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Retailers Play Wait-and-See Game With Mobile Payments

March 21st, 2013 ::

By Maria Valdez Haubrich

Has your small business already adopted a mobile payment processing option such as Square? Are you scared about the technology issues mobile payments present? Or are you eagerly waiting to see what kinds of mobile payments your customers demand? If your answer is “all of the above,” you fit right in with the predominant attitudes in the retail industry.

When it comes to mobile payments, it seems the retail industry is stuck in the middle—believing that mobile payments will be key to success in the very near future, but worried about implementation and concerned about choosing a solution that will keep customers happy. In fact, a new report on mobile payments from RSR Research says “uncertainty” about mobile payment technology was a top business challenge for 76 percent of retailers polled.

 

Overall, retailers are bullish on mobile payments. Even though just 1 percent say that mobile payments are currently the dominant form of payment in their business, almost 1 in 5 (19 percent) believe mobile payments will be their dominant form of payment in three years. The smaller retailers were more likely to believe mobile payment would be important to them. These retailers currently take most of their payments in cash, the use of which they believe will shrink as mobile options grow. (Retailers also think that debit cards will become increasingly important, while credit cards will be less so.)

Where are retailers looking for the mobile payment options of tomorrow? They’re not counting on traditional payment services providers to develop these solutions. Instead, they expect Google, PayPal and other consumer technology companies to take the lead in this arena. In fact, 63 percent say that traditional payment services providers are actually impeding progress toward mobile payments becoming ubiquitous. Many of them also expressed concerns about what types of fees such providers would charge for mobile payments.

Retailers are also following the lead of consumers. Many are waiting to see if rapid consumer adoption of smartphones for browsing and shopping will translate into similar adoption of smartphone payment technologies and “digital wallets.” Retailers are wary of taking a wrong step, and very concerned about the customer experience. More than half (51 percent) say that a consolidated, cross-channel payment processing service is crucial to their adoption.

Overall, the RSR report paints a picture of retailers poised and ready to jump on mobile payments, but hanging back until payment provider options shake out and a clear winner emerges.

Image by Flickr user Ron Bennetts (Creative Commons)

Web.com Small Business Toolkit: Infocaptor Bubble My Page (SEO Tool)

March 20th, 2013 ::

Infocaptor

If you’re having a hard time figuring out whether your SEO strategy is working and you’re struggling to make sense of your website analytics, sometimes it helps if you can visualize the data. Infocaptor’s Bubble My Page scans your website for word content and coverts the keywords into a bubble word cloud so you can see what words you’ve used often on any given page of your website. (Only the first 100,000 bytes are read from any page.) The tool is useful to help you keep on target when writing content for your site by providing an easy way to visualize whether you’re sticking to your keywords and topics.

How Can You Get Affluent Consumers to Spend?

March 20th, 2013 ::

By Rieva Lesonsky

Unity Marketing’s latest Luxury Consumption Index, which measures the spending plans of affluent Americans, shows that after a surge of optimism in October leading up to the November 2012 election, wealthy consumers are getting cautious again. The LCI lost 19.4 points in January–its second biggest loss since the first quarter of 2008.

The LCI measures the optimism that affluent consumers feel about the state of the economy in general as well as their personal financial situation. Affluent consumers are defined as the top 20 percent of U.S. households based upon income; this demographic accounts for more than 40 percent of all consumer spending, so their plans are crucial to business growth.

“Affluent consumers are starting 2013 with a dismal view of the overall economy and their personal financial situation,” says Pam Danziger, president of Unity Marketing. Here’s a closer look:

  • Skeptical About Economy: Before the election, 37 percent of affluents felt the U.S. economy was improving, but in January, just 29 percent did. Although this is still higher than the 25 percent average throughout 2012, it’s not exactly a vote of confidence in the nation’s future.
  • Pulling in the Purse Strings: More than one-quarter (28 percent) of affluents say their spending on luxury will decline over the next 12 months; in October, just 18 percent said they planned to cut back.
  • Personally Pessimistic: The largest share of affluents since the recession believe they will be worse off financially 12 months from now. “Typically affluents are an optimistic bunch,” Danziger says. “However, in the latest survey nearly one-fourth (22 percent) predict that they will be worse off in the next 12 months as compared to today.” This is the highest this measure has been since the depths of the recession in 2008.

