Business

June
04 2013

Don’t Put ALL of your Promotional Eggs in One Basket

When it comes to promoting your business, it is important to not put all of your promotional eggs in one basket!  What I mean by this is be sure to promote your product or services through various promotional avenues both online and offline.  For the purpose of this post, I will discuss the importance of having various promotional eggs online.

When it comes to promoting your  business online, there are many ways to accomplish this.  You have to choose the best method for you and your business, but here are some of the basic promotional avenues you should be using:

1.  Company Website–  This seems like a no brainer, but I recently read a statistic that said 30% of businesses do not have a company website.  What?!!! A company website is your company’s online profile and the way that people get to know you and your business.  Your website should  include information about your company, your products and services, locations, etc.  Using Search Engine Optimization (SEO) strategies and tactics both organic and pay per click are great ways for potential customers to reach your website and get to know about your company.

2.  Company Blog–  Now it can be argued whether a company needs a website and a blog, but in my opinion, now a days a company should have both.  A company blog differs from the company website, because the blog is a way for people to learn about your company’s expertise and allows you to show-up as an expert in your particular field based on the information you post.  If people don’t reach you by going to your website, a blog on a popular blogging site gives people another avenue to learn about you and your business with the informative posts that you place on the blog.

3.  Email Marketing–  Opt-in E-Mail Marketing is a great way for you to keep your company and your products and services top of mind for existing clients or prospects.  When a business is top of mind with consumers, they are more likely to continue to use your product or service (as long as they are happy with it)  and would be more likely to refer business to you if you stay in contact with them and offer good valuable information and or discounts.  Email Marketing is one of the most cost-effective ways to stay top of mind with your customers and prospects online.

4.  Social Media Presence–  Now this a huge topic that could be a separate post, but is necessary to include as a part of any company’s online promotional efforts.  With social media it is important for a company to know its target market, select the appropriate social media platforms to reach that target market, and have a social media strategy in order for promoting on social media to be successful for the company.

By making sure that you are not putting all your promotional eggs in one basket, you are ensuring that your message is reaching the right people in the right places, and the idea is for those promotional eggs to hatch into repeat or potential customers.

What promotional avenues/eggs online are you using for your business?  Be sure to post a comment below.

Posted by Nadine Mullings  |  Comments Off on Don’t Put ALL of your Promotional Eggs in One Basket  |  in Business, Email Marketing, Marketing, Social Media, Uncategorized, Website
May
30 2013

3 Ways to Get Capital For Your Small Business

After attending the BE Entrepreneur’s conference earlier this month, I learned about three main ways small businesses can secure capital to grow their businesses:

1.  Traditional financing through a financial institution–  This is probably the most popular or most known type of way to get financing for your small business.  You can go through the Small Business Association (SBA) to get assistance with this type of financing, or you can work directly with a bank or a local credit union.  No matter which avenue you choose, you will be required to have good credit,  good financial statements, a good business plan, and you will be taking on debt for your business.

2.  Angel Investor or Venture Capitalist-  This type of capital I was not as familiar with, but I know it is available for small business owners, but mainly start-up companies and mainly technology companies.  Angel investors use private capital  to invest in start-up companies in exchange for equity in the business, and a Venture Capitalist is a person or company that provides capital for new commercial enterprises.  For angel investors and venture capitalist they are not interested in your credit, financial statement or business plan, but more interested in the business concept, the viability of your  product or services, the management team for the business, and the market demand or potential demand  for your product or service.  Venture Capitalist require equity in your business, so you loose some percentage of control for your business.

3.  Alternative sources of capital–  Alternative sources of capital have become very popular now a days with platforms such as crowdfunding.  Crowdfunding is the collective effort of individuals who network and pool their money, usually via the Internet, to support organizations and companies.  The capital raised is by donations given in return for some item or privilege from the supported organization or company.  The great thing about crowdfunding is your business is not taking on debt or giving away any equity.

No matter what avenue or avenues you choose to use to get capital for your business, be sure to do your research and BE PREPARED before you start any process to gain capital for your small business.

Posted by Nadine Mullings  |  Comments Off on 3 Ways to Get Capital For Your Small Business  |  in Business, Business Development, Business Planning, Uncategorized
May
06 2013

5 Techniques to Convert Educating Prospects into Paying Customers

I have listened in on several webinars and tele-seminars over the last year or so, and I have noticed a trend with the format of each one.  A lot of the webinars and tele-seminars are aimed at educating you on a particular topic or subject, so you willing sign-up to learn more about this topic or subject.  Usually after about 30 minutes or so of good information, the speaker tells you that you can get more of this information by paying for a seminar, CD, book, program, etc.  Depending on the cost of the particular item, the tactic usually works because you are already talking to an active audience who signed up to learn more about this specific subject, so they are obviously interested in the topic.

