Insight To Advantages Of Social Media Marketing For Small Business

bus
Well formulated marketing strategy scripts the success story of any business house. While the bigger enterprises invest millions of dollars for handling the marketing strategies of their businesses, the smaller counterparts tend to restore to the cost-efficient means. With internet becoming the most popular medium facilitating global communication, the smaller organizations have rightly lapped up the far reaching benefits of the internet and integrated online marketing into their business memorandum. Subsequent progress as well as popularity in realms of internet resulted in the evolvement of social media. Initially, social media popularized communication at a larger scale. The social media sites became a virtual association for the internet savvies. With the growing popularity of social media sites over the years, smaller businesses began to reckon its multifold utilities and began to market their services more effectively and efficiently through social media. Social Media Marketing for small business started producing effective outcome, whereby these business houses now became competent at approaching the targeted network of audience in the web and gain better avenues to initiate real time communication with the prospective customer base.

With social media touching the new high, the social networking sites also started gaining popularity. Social networking sites such as Facebook and Twitter have witnessed a flood of members registering as well as counts some million clicks per day. Same holds true forYouTube a video sharing website. Then there is countless number of blogs and forums which also entice and attract the web savvies to dwell in. Hence, it will be apt to comment that social media has become an abode to millions of people who cling to these site for some reasons or the other. Harping on such a popular platform and developing marketing policies that attest the buzz is the best thing that the smaller business could have done. Hence, these small scale enterprises incorporated social media marketing strategies as core part of commerce. Social media marketing for small business ensure beneficial results in terms of contributing to a proper exposure as well as enhance the rate of traffic to the websites.

Social media marketing for small business have ushered in with loads of benefits. Owing to the low cost associated with social media marketing services, the small scale enterprise can reap the fruit of success with minimum amount of investment. However, social media marketing services require certain strategies that are to be followed to attract the mass. Social media marketing for small business must abstain from implementing haphazard promotional campaigns, rather such approach can be boomerang your cause for worst. It is thus recommended for the small businesses to avail the service of social media optimization firms that are at fray. These companies have professionals and social media experts who formulate strategies to approach online networks.

Proper social media optimization service tends to impart a strong impact on the businesses. If campaigning is carried out with some specific strategies the business houses can derive the optimum benefit and as well as witness the growing sales leads. Maintaining Blog and updating the same with regular posts, initiating communication through online discussion forums, articles and classified submission to different online directories, video and power point submission are few of the basic social media optimization services.

Adept marketing hold the key to the success of any business. In this era of tremendous competition, social media marketing for small business has been a true boon in real sense of term that will help a business stay ahead in competition. Furthermore, with the low cost of service associated with the social media marketing strategies, small business entrepreneurs can assure themselves optimum benefits as far as the brand awareness and traffic generation to their sites are concerned.

The Rigors Of Running A Business From Large To Small

One of the smartest ways an economy reeling from a recession can improve is to have small businesses lead the way. By rebuilding Main Street and providing small businesses with a landscape to grow and hire employees, the economy can and will improve. During the 2001 economic crisis following the 9/11 attacks, small businesses lost fewer jobs and recovered much faster than large corporations. In fact, from 1993 to 2009, small businesses accounted for 9.8 million of the 15 million net newly created private sector jobs. That’s nearly two out of every three of the period’s net new jobs, according to the Small Business Association Office of Advocacy.

It’s proven that small businesses are the most direct paths to middle-class security. By investing in small businesses, you’re investing in job growth. Today small businesses play a central role in employment, but they are ignored because, well, they’re small. Between 25 and 27 million new generation businesses account for 60- to 80-percent of all jobs in the United States. These are businesses that are small- to medium-sized and range from the technology to the service industry.

Look at WebMD Health Corp. ” a website that offers medical information to those that access it. It started small, but has recently crossed a sales mark of $480 million in 2011. Medifast, Inc. is a diet program that helps people lose weight more effectively than traditional diets. It’s one of America’s best 100 small companies, pulling in $218 million in sales for 2011.Can small businesses compete against the big box stores? Absolutely ” and the economic effects will be far greater.

In Rochester, N.Y., Henrietta’s 5LINK’s parking lot is jam-packed. When the business essentials and technology store got off the ground, it had a mere 34 employees. Today it has grown to more than 270 employees who all live in the local area.Down the road from 5LINK is an empty Eastman Kodak Co. building, along with an empty Zerox Corp. and Bausch + Lomb Inc. building. It’s a stark contrast.

From 1999 to 2009, the number of small businesses have increased while the number of larger businesses dropped. In the county that 5LINK operates in, businesses with 100 or fewer employees grew by 324 in the past decade, while businesses with more than 100 shrank by 75. The importance of small and mid-sized business in Rochester is huge, Mark Zupan, dean of the Simon Graduate School of Business at the University of Rochester, told the Democrat & Chronicle. Small businesses play a very consistent role in job creation.

And small business owners want to keep growing their businesses, but they run into issues along the way. The number one concern is access to capital to grow their business. Big banks are approving about 10 percent of small business loans today ” a less than stellar number. Small banks ” the ones that are typically found in local communities ” approve nearly 50 percent of small business loan applicants. Communities realize the importance of small business and the impacts it can have on a local economy.

