Category: Visitors
Advertising: Laying Your Cards on the Table
Successful marketing is not really measured in how many customers you were able to sell today. To be really able to say that you have a great marketing strategy is to be able to know that your customers were happy and satisfied with their purchase and that they were able to get their moneyís worth.
There was a time in history when advertising was overstated. This was during the time when advertising was still new and only few people were aware of it. All business owners have to do is make up some claims and hopefully many people will be attracted to buy their products. But today, this strategy doesnít work anymore. People are much wiser these days when buying products and availing of services. They know that when a certain marketing material is exaggerated it has hidden flaws and faults. Competition is also stiff that is why business owners would rather put sincere advertising in their materials than risk losing their customers and their business.
So when businesses need to promote something these days they make sure that it contains good content, design and of course honest advertising. Customers are fussier these days. They make sure that they get their dollarís worth for whatever product they buy. So letís say you want to advertise your new products through posters. It is important to not only put a lot of attention to the design but to the content as well. What you put in your poster will reflect not only your business and product but who you really are. If you are able to convey a sincere and professional impression to your target customers then they might continue buying your products and even refer you to their friends and colleagues.
In addition to honesty in your contents, you can also add humor to it. People never fail to recognize a good laugh when they see one. It is always pleasing for people to read funny and lighthearted materials. Consequently, they would never look at your poster as an advertisement; rather they would be encouraged to see what is it that you have to offer.
Remember that your business image is priceless so you have to maintain and preserve it at all times. And keep in mind that the success of your business will most likely depend on how you project your image to your prospects. So be very careful in what you write in your advertisements. Write and edit them with utmost regard for honesty, bluntness and common sense.
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Advertise, Advertise, Advertise
Many people sign up for affiliate programs with the hopes of making some serious money. They advertise a few places and then wait for the money to start pouring in. When it doesnít, they blame it on the program and quit.
I am convinced the only way to make money online is to have a consistent Advertising plan. A plan you are willing to work hard on and commit to for a selected period of time. When making this plan, you need to do two things. First, you should pick a few affiliate programs that are of interest to you. Second, you need to decide how long you want to work these programs. Once you decide on a time period (I recommend 6 months to a year), you must make a promise to yourself that you will not stop advertising until that time period is up. This is perhaps the most important factor in your success.
Next, you need to consider your advertising options: traffic exchanges, classified ads, e-mail campaigns, ezine articles, posting to forums or message boards, chatting with others who are interested in what you have to offer, and posting flyers around your town. Now you see the many possible advertising avenues you can choose from. I recommend doing all of them. It may sound like a lot of work, but when broken down into a plan, it is not.
One possible plan may look like this: Traffic Exchanges-1 hour per day. Post 15 classified ads per day. Make 5 posts to a message board or forum per day. Submit an article once per week to an ezine. Visit chat rooms and distribute flyers as you have extra time during the week. This all can be accomplished by spending 2-3 hours per day. You will be surprised how much you get done when you have a plan. You may also choose whether you will work 5 or 6 days per week. Make a checklist for each day of the week, and mark each task off as you finish it. That will keep you on focus, and will make you feel good that you are one step closer to reaching your goal.
Make a commitment to your new plan and donít get involved in any other programs until your current programs are making you money consistently. Donít give up. Sticking with this plan will significantly improve your success. Remember, Advertise, Advertise, Advertise.
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dvertise to millions -#6- Multiple marketing techniques.
Introduction:
This is a series of articles about marketing and advertising. There are different ways you can reach an audience of millions of individuals all around the world. I show you on this series how to implement profitable strategies in your marketing career.
It has been said that “what matters is not what you sell but how you promote it.” So, the secret to success lays within your marketing techniques. That’s why it is very important for business owners to develop skills which allow them to increase the sales of their products.
One of the most important skills you must have is the ability to reach a lot of people quickly. To do this you need to realize how powerful media is an how it can drastically increase your revenues.
