5 Reasons Why You Should Be Networking

Many business professionals, educational institutions and other agents of commerce continually stress the importance of networking. This is quite possibly because they foresee, witness, and experience the tremendous benefits that derive from opportunities of connection. Networking is like a good pair of shoes that never goes out of style. Whether you’re just stepping into the field of entrepreneurship or you have been running your business for a long while, it is still the perfect fit that will get you to that next step.  No matter where you are on the spectrum of entrepreneurship and business ownership, you have something to gain from connecting with likeminded individuals. Below are our five reasons why you should be networking. Take advantage of them.

Information

           

Networking is an outlet for information. People attend to both talk and listen. We suggest that while it is imperative that you speak and promote your business in these kind of forums, it is fundamental that you use networking opportunities to soak up as much information as you possibly can. Listen for what’s working in your industry and what pitches and approaches have been unsuccessful. What are the current trends? Which individuals should you be speaking with? What more can you learn? Who is your competition? How can you stand out? There is no limit to the information you can gather at a networking event. At the very least, it is a soundboard to reassure you of your progress, setbacks or need for a little positive and negative information is useful to a growing business.

Increase business/referrals

As a business owner, it is your job to promote your company and increase your clientele. Networking events facilitate this in a way that is less formal and stuffy.  There’s no Powerpoint presentation, no folders, and no necessary major pitch. You simply speak about your business and hand out your business cards. It is your key opportunity to be as real as possible without feeling the pressure of having to book a client. You go at your own pace, choose the people you want to talk to, and keep the conversations lighthearted.  Entrepreneurs tend to excel at networking due to the natural flow of the conversations. Additionally, you can be more creative in your approach to draw people to you. For example, wear a statement piece (jewelry, shoes, etc.) that is guaranteed to strike up a conversation. Although most networking events are less pressure-filled, it is crucial however, to maintain an objective standard of professionalism as you are still representing your company.

 Making connections

Let’s face it; every business needs resources to contribute to the growth and acceleration of business. Networking provides such opportunities. You are exposed to different individuals who are experts in subjects that you are less familiar with. They may also have capital that your business may benefit from or perhaps you’ve heard they invest in certain kinds of businesses. Your attendance significantly increases your connection potential. Use that opportunity to build and grow.  Once you have exposed your business to likeminded individuals who believe in your company and your vision, it can secure a connection that may transform your business for the better.

Tackle unanswered questions

Networking is your “Q and A” forum. If you’re feeling uncertain about your business or perhaps your next step, use networking to share ideas, receive feedback, and alleviate your uncertainty. Additionally, speak specifically with individuals who know more that you and pick their brain.

           

Building your profile and confidence

Finally, networking is your runway. It is where you strut your stuff so that your colleagues can put a face to your name and you can build your profile. It is always where you go to gain your confidence. Most of the people you are intimidated by are just like you.  Find comfort in that. Believe in your ability, believe in your business and be confident.  

Managing Your Business’ Workload During The Holidays

The winter holidays offer a chance for employees and managers at your business to spend quality time with their families, decompress, and recharge their batteries. But for many businesses, December is the busiest time of year, and few can afford to shut down entirely for longer than a week. If you want to allow everyone at your company to enjoy a little time off, you’ll need a strategy to manage issues that may arise while you’re short-staffed.

Plan ahead.

If you can firm up details about the availability of your staff and co-workers well ahead of the

holiday season, you’ll be able to design your schedule with greater precision. This will help you avoid the stress of trying to fill in gaps at critical times, and allow you and your staff to set your holiday itineraries. This is especially important if you, or any of your employees or co-workers, hopes to travel.

Rotate on-call responsibility.

Work out a plan to share phone- and e-mail-answering duties, and allow for some flexibility. Draw straws or flip a coin for those occasions that are unlikely to entice many enthusiastic volunteers (like the morning of December 25, or the morning of January 1). Set up shifts, and make sure everyone is aware of when h/er shift begins and ends. To save time and energy on tasks that run across multiple shifts, the person who initiated the work should send an e-mail to the other staff describing the assignment, and what remains to be done. If you shut down your business for a few days, create answering machine messages and automated e-mails to let clients and customers know when they can expect you to return to work.

Share the load.

If there are assignments that need to get finished during the holiday season, try to divide the tasks so that no one feels overburdened. You can do this for both work-related and domestic chores—like decorating the house, cooking, and organizing for holiday parties and social events. Share and delegate!

Design an effective online contact/order form.

An online contact form, with fields that allow clients and customers to describe what they need in detail, can be a great asset during the holidays; it allows you to automate orders so that no one must respond in real time. While designing your form, keep economy of customer/client effort in mind. In other words, the form fields should provide space for essential information, with an optional field for notes. Overly wordy or complicated contact/order forms tend to dissuade prospective form-fillers, who may just prefer to wait—or take their business elsewhere.

Complete generic or non-time-sensitive tasks in advance.

Your holiday consists of precious moments, not surplus time. If your work involves weekly blog or social media posts, for example, prepare a few in advance so you can simply click “Publish” when you need to. Dedicate your spare time to completing assignments before you take a holiday, and you’ll free up additional time for family, friends, and valuable relaxation during that holiday.

Live in the moment and enjoy yourself.