Small Businesses Need Innovation During Tough Times

During this difficult economy, small businesses need a lot of innovation in order to succeed. The Small Business Association (SBA) has done quite a bit of research on the subject, and also offers its members a number of innovative programs.

Stressed economies typically leads to a wave of small business innovations. Why? Because there is a need to improve productivity, and in most cases this means increasing what the customer perceives as value-added.

The Office of Technology administers the Small Business Innovation Research (SBIR), and the Small Business Technology Transfer (STTR) Programs, which are two competitive programs that are sponsored by the government. STTR program awards $2 billion to small high-tech businesses that compete for the funds.

Basically, the SBA offers programs for small business including banking, crisis relief, goaling, investment, lender oversight,freedom of information, technology, and more.

One of the SBA’s goals is to ensure that our country’s small, high-tech, innovative businesses are a significant part of the federal government’s research and development efforts. There are eleven federal departments participating in the SBIR program.

Small businesses must focus on cash flow, costs and the customer. small businesses re-evaluate their priorities, and their business models, trying to pinpoint problems and goals so that they can revise products and services.

some cash is necessary during tough times while researching and redesigning in-house programs, products and service offerings. That’s why so many small businesses have discovered the concept of accounts receivable factoring, also knows as invoice factoring. Standard accounts receivable factoring has been around for more than 4,000 years. This one financial strategy alone can actually help a small business entrepreneur grow their business exponentially during difficult economic times, while their competitors struggle.

Because obtaining loans from banks and other traditional financial institutions can be a long, painful, and often frustrating process, business owners and managers need to understand factoring – a highly effective alternative to traditional financing.

Here’s how factoring works.Factoring is different from a bank loan in several ways. Bank loans involve two parties, while factoring involves three parties. Banks base their decisions on a company’s credit worthiness, whereas factoring is based on the value of the receivables. Factoring is not a loan – it’s the purchase of a financial asset, or the actual receivable.

A factor will usually look at the creditworthiness of your customers and pays within as little as 24 hours. Most do not expect to buy 100 percent of a company’s receivables, and there are no minimum or maximum sales volume requirements. Most factors’ professional rates are competitive because each client’s circumstances vary, which may have an impact on the fees charged. You can choose which invoices you prefer to be factored. Factoring enables you to retain most of your money, while spending the minimum fees to guarantee adequate cash flow for your business.

The due diligence typically takes one to two business days. Once completed the client is at liberty to offer invoices to the facrtor for purchase. Upon receipt of invoices, the factor checks the credit of the debtor named on the invoice and makes sure that the sale represented has been satisfactorily completed. Once this is done the debtor is advised of the purchase by the factor and the client receives their funding. At the end of the credit period, the debtor pays the factor directly completing the transaction.

Three Reasons Networking Events Increase Your Referral Business

As every entrepreneur knows, referrals are the lifeblood of small business. Events hosted by professional associations, college alumni groups and your local chamber of commerce are the perfect opportunity to expand your network of professional contacts. Networking leads to a direct increase in the number of referrals you receive for new customers, earning you new business. Yet as a business coach, I’ve learned that small business owners rarely take the time to attend networking functions.

There are three key reasons that networking for referrals makes good business sense-especially for entrepreneurs:

1. Referrals come to you pre-sold.

When a network contact sends you a referral, they’ve already done a good part of the selling for you. This is a fantastic concept if you don’t enjoy prospecting for new business. With every networking event you attend, have a goal of meeting new people whose business contacts complement yours. With a robust network, you’ve got your own pro-bono sales force enthusiastically working for you seven days a week. You couldn’t build a better sales team than that!

2. Trust is built faster with a referred client.

A key buying motivation with every consumer is reducing risk. No one wants to feel they’ve made a poor buying decision. A prospect who has been referred to you sees you as a friend of a friend, so you are instantly viewed as trustworthy. A referred customer feels more comfortable during the buying process and tends to purchase more.

The social aspect of networking events is designed to build trust and friendships among business contacts. When attending functions look for ways to assist others in their business-growth objectives, and you’ll find yourself surrounded by professionals eager to send business your way as well.

3. Referrals clone more referrals

For long-term revenue growth, nothing beats the multiplying effect of referrals bringing new business directly to you. Your reputation for quality and integrity grows with each new “generation” of referred business. The loyalty factor helps protect you against the fads and gimmicks of your competitors.

Remember that each new referred client has their own circle of influence that represents a whole new door of networking opportunities for you. Find out what professional or social groups your new clients are involved in and offer to provide a short seminar, presentation, or article content for its newsletter. Your valuable insight will win you the enviable reputation of “expert in your field” within that group. And when they need assistance, you’ll be the one they call.

The time you spend building relationships within your professional network pays off better in long-term revenue growth than any other marketing strategy. Instead of thinking of networking events as a chore, think of them as a chance to put more money in your pocket. The old adage, “Work smarter, not harder,” certainly applies when it comes to networking.

To find great networking opportunities, keep an eye on the schedules published by your local professional association, chamber of commerce and business newspapers. Once you are at an event talk to as many people as possible about your business; it may surprise you how often they need your services or know someone else who does. Dedicate time each week to meet with others in networking activities, and you’ll see your referral business grow in ways you never thought possible.