– Newspaper ads –
Americans read their newspapers a lot, that’s a fact. Check the statistics and you will realize that the newspaper have always being a good place to advertise. Depending on the kind of products or services that you sell you could use the American’s newspapers to generate new sources of income for your business.
It doesn’t matter whether you live in the USA or not. For example if you own an international e-business this could bring you good profits. I think this is another way you can diversify your marketing strategies.
There is a website called Nationwide Newspapers https://www.nationwideadvertising.com/, which allow you to post your ad in thousands and even millions of papers all around the country for a low fee. Imagine how much publicity you can get from that! You choose your budget and everything. They have different advertising packages to suit different business needs.
Whatever you choose to market, always use powerful phrases in your messages. The most effective ads are brief but they have the ability to act upon the feelings of the readers. Motivate them, intrigue them, make them feel the heat. Always remember that short phrases with a strong emotional impact are the most effective ones.
– Highway billboards –
If you want to advertise outdoor some companies may help you with this project like for example https://www.billboard-ads.com/. Keep in mind that this is an expensive type of advertisement. To rent an ad space on a well populated area will usually cost you a few thousand dollars per month.
On the other hand, I think the best choice you have is to buy a piece of land in or near a mayor highway and set everything up by yourself. Learn about the laws and regulations in your specific state. Probably the most important agency you will have to contact is your state Department of Transportation.
Visit https://www.tdot.state.tn.us/links.htm to find your state agency. They can give you specific information about this subject. Basically you will have to fill out an application where you affirm that you own the land where the billboard will be placed and you will pay an annual fee which may range from $100 to $500 depending on the state you live. To have someone design and create the ad for you will cost you $1,000 to $3,000. That’s a one time fee you will pay.
How much publicity can you get from this? A lot! But it all depends on your ad’s location. If your ad is next to a highway with a high traffic volume, let’s say that on average 45,000 different drivers travels through said highway everyday, then there will be more than a million individuals watching it every month.
That’s a lot, but to be honest with you, this kind of advertisement works better for local businesses like nearby restaurants or real estate Companies than for other kinds of businesses. Also transnational corporations with a large advertising budget, which would like to build reputation would want to have many billboard ads across the nation.
Small business owners usually prefer to market their products using other less expensive techniques. Anyway, I included this information here because I thought some of you would like to read about it. After all this is another way you can reach a vast amount of individuals in an everyday basis.
– TV Commercials –
To advertise on television will have a powerful impact on your business revenues. Different factors will determine how much this marketing strategy will cost you. For example the price vary depending on the channels you choose, how often you will advertise, etc.
There are some Companies which can help you reach your clients easily. I think the two most popular are https://www.nationaltvspots.com/ and https://www.metromarkcorp.com/. In National TV Spots some marketing packages start as low as $26 for a 30 seconds spot. This is other way to diversify your marketing techniques.
– Magazine Ads –
You can advertise on magazines and save up to 80% off the regular price. There is a company called Media Bids – https://www.mediabids.com, which allow you to meet other marketers as well as to choose among different marketing packages available. The service is free. You only pay for an ad if you choose to make a purchase.
As you can see, these techniques can increase your exposure and help you get more clients. You can read about other effective marketing techniques from my other articles on this series.
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Guerilla Versus Gorilla – Small Companies Can Win
We make our living as guerillas – not the bad kind, but more of a freedom fighter. By using the term ëguerillaí I mean EMJ (now a division of SYNNEX) fights for business against big gorillas (other distributors) in the field. Our competitors are almost 100 times our size; EMJ is a Canadian-based, $165 million per year distributor. We have made an operating profit for the past 80 consecutive quarters. So even though we are up against the big gorillas as a distributor, we must be doing something right.
If you are in a business where some of the competitors are much larger, you may be able to benefit from using guerilla tactics. The principles of running a guerrilla organization differ from running a gorilla organization. As a guerrilla, we hide from our competitor; we do not try to crush them. I even go so far as to examine what they do well and let them do it. At the same time, I look for under-serviced markets and get to these markets fast.