If you’ve set aside a few hours for family and fun activities, don’t taint them by worrying about work. Leave your job behind and enjoy the holiday experience.

Marketing to Customers’ Emotions

Consider television advertisements that you’ve seen for fragrance products, such as Axe deodorants and body sprays, Calvin Klein colognes, or Chanel perfumes. Some of these commercials entice would-be buyers with the promise of an exciting and glamorous lifestyle, others portray an image of coolness, stylishness, manliness, gracefulness, attractiveness. Almost universally, they seek to appeal to the emotional desires and ambitions of the target audience.

Of course, the power of emotion extends far beyond the world of fragrances; branding experts regularly employ emotional techniques to plug items ranging from soft drinks, to jeans, to automobiles. By connecting your brand identity to the emotional aspirations of consumers, you too can convey a potent message. But you’ll need to begin with a solid understanding of your customers’ emotional drivers.

What motivates your customers?

Every one of your customers is a unique individual, and each may have h/er own reasons for seeking out what you offer. Nonetheless, you’ll often be able to identify emotional drivers that many share.

As part of their research into customer emotional connectedness, published this month in Harvard Business Review, analysts Scott Magids, Alan Zorfas, and Daniel Leemon compiled a list of High-Impact Motivators that includes the following:

•  A desire to stand out from the crowd, which businesses can leverage by emphasizing the uniqueness of their brand.

•  Confidence in the future, and a feeling that the best in life is yet to come.

•  Well-being, including relief from stress.

•  Freedom and independence, and sovereignty over one’s own decisions.

•  Success, defined by the sense that one’s life and endeavours have meaning.

•  Belonging, as in being part of the “in” crowd, and/or perceiving oneself to belong to something greater.

•  Thrill/excitement, and the associated pleasure or buzz.

•  Environmental protection: the belief that one’s purchasing decisions are either helping to prevent (or at least, not further exacerbating) the degradation of the ecosystem.

            Other common emotional drivers are the desire for love, financial security, the admiration of one’s peers, and the wellbeing of one’s family.

Identify emotional connections.

Existing customer and market data, surveys, and social media can all offer valuable insights here.

If your customers have liked or favourited your business or its products on social media, there is a good chance that these individuals would welcome updates, including information on special deals and limited-time offers. Surveys provide a means for you to learn about the emotions associated with particular customers and their shopping behaviour. (Questions like “Do you place greater value on individuality, or social acceptance?” or “Do you consider (X) a good brand?” can yield enlightening insights.) By aggregating basic customer data points—such as age, profession, gender, and transactional records—you can develop a profile of the kinds of customers who most value what you have to offer.

Emotionally connected customers tend to be lucrative ones.

Typically, your data will reveal that a minority of your clientele consists of regulars and comparatively big spenders. The research of Magids, Zorfas, and Leemon suggests that there is substantial overlap between your most frequent or lucrative customers, and those who feel emotionally connected to your business.

By reaching out to your most emotionally connected customers first, and striving to forge stronger connections with your borderline-emotionally connected customers, you can give your business greater staying power and a competitive edge over those that overlook this factor.

Marketing to Customers’ Emotions

Consider television advertisements that you’ve seen for fragrance products, such as Axe deodorants and body sprays, Calvin Klein colognes, or Chanel perfumes. Some of these commercials entice would-be buyers with the promise of an exciting and glamorous lifestyle, others portray an image of coolness, stylishness, manliness, gracefulness, attractiveness. Almost universally, they seek to appeal to the emotional desires and ambitions of the target audience.

Of course, the power of emotion extends far beyond the world of fragrances; branding experts regularly employ emotional techniques to plug items ranging from soft drinks, to jeans, to automobiles. By connecting your brand identity to the emotional aspirations of consumers, you too can convey a potent message. But you’ll need to begin with a solid understanding of your customers’ emotional drivers.

What motivates your customers?

Of course, every one of your customers is a unique individual, and each may have h/er own reasons for seeking out what you offer. Nonetheless, you’ll often be able to identify emotional drivers that many share.

As part of their research into customer emotional connectedness, published this month in Harvard Business Review, analysts Scott Magids, Alan Zorfas, and Daniel Leemon compiled a list of High-Impact Motivators that includes the following:

•  A desire to stand out from the crowd, which businesses can leverage by emphasizing the uniqueness of their brand.

•  Confidence in the future, and a feeling that the best in life is yet to come.

•  Well-being, including relief from stress.

•  Freedom and independence, and sovereignty over one’s own decisions.

•  Success, defined by the sense that one’s life and endeavours have meaning.

•  Belonging, as in being part of the “in” crowd, and/or perceiving oneself to belong to something greater.

•  Thrill/excitement, and the associated pleasure or buzz.

•  Environmental protection: the belief that one’s purchasing decisions are either helping to prevent (or at least, not further exacerbating) the degradation of the ecosystem.

Other common emotional drivers are the desire for love, financial security, the admiration of one’s peers, and the wellbeing of one’s family.

Identify emotional connections.

Existing customer and market data, surveys, and social media can all offer valuable insights here.

If your customers have liked or favourited your business or its products on social media, there is a

good chance that these individuals would welcome updates, including information on special deals and limited-time offers. Surveys provide a means for you to learn about the emotions associated with particular customers and their shopping behaviour. (Questions like “Do you place greater value on individuality, or social acceptance?” or “Do you consider (X) a good brand?” can yield enlightening insights.) By aggregating basic customer data points—such as age, profession, gender, and transactional records—you can develop a profile of the kinds of customers who most value what you have to offer.

