The Social Networking Business Plan

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The Social Networking Business Plan

Cut Through the Hype: How to Create a Successful Marketing Plan

It’s easy to get overwhelmed by the clutter of new tools and information available to small business marketers today. I’m sure at some point a small business will hear the following, whether at a conference, on a webinar or in a white paper:

  • “You should blog!”
  • “Are you on Twitter?”
  • “What’s your SEO and PPC strategy?”
  • “Are you doing email marketing?”
  • “You need a Facebook fan page!”
  • “Have you started automating your marketing and sales funnel?”

Cutting through all the hype to see what really works for your small business can be a challenge. When you focus all your effort on tools and tactics but don’t have a clear strategy behind your actions, some serious holes in your marketing and sales funnel will start to surface in three main areas. For example:

scissor cutting

1. Lost traffic: How much traffic came to your website today and left without giving you their information? How will you ever follow up? This is a painful reality for many small businesses. Think of how much revenue your business is missing out on because you’re not capturing the traffic you spend big bucks to get.

2. Lost leads: Did you know only 10 percent of leads are ready to buy now? What about the warm and cold leads? More often than not, they get lost in the shuffle and are eventually forgotten forever. Many small businesses would love to follow up on every lead, but with limited resources, that can be a challenge. So, the goal is to close the leads that are hot now in order to drive immediate sales and to have a nurturing system in place for not-ready-to-buy-yet leads.

3. Lost customers: If customers feel indifferent about your product or service, they’re more likely to leave you for the competition. You pay all this money to get customers just so they can leave you for the competition down the road. Ouch!

If you’re experiencing any of the pains I describe above, than keep reading to discover the remedy.

Make a Plan

Let’s start by identifying your business goals. Next, map out what your current customer lifecycle looks like, and what your “perfect” customer lifecycle looks like. I find almost every small business can break its lifecycle into seven stages.

  1. Attract Traffic
  2. Capture Leads
  3. Nurture Prospects
  4. Convert Sales
  5. Deliver and Satisfy
  6. Upsell Customers
  7. Get Referrals

Call me old school, but I find it helpful if the business maps these seven stages out on a whiteboard. Start filling in the tools and tactics your business is using to push leads through to the next stage. In following this process, the inefficiencies in your system will become glaringly obvious. You’ll start to see where you’re losing leads and sales, when you’re missing out on referrals or even worse, at what point your customers are leaving you for the competition.

Now that the framework is in place, I want to give you some foolproof strategies you can use in these seven stages.

Attracting Traffic Strategies

Putting up a website doesn’t create traffic.  You need to become a content machine. Write blog posts, create white papers, post videos and host webinars — and give them all away. The strategy here is to pull leads into your funnel with highly valuable content.

Don’t underestimate the power of social media. Monitor what people are saying about your brand or industry and use it as an opportunity to engage in meaningful discussions. Also, share your content on your social channels.

If you have a network of partners or brand advocates, reward them for referring business your way.

Lastly, have a SEO and PPC strategy in place so when people search online for your type of business, they find you easily.

Lead Capture Strategies

I’m going to say this once and only once: “Sign up for my monthly newsletter” is not a lead capture strategy—at least not an effective one. Capturing leads goes hand-and-hand with becoming a content machine. Give away free reports or a video series that is packed with education. You can try running a contest or hosting an online event like a webinar as well. Just make sure you are getting permission from customers to follow up. Set expectations right from the beginning on what you’ll be sending them and get them to opt-in so they don’t feel bombarded.

Lead Nurture Strategies

Segment your follow-up based on the behaviors and interests of your leads. For example, I suggest segmenting your content into three groups: new leads, hot leads and cold leads. You should also be paying close attention to how you got the lead in the first place. Did they watch a webinar on “Copywriting Tips for Small Businesses” or did they sign up for a demo or consultation? The content you provide to these three audiences is likely going to be very different because the prospects are at different stages of the buying cycle.