A gorilla takes all competitors head on, trying to crush the competition. Sometimes this takes the form of a price war. Sometimes it takes major prolonged, drawn-out investment. This works as long as you are the same size, or larger than the competition. Even then, such a long battle can sap power and ultimately profits.
Companies that die often believe they were gorillas. It is certain death for a business to fight gorillas unless they can withstand the siege. Any time we hire someone with a gorilla-company background, we watch and coach that person to make sure they are indoctrinated with the appropriate tactics. We have to make sure they understand out business model.
My 8 favourite guerilla tactics are:
1 – Act fast. I use my companyís size for my advantage. I can act lightning fast. In the computer business, this is a huge asset. Things change so rapidly that moving fast and being first to market is a huge advantage. Larger companies do not react quickly. Develop a reputation for being first – it gets the attention of customers.
2 – Welcome smaller opportunities. Gorillas tend to say ënoí to manufacturers who donít think they can do significant volume with. But a small opportunity rejected by a gorilla can be a very profitable opportunity for a guerilla. For EMJ, a million dollar per product line is an opportunity big enough to get the attention of my first string. In your business, look for the right-sized opportunity for you. Frequently, it is the smaller opportunity that has the best promise. The gorillas will leave you alone. There is always a right-sized opportunity for a company of any size. Knowing your rightful place in the market can help you to thrive.
3 – Get focussed. Higher focus means we know more, stock more, and sell more product of fewer manufacturers. The smaller our product listing, the more powerful we become. We know a lot about a little. That means we know the products we sell better than a gorilla, and we become a sales tool for the reseller, not just an order-taker. Could you become more focused and specialized in a business area by giving up on a part of your business?
4 – Be more flexible. We can adapt more easily to our customers and suppliers. We try not to be ruled by policy. The bigger a company gets, the more likely they are to have policy and some of it is required. As a small distributor, we can be more flexible. Are there areas that your competition is ignoring that by being more entrepreneurial, you can capitalize on?
5 – Be smarter. This sounds too simple, almost embarrassing to write. Since we are smaller, we can look at the business we do more carefully and make sure it makes good business sense. We donít pick up another manufacturer just to increase the size of our line card. Thatís just not good business sense for us. Thatís the way we have to think – and so should you.
6 – Lower your overhead. For some reason, most companies seem to choose more expensive offices and furnishings as they grow. This expectation tends to increase costs in all areas of the company that distribution, at current margin levels, can ill afford. At EMJ, we buy quality used furniture. We are on the outskirts of Guelph where the cost of land and taxes is less. Our capital base is even high enough that our cost of capital is less than some of the gorillas. Are there areas that you can be lower overhead than the gorillas in your field? Costs always add up on the bottom line.
7 – Foster staff loyalty – one major advantage guerillas have over gorillas is the ability to attract, motivate, and keep good people. Primarily this is because guerillas can be more flexible, easier to work for and give people more of a sense of accomplishment because what they do contributes more directly the companyís bottom line. I have always found there to be great power by being smaller and treating my people with respect and not just as numbers. Gorillas can try to do this but it is tough for them to copy you.
8 – Just BE a gorilla. We like to enter market areas that we can dominate and specialize in. We may not be the biggest but in certain specific niches, we dominate. As long as we are the biggest in an area, we can act the part. We can under-price and over-service the competition forever. Anyone who enters our markets learns that it is expensive and often impossible to unseat us.
9 – Be personal. One thing a smaller organization can do is to be more personal. People buy from people. You can foster relationships that will help you sell. Part of the way we are personal is by showing our customers what markets and products ARE profitable. There is nothing that cements a customer relationship better than making them money, because youíll be making money for them AND for you!
10 – Be opportunistic – to sum up guerilla strategy is simply to be opportunistic. Take advantage of opportunities that the gorillas cannot do. There are many companies that remain profitable by being opportunistic.
In summary, unless you are huge – think guerilla. Appropriate guerilla tactics for your size will win any battle.
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Guidelines for Online Small Business Owners.
you are contemplating setting up a small online business you should realise it is simply to down to a numbers game.
