Posts Tagged ‘Business Development’
January 22nd, 2013 :: Maria Valdez Haubrich
By Maria Valdez Haubrich
How does your small business’s marketing budget for 2013 compare to that of your competitors? A new survey by StrongMail has some insights. Overall, businesses are bullish on marketing for 2013, with a total of 89 percent saying they will either increase or maintain their level of marketing spending in the coming year. (Some 45 percent will increase their marketing budgets and 44 percent will keep them the same.)
Email marketing, social media and mobile marketing will be the main focus of investment this year. More than half (55.5 percent) of marketing executives report plans to spend more on email marketing campaigns in 2013; 51.8 percent say they will spend more on social media; 42.8 percent say they will increase spending on mobile marketing; and 39.8 percent will boost spending on search marketing.
Two-thirds of the companies in the survey report they will spend more on mobile marketing programs such as mobile apps (39 percent) and SMS alerts (21 percent). Overall, mobile marketing spending will increase by 11 percent compared to 2012.
When it comes to social media, where are marketers putting most of their efforts? Facebook dominates, with 60 percent of businesses saying Facebook is the most valuable social media channel for them. Twitter and YouTube ranked second and third, respectively. Google and Pinterest were somewhere in the middle, cited by 31 percent of marketers, while Yelp, Instagram and LinkedIn brought up the rear.
Email is a strong area of growth for marketers, who plan to use it for a variety of purposes this year. While at one point some experts were predicting that social media would make email obsolete, marketers are figuring out email’s value in growing their social media presence and customer engagement. That’s reflected in the 46 percent who say they will spend more on emails to drive growth to their social media channels, such as Facebook or Twitter. In addition, 38.8 percent will spend more on promotional emails, and 34.7 percent will spend more on email newsletters.
Where aren’t marketers spending? Direct mail, trade show participation and traditional advertising will take the biggest hits. Some 37.4 percent report they plan to cut spending on direct mail, 33.6 percent will cut back on trade show spending and 23 percent will decrease spending on advertising in 2013.
You can view a PDF of the full survey results here.
Image by Flickr user Jay Freshuk (Creative Commons)
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Tags: Business Development, Email marketing, Marketing, sales process, Search Marketing, small business, social media
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January 17th, 2013 :: Rieva Lesonsky
By Karen Axelton
As you prepare your small business for greater success in the coming year, be sure to take a look through trendspotting company JWT’s list of 100 Things to Watch for 2013. While you’ll want to peruse the whole list at leisure, here are a few that stood out to us as of interest to business owners:
- Allergen-free foods: JWT cites a 2011 study showing that as many as 1 in 12 American children may have a food allergy. That’s twice as high as previously believed. In 2013, JWT predicts that “allergen-free” will become as ubiquitous as gluten-free, with more food manufacturers, restaurants and retailers devoting themselves to allergy-free meals and snacks.
- Ambushed by Amazon: Is Amazon today’s Wal-Mart or Barnes & Noble? Like those mass merchants before it, the ecommerce giant is threatening to run all types of independent retailers out of town. With same-day delivery currently being tested in some cities, its Amazon Flow app that shows shoppers in your store how much the same product costs on Amazon, and everything from luxury jewelry to food for sale, Amazon is a major “disruptor” that retailers and etailers will have to take into account. Latest news? It’s reportedly considering opening brick-and-mortar stores
- Appcessories: Accessories are taking on high-tech functionality, turning into “appcessories.” Whether it’s smart eyeglasses, wristwatches or wristbands that integrate with tech toys, or even gloves and socks with RFID tags or embedded microphones, companies are creating dozens of ways for consumers to integrate technology into their clothing and accessories.
- Coaching brands: Companies now have the ability to gather unheard-of reams of data about their customers. In 2013, they’ll increasingly use that data to “coach” their customers on how to do things better, provide personalized recommendations for products and services, and otherwise provide customized assistance to help clients improve their lives.