Sales Conversion Strategies

As a small business with limited time and resources, relying solely on your sales team can sometimes be a death sentence. Try automating some of your prospect follow-up. By doing so, you are able to monitor their level of interest by looking at behaviors like email open rates, report downloads and other interactions. You know that someone who has opened every email, watched every webinar and requested a free consultation is probably a prospect that’s ready to be handed off to sales to close the deal. Automating some of the communications helps ensure the quality of leads going to sales is high, resulting in better and quicker conversions.

Upsell and Referral Strategies

Small businesses are guilty of basking in the success of closing the sale and overlooking the fact that there are huge opportunities to upsell and get referrals. Here are a few different upsell strategies:

  • Checkout upsell
  • Post-purchase upsell
  • Product-specific upsell
  • Product-specific cross-sell

You’ve invested time and money in converting leads into customers and wowing your customers with your service. Now ask for referrals! Give them a free product or a discount for referring a friend. We all know some of the best leads can come from referrals.

If you follow even some of the tips in this article, I have no doubt that you can create a strategic marketing plan that cuts through the clutter and delivers the results you want to achieve.  Here are a few extra tips for creating a small business marketing plan from a previously recorded webinar.  It’s a valuable resource for getting results from your plan in 3 simple steps.

From Small Business Trends

Cut Through the Hype: How to Create a Successful Marketing Plan

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

Your Post Labor Day Business Plan

Another summer is officially over. It’s time to start trading in beach towels for some warmer clothes. For the busy entrepreneur and business owner, September marks the perfect time to focus on goals. September is your month…and it’s time to turn your dreams into reality.

Whether you’re considering starting your own business, or your business is already in full swing, the start of fall is a perfect time to take stock of what needs to get done–because, believe it or not, the New Year is right around the corner.

september calendar

What to think about if you’re considering starting a business:

For those of you dreaming of starting your own business one day, now’s the perfect time to focus on turning those aspirations into reality. More entrepreneurs are coming into their own as business owners. And that’s a good thing. After all, small businesses are the backbone of our economy. According to the Small Business Administration (SBA), small firms are responsible for generating 64 percent of net new jobs over the past 15 years. And our economy could use more jobs right about now.

Fall is a great time to start putting a plan in motion to launch a new business for 2012. You’ve got three months to create your business plan, assemble whatever resources you need, and research your legal and tax obligations for starting a business.

As an entrepreneur myself, I understand that legal paperwork doesn’t always rank high on the priority list. But getting your legal ducks in a row will help you grow more smoothly, avoid legal pitfalls in the coming years, and yes, maybe even help you save money on taxes.

Here’s a quick rundown of the laws and regulations you need to consider for your startup or small business.

Make sure you’re legally permitted to use your business name:

Before you start ordering business cards, make sure that your great new business name isn’t infringing on the rights of an already existing business. For example, calling yourself “McDonalds” won’t work; choosing the name “McDowells,” on the other hand, should be OK, unless you’re going into the restaurant/food business. In most cases, you don’t need an attorney for this task, as you can perform a free search online that looks at business names registered with your secretary of state. You should also conduct a trademark search to see if your name is available for use in all 50 states.

Register your DBA (“Doing Business As,” aka Fictitious Business Name):

If you have a sole proprietorship or general partnership, a DBA registration must be filed when your company name is different than your own name. For an LLC or corporation, DBAs must be filed under the corporation or LLC whenever you conduct business using a name that’s different than your corporation or LLC name. Depending on your state, DBAs are filed at the state and/or county level.

Incorporate or form an LLC:

Forming an LLC or corporation is essential to protect your personal assets (such as your personal property or your child’s college fund) from any liabilities of the company. Depending on your specific circumstances, you can choose among an LLC (great for small businesses that want legal protection, but minimal formality), an S corporation (great for small businesses that can qualify), or a C corporation (for companies that plan to seek funding from a VC). It’s relatively easy and inexpensive to legalize your business these days. And unless your business is particularly complex, you should be able to incorporate your business or form an LLC online, without having to retain a business attorney.

