5 Ways to Compete in a Crowded Field

March 1st, 2013

Be noticed, stay nimble, and get customers.

If you want to start your own business in a field with a lot of contenders, or you’re the company that has had competition crop up around them like weeds, take note. Here are some great ways to keep your company agile in a changing market place, and get above the crowd to get noticed.

1. Focus on End User Experience

In January of 2007, nobody had heard of an iPhone; but 6 months later, nobody hadn’t. Apple didn’t release the first cell phone, or the first smart phone, or even the first touch screen; and they certainly didn’t invent apps. Virtually nothing about the iPhone was unique except that the company obviously cared about the users of the phone. They tailored an experience that was all about the user: they made it pretty, fool-proof, and backed it up with customer care that worked.

2. Be Something

You should be cheaper, closer, cleaner, and smarter than your competitors, but those things don’t make you’re company truly unique. Your company needs to be something. Many companies are becoming more charitable, doing things like donating a pair of shoes to the needy for every pair bought, or donating a portion of every purchased meal to a particular charity. Your company can organize events, clean-up days; encourage your employees to give back to the community, and in turn your company will get noticed and be known for something.

3. Don’t Outsource Too Much

For a small company it’s easy to spread yourself too thin. There are some things you should definitely outsource (like legal matters), but you should keep as much as you can as close to you as possible. Invest in tax and accounting software that will help you keep accounting resources in the office. If your company uses graphics heavily for advertising or for your actual business, invest in Adobe’s cloud suite to save time and money in completing jobs. The more you can keep in-house, the quicker you will be able to shift and adapt to the changing needs of customers, the volatility of the market, and the evolving techniques of the competition.

4. Be Socially Aware

Your company has an online presence, whether you manage it or not. Services like Yelp, Google Places, and CitySearch allow users to search and leave reviews for businesses, tipping off other customers of perks and drawbacks of the company. You need to be active in creating a positive social presence for yourself. Respond to reviewers, both negative and positive, personally—and with as much warmth and humor as you can manage. Create a Twitter account and a Facebook page to spread the news on promotions and deals and company activity.

5. Don’t Bash the Competition

As you start your business or as others around you begin theirs in your field, two things will happen. Companies will criticize you, and customers will as well. You should respond to criticism and try to address issues that your customers have, but you should never bash the competition; bringing their name into the discussion is nothing but free advertising. If you have to respond specifically about a competitor, address the issue as positively as possible.

Tara Wagner is a staff writer for TechBreach. She has worked from home for over a decade, and loves sharing news and advice with fellow telecommuting moms and dads. She’s fascinated by new tech and new ideas; and when she finds time to unplug, she enjoys long hikes in the mountains near her home. She lives in Denver.

Entrepreneurs: Leverage Your Products and Services With Social Media

January 22nd, 2013

Since ideas are like elbows (everyone’s got them), finding new and creative ways to connect with a wider audience and target the right demographic will get your brand out there and increase your numbers in sales and client conversion. In a recent article on Clickz.com, CEO of TopRank Online Marketing and author of “Optimize: How to Attract and Engage More Customers by Integrating SEO, Social Media and Content Marketing,” Lee Odden offers several ways in which entrepreneurs can use social media to target the audiences who need their products or services most.

Socia Media MarketingAs a marketing expert, Odden advises new entrepreneurs to use social media to search for the audience that will benefit most from what you are offering, to learn more about what fans are talking about and what terms they use and to also find influencers who will spread the word about your product or service. Creating a Twitter account or Facebook fan page is a good start, but if you want to reach the right crowd of users, read on and learn how you can use social media tools to jumpstart your company’s marketing engine.

Be a Social Listener

Before you reach out to groups and individuals on a social network like Twitter or Facebook, take a moment to see what your competitors are doing and what is working and what isn’t. Odden says being a social listener means researching what your prospective audience is talking about and understanding what is trending in their world and why. If you are planning on building a used car dealership that sells only hybrid and electric vehicles, visit other Facebook fan pages or Twitter pages that belong to local car dealerships. Follow and like their pages and check out what their fans are saying and learn about who their customers are. Researching a Chapman Ford AZ fan page, or following a used car dealerships’ Twitter feed can give you some ideas on how social media works when it’s done well.

Get Connected

Being an entrepreneur is a profession that relies so heavily on sharing ideas and networking. Mashable.com’s Dan Schwabel suggested his top social networks that are made for entrepreneurs, like Cofoundr, PartnerUp, and StartUp Nation. Cofoundr is particularly nice, because it offers exclusive deals and discounts for entrepreneurs and connects them with their niche groups. LinkedIn is a good way to connect with audiences and other entrepreneur professionals, but there are other networks out there. Young Entrepreneur caters to the younger startup crowd and The Funded, a review site that helps entrepreneurs connect with sources for capital to really get the ball rolling.