- Hyper-personalized customer service: In a closely related trend, businesses in some industries are using information about customers to provide extremely personalized service. For example, restaurants can log details about customer preferences and then provide “the usual” cocktail or a gluten-free menu without the person even having to ask. As technology enables bigger companies to provide the kind of personal touch that used to belong to small companies, your firm will have to find new ways to keep pace.
- Dads in the aisles: With women working outside the home and the number of stay-at-home dads multiplying, more marketers that used to focus
on moms will need to include dad as well. Whether you sell cleaning supplies, household products and décor, children’s clothing or food, you will need to market to men and take into account how they like to shop, buy and spend.
Read the full report for 94 more thought-provoking trends.
Image by Flickr user Steve Bowbrick (Creative Commons)
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Tags: 2013 trends, Business Development, Customer Service, Innovation, small business, Technology
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December 27th, 2012 :: Maria Valdez Haubrich
By Maria Valdez Haubrich
As 2012 draws to a close, how are you going to make sure 2013 is an even better year for your small business? One way is to pull your business plan out of the drawer (or up from your laptop) and take a look at it.
Many of us write a business plan when we first start our business, then put it away and never look at it again. Or perhaps you started your business without writing a formal plan, and it caught on so fast you didn’t need one (or so you thought). Unfortunately, without a “compass” for your business, you may find yourself ending up other than where you planned.
While in the past writing a business plan was a dreaded task, it’s become a lot easier with the advent of easy-to-use business plan software. (Check out MasterPlans, one of this site’s partners, for starters.) If you’ve never written a plan for your business, plugging your business’s information into these tools will give you a feeling of accomplishment and whet your appetite to actually complete your plan.
If you have written a business plan in the past, pull it out and go through each of the sections:
- Company Description: Is this still accurate as to your form of business? Update your company history and any other information. If your business model has changed, spell out how and why.
- Product or Service: Is the description of what you sell and the benefits to the customer still current?
- Market Analysis: If your market, competition and target customers have changed, which they undoubtedly have, you’ll need to do some new market research and update this section.
- Strategy and Implementation: Again, make sure your business strategy and the steps you will take to implement it is accurate and detailed, including dates, budgets and responsibilities of the management.
- Management Team: Update this section as needed to reflect current roles, responsibilities, skills and accomplishments. Your team probably has a lot more under your belts than when you started your business.
- Financial Analysis: Make sure financial statements are current and accurate.
Last, but not least, go through your Executive Summary and make sure it clearly reflects your business’s current position and future goals.
Still can’t bear to do your own plan? Get help from MasterPlans, one of this site’s partners, to have your plan professionally written or updated.
With your new plan in hand, you’ll have a useful guidebook to get you through 2013 in a more profitable fashion.
Image by Flickr user Calsidyrose (Creative Commons)
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Tags: Business Development, business plan, sales process, small business
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November 27th, 2012 :: Maria Valdez Haubrich
WebPort Global
Participating in a B2B marketplace can help your business grow and thrive by enabling you to make crucial connections. WebPort Global was conceived and built as a customizable platform to help form trusted relationships and collaboration for small and midsized businesses. Use WebPort Global to improve marketing strategies, work together on projects, share documents and more. You can also connect with others to share expertise, advice and information. Try it for 30 days free; after that, membership is $29 per month. The WebPort Global blog community features experts who share their perspectives on business, global trade and marketing news.
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Tags: Business Development, Marketing, networking, Resources, small business, Technology
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November 26th, 2012 :: Maria Valdez Haubrich
Skype in the Workspace
One of the ways Microsoft has taken their acquisition of VoIP leader Skype and expanded its services was to create Skype in the Workspace. Promoting the site as “the place for your business to share ideas and connect using Skype,” Microsoft’s goal is to attract small and midsized businesses to its Internet video chat and related services. Key is the ability for businesses to connect with other businesses over the platform and make crucial connections that could benefit everyone. The feature “Create an Opportunity” allows a business to throw out concepts or ideas for other businesses to respond to and critique. Entrepreneurs can also find needed services and products to help build a successful business in this online community.
