Small Business Trends |
- 5 Trends to Shape Your Business This Year
- 11 Tips for Building and Managing a Team
- The Consumer Needs Every Site Must Meet
- Building a Business is Worth the Time
| 5 Trends to Shape Your Business This Year Posted: 18 Jan 2012 11:30 AM PST Trendwatching firm, JWTIntelligence, recently released its seventh annual trend forecast, JWT 10 Trends for 2012. Which of the 10 are most likely to affect small business going forward? Here are my picks. Navigating the new normal: With the current economic situation showing few signs of major change, JWT says companies in developed nations will start introducing new products and services at lower price points. "Stripped-down offerings and smaller sizes" are one way to take advantage of this trend, JWT notes. Takeaway: Consider introducing different versions of your products or services. For instance, if you own a spa, you could offer a "quickie" version of popular treatments that takes less time and costs less. One sales tactic that works well is creating three levels of a product or service—value, midrange and premium—and marketing them accordingly. Bonus: Studies have shown when you have three price choices, more people are likely to pick the mid-priced option—which could boost your sales considerably compared to having just one option. Live a little: After years of navigating through a tough economy, people are tired of cutting back and, while they can't afford to really let lose, they're eager for little treats or luxuries that make them feel better. Takeaway: These little luxuries can be different things for different people—from a gourmet cupcake to a fine whiskey or a manicure. Think of a way your business can offer customers a moment of respite and a quick escape from reality for an affordable price. Marriage optional: More and more women are opting to delay marriage or skip it altogether. This could mean they are living with a significant other, living with roommates, living alone or even becoming single moms. Takeaway: I've written in the past about how weddings are a huge market for entrepreneurs, and while that's still true, you should also consider how to reach this new market. The delay of marriage means even women who are not planning weddings are going through many of the same transitions that newlyweds do—such as buying and furnishing first homes or apartments, buying products and services for children, and planning celebrations such as birthday parties and girls' getaways. Celebrating aging: JWT says people are taking an increasingly positive view of aging. I personally am a bit skeptical on this front—in America, at least, I think we still have a long way to go. Regardless, America is aging, and the baby boomers, in particular, have money to spend, so ignoring or patronizing this group is a big mistake. Takeaway: As Americans over 55 become a bigger proportion of the population, you'll need to attract them or lose market share. Keep in mind that boomers buy products and services not just for themselves, but also for their aging parents, their kids and their grandkids. And remember, the best way to lose a boomer customer is to treat him or her like a "senior"—so make accommodations if needed, but don't make a big deal about them. Objectifying objects: As the world increasingly goes digital, an interesting trend is occurring: New premiums are being placed on actual objects, since they're becoming increasingly rare. The takeaway: If you offer products or services digitally, think about tactile "extras" you could sell along with them, or ways your customers can use digital tools to create physical goods. For instance, the report mentions Postagram, an app that lets users turn digital photos into physical postcards. I've seen online cartoonists who sell physical greeting cards of their work and musicians who offer T-shirts or lyric booklets to accompany digital downloads. How can you make this work for your business? There are five more trends to take a look at in the full JWT 10 Trends for 2012 report.
