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Posts Tagged ‘thelettertwo’


#GrowSmartBiz Conference Recap: Integrating Traditional Marketing with Social Media

October 1st, 2009 ::

The last panel of the day at the GrowSmartBiz conference, panelists discussed how they could integrate traditional marketing with social media. Moderated by Jill Foster, the panelists included:

- Terri Holley (Creative Blog Solutions)
- Brent Leary (CRM Essentials)
- Danilo Bogdanovic (Loudoun Scene)
- Joanna Pineda (Matrix Group International)

This is the first time ever that the amount of time spent online globally on social networks has exceeded all other time, according to a Nielsen study. The working definition of social media being used for this panel is: content published online that is intended to provide value.

What is the most compelling thing in social media?

For Danilo Bogdanovic, it’s the ability to  engage with his customers.

For Joanna Pineda, the last few employees that she’s hired has been found via social media tools like Craigslist, Twitter, LinkedIn, etc.

For Terri Holley, she’s a social media enthusiast and a certified and professional life coach. Social media excites her because for a small business, it gives her a more level playing field. Allows her to reach out to her targeted audience without paying a high price. She’s able to listen to the social media space and find out what the people want. This enables her to reach out, talk to them and optimize to their needs.

For Brent Leary, social media has allowed him to travel to a social media conference in Buenos Aires where he spoke after someone found him via a tweet that linked to a podcast. It has enabled him to be connected with others in remarkable ways and thinks that it works in incredible ways and also to listen.

How has social media helped to create shifts?

According to Holley, there have been fundamental shifts in marketing. We want to be better informed before making decisions and expect it from the vendors and want to be invited to engage in getting the information. Social media is the ability for businesses to have conversations with web 2.0 consumers. The technologies created, including blogs, podcasts, etc are all tools to achieve this end.

Pineda emphasizes that these additional platforms that can be used for conversations should NOT be used for advertising purposes. It’s still for conversation. There is a high distrust for traditional advertising. You need to be a provider and consumer of the technology within the game.

Leary says that 93% of all Americans surveyed think that brands should be using social media. There is a high expectation for brands to be using it and a high propensity for additional and better service.

Bogdanovic references Anthony Pappas’s presentation that said 61% of consumers get their first impression online. Word of Mouth Marketing has also leapfrogged online. Everything is being talked about online.

How did you form a listening strategy?

First thing is to know who is talking about you. Set up some Google Alerts and search for your company name, product name, generic names, brands, etc to get notified when people are talking about them. Also set up a Twitter search to keep track of the conversation. Start following the trail and look at what bloggers are talking about you, who has a lot of followers, what dialogue is taking place. Then decide whether or not to engage.

By listening, people are leaving behinds crumbs on various sites and are asking companies to listen and find out what’s on their minds. Often times when brands ask people questions, you’re asking questions that you want certain answers for. These other conversations on other sites can lead to other discoveries. You want to have customers feel comfortable with you to talk about your product.

Pineda gave an example where she is dealing with a client who is publishing a book but yet has no attention or leads towards potential sales. Has hired several agencies to help promote him & his books, including a social media consultant. But the point is that the client wasn’t selling any books. Pineda’s company worked to help figure out what the client’s need is and find out how everything integrates so that the message and the brand are consistent and that you’re sharing things on different platforms so that people will follow you.

Holley’s big thing is helping companies understand how to have conversations with customers. Use this space to show people how you are as a human being not just as an object. A content marketing strategy is essential and that the message needs to be the same as the brand.

Bogdanovic states that you need to find out who your audience is and what their needs are. If you are trying to write a blog post and ask what you should write about, then you don’t know who your audience is.

You need to figure out which platform is professional and personal. Some people may prefer Twitter to be professional while Facebook is personal. Determine the lines and decide which platform goes for which.

Brent Leary, CRM Essentials
Danilo Bogdanovic, Loudoun Scene
Joanna Pineda, Matrix Group International

#GrowSmartBiz Conference Recap: Raising Capital with Effective Finance Strategies

September 30th, 2009 ::

Panelists:

- Jeremy Brown (RapidAdvance)
- Edward Tuvin (Capital Bank)
- Denise O’Berry (The Small Business Edge Corp)
- Shannon Nash (Nash Management)

Where does small business get financing?

According to Jeremy Brown,  the Wall Street Journal said that in 2004, 46% of small business owners used credit cards to finance their business. He suggests that there isn’t a one best solution. There are a variety of solutions to explore. There is no right or wrong solution to raise capital. But you need to look at what suits you and your business. RapidAdvance provides a cash-based system where the potential recipient is a just established company (~1 year). The product factors in a certain period of payment and looks at a percentage of the business that comes from credit cards and also what the business can afford to pay back based on cash flow. Companies that use RapidAdvance are for expansion purposes. It’s not a loan so there’s no personal guarantee. Can be more expensive than a traditional bank loan.

In seeking a loan, what’s the best way to present your case?

Edward Tuvin says that you should take the time and show that you care when applying for a loan. Don’t go into a small Rockville bank with a Bank of America loan application – just not sensitive to the process. Make sure that you write and understand your business plan in-depth so that when you’re asked questions, you’re going to have the answers, not the answers given by someone else who may have wrote the business plan. Make sure that you understand the talk of the lender – you have only ONE shot. Make sure you convince the lender that you’re going to pay the loan back, but you’re going to be the winner of this horse race.

Every business doesn’t need a business plan for a loan, but it’s really important for owners to go through a business plan exercise to understand who their competitors are.

What’s the best way to manage the cash flow needs of our business?

