4 Quick Marketing Lessons: Some Learned The Hard Way

How much time have you wasted going round and round on solutions that just didn’t work? Or what about a mix and match business strategy? Where you do a little bit of this and little bit of that, does it really work out in the end?

online learning

I mean for a business, or any dream for that matter, to work we can’t just care a little bit, we have to go all in. Likewise, we can’t manage a little bit or market a little bit – we have to go all in. They’re fundamental to our business.

Here are some quick  marketing lessons learned the hard way that could same you real time and real money. And you know what they say about time . . .

Lesson #1: Do the work and then do it again. 

You have to do the work to create a great product. And then you have to turn around and do the work again to create a smart marketing strategy and management solutions. Having a great product doesn’t excuse poor management or weak marketing.

Lesson #2: Website strategy shouldn’t be an after thought. 

Every website is not the same. Some are like brochures, they just lay there until someone stumbles across it and picks it up. But others are like the energizer bunny, they just keep going and going and going. The owner creates new and relevant content and marketing campaigns that go out gets attention and visits. The energizer bunny website goes to work (just like you).

Lesson #3: Make my website simple please.

You don’t have to design your own website. You can put your energy into something else while you pay an expert to create it for you.  But in the end you still want something with a login, so that you or a member of your team can change the text, plus add a few videos when you want to. Beware of designer hijacked websites.

Lesson #4: One time around the marketing block is never enough. 

Just like we all want more than one client, then we have to market more than one time. Consistent marketing is a about a systematic approach, not a random collection of hodge podge solutions.

It’s hard to implement 15 marketing ideas at once, especially when you’re learning at the same time. It’s difficult to remember what everybody told you. But it’s easy to choose one strategy, study it, implement it and then start another.


Lessons Learned Photo via Shutterstock

From Small Business Trends

4 Quick Marketing Lessons: Some Learned The Hard Way

View full post on Small Business News, Tips, Advice – Small Business Trends

4 Quick Marketing Lessons: Some Learned The Hard Way

How much time have you wasted going round and round on solutions that just didn’t work? Or what about a mix and match business strategy? Where you do a little bit of this and little bit of that, does it really work out in the end?

online learning

I mean for a business, or any dream for that matter, to work we can’t just care a little bit, we have to go all in. Likewise, we can’t manage a little bit or market a little bit – we have to go all in. They’re fundamental to our business.

Here are some quick  marketing lessons learned the hard way that could same you real time and real money. And you know what they say about time . . .

Lesson #1: Do the work and then do it again. 

You have to do the work to create a great product. And then you have to turn around and do the work again to create a smart marketing strategy and management solutions. Having a great product doesn’t excuse poor management or weak marketing.

Lesson #2: Website strategy shouldn’t be an after thought. 

Every website is not the same. Some are like brochures, they just lay there until someone stumbles across it and picks it up. But others are like the energizer bunny, they just keep going and going and going. The owner creates new and relevant content and marketing campaigns that go out gets attention and visits. The energizer bunny website goes to work (just like you).

Lesson #3: Make my website simple please.

You don’t have to design your own website. You can put your energy into something else while you pay an expert to create it for you.  But in the end you still want something with a login, so that you or a member of your team can change the text, plus add a few videos when you want to. Beware of designer hijacked websites.

Lesson #4: One time around the marketing block is never enough. 

Just like we all want more than one client, then we have to market more than one time. Consistent marketing is a about a systematic approach, not a random collection of hodge podge solutions.

It’s hard to implement 15 marketing ideas at once, especially when you’re learning at the same time. It’s difficult to remember what everybody told you. But it’s easy to choose one strategy, study it, implement it and then start another.


Lessons Learned Photo via Shutterstock

From Small Business Trends

4 Quick Marketing Lessons: Some Learned The Hard Way

View full post on Small Business News, Tips, Advice – Small Business Trends

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Small Business Lessons From Recession

As a small business owner you should always be in learning mode, even when those lessons come from an unpleasant source…like the recent recession. Keep your focus positive. Some of the most important lessons you will learn as an entrepreneur come out of tough times and can allow you and your business to come out more profitable and productive than ever.