The difference between businesses that succeeded and ones that do not is down to their conversion ratios, meaning the ratio of visitors who actually become paying customers.
If one in 50 of your visitors become a paying customer, then you will have a conversion ration of 2%. All businesses should aim to increase this ratio, simple things like using enticing tactics such as a sale can help.
The trouble is nowadays people seem desperate for visitors, they panic and pay for batches of visitors. Unfortunately these systems rarely increase your conversation ratio at all; in fact all they do is give you a false perception of your business.
A lot of online small business owners make 3 mistakes:
1. They put Google Adsense/affiliates everywhere, in my opinion these are good systems but they do detract from your core business.
2. They make their websites too complicated, when marketing to a worldwide audience; keep your website simple and easy to follow.
3. They get greedy, their prices are too high.
These points may seem obvious but it is often the most obvious things that people miss.
Here are some general guidelines for small business owners.
1. Spend time researching your website development.
2. Have an understanding of ëKeywordsí and how they benefit your site.
3. List with the main search engines and directories.
4. Have patience, especially in the first year.
5. Be imaginative
6. Donít be greedy, donít scare potential customers away.
Remember do not get carried away by the amount of visitors to your site, simply work on improving your conversation ratio, by doing this year on year you will be well on your way to running a successful business.
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Factoring Financing For Canadian Companies
Running a business in Canada has always had its particular set of challenges. One of the biggest challenges has always been finding the right business financing. The market has been dominated by banks and institutions, which have very tough and strict lending criteria. Obtaining a business loan or almost any other type of business financing in Canada in pretty difficult. However, that is changing. Quickly.
Recently, Canada has seen an increase in the number of independent financing companies that specialize in business financing. Some offer business loans, but the majority have focused on offering invoice discounting (also know as invoice factoring). Although a relatively young industry, the Canadian factoring industry is growing quickly. But, what is invoice discounting?
One of the biggest problems for small and mid sized businesses is waiting up to 60 days to get invoices paid by their commercial clients. This can affect their ability to pay rent, suppliers or salaries on time. This problem is common for many businesses, such as trucking companies, staffing agencies, manufacturers, consultants and others. Invoice discounting is a financial product that eliminates slow paying invoices by financing them.
The factoring process is very simple. Once you invoice an approved client, you send a copy of the invoice to the financing company (also known as the factoring company). The factoring company advances you a significant portion of the invoice while they wait to get paid by your customer. The transaction is settled once the customer pays the invoice. The factoring company offers this service for a small fee or discount.
An invoice discounting arrangement provides you with the necessary funding to pay expenses such as rent, suppliers and employee salaries. This enables you to operate your business efficiently, without worrying about when your clients will pay. Furthermore, invoice discounting can help you win bigger clients, because it eliminates the worries of having to wait for them to pay.
As opposed to bank financing, invoice factoring is relatively easy to obtain. The biggest requirement is that you do business with established clients who pay their invoices regularly. Invoice discounting is truly a flexible product that is within easy reach of small and mid sized businesses.
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Entrepreneurs Don't Have Average Credit Scores
Fair Isaac, the company that develops the formula to determine credit scores looks at the average statistics of consumers and factors that into your score, called a (FICO). According to Fair Isaac the average consumer will have:
– One inquiry on their personal credit report in a given year
– 54% of credit holders carry a balance of less then $5,000 on all debts other then a mortgage
– Have access to $12,190 on all credit cards combined
”’ìNow are entrepreneurs, like you, the typical consumer?’ I asked one of my clients (J.G.). ìNo.î, said J.G.. ìYou will see that as an entrepreneur, we have several more credit needs then the average consumer. So when the personal credit bureaus compare us to the average consumer, our credit consumption is not normal. Which is why your credit score lowered since starting your business.î ìThat’s not fairî said J.G. My reply, ìIf you don’t understand how the system works, you’re right.î’
Let’s look at J.G.’s situation. He has applied several times with suppliers for various credit lines over the last year. Each inquiry will likely drop his credit score approximately 5-10 points. The credit bureaus as suppose to lump three together and only drop 5-10 for the three, we’ll see if it happens. He also has a $60,000 line of credit available and carries a balance of $42,000. Both the amount of credit and balance are more then the consumer average which can hurt his score as well. This is without looking at anything else in the business or his personal life.
