How well do you know your online business?

It is a challenge to keep a small business afloat. There are regulations, customer issues, employee problems and marketing short-falls that cause daily angst. The average business owner struggles not only with the fires they face daily but also the unknown “gotchas” they haven’t discovered yet.  So, how do you minimize the stress? Knowledge!  Always be focused on learning.

Know Your Customer

When is the last time you really took time with a customer and just listened to their observations about your business and the challenges they are facing in their daily life? Just because your business is online and you rarely “see” your customer, doesn’t mean you can’t reach out to them. You should always be on the lookout for opportunities to speak to customers and learn things like how they perceive your marketing, what causes them to buy your product over the competition, what they don’t like about your operations. The more in touch you are with your customer, the more effective you will be with marketing and the more successful your product or service will be.

Know your Competition

Many entrepreneurs get a sick feeling when a new competitor comes on the scene or an old competitor scores a big win. However, both of these situations are actually positives. They point to a market that truly needs your product or service. Instead of losing sleep over the competition’s success, use their win to increase your knowledge. How did they win that new client? What marketing was used to reach the customer? Why did the new competitor choose the location they did? What can I do to capitalize on the surge in market interest my competitor is generating?  The answer to these questions and more will help position your business to be the market leader for your product or service.

Know your Numbers

You can’t manage what you don’t measure as they say.  The financials in your business measure the effectiveness of your efforts as a business owner. Sit down with your financials at least monthly. Compare this month to last. This quarter and this year to last year. If the trends you see are not favorable, dig deeper. What caused the negative trend? Can you pinpoint an operational or marketing event that caused a peak or valley?  Is it possible to avoid the negative or duplicate the positive event? Many small businesses do not keep reliable financial data. If the business survives, in most cases, the owner is working harder than they need to and spending more than required to get the results they are experiencing. Knowledge of your numbers will help you work smarter, not harder.

It seems cliche but, knowledge is power. Especially in business.  The more you know, the fewer your mistakes and the more effective you will be with your time and resources.

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Posted in eCommerce Operations

Happy New Year! Now, STOP wasting time on social media

Social media can be a great tool to reach your target market in a low impact, consistent manner. However, we all probably spend more time on social media than we care to admit.

While many of us are trying to turn some of that time into sales, how many of us feel we are using our time effectively on social media?  Here are a few tips to get the most out of your future sessions:

Make sure your profile is complete – If you want to connect with your audience, they have to be able to put a face to a “username” and feel like they know you.

Don’t go for the hard-sell – It’s OK to passively, casually mention your products or services but if you hammer the user with constant marketing and sales announcements, you will lose your readers.

Provide a Call-to-Action – Make sure the reader knows where to go for more information. Suggest what they should do next or give them a link to go to your website for details. (Note the last two lines of this story!)

Respond to customer feedback – You put a lot of effort into customer engagement. To be effective, engagement requires a two-way conversation.  Even if you just say, “Thanks for the comment.” you are acknowledging the readers efforts to be a part of your business.

Be consistent – Don’t start a blog or social media feed if you don’t intend to make regular entries. Stale content will turn away clients.

So, the next time you sit down at the keyboard to invest in your social media marketing, keep these tips in mind. Also, be sure to track your efforts by staying up on your analytics and watching what efforts get the best responses. Repeat what works and move away from what doesn’t.

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Posted in Internet Marketing, Social Media

Does it Matter? 50% of the workforce will be…

Maybe you are a freelance operator or maybe you are considering hiring your first employee. Either way, this next fact hits home.

Freelancers are on pace to become 50% of the workforce by the year 2020. 

This “trend” may impact your ability to find employees but, it may also offer an inexpensive alternative to hiring full time employees.  Get ahead of the curve and check out some of the latest online platforms set up specifically to work with freelancers:

  • Upwork
  • Fiverr
  • Thumbtack
  • Compose.ly
  • Freelance.com
  • CloudPeeps
  • GrowthGeeks
  • Craigslist
  • 99designs

When you are learning the ropes, be sure to let us know! We regularly monitor Upwork, Compose.ly and Thumbtack.

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Posted in Does it Matter?
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Columbia, SC

@ebiznut
(803) 810-9056
earl@tacticalinsights.com
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