Finance & Startup

How the recession helped this small business. Mimi Bullock has had a rough time keeping her business and her personal life afloat as a result of the downturn, but in the end she believes the experience has made her a better businessperson and wiser financially in her personal life. Yahoo! Finance

Don’t forget to bootstrap. The technique of starting a business with little or no money and then growing it usually using nothing more than revenues is nothing knew, but it’s worth consideration at a time when funding can be difficult. Let your customers provide your investment. Feld Thoughts

Branding & Marketing

How brand equals revenue. Choose the right one and you’ll build your business no matter what the financial crisis. Choose the wrong one and you’ll suffer the consequences. Don’t make the mistake of believing that branding is simply a frill. Personal Branding Blog

Google changes that benefit us. The small business community will want to take a serious look at some of the most recent changes at the search engine. Here is an overview of how and why they may impact you. Are you making the most of your business online? Sound Web Solutions Blog

Why marketing can change your company. No matter what medium, many businesses complain about marketing that doesn’t work instead of finding marketing that works better and figuring out how to use it successfully. If you want to grow your business no matter what, marketing IS the answer. Two Hat Marketing

Human Resources

Employees can make or break your business. Having employees truly engaged and doing their jobs effectively does more than increase productivity. It can boost your business in ways that are difficult to even quantify. So here’s how to make sure your staff is on board. YourOfficeAnywhere

Getting good help can be the key. If great employees are the key to success, even in a tough economy, then there’s good news and bad news with the end of the recession. While many may remain out of work, small businesses complain hiring qualified workers is still a challenge. WSJ

Self-development

Channeling the creativity within. As entrepreneurs, we know that the starting point for success with any business is our own energy and focus to bring our venture to reality. Some business owners may under value their personal contribution to business success. Here are some tips to reconnect. BusinessTips.ph

Online Presence

Working on your online sales. With online sales still on the rise, a good way to boost your business earnings quickly and easily is to improve how you do business with customers on the Internet. Here are some tips to improve your visitor’s sales experience. The Lunch Pail

Appealing to online/mobile shoppers. Your potential customers will be online or mobile this Christmas season. How much of their business you receive will have to do with your ability to connect with them there. Do you have an online/mobile marketing plan? GrowSmartBiz

From Small Business Trends

Small Business Lessons From Recession

View full post on Small Business News, Tips, Advice – Small Business Trends

Seven Entrepreneurial Lessons Learned on the Serengeti

A recent safari in the Serengeti was supposed to get my mind off of work. I figured that being thousands of miles away from the office, with no connectivity or even a phone, I would be able to completely detach myself from any thoughts relating to business.

Serengeti Tour

Instead, as I was watching wildebeests, lion, elephants and zebras in their natural habitat, I couldn’t help but be struck by how much of their behavior reflects the competitive nature of an entrepreneurial business.

I know this probably sounds crazy, but hear me out.

Watching these animals fighting for survival, I was struck by how they were able to not just survive, but thrive by using many of the same tactics that are used by successful businesses. Whether it was watching lions stalking their prey, zebras and wildebeests co-existing to each other’s benefit, or even watching a vulture patiently waiting for a zebra to die, there were strategies in place that would work for almost any business in the world.

Let me give you a few examples:

1. Strong and Decisive Leadership Is Essential to Success

In virtually every species I observed, leadership was in the hands (hooves, paws?) of an alpha male or group of alpha males.

This kind of leadership resulted in efficient and orderly behaviors that benefited the group as a whole. When it was time to move to new territory, when it was time to rest, when it was time to eat were all determined by the alpha male. The rewards of leadership? The alpha was always the first to eat recently killed prey and, of course, the first to mate.

While I am not advocating this kind of autocratic leadership in business, I saw compelling evidence of how strong, decisive leadership can work to the benefit of the whole team. Forgive the pun, but there’s a reason why CEOs get the lion’s share of the profits.

