Sabtu, 27 Februari 2010

A Hip New Local Business Promotion


foursquare_logo_boyWho’s Foursquare Mayor of your local business?  If you don’t have a clue what I’m talking about, but would like to join the hottest, hippest new social networking tool for promoting a local business, read on. I’ll explain Foursquare – the still tiny but fast-growing mobile app phenomenon that could become the Twitter of 2010.
Foursquare combines elements of both Facebook and Twitter into a mobile social networking tool that lets users — mostly 20- and 30-somethings in urban areas — locate each other via mobile posts and join up at popular places.  It’s a friend-finder, electronic game and city guide all rolled into one, and thousands of small businesses nationwide are quickly jumping on board.
Foursquare mayor offer.1Foursquare encourages people to explore the cities in which they live and frequent the places they like best, including favorite restaurants, pubs, coffee shops, galleries, bookstores, bakeries, markets, pizza joints, chocolate stores, bowling allies, wine bars and hundreds of other types of local businesses. Upon arrival at your business, a Foursquare user can check-in with the service via cell phone, thus alerting friends to their current location. … users earn points and “badges” for discovering new things and participating in the service.  A user who checks in often enough to a specific location becomes “mayor” of that business.
And here’s where you come in. Hundreds of business owners are now offering special deals and discounts to their “mayors” and would-be mayors. In essence, they are using Foursquare as a way to reward some of their best and most loyal customers. For example, Spud Bros restaurant in Boulder, CO, posted an offer on Twitter for a free meal to the first person who became Mayor of Spud Bros via Foursquare. Other local businesses are offering freebies and discounts based on the number of times a customer checks in with Foursquare while at their location. Some local businesses are encouraging users to show their phones to servers and cashiers to prove their loyalty to a particular business, and perhaps get a free drink, side order, ticket discount or some other reward.
Foursquare mayor offer tweetsThe Foursquare for Businesses section of the Foursquare website now has a long list of businesses that have established special offers to Foursquare users, complete with link to a profile of the business with details of the offer, map, hours and other information. The number of cities where Foursquare has significant penetration is still small, but growing. Offers posted on the site come from all sorts of local businesses, including a bake shop in Austin, TX, a grill and pub in Columbus, GA; several restaurants in Minneapolis, a pizza place in Raleigh, NC, a mattress store in Pittsburgh, a club in Palm Harbor, FL and hundreds more in major cities such as Chicago, New York, Los Angeles, Dallas, New Orleans, Phoenix, San Francisco, Denver and many others.
In the digital marketing world, this is known as a location based service, and it is part of a trend toward location-based advertising that seeks to put offers in front of customers and prospects right on the spot via their mobile devices. Foursquare – or services like it that may soon evolve – have the potential to connect web advertising, offers and recommendations directly to a person literally as they step through the door of your business.

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5 Ways to Prep for Better Small Business Profits


Profits ahead signWhen it comes to ideas for improving profits at a startup or other small business, it’s hard to beat the experience of SCORE. This non-profit small business counseling and mentoring service has helped more than eight million entrepreneurs succeed.
And when it comes to getting ahead in business, it’s all about making the right moves at the right times, says Ken Yancey, CEO of SCORE.  Here are five ways to prepare your business for improved profitability:
1. Create new offerings to grow your customer base. Start by better understanding your customer demographics and why they buy your products and services. Then think of ways to win clients over with new and diversified products. Many small businesses have been successful at drawing new customers by offering multiple price points and creating packages or customizable plans, thus giving customers more freedom and flexibility.
2. Expand your low-cost and online marketing efforts. Promote your business for free on Twitter, and set up a Facebook fan page. Start a blog and comment on other blogs. Take this opportunity to communicate with customers about your business and go viral.  Consider teaming up with an online “reputation management” partner such as DexKnows.com who can help manage your entire online marketing presence. If you sell business-to-business, get ideas at the B2B marketplace leader, Business.com.
3. Improve and expand your website and add ecommerce. Every business – no matter how small — needs a website to stay competitive. Secure all variations on your company’s domain name. Use online tools and community features such as Q&A or a blog to encourage interaction with visitors to your site. Use your site to sell (you’ll need to add a shopping cart), not just to promote your name or brand.
4. Set aside time to sharpen your focus.  Don’t accept business as usual. Organize your days so you have time to devote to setting goals and plans for profit-generating improvements. Using a smart phone or other device to keep track of phone numbers, dates, appointments and meetings can help save time. Take short breaks to refresh and recharge.
5. Create “experience events” to attract customers. Consider how your business can host or co-host special events like demonstrations, shows and classes. Offer rebate or frequent buyer programs to encourage repeat purchases. Rearrange merchandise periodically to provide a fresh customer experience.

