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National Small Business Week is Here!

By on May 21, 2012 in Grow Your Business, Melinda Emerson @SmallBizLady, SmallBizChat, Your Small Business

America’s #1 Small Business Expert Joins the New York Times. I am excited to announce that I am joining the writing team at the You’re the Boss section of The New York Times. Premiering this May, my column on social media and small businesses will run weekly on the blog centered on small business ownership advice.  Loren Feldman, small-business editor of The New York Times says “Melinda Emerson is a force of nature. She will be writing about social media, and we are very excited about adding her passion, her energy and her insights to You’re the Boss.”  Click here to read more.

I consider May to be National Small Business Month. There are always tons of events, conferences and contests that kick-off or take place during the month of May, and this year is no exception.  May 20-26, 2012 is actually National Small Business Week, which is a great opportunity for businesses large and small to celebrate all that we contribute to the U.S. economy.  Here’s a list of some of the top events taking place this week to help you grow your small business:

On #Smallbizchat this week: We are having a National Small Business Week celebration sponsored by Verizon Small Business @VZSmallBiz. In honor of this special week, Verizon is giving away 12 top business books to the first 200 people who come to #Smallbizchat this Wednesday between 8-9pm ET and use our hashtag.  Follow my @SmallBizLady Twitter handle for more details. Here’s how to participate in #Smallbizchat http://bit.ly/S797e

This week’s #Smallbizchat topic: How to Use Pinterest to Grow Your Small Business with Jennifer Abernethy @SalesLounge and Author of The Complete Idiot’s Guide to Social Media Marketing.  Don’t miss it.

Join FedEx Office, Our Office is Your Office Tweet Chat Series On Tuesday May 22, 1-2pm ET with Gene Marks @GeneMarks. He’ll be sharing advice on networking to increase small business cash flow.  To join the live chat on Twitter, follow @FedExOffice and use hashtag #FedExOffice.

National Small Business Week Conference:  Sponsored by the Small Business Administration @SBAgov, which is holding its annual conference in DC this week. If you are in the area, they are having a Tweetup Tuesday May 22nd in DC. There is still time to register http://owl.li/aZhFu

See SmallBizLady Live: I’ll be in Chicago this week attending the Black Enterprise Entrepreneur’s Conference at the Chicago Hilton. It kicks off May 23-26th, 2012.  Be sure to check out www.blackenterprise.com this Thursday May 24th. A feature article on my business will be published as part of their Black Blogger Month series.

Great Contest Opportunity: If you are looking to expand your business, Chase and www.LivingSocial.com have teamed up to give up to 12 grants of $250K to small businesses. This is am amazing opportunity for today’s entrepreneurs. For complete contest details visit www.missionsmallbusiness.com The last day to enter is June 30th.

Do you know about any other great events for National Small Business Week? Please share them in the comments.

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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How to Get Paid What You Are Worth

By on May 17, 2012 in Cash Flow & Finance, SmallBizChat, Starting A Small Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Alfred Edmond @AlfredEdmondJr is SVP/Editor-at-large of Black Enterprise. He is a content leader, brand representative and expert resource for all media platforms under the Black Enterprise brand, including the magazine, television shows, web site, social media and live networking events. From 2008 through 2010, Edmond was SVP/Editor-in-chief of BlackEnterprise.com, helping to lead the transition of Black Enterprise from single-magazine publisher to digital-first multimedia company. From 1995 through 2008, Edmond was chief editor of Black Enterprise magazine. He also hosts The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks.

SmallBizLady: How can a small business get paid what it is worth?

Alfred Edmond Jr: To get paid what it is worth the first thing a small business must do is understand that profits don’t happen by accident, or just by being a good, nice person or passionate about your business. To turn a consistent profit requires research and planning, so you can establish what your goods and services are worth, and then have the entrepreneurial conviction to price and sell to earn a profit on purpose and without apology.

SmallBizLady: You once wrote a blog called “Why I hate the hook-up” can you explain your idea behind this?

Alfred Edmond Jr: The “hook up” is when entrepreneurs give away their valuable goods and services to family, friends and others in their community free of charge, as a show of community support, cultural solidarity or friendship. This is very common among African American entrepreneurs, who are often pressured or guilted into hooking people up. The problem is, entrepreneurs devalue the quality of their goods and services when they routinely sell them at a loss, or give them away, which is why many of those businesses struggle and fail. The purpose of a business is to sell goods and services for a profit. If you don’t do that, you’re not in business. That’s why I hate the hook up–it weakens and kills businesses.

SmallBizLady: How should a start-up go about setting pricing?

Alfred Edmond Jr: There is a cost per unit of goods or service. There is a maximum price you can charge for that unit and still be competitive in the market place. The difference is your profit. You should know all three of these numbers at all times, and market accordingly. To figure this out, you need to break down the costs per unit to the penny, taking into account raw materials, labor, time and expertise, etc. You also need to know what customers are currently paying to others for the goods or services you provide. Price too much lower, and you won’t make a profit. Too much higher, and you’ll lose out to lower priced competition.

SmallBizLady: How often should pricing strategy be evaluated?

Alfred Edmond Jr: Pricing should be evaluated more frequently for many types of businesses. You should always be aware of what your competitors are charging, and why, especially if it is higher or lower than the prices you are considering. And remember, the competition is not just those who sell what you’re selling. They also include those selling substitutes and alternatives to what you sell.

SmallBizLady: Can you explain value-based pricing?

Alfred Edmond Jr: Value-based pricing is a business strategy. It’s when you price your product based on the value it creates for the customer. This is usually the most profitable form of pricing, if you can achieve it. Trading your skills for an hourly rate can often have you on the loosing end of the deal.

SmallBizLady: How and when should you give a discount?

Alfred Edmond Jr: Discounts must be strategic and should never be given unless they can deliver a measurable result in at least one of three ways: increase sales volume and net profit, reduce costs or some combination of these. Remember, your profit comes from having income or sales greater than your costs of doing business. Discounts that spur revenue generating behavior include those to reward loyalty (i.e. 10 visits to the dry cleaners entitles customer to 11th visit at a discount), referrals (a 5 percent discount for every new paying customer referred by a customer in a given month), or to spur purchases of higher priced items (discounting cost of fries because they will spur higher sales of sodas, which have higher margins that will offset the discount).

SmallBizLady: What is a reasonable profit margin for a professional service business?

Alfred Edmond Jr: There’s no single profit margin that can be deemed universally redeemable for a service business. It can vary widely by type of business and market area and other variables. The answer to that question can’t just be Googled or look-up; it must be researched and constantly monitored, with margin goals being adjusted by the entrepreneur.

SmallBizLady: Why are so many small business owners afraid to talk about pricing?

Alfred Edmond Jr: Many small business owners are afraid to talk about pricing for the same reason some people don’t like to take tests. They haven’t done their homework, so they can’t price with confidence. The key to pricing is doing enough research to know it, not just guess at it. Entrepreneurs who are experts in their industry, not just their business, know prices and can talk about them with confidence. The others? Those are the ones who drop their prices at the first sign of competition, or as a substitute for actually selling the customer on the value of their wares.

SmallBizLady: Why do so many business owners avoid numbers?

Alfred Edmond Jr: Many small business owners have a hard time with numbers because once you know the numbers, you have to do something about it. Numbers aren’t impressed with your title, your business cards, your passion for your business. Either you’re turning a profit or you’re not. It’s amazing how many entrepreneurs do all they can to avoid that reality check. Great entrepreneurs love numbers, because they know that business is a competition and profit is how you keep score.

SmallBizLady: How can you market yourself in a way to prove you are worth what you want to charge?

Alfred Edmond Jr: The best way to market that you are worth what you want to charge is to get your satisfied customers to do the talking for you. Go out of your way to wow your customers and then get the most influential among them to sing your praises, both via word of mouth and social media. If you are as good as you say you are, they won’t hesitate. And if they do hesitate, you need to find out why, so you can make the changes necessary to inspire them to do so.

SmallBizLady: What are your top 3 tips for raising price without losing customers?

Alfred Edmond Jr:. Tips to raise prices without losing customers:

  • A. Don’t let a price hike be a surprise to your best or most loyal customers. Tell them up front that it’s coming, be honest about why, and communicate how it will improve the quality of your products or services for them. Also tell them when it’s coming, to give them time to adjust.
  • B. If possible, delay the price increase for your best (highest spending), regular customers.
  • C. Show evidence that your increased price is still lower than your competitors, or that you are adding improvements and features others are not offering with their price hikes.

SmallBizLady: What is your opinion of MLM or multilevel marketing businesses as a real way to generate profit margin?

Alfred Edmond Jr: My opinion of the MLM business is the same for any business: focus on the numbers. No matter the compensation system, you will occur measurable costs to participate, and that includes the cost of the product you buy for yourself, even though you’ll get credit for those purchases. (Forget the argument that those purchases aren’t real costs because you would have bought those beauty products from someone anyway. As an entrepreneur, not just a customer, EVERY cost counts.) Also add in the value of your time–because no matter what you’re told, selling takes time and nothing sells itself. Know what your costs are and how much product you have to sell before you recoup what you’ve spent. If you can turn a consistent profit with an MLM business great.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.  Here’s how to participate in #Smallbizchathttp://bit.ly/S797e 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

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How to Get Over Your Fear of Sales

By on May 10, 2012 in Grow Your Business, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Amy Palmer @Fearbustinsales http://twitter.com/fearbustinsales. Amy is a nationally recognized salesperson who helps business owners find a selling style that fits their personality and values. As head of a worldwide online virtual coaching and consulting business, Amy has been featured in the Woman’s Advantage Calendar for 2008 – 2012, Washington Business Journal, Washington Woman Magazine, Success for Women magazine, and Success magazine. Access her free teleseries here: www.demolishyourdreadofselling.com

SmallBizLady: What is “Sales Sabotage?”

Amy Palmer: It is when you have great ideas, a great product or service, even a great plan, and yet SOMETHING keeps getting in the way of taking your business to the NEXT LEVEL of REVENUE SUCCESS! It is when we get in our own way when it comes to selling.  We set ourselves up for failure before we even begin.

SmallBizLady: What causes “Sales Sabotage”?

Amy Palmer: Fear, reluctance, insecurity.  Past experiences (either as a consumer or as a salesperson).  Preconceived notions.  Fear of rejection.  The desire to be liked, and the fear of not being liked.

SmallBizLady: Why is it important to overcome sales sabotage?

Amy Palmer: If you don’t face your fear and reluctance, and find a way to become comfortable with selling, it will prevent you from achieving the goals you set for yourself, and it will prevent you from helping all those people are you meant to serve.  Also, look at it this way- by overcoming sales sabotage, you will generate more revenue and continue to grow to the point where you can afford to hire a sales team to sell FOR you!  Then you can spend even more of your time doing the things you love most.

SmallBizLady Can you share the steps to your “Fear-Bustin’ Process” to help overcome sales fear?

Amy Palmer: Step 1: Identify Roadblocks- what is REALLY getting in your way.

Step 2: Reconnect with Your Passion- why do you do what you do, how does it benefit others.

Step Three: Reprogram Your Thinking- don’t think of it as selling, think of it as “Promoting Your Passion.”

Step Four: Determine Your Personal Style- what are your strengths when it comes to communication, incorporate that into your process.

Step Five: Customize a Process- the more control you have over the process, the more comfortable you will feel.