A Rewarding Experience

Everyone likes a deal or a reward for doing something, even if it’s the gratification of getting a coupon for clicking “like” on a fan page. Startups like Buzz Meditations, an online jewelry store that focuses on selling to the younger crowd of yoga enthusiasts, got off to a good start for their social campaign by offering special gifts and rewards to the first 100 fans of its page. Facebook fan pages go on this model, offering special coupons and offers that only their “fans” will know about if they visit and like their page. The same is true for Twitter followers who can get deals that are exclusive to Twitter followers.

While your fans are grinning ear to ear about the reward they earned for liking or following you, tell them more about why you are the better choice to go with, out of the sea of other services and products out there. Once they’re hooked on your brand, keep growing your services and improving your products, so your base will never stray.

Goal Setting As An Entrepreneur

January 16th, 2013

Every entrepreneur has a vision. Some visions are better than others, but even bad visions can turn into something special. If the entrepreneur pays attention to market conditions and measures the company’s progress compared to the vision, many opportunities will be created.  This explains why entrepreneurs must be flexible. The ability to adapt to the marketplace is an essential ingredient in entrepreneurial pursuits.

As Naija Ecash explains in a recently published post Who is the Boss, a large number of baby boomers are retiring from their present jobs and starting new businesses with the knowledge they accrued as an employee. This makes for a competitive environment where the most fit entrepreneurs will survive and flourish.

As diverse as their personalities may be, all successful entrepreneurs share certain qualities; a vision, a plan and research. These three considerations are interwoven into the culture of the endeavor and can serve as pillars for many years.

But, there is one more quality that successful entrepreneurs share. That is the ability to set ambitious but attainable goals. Having a dynamic vision, a solid research-driven business model and the commitment to reach goals is the measure of success and is the quality that makes some enterprises durable for many years.

Proper goal setting is a positive activity that can right the ship, maintain the current profitable course or expand the business. In a small business, goals are often set by the owner. In medium businesses, company goals are often set by a committee with the founding entrepreneur’s input.

According to Entrepreneur.com, at its simplest, a goal is just something you aim for. But goals are powerful contributors to successful business growth in several ways. To begin with, the process of setting goals forces you to think through what you want from your business and how growth may, or may not, provide that. This process helps suggest directions for pursuing that growth, which can greatly improve your chances of achieving those goals.”

When setting business goals, the entrepreneur should follow the following disciplines:

Specificity – Set specific, quantitative goals, not general goals. Selling more widgets is no a specific goals. Selling 10,000 more widgets than last year is a specific goal.

Be Realistically Optimistic – Being positive is a quality that encourages the entrepreneur’s staff. Being optimistic means setting goals that will increase profitability and efficiency. Follow up with a means to the end.

Set Short and Long-Term Goals – The reason we set goals is because we want to improve operations. Set your long-term goals, identify the milestones needed to get there and define them as short-term goals.     

Set Action Steps – For the driven entrepreneur, short and long-term goals should be reached through a series of company milestones. After you have identified the milestones, set a course of action to accomplish each step on the road to long-term goals.

For establishing realistic, attainable goals, there are several considerations and practices for which every entrepreneur must consider.

Keeping An Accurate Scorecard – Your short-term goals will be accompanies by your action plan. Be diligent and disciplines about tracking your progress. If the numbers are ahead of schedule, don’t be afraid to raise the bar. If the numbers on your scorecard are lagging, you have some work to do. Never give up on a goal as long as it is part of a larger plan. Never forget your quantitative target.

Visualize Your Goal – Successful entrepreneurs visualize the business after the goals are achieved. This visualization is often shared with co-workers and employees. Good workers respond to a visual, quantified challenge.

Verbalize the Goal – The entrepreneur should be able to verbalize the goal and the process to get there. If you cannot verbalize the goal, how can you present it to employees.

Entrepreneurs realize that success comes at a price. Very often the entrepreneur’s biggest investment is their time. When setting goals, be realistic about the time required to accomplish to cross the goal line.

Author Bio:

Lewis Edward is one of the owners of The Office Providers. He loves writing on various online publications about serviced offices, general business matters, office space for rent and much more.

Swim, Bike, Run: How Starting a Business is Like a Triathalon

December 27th, 2012

Halfway through the triathtlon’s final leg, a 26.2-mile run, your body begins to break down. By now, you can’t even remember why you decided to do this in the first place — your weekly hour-long bike seems far superior to this misery, but now even that may be in question. In some small cavern of your mind, behind the voices telling you to quit, you remember the thought the birthed this idea: “I want to push myself, and I think I have the potential to do this.”