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What Small Business can Learn from Domino’s Pizza


PizzaDomino’s made headlines recently by admitting customers hated its pizza, and pledged a complete pizza makeover. It was a rare instance of a company asking customers what they thought, and then actually doing something about it. The company decided to reinvent its core product “from the crust up.”
That takes guts, and it offers a lesson to many small businesses who only think they are giving customers what they want. In reality, says new product development expert Dan Adams, president of Advanced Industrial Marketing, most are only giving customers what the business wants them to want. In effect, they start with a product and then try to talk customers into giving it their stamp of approval. But that’s a backwards approach.
Here are four steps you can take to REALLY learn from your customers.
1) Change how you talk to customers. Many businesses pay lip service to the idea of asking customers what they want, but often don’t really listen. Reconsider how you are collecting customer feedback. Are you doing it in a way that really engages the customer so that you can get the truth?
“There’s no substitute for respectful dialogue with customers,” says Adams, whose own process helps B2B suppliers elicit idea-generating, peer-to-peer conversations with customers. “When you can get people really focused on what they need and want from you you’ll get their honest opinions. And that raw honesty is what you need.”
2) Don’t rely on sales reps alone to capture customer needs. Sales people are unlikely to uncover what customers really want and need if they are rewarded for near-term selling, can’t reach true decision makers, or aren’t calling on most of the customers in your target market segment. Instead, put a good salesperson on a team with marketing and technical colleagues, train all of them in advanced interviewing methods, and you’ll run circles around your competitors.
3) Act on what you’re hearing. Many small business owners ask customers for feedback with the best of intentions. But when they start hearing things they don’t like, they find a million reasons to explain it away. As a result, the feedback never gets translated into action. “Either they don’t really want to change what they’re doing or they don’t trust the customer or they don’t trust themselves to understand what the customer wants. A good interviewer knows how to dig deep and figure out the customer’s hidden needs,” says Adams. “And a smart business owner will take action to meet those needs, no matter what.”
4) Be willing to ditch products or services and launch new ones. Too many small businesses start with their solution, and then simply try to validate it by showing it to some customers. And they measure market needs by watching sales results. But that’s backwards.  ”Begin with customer needs and end with supplier solutions,” says Adams. “Intelligent customers can detect your validation a mile away. They sense you are more interested in your idea than in them — and that doesn’t do much for the long-term relationships you need to build.”

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A New Choice for Preparing Business Taxes Online


Tax keyboardNational tax preparation chain Jackson Hewitt has just introduced a new online tax preparation service for both individuals and small business owners. Although Jackson Hewitt Online’s (www.jacksonhewittonline.com) free “basic” version is only good for the most simple tax returns that would normally use the 1040EZ form, the “Premium” version is more advanced and appropriate for small businesses, including sole proprietors, LLCs, S and C corporations and freelancers.
For example, it includes special functions for people claiming expenses for business use of the home, profit or loss from a business and sale of business property, among related items.
The Premium service costs $46.95 to prepare and file a Federal return. There’s an additional charge of $28.95 to prepare and file a state return. The cost also includes the following:
  • Unlimited email and live online chart support and unlimited phone support from a Jackson Hewitt representative.
  • An audit “risk meter,” audit support site and audit assistance from an Enrolled Agent in the event you are ever audited.
  • Support tools including a detailed FAQ section on common tax questions.
Jackson Hewitt Tax Service has about 6,000 franchised and company-owned offices nationwide. For information visit www.jacksonhewitt.com.  You can also find helpful tax advice and services at Business.com.

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Small Business Tax Tip #1: Tap New Rules for Business NOLs



Tax block letters on backgroundFacing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for the next 10 business days.
Small Business Tax Tip #1: Tap the new rules for business NOLs: “Small business owners need to plan for their net operating losses (NOLs),” says CPA Stacey Dell, a tax partner with Mohler, Nixon & Williams in Campbell, CA. “ An election must be made at the time a tax return is filed to either carry back or carry forward the current year NOL. Check your tax rates and income levels from the prior years. If income is expected to increase in the future, it may be better to carry the loss forward.”
Check back tomorrow for the next expert Small Business Tax Tip in our series. For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.