2. When Opportunity Presents Itself, Jump In

I had a chance to see a zebra that had survived a lion attack, but just barely. As it bled from a wound on its left rear quarters, a vulture dropped in and crouched on the ground, barely 10 feet from the zebra. The vulture waited patiently for the zebra to die, just sitting and staring. I didn’t see the end of this drama, but I have the distinct feeling that the vulture did not go home hungry.

While I’m not saying that entrepreneurs should be vultures, they should be ready to pounce on opportunities when they arise. Keep your eyes open, stay on top of your competition, and jump right in when you see a weakness to exploit.

3. Don’t Be Too Proud to Take the Leftovers From the Big Boys

Hyenas are often portrayed as one of the lowest forms of animals. They tend to follow prides of lions (at a safe distance) and get their sustenance by waiting for the scraps left behind after the lions are finished with the animals they kill.

There are dozens of other scavengers in the wild who rely on the scraps left behind by the animals higher up on the food chain.

As an entrepreneur, being a “scavenger” isn’t necessarily a bad thing. This is especially true when you are a service provider. You are going to have much larger competitors in your market, and they are going to get the bulk of the work from the largest clients. It’s a fact of life.

That doesn’t mean you can’t take advantage of opportunities presented when the big boys are satisfied. Big competitors often don’t want to be bothered by smaller projects, and big clients  always have smaller jobs they’ll give to smaller companies.

Entrepreneurs should see this as a chance to get your foot in the door. Take on the small project for the big client, do great work and you’ll find that the smaller projects will soon become bigger projects.

4. Find Ways to Survive in Difficult Times

Difficult times are built in to the life cycle on the Serengeti. Every year there is a dry season which tests the survival instincts of every species. Difficult times make for hard choices. Lions have been known to eat their own young. Elephants will cover many miles in a day just to find a drink of water. Weak members of the herd who can’t keep up are left behind to die.

No matter what business you are in, there will be difficult times. But even in the most difficult times, great entrepreneurs find ways to stay ahead. It may mean cutting down on overhead. It may mean being more creative with marketing and advertising budgets. It may just mean outworking the competition. Those who learn to adjust and adapt find ways to keep going.

Just as many animals fail to survive dry spells, so do many businesses. For the resident wildlife of the Serengeti, survival is a matter of life and death. Entrepreneurs who succeed in difficult times survive because of a “life and death” mentality.

5. Don’t Let Anything Get in Your Way

A common site on the Serengeti is acres of trees that are snapped in half or simply knocked over. Perplexed by this sight, I asked our Masai guide what the reason was.

“You’ll see soon enough,” was his cryptic response.

True to his word, he led us to a bend in the road where we could glimpse a herd of elephants coming in our direction. Because this was the tail end of the dry season, the elephants were in hot pursuit of water.

Nothing, I would soon see, would get in their way. Much larger than any elephants I had ever seen in a zoo, the males simply barreled through the trees, snapping them as if they were twigs. It was an awesome sight, but one that reminded me of the determination I had seen from many of the entrepreneurs I have known or worked with over the years. To get where you want to be, there are times you just have to push forward, having the confidence to knocking away obstacles as opposed to delicately sidestepping them.

6. Forge Mutually Beneficial Partnerships

One thing you learn about animals in the wild is that many species have natural partners. These partnerships (symbiotic relationships) work to the benefit of both species, playing a key role in their survival.

Any time you see a herd of zebras in the Serengeti, you are sure to find wildebeests close by. Why? The two groups work perfectly together. Both get their nutrition from grasses, but get it in very different ways. Zebras feed on tall grass, while the wildebeests eat short. The zebras clear away the tall grass for the wildebeests, which then munch on the shorter grass left behind.

Similarly, there are birds that get their sustenance by eating ticks found on larger, grazing animals. The larger animals are happy to be rid of the nuisance of the ticks, while the birds are happy for the meal.

As any entrepreneur knows, there will always be times when you need to rely on outside expertise to advance your business goals. While nature has chosen the “business partners” for the zebras, entrepreneurs have to be smart in choosing the service providers and consultants that work with their businesses. A great partner can be worth their weight in gold. A lousy one can damage or even destroy your business.

