4 Ways to Use Facebook to Grow Your Business

NICK JOHANSSON | April 10, 2013

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As of January 2013 Facebook had over 1 billion monthly active users and 618 million daily users. With such a huge potential audience at your finger tips, simply signing your business up for Facebook page and waving your digital flag there may seem like enough.

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Retail Insights - Very well recognized as the Digital Transformation (Or, Omni Channel, Automation) Expert for Retailers and "20 most promising Companies in Retail Technology in APAC"​.

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The small business conundrum: growth and innovation in the face of complexity and security risks

Article | March 3, 2020

In the 2019 Global SME Pulse, small and medium businesses around the globe said they anticipated slower revenue and profit growth, but 74 percent were still willing to take big risks to ensure their success. No surprise there. For small business owners, their work—and their success—is personal, and small business employees are often equally invested. Together they innovate, push boundaries, and take risks; they’re willing to try new ways of getting things done as they grow and protect what they’ve worked so hard to build. These same qualities apply to how small businesses embrace and use technology. It’s not something they think about constantly, but it is another valuable tool to help drive their business.

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Ingredients of a Marketing Plan That Are Essential to Make an Impact

Article | August 18, 2021

Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties. It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail. Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets. A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage. A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time. Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan. Importance of Marketing Plan A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales. Below is a few more importance of marketing plan: It aids in the effective management and accomplishment of your business objectives It facilitates cross-departmental collaboration and communication It contributes to the avoidance of future dangers and uncertainties It contributes to the success of marketing activities It contributes to reducing the chance of failure It enables the efficient and prudent use of resources while taking market opportunities into account Extensive Market Research Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market. For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment. Marketing research involves certain areas to be given utmost importance: The dynamics and trends of the market, including seasonality Vendors in whom you will place your trust Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions Industry benchmarks What is presently available and what competitors are providing Current industry sales Robust Market Strategy The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success. A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements. Below are few B2B marketing strategies: Social media marketing Search engine optimization Content marketing Search engine marketing/PPC (Pay-per-click) Referral programs Industry events Appropriate Financial Planning Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow. For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses. Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc. The following points demonstrate why financial planning is essential. Prudent financial management Long-term view Profit and loss measurements To determine the value of liabilities and assets Utilization of Marketing Channels There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels. Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C. Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation. Here are few channels that are utilized: Retail or Ecommerce Social media channels Email marketing Websites Referral channels SEO Word of mouth Pay-per-click (PPC) marketing Analyses of Competitors While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services. Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition. Competitor analysis enables the following: Identify market inefficiencies Identify market trends Create innovative goods and services Increase your marketing and sales effectiveness Conclusion: A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes. FAQs: What are the key ingredients in the marketing plan? Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives What is a successful marketing plan? A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the key ingredients in the marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives" } },{ "@type": "Question", "name": "What is a successful marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm." } }] }

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Best Small Business Insurance

Article | March 11, 2020

As the head of your small business, you probably feel the weight of responsibility on your shoulders. Your business is an investment you need to protect — it’s not only the service or product you provide but the financial livelihood of you and your employees. Small businesses need comprehensive insurance protection, and Benzinga has done the research to take the burden off of you. Take a look at our guide to better understand the insurance needs of small businesses and find the best small business insurance provider for you.

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Your Most Frequently Asked Software Questions, Answered

Article | July 19, 2021

We talk to a lot of people each day about which software is right for their business, which means we here at Software Advice understand the problems that small and midsize companies face. Whether it’s working out how to bring your business online fast to save the family-owned dairy farm, or helping you find scheduling software to make sure your appointments are more organized, we’re here to offer advice. No matter the circumstance, we’ve likely talked to someone in a similar situation to you. According to a survey run by Capterra, only 27% of small-business owners find software that meets or exceeds their expectations without compromise. That statistic might seem discouraging, but with proper planning and some expert advice, you can ensure you're getting the best software fit for your business.

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Retail Insights - Very well recognized as the Digital Transformation (Or, Omni Channel, Automation) Expert for Retailers and "20 most promising Companies in Retail Technology in APAC"​.

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