Denise O’Berry says that you should do a cash-flow budget that looks out 6 to 12 months and projects what money will come in to pay off expenses. You need to base some of this on your past track record but also what kind of marketing strategies are going to be taken during this time period – and need to be conservative. O’Berry loves to look out 12 months to cover all expenses that may not occur regularly – 9 out of 10 times, you’re going to see any and all expenses. Also make sure you include your cash target for every month. Actively participate in this process.

You are not a bank. You need to make sure that you’re doing everything to manage your receivables and have your customers pay your invoice as quickly as possible. Make sure you put a due date on your invoices.

Is it necessary to have a software program to manage your financial projections?

Shannon Nash thinks that it’s great to have a program to enter in the numbers to help you project – but it’s not great to tell your story. YOU need to tell the story. Don’t be afraid of the numbers. Embrace the numbers. The software program is a tool.

Some small businesses can’t afford an accountant or financial advisor. Nash suggests that you check out SCORE.

SCORE is a bunch of retired executives around the country that will help you with your business plan for FREE. Nash recommends you set up an appointment with a SCORE counselor and then talk to your smartest friend and see if they’re going to buy into the program.

#GrowSmartBiz Conference Recap: Driving Small Business Performance with Marketing & Innovation

September 30th, 2009 ::

The first panel of the 2009 GrowSmartBiz Conference addressed how small businesses could increase their productivity and performance through sound marketing and innovation. The panelists included folks like:

- John Arnold (Contant Contact)
- Marissa Levin (Information Experts)
- Ramon Ray (SmallBizTechnology)
- Bob London (London, Ink)

What are some important steps needed for a brand? Some small businesses think they don’t need a brand.

According to Marissa Levin, there is a three-prong approach to branding: you can brand product & services, brand your organization and brand your leadership (including your  CEO & all other management). Branding is NOT about getting your product/service out there. You definitely don’t want to be the best kept secret in the industry. Levin goes on to talk about brand equity and says that everyday businesses are growing brand equity. Anytime anyone has a positive or negative experience, that is affecting your brand equity and constitutes a brand experience. It’s better to build a brand and market it within the industry/community while making sure you deliver on your brand promise.

Levin also states that it’s good for small businesses to reach out to their financial backers as well. It’s important to emphasize your brand to the banks and establish relationships when you’re on a good situation and doing well because when the time comes and you need money, banks will be cautious in providing financial capital to you. You need to emphasize that they are supporting a strong, solid brand in the marketplace and this can be done during the good times. Don’t wait for the bad times to talk to partners.

Bob London agrees with everything Levin states and has a theory called “inside-out” branding: your brand is your reputation and what people say about you when you’re not in the room. With “inside-out” branding, it’s all about how you execute on all the touchpoints with the community. Branding is how you execute as a small business.

Ramon Ray thinks that there are some key things to address with your brand: you should make sure you have a great product, understand the needs of your customers, have a relationship, take “no” gracefully or with a “but”, and listen – use your ears, not just your mouth.

John Arnold thinks that from an online perspective, you need to keep your brand simple. It needs to translate across a variety of digital mediums – your website, email, social media, mobile, etc. How does your brand translate across a one-to-many relationship? Don’t let your customers force you to compete with other companies by forcing it into a brand identity that it is not. Keep it simple so it translates easily.

How do you find your customers?

Arnold says that identifying customers and lead generation are totally different things. You can buy leads, but you don’t want leads…you want QUALIFIED leads. Small businesses needs sales today, not in the long-term. Acquiring customers is what it’s all about. Need to find a method that will result in you giving value but getting money from it. You need to make sure your marketing dollars spent online are less than what you’re making. You eed to have a communication strategy that is effectively and over the course of the business cycle. Work on your acquisition marketing/discovery marketing. Once you’ve acquired customers, spend less money during the buying life cycle.

Ray says that SEO and search engine marketing is very important because you build websites, but need someone to find you. Email marketing is also very important for finding new customers – may not be wanting to buy now, but will sign up for a newsletter for business later. Wants businesses to put their phone number on their website. Needs to have empowered websites that is a tool/asset that will help bring in new customers.

Levin says people are in the habit of hiding behind our Facebook profile. There is nothing more valuable than a face-to-face communication. Need to connect on a personal level and have conversation that won’t happen in a comment box in relation to a status update. Person-to-person relationship can’t happen digitally. Authenticity in real life is way better than experiencing it online – there is no replication.

London says we shouldn’t go nuts with social media. If you’re looking to base your entire business over social media, then that’s a different story. It’s not necessary. Panel is composed of four small businesses and no one is fully engaged in social media.

How do you convert?

Ray says that you need to be flexible & listen. You need to then follow-up on any leads – really important to say “how can I meet your needs?”. Be a true resource – don’t be fake.

Arnold thinks that email is not very good for acquisition – would be considered “spam”. If you send out 10,000 emails to people who don’t want them, customers hate them, but if you send out 10,000 postcards, they’re thrown away. Hate is not one of the buyer values. Understand that not everyone is ready to buy all the time – you can spend money to automate your communication (expensive for small businesses) or rely on on-going communication, which needs to be valuable – inherent (facts, tips, product information) and valuable offers that are applicable now.

London says that in marketing, we have a habit of collecting business cards at events – what happens to all these contacts? On average, to gather a contact and get people to know your company, it costs you between $200-500 and you just wind up sticking them in a drawer. Believes that if you’re spending all this money to get people to your website, to hear you speak or get on a sales call, you should spend your time and money on nuturing that relationship and get them further down the sales cycle. It costs nothing to nurture a customer by staying in touch all the time.