7. Cut the Deadwood

This may sound harsh, but nature can be harsh, and business can be harsh.

On the seventh morning of the safari, I had a chance to witness a large pond teeming with hippopotamus and another pond with just two hippos basking in a corner. Our Masai guide explained that the large pond was filled with a handful of alpha males and dozens of females, while the other pond was populated by two “loser males.”

The loser males had proved unable to protect the group and offered little in the way of getting food or procreating. As a result, they were forcibly banished.

Most every business, at one time or another, will have a few “losers” on staff. They don’t contribute, are usually unhappy, and are bad for the overall morale and performance of the company. While firing employees is one of the hardest things for an entrepreneur to do, failing to remove a bad employee is bad business.

Survival Skills

Survival in the Serengeti is a daily battle. Animals fight for sustenance, for power and for their very lives. In the wild, merely living to face another day is a victory.

In business, of course, survival has a very different meaning. But the tactics for surviving in the Serengeti can provide real lessons for those of us trying to keep our businesses not only afloat, but thriving.

From Small Business Trends

Seven Entrepreneurial Lessons Learned on the Serengeti

View full post on Small Business News, Tips, Advice – Small Business Trends

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Lessons for Small Businesses From Hurricane Irene

With the exception of July 4th weekend, the upcoming Labor Day holiday is usually the most profitable week of the year for a wide range of small businesses. For countless amusement parks, boardwalk arcades and seaside vendors, the week leading into Labor Day represents one last hurrah for the season. After all, who is going to play ski ball or purchase a hermit crab cage once school begins?

Businesses catering to higher-end clientele, such as restaurants and nightclubs in places like the Hamptons, for instance, rely on the last week of summer for one last big infusion of cash. If trains and highways are not back in working order quickly, people may opt to remain in New York City or look for another destination to play during the long holiday weekend.

Hurricane Irene’s destructive path along the eastern seaboard of the United States has also changed the fortunes of many small business owners who are not in seasonal industries. Some, such as Kilkenny House, an Irish pub in Cranford, New Jersey, have suffered major damage. In the aftermath of the storm, waters filled the entire basement of the pub and covered more than a foot of the restaurant’s dining room. Owner Barry O’Donovan hesitates to predict when he will reopen, but he will likely not be up and running before his annual “Half-way to St. Patrick’s Day Party” (September 17th), one of the biggest days on the calendar.

hurricane evacuation

Anyone who still does not have electricity or a makeshift power source is losing revenue as each hour passes. Coffee shops, newsstands and other businesses that rely on commuters for their revenues will see their revenues drop until transportation is back on a regular schedule.

Much of the country has endured severe weather this year. States in the southeast have experienced drought conditions for months, Dallas has had more than 50 days of 100-degree-plus temperatures, and during the winter of 2010-11, the northeast faced record snowfalls. While hurricanes, earthquakes and other acts of nature are uncontrollable, small businesses have to be prepared both physically and monetarily.

Business owners in seasonal occupations — such as landscapers, construction workers and summer tourist industries — have always had to manage their cash flow during the boom times to survive during the lean periods. Disaster occurs when unforeseen circumstances, such as the walloping delivered by Hurricane Irene, hurt firms during what should be a profitable period of time. Businesses that must recover from storm damage must have repairs made immediately, incur the deductible amounts of their insurance policies, and wait weeks or sometimes months for their claims to be processed. Being short on cash could put some of them in serious danger.

There are several practices that small business owners can use to recover from Hurricane Irene and prepare for future challenges:

1. Have a line of credit available.
A business line of credit is designed to get a company through times of disaster and other lean periods. Additionally, using a line of credit and quickly paying it off can help build one’s credit rating, which is important if a larger infusion of capital, such as an equipment or expansion loan, is required at a later date. Many banks offer lines of credit at reasonable costs. A credit line can be a lifeline for a small business owner in times of trouble.

