9 Mistakes Businesses Make on Social Media

KEVIN ALLEN | November 4, 2014

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Over the past few years, I’ve created social media content and strategies for some of the world’s largest and most influential companies. I’ve also helped some friends tackle social media for their small businesses. I have come to the following conclusion: Social media can be really difficult.

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Simple Security for Every Small Business

Article | February 10, 2020

If you’re a business owner you really have your hands full, every day, with the minutiae of running your business, balancing your books, orders, employees, scheduling, inventory, servicing customers, payroll, taxes well, you get the idea as you’re living it every day. You might read that and think that I’m crazy, and that you do take security into account, and your office and systems are secure. Frequently, it’s not in the day to day operation of your business which is why we have statistics like this: In the first 6 months of 2019 alone, over 3,800 data breaches were reported, with over 4 billion records being exposed as a result. If you broke it down evenly, that would be over 20 million records stolen every single day this year.

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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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How to Structure Your Business: 9 Tips For Structuring New Businesses

Article | April 8, 2021

To help you develop a new business structure, we asked business leaders and entrepreneurs this question for their best tips. From determining your level of involvement to adopting innovative business structures, there are several tips that may help you develop your new business structure.

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How to Repurpose Marketing Content for Your Small Business

Article | March 20, 2020

As a small or medium-sized business (SMB) owner, it’s a challenge to come up with new marketing concepts, but repurposing existing content is a surefire method for driving ongoing traffic to your site and a simple way to amplify your message without investing a lot more time or effort. That last part's important because, as an SMB owner, you’re busy managing everything for your business, including marketing.

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