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Tags: Business Development, Resources, small business, Technology
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November 7th, 2012 :: Rieva Lesonsky
By Rieva Lesonsky
Are you doing what it takes to make your small business a “high achieving” success? The latest American Express OPEN Small Business Monitor, which regularly polls the opinions of small business owners, has identified a group of “high achieving” small business owners and studied what they do to identify the strategies and tactics that help drive business growth.
High achievers represent just 6 percent of the Monitor’s respondents. On average, these companies had been in business 26 years, employ 18 people, and have achieved business growth of 34 percent over the last three years (compared to an average of 10 percent growth for all survey respondents). Yes, that’s the last three years—in other words, the depths of the recession.
What do high achievers do differently from the rest?
They ask for advice: Nearly six in 10 have a business mentor (59 percent, compared to 33 percent of all respondents).
They leverage social media: 70 percent use social media, compared to 49 percent overall. Almost 80 percent use it to attract new customers, compared to 57 percent overall.
They invest in their business. More than three-quarters (78 percent) are planning to make capital investments in the next 6 months (compared to 49 percent overall).
They ask for feedback: Ninety-two percent agree it would be foolish not to ask their customers for feedback and incorporate it into their business model going forward (compared to 75 percent overall).
- More than three-quarters (78 percent) ask their customers for advice on how to better serve them (compared to 52 percent overall).
- Nearly three-quarters (73 percent) ask for new client referrals (compared to 53 percent overall).
- More than half (51 percent) ask for positive reviews on ratings and review sites and social media (compared to 34 percent overall).
It’s not all about what you do—it’s also about your outlook. More than three-quarters of high achievers describe themselves as having a positive outlook and business prospects (77 percent compared to 49 percent overall). And a whopping 99 percent say they see the glass as half-full.
Their outlook and actions are paying off. High achievers paid themselves more than average business owners ($85,000, compared to $72,000) and were also creating more jobs. While the majority of small businesses in the survey indicated they were taking “wait and see” approach until after the presidential election, with just 29 percent planning to hire new employees over the next six months, two-thirds of high achieving small business owners reported plans to hire in that time frame.
Image by Flickr user Shorts and Longs / The Both And (Creative Commons)
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Tags: Business Development, business growth, small business
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October 19th, 2012 :: Rieva Lesonsky
By Rieva Lesonsky
For small business owners looking to grow their business, it’s easy to get so caught up in the world of social networking that you forget to get out in the real world and make connections. But networking the “old-fashioned way” is still one of the best strategies for business growth, especially for small businesses that rely on a local market or that sell business-to-business.
If you’re looking to revitalize your networking skills, my friend JJ Ramberg has a new book out that will get you off to a great start. Ramberg, host of the popular MSNBC show “Your Business,” gathered real-life advice from the thousands of entrepreneurs she’s interviewed to write It’s Your Business: 183 Essential Tips That Will Transform Your Small Business. While the book focuses on much more than networking, here are some of JJ’s suggestions for building business relationships.
- Be the first person at networking events. If you’re shy (like me), you probably think getting to events late is the way to go. In reality, by getting there right when the event starts, you’ll be forced to talk to others and help welcome new arrivals. Soon you can’t help but feel more confident. By contrast, if you get there late, you’ll be stuck trying to work your way into groups who are already having energetic conversations. Ugh!
- Meet face to face. How many times have you had a lengthy email back-and-forth with someone that could have been handled in 30 seconds of speaking in person? Instead of emailing or voice-mailing about major issues, Ramberg highly recommends meeting in person. Even phone calls aren’t the best way to resolve sensitive issues with a customer or vendor, but spending some time together over lunch or coffee enables you to tune into each other’s facial expressions and body language without distraction, helping resolve conflicts and cut through confusion.
- Meet someone new every week. If you never leave your business, nothing new will even happen to you, writes Ramberg. She suggests tapping your networks (both online and offline) to get connected with new people, then suggest meeting in person for coffee to get to know each other and learn how you can do business.