Business Challenge

That same thought leads to entrepreneurial minds to leave their cushy nine-to-five jobs and launch businesses of their own. Much like running a triathlon, the rigors of running a small business can discourage owners from the vision that drove their actions. But those who are able to push through the seemingly insurmountable struggles will receive a hefty payoff at the finish line.

Preparation

No matter how inspired you feel, it’s almost impossible to finish a triathlon without significant training. You know how to swim, bike and run, but unless you condition your body to perform all three activities efficiently, you don’t stand a chance. At first, training is rewarding. After a while, it becomes a nuisance. As you approach the race, it’s downright frustrating.

Starting a small business follows a similar curve. In its infancy, all the funding requests and paperwork seem like wheels turning, but that sentiment usually wears off. Still, thorough preparation prepares small businesses for the struggles of the marketplace. Whether you’re registering your business as an LLC through SBA.gov or setting up a meeting with Capital Processing Network to arrange credit card equipment, small preparations that happen long before a business opens can determine whether or not it succeeds when the doors open.

Stamina

Short of breath, thirsty and weak in the knees, you never thought it would be this difficult. Thoughts of crossing the finish line are long gone. You’re just focused on making the next stroke, peddle or step.

In 2010, more than 550,000 small businesses decided to join the race, but more than 660,000 took their last step, according to SBA.gov. No amount of encouragement will change the fact that more than half of small businesses in the United States fail within five years. Success will find those who know how to keep going. It may be reverting to your college diet or working weekends, but small business success is rarely found without struggle.

Addicting Success

Triathletes describe the feeling of finishing a race as immense pain coupled with sincere gratification. After months of training and hours of agony, most have a similar sentiment: Let’s do it again.

Small business success may not have a finish line, but when owners are able to take a step back and declare that they’ve met goals, they should take a cue from these inspired athletes. Reaching goals and financial success in small business is an ongoing process. If you’re lucky enough to make it to your finish line, enjoy it, say thanks and get to setting new goals. That’s the mark of successful entrepreneur.

Video Marketing: How does it enhance the credibility of your brand?

November 23rd, 2012

Video marketing is the best marketing media in internet era. In web, advertising a product produces multiple clicks and likes through social media and the frequency is more if the advertisement is done via visual effects. Let us see some of the video marketing tips we can use to enhance the credibility of brands.

Locating the right place to post videos can increase more business.

YouTube is the favorite entertainment site in which one can become popular easily and get continuous opportunities just by posting their brands. Online teaching, counseling etc., all are getting success via video marketing. All sites provide additional features for making the people to post their new innovations via video. Power is more via video marketing rather than text effects.

Periodic rich video content with amazing information brings more business

Once brand is established via video marketing, the blog or site has to get sustained in the market. Only way is to periodically change the rich video content but at the same time the content has to get matched according to the requirement.

Audiences are the magic promoters of business

Branding gets enhanced by means of targeted audience. Creativity is very much essential in making video content. Short and crisp information with rich video needs to be reached by all age group. E.g.: Youtube is the site accessed by all and hence while posting video content there, the artists playing the role of advertisement should be in multiple age group and the content should cater the needs of all. For educational sites, students are the maximum audience. Hence video content need to be prepared with the latest dress fashion, environmental specific nature etc., That will motivate audience to visit the site often and sustain the branding created.

Common forums and group discussions

Feedback of audience is very important and for sure as the expression from video content creates different effect in visitor, to enhance the site better, common forums need to be placed and owner of site should be responsible for taking all kind of criticisms. Group discussions help additional impact in minds of visitors and the ultimate benefit is the branding is increased more.

Video marketing – Ultimate way to showcase a product

Credit always goes to good video. It should suit the age group of audience. Learning sites should have more animation, favorite cartoon characters especially if it gets prepared for preschoolers. Next level is kids level. Actually they are the magical power in the houses. Hence a site developer can easily promote his business via video marketing by capturing the kids first and by sustaining the brand can easily cover the teenagers and kids. This is called as step by step branding also.

Conclusion

Video marketing is the profitable element in internet industry. But at the same time it has easier ways to make the business to go down if the message in video marketing reaches the visitors in uninteresting ways. Perfect study and timing is very essential for making a good video content. One can surely enhance the credibility of the brand by mind reading the audience, their views through open forums etc., Kids, corporate, house wives etc., are all the judges for making a product to get success in the market. Their ultimate choice is videos only.

About the author: Margaret is a blogger by profession. She loves writing, reading and travelling. She contributes to World Financial Group