 percent but a 41 percent drop in the number of funds compared to the third quarter of 2011. (In that quarter, 64 funds raised $2.1 billion.) This quarter marked the lowest number of funds raising money since the third quarter of 2009.

In all of 2011, U.S. venture capital fundraising totaled $18.17 billion from 169 funds. That’s a 32 percent increase by dollars compared to 2010, but the same number of funds.

“This past year we saw more venture capital money raised by essentially the same number of firms, a sign that consolidation within the industry is continuing,” said Mark Heesen, president of NVCA, in announcing the data. “We also continued to invest more money in companies than we raised from our investors. Both of these trends – if they continue — suggest that the level and breadth of venture investment is starting to recalibrate to reflect a concentration of capital in the hands of fewer investors. Our cottage industry is indeed getting smaller still and that will impact the startup ecosystem over time.”

How will this shakeout affect small businesses? Consolidation in financial industries generally makes it harder for smaller companies to get backing, as bigger funds with more dollars to invest are more likely to look for high returns and less likely to take risks on smaller firms without a high potential for ROI.

At the same time, a shakeout is also occurring in the IPO market. The NVCA recently reported that in 2011, 52 venture-backed companies went public, representing a value of $9.9 billion. That’s a 31 percent decrease in volume, but a 41 percent increase in dollar value compared to the previous year.

In other words, with both venture capital investment and venture-backed IPOs, the trend is toward fewer and bigger players, meaning bigger—but fewer—deals.

Image by Flickr user photosteve101 (Creative Commons)

Small Biz Resource Tip: Office2 HD

January 23rd, 2012 ::

Office2 HD

Getting used to your new iPad and can’t wait to try out all the nifty apps available to you? If you’re looking for an app to help you read and/or create a word processing file, slide deck or spreadsheet, check out Office2 HD. You can also work on an important PowerPoint presentation right from your iPad with Office2 HD. The app lets you work with Google Docs, store and transfer files, save files in a PDF format and print wirelessly. And, if you connect an external keyboard, even text-heavy editing becomes a breeze.

Mobile Marketing and More: 5 Effective Marketing Moves for 2012

January 23rd, 2012 ::

 

By Rieva Lesonsky

Are you ready to revamp your marketing mix for 2012? Check out Practical Ecommerce’s picks for five smart marketing tactics to try now.

Text marketing: With more Americans using mobile devices and texting, text messaging (also called SMS) is going to grow in importance. One way it will be used is to target offers to customers more specifically by finding out exactly what they want. How would it work? For example, a clothing retailer could text customers an offer for a $5 off coupon if they answer the question, “What’s your favorite clothing item to shop for?” If the customer answers “Shoes,” you’d know to send them special offers for shoes going forward. You can also use SMS to send limited-time offers such as “flash” sales.

Mobile commerce: We saw during the holidays that mobile commerce is hot and getting hotter. The growth of tablet sales will only accelerate this trend. Even if your website is optimized for mobile use (and many still aren’t), there is more to be done, especially for e-tailers. Practical Ecommerce advises e-tailers to “integrate up-selling, cross-selling, and similar online merchandising into the smartphone-friendly versions of their sites.”

Subscription sales: Subscriptions aren’t just for magazines and newspapers anymore. The subscription model, in which consumers or businesses pay a pre-set monthly or annual fee for products or services, is great for businesses because it means a recurring income stream. Setting subscriptions up to renew automatically unless the customer turns them off can lessen attrition. While most of us are familiar with and use subscriptions for things like cloud storage services or cell phone minutes, the trend is moving into different arenas. Practical Ecommerce cites the example of Manpacks, a company that lets men subscribe to underwear, socks, shirts and shaving kits delivered at regularly scheduled intervals (kind of like an “underwear of the month club”).

Triggered emails: Triggered emails, which are sent in response to a certain customer behavior or interaction (such as abandoning a shopping cart), were a hot tactic in 2011 and promise to continue strong this year. You can trigger emails for all kinds of events, such as emailing customers offers for discounts on their next purchase if they review a recent purchase.

Video content: I’ve been reading about the importance of video content for a while now, but many small businesses still aren’t taking advantage of this marketing method. With YouTube the second most popular search channel after Google, and the average American watching 20 hours of online video per month, the demand is out there. Videos help your site rank higher in search engines and are popular on social media. Consider a video that demonstrates your product, shares your expertise or spotlights your loyal customers.