Emotionally connected customers tend to be lucrative ones.

Typically, your data will reveal that a minority of your clientele consists of regulars and comparatively big spenders. The research of Magids, Zorfas, and Leemon suggests that there is substantial overlap between your most frequent or lucrative customers, and those who feel emotionally connected to your business.

By reaching out to your most emotionally connected customers first, and striving to forge stronger connections with your borderline-emotionally connected customers, you can give your business greater staying power and a competitive edge over those that overlook this factor.

Actually, The Customer Isn’t Always Right

“The customer is always right” is a kernel of received wisdom that has stood the test of time—and will likely remain with us for many years to come. Of course, customer service is essential to the success and viability of any service-oriented enterprise, and no manager who fails to prioritize this dimension of day-to-day business can expect to keep h/er job for long.

Nonetheless, the world is full of imperfect people. Everyone makes mistakes. Some individuals are prone to losing their tempers for no good reason, have irritating habits, or place unrealistic demands on others. The odds are good that, sooner or later, you will do business with a customer who answers to one or more of these descriptions.

In other words, the tired old maxim that presupposes the correctness of the customer isn’t true. On the contrary, customers are frequently wrong.

The expertise gap.

You or your staff likely know more about the products you offer and their best uses than many of your customers do. You may occasionally have superior knowledge about what is in a customer’s best interest. If this is the case, try to be forthright.

Many customers are understandably suspicious of the motives and intentions of salespeople—Is he on commission? Will she try to peddle something I neither want nor need?

By encouraging honesty and integrity throughout your enterprise, you will garner a reputation that reflects those values, and in turn, earn the trust of current and prospective customers. You want them to feel comfortable and confident that you plan to help them, rather than exploit information asymmetries to your own advantage. Obviously, a customer who expects a good-faith transaction will be more receptive to your insights than an apprehensive one who fears a hustle.

Give your employees the benefit of the doubt.

No one is entitled to spew abusive language or direct any other form of harassment toward your staff. If a dispute arises between an employee and a customer, you should give the customer’s concerns a fair hearing, but offer your employee the benefit of the doubt.

By giving your employees the support they need to do their jobs well, you’re likely to end up with more satisfied customers too. Workers who believe that their employer will have their back in a dispute will tend to find their work more gratifying, enjoy higher morale, and offer customers an exemplary standard of service.

Of course, this doesn’t imply that you should embrace the equally extreme position “The employee is always right”. But competent, hard-working staff certainly deserve your support in the face of unreasonable customers.

Don’t reward bad behaviour.

If you dedicate yourself to the maxim “The customer is always right”, you’ll naturally be inclined to tolerate a cantankerous customer’s misbehaviour—and by tolerating it, you’ll only encourage more of the same. Don’t give in to the person who yells the loudest or raises the biggest stink; at the end of the day, this policy will do more harm to your business than good. Do you really want your other customers to perceive that the most annoying shoppers are also the ones most likely to get what they want?

Occasionally, you may have to ask a combative individual to leave the premises, so that you can concentrate on helping those who treat you with civility and respect. Bad customers are also bad for business: they distract your employees from more important tasks, and can create an unpleasant experience for everyone.

The Ingredients of a Compelling Newsletter

If you’re on one or more online mailing lists, you probably receive periodic e-mail newsletters. You

may also find some of them more inviting than others—because the good ones feature engaging content, are relevant to your life, offer useful advice and information, or a combination of the foregoing. The others likely make their way posthaste to your deleted box.

Read on for practical advice on getting the most out of newsletters, and avoiding the epidemics of non-reading and auto-deletion.

Stay in touch with people on your mailing list. What do current and potential customers want to read about?

If you know any of your customers or clients personally, raise the subject of your business’s newsletter and solicit their opinion. Chances are that if one of more newsletter recipients is keen to hear more about a particular subject, product, or aspect of your business, other people on the mailing list will be interested in the same thing.

Once in a while, it may also be a good idea to include a brief survey in the newsletter, seeking feedback on particular items and articles. The results won’t necessarily illustrate what all of your readers are looking for (since those readers inclined to fill out surveys aren’t necessarily representative of your entire readership), but they should give you a good idea of what’s working and what isn’t.

 

Punchy subject line and title lines.

Seek out the most compelling piece of information from the newsletter to form your e-mail’s subject line. The titles that link to articles in the newsletter also need to be eye-catching in order to entice would-be readers to click on them. Aim for brevity and impact.

Quality content from elsewhere.

No one has a monopoly on good ideas, and in the blogosphere, there is no such thing as a monopoly on quality content. Keep an eye on blogs and news related to your industry, and share posts and information you feel will resonate with your readership and enhance your business’s reputation. If your company enjoys positive press coverage, link to that too. (However, keep descriptions short and avoid penning wordy, self-congratulatory articles. Most people won’t read past the first couple of sentences.)

Mobile compatibility.

The internet is evolving rapidly from a stationary medium to a roving one, and your newsletter must be versatile enough to accommodate the shift. Concentrate on economizing words, and developing content that delivers the core message without undue delay. Break lengthy paragraphs down into brief, digestible segments. Use a large font for titles and sub-headings, and aim to make each less than ten words long, if possible.