When I think about the last two items that I purchased from a webinar, I feel there were five main things that enticed me to make a purchase, and as business owners, we should consider these factors when trying to sell a product or service based on an educational webinar or tele-seminar.

  1. VALUABLE INFORMATION–  Did your webinar or tele-seminar provide valuable information?  I define valuable information as information presented in a way that is DIFFERENT or NEW to most people.  When people receive information and they never really thought of that topic in that way before, you are encouraging someone to look at things differently.  This usually brings about an “Ah Ha!” moment, people love “Ah Ha” moments because it allows them to think differently and thinking differently can lead to different results.  If the information presented is information you’ve heard already or presented in a way you have seen before, you would be less likely to buy into the information.  Also, how the information is presented makes a difference.  A professional format with visuals are key!  When people not only hear what you have to say, but see it through the presentation slides or video, it makes a HUGE difference in the effectiveness of the presentation.
  2. PRICED RIGHT–  The product or service offered at the end of the webinar or tele-seminar needs to be priced right.  Now when I say priced right I don’t mean “cheap” or “inexpensive”, because if the participants believe in the value of information presented, they will pay the monetary equivalent as to what they feel it is valued to them.  However, the product or service must be priced in a way that is affordable, but also expensive enough to show its value.  For some reason most people are pricing their product or service ending with a “7” $97, $197, $297.  I am sure there is some information out there that says that pricing ending with a 7 tends to work well, why so many people are pricing their products or services that way.
  3. ADDED INCENTIVES–  I have purchased many items because of the added bonus that was included in the offer, so not only did I feel the information presented was valuable, but the bonus that they offered made it even more enticing to purchase the item, so think about adding a bonus course, a live seminar ticket, additional tips, etc.
  4. TIME SENSITIVE–  Of course the offer of the product or service is usually only available for a LIMITED TIME, so this encourages a sense of urgency for individuals to make the purchase.  It is human nature that if we know something is only available for a limited time we have to seriously consider whether we want to take advantage of the opportunity while we have the time.  People who are serious about getting the information will be sure to make the purchase before the time period runs out.
  5. OFFERED SEVERAL TIMES–  Some people require hearing or seeing an item more than three times before making a decision, so it helps to make the offer more than one time on the webinar or tele-seminar and even following up with a couple of e-mails regarding the offer.  The last purchase that I made from a webinar was after I had signed-up for the webinar twice (I missed the first one and signed up several months later for the 2nd one),  and received about six e-mails about the webinar and two follow-up e-mails about the offer, so technically it took about 8 contacts before I actually placed an order, so don’t neglect the power of following up.

If educating consumers about a subject or topic is a part of your marketing strategy, then be sure to consider the techniques listed above as a part of your formula to successful covert educating prospects into paying customers of your product or service.

Posted by Nadine Mullings  |  Comments Off on 5 Techniques to Convert Educating Prospects into Paying Customers  |  in Business, Business Development, Educating
April
23 2013

3 things to consider BEFORE making ANY business decision

As a business owner you have to make many business decisions all the time, but how do you know if you are making the right decision for your business?  I feel there are 3 things you should ALWAYS consider before making ANY business decision.  These 3 things are:

  1. Logic– this is when we use our mind to think about the consequences of the decision.  We try to decide will this decision make logical sense for my business mission or goal?   Most business owners always consider the logical reasoning before making a business decision. Logical reasoning includes things like:
    • Does this make sense for my business?
    • How much will it cost me if I do this, or what will it cost me if I don’t do this?
    • How will this affect the bottom line?
    • How profitable could this be?
    • How much time and energy would I have to spend on this?
  2. Emotion–  Some business owners consider the emotional side of making a business decision, but not all business owners do.  The emotional reasoning includes:
    • How would this decision make me feel about the business?
    • How do I feel about working with the individuals involved?
    • Do I feel this could really work?
    • Is my heart in it?
  3. Spirit-  Now this factor is overlooked by many business owners, but could quite possibly be the most important factor.  The spirit is the small voice inside of you (your gut) that usually tells you whether this is right for your business or not.  It is not based on logic or feelings, but on your intuition!  Sometimes we overlook the spirit in making business decisions because logically  the decision looks like it makes sense, or even emotionally we really feel that it could work, but the spirit is somewhat like knowing but not recognizing.  The spiritual reasoning includes:
    • Not really being able to explain why it makes sense or does not make sense, but you just know
    • Not being able to reason whether a decision is right or wrong, but you just know
    • Not relying total on your feelings, but relying on the sense or the direction the decision will take you
    • Paying attention to those small clues that are usually overlooked that give you guidance and direction on the right decision to make

Each decision factor is very different, but all are necessary and should be considered before making ANY business decision!