Image by Flickr user squidish (Creative Commons)

 

 

Small Biz Resource Tip: Onavo

January 20th, 2012 ::

Onavo

Too many apps slowing down your smartphone? Onavo is a free service that can help you control your mobile date usage by compressing the amount of data used by your favorite apps. You won’t notice the compression, and it won’t slow down your apps. Once Onavo is installed, you can go back to normal usage and double or triple the space available to install even more apps. Onavo also breaks down the usage of each app, so you will know which apps are costing you money and can decide which apps are worth keeping and which to get rid of. Available for iPhone, iPad or Android.

What Do Consumers Expect When They Engage With Your Business on Social Media?

January 20th, 2012 ::

By Rieva Lesonsky

What consumers want when they engage with your brand on social media is often very different than what you think they want, according to a new study by The CMO Council and Lithium. The study, “Variance in the Social Brand Experience,” polled more than 1,300 consumers and more than 100 marketers and found that, by and large, businesses aren’t giving consumers what they want.

More than half (55 percent) of consumers say they interact with brands on social networks primarily to learn about new products. But the biggest group (65 percent) do so to enter promotions or contests or to play games. About one-third use social media to share positive experiences with a company, and 25 percent use social to connect with other fans of a brand.

Consumers have high expectations when they interact with businesses on social media. They expect to get answers to questions or complaints within 24 hours, with 22 percent of consumers seeking instant responses and 19 percent seeking a response within a few hours. As for what they expect to get in return for following or liking your business:

  • Exclusive offers (67 percent)
  • Games and contests (65 percent)
  • Opportunity to interact with other customers (60 percent)

While consumers are focused on offers, games and chances to get a reward, marketers, in contrast, think consumers “like” their brands just because they like the content they find online, to get news and information about the brand, or to make their voices heard. Just 27 percent thought customers followed their brands in order to get special offers—and only 22 percent of marketers actually offer special promotions or deals via social media.

What’s the takeaway? Sure, your fans and followers want to learn more about your company, and they do want to connect with their fellow fans. But as the old advertising truism goes, their biggest concern when liking you on social media is “What’s in it for me?” Unless your social media strategy offers something of concrete value to them, you’re likely to find your fan base becoming less and less engaged, as they move to competitors who give them more of what they’re looking for.

Image by Flickr user birgerking (Creative Commons)

 

Small Biz Resource Tip: Multifunding.com

January 19th, 2012 ::

Multifunding.com

Is your bank small business friendly? Do you want to find out all your options for a small business loan? Multifunding.com was founded by Ami Kassar, a leader in financing for small businesses, and was created to help entrepreneurs find the best financing options available on an individual basis. Applicants simply call to describe their financing story; Multifunding will create a proposal with the best possible options for you. If you decide to move forward, Multifunding will help you create the best possible application and walk you through the loan process. You don’t pay unless you get the loan. Plus, a new tool on Multifunding.com grades 6,800 banks across the U.S. using data from the FDIC.

 

Will Google+ Become a Social Media Powerhouse?

January 19th, 2012 ::

Google+ vs Facebook

Since the launch of Google+ last year, Google’s answer to Facebook has gotten its share of buzz.  According to Google+ for Dummies author Jesse Stay, Google+  is positioned well to do everything it has promised to do, and more – to become a true social media powerhouse.  Here’s why:

Total Google Integration

The +1 button has penetrated the web, and we are just seeing the tip of the integration iceberg.  Google is working to integrate its social network across all its products, even going so far as to kill off products that aren’t Google+ friendly.  Those products that are capable of cross-integration are getting tweaked to perform well with the social media platform.  Even Google’s flagship product, its search engine, has joined Team Google+.  Now, you can even see what your friends have +1′d in your Google search results.

Sharp Focus on the Product

According to Stay, the entire Google team is sharply focused on developing and improving Google+, including its integration into existing Google products, as I mentioned above.  Google is releasing new features every week, each one adding up to the summation of a social media game changer.  As more time and resources are invested into Google+, it’s clear that the company is putting lots of eggs into this basket.  This focus and investment bodes well for the future of Google+.

Fueled by Facebook Competition

Once Google+ was fully launched and steadily growing its user base, Facebook must have looked back and caught a glimpse of the new kid on the block gaining ground–and threatening its market share.  Needless to say, the two have been in fierce competition ever since.  This competition is benefiting the consumer, as each network tries to one-up the other, making rapid improvements to both products.  Google+ is benefitting from this early-stage competition, as it gets the opportunity to work out any kinks as soon as possible.