From Small Business Trends      |
| 11 Tips for Building and Managing a Team Posted: 18 Jan 2012 08:30 AM PST If you’ve gotten to the point where you’re hiring employees for your business, give yourself a pat on the back. This is a major milestone for any company – and one that millions of entrepreneurs never achieve. Now your challenge is finding the right employee and putting them to work in a way that will help propel your company’s continued growth. We asked members of the Young Entrepreneur Council (YEC), an invitation-only nonprofit organization comprised of the country's most promising young entrepreneurs, this question:
Here’s what the YEC community had to say: 1. Train Them “Many entrepreneurs have the deluded expectation that an employee should show up able to do their job. No matter how competent they are, an employee will require train up and integration time. An added upshot, thinking about employee training cycles and growth paths really gets you thinking about how to grow your company.” ~ Charlie Gilkey, Productive Flourishing 2. Create an Entrance Interview “We’ve created some documents for new employees to fill out right when they start about how they like to work, be rewarded, have meetings, etc. By having this written down it gives our whole team an understanding of how new team members might fit in and creates a better work culture.” ~ Caitlin McCabe, Real Bullets Branding 3. Get a Good Project Management System “Entrepreneurs can keep the big picture in their head, but employees need to have the details in front of them. A good project management software (Manymoon is free) is a great way to keep the team focused and on task. Efficiency and productivity increase when you measure accountability with project management software.” ~ Lucas Sommer, Audimated 4. Teach Employees to Never Need a Manager “Teach and empower your employees by giving them parameters to help them do their job autonomously. A sales rep doesn’t need a script, she must understand what makes a product valuable to a customer, and the many ways to point out those benefits. A service rep does not need a “company policy” to refer to, but rather a strategy for solving problems so the client is satisfied.” ~ Vanessa Nornberg, Metal Mafia 5. Set a Quarterly Theme and Vision “Our first year in business we just did business day to day. But we found that even though we were doing awesome things, sometimes we got stuck in a groove because we weren’t shooting for a big goal. So we started setting a quarterly theme for our company. This theme goes into everything we do those three months, and everyone is focused on making that goal a reality. It helps focus efforts.” ~ Trevor Mauch, Automize, LLC 6. Open Door Policy “Employees (especially new ones) are bound to make more mistakes than necessary if they feel they can’t ask you questions or get your feedback. Make sure you are accessible and available as much as possible. Literally, keep your door open to give the impression that anyone can visit to bounce an idea or ask a question of you.” ~ Benjamin Leis, Sweat EquiTees 7. Culture Is King “Put your employees first, and they will take better care of your customers. As you are building your team, you must define what the inside of your company is going to look like. Your internal brand ultimately dictates how the company is represented on the outside. If you try to design the customer experience first, it will be forced and unnatural. Try to design the employee experience first.” ~ Nick Friedman, College Hunks Hauling Junk 8. Hire for the Ability to Get Stuff Done “A small company cannot tolerate people who are lazy, procrastinate or are unable to use limited resources to push forward projects. You need people who can follow-through, find clever solutions and workarounds with a sense of urgency, and can take charge of a problem and drive it to a successful solution.” ~ Matt Mickiewicz, 99designs 9. Practice Transparency “I'm always very honest with my team regarding financials and clients. In this economy, it's important to be upfront with folks in every aspect of the business — particularly when you're first getting started. Young professionals enjoy being an integral part of the planning and decision-making process, and it can also help them better understand how the business is run.” ~ Heather Huhman, Come Recommended 10. Tell Them How To Kick Butt “I’m working on this, but it’s become obvious that letting someone know how to kick butt increases the likelihood that they will do so. Smart, talented people want to feel smart and talented, and that’s on you as a business leader. Entrepreneurs are often self-motivated and we forget that getting the most out of people means showing them how to succeed.” ~ Derek Shanahan, Foodtree 11. Encourage Openness and Honesty “You never want your employees to be afraid to tell you the truth. You can encourage openness and honesty by: 1) Responding calmly when they tell you something has not gone as you expected 2) Talking through a plan for moving forward 3) Agreeing on follow up and accountability.” ~ Elizabeth Saunders, Real Life E®
From Small Business Trends     |