Finally, preview your newsletter on a computer and on a mobile device before you disseminate it. Make sure it reads well, and that there is no need to scroll horizontally in order to read all or most of the content in each article. The internet is full of well designed websites and online publications, and horizontal scrolling irritates some people enough that they may be tempted to move on after just a few seconds.

Consistent scheduling.

Choose a time of the month, week, or every two weeks to distribute the newsletter, and stick to it. If the content you offer is worth reading, then the people on the mailing list will look forward to the next issue, and some may even set aside a few minutes to peruse it when it comes out. You can show respect for their time by releasing new editions right on schedule.

Finding New Ways To Network

Finding new clients and attracting new customers doesn’t have to be all about advertising your business. Sometimes it’s about selling yourself through networking. But networking events tend to get a bad rap – most people don’t look forward to boring business events full of schmoozing and faking interest in others. But attending those awful local events isn’t the only way to network. If you cringe when you hear the mention of “networking”, why not try a new way to create business relationships?

Start a Meetup

Networking events are said to be the best way to meet new contacts and create business relationships. With so many to choose from, it can be hard to know which will be most beneficial to your needs. So why not start your own? Create your own event and send invites on social media to reach out to people you already know and ask those people to pass along the invite to others who might be interested. Make sure you find an open and comfortable space and have refreshments available to make your event feel friendly and welcoming. As the host, you’ll be responsible for making your event is successful so go out of your way to introduce yourself to as many people as possible and ask lots of questions (while networking the whole time)! Starting your own meetup allows you to create the ideal networking event – not the stuffy boring kind that everyone dreads! If you’d rather do something informal, try starting a book club or a wine tasting event. This will provide a more intimate environment for discussion and, with the right group, can turn into potential relationship building in the future.

Find a Volunteer Opportunity

Not only does volunteer work give you a feeling of great satisfaction, it’s a fantastic way to meet like-minded individuals who are looking to give back to the community. Being in a group who are passionate about volunteering can really bring people together and eventually forge close bonds. There’s a sense of trust established as people are working towards a greater good. Another way to volunteer and get your work noticed is to offer your services for free to a non-profit.

Have Your Business Card Handy

You never know when you’ll run into someone who could become a potential client, so always have your business cards ready to hand out. If a casual conversation at a pub turns to work related discussion, providing a business card with your answer to “what do you do?” can turn a chance meeting into a future business venture. The business card might get tucked away, but is a good reminder for when services might be needed later or it can be passed along to a friend. To make a larger impact, splurge on an interesting and creative design for your cards as a statement piece.

Strengthen Your Existing Connections

Sometimes it can be hard to find the time to keep in touch with co-workers, employees, or clients from the past. But reaching out every once in a while is a great way to keep your name (and business) top of mind. A simple email to catch up or even a social media message keeps the relationship even after years have passed. LinkedIn provides a great way to keep contact information of those you’ve worked with in the past, and makes it easy to find those you may have lost contact with. You’ll also have an easier time meeting new contacts simply through keeping up with your old ones. Now that’s networking!

It’s a Marathon, Not a Sprint – But You Gotta Go Really Fast!

When deciding to start a business it is always important to keep the long play in mind. It’s okay to make sacrifices in the early going with the expectation that it will pay off in the long run. It’s fine to keep business at a slow, steady, and manageable pace in order to achieve a level of comfort and sustainability. And, there’s nothing wrong with finding your stride and establishing a work flow that’s right for you. However, it’s never time to allow complacency to settle in because allowing yourself to fall behind means you will inevitably get left behind. Below are few key ideas to keep in mind order for your business to keep pace and make the right strides from start to finish.

Innovate.

No matter how cutting edge you think you are, the next big thing is right around the corner – it’s just a simple fact with the current state of technology. The moment a new technology is released, companies are on the move making refinements and developing their own patents in order to stay in the race and get a piece of the pie. It’s not always necessary to be at the vanguard of innovation, but it’s essential that you keep a pulse on whatever the latest upgrades are and keep your own systems up to date. Always make a point to reevaluate the state of your company’s level of innovation every quarter – yes, things change just that quickly.

Ask for feedback, and respond to criticism.

No matter what service, or product, your company provides, the needs of your clients will change from one day to the next and it’s essential that you stay on top of what those needs are. At the end of the day it is your job to provide them with what they are looking for, not what you think they should want. Being sensitive to customer needs is the cornerstone to profitability because it is customer needs that, in fact, drive innovation. Also, it’s essential that you never become bitter towards negative criticisms to your product or service. As great as it feels to receive a pat on the back once in a while, that’s not necessarily how we grow. Every negative criticism represents an insight into the potential flaws with your service or product and what may need tweaking or overhauling. Criticism isn’t so much an indictment of your abilities as it is an opportunity to step up and prove what you’re capable of.

Embrace change.

Once upon a time people graduated from college, got a job, and stayed right there until they retired. It’s well understood that nowadays college graduates should prepare to have several careers before they decide to call in their pensions. In the previous paradigm a layoff would have been calamitous, but today it’s almost so common that the phrase “I’m between jobs right now” has almost become cliché. Keeping everything in a constant state of flux should be the only permanent aspect of your life and business. It prepares you for every eventuality because if you’ve been keeping up you likely saw the changes coming a long time ago.