Posted by Nadine Mullings  |  Comments Off on 3 things to consider BEFORE making ANY business decision  |  in Business, Business Development, Business Planning
April
09 2013

5 Reasons Why Your Networking Should Be Organic

Image Source:  Boston North Business Association

I recently hosted a webinar for Independent Ladies Club entitled, “Master the Art of Successful Networking”, the speaker Erika Anderson talked about how networking should be organic and not forced, and we should think of networking as building friendships.  This made me think about the top 5 ways to network organically:

1.  Treat networking like dating–  When you meet someone at a networking event you shouldn’t think of them as someone who should be ready to purchase your product or service today, tomorrow, or even next week for that matter, but someone who you would like to get to know more about and to find out if there is a possible business connection.  Just like dating, successful networking takes time and effort to get to know someone on a deeper level.

2.  Listen more than you talk–  Communication is key with any type of relationship and is especially important when learning about someone at a networking event.  Some people have a habit of talking about how great their business is and what a great product they have, and they never take the time to truly listen and learn from the other person.  When you truly listen and understand, you get to know what the needs of an individual may be and you can think about how you can help him or her.

3. Make a connection on a personal level–  No matter how different we all are, there are usually key things that we can connect on, like hobbies, places we’ve lived, places we’ve traveled to, schools, sports, music, etc.  There is always something you can find in common with someone.  Try to connect on that personal level.

4.  Always think of someone in your network that would be a good referral or referral source for the other person–  When you listen carefully, you understand the needs or target market of the other person and  you can think about who you know that would be good to introduce them to or connect them with.  This is a great way to strengthen your connection with someone by showing you’re making an effort to help them out by introducing them to other people in your network.

5.  Strengthen the connection by connecting on social media-  more and more people find it acceptable to connect online for networking purposes.  If you meet someone at a networking event follow-up with them and deepen your connection by connecting online.  I recommend connecting on professional social networking sites like LinkedIn instead of more personal social networking sites like Facebook.  It’s a great way to keep the connection going long after the networking event has ended.

Posted by Nadine Mullings  |  Comments Off on 5 Reasons Why Your Networking Should Be Organic  |  in Business, Business Development, Networking
March
08 2013

The Four Seasons in Business: What Season is Your Business In?

As most of us know there tends to be times in our business when we are super busy, and times in our business when we are not as busy.  I feel business goes in seasons.  Much like the quarterly weather seasons we experience, the business seasons are necessary for us to go through and appreciate.
  • Season 1 (Winter)-  This is the time when business is kind of “cold”.  We are not getting a lot of business, but we have enough business to keep us a float. We can use this time to make plans and work on building up our network.  Business plans are at the heart of our business and when things are slow we should review our plans, update our results, and plan on ways to improve.  Our networks also tend to be the source of our new business, so building our networks in the “cold” season will help us to get more business for our other seasons.
  • Season 2 (Spring)–  This is when we start to see the fruits of our labor.  We start to get phone calls from people who are interested in our business.  More people are interested in joining our team or partnering with us.  During this season we can say “Business is good”  because we are seeing results.  The goal in this season is to provide excellent customer service and exceed your customer’s expectation.  When we exceed our customer’s expectations and keep our customers happy, it will lead to referral business, which is one of the main ways to help grow your business.
  • Season 3 (Summer)–  This is the time when things are more relaxed and comfortable for your business.  You are getting a steady stream of business, but you are not overwhelmed.  This season is the ideal time to think about creating new products and services that you can offer your clients to enhance your business.  People always like new things, so it is important to consistently offer new products and services in your business.  This season is a great time to offer new products and services because you are able to manage your work load.
  • Season 4 (Autumn)-   During this season your business may experience a slight decrease as you are getting close to the “cold” season.  Don’t be alarmed, now is a great time to amp up the advertising and promotion of your business.  More advertising and promotion of your business during this season will help increase your sales volume due to the natural decline in sales volume you  may be in experiencing.  This season is also a great time to be sure to plant your seeds (follow-up phone calls, presentations, networking, etc.) so you can have a fruitful Spring!

Each season my vary in length and time, but most businesses experience all 4 seasons at some point in the life of their business.  The key is to stay focused and realize nothing lasts forever.

Posted by Nadine Mullings  |  Comments Off on The Four Seasons in Business: What Season is Your Business In?  |  in Business, Business Development, Business Planning