What does the poor outlook mean for your business? Tom Bodenberg, Unity Marketing’s chief consumer economist, offers this advice: Reposition luxury goods as a value proposition.

“That means to keep the luxury image and connotations (advertising creative, packaging, media and service), but communicate (in a very implied, almost one-to-one way) affordable pricing,” he explains.

Your goal, Bodenberg says, should be an “almost subliminal” positioning of value. “The current cultural climate can’t support showy displays of luxury,” Bodenberg warns. Affluents still want brands that offer quality and value, but they don’t want to trumpet the luxury factor—instead, they want to feel that they’re making smart buying decisions.

Image by Flickr user (Creative Commons)

 

Web.com Small Business Toolkit: Brilliant Businesses Contest (Video Contest)

March 19th, 2013 ::

Brilliant Businesses Contest

Up to your neck in expense receipts and other tax documents? After you’ve done your homework and checked out My Corporation’s Small Business Tax Guide and Notable Tax Changes for 2013, celebrate your business by entering the Brilliant Businesses video contest sponsored by My Corporation. Simply submit a video of two minutes or less explaining your business, what you do, or what makes your business unique. Think of it as a commercial for your business. You have a chance to win $1,500 and have your business featured on the home page of the website. Don’t delay: The deadline for entries is March 29, 2013.

 

Event Marketing for Small Businesses Part 2: Planning and Promoting Your Event

March 19th, 2013 ::
This entry is part 1 of 2 in the series Event Marketing Series

eventEvent marketing is not for just big companies with large staffs. Small businesses can host or participate in events, too – just on a smaller, more intimate scale.

In my previous post in this series, I talked about why and how to do event marketing. Now that you’ve decided whether to host a seminar, roundtable, or breakfast/lunch/dinner, it’s time to plan and promote your event.

Planning a Seminar

  • Choose your topic and invite partners to participate
  • Brainstorm with your partners on the best, most timely topics to cover and how long each person will speak
  • Nail down the agenda, location, time, and cost
  • Task your partners with organizing pieces of the event so you don’t have to do everything
  • Work with the events manager at the site on logistics – check-in, room set-up, food and beverages, audiovisual needs, etc.
  • Set up event registration and payment online using Eventbrite or Cvent

Planning a Roundtable

  • Choose your topic and invite partners to participate
  • Nail down the agenda, location, time, and cost
  • Work with the events manager at the site on logistics – room set-up, food and beverages, audiovisual needs, etc.
  • Set up event registration and payment online using Eventbrite or Cvent

Planning a Breakfast, Lunch or Dinner

  • Put together an invite list; you can invite customers, prospects, partners, or a mix of all three
  • Reserve a private dining room at a favorite restaurant
  • Work with the events manager on the menu

Promotion

If you are working with partners, pool your contacts to send out email invitations and reminders from one central location; this will also make tracking responses easier.

Email Invitations

So as to not bombard people with email, send out an invitation a month ahead of time and a reminder a week or two later. Send a final reminder within a week of the event to encourage last-minute registrants, and one the day before the event to remind registrants about it.

Besides including the pertinent day/time/location/cost information, stress the benefits of attending, make it clear how to register, and give an overview of the agenda.

Leverage social networks

You and your partners (if applicable) should promote the event on LinkedIn, Twitter, and Facebook – and on any other social media networks you use. You can also write a blog post about it and publish it on your site – it’s a great way to get more detailed information about the event out there.

Get listed on calendars

In the DC area, there are numerous online event calendars you can get a free listing on, from local papers to industry-specific sites. If you don’t know of any in your area, just do a search for “online events calendar in [your area]” or ask your network.

Send out a press release

Send a press release to local journalists and bloggers, and invite them to attend for free. In your press release, be sure to explain why your event is particularly newsworthy and worthwhile to attend.

In the final post for this series, we’ll take a look at what to do during and after your event. What are your favorite events to attend, and why?