Step Six: Put your Process In Action! It’s all about implementation- get an accountability partner or coach to assist you.

SmallBizLady: If someone is really uncomfortable with the sales role, how can they be successful in owning a business?

Amy Palmer: The BAD NEWS is, they can’t. The GOOD NEWS is that it isn’t difficult to become comfortable with selling. You don’t have to love it, you don’t have to become a super-expert or master sales guru. To develop a level of comfort, you simply must find a way to connect with your audience in a way that fits you, your personality, and your strengths. Once you combine this with the passion you have for what you do/what you offer, there will be no stopping you. And here’s even BETTER news- once you figure this piece out, develop a successful sales plan, and learn how to implement it, someday you will generate enough money to hire someone to do some of the sales activities for you!

SmallBizLady: How long does it take to truly overcome sales sabotage?

Amy Palmer: The process I designed uses the steps I followed myself early in my career.  It took me years to figure it out.  Sharing the steps with my clients saves them a lot of time.  However- fear and reluctance does come back.  Each time you reach a new height or you are in a new situation, it can resurface.  The key is having strategies in your toolbox to release the fear in a timely manner.

SmallBizLady: What sales effectiveness tips do you have for those who are doing well and/or already enjoy selling?

Amy Palmer: My number #1 tip in these circumstances is TRACK YOUR PROGRESS. Keep track of each opportunity, each sales conversation, phone calls, etc. along with results. This is the way to go from “good” to “great”. You can hone in on where you can tweak to get even better. Number #2 tip is DOCUMENT YOUR PROCESS. Someday you may hit a sales slump and be clueless as to why. You need to go back to your exact step-by-step process and find out if you have been taking short cuts or have gone off on tangents in your sales process. Another reason to document your sales process is because by having continued great results, you will one day want to scale your business and bring on salespeople. Having a proven process in place will accelerate the results of your team.

SmallBizLady: What is the role of a really good salesperson?

Amy Palmer: Your role as a salesperson is to INSPIRE that potential client to TAKE ACTION whether or not it includes doing business with you.

It all comes down to three necessary elements:
1. Letting go of your attachment to the results.
2. Stop focusing on yourself and truly focus on that other person.
3. The ability to step up and do what it takes to motivate another person.

SmallBizLady: How can you be an effective, top-performing salesperson without being perceived as “pushy” or aggressive?

Amy Palmer: Your relationship with that potential customer is a partnership- AND you are in the role of mentor.  Build Credibility, Empathy and Trust with the potential customer and they will see you as both a partner and advisor.  Sometimes you will have to tell them something they don’t want to hear. Sometimes you will need to be firm. Sometimes you will need to follow-up repeatedly. That’s your job. That’s what it takes to INSPRIRE someone to take ACTION. I never said it was easy- I only said it was authentic. And it truly follows the concept of selling = serving

SmallBizLady: What is the difference between “Attraction Marketing (Pull Marketing)” and having a sales plan?

Amy Palmer: Attraction Marketing will address those who are unaware of you and what you have to offer. By using your knowledge and content and offering it up freely to the mass public, you are providing value AND you are attracting those who are interested in your area of expertise.  The steps it takes between someone saying “I’m interested in your topic” and “I want to do business with you” are considered your SALES PLAN.

SmallBizLady: What does a Sales Process look like?

Amy Palmer: In a nutshell it is broken into the following steps:
1. Attraction Strategy- How do you bring people to you? How will your ideal client learn who you are and what you have to offer?
2. Connection Strategy- Once someone knows about you, what steps will you take to create a relationship? How does that relationship continuing in the form of follow up?
3. Conversation Strategy- How is your Sales Conversation structured? How do you present your product/service?
4. Service Strategy- How do you ensure happy customers? What is your process for asking for referrals?

SmallBizLady: How can you use attraction marketing in your sales plan?

Amy Palmer: Through social media and other online methods, it is now easier than ever to build a relationship with your audience. Attraction marketing is used heavily in your “Connection Strategy”- you need to have a campaign of value added items to share with your audience that enables them to get to know you and your offering. Blogging, ezines, teleclasses, webinars, livecasts, tweetchats, are all about building relationships. Where many people go wrong is that they fail to ever ask the audience to take the next step.  95% of your connection strategy is about giving and offering, 5% should include a request to take the next step if they are interested.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.  Here’s how to participate in #Smallbizchat http://bit.ly/S797e 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

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Liz Lynch QA How to Be a Power Networker

By on May 3, 2012 in Q & A Interviews, SmallBizChat, Women in Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Liz Lynch @liz_lynch.  Liz is an international speaker, business development expert, and the author of Smart Networking: Attract a Following In Person & Online. She’s appeared on CNN, ABC News, Fox Business News, The New York Times, The Wall Street Journal, CNBC.com, Forbes.com and BusinessWeek.com, and works with professional service firms and successful small businesses to create strategies that get maximum clients with minimum effort. For more information on Liz and access to free articles and resources, visit http://smartnetworking.com.

SmallBizLady: You have a different approach to networking, so tell us what is “power networking”

Liz Lynch: To me, power networking is not about how much time you spend networking, but about the results you’re able to get. In other words, rather than inputs, it’s more about the outcomes. Is your network responsive? When you ask for help, do you get it? Are your contacts sending you great opportunities on a regular basis? Do you have the confidence to pursue any goal you want in your business – whether it’s to write a book, speak internationally, expand into other markets, etc. — because you know you’ll have access to the right people to make it happen?

You don’t have to network 24 hours a day to be a power networker, I sure don’t. Small business owners are busy. If you’re strategic about how you spend your time, the kinds of relationships you build, and the tools and strategies you use, you can get great results without a great deal of effort. And that’s really what I help my clients figure out. What exactly is the right mix of strategies and activities they should be implementing that would be most effective for them? What should they be doing and what should their teams be doing, because networking should be a part of everyone’s job in a company.

 
SmallBizLady: What are some of the biggest mistakes people make with networking?

Liz Lynch: There are 3 big misperceptions that drive people towards the wrong actions:

  1. Misperception #1 “Networking is a numbers game” – Collecting lots of business cards at an event or sending mass emails in LinkedIn to grow your connections as quickly as possible is totally the wrong focus. Having someone’s contact information is not the same as having a relationship with them. And the only thing that counts in networking is the depth of the relationship you have with someone. Will they pick up the phone when you call? Are they willing to recommend you to others? If not, work on building that relationship or else throw that business card away because it’s not going to do you any good.
  2. Misperception #2 “All I have to do is show up” – Despite what Woody Allen said that 80% of success is showing up, it’s the other 20% that’s going to make the real difference in your business success. Yes, you can have a profile on Twitter, and LinkedIn and have a Facebook business page, but if you aren’t using those sites correctly, you can be doing a lot of damage to your brand. Same thing with networking in person. You can go to an event, but if you spend the whole time on the sidelines, or glued to the people you already know, then you won’t get as much out of your time investment.
  3. Misperception #3 “I can’t network effectively because I’m an introvert” – That’s totally wrong. You might network differently from your extroverted friends, but I assure you, you can be successful. I know because I’m an introvert too, and over the years, I’ve discovered so many of my colleagues whom I consider to be great networkers in terms of the results they generate, are introverts too. There are ways to increase your comfort level if you’re an introvert. You can start out with smaller events, or ask the host to introduce you to people you should meet. You can also try to connect with other attendees online first so that you will already know some people when you arrive. A lot of networking groups and event organizers use social media tools so you can see who’s coming and what their background is, and open up the lines of communicate before the event.

 

SmallBizLady: Given the popularity of social media, how important is showing up face-to-face these days?

Liz Lynch: It’s true that we’ve all have gotten a lot more comfortable doing business online and working with people whom we’ve never met. What I’ve found, however, is that face-to-face meetings speed up the progression of a relationship. It increases people’s desire to work with you, even if they have no idea what working with you would entail. When you have that chemistry and rapport from a face-to-face interaction, it’s easier for someone to think of you as the go-to person in your field, and to want to work with you or partner with you in some capacity.

One of the ways you can tell that face-to-face is still very relevant is by the number of social networking conferences there are all over the world. Even people who love to network online and are very comfortable doing so, still want to get together in person. And that’s a good thing because I believe the combination of both is extremely powerful.


SmallBizLady: What are some power tips for networking at events?

Liz Lynch: A big reason people don’t attend events is they feel awkward, they may be introverts and it’s hard for them to break into a crowd. Believe me, I’ve been there. The first networking event I ever attended, I lasted 5 minutes, so I definitely know the feeling of walking into a room full of strangers. So my power tip for them is to get to events early. Even 10-15 minutes before the event officially starts will make a big difference because at that point, there won’t be so many people in the room. It’s a lot easier to find someone to talk to, and before you know it, the event has built up around you and you’re at the center of things, rather than an outsider trying to break in. So that’s my power tip for introverts and anyone else who hates networking in person.

For everyone else, my biggest power tip is to pick the right events. Don’t go to an event just because it’s free or close to your office. Price and convenience shouldn’t be your criteria for attending events. Instead, find events where you’ll have a good chance of building the right relationships for your business, even if it costs you something, and even if you have to get on a plane to be there.

I’ve gone to conferences to meet one person. Someone I really wanted to partner with, but couldn’t get a hold of on the phone or by email. When I approached her at a conference where I knew she’d be speaking, we hit it off right away, and have worked together on numerous projects. I love conferences for networking because they tend to attract a high caliber of professionals, perhaps for the very reason that they do require a higher investment of time and money to attend.

 
SmallBizLady: What are the biggest pitfalls of online networking?

Liz Lynch: One of the biggest mistakes people make is not understanding that online networking is still networking, which means that there has to be two-way interaction. A lot of folks are stuck on one-way interaction, meaning they’re broadcasting out information, usually about themselves, but not engaging in conversations with their friends and followers. One of the things I look for on Twitter to determine whether I’ll follow someone is whether they talk to other people and share other resources, or posting links just to their own website and products.

It’s similar to if you went to a networking event and someone talked about themselves the whole time and never asked you a question. What would that say to you? It would give you the impression that they’re not that interested in you and all they want to do is get their message out. And if that were the case, how much do you think that person would be supportive of you and want to invest any time or effort in helping you advance your goals?

 
SmallBizLady: What are your recommendations for the best ways to use social media?

Liz Lynch: The good and the bad about social media is there aren’t any firm rules. You can choose how you want to use it, you can post whatever you want, you can connect, or not, with whomever you want. For example, some use LinkedIn to connect only with those they already know and some use it to expand their network and are willing to connect with everybody. Both approaches are totally valid depending on the goals of your business.

But just because there aren’t any firm rules, doesn’t meant there aren’t some best practices you should be following. If your intention is to use social media to build your business, there are 3 things you should spend your time doing, and everything else you should stop doing or minimize. If you’re killing hours of time playing games or watching videos of kittens, and then complaining that social media takes too much time and doesn’t work for you, you should re-evaluate what you’re doing.