Have no fear.

 Anyone unfamiliar with the term “self-sabotage” needs to go look it up, because all too often we are the biggest obstacle we need to overcome. Whether it’s fear or apathy, very often we become limited by what we feel we deserve and no one is going to just pay us because we think we’re cool. It’s fine to speak soft, but paramount to be assertive enough to do what needs to be done. It’s not enough to just put one foot in front of the other. In order to make real strides you have to pound the pavement and you need to have a talk with yourself and not let yourself get in the way of you achieving your dreams. 

Five Tips for Managing Client Expectations

Nothing is more essential to a successful enterprise than repeat business. Every satisfied customer allows your brand to be passed around by word of mouth potentially creating a snowball effect that could be the difference between the long-term sustainability of your enterprise, or it ending up being a fleeting experiment. Referrals are your best friends and a one dissatisfied could spell the end of your business and is to be avoided at all costs.

Whether you’re a web developer, digital media consultant, graphic designer, or content creator, the clients that come looking for your services will bring with them some level of expectation, and it’s your job to manage those expectations. Below are 5 handy tips and tricks designed to help you navigate the mind of your client, understand their demands, and keep them and their friends knocking on your door.

1) Get to know what they know – No matter what a client might come to you for, if you know what they know about what you do, it changes the level of expectation. Some clients might have an in depth understanding about what it takes for you to do your job and some might be completely clueless and the key to maintaining customer satisfaction in either case is the level of sensitivity with which you handle each. It should be clear by the terminology they use when they speak to you, or how they respond to any questions you ask, so just be mindful.

2) Know what you’re capable of – Nothing upsets the balance of someone’s expectations more than being given false information. If you design websites and a client has come to you saying they need their site to go live in 24 hours, sometimes it’s better to risk losing the client rather than promise them that it can be done and risk not completing the work. No matter how much extra effort you might put into getting it done, the chances are your client won’t be sympathetic to your plight. They are under pressure too and all they’re likely to remember was that the work wasn’t completed when you said it would be.

3) Don’t be afraid to involve your clients – Some clients might not have the faintest idea of what’s involved behind the scenes of a good marketing video, but everyone who’s in charge of a project appreciates having their ego stroked. The more decisions they make, or the more they see of themselves, there is an increased likelihood they’ll take ownership of the project and value the work you did alongside them. However, remember that there’s a fine line here – some clients are just too busy to be bothered, and some can become so involved that it compromises the quality of the project.

4) Be available – The work has to get done but it’s not advisable to turn the ringer off on your phone – ever! The service you provide is meant to be a direct response to what a client has in their mind and the work has to get done in the spaces between them communicating to you exactly what that is. Every fragment might prove useful in you being able to deliver on their wildest imagination and should not be ignored. A client will remember every time that they tried to reach you and were unable to because it was time that they set aside, time they thought was important, and time they eventually wasted. Time is money, and they can give theirs to someone who will offer them the time they need.

5) Let someone else disappoint them – It’s time for a reality check – you’re not the only one who does what you do. Out there in the world is someone who others can go to for the exact service that you provide, and it’s likely you’re not the only one they’ve called. It’s also not uncommon to find a prospective client that simply has completely unrealistic expectations, and there comes a point where it’s imperative to stand your ground on an issue (work load, deadlines, rate of pay, etc.) because the integrity of your business will be at stake. A prospective client might simply hire the cheapest option around and don’t be afraid to let them. The chances are likely that they won’t be happy with the work that got done and will go somewhere else the next time. Be sure that if they do finally come around to you, and not simply the cheapest option available, that you do deliver the value you promise.

Overnight Success Doesn't Happen Overnight

The business marketplace is littered with so-called "overnight success" stories. Because we live in a microwave society, we want everything fast.

We want to lose weight in a weekend by taking a pill. We want to download everything in a blink of an eye. And we certainly don't want to wait for success.

Here are some truths about the overnight success phenomenon that you should think about the next time you hear one of these stories.

It is the exception, not the rule.

Do you seethe with envy every time you read about an overnight success story? One of the most popular is how Roxio, the makers of the app sensation Angry Birds went from zero to hero overnight.

Yes, it was a great success story and they probably never have to develop another game (but they will). However, the truth is Angry Birds was the 53rd game that this company created. That would be 52 other games that went through development, testing, marketing, implementation and lackluster sales.

Overnight success? Hardly.

Sure, a company can get fast results and see their profits soar in a short amount of time, but for the majority of businesses success can't be rushed.

You're hearing the hype.

It looks good for a company to promote themselves as an overnight sensation because we all like a winning story. It also makes for good press to have the Cinderella syndrome play out of someone being plucked from obscurity and plopped down in their dream life.

However, a little digging will reveal the truth behind the hype. Even the simple act of filing corporation papers takes time.

The reality is that a company's success is often built on a lot of past failures. Those failures might not all be related to that company but you can bet the board of director, the developers and the sales staff have had years of experience in the business world that lead them to this point in their careers.

In fact, if someone has worked for just five years prior to starting that company, they are bringing close to 10,000 hours of experience. So, any time you hear a story about an overnight success just ask yourself, "What are they leaving out?"

Being number one could blow up your company.