Image courtesy of commons.wikimedia.org

Restaurant Owners Are Bullish on Their Industry

March 19th, 2013 ::

By Karen Axelton

Restaurant owners are feeling optimistic heading into the spring and summer seasons, and The National Restaurant Association’s latest Restaurant Performance Outlook reflects that enthusiasm, reaching a five-month high in the latest survey in January.

Restaurateurs’ outlook for same-store sales, capital spending and the economy as a whole all improved in January, pushing the RPI (a monthly composite index that tracks the health of the U.S. restaurant industry) to 100.6, up 1.0 percent from December and its highest level since August 2012.

An RPI above 100 means key industry indicators are in a period of expansion; an RPI below 100 means key industry indicators are contracting. The Index measures two components – both the Current Situation and the Expectations.

The Current Situation component measures current trends in same-store sales, traffic, labor and capital expenditures. The Expectations Index measures restaurant owners’ six-month outlook for same-store sales, employees, capital expenditures and business conditions. The Current Situation index was 99.7 percent, while the Expectations Index was 101.6—both an increase from the prior month.

Although there was a lot of uncertainty at the end of 2012 during the “fiscal cliff” standoff in Congress, restaurant operators’ outlook for sales growth has improved since then.  Forty-six percent of restaurant operators believe they will have higher sales in six months than during the same period in the previous year. That’s an increase from 37 percent last month, and the highest level measured in seven months.  Meanwhile, just 17 percent of restaurant operators believe their sales volume in six months will be lower than it was during the same period in the previous year—about the same as the 16 percent who felt that way last month.

Restaurant operators have a net positive outlook about the overall economy for the first time in four months.  Thirty percent of restaurant operators say they expect economic conditions will improve in six months, up from just 17 percent last month.  Twenty percent say they expect economic conditions to get worse in the next six months—a decline from 29 percent who said this last month.

Restaurant owners are planning to put their money where their mouths are, with more of them planning capital spending in the coming months. More than half (59 percent) say they will make capital expenditures for equipment, expansion or remodeling in the next six months, an increase from the 50 percent who reported such plans last month.

Image by Flickr user Willem! (Creative Commons)

Web.com Small Business Toolkit: PR Log (Press Release Distribution)

March 18th, 2013 ::

PR Log

Press releases still have the power to get you the marketing results you want, but how to get the release in front of the right eyes is always a challenge. PR Log is a free press release distribution service that users have found to get good Google search results. PR Log feeds to 40,000 RSS feeds so your release will make it to related sites. You can also add live links, videos and photos to add vibrancy to your releases. Social media integration is key, and PR Log can help you get the word out plus create daily and weekly alerts. Need some advice on how to craft a press release? Check out the helpful outline provided.

Event Marketing for Small Businesses Part 1: Getting Started

March 18th, 2013 ::
This entry is part 2 of 2 in the series Event Marketing Series

eventSo much of our life is now digital, conducted online and not with people. Many of us small business owners also work from home with limited-to-no regular, in-person contact with our clients – and that’s where event marketing comes into play.

Hosting or participating in an event is a unique, one-on-one experience that puts you in front of current and potential customers. There’s a reason people flock to big industry trade shows and conferences like SXSW (which encompasses film, interactive, and music):

  • Events are a great way to get to know each other better, put a face and personality with a brand, and build a community.
  • There’s a lot of serendipity involved – you never know who you are going to meet or get introduced to. At SXSW last year, I met Tony Hsieh and Steve Case, and I sat next one of the top venture capitalists in the country. (I also saw Willem Defoe – pretty cool!)
  • People like to do business with people they know and like, so cementing a relationship in person can turn a lukewarm relationship into a long-term, mutually beneficial one.
  • Unlike an email campaign, an event can make a lasting impression and leave people talking for a long time.

Event marketing is not limited to huge, days-long events of course. For a small business owner, it makes more sense to host or participate a smaller event for obvious reasons – time, expense, effort, noise, and quality of interactions.

Three types of events that are most useful for small businesses to either host or participate in include:

1. Seminars

Seminars can be one hour long or a half- or full-day event. Unless you are famous or widely recognized as an expert in your field, you might want to pull in partners for day-long events. With partners, you can each talk about your specific area of expertise around one topic – and attract more attendees.