The 3 ways you should be using social media are:

  1. To build credibility: The majority of your posts should be intended to increase your reputation as an expert in your field. That means posting articles and resources your followers would find helpful. And it’s totally okay to share something personal every once in a while, that’s what adds dimension to your profile and helps people connect with you on other levels, especially if they share your same interest.
  2. To keep in touch: Social media makes it easy to keep in touch with so many people in your network in just minutes a day. On Facebook, you can see which of your friends is having a birthday, and on LinkedIn you can see who just got promoted or changed jobs. And it takes seconds to say “happy birthday” or “congratulations” or to “like” a post. And when you do that, not only does the person you’re talking to see that, and they feel great that you’ve acknowledged them, but their friends and followers see that too.
  3. To add value to others: Again, it takes seconds to share a link or retweet a post on social media, which means that in seconds, you can help someone in your network spread their message. No matter how busy they may be, you’ll show up on their radar screen in a very positive way because you’ve helped them. Every little touch point helps strengthen your relationship.

 

SmallBizLady: How do you manage your time on social media?

Liz Lynch: To prevent social media from being a complete time sink, you really need two things: discipline and productivity tools. With respect to discipline, it’s the same thing most people face with email. Every time management expert tells you to set aside specific blocks in your day to check and respond to email, and you have to discipline yourself not to check it every two minutes because you’ll never get anything done. You should do the same thing with social media. Don’t have Facebook and Twitter on in the background when you’re doing work, and turn off all of your notifications so you’re not interrupted with pop-up alerts that so-and-so is now following you, or invites you to like their page.

Productivity tools that aggregate your social media feeds like Hootsuite or a new service I recently heard of called Nutshell mail, is critical, so that when you are ready to switch over to social media time, everything is in one place for you to look at and respond to.

Decide that you will set aside specific blocks in your schedule to focus on social media for your business, 15 minutes before lunch or the last 30 minutes of the day, for example. Set a timer if you have to and then train yourself to scan for relevant posts to interact with. And when that time is up, move on. Social media will suck you in only if you let it.

 

SmallBizLady: How do you get people to accept your social networking invitations? How do you choose which ones to accept?

Liz Lynch: Everyone uses social media differently and you have to respect that. Some want to use Facebook only for personal reasons, to keep up with their family and close friends. If you’re not a family member or a close friend, obviously there’s nothing you can do about it. But, they may be more open to connecting with you on LinkedIn or Twitter.

When people send you invitations, it’s up to you to decide whether to accept them or not. And you don’t have to be apologetic or feel bad about it. I used to be very closed with my LinkedIn network, accepting invitations only from people I already knew because I wanted to be able to vouch for everybody in my network. But since Smart Networking came out, I’ve become more open because people have heard me speak at an event, or saw me on TV, or read an interview in a magazine and want to connect with me. If someone sends a personalized invitation, that’s always a big plus. One of my pet peeves is when people use the default LinkedIn invitation. Take the 20 seconds and go the extra mile to write a customized note.

If someone declines or ignores your invitation, it’s most likely because you haven’t given them enough context about who you are and why you would like to connect with them. If you answer those two questions when you send your LinkedIn invitation if the first place, you’ll get a higher acceptance rate than if you just relied on the default message.

 
SmallBizLady: How does follow up play a role in networking and what’s the best way to do it?

Liz Lynch: Follow up is crucial, and the big tip here is that you have to take the lead. When you meet someone at an event, you have to make an effort to continue building the relationship and take the next step. You can’t rely on them to do it, because chances are they’ll get pulled back into their crazy-busy everyday world and never follow up with you, even if they want to. So if you want something to happen, if you think there is potential to work together in some capacity, you have to propose the next step. Suggest a follow up conversation by phone.

One of the things I like to do is find an excuse to follow up. During the initial meeting, listen closely to the things they are saying and watch specifically for openings where you can provide assistance, like sending them an article or connecting them to a resource. And then do it.

You don’t have to follow up in the same way with everyone you meet. Obviously not everyone you speak with at an event is going to be a fit with you and your business. One of the easiest ways to follow up that doesn’t take too much time, but allows you to keep the doors open is to invite folks to connect with you on LinkedIn.

 
SmallBizLady: What if you follow up with someone and they don’t respond back?

Liz Lynch: There are lots of reasons people don’t take you up on your offer for a follow up meeting or phone call. They could be very busy or just might not see a compelling reason to take that next step at that particular moment. Fortunately, with social media, you can stay connected and stay on their radar screen in very unobtrusive ways until they are ready.

 
SmallBizLady: You say that every business owner should focus on building strategic partnerships with other business. Explain what you mean by that.

Liz Lynch: There are companies out there who serve the same target market as you do, but with different services, and finding ways to partner with them can open up big sources of highly qualified leads for you. Strategic partnerships help channel more customers into your business much more quickly and easily than trying to find every lead yourself, and it’s one of the key components I cover in my talk on “Lead Generation Leverage: 3 Keys to Getting Maximum Clients from Minimum Effort.”

Leads are the lifeblood of a business. You can’t have customers until you first get leads. Of course you need a good process for converting leads into customers, but if the leads don’t come in the first place, you’re in trouble.

But, companies won’t partner with you or send you leads out of the goodness of their heart. You need to fill a need they have, and you have to be somebody they know, like and trust enough to recommend to their clients because they’re putting their reputations on the line. Positioning yourself as an attractive strategic partner isn’t all that difficult, but I’ve found that business owners don’t focus on this, and it’s a huge missed opportunity.
SmallBizLady: Given everything we discussed here, what’s the #1 piece of advice you’d like everyone to take away from this interview?

Liz Lynch: One thing I discovered early on in my journey that I tell every audience is that networking is so much easier when people come to you. You always have to be proactive, but it’s also great when opportunities fall into your lap. You have to be visible and accessible AND, you have to be someone that people want to get to know, and work with and refer business to. Every single thing I teach about networking is striving towards that goal, and encompasses everything I talked about today: show up, interact, and add value.

 
If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

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Who’s On #SmallBizChat May 2012

By on May 2, 2012 in SmallBizChat

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat.

Here are the upcoming guests for May 2012…

  • 5/2 Liz Lynch @Liz_lynch Author Smart Networking on How to be a Power Networker
  • 5/9 Amy Palmer @FearBustinSales on How to Get Over Your Fear of Selling
  • 5/16 Alfred Edmond Jr. @AlfrededmondJr – Editor at large of Black Enterprise on How to Get Paid What You Are Worth
  • 5/23 Jennifer Abernethy @Saleslounge on How to use Pinterest to Promote Your Small Business
  • 5/30 Jacquette M Timmons @jacqmtimmons Author, Financial Intimacy on How to Get Your Spouse to Support Your Small Business Dream

Join me live every Wednesday, 8PM EST on Twitter – here’s how: follow @smallbizchat on Twitter and click here for instructions bit.ly/S797e

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How to Grow a Billion Dollar Membership Site QA

By on April 26, 2012 in Grow Your Business, Mompreneurs, Q & A Interviews, SmallBizChat, Women in Business, Your Small Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Alexis Maybank @giltfounder Alexis cofounded Gilt Groupe with her best friend Alexandra Wilkis Wilson. Gilt Groupe took only four years to take the fashionista crowd by storm, transform online shopping, and attract five million members and earn a $1 billion valuation.  Previously, Alexis was an early member of the eBay team and launched eBay Canada and helped launch eBay motors; She has a B.A. from Harvard College and an MBA from Harvard Business School. She has appeared on CBS-TV, CNN and other networks. She and her cofounder recently authored BY INVITATION ONLY: How We Built Gilt and Changed the Way Millions Shop (Portfolio; 2012) www.giltfounders.com Alexis shares tales from her wild ride of launching a hyper-growth startup.

 

SmallBizLady: Gilt Groupe took both the fashion and e-commerce industries by storm with such a simple idea.  How did you do it?

Alexis Maybank: My partner and I were inspired by the popularity of New York’s designer sample sales, and we wanted to make this popular local pastime available online to customers throughout the US.  Gilt Groupe was designed to offer highly coveted fashion labels at insider prices to a passionate group of consumers. Today we’ve evolved to become a website selling diverse luxury lifestyle products to customers around the world.

 

SmallBizLady: In just 4 years you attracted 5 million members and a $1 billion valuation. What is it that sets Gilt Groupe apart?

Alexis Maybank: The most critical factor contributing to our success was its founding team. In addition, we enlisted the industry’s leading and most coveted brands to sell on our site, for the first time sought to curate the best of a season or collection and not feature everything, tapped cutting edge viral and social marketing techniques to scale the customer base quickly, and used leading site creative to cultivate a leading luxury brand online.

 

SmallBizLady: Common advice is to never go into business with friends or family, but you have turned that on its head.  How has it worked for you?

Alexis Maybank: In a startup, it is absolutely critical to be able to trust and rely on your co founders and/or team. If you are considering going into business with a friend or family member, you are likely to put a lot on the line. It is important to communicate. Lay out any potential issues or concerns on the table and talk about them in detail. We did this because people told us to have these discussions, but we were never all that concerned about working together. It is important to think about the context of your friendship. In our case, we were friends from business school, so we had seen each other’s work ethic and drive in action, and we were familiar with each other’s basic business acumen. Most important, we each had seen the other at our best and worst and knew we would not encounter any surprises as we hit the inevitable highs and lows any start-up faces as it grows. Our confidence and trust in each other was absolute.

 

SmallBizLady: You talk about relationships and execution being keys to your success. Why are these two factors so important?

Alexis Maybank: Relationships were absolutely critical to the success of Gilt. Our relationships with the fashion community were necessary in convincing brands to sell their wares on Gilt. Our relationships with friends were important because they helped to form our early base of members and customers of the site. Our relationships also enabled us to find and recruit top talent in all functional areas, from merchandising to marketing to operations technology and finance.  Execution is key; ideas are cheap.  We knew that we needed to execute our vision better than our competitors, and we started having competitors enter our industry very quickly.

 

SmallBizLady: Gilt Groupe’s success was largely built during the recession. What advice do you have for someone starting their business in this economy?

Alexis Maybank: There is no better time than now to pursue an idea you are deeply passionate about, and in fact there are many sources of financing available now to would-be-entrepreneurs. If you have an idea, here are some things that you might consider in determining if now is the right time to pursue it. First the idea should be easy for you to explain in one sentence to a friend or colleague.  Second, does this concept exist in any shape or form already? Why or why not? Take an honest look at the marketplace. Who else is out there? Has someone already tried this and failed—and if so, why? Have times changed? Sometimes an idea can be too ahead of its time and advanced for the market. Importantly, can you test your idea before overinvesting, just to make sure? These days the best way to make sure that the time is right for your idea is to get it out there and see what people think. Getting customer feedback from the start will help you build a better product, one that will maximize your investment.

 

SmallBizLady: In your book you discuss the value of naysayers especially early on in building the company.  Can you explain their value? 

Alexis Maybank: Don’t get discouraged by the people who tell you your idea will never work. Instead listen to them and see if you can apply any of their thinking into refining and improving your strategy. If you can anticipate pitfalls and those hard questions you will get from investors and partners alike in advance and more importantly be ready with great, well-thought-through answers, then you will be better equipped for the challenges ahead.

 

SmallBizLady: With the tech industry still being predominantly male, what are some of the unique challenges you faced getting started? 

Alexis Maybank: We launched a business initially targeting female customers; in fact we were precisely the target demographic. This was very clearly an advantage as we understood the consumer mindset better than anyone. Beyond that it can be more challenging raising money as a woman. Women led 28 percent of all U.S. businesses in 2002. Yet female entrepreneurs historically receive less of the invested dollars coming from venture capital firms, estimates are as little as four to nine percent.  So while this is clearly a challenge, keep in mind that as a female you are more likely to be a more memorable party pitching the partnership as there are not as many women to walk through there doors to begin with!