Under the heading "be careful what you wish for" comes the notion that a true overnight success might actually blow up your company. Imagine the potential success of a Super Bowl commercial.

Not only will literally a hundred million people see that spot play out but it could also go viral, bringing in millions of more viewers. If that business isn't ready for the onslaught of potential customers then their website could crash, their staff will revolt and they'll lose a lot of business.

Planning for success is just that: "planning."

That should mean being ready when it finally arrives.

Social Media and the Law

Does your company need a lawyer every time you post on Facebook? Obviously not if it is your personal page.

However, when you dive into social media to promote your business you would be well advised to speak with a social media law specialist to keep an eye on what you post. Look at it this way, when a company creates an ad that makes certain claims about their product, that ad has to go through a strict legal review to protect the interests of that company.

This is the same approach you should be taking when you begin engaging customers through social media. In other words, get protected before you post. Here are some areas to think about with regard to social media and the law.

Do you have an action plan?

On many levels, you can gauge a successful social media campaign by the amount of followers or "likes" you achieve. Yet when you drill down, an effective social media campaign is much more than a numbers game.

Before you meet with a lawyer, you'll want to put together your company's action plan. This can come in the form of a prepared background document. Included in this document should be the supporting data for the following:

• Current social media uses
• Lists of various social media platforms being utilized
• Type of material being shared (blogs, videos, Tweets, photos, etc.)
• Staff members responsible for generating social media content
• Any company policies regarding posting
• A review of competitors’ social media campaigns
• Guidelines for employees posting on behalf of the company such as language/photo use

All of these issues pertain to a certain level of risk management with regard to employee interaction. Without guidelines you could find yourself dealing with inappropriate posts that could cause great harm to your brand.

Do your employees know what they can or cannot post?

It's hard to imagine a company getting through the course of business without creating a "disgruntled" employee. Usually, these are the folks who are dismissed because of poor work performance and go on to vent their frustrations. These types of comments can be managed but what about posts from current employees that could be a problem? Make sure that your employees understand that company secrets or making fun of a customer are not something that should be done on social media.

All of these types of postings need to be explored with your legal representative in order to form a comprehensive set of rules for your staff. It is much better to work through all the possible scenarios as opposed to doing damage control. 

Pricing Tips That Work

The right price for your product or service will make all the difference between using red ink or black ink on your accounting books. Unless you have a smart pricing strategy all your hard work of getting your business up and running could collapse.

Here are some tips for how you should approach your own pricing methods:

Not All Prices Should Be the Same

A research study conducted at Yale University found that when two of the same type of products were priced exactly the same customers shied away from making a purchase as opposed to when the items were priced differently. This doesn't mean you should mix up your prices on the same products. Just understand the mind of the consumer. Perhaps it's more about changing the pricing with an item that has a noticeable variant like size or design. This idea also comes into play when stacking your product line up against competitors. You should always keep an eye on competitive prices.

Try Price Anchoring

Price anchoring taps into our tendency to exclusively factor the first price we see when it is set against a second higher price. Restaurants will use this tip when they are selling expensive items together. The $50 lobster looks pretty good compared to the $75 Kobe steak. The result? More lobsters are sold. The basic premise is that you're creating a sense of value for your customer. In other words, give them something to compare to.

To Make a Sale, Decrease the Sticker Shock

What sounds more like a bargain: a subscription for wine of the month club at $50 a month or $600 a year? They are actually the same price, but the consumer thinks the monthly cost is more affordable. This is the approach you should take in your sales campaign. A fee attached to a product should be a "small fee." Bundle products together into a single "great bargain package." Appeal to the grander solution of a problem.  

Use the Number 9

The number 9 has become so ingrained on the shopper's mind that it actually holds appeal. You can reduce a product from $80 to $60 but it might be stronger to go down to $59. It works every time!

Test Your Prices

There is a trial and error when it comes to finding the sweet spot of pricing. You might have to experiment with different price points to see what works best for your product. If you start a new campaign with a lower price point, make sure you get your marketing up to speed so all your customers will know. 

How to Measure Customer Satisfaction

How happy are your customers? If you don't know the answer to that question then it might be time for some additional research. The best way to expand your company is to make sure you're giving your customers what they want.

The only way to find that out is to gauge their level of satisfaction. Professor Scott Smith, the co-founder of Qualtrics, has come up with a simple and direct approach to determining customer satisfaction.

Here are the four fundamental measurements he suggests you apply to your business:

Perceived Quality

You can ask your customers to fill out a survey card and leave it at your store or answer a quick online survey. Either way, the first question to ask is a variation on the theme of "How was your experience with our company?" Right off the bat you're going to know how the customer feels especially if you ascribe some sort of rating like a scale of 1 to 10 or adverbs like "great, good, so-so or bad." This will become your baseline for customer satisfaction.

The Loyalty Measurement

Every business depends on loyal customers coming back to make additional purchases. The hope is that those customers will take the next step and recommend that company to someone else. With the loyalty measurement you'll be asking, "Would you recommend our company?" It's a yes or no question that you can break down to degrees such as "very likely, somewhat likely, etc." It's a terrific snapshot to judge how many referrals your customers can bring in. That might inspire you to take it a step further with some sort of incentive program.