6 Small Business Sales Trends for 2010


CompassMany business owners and entrepreneurs are bruised and confused about what it really takes these days to achieve sales breakthroughs. In fact, the art of selling may be changing faster now that at any point in the last half century. For one thing, the skyrocketing importance of social media has transformed the selling landscape forever.
Take it from one of today’s smartest minds in selling, Josiane Feigon, CEO of TeleSmart Communications, in San Francisco.  “The next generation of sales has arrived,” she says. Sales professionals and small business owners are fighting to be heard by busy and distracted prospects, and salespeople are dialing more but connecting less. In order to survive, Feigon says you need to overhaul your sales skills and adapt your methods to meet the changing trends. Here’s how you can respond to six trends that are transforming the small business sales landscape:
1. Become a Research Racehorse: Given the glut of web-based information available, salespeople must come to the table equipped with a depth of information and knowledge about their target customers that proves the salesperson’s interest and attracts the prospect’s attention.
2. Know what Customers (Really) Care About: First, know what they don’t care about, like how “great” your service is; how “low” your prices are, and whether they might have been your customer in the past. Loyalty runs thin these days, and old sales platitudes fall flat. What customers do care about is how smart you are about their business; how you can lower their risk; and how strong of a reputation you’ve built with people they might know.
3. Create Contagious Content: Increase your credibility and build awareness of your products or services by publishing content relevant to your customers. This is easier than ever to do online.  Start a blog, or contribute to others in your field. Regularly post comments and participate in web communities and forums where your customers also participate. Create and distribute trend reports, webinars, articles and similar content and make it available for free and easy download from your website. Business.com, for example, has gained valuable exposure and armed its sales force with key information by publishing a variety of white papers and research reports on business-to-business (B2B) selling and the growth of selling via social media.
4. Sync up your Email and Voicemail Messages: Email and voicemail messages must work in tandem. In fact, prospects expect it. If a prospect doesn’t take your call, they will expect a follow-up email with details. Try this: First, Leave short voice messages that will pique curiosity. Then quickly follow with an email.
5. Find the Real Buyers: Especially in the B2B world, more people today are involved in the decision-making process — but fewer of those individuals actually have the power to make a purchase decision. Learn to recognize the decision makers and bypass others without making them mad. One trick is to avoid leaving “tracks” such as emails and voice messages that can be forwarded back to the non-decision makers. “You must build out the organization chart to understand the hierarchy,” says Feigon. Once you contact a decision maker, always mention the name of the non-decision maker and compliment their efforts, but say why you are working around them.
6. Become an Expert at Online Presentations: Web conferencing tools have replaced in-person meetings, but holding audiences captive through a Death-by-PowerPoint presentation almost guarantees a lost sale. Taking the time to organize, design and build strong online presentations will quickly convert prospects into buyers.

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Is Your Internet Banking Solution Costing You Customers?


Brent Warrington
Sixty-one million households use Internet banking today and two-thirds of those users would switch financial institutions (FIs) for a better online banking solution. Despite the growing importance of Internet banking to attract and retain high-value customers, many FIs still rely on first-generation systems that lack the service levels and features that savvy online bankers are seeking.
Internet banking enables customers to save time, take control of their personal finances and even help the environment by opting to receive electronic statements.
According to Javelin Strategy & Research, 61 million households regularly use Internet banking today and 82 million online banking households are expected by 2012.
For Internet banking users, online banking services are the third most important driver of FI selection, falling just behind rates/fees and customer service. These days, it’s not good enough to simply offer online banking services, however. To maintain existing customers and attract new ones, FIs need to keep their offerings up to date with the latest features.
Who are these customers? In a nutshell, they are younger, wealthier and more desirable than the average banking customer. Javelin reports that 89 percent of young adults have tried Internet banking, with 53 percent reporting they had banked online within the previous seven days.
Considering 30 percent of online bankers aged 25 to 34 join to save time and 21 percent join to get more control over their finances, FIs must ensure the capabilities of their Internet banking solution proficiently deliver on these customer needs, especially as younger customers gain more and more financial responsibility.
Online banking doesn’t just appeal to the young and the hip; it appeals to the more educated and affluent segments of the population as well. Eighty-six percent of individuals with incomes over $75,000 have used Internet banking and 62 percent of these users have done online banking in the last seven days. Online bankers fit the profile of customers that FIs want to attract. In addition to their appeal as consumers of financial services, they are also systematically easier to serve.
Non-online bankers value a personal relationship with their FI and they place high importance on service offerings that can be expensive: the availability of many branch locations and high levels of personal service. In addition, non-online bankers are more price sensitive, scoring “rates and fees” six points higher than online bankers in importance when choosing an FI. Finally, they are considerably less likely to migrate to paperless billing and statements—increasing the ongoing cost to serve them. Specifically, the net annual value to the financial institution averaged $241 more per customer for Internet banking users than for offline users, according to a 2006 Forrester Research Report.
To retain discerning online banking customers, FIs need to offer robust Internet banking capabilities. In CashEdge’s second annual Consumer Online Banking Study, 85 percent of respondents stated they would never consider an FI without online capabilities and 65 percent said they would switch to an FI that offered more online services.
The top six financial institutions offering Internet banking account for 41 percent of all users, according to Javelin Research. These institutions understand the needs of online banking customers and are continually adding functionality that will deepen their relationships with existing customers, while helping them attract new ones.
Smaller Fis can still compete, but they need to understand the importance of Internet banking for customer retention and, in some cases, upgrade first-generation Internet banking solutions that limit system performance, features and functionality.
Without a complete solution in today’s competitive financial market, the most valuable customers are bound to select an alternate financial services provider—making platform conversion a risk entirely too great to put off. Luckily, the conversion process to a new Internet banking solution is easier than some may think, with an Internet banking provider well versed in best practices.
This paper explores the common issues FIs face with dated Internet banking solutions, concerns these institutions have in converting to a new solution, how to identify the ideal Internet banking solution and best practices in a successful conversion. In addition, this paper will help FIs gain a deeper insight into the capabilities today’s online bankers demand.