The Use of Social Media in Business

Twitter, Facebook, Instagram, YouTube, and other social media networks are more than just sites to shout out to friends and post pictures. Businesses can take advantage of these thriving networks populated by consumers from all over the world. These networks in effect open your potential market up significantly to millions and maybe even billions. While it is best for small businesses to target a specific market segment, the vast online population at least gives them the flexibility of expanding their reach to other market segments too as they see fit. Having a strong presence in the social media networks put businesses in the hub of their customers’ lives.

social media

Take a look at the following ways through which you can use social networking sites for your business:

Spread Awareness – start by opening a corporate or business account in these sites. You can opt to put up ads to if you have the means and budget. Otherwise, you can start the ball rolling by populating your networks. Make these sites your online bulletin board. You can post information about your business as well as any updates your customers would be interested in. Allow your potential customers to get to know you through these networks. Encourage your contacts to “share” or “like” your page to send ripples through the rest of the virtual community.

Create Positive Noise – it is not enough that you have information and pictures posted on your site. You have to actively create positive noise. Get people to talk about your business and your products and services. At the same time, be vigilant about negative posts and bashers. You want to be proactive about these since they can ruin your business too. Keep an eye on conversations about your business so that you can do a spin in a timely manner. Better yet, drown negative noise with positive noise.

Interact with Customers – while you are at it, you might as well engage your customers in meaningful conversation. Use your social networking account to talk to them on a personal level. Get to know what they are interested in, what they will settle for, what they will definitely spend their hard earned money for, and many other personal preferences that you would not otherwise learn about. With this kind of information, it will be easier for you to come up with products and service that are more responsive to your customers’ needs.

Image Credit:
Master Isolated – Free Digital Photos.Net

Share Button

Strategic Planning Can Make Your Business Stand Out from the Crowd

With a lot of businesses joining the internet marketing bandwagon, the realm of e-commerce is getting crowded. The pool of customers to tap is vast. Even with such competition, there are enough customers to sustain these online businesses. If this is the case, why are internet marketers closing shop before they even get to their first anniversary? The answer lies in their strategy and planning – or, in all likelihood, their lack of these two business pre-requisites.

business strategic planning

No internet marketer should go without a strategic plan. The focus of this plan is making the online business stand out from the crowd so that it can aggressively seek out its customers. There are a lot of factors involved in strategic planning. The first step is to know what you are offering. This goes beyond the specifications of your product. It’s easy enough to list down sizes, shapes, color, ingredients, and components. What you should pay more attention to are your product’s benefits. Focus on what your customers can get out of your product and why they should choose your product over your competitor.

Aside from identifying your product’s value to your customers, you should also think about who your customers are. You might think that you would be better off with a sea of customers to target. But, zooming into a specific segment of your market could yield more revenues for you. Strategically designing your marketing communications and campaigns to attract these customers could prove to be more profitable than having sweeping campaigns and crossing your fingers that you’ll get a good turnout.

Next comes crafting a message that screams out to your customers. You need to make some noise. But, you have to make sure that you create positive noise. This third step should not be all that hard when you have a clear idea of who you are talking to and what would likely draw them to your product. These days, you can stir excitement about your products without spending much in terms of financial resources. Utilize the resources that are within your reach. Make sure that you are present in your target customers’ online hubs and groups. Make sure that you are part of their regular conversations and interactions. When you forge “personal” relationships with your customers, you can be sure that you will be the first in your customers’ mind.

Image Credit:
Pat138241 – Free Digital Photos.Net

Share Button

Watching the Bottomline

It’s not enough that you have a business that involves something that you are passionate about. In the end, it’s still all about the bottomline. You need to make sure that your business is making more than enough in terms of profits. Passion alone cannot sustain your business. But, it can definitely give you the push you need especially when things get difficult. You know that you are in the right track when you have a business with products and services that you actually use and believe in. The next step is to make sure that you bring in the revenues.

watching the bottom line

Profitability is achieved through a balance of productivity and cost management. Ensuring productivity means motivating employees for optimum performance. For manufacturing businesses, this also means having efficient processes to churn out more products without compromising quality. On the other hand, cost management has to do with ensuring that the company’s financial resources are used prudently to increase revenues and decrease wastage. Even with the operating expenses spent to put the product out into the market, the company should be able to recover their costs and have a little extra to put down as profits.

There are tools that you can use to analyze your bottom line. For those who do not have a business accounting background, there are online templates that can be downloaded for financial control and accounting purposes. Accountants and financial experts can also be hired either on a consulting capacity or as a permanent employee. Some companies choose to outsource their accounting functions to save on costs.

Regardless of who prepares the company’s financial statement, it is important for the business manager to understand what the figures mean. It is also necessary to identify specific areas that could be improved to increase the company’s bottom line.

Image Credit:
Renjith Krishnan

Share Button

Effective Ways In Promoting Your Newly Opened Business

A lot of people are hesitant to start a new business because they are afraid that they might not make a sale or gain customers. This could possibly lead to failure and early bankruptcy. However, starting a business is really a risk and part of the game is to make yourself known and convince your market that your product is worth every penny that they have.

That’s the reason why promotion and advertisement exist. These things are being done in order for your business to make a name. Some businessmen would make sure first that they have convinced enough clients before they jump into the business proper.

promoting business

One unique way of promoting your business is by utilizing the internet. These days almost everyone is connected to the internet and time will come that it will reach the status of almost a necessity like the television. It is in the internet wherein you can find blogs, websites and the social media.

Have a social networking account is so helpful these. In fact, some businessmen just made the social media as their business location. RTW’s can already be found online as well as other gadgets. Payments are already electronic and can be collected as the client decides to buy the item.

Promoting your business has never been easier if you already have thousands of friends or followers in social networking sites or perhaps ready and subscribers in your official websites. Making yourself known online can also affect your image offline.

Offline advertising is often expensive but with the right strategy, its cost can be maximized. Oftentimes offline advertisement would depend on the placement of the ad. Location really matters and the kind of people that gets to read it. Material being used is also a factor. It should be vibrant, head turner and interesting so that readers won’t let it pass.

Image Credit:
nokhoog_buchachon – Free Digital Photos.Net

Share Button

Keeping Customers Coming

Businessmen would always aim to have more profit no matter what happens. Engaging in any business in town would basically require a monetary capital and the owner’s main goal is to return the investment together with a reasonable amount of gain.

Applying common sense, the amount of profit gained is tantamount to the number of customers buying your products. Your profit will continue to increase when new customers will patronize your products while the old ones keep on coming back.

keeping customers

Convincing new customers is a little bit easy but keeping customers is a different story. They still have the curiosity and basically instincts would be at your side. However, after feeding their curiosity, how would you be able to convince them to try it for the second time? That would be the real challenge.

There are several factors that could convince the customer to buy the product for the second time and one of which is satisfaction. In order to ensure satisfaction, the following should be done:

– After their purchase, do not forget to say thank you. Appreciation can do wonders. If you can’t do this personally, brief your employees to become appreciative most of the time.

– Take time to listen to your customers. Do not fear criticisms because it is your ticket for improvement. When they feel that their comments matter, they would most likely visit your place several times.

– Offer freebies and discounts. Loyal customers deserve rewards. If they could get discounts in their next purchase, they would most likely return.

– Whenever something wrong happens, have the initiative to apologize. Do not wait for the customer to rant the unfortunate event to other potential customers. Always remember that customers are always right.

– Keep your quality at its highest level. More than anything else, if the customer finds your product with utmost quality, then there is no reason why they won’t be buying it again.

Image Credit:
Renjith Krishnan – Free Digital Photos.Net

Share Button