Attribution Satisfaction

These are the survey questions you'll be asking that get into the specific of a particular product. In other words, you want to find out what attracted a customer to that product. Was it the price? Availability of sizes? Ease of shipping? Colour? There could be many factors that went into the purchase. Finding those out will help support future product launches and sales campaigns.

Intention to Repurchase

There are some products that are geared to be bought only once while others require frequent repurchasing. Either way, you want to know if your customer was happy enough with your business that they would do it all over again. A customer with a positive shopping experience is more likely to buy that product again, perhaps as a gift. At the very least they'll be recommending your company to others.

Take note that all the positive information you gather in these types of surveys can be used in your own marketing campaigns. If you can have a 100% customer approval rating why wouldn't you share that with the world?

Of course, you won't know any of this unless you ask!

Mobile Trends That Affect Small Businesses

A study from AT&T shows how reliant small businesses have become on mobile technology. The 2013 AT&T Small Business Technology Poll mentions that 85 percent of small business employees now use a smartphone to help with their jobs. 

Customers are becoming more mobile too. The International Data Corporation, a global marketing intelligence firm, says the number of smartphones shipped now outpaces the number of other cell phones around the world. Tablets are on the increase with customers too.

Consider these mobile trends that affect small business:

Trend #1: BYOD – Bring your own device

BYOD or bring your own device is a trend that allows employees to use their Smartphones and tablets for business 24/7. According to recent surveys, the numbers of Smartphones sold outpaced the number of PCs. Maybe it's because the newest generation of Smartphones enables users to do everything their laptop does. Companies are utilizing BYOD as a way to increase productivity. For a small business owner, allowing your sales staff to BYOD will encourage them to use that device for all kinds of work-related tasks throughout the day. That's going to be very good for your business.

Trend #2: Mobile Shopping

In the U.S., Cyber Monday sales are quickly building towards outpacing the traditional top selling Black Friday sales and those are only two days out of the year! The vast majority of mobile tech users have made purchases through their phones and pads. It's not just the ease of one-click buying that customers appreciate but also the ability to shop and compare items right in the store. When your mobile application can make that shopping experience easy to navigate then you're going to build a stronger customer base. This means your website should be adapted for mobile phone use. Perhaps you should develop a separate app for your online store. At the very least there should be a lot of testing to work out the potential bugs. You might have only one shot at grabbing a mobile shopper, make sure your website is ready.

Trend #3: LTE – Long Term Evolution

Long Term Evolution networks or LTE are becoming all the rage for many Canadian businesses. These networks are allowing for all types of innovations like HD video conferences, transfer of large data files and hot spot access anywhere in the country. LTE networks allow businesses to make instant uploads across a variety of social media platforms. This insures a greater change of market penetration than ever before.

In the future, smartphones will continue to improve the way you experience the everyday world. Projection technology, for instance, is rapidly getting better, with some phones able to project pictures and high-definition video to a wall the same size of a 50-inch television screen.

Mobile payments using your phone will now become a hot trend, with many businesses vying to create the better “mousetrap”. Technology will always be evolving. With better streaming technology, faster processors, smartphones are becoming more powerful and will become much more integrated into our lives.

What to Know About Running Contests

For many businesses, a contest is a perfect way to reward loyal customers and bring in new traffic. Best of all, you don't have to be a huge company with deep pockets to start a contest. However, there are some legal matters you need to be aware of before diving into the contest arena. Keep these guidelines handy before considering launching your contest.

Make it a sweepstakes or contest.

Sweepstakes and contests might sound like the same thing but in the legal realm they are quite different. A sweepstakes is when a person merely "enters" to win something. That can be as simple as submitting an email address or sending a text. On the other hand, a contest involves some sort of skill like writing an essay. You'll want to make that distinction because each one comes with a specific set of legal guidelines/restrictions.

Make a list of rules.

You'll need to make a list of rules for your contest and then adhere to those rules. These rules should cover the typical items such as deadlines, eligibility requirements and rewards. They should also cover every possible scenario in terms of winning and losing. In other words, don't leave anything to second-guessing.

Make it region specific.

It's easy if you have a small neighborhood business and want to run a contest for your customers. You would only have to look up the guidelines as it pertains to your city and state. However, if you want to go national or international you're going to need to do a lot more research. This is why many contests have built in restrictions as to who can play.

Make sure you understand the online rules.

Obviously, the best way to reach the most potential customers would be with an online contest but that will open the door to a whole new range of possible restrictions. You might think it's a good idea to run a contest in order to get an expanded email list, but in reality you could be prevented from using those newly acquired addresses. Make sure you follow the rules especially when there is the potential for minors to be exposed to your contest.

Make sure you get a good attorney.

Suppose your contest involves printing "golden tickets" that a customer needs to find. What if the printer messes up and everyone gets a golden ticket? That scenario actually happened to Kraft Foods back in 1989 when suddenly all of the contestants in a contest were claiming brand new cars when there was only supposed to be one winner. Since then the "Kraft clause" was instituted to cover those kinds of human errors. An experienced attorney who has crafted rules and regulations for a contest will know all about those clauses and that's who you should be retaining to help with your contest.

When it comes to contests, you want to make sure your company comes out as the real winner!

How to Get Customer Referrals to Grow Your Business

Before heading out to see the latest Hollywood blockbuster do you check the reviews? There are certainly plenty of places to read other viewers opinions. The same can be said for any type of service company. On many levels, these "reviews" are actually referrals, at least the positive ones are! 