Get a Federal Tax ID Number, a.k.a an “EIN” or “Employer Identification Number:”

To distinguish your business as a separate legal entity, you’ll need to obtain a Federal Tax Identification Number, also referred to as an Employer Identification Number. The tax ID number is issued by the federal government. It’s similar to your personal Social Security number and allows the IRS to track your company’s transactions.

File for trademark protection:

You’re not actually required by law to register a trademark. Using a name instantly gives you common law rights as an owner, even without formal registration. However, you should consider registering your trademark in order to properly protect it — after all, you’ve spent untold hours brainstorming the ideal name, and you’ll be putting even more effort into cultivating brand recognition.

Educate yourself on employment law:

Do you have a staff or future plans to bring employees on board? Your legal obligations as an employer begin as soon as you hire that first employee. I advise spending time with an employment law professional to fully understand your obligations in such areas as federal and state payroll and withholding taxes, self-employment taxes, anti-discrimination laws, OSHA regulations, unemployment insurance, workers’ compensation rules and wage and hour requirements, among others.

Obtain business licenses and permits:

Depending on your business type, you may be required to have one or more business licenses and/or permits from the state, local (city and county) or even on the federal level. Such licenses include: a general business operation license, zoning and land use permits, sales tax license, health department permits, and occupational or professional licenses.

What to think about if you already have a business:

The next few months present a perfect opportunity to tie up any loose ends that you may have put off throughout the year. For example: Did you file a DBA (Doing Business As) for your business name? Do you need to file for a trademark? Did you get a Tax ID number (or Employer ID Number)? Are all your necessary licenses and permits in order? Have you still not incorporated or formed an LLC for your business?

Most importantly, don’t forget to celebrate each accomplishment, no matter how small. As a small business owner, you’ve got an exciting journey ahead of you; don’t forget to enjoy the ride!

From Small Business Trends

Your Post Labor Day Business Plan

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

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The Business Plan: Back to Basics

I go back to the basics because often—not always—our worst errors happen at the beginning, as in starting without a strategy, a system or support. Or we dive into marketing without fully understanding our client, without creating a way to capture their information, without an automated way to solve their problem and fulfill our promise. I’m sure you could come up with your own list of bad beginnings.

If we take the time to address the fundamentals, on the other hand, then we can establish something that lasts.

Business Plan

If a business was alive (and I think it can be, but it depends on the vision of the owner), then it would have a brain and a business plan. In fact, according to Shannon Whealy of Turnaround Design, the business plan is the brain of the company. In The Anatomy of a Web Business she says:

“A great company can’t thrive without it. It doesn’t have to be formal unless you are seeking investors. But know where you would like your business to be.   Entrepreneurs and small companies are able to change and implement their business plans easily.”

But you can’t implement what doesn’t exist, and winging it isn’t always good for business. If your intention is to establish something that will last, that has some legacy in it, then strategy is a must, and that includes a business plan.

Your plan doesn’t have to be elaborate or extensive, but it does need to be well-considered, addressing the key areas that will impact your business, including the problem, the people and the marketing. The problem that you solve determines the product and the service you provide. The people who want what you have shape your target market. And understanding the first two makes it easier to design (or pay someone to help you design) the marketing message.

Business plan resources

More Small Business Planning Tips:  Includes a variety of business planning links. There’s information for bloggers in business, for those of us who need a plan to go green, for changing your business plan, for creating business plans with investors in mind, etc. It’s a good reference whether you are trying to create a new plan or reevaluate an existing one.

The Anatomy of a Web Business: Shannon includes the rest of “the body” that shapes your Web business. Many of her tips are relevant to any type of business. It’s an infographic, so it’s easy to digest.

From Small Business Trends

The Business Plan: Back to Basics

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

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