Tighter Niche Marketing Capabilities

With the addition of Google+ Pages, marketers have new opportunities for communicating with customers on social media.  They can separate audiences into circles and target messages to specific circles only, creating unparalleled custom communications in social media.  Google+ is offering marketers what has often alluded Facebook–increased privacy and personalization for their social media marketing campaigns.

Primed for Mobile

Google+’s position as a major player in mobile might be the most convincing reason the social network is here to stay.  Google owns Android, which will create powerful synergy between Google+ and mobile capabilities.  According to Stay, soon Google+ will likely be integrated into the operating system of all Androids, making it a native feature of any Android-powered device.  Users will have access to enormous sharing capabilities by default.

For example, when you take a photo with your phone, you could very easily share it on Google+.  Also, you could organize your contact list into circles, and all Google+’s location-sharing features will be native to your device.  Simply put, Google’s relationship with Android guarantees that wherever you go, Google+ will help you share your life with everyone in your circles.

Are you using Google+ for business?  What advantages do you find that make the network worth investing in for a long-term social media strategy?

Image courtesy of creative design agency Arrae

President Obama Proposes Consolidating Business Agencies

January 19th, 2012 ::

By Karen Axelton

President Obama has requested authority to streamline U.S. executive agencies and announced plans to begin with trade-related agencies including the Small Business Administration, Bloomberg reports. Dubbed the Consolidation Authority Act, the proposed legislation would give the President executive authority to streamline the executive branch. This power last held by Ronald Reagan in the 1980s.

The president has said the goal is to shrink government and save money, and asked Congress to “fast track” the proposal for a vote within 90 days. If the plan is authorized, the president would start by replacing the Commerce Department with a new agency that will consist of four units: trade and investment, including enforcement, financing and promotion; small business and economic development; technology and innovation, including the patent office; and statistics. The new agency would include the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corp., the Trade and Development Agency and the SBA.

“Small businesses often face a maze of agencies when looking for even the most basic answers to the most basic questions,” says the White House website. “There is a whole host of websites, toll-free numbers and customer service centers that at times offer them differing advice. The result is a system that is not working for our small businesses. The President is proposing to consolidate those six departments and agencies into one department with one website, one phone number and one mission—helping American businesses succeed [and creating] one department where entrepreneurs can go.”

As to what that might mean for the SBA, one piece of good news for that agency is that the president has elevated SBA Administrator Karen Mills to a Cabinet-level position (he can do this without Congress’s approval).

A study by the Government Accountability Office in March 2011 found that the federal government’s economic development programs are “fragmented” and was unable to measure their efficiency and effectiveness. It’s estimated that consolidating agencies would eventually eliminate 1,000 to 2,000 federal government jobs through attrition and would save $3 billion over 10 years.

The proposal would have to be approved by Congress, and both Democrats and Republicans have expressed guarded feelings about the idea. In particular, both Republican and Democratic chairs of the committees that oversee trade policy objected to the proposal to move the U.S. Trade Representative’s office to a new department.

Small business advocates aren’t gung-ho for the idea, either. Todd McCracken, President and CEO of the National Small Business Association expressed the views of many when he told the Huffington Post Small Business, “There simply aren’t enough details available yet to know if this will be a net win or loss for small business. On the one hand, reorganizing federal agencies to create a ‘one-stop-shop’ for America’s small businesses could streamline processes and make accessing information and assistance much easier. On the other hand, such a reorganization could minimize the emphasis placed on small business by the federal government and lead to an even greater imbalance toward promoting the interests of large businesses over those of small business.”

Image by Flickr user Tom Lohdan (Creative Commons)

Small Biz Resource Tip: Knoodle

January 18th, 2012 ::

Knoodle

If you need to create a training program for employees or customers that incorporates PowerPoint, videos, voice-overs, surveys and more, consider Knoodle. With Knoodle you can create customized presentations to engage your audience and interact as much or as little as you want. Consider doing your online training with Knoodle or even creating an HR presentation for new hires. Your Knoodle sales presentations will stand out, and you can also add a social element with chat boxes for anyone who might have a question or comment. Plus, real-time analytics let you know if your message is getting through.



 
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