2. Manage your cash flow well.
Managing cash flow is challenging, but it is one of the most important things a business owner can do. A well-managed company can endure times of distress or seasonal lulls if the owner keeps a close eye on marginal cost structure. Schedule only the amount of staffing you need to run efficiently. Furthermore, fixed costs can be negotiated — especially in a down economy. For instance, if property values are declining or if shops are becoming vacant in your area, lobby your landlord for a rent reduction.

Keep a balance between accounts payable and accounts receivable. This is a simple but overlooked practice that business owners should employ. Additionally, be sure to submit your invoices on time to maximize cash flow. If you are in a cyclical or seasonal business, squirrel away enough money during the good times to get your business through the lean periods.

3. Don’t put all your eggs in the insurance basket.
Insurance policies exist as a safety measure for small business owners in times of trouble. They also exist so that insurance companies make money. Even with the best reporting and documentation, it takes time for insurance companies to pay claims. Paradoxically, it is in times of disaster that small business owners need money most quickly. It may be a challenge, but owners of small firms must try to put away as many reserves as possible just in case disaster strikes.

4. Leverage technology.
If you find yourself in a position of needing a loan to get through a rough period, leverage technology to make the process easier and save them time. Companies such as Biz2Credit streamline the business loan application process by standardizing  procedures and automatically connecting entrepreneurs only with lenders whose criteria they meet.

Inevitably, there may be some small businesses that will not be able to survive Hurricane Irene or a similar disaster. How entrepreneurs react now and prepare for the future will have a large bearing on their long-term viability. This is especially important in an economy in which small businesses are responsible for up to two-thirds of all the new jobs created.

From Small Business Trends

Lessons for Small Businesses From Hurricane Irene

View full post on Small Business News, Tips, Advice – Small Business Trends

Twitter Marketing Lessons from the Fortune 50

It’s true, not all of the older business executives understand the value of using Twitter. The micro-blogging tool is placing a human face on corporations that otherwise wouldn’t be able to directly communicate with their stakeholders. The Fortune 50 is an exclusive club of the top companies in the United States with a minimum entry point of $48 billion in revenue. I would hope these companies are taking full advantage of social media as their reach is massive.

This feature is to highlight the Twitter marketing lessons we can draw from America’s 50 largest companies. Let’s start by crowning the winners. With the follower count metric the top five includes: Dell, Best Buy, Target, Microsoft and Pepsi. Apple could be included in this list because they are using several different accounts that sum to millions of followers.

Now let’s crown the losers. Believe it or not, there are actually 10 companies in the Fortune 50 that are not using Twitter at all. The industry is usually energy or banking. For example, JP Morgan Chase whom ranks #13 with $115 billion in revenue has no account despite having $400 million invested in Twitter. It’s fair to assume they are laughing their way to the bank so hard they need not worry about Tweeting with the peasants.

The follower count metric isn’t everything. Recently I wrote a Social Media Marketing Ideas feature and I want to expand the idea of using Twitter as a tool within a big business.

The Home Depot


@HomeDepot is one my favorites as they are fully taking advantage of the human angle. They are always Tweeting customers directly and making conversation. Occasionally they will feature an article on the topic of home improvement. The hardware store has a daily Do-it-Yourselfer feature that gives the spotlight to one of their customers. The store truly shines in making their consumers feel special.

Ford


@Ford mixes the corporate approach with their online marketing message. They are constantly pushing #thefordstory hash tag which matches the title of their blog. By pushing resourceful articles they create a community-esque feel for the Ford driver.

Kraft Foods


@KraftFoods can’t help but covertly push their products by providing you with great recipes to try out. Can you really blame them though? The company account mixes in the proper amount of user engagement by polling their followers on their favorite foods. Kraft expertly caters to the mom demographic.

UPS


I’m partial to @UPS because it bleeds with love. It’s covered in hearts because of their latest slogan “We <3 Logistics.” Despite the relatively low follower count, the voice behind the account is very friendly and positive. The name of the game is human relations and positivity rules above all so it’s fair to say UPS is doing a good job on social media.