- The one-hour/two contacts rule. Spend one hour a day developing your contacts and network. If you make two new contacts or develop two new leads in the first 10 minutes of that hour, quit for the day. By devoting time to growing your network daily, you’ll keep your business moving forward.
- Just keep showing up. Was it Woody Allen who once said that “99 percent of success is showing up”? The same applies to networking events or business organizations. Keep going to your association or industry events, Ramberg writes. “Once you’ve attended a few times, you’ll suddenly be seen as an insider” and more people will want to meet you and work with you.
Image by Flickr user Shashi Bellamkonda (Creative Commons)
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Tags: Business Development, Marketing, networking, small business
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October 2nd, 2012 :: Maria Valdez Haubrich
Google for Entrepreneurs
Not a company to think small, Google has launched a new website, Google for Entrepreneurs, to bring all things entrepreneurial under one umbrella. Use the site’s search feature to find workshops, networking events and mentoring sessions around the world that support startups and entrepreneurs. Programs and online tools to grow your business are highlighted, plus Google-led programs will bring experts and tools directly to entrepreneurs. Some of the current projects include partnering with business accelerators and incubators and teaming up with Women 2.0 to bring their Founder Friday events to more cities.
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Tags: Business Development, entrepreneurship, Resources, small business
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October 1st, 2012 :: Maria Valdez Haubrich
National Encore Entrepreneur Mentor Day
Are you an entrepreneur over 50 who could use some expert advice? In May 2012, the U.S. Small Business Administration (SBA) and AARP launched a strategic alliance to provide American entrepreneurs over the age of 50 with real-world, actionable information to start or grow a small business. Through this alliance, the two organizations have jointly committed to train 100,000 “encore entrepreneurs” over the next year. October 2 (that’s tomorrow), you have a chance to meet mentors from the SBA’s network of Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), and SCORE chapters, who can help you take your business to the next level. Click on www.sba.gov/mentorday to find an event near you.
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Tags: Business Development, Entrepreneurs, entrepreneurship, small business
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August 30th, 2012 :: Karen Axelton
By Karen Axelton
Do you have big plans for your small business? If you’re gearing up to add a location, expand into new markets, add ecommerce to your offerings or start selling internationally, there are some things you need to consider before you grow. Here’s a shortlist of things to think about to make sure you’ve got all the bases covered.
Your company’s structure. If you need to adjust your legal form of business in order to take on more investors, add partners or meet the requirements of the new state/s where you’ll be doing business, now is the time. Consult an attorney to make sure your company dots all the I’s and crosses the t’s before it’s too late.
Your company’s name. The name that has served you up to this point may not work so well if you’re going national, international or in a different direction. Ask friends, family and customers what they think your current name conveys. If it doesn’t convey what you’re trying to accomplish, brainstorm some new ideas and use surveys and focus groups to test how well they work.
Your company’s trademarks. If you’ve changed your name or logo in preparation for the expansion, make sure you protect them with a trademark. Visit the U.S. Patent and Trademark office’s Trademark section to learn more about applying for trademarks and to apply online.
Your operations. If you don’t have an operations manual for your business, now is the time to create one. You’ll want to standardize your operating procedures so they can guide you in your growth and ensure that all facets of your business—every location, employee and sales channel—deliver the same customer experience.
Your employees. Expansion requires employees you can trust to do what you’d do when you can’t be there. If you’re not comfortable with delegating, you’re going to have a problem. Start now to develop a strong bench of key managers who can be “you” when you’re not around.
Your financing. Given today’s tight lending environment, hopefully you’re financing your expansion from within. But whether or not you’re seeking outside capital, it’s smart to develop a business plan that will guide your expansion and put the money you’ll need in black and white. Develop a “Plan B” you can follow if the financing you seek doesn’t come through. In fact, develop Plan C and D, too.
Image by Flickr user Tatters:) (Creative Commons)
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Tags: Business Development, business growth, Capital Access, small business, Workforce
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