Businesses depend on customer referrals to keep the sales numbers flowing. How are you doing with collecting customer referrals? Is there room for improvement? Try embracing these insights to help gather customer referrals to grow your business.

Collect LinkedIn endorsements.

Your company should have a LinkedIn page up and running. If so then you'll be able to start collecting endorsements from other professionals who you're networking with. In the grand scheme of things these endorsements might not make or break your company but every little bit helps. A good way to generate endorsements is to give endorsements. Stay active on your page and you should be rewarded in kind.

Ask and you shall receive.

You know it never hurts to ask, right? That applies for so many things in life not the least of which is getting endorsements for your business. If you have some trusted clients who you've established a strong relationship with then reach out to them and ask for an endorsement. Make it easy on them by providing the link to where you want that endorsement to go. Your goal could be as simple as increasing your Facebook likes or getting a written testimonial you can post on your website. Be proactive on your hunt for endorsements and you'll be amazed at what can come rolling back to you.

Sift through the recommendations.

If you do your homework right and the recommendations start flowing your way you'll want to sift through them to make sure they are the right recommendations for your company. This ability to sift through the recommendations works best when you're in control like on your own web page or Facebook account. Just because someone says, "I like them" doesn't mean you have to use that recommendation especially if that is all you get. Without writing them yourself, the recommendations should be thoughtful and specific towards what your company is offering. The more details the better the recommendation.

Spread the word.

Securing a good recommendation is meaningless until you can put it work for you. Every new positive recommendation should be shared with your entire social media network. It should also be included in any email blast that you'll be sending out to new customers.

How To Attract the Clients You Want

Your customers are your company's lifeblood. Without them your business will go belly up. Just because you've got some loyal customers doesn't mean you can rest on your laurels and coast through your next bottom line review. You should always be on the lookout for ways to expand your customer or client base. Here's how to attract the clients you want:

Make customer service priority number one.

The goal is to make it easy for a client to do business with you. That is accomplished with a strident focus on customer service. You don't have to send out "thank you gift baskets" after ever order, but make sure every client has a dedicated representative from your company that they can reach out to. Solve problems fast and listen to what that client wants. By providing this kind of top-notch customer service your clients will have no problem recommending your company to their associates.

Focus on information.

To attract clients you need to provide them with valuable information, not a hard sales pitch. You already know what your current clients appreciate in terms of the services your company provides. Let that be the focus of your marketing. You're trying to build up trust and that can only happen when you can demonstrate that you are focused on a potential client's best interests. 

Put technology to work for you.

With all the communication technology at our disposal, there is no excuse for not staying in contact with a client. You can use SaaS services such as ZenDesk or salesforce.com to keep track of complaints and issues. Make the investment to setup a CRM system and it could go a long towards securing that client's business.

Encourage referrals.

Asking for referrals should be a part of your daily business plan. It might help to have incentives not only for your employees but for your current clients as well. A referral means you'll be getting the same kind of client you're already working with. No one is going to send you a "bad client."

Keep your staff motivated.

After all your hard work of attracting new clients, you don't want to lose them if your staff drops the ball. Make sure everyone is on the same page so that you're presenting a unified front to any prospective client. A happy staff means happy clients and that's going to be less stress for you all around.

The Power of Joint Marketing Partnerships

A business can't become a success on its own. Every company needs to develop partnerships with vendors and customers in order to generate profits. The potential for profits can be elevated even further with a joint venture partnership. Case in point, the Yonanas machine.

This was a simple gadget that turned overripe bananas into a frozen dessert. The company was humming along trying to break into the big leagues when they formed a joint partnership with Dole. That translated into 100 million bunches of bananas having stickers challenging consumers to "Turn me into a Yonana!" The machines flew off the shelf. Can you think of a joint partnership that would benefit your business? Think about these tips for achieving stronger marketing through a joint partnership.

Power Up Your Facebook Page

Billions of users log onto Facebook every day. Even if you capture just a fraction of those potential "likes" you'll be sitting pretty. Once you've established your Facebook page and have it bursting with fresh content, look for a joint partnership page that you can team up with. If you sell decorative wine corks then finding a wine distributor would be a natural fit. Not only can that cork company team up with a wine distributor, but also a gift basket company. What you'll want to do is reach out to that partner and set up a mutual deal where you're both promoting each other through Facebook updates. That's the power of social media joint partnerships.

Use Backlinks for Your Content

That same exchange of Facebook pages can occur with backlinks on your content pieces. Once again, you'll be working with a joint partner to create content that you can both benefit from. It would be like creating an continuous circle of traffic from your web site to your partner's web site. If you're both using effective SEO then it's going to be a win/win all around.

Share the Goods

As you already know, giving away free stuff is a wonderful way to generate traffic to your web business. However, you don't have to limit yourself to giving away freebies just on your site. You can also share incentives on your joint partnership's web pages. Setting up a contest that shares prizes with a partner's products is another terrific way to pump up traffic between the sites. 

Once you've found the perfect joint partner, there should be no limit to the amount of exchanges you can both engage in online. It will take coordination between the parties but that is easy to manage. Joint partnerships are all about thinking outside of the box and you should already be doing that!