Pepsi


@Pepsi takes a cool approach because they take the least blatant effort to talk about themselvses. The soft drink giants seems to just be Tweeting for the fun of it. As a marketer I know it’s mostly for their branding effort. Needless to say it’s working as they have amassed over 100,000 followers.

I want to clarify that we have only examined the first 50 companies within the Fortune 500 henceforth the title is not missing a digit. We hope this article inspires those large corporations and small businesses that have avoided Twitter because it’s a new tool. It’s easily one of the best ways to reach your consumers. The business world should start to see Twitter as one of the primary consumer communication channels available.

Guest contributor Jay Singh is the co-founder of ViralMS, a social media agency. ViralMS offers large scale social media campaigns along with the ability to buy Twitter followers.


View full post on Business Pundit

3 Lessons the Barnes and Noble Nook Teaches Us About Shifting the Playing Field

In Killing Giants: 10 Strategies to Topple the Goliath in Your Industry, I wrote about how smart, nimble companies out-maneuver the giants they face – and how shifting the playing field is a core strategy for anyone fighting above their weight class.

Barnes & Noble’s decision to launch a new OS for its Nook e-reader that turns it into a fully functioning Android tablet is fascinating for several reasons.

Barnes and Noble Nook

First, it was out there anyway. Hackers had rooted the device, Android Central reports, and were voiding their warranties left and right to download Android apps on it, so it was a “known known” a few short weeks after the device had launched in November.

Second, it changed the device’s playing field from also-ran into real contender in the blink of an eye (or an updating of an operating system, whichever comes first in your world), reports GadgetBox.

One minute, it’s an e-reader running a distant second in the e-reader market that costs twice as much as the market leader.

The next, it’s the most affordable Android tablet on the market. And look! You can download all those books!

That’s a strategic shift.

In Killing Giants, I wrote about how Vibram shifted the playing field when they launched their Five Fingers athletic shoe. Faced with increasing commoditization from China, the company was actively looking for ways to innovate in a business that had limited possibilities – how many ways could you stamp a pattern on a rubber sole, anyway? But a graduate design student in Milan showed up with an outlandish prototype – a shoe with “fingers” for your toes – and the solution appeared. Today, the Five Fingers shoe is one of the hottest selling athletic shoes on the market and has spawned the “barefoot running” phenomenon.

How easy would it have been for the Vibram management team to dismiss this strange looking product?

What does this teach us?

#1. Inspiration almost always comes from elsewhere. The original hack of the Nook device, untethering it from the Barnes & Noble system, was unplanned. So was the arrival of the Five Fingers shoe. Both could easily have been dismissed. They weren’t. One has become a success story. Will the other?

#2. What we casually dismiss – or even ridicule – at first may be exactly the thing we need to study more closely. We ridicule things that don’t fit our preconceptions. And when we’re successful, it’s hard to admit to ourselves that we’re doing something wrong. That may be absolutely correct at this red hot second, but things can change pretty quickly, and soon the methods that won the last war will be hopelessly outdated. Take a second look while you can.

#3. Shift your perspective and look at your situation from a different angle. The Nook was “an expensive e-reader” compared to the Kindle – but “a pretty cheap Android tablet” compared to other tablet offerings. Ask yourself, “Compared to what?” and see how you can change your perspective – and your outlook. As Dr. Steven Feinberg, my partner at Decision Triggers, would say, “Practice tactical shifting!”

It’s a bit early to declare victory, but let’s celebrate the boldness of the move. Barnes & Noble is a company that deserves a bold move. When the platform is burning, times call for such decisions. By shifting from the narrowly defined e-reader world, where the Nook is an appendage of the bookseller’s electronic inventory, it now competes with all other Android tablets with a decided cost advantage – and it controls its own distribution through its well-known website and retail locations.

Is the Nook a Giant Killer? What have you ridiculed recently?

From Small Business Trends

3 Lessons the Barnes and Noble Nook Teaches Us About Shifting the Playing Field

View full post on Small Business News, Tips, Advice – Small Business Trends