 

SmallBizLady: Entrepreneurs think that venture capitalists invest in ideas, but you argue they really invest in people.  So what makes them want to invest in someone? 

Alexis Maybank: Because there’s so little due diligence that can be done on most new start-ups, it’s natural that VCs concentrate most on the team involved. Many investors like to see a track record of success and will use this to guide them. Drive, ambition, leadership potential, integrity and the ability to motivate others are also important traits for an entrepreneur. You need to focus on the background and skill sets of the key team members in order to convince investors that you are the right team to back.

 

SmallBizLady: Growth is something all small business owners work towards, but growing too quickly can be detrimental.  How can this be avoided?

Alexis Maybank: There are two areas where you see companies suffer when growing too rapidly. The first is not anticipating the right type of people they will need to lead various teams or functions, hiring them too late or making the wrong choices in hiring.  Hire fast enough, but do not over-hire, and invest in recruiting the right talent so you do not have to rehire later, which is often a time consuming and sometimes costly mistake.  Second, if you grow too rapidly and are not investing enough in making sure your business infrastructure is strong enough then you can find yourself ground to a halt when the site crashes, the orders outpace what you can ship out in an acceptable time, or your accounting systems fail and lead to detrimental errors in expense reporting or others. Try to anticipate what could “break” next and get rigorous as a team in shifting focus fast enough to address these problems.

 

SmallBizLady: What advice can you offer for how to spot a trend that could reinvent an industry?

Alexis Maybank: There are no simple formulas here.  However if you are intimately familiar with an industry or a customer group, and you recognize a really tough problem that is universally faced or a so-called pain point that confronts all, and you have a pretty good solution that you could introduce or build better than the existing alternatives, then you are probably on to something important.  Some of these problems could have been left for dead or abandoned, and sometimes people need to just take a fresh look at them.

 

SmallBizLady: Can anyone transform a personal passion like shopping into a business?
Alexis Maybank: Not all personal passions should be transformed into a business, but if you think that your passion has a viable market, then explore it, and perhaps find someone who could join you in your venture. We believe doing a start-up with someone you trust is so much more rewarding and fun than going at a business alone.

 

SmallBizLady: What role should style play in a professional woman’s career?

Alexis Maybank: Style is important, not only in terms of looking well groomed and put together in a manner true to who you are as a person, but more importantly personal leadership style. In the book we discuss differences in leadership styles. Not every approach will work for every woman, but over time one can hone in on what feels natural and what is effective in reaching your goals and standing out amongst the crowd.  If you are true to your nature in presentation and style, then you feel most comfortable, and are inevitably at your most confident – the key ingredient to true style.

 

SmallBizLady: Gilt Groupe has since expanded beyond fashion with sister sites such as Jetsetter.com for travel and GiltCity.com for local deals and finds.  Was this always part of the plan?

Alexis Maybank: We have always been close to our customers. We both spend a lot of time with our members, listening to their perspective and ideas and responding to their feedback, as well as investing in regular customer research. Our members communicated clearly that they were not only interested in fashion and decorative items, but they lived or aspired to live a luxury lifestyle which included travel, local experiences, food and wine. We incorporated this feedback into our business and our offerings.

 

SmallBizLady: What are some tips you can share to help people maintain their corporate culture during major company growth?

Alexis Maybank: It is not always easy to maintain a corporate culture as a company grows, but it is important and is absolutely worth the investment. Establishing a vision and a mission and regularly communicating them to the employee base and to potential hires is important. Think about company culture when hiring. The cultural fit for a candidate is just as important, and sometimes even more important, than the candidate’s skill set.  The best way to select individuals who fit your company’s culture is to include employees in the hiring process who embody the culture and are really good at vetting for certain values in the hiring process.  Make sure they are involved in training new hires, too.  You can even do something as simple as hosting lunch or after-work cocktails.  No matter what however, the company’s culture will always be a reflection of the leader or leadership. So you must lead based on what you value culturally.  Any disconnect will lead to a shift, even if not intended.

 

SmallBizLady: What challenges is Gilt currently facing and what are you doing to overcome them?

Alexis Maybank: Our site has always centered on the excitement of fresh inventory daily at insider prices and our customers know we have selected the best of the best from a collection or a designer, so they don’t have to look at everything or spend hours shopping.  It’s a simple, fast and fun experience that revolutionized online shopping.  As we grow into more lifestyle categories and offer hundreds of sales weekly now, we must focus on keeping the shopping experience as exhilarating, speedy and entertaining. This means we have to invest heavily in anticipating what each customer wants to shop for when s/he visits our site.  People want to see the 15 sales best for them – not everything — and feel ‘wow, Gilt really knows me.’  Therefore we are investing in understanding people’s preferences and shopping patterns so that we can deliver the most personalized shopping experience on the web to each person and allow her / him to discover the right products quickly.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.  Here’s how to participate in #Smallbizchat http://bit.ly/S797e 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

 

 

 

 

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Smallbizchat Celebrates 3 Years of Helping Thousands of Entrepreneurs

By on April 25, 2012 in Business Inspiration, Melinda Emerson @SmallBizLady, SmallBizChat

Today marks the third anniversary of my Twitter talk show #Smallbizchat.

We launched the weekly #Smallbizchat, in April of 2009, as a peer-to-peer mentoring program to help early stage entrepreneurs get answers to their small business questions. The goal was to provide information to help end small business failure.  With 82% of small businesses going out of business in five years, we wanted to do something that would really be impactful by giving people information that, in many cases, they had no idea was critical to their business success.

Nearly 150 shows and over 150K followers later, #SmallBizChat has become an institution on Twitter as one of the longest running tweetchats. @SmallBizChat’s third anniversary show is tonight Wednesday April 25, 2012 from 8-9 pm ET, with guest Alexis Maybank, Co-Founder and Chief Strategy Officer of The Gilt Groupe www.gilt.com, one of the top online members-only shopping websites. Maybank is also the co-author of the new book for entrepreneurs “By Invitation Only: How We Built Gilt and Changed the Way Millions Shop.

My inspiration to launch the #Smallbizchat community happened after I wrote my bestselling book “Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works” (now in its third printing). Even before the book came out, I wanted to reduce the learning curve as individuals attempted to start and grow their small businesses. My message now reaches 1.5 million entrepreneurs online weekly and has created an additional career for me as social media marketing expert.  In fact, more people know me as @SmallBizLady than my real name.

My blog SucceedAsYourOwnBoss.com, which is syndicated by the Huffington Post, has become a valuable resource to small business owners worldwide and Forbes Magazine named me #1 Woman for Entrepreneurs to Follow on Twitter.

It has also afforded me the opportunity to be featured in The Washington Post, The Wall Street Journal, The New York Times, Fortune, USA Today, and Black Enterprise; a regular contributor to OpenForum.com, SecondAct.com and Entrepreneur.com, BlackEnterprise.com and Essence Magazine. And a featured a speaker for such organizations as the U.S. Chamber of Commerce, INC Magazine, Bloomberg, #140 Conference, New York Expo, National Association of Community College Entrepreneurship and The Pennsylvania Governor’s Conference for Women.

My weekly interactive Twitter talk show #Smallbizchat, has given me the platform to help millions of small business owners. Doing a live show every week is a major commitment, but I love seeing chat participants “get it” – that charges me up every time. Tonight’s third anniversary show #Smallbizchat will feature Alexis Maybank Co-Founder of Gilt.com on the topic: “How to have a million dollar membership site. To celebrate the anniversary, we’ll give away copies of my book, Maybank’s book and limited edition #SmallBizChat t-shirts.

How does the #Smallbizchat work? Every Wednesday, Twitter users log onto tweetchat.com or tweetgrid.com to follow the interviews I conduct with noted small business experts, live at 8 pm ET. The expert guest types answers to questions using the using their Twitter account and the hashtag #Smallbizchat.  Expert guests have included best-selling authors and small business experts Michael Gerber, Anita Campbell, Alan Weiss, David Allen and Peter Shankman many others. Each week, hundreds of participants join in to learn from Emerson and the guest, plus share what’s going on in their small businesses as well.  Here’s more information on how to participate: http://bit.ly/S797e

About #SmallBizChat @Smallbizchat hosted by Melinda Emerson, @SmallBizLady, is an online community for emerging small business owners whose reach exceeds 1.5 million readers weekly. Committed to creating and sustaining a supportive network where all business owners can find answers and inspiration in their business endeavors. Melinda Emerson is regarded as America’s #1 Small Business Expert, with a fast-growing online brand providing resources for emerging and existing small business owners. Emerson’s corporate clients include Pitney Bowes, Deluxe, FedEx, American Family Insurance, Bloomberg, Walmart.com, Wells Fargo and Xerox. Emerson is a proud graduate of Virginia Tech.

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How to Use Facebook to Grow Your Small Business

By on April 19, 2012 in Q & A Interviews, SmallBizChat, Social Media

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with AK Stout @akstout18. AK has been working with social media for the past 6 years,  as one of the first group introduced to Facebook.  AK prides herself in finding ways to utilize her knowledge and experiences in conjunction with the ever-expanding mix and advantages of new media tools to help businesses enhance their online footprint. Check out her website http://www.sayingitsocial.com

 

SmallBizLady: Should I use a Facebook Page, Profile, or Group for by business?

AK Stout: Businesses should use Facebook Business Pages in order to be in ompliance with Facebook’s Terms of Service and to reap the best business benefits on Facebook. To create a Facebook Business Page go to: http://www.facebook.com/pages/create.php

 

If you have already set up your business on Facebook and you accidentally set it up on the personal profile platform (if you have to approve ‘Friends’ for your business – you have a personal profile) you can migrate your Profile to a Page while retaining ‘Friends’ and ‘Subscribers’ as ‘Fans’ by going to: https://www.facebook.com/pages/create.php?migrate

If you are using a Group for your business there isn’t a feature for converting to a Page so you will have to set up a new Page and let your group members know how to find the new Page.

 

SmallBizLady:  What are the business benefits of a having a Facebook Page?

AK Stout: In short, exposure. Facebook Pages are indexed by search engines so if you are posting content relevant to your business you have the potential of having your Facebook Page show up in search engine results.

Having a presence on Facebook also helps keep your business top of mind for your audience. Every time you post something, it could potentially be seen by your ‘Fans’ and while a ‘Fan’ may not need your product or service right then and there, if they keep catching your posts, your business is more likely to come to mind when the time does come to make a purchase decision.

Additionally, whenever one of your ‘Fans’ takes action on your page (posts, likes, comments), that action appears in their activity feed and subsequently in the news feed of their personal network for all to see.

 

SmallBizLady: I created a Facebook Page, why doesn’t anyone ‘Like’ it?

AK Stout: As wonderful as it would be to set up a Page and have people automatically flock to it; that is simply not reality. The next step of the process is to actually let people know you have a Page and to make it as easy as possible for it to be found.

The first step is to click on the button within your Admin Panel that says ‘Build Audience’ and then invite your Friends to ‘Like’ your Page.

Next you’ll want to advertise your Faecbook Page EVERYWHERE. Some places to make sure you have a button, link, or display URL to your Facebook Page would be: your website, your email signature, your personal Facebook, your eNewsletters, printmaterial and even in-store signage.