If J.G. had just taken the time to develop a business credit profile and start establishing basic lines of credit in the business name and then slowly build the businesses credit over time, he may never have ended up without the ability to buy the home he and his family wanted.
This is why I have written books and developed products and services with our company, Business Credit Services, to provide an education to the entrepreneur on how to ìbecome the typical consumer again’ and ìseparate your personal and business life.
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Entrepreneurial Myths: The Truth Behind Them
If you are about to start off in business you will have no doubt heard these comments:
ìSo many businesses fail. Why are you doing this?î
ìI hear that you need a large amount of money to get a business off the ground these days.î
ìWhy are you throwing away the security of your job?î
These, and more of the same, are typical of the barriers that so called friends and advisors, put in your way if you are thinking of starting a business. These barriers are built on the back of myths about the pitfalls and challenges which surround running your own business.
In this article, we’ll take a look at some of these myths and reveal them to be exactly that just myths! Don’t get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but let’s bring some common sense into the debate!
<b>You Don’t Have a Personal Life</b>
Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to have far more flexibility with your personal life, than any employee will ever have. The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.
<b>You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur</b>
Ok, it may help you in the short term but this is not a sound, long term strategy. To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless over pricing may get you one or two good deals but you are unlikely to build a lasting and profitable relationship. Your aim should be to strike a balance between what you want and what your customer or supplier wants.
<b>You Won’t Have To Work As Hard</b>
Your current job may be stressful and subject you to long hours. The idea of running your own business is appealing because you can slow down and take life at your own pace. To a degree this is true but there’s no getting away from the fact that it will be hard work. Most small businesses don’t achieve profitability until year 3 and so it’s a long slog. Remember, if was easy, everyone would be doing it!
What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So perhaps this myth may be true after all!
<b>You Have To Have an Original Idea</b>
No you don’t. Most businesses are built around a central idea. The difference is usually how it’s delivered. The core products of all fast food places are the same, as are clothes shops, newsagents etc. You can make a decent living effectively copying someone else’s idea but done in a slightly different way. Don’t be put off by the doomsayers who will gleefully point out that ìit’s been done beforeî. Your response should be, ëGreat! That shows the idea works!î
<b>You Will Be Your Own Boss</b>
No way! There’s only one boss in your new business the customer. They are essential to your success. When you were working for that large, faceless Corporation, the loss of the odd client wasn’t that big a deal – plenty more where they came from.
In your new world you have to do whatever it takes to keep your customers and keep them happy. The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the day, when all their demands are met, then perhaps you can have some time to yourself and enjoy the pleasures of being your own boss after all!
<b>You Need A lot Of Money To Get a Business Off The Ground</b>
Some businesses do need a fair bit of cash to get moving but there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities – your brain power, your knowledge and your time.
A business where you sell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line. What’s stopping you?
<b>You Only Have To Do What You Want To Do</b>
Unfortunately this myth is wrong. We all have areas or skills in which we excel and it’s this expertise which usually forms the basis of your business. Your dedication to paperwork, bank statements and the VAT man may not be that high, but branching out on your own doesn’t mean you have the choice to avoid these terrible tasks.
Whilst you were able to do this when you were sitting in the big corporate office, you can no longer hide. These tasks have to be done otherwise the deck of cards can start to collapse.
If you do have serious misgivings on certain areas, marketing for example, then consider taking a course to improve your skills. If it’s something you seriously can’t do, then go and find someone to do it for you – don’t hope it will go away because it won’t.
You will have seen that some of the myths not being true is good news and others not so good news! Be sensible in considering the myths which are thrown at you. See it for what they are – comments from people who don’t know what they are talking about! In the next issue I’ll have some more myth-busting ideas for you.
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