2. Roundtables

A roundtable can be part of a seminar, or it can be a stand-alone event. Either way, attendees get to ask questions of a panel – all composed of experts – and learn how to do something better or get industry-insider knowledge.

3. Breakfasts, Lunches, or Dinners

Hosting a breakfast, lunch, or dinner is like networking on an intimate scale. It is a terrific opportunity to bring together a small group of people who can learn from each other and possibly work together – customers, prospects, partners, vendors, or a mix. Plus, you get to know everyone better!

Before you start planning an event, there’s one thing you have to do first: Decide why you are hosting the event so you can set goals. You can host an event to:

  • Increase branding and awareness
  • Generate leads
  • Engage with your customers
  • Educate attendees
  • Some of the above
  • All of the above

Whatever your goal, ultimately you want to grow your businesses by landing new customers.

In my next post in this series, we’ll look at how to promote your event. Til then, if you’ve hosted an event, what kind of event was it and what made it successful?

Image courtesy of commons.wikimedia.org

America’s Stressed Out. Here’s How You Can Help (and Profit)

March 18th, 2013 ::

By Rieva Lesonsky

When you think of “stressed-out” consumers, do you picture a frazzled CEO rushing from meeting to meeting while answering emails on one smartphone and holding a conversation on another? Well, you might need to refresh your visual to include a stressed-out teenager. That’s right: According to a new study from the American Psychological Association (APA), younger people are more likely than older ones to report high stress levels.

The study, Stress in America, found that while Americans of all ages report higher stress than they think is good for them, Millennials (ages 18 to 33) and Gen Xers (ages 34 to 47) reported the highest average stress levels.

On a 10-point scale where 1 is “little or no stress” and 10 is “a great deal of stress,” both Millennials and Gen Xers report an average stress level of 5.4. That’s much higher than Boomers’ (age 48 to 66) average stress level of 4.7 and Matures’ (age 67-plus) average stress level of 3.7.

Of course, you can’t avoid stress entirely, so the study asked respondents how much stress they felt was healthy, then measured the difference between what they saw as “healthy stress” and what they actually experienced. Younger generations had a bigger gap: The difference between Millennials’ stress levels and their perception of healthy stress was 1.4 points, compared with 1.6 points for Gen X, 1.3 points for Bommers and 0.7 points for Matures.

Stress is on the rise for everyone: Thirty-nine percent of Millennials say their stress has increased in the last year, as do 36 percent of Gen Xers, 33 percent of Boomers and 29 percent of Matures. But what’s stressing us out differs from generation to generation. Not surprisingly, work, money and job stability are the biggest sources of stress for Millennials and Gen Xers, while health issues affecting themselves and family members are the biggest stressors for Boomers and Matures.

In the past five years, a majority of all age groups have tried to reduce their stress, but while Boomers and Matures are succeeding fairly well at doing this, 25 percent of Millennials and Gen Xers admit they are falling short. They’re also more likely to use unhealthy behaviors, such as drinking, smoking or overeating, to manage stress. Interestingly for businesses, 19 percent of Millennials and 13 percent of Gen X said they shop to manage stress.

What does this trend mean to you?

  • A marketing message emphasizing how your product or service can lessen stress, help manage stress, or be a well-deserved reward for a stressful day will resonate with all age groups.
  • However, be aware of the different types of stress affecting different age groups. Work-related stress is a hot button for younger consumers, while health and wellness are trigger issues for older ones.
  • Make sure your customer service creates less, not more, stress for your clients. If buying from you is easy and pleasant, they’ll come back again and again.

Image by Flickr user BLW Photography  (Creative Commons)

Web.com Small Business Toolkit: ZOHO Projects (Project Management)

March 15th, 2013 ::

ZOHO Projects

Even for the smallest businesses, project management tools make keeping organized and on schedule a cinch. If you need to share progress or files with partners, employees or clients, an online project management program can help your team work together more efficiently. ZOHO Projects works with Google products like Gmail and Google Drive and also has a mobile app available. ZOHO Projects is free for one project and if you need less than 10MB of storage. The next level of subscription is $199 for a year with 5GB of storage and unlimited projects.



 
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