| The Consumer Needs Every Site Must Meet Posted: 18 Jan 2012 06:00 AM PST There's a lot that goes into creating a strong Web presence. In fact, yesterday I shared a number of local search-inspired infographics which covered the many, many things we SMBs have to worry about. Stuff like getting reviews, building links, earning citations, being mobile-friendly, and, of course, the social media elephant. But there's one area that's even more important than all of those in the eyes of your customers. And, oddly enough, it's the only real part of your presence that you have complete control over so you'd be wise to take advantage of it. What is it? It's your Web site. Earlier this week, Myles Anderson wrote a great piece for Search Engine Land about the key to converting local consumers to customers. In it, Myles argues that the key to boosting rankings is simple Web site improvements. Actually, it's really, really simple Web site improvements. In an environment where it's all too easy to chase the next big thing or make things more complicated than they need to be, Myles post reminds us that sometimes our customers' needs are pretty simple. And that's pretty awesome.\ To find out what IS important to local consumers, Myles' company ran a short survey with their local consumer panel and asked them their opinion on four questions related to local business Web sites. You can read the full findings over at Search Engine Land, but I wanted to share a small snippet. To read about all the findings you'll have to go read his piece, however, I wanted to share one questions When asked what information is MOST valuable on a local business Web site, the responses shaped out like this:
That's it. Sure, the social profiles and the fancy site features may be nice, but when it comes to really converting a local consumer, the above information is what they're really after. They're looking for the basic and most essential information about you so that they can get off your site and make a purchase in your store. As we head in 2012 with those long To Do lists, keep that in mind. Take a look at your Web site and make sure you're taking care of those core needs and information points. If a consumer landed on your site today would they be able to find clear information about your products and your business? If not, then you need to change that. Because all the mobile-friendliness and social media won't help you if your Web site doesn't address the questions that a customer would have about your business. From Small Business Trends     |
| Building a Business is Worth the Time Posted: 18 Jan 2012 02:30 AM PST Make no mistake. Creating your own small business is hard work. But as you’ll see, there are rewards. Here are some tips, tools and trends to think about while taking the time you need to build your small business. Small Biz SuccessIt takes time to build a business! Rachel Strella can attest to that. Over the last 18 months, she admits to spending many 60 hour days building her social media marketing firm based in Camp Hill, PA, but she often finds that people still ask her, What do you do all day? Strella Social Media Living the dream after layoffs. Some people might think of a layoff as the ultimate bad news, but for Carolyn Higgins it was the first step on the path to helping small businesses think and market the way larger companies do. What can Carolyn teach you about marketing your business today? BizSugar Blog Tips & TrendsEven celebrities want to be entrepreneurs. Nowadays becoming a small business owner is so popular, even the stars want to get into the act. Take Jessica Alba, star of TV’s “Dark Angel” and The Fantastic Four movies, who recently announced a new e-commerce biz selling eco-friendly products. CNN Small Business Elections worth their weight in gold. It’s election season again and the dredging up of numerous public issues can mean good opportunities for PR if your business happens to touch upon any of these. Here are nine top ideas to get you started. Understanding Marketing Self-improvementDon’t over-organize. It’s official! A clean desk may indeed be the sign of a sick mind. One expert says you aren’t doing yourself any favors with endless organizational chores. It’s something to remember in small business and in life. Inc.com MarketingHow do you showcase your expertise? Promoting your knowledge and experience in the area where you have expertise is a huge part of building your brand. And though many Web tools, particularly social media sites, have been created to make this easier, there are basic techniques you must observe. Search Engine People Transforming Leads Into Sales. It can be a tricky thing to turn leads or prospects into paying customers, but e-mail can be an important tool in this effort, if used correctly. How are you using your e-mail efforts to nurture potential prospects and transform them into customers in the future? HubSpot Blog StartupGuide to an “enchanting” business plan. Guy Kawasaki, author of Enchantment, gives this brief overview that may have you looking at business plans a bit differently in the future. There are also some downloads to help you get started. How to Change the World 7 Tips for Startup Companies. Though the following suggestions are made by a research scientist and clearly aimed more at the tech startup, the fact is that these tips can apply to almost any business you can think of. Do they apply to your idea? On Startups InfographicsInfographics for your small business. They’re everywhere and super-popular, and if you don’t yet use infographics as a marketing tool for your business, maybe you should. Here are some basic examples of what the medium can do to transmit your message. Small Business Trends From Small Business Trends     |
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