I always recommend thinking about every point of contact you could have with a prospect or customer and make sure that there is an option for them to ‘Like’ your Facebook Page at that time.

 

SmallBizLady: How do I come up with content to post on my Page?

AK Stout: It is best to post a variety of statuses: links to articles, links to your own blog posts and content, pictures, videos, questions, and quotes. Continually posting the same of one type of status becomes boring for your ‘Fans’ and you will begin to lose their interest.

I recommend setting up Google Alerts to keep track of what is going on in your industry and then pulling quality articles that come to your email to post. When you post blog posts and articles, don’t just post the link, ask a thought provoking question about the article to encourage ‘Fan’ participation.

Multimedia posts have shown to attract the most interest so do not neglect these types of posts.

 

SmallBizLady: When is the best time during the week to post on my Page and how often should I post?

AK Stout: The best day and time to post on your Page depends upon your audience. I’ve found the only way to figure this out is with experimenting and analyzing trends. For the first month or so of Facebook marketing post at all different days and times then begin looking at your Facebook Page Insights to see when your posts are receiving the most impressions and interactions.

As a basic rule I recommend posting 1-2 times per day. There are some Pages that can get away with posting more times than that but you run the risk of irritating your audience and getting ‘unliked’. If you have the content and you want to post more than 2 times per day – give it a try and use your Page Insights to see how your impressions and interactions fair and if you are being ‘unliked’ – if your stats are dwindling you will know your audience thinks it’s too much. If your stats aren’t affected – post away! If you can’t post for a day – don’t panic, just make sure you get a few posts in per week so that if someone stumbles upon your Page they won’t think you’ve abandoned the Page.

 

SmallBizLady: What is an appropriate response time for when people post on my Page?

AK Stout: As soon as possible and before you put out another status update. The worst thing to do is have questions and comments posted on your Page and then you post a status update leaving those people feeling ignored.

Make sure you have post notifications enabled to be delivered to your email and respond at your next opportunity – letting no more than 24 hours elapse. To really impress your audience, carry an email and web enabled smartphone and respond on the go. Nothing makes a Fan feel more appreciated and cared for than an immediate response.

 

SmallBizLady: How should I address negative comments on my Page?

AK Stout:: Unless the negative comments are offensive and have vulgar language do not delete them – deleting negative comments will only infuriate the ‘poster’ and encourage them to continue posting unfavorable comments.

Addressing negative comments in the public eye is not necessarily a bad thing because it shows that you care about your business and your customers. If you can address someone’s problem in a timely manner you may just be able to turn their opinion of you around because they appreciate your desire to help.

If you don’t immediately have a response at least comment to let the person know that you have received their question/comment and that you are looking into a solution and will get back to them. Just the acknowledgement can go a long way.

 

SmallBizLady: My Facebook Page URL is really long and ugly, how do I make it short and customized to put on my print material?

AK Stout:: You can create a custom URL in the form of facebook.com/username by going to http://facebook.com/username and choosing what you want to display for “username”. Make the “username” as close to your business name as possible. If you are going to be doing any print advertising you will want to do this so that your URL is short and memorable.  Note: You cannot create a custom URL for your Page until you have 25 ‘Fans’.

 

SmallBizLady: How can I ‘Use Facebook as my Page’ and why should I do this?

AK Stout: Click on the drop down arrow in the upper right hand corner of Facebook to the right of ‘Home’ and select the name of your Page. When you do that – any interaction you have on Facebook will be under the name of your Page.

You should do this to get on the radar of other businesses by ‘liking’ and commenting on their Pages. If you are going to do this make sure are adding value and not posting promotional messages about your own business that could be perceived as spam.

Doing this will not only get your business on the radar of other businesses but also on the radar of their audiences who will see your business name on the posts as well.

 

SmallBizLady: I saw that I can send my tweets on Twitter to my Facebook page, should I do that so I only have to post one time?

AK Stout: I do not recommend this. The format of a tweet can be confusing to Facebook users who do not use Twitter. @replies and hashtags will look like foreign and misplaced characters on Facebook. Also, when you are posting a link to a blog post or article via Twitter you lose the image of the post, post name, and description from showing on Facebook.

Finally if your strategy is to post many times throughout the day on Twitter that will lead to way too many Facebook posts. If you want to only post in one place, you can send your Facebook posts to Twitter by going to http://facebook.com/twitter

 

SmallBizLady:: I’ve heard running a contest is a good way to get more Facebook fans, how should I implement a contest?

AK Stout: Facebook has very strict guidelines about contests. The most important rule to know is that you cannot administer a contest directly on your Page without using a third-party application. To make sure you are in compliance, carefully read Facebook’s Promotion and Contest Guidelines at: http://on.fb.me/fbcontestguidelines

Once you have chosen an application to implement your contest make sure you let everyone know that you are having a contest – talk about it in your blog posts, email newsletters, website, other social sites and even in your email signature.

 

SmallBizLady: Should I add applications to my Facebook Page?

AK Stout: If you have a YouTube channel, adding a YouTube application to your Page can be a great way to tell your audience about your products and services. If you sell products, you can use Facebook applications to sell right from your Page. There are Facebook applications for a variety of different purposes. It’s important to understand that only three applications chosen by you show up prominently on your Page so while you can add more – just know they won’t all be readily visible without your ‘Fans’ taking action to look for more applications which doesn’t always happen.

 

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com

 

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

 

 

 

 

 

 

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Developing a Mobile Marketing Strategy with Kent Lewis

By on April 12, 2012 in Branding & Marketing, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Kent Lewis @KentLewis is President and Founder of Anvil Media and Formic Media, sister search engine and social media marketing agencies based in Portland, Ore. For more information visit www.anvilmediainc.com.

SmallBizLady: What exactly does the term “mobile marketing” mean?

Kent Lewis: Mobile marketing technically refers to any form of messaging or advertising targeted at portable devices, which typically means cell phones, but may also include iPads and tablet-style devices. For our clients, we typically focus on developing strategic plans around mobile-friendly websites, local SEO, mobile advertising, QR codes, location-based services, email & SMS messaging and mobile applications or “apps.”

 SmallBizLady: What does a small business owner need to know about the mobile web?

Kent Lewis: Small businesses have a few options when it comes to “mobilizing” a website. The easiest and most cost-effective approach is to develop a mobile-friendly website, designed in CSS, with small screens as a consideration factor. The site renders nearly as well on a phone screen as a monitor, if designed correctly. The drawback is that mobile browsers are not as robust and does not typically support Flash or Javascript elements, but HTML 5 provides a viable alternative for interactivity. The alternative approach would be to build your corporate website on a mobile-friendly CMS platform – one that automatically generates a mobile version of your website. The benefit of this approach is that you don’t have to design the website specifically for mobile, as that will be handled by the CMS platform. The downside is that there are compromises and limitations of such platforms. If mobile is a core strategy for 2011, the ideal approach is to create a dedicated mobile website (m.companyname.com) with unique content and features your mobile audience will need or appreciate (i.e. contact information, driving directions for starters).

SmallBizLady: How does local search engine optimization play into mobile marketing strategies for small business?

Kent Lewis: While your website should do the heavy lifting in terms of providing a resource for mobile-enabled audiences, there are third party local directories that are playing a larger role in mobile search, particularly for small businesses. The content typically seen on a computer screen in local search results is going to power mobile search and other mobile applications in the future.  For starters, be sure to claim & optimize local listings on Google Places/Maps, Bing & Yahoo! Local and related local directories. Specifically, Google Places pages now offer click-to-call capability, which will be appealing to mobile users who are more likely to convert.

 SmallBizLady: Can you explain the various mobile advertising opportunities available to small businesses?

Kent Lewis: While mobile advertising is in its infancy as an industry, it is growing quickly. The good news is that you can get started relatively quickly and easily with mobile advertising campaigns. For those of you with existing Google AdWords accounts, adding mobile is as easy as clicking a button. Beyond expanding your text and display ads to mobile searches, you can incorporate mobile-friendly capabilities like click-to-call and call tracking (via Google Voice) to measure effectiveness of mobile marketing efforts, without the need for third party technology.  If you’re looking for additional mobile advertising opportunities, consider testing mobile ad platforms like AdMob and mobile social advertising like 140 Proof for Twitter mobile applications. With a bit more time and resources, you can explore sponsorship opportunities within existing SMS, MMS and mobile apps. Last but not least, don’t forget to incorporate QR codes (customizable bar codes that embed a URL) into your print, and other display, advertising.

SmallBizLady: What are QR codes and how can a small business use them?

Kent Lewis: Quick Response or “QR” codes are essentially customizable bar codes that are read by mobile phones through the camera and an application. Most frequently, QR codes include an embedded URL, which offers small businesses an opportunity to incorporate a unique, trackable web page into offline/print marketing materials like business cards, newsletters, print, broadcast and outdoor advertising. Free QR code generators are available online and are easy to use, after which you can simply paste the new square code into your marketing materials and wait for the phone or inbox to light up!

SmallBizLady: What are Location-based Services and why should we care?

Kent Lewis: Location-based services (LBS) are generating buzz and ridiculous valuations, but can also be powerful tools for engendering loyalty from your customers. Getting started is relatively simple: create and optimize business profiles on Foursquare, GoWalla, Yelp Mobile, Google and Facebook Places. Don’t forget that these platforms are essentially virtual loyalty programs, which means they require a dedicated effort to maximize your marketing opportunities.

SmallBizLady: What do we need to know about email and SMS text messaging?

Kent Lewis: SMS messaging is going to be the “new email” – in that your focus will be to collect phone numbers instead of (or in addition to) email addresses. As such, make sure your email platform is mobile-friendly. Confirm your outbound emails render well in mobile browsers and that you are collecting opt-in SMS information and developing an outbound marketing strategy specifically for text messaging. To take full advantage of SMS, consider investing in your own dedicated mobile platform.  Leverage existing mobile texting platforms (like MooText or MobileStorm) to create, manage and track mobile marketing campaigns. These platforms typically incorporate a mobile CRM (MCRM) to expand your customer insights and data into the mobile realm.

SmallBizLady: When should small businesses consider developing an application?

Kent Lewis: While mobile applications or “apps” are all the rage thanks to big consumer brands, Google and Apple, they may not be a good fit for small business. Before investing in development or licensing of an app, conduct thorough research into your target audiences’ usage of mobile. If you have critical mass, then ask pointed questions of your target audience about their needs and wants in regards to a mobile app. From there, you can get a bid against your specification from qualified vendors. Incidentally, research indicates mobile users prefer games, music and access to social networks as core elements of mobile apps.

SmallBizLady: Any parting thoughts about mobile marketing for business owners to consider?

Kent Lewis: Regardless of your marketing objectives, target audiences, budgets and available resources, there are at least seven core strategies to consider when developing a mobile marketing strategy for small business. Conduct the necessary research up front to minimize your investment and maximize your ROI. Don’t forget to develop measurable goals, embed necessary analytics and start small with limited testing before committing significant resources. Like any marketing program, mobile requires a dedicated effort to be effective over the long haul.

 

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

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How to Grow An Online Business QA with Andrew Davis

By on April 5, 2012 in Grow Your Business, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Andrew Davis @CPC_Andrew .  Andrew is Author of the Merchant Comparison Shopping Handbook and the Director of Marketing for CPC Strategy, an online retail strategy consultant for retailers and agencies. You can contact Andrew directly at andrew@cpcstrategy.com 

SmallBizLady: What do small businesses need to know before setting up an online store?

Andrew Davis: Before setting up your online store you need to establish your niche and product line. Research needs to be done here. The clothing industry: Huge but there’s a lot of browsing online (low conversions, hard to start paid marketing campaigns) and a ton of online retailers who are already in this space. Unless you’re making really unique, cool, and trendy garments that you know will catch on, it’s probably not the right place for you to be.

You also have to be prepared for the technical resources involved in setting up an online store. Picking a platform, payment systems, tracking clicks and sales, monitoring your SEO efforts and social media profiles are all part of the online retail picture today. Without a knack for technology or a passion to learn it quickly you’ll soon be overwhelmed.

Prepare to learn how to use social media to it’s full potential, it’s becoming more interconnected with search, SEO, traffic, and sales generated by your website.


SmallBizLady: What are some DIY shopping cart solutions?

Andrew Davis: I would suggest ecommercetemplates. Very flexible, affordable and allows you to do your own customizations. Another choice is AspDotNetStoreFront, they’re a little more expensive. There’s also assisted avenues to go through first to help you get your feet on the ground and start selling. Ebay, Amazon and Etsy are a few of the most popular. I’d look at Magento as well. It’s an open source platform that has a ton of flexibility.
SmallBizLady: Does your shopping cart need to have a function to set up a store on Facebook?

Andrew Davis: No, but prepare to have a Facebook page sooner than later to at least use it as a marketing tool. If you’re interested in more info on Facebook commerce I suggest you check out this blog by a great ecommerce writer Linda Bustos on the 7 dimensions of Facebook Commerce http://www.getelastic.com/7-dimensions-of-facebook-commerce/
SmallBizLady: Is Paypal a viable way to collect money or do SMBs need a separate online merchant account?

Andrew Davis: There’s nothing wrong with using Paypal to get started. It’s a trusted payment system and will integrate with your site quickly. Some other options to consider is implementing Google Checkout / Google Wallet and Amazon Checkout so users with accounts on those popular sites can check out with easy.

Make sure you set up your merchant services and gateway through a local bank. You can also search for an authorize.net gateway reseller.
SmallBizLady: How should I design my site?

Andrew Davis: Work with a web designer who’s experienced in ecommerce to develop the look and feel of your site. User experience is KEY. Not what you think looks good. You want to make it as easy as possible for a user to use, navigate, and checkout on your site. After this is set up, test, test test. I’d check out http://unbounce.com for help testing landing pages and providing analytics you can extract to make informed decisions about your product page designs moving forward. Testing is key!
SmallBizLady: How do I record sales?

Andrew Davis: Besides your accounting behind the scenes, I highly recommend using Google Analytics as a free Analytics tool to track user metrics and conversions. Be sure to install the ecommerce pixel portion of Google Analytics and learn how to tag your product URLs with appropriate tags.


SmallBizLady: Once an online store is set up how should I promote it?

Andrew Davis: SEO, SEO, SEO, social media, social media, social media. These avenues will be the foundation of all revenue streams, even paid marketing channels. Start there first and really throw yourself and your team into getting a solid SEO strategy built out first. Listen to Gary V in the video above – he knows consumer trends better than anyone. If you market like him you’re going to be successful.

 

SmallBizLady: How do I stay ahead in the ecommerce industry?

Andrew Davis: Here are some industry experts and websites that will help you keep up with all the latest SEO and online marketing trends:

 Here’s some great websites to follow as well.

  •  SEOmoz.org
  •  GetElastic.com
  •  SearchEngineWatch.com
  • SearchEngineLand.com
  • Unbounce.com/blog
  • Distilled.net/blog

 

SmallBizLady:  How do I grow my online business?

Andrew Davis: Scale is so important for small businesses. The big guys (Walmart, Best Buy, Target) have already solidified their positions online and are able to scale with ease. You need to be prepared at the beginning to suffer some losses in short term revenue to invest in the long-term health of your business. Develop a strategy that embodies grabbing market share rather than short term profits and you’ll be in for a fun ride. It’s a hard line to walk when you’re a small business owner, but it’s important to understand if you want to bring your small business to the next level. SEO is the main area where you need to learn how to scale. Interns, outsourcing, family members, friends, all can be used to help you develop your social network and content creation strategy faster, which pays off in the long run.

 

SmallBizLady: How do I become more efficient in my online business?  

Andrew Davis: Efficiency in online retail comes from the tools you use. It’s going to be important to have a centralized area where you can discuss key tasks with your employees, like through a private Facebook group or Google+ circle.

That could actually be an interesting way to incentivize your employees to use Google+ more, which sends signals to Google that help with SEO. Other interesting tools and skills that can help speed up your efficiency are:

  •  Ghostery for finding out what tools and programs your competitors use (Chrome plugin)
  • Boomerang for Gmail
  • StayFocusd for Web Browsing (Chrome plugin)
  • Google Docs
  • Microsoft Excel / Access proficiency
  • HTML
  • CSS
  • In Design
  • PHP
  • Copywriting (so much SEO is about social media and blogging these days it’s important to understand each from a psychological standpoint, i.e. how to communicate to your audience, and from a work standpoint, i.e. how to achieve the goals with social media and blogging that you want to achieve)

Don’t be afraid to outsource menial tasks overseas. It’s not your best use of time to focus on repetitive, time consuming tasks. If you think you can outsource it and do it fine, do it, so you can focus on more high level strategy and project execution.

With online retail, it’s most important to know when to scale and how. You want to keep moving up. Some online retailers take over a niche or establish a certain market share but don’t know how to move up to the next level.

Start small, but make sure you consult with others more experienced on when and how to scale. This is also very important for online marketing strategy. You may think you know the best way to do something, but find out 6 months later a different way would have been better and saved you time.

Don’t be afraid to ask for help and soak up knowledge. Attend a conference or two. Some are free for online retailers.

How to Make Your Employees More Efficient:

You’ll want to incentivize your employees to achieve key goals in your business. For example, want a higher conversion rate? Give a bonus to your web designer if it goes up by X percentage points.

Want a bigger social media presence? Do the same.

Also, make sure each employee is in the most efficient spot for use of their talents. You as the head will be wearing many different hats, but you don’t want a web designer doing PPC, and you don’t want a data guy making design decisions. Everyone’s opinion counts, but know who’s best suited for what in your company.


SmallBizLady: How much upfront money do I need to get started?

Andrew Davis:  This depends on your category. You can get started for around $5k but be prepared to use $10k – $15k within your first year of operation if you want to make some steady growth. Growing your ecommerce store is all about investing for the long term upfront. Landing page testing increases your conversion rates which makes all other marketing initiatives more efficient. SEO should be the backbone of these marketing initiatives to test your landing page and refine your site before moving into paid marketing channels. Remember, paid marketing channels will give you quick money, but you can easily overspend and it can get out of control. And more important, paid traffic is not as good for the long term health of your business as is SEO. Think long term, control your niche, prove to Google that you are the expert in your field for your products (show them why with your content, videos, customer service strategy, etc) and Google will reward you with lots of organic traffic.

 

SmallBizLady: Anything else I need to know before I get started?

Andrew Davis:  Prepare to use email marketing to it’s full potential. Coupons are important as well. Shoppers want to feel like they’re getting a deal. You’ll be collecting the contact information of any user that completes a sale on your site, and that’s some of the most valuable data you’ll have. Work on increasing the lifetime value of these customers by sending them coupons and just saying ‘thanks’ for being a customer.

If you want a real world example of an online retail store that really knows how to treat a customer, check out www.heartypet.com.

 

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

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Who’s on #SmallBizChat this Month – April 2012

By on April 3, 2012 in SmallBizChat

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat.

Here are the upcoming guests for April 2012…

  • 4/4 Andrew Davis @CPC_Andrew Director of Marketing of CPC Strategy teaches How to Grow an Online Business
  • 4/11 Kent Lewis @kentlewis Founder, Anvil Media Inc. teaches How to Use Mobile Web Advertising for a Small Businesses
  • 4/18 AK Stout @akstout18 on How to Build a Facebook Strategy for Your Small Business
  • 4/25 Alexis Maybank @giltfounder  Co-Founder of the www.Gilt.com and author of By Invitation Only:  teaches How to create a mega membership website online

Join me live every Wednesday, 8PM EST on Twitter – here’s how: follow @smallbizchat on Twitter and click here for instructions bit.ly/S797e

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How to be a Finance Rock Star in Your Business with Nicole A. Fende

By on March 29, 2012 in Cash Flow & Finance, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with @NicoleAFende. Nicole is The Numbers Whisperer™ and President of Small Business Finance Forum.  As a credentialed actuary with experience as a Chief Financial Officer, Investment Banker, and successful entrepreneur, Fende helps her clients reach their profit goals and learn how to effectively run the financial side of their business. In her book, How to be a Finance Rock Star: The Small Business Owner’s Ticket to Multi-Platinum Profits, Nicole shares how to reach multi-platinum profits.  For more info: http://financerockstar.com/

SmallBizLady: Why did you think is the biggest financial challenge holding back small business owners?

Nicole A.Fende: Not understanding the drivers behind profit.  You can sell a lot, but if your product or service is not priced correctly you may lose a lot of money rather than make a lot of money. 

A close second is thinking the numbers can come later.  That’s like saying I’ll worry about where to build my house after it’s built.  If you build on sand the house won’t last.  If your business is built on poor financial planning it is unlikely to last.

SmallBizLady: What does it mean to be a Finance Rock Star?

Nicole A.Fende A Finance Rock Star understands the basics of running a profitable business. They don’t need or want to know every last detail, but they do have a firm grasp on the fundamentals. Then they apply those fundamentals consistently in their business.  When appropriate they bring in an expert to handle the nitty gritty. 

Otherwise it’s like expecting a vocalist who can’t sing to be successful.

SmallBizLady: Why do so many business owners avoid numbers?

Nicole A.Fende: Fear.  For some it’s the fear of math.  The fear of not understanding how to analyze their business is common, so they just shove it away. However I also have clients who excelled at math in school.  For them it’s the fear of what the numbers will say about their business.  They’re afraid that the numbers will say their business can’t succeed. 

SmallBizLady: How can small business owners overcome their fear of finance?

Nicole A.Fende Would you drive down the autobahn in a sports car doing 80 MPH with your eyes are closed?  If you do that for more than few minutes you will end up crashing, maybe dying.  Running your business without understanding the numbers is no different.  You can’t see where you’re going, and sooner or later you will crash.

Face your fears.  If it’s the actual math that scares you get help from a coach, accountant or bookkeeper.  Think of it as Drivers Ed.

If it’s the fear of the answer, consider this.  Would you rather find out you’re heading over a cliff after you’re airborne or before?  If you know before you can change course and have a good chance of avoiding the crash.  You can’t avoid a problem you can’t see.

SmallBizLady: Financing a start-up is hard, especially if your credit is less than stellar.  What are some non-traditional ways entrepreneurs can get capital?

Nicole A.Fende: Crowd Funding has become quite popular online.  I call it the busking of Web 2.0.  You post a specific project or need online and then raise money for it.  Friends, colleagues, even strangers can support your initiative.  It is not a loan, nor is it charity.  The person or business raising money offers some type of incentive or experience to those who pledge money.

Another option, often overlooked, is eBay.  You can sell off any number of collectibles and dust collectors on eBay.  I’ve discovered the saying “One man’s trash is another man’s treasure.” is absolutely true.

Some other options I cover in my book include; Sponsorships, Customer Funding, Peer to Peer Loans, and Joint Ventures.

SmallBizLady: Why is expense tracking so important?  Do I really need to keep track of every $5 expense?

Nicole A.Fende: Every dollar of expense you don’t track is costing you $1.35!

So if you ignore a $5 expense it’s costing you $6.75 (5 * 1.35).  If you ignore $5 expense every week of the year it will cost you $351 (52 weeks * $6.75).   Would you throw away a check for $351 if I handed it to you right now?

Everyone hates tracking expenses (I do too!).  My personal favorite is Shoeboxed.com to automate that task.  Others include Keebo.com and Expensify.com.  You might consider hiring a bookkeeper if the online solutions are not a fit.  They are a cost conscious alternative to CPA’s.

SmallBizLady: One of your key mantras is “Time is money”.  What do you mean by that?

Nicole A.Fende: Time is your most precious, irreplaceable asset.  You can’t save time.  You can’t buy more of it.  When it’s gone it’s gone. 

Let’s say you work a 40 hour week.  Imagine that goes onto your financial statements just like your revenue.  How are you spending it?  Would you be embarrassed if you had to determine the return you are getting on your time?

If an hour of your time is worth $100, and you spend 2 hours a month on the free version of a service that costs $20 a month, are you spending your time wisely?  Treat your time like a bank account that gets filled up each week.  Spend it as carefully as you spend the cash your clients pay you.

SmallBizLady: What are some common pricing mistakes people make?

Nicole A.Fende:

  • Accounting for inflation.  Whether your business is a service business or produces an actual product you have expenses.  Those expenses will go up by at least the rate of inflation each year.  If you don’t include that in your price you will earn less next year than you did this year.
  • Assuming that if you sell enough you will make a profit.   This is false.  In fact the more you sell of an underpriced product or service, the more money you will lose!
  • Simply setting their price by looking at what their competitors charge.  First, do you even know if they make a profit?  Second, do you know what their expenses are?  Finally, would you let your competitor run your business?  Then why are they setting your price?

SmallBizLady: You’ve said that offering promotions is like giving customers money from your personal bank account.  Why?

Nicole A.Fende: When you set your price you assume a certain level of profit.  Let’s say it’s $100,000 a year.  You decide to run a sale.  It’s a big success, however the revenues you received were $10,000 less than at your regular price.  In other words, your business brought in $10,000 less in total money, but your expenses stayed the same.  That means your profit, the amount you can pay yourself, is only $90,000 this year.

SmallBizLady: So how can you offer a promotion and keep your profits?

Nicole A.Fende: The easiest way is to bump up all your prices to give a cushion for discounts and sales.  Another option is treat the revenue lost due to a promotion as a marketing expense.  The key is accounting for it somewhere.  If you don’t the only place left to get the money is from your pocket.

SmallBizLady: What are Key Metrics?

Nicole A.Fende: When musicians get on stage they don’t worry about every little detail.  If someone misses a chord, or steps in the wrong spot once, it’s no big deal.  The audience probably won’t even know and certainly will not remember.

However there are some problems which will kill a show.  All the stage lights go out.  The speaker system dies or gets stuck in one of those head exploding feedback loops. You may not be able to prevent a problem, but like the best live rock bands, you must be ready to fix it.

Key Metrics are the show stoppers for your business.  This should not be a long list, simple and short is your goal.  Examples include revenue, expenses, clients gained and clients lost.

SmallBizLady: Once I have my Key Metrics, what do I do with them?

Nicole A.Fende: Compare your key metrics to your experience at the end of every month.  This will tell you very quickly if you are on track or need to make a course correction.  Going back to our original example of the speeding sports car, Key Metrics let you know to keep going straight or if you need to turn to avoid going off a cliff.
If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.  Here’s how to participate in #Smallbizchat http://bit.ly/S797e 

 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

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How to Be Successful as a Franchise Owner with Dina Dwyer-Owens

By on March 22, 2012 in Mompreneurs, Q & A Interviews, SmallBizChat, Starting A Small Business, Women in Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with @DinaDwyerOwens.  She’s the Chairwoman and CEO of The Dwyer Group www.dwyergroup.com over such well-known service brands as Mr. Rooter, Aire Serv Heating and Air Conditioning, and Glass Doctor. She is also a past chairwoman of the International Franchise Association in Washington D.C., the world’s largest advocacy group for franchising. She’s the author of Live R.I.C.H.: How to build success in your company and your life with a proven Code of Values. And many people now know her form her appearance earlier this year on the CBS hit reality show “Undercover Boss” where she went on the front lines of her business in search of her company’s Code of Values at work. For more information www.dinadwyerowens.com

 

Smallbizlady: What exactly is franchising?

Dina Dwyer-Owens: Franchising is a business strategy – a method of distributing products or services. The “franchisor” lends a trademark, trade name and business system. The “franchisee” pays an initial fee and ongoing royalty for the right to do business under the franchisor’s name and system.

 

Smallbizlady: Where do I start if I want to buy a franchise?

Dina Dwyer-Owens: The best place to start is by finding something that you’re passionate about — something that you can look forward to doing every day. That is true of any career. But it is even more powerful when you plan to be your own boss and invest in a franchise! There are over 825,000 franchise businesses across 300 business lines, so the key is identifying which franchise opportunity best fits you and your personal and professional desires.

  1.  Visit www.franchise.org – the website for the International Franchise Associate to look at franchise opportunities.
  2. Talk to existing franchise owners of concepts that interest you.
  3. Request a Franchise Disclosure Document (FDD), a document required by law that details the franchise opportunity.

 

Smallbizlady: What does a franchise cost?

Dina Dwyer-Owens: Investment levels range from $5,000 to multi-millions. There are home-based businesses and then there are large retail opportunities. There is something for everyone and your ability to finance an opportunity will also help define the franchise that is right for you.

 

Smallbizlady: Am I more likely to succeed with a franchise?

Dina Dwyer-Owens: Franchising is not for everyone. And buying a franchise does not automatically guarantee business success. The system works IF you work the system. You should not expect to join a recognizable brand and sit back and expect the customers to find you. A good franchise owner is still proactive about marketing the business and following a system that has been proven and replicated across a successful brand. The most successful franchises still require hard work and dedication.

 

Smallbizlady: What are the biggest advantages of owning a franchised business versus being an independent business?

Dina Dwyer-Owens: There is a popular saying that franchising is about being in business for yourself, but not by yourself. The advantages to joining a franchise include: (1) buying power with vendors that command a better price for things needed to run your business, (2) national branding and name recognition, (3) support and training from your franchisor, (4) peer-to-peer networking to share best practices with others who know your business and are not your competitors, and more.

 

Smallbizlady: What are a few important things people should know about franchising?

Dina Dwyer-Owens: A franchisee is not completely independent. The franchisee will pay ongoing royalties and advertising fees to the franchisor for the rights to operate under that business.  The term of a franchise agreement is usually limited until that time that it comes up for renewal.  And, likewise, there is often a well-traveled exit strategy at a time that a franchisee wants to retire or desires to sell his or her business.

 

Smallbizlady: Are there special programs to help assist in purchasing a franchise?

Dina Dwyer-Owens: There are several. Two that come to mind are VetFran (which was started by The Dwyer Group) and MinorityFran. VetFran is now supported by the International Franchise Association and the US Department of Veterans Affairs and the Small Business Administration. Today, more than 450 franchisors offer military veterans their best financial discount on purchasing a franchise, and more than 2,100 franchises have been awarded through the program.

MinorityFran provides one convenient place where minority prospects can explore franchise opportunities from companies actively seeking minority franchisees. The program partners with Small Business Development Centers, Urban League chapters, and Minority Business Development Agencies among others.

Then there are also franchisors (like at The Dwyer Group) that assist in providing financing.

 

Smallbizlady: What are some of the latest trends in franchising?

Dina Dwyer-Owens: In today’s economy, it’s increasingly difficult to secure a loan for a small business – even for people with perfect credit. Yet small businesses in America are what have led our country through tough economic times again and again. As bank lending remains tight, franchisors and franchisees are working together to help people into business. At The Dwyer Group, we have always offered financing to qualified prospects. And there is a growing number of people across franchising who are taking advantage of programs like VetFran and other discounts, because together we are making the business world stronger.
Smallbizlady: You have coined the phrase “Live RICH” Can your define that?

Dina Dwyer-Owens: At The Dwyer Group, we operate our businesses with a Code of Values, based on the themes of Respect, Integrity, Customer Focus and Having Fun in the Process. That is what it means to Live RICH, and it’s at the heart of our corporate culture. I consider it a big reason why we are successful across our brands. We do not claim to be perfect, but our values provide us a roadmap to follow that allows us to do our very best. And I’ve written about it to share it with others in my book Live RICH.

 

Smallbizlady: You are the second generation in your family to run your company, in a male-dominated industry, no less. How do you do it?

Dina Dwyer-Owens: I surround myself with a great team, and each team member brings strengths to our organization that work together to create a great company and successful service brands. As for being a woman in my industry, I am also the target customer for our service brands. I am the woman of the house who hires our service brands in a majority of the jobs our franchisees perform. That is a wonderful perspective that we have embraced across our franchise family in putting “Customers First.” For the woman of the house, concerns go beyond just a service repair. There’s a branded van, a service professional in a clean uniform, booties worn in the house, a doormat with a logo and so much more that enhance the customer experience. Being a woman is a win-win in leading an organization that supports this level of service.

 

Smallbizlady: How did you define success in your 30s and How do you define it now?

Dina Dwyer-Owens: In my 30s it was about proving myself capable in the tasks of leadership. It was about attracting private equity and getting back to our roots in focusing on our core service brands. I traveled a lot. I was away from home a lot. But all the work by our team laid the foundation for an even stronger future. In my 40s, success is about growing our team and our brands to the next level with our next private equity partner. It’s championing what we know, which in fact has given me more time to prioritize. I still work hard, but I make more time for my family and my faith on a regular basis. I have more balance today, which I call a huge success.

 

Smallbizlady: If you could stand on a roof and shout small business advice to the audience below what would you say?

Dina Dwyer-Owens: Small business is empowering, and we need much more of it. Small business is the future. We’ve heard enough about the ills of Wall Street. Now it’s time to get back to Main Street and honor the men and women who are truly the backbone of our economy. More people want to be their own boss, want to determine their own destinies, want to create desirable workplaces and do things they are passionate about. Small business is championing those answers.

 

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.  Here’s how to participate in #Smallbizchat http://bit.ly/S797e 

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

 

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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How to Market with Your Mouth: Using Speaking to Generate Business

By on March 8, 2012 in Branding & Marketing, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with David Newman @dnewman. David is the author of several books including 21 Secrets of Simple Marketing Success and The Speaker Marketing Toolkit. David is also founder and CEO of Do It Marketing, a marketing strategy and “done-for-you” services firm, and http://www.SpeakerCEO.com, an online resource community for professionals who want to speak more profitably. A frequent speaker at business events and in the media, he has been featured in Entrepreneur Magazine, Sales & Marketing Management, Selling Power, and on FastCompany.com. Here’s more information http://www.doitmarketing.com

 

SmallBizLady: What does it mean to Market with Your Mouth?

David Newman: A lot of business owners work hard to interrupt people with cold calling, advertising, and spam. That era is over. We’re living in a world of voluntary attention. Which means – first you earn their attention, and then you have a chance to earn their money.

“Market with your mouth” is shorthand for one of the best and most direct ways to earn attention. As a speaker – if you’re in front of the right room with the right people and for the right reasons – you have at your disposal a tremendously powerful marketing platform. You’re an authority. You have high visibility. You have the opportunity to deliver high value. And if you do it right, you earn high trust.

At that point, the marketing and sales process is 80% finished and now you’re simply in the process of filtering and sorting your best-fit prospects and you invite them to do business with you!

SmallBizLady: Why should someone consider the strategy of generating business leads from speaking?

David Newman: Every consultant, solopreneur, and small business owner needs to establish their thought-leadership in order to stand out from the crowd and be heard above the noise. No matter what business you’re in, there’s simply no room for yet another “Same-O Lame-O” player. Their days are over and their influence and impact are declining… daily… and dramatically.

So that means that every day you wait to claim your place among the thought-leaders in your industry and in front of your target buyers, you’re losing time AND money. Don’t let that happen to you. The good news is that independent research from the Wellesley Hills Group with over 200 buyers of professional services shows that at any given moment, between 52%-72% of them are willing to change professional services providers.

Across all service areas, more than 50% of purchasers could be considered Switchers, open to changing providers, ranging from 52% Switchers for Legal Services to 72% Switchers for Management Consulting. So the startling truth is that if you market with your mouth, you’re never more than one good presentation away from generating new clients and new revenue.

SmallBizLady: You emphasize choosing a target audience and a very specific niche topic when you speak. Why is that important?

David Newman: Whenever I work with clients 1-on-1 or speak to groups of business owners, we always ALWAYS start with identifying specifically WHO you are marketing to. I call this your “Buyer Persona” and we use 7 key questions to flesh out the specific characteristics of the folks who are your highest-probability prospects.

You need to understand what makes them tick – what are their characteristics, traits, attitudes, and values? What’s important to them? What headaches and heartaches do they have when it comes to the types of problems that your product or service is brilliant at solving? What do they SAY about their situation and what WORDS do they use to describe it? This is what I call “learning to speak prospect language about prospect problems.“

Until you can do that, NO marketing strategy will work, and especially speaking where your main focus is on articulating problems you can solve and sharing answers to those problems that your audience can take away and use immediately.

SmallBizLady: We all want to spend more time in front of right-fit audiences. How do we get started finding them?

David Newman: That’s a great question that I get asked a lot: What groups do my ideal clients belong to? This will obviously determine which audiences you want to be in front of.  Here’s my suggestion: Don’t guess – ask!

Here is the script to ask your current clients, prospects, and centers of influence who know your target market well…

“I’m looking to speak more in front of groups of [BUYER PERSONA]. I’d love to get your advice, insights, and recommendations.”

Another way to ask might be…

“Of all the industry groups and associations you belong to, which ones provide the most value in terms of the speakers and programs they present?”

With both of these scripts, the natural follow-up discussion would center around your desire to serve this industry/community more and to share information with them that would help them become even more successful.

Likely outcomes from you having this discussion with your best clients would include:

  • Names of specific groups, associations, and conferences
  • Names of specific people serving in board or programming positions
  • Names of other executives or decision-makers in the field
  • Names of other companies or firms in need of similar information/services
  • Specific networking introductions
  • Offers of referrals to the individuals they already know
  • An opportunity to reciprocate and ask how YOU might be of service to THEM

SmallBizLady: How can we find even more venues for speaking on top of the ones our best clients share from their personal experience?

David Newman: Finding venues to speak profitably could be like trying to find a needle in a haystack. Here are some resources to help you laser-target your speaking to your best-fit audiences:

  • The Directory of Associations online (www.marketingsource.com)
  • National Trade and Professional Associations of the United States – hardcopy from www.columbiabooks.com
  • www.LeadershipDirectories.com for access to 500,000 corporate and association decision-makers (this comes at a hefty $5,000 annual fee)
  • Secret Tip: Your Public Library – Free access to high-priced proprietary business databases (including all of the above PLUS Hoovers, D&B Million Dollar Database, InfoUSA and most likely several industry-specific ones to boot!) All paid for with your local tax dollars – so enjoy!

SmallBizLady: How can our listeners design what you call a “client magnet presentation” when they go out to speak?

David Newman: At this point, it might be tempting to create a presentation based on your professional passions, interests, or favorite topics within your expertise. That would be a huge mistake. DON’T do it!

For your speaking efforts to pay off in terms of marketing results, you need to design your presentation content NOT around what YOU are passionate about, but what your buyers and prospects are passionate about!

Imagine a pair of X-ray vision goggles that you are now using to zoom in on your target clients. Ask yourself the following:

  • What do they want?
  • What are they missing in their lives?
  • What hurts?
  • Where is the pain?
  • What are they yearning for?
  • What do they worry about most?
  • What are their biggest headaches, heartaches, and hassles?
  • What are their urgent, pervasive, and expensive problems?

Build your presentation around THOSE specific questions, problems, challenges and obstacles. And don’t hold back. Unleash your best material, most powerful tools and templates, and give ‘em everything you’ve got. If they see the value in your presentation, believe me, they’ll be ready to buy at the appropriate time. And the person they’ll want to buy from is the one they already trust to deliver top-notch answers and specific hard-hitting ideas – YOU!

SmallBizLady: What’s the first step that business owners should take to find those specific “hot button” issues to address in their talk?

David Newman: What’s the first step? Research. Preparation. Homework. Industry, regional, business, and company news is now at everyone’s fingertips on the Internet. Look for verbatim quotes, video clips, audio interviews to capture as much as you can from representative members of your buyer persona group. Search Google, YouTube and LinkedIn. Scan industry and association message boards.

Then go directly to the source – your real live customers and prospects. If you’re not intelligently researching your prospects’ issues, challenges, and pressures, how can you possibly come in with credible high-perceived-value solutions? One of the best ways to approach prospects is with:

  • Interviews
  • Surveys
  • Research
  • Data gathering

It positions you and your firm as an expert resource and it gives you valuable data you should be getting anyway!

SmallBizLady: What about the nitty-gritty of putting a presentation together. What should it be titled? What should it include?

David Newman: Start by sitting down with a clean sheet of paper. Using the following “presentation idea starters,” jot down 3-5 potential topics/titles in each category based on your topic expertise.

Remember your speech should focus on addressing your buyer persona’s most urgent, pervasive, expensive problems. What are the personal and professional heartaches and headaches that they want answers to? In which areas are they hungry for strategies and tactics?

  • How to…
  • 5 Strategies…
  • 3 Keys to…
  • The #1 problem with… and how to solve it
  • Unlocking your…
  • The 3 biggest traps in [topic] and how to avoid them
  • 10 Tips for…
  • Everything you know about [topic] is wrong

Have some fun with these – brainstorm and jot down key words and short phrases under each one as they occur to you. Then begin to rearrange, compile and combine them until something emerges that you can get excited about. Think in terms of 5-7 mini-topics or “modules” – people can’t absorb more than that anyway.

And it’s better to hammer home 5 key points with clarity, conviction, and specific detailed answers than to do a “surface skim” on 20 or 30 sound bites that leave your audience hungry and slightly unsatisfied. The perception of “meat” and value is directly related to DEPTH and not BREADTH of your topic expertise. It’s MUCH better to be a mile deep than a mile wide!

SmallBizLady: And so how do you convert an audience of people grateful for your insights into a pool of prospects for your business?

David Newman: That is very much the secret sauce and it’s where a lot of business owners – including professional speakers, by the way – fall down on the job! Every time you speak, you want to make sure you leave with between 90% and 95% of your audience’s business cards or contact information.

Simply say, “I have a fabulous resource that I’m going to send to you.” This could be a handout, a special report, a buyer’s guide, an implementation pack, a starter kit, anything is good as long as it has high perceived value and direct relevance to your topic. Then you use the following script: “If you would like that resource, just give me your business card.”  And then here’s the language that’s important:

“I would also like to invite you onto my [TOPIC] tips list.  If you would like that to happen, just give me your card.  If you do not want that to happen, write ‘NO TIPS’ and I will still send you your gift but then I’ll tear up your card and throw it in the trash and you’ll never hear from me again.”

Folks usually laugh or smile at that – and then they get a visual in their head of you tearing up their beloved business card that they are so proud of and you get 95% of the cards in the room and only 2-3 will have “no tips” written on the back.

This one strategy will result in tens of thousands of dollars of business for you – if you do something smart with the business cards.  Put them in some kind of auto-responder, follow-up system, subscriber list, Constant Contact, whatever it might be – but you MUST follow up. “The fortune is in the follow-up” has become a cliché for a reason – it is 1,000% true!

The spinoff business for your company’s products and services will surely come from the “drip marketing” that you’re able to do after capturing your audience’s contact information and sending high-quality, high-value follow-up materials to them on a monthly basis. Don’t believe all the “seminar selling” nonsense you hear from the “get rich quick” hucksters on the web. Fact is, slow but steady wins the race for 99% of small business owners – unless you happen to be selling sleazy “get rich quick” nonsense which I recommend against doing!

SmallBizLady: Is there an online or virtual version of the “Market with Your Mouth” strategy?

David Newman: You bet – and you and I are both doing it right now! Whether you choose blogging, Twitter, Facebook, LinkedIn, YouTube, Vimeo, Skype, Slideshare, iTunes – any time you are sharing your face, your voice, and your expertise, you are marketing with your mouth.

Look, the sad truth is that generalists die on price and specialists win on value. That means value that you GIVE away, value that you charge a little for – like your $20 book – and value that you charge a LOT for like your premium flagship products and services. The other thing that specialists do is they publish, they speak, and they are generous with their time, talent and expertise.

Do webinars, host teleseminars, be a guest on radio shows and podcasts and TweetChats! So yes, social media sharing and content marketing ideas are definitely the virtual versions of “market with your mouth” strategies!

SmallBizLady: This sounds like a lot of work – how can we make it manageable while still running our business?

David Newman: Civic and community groups are a great place to start if you want to start locally. They are always looking for speakers and if you have energy, enthusiasm, and a valuable message with relevant take-aways, you WILL get business from it. Or at the very least you’ll get referred and introduced as a business owner worth getting to know.

Does video, audio, and other content generation take time? Yes it does. But the sources you can use are also right at your fingertips. Look at your most recent customer service issue. Look at the most recent client conversation you had. Look at the kinds of customer questions you get all the time – those answers, insights, and recommendations are the raw material for your “market with your mouth” strategy and they come in ALL the time. Often we don’t need to create content – we need to RE-create content that we’re already sharing during the course of running our day-to-day business.

SmallBizLady: Given everything we discussed here, what are the top three strategies you suggest our listeners focus on?

David Newman:  Figure out the audience you want to serve the most because they are your peeps, your tribe, your natural followers. Then figure out what they are passionate to learn, to do, or to become. Finally, start talking about, sharing, and connecting them with resources that solve those specific pains, problems, headaches and heartaches. Do so publicly through speaking, publishing, networking – both online and offline – and your reputation as being a source of valuable expertise will spread. Once you’ve laid the ground work to become visible, trusted, and valuable – the floodgates will open for you and you’ll be in the enviable position of NOT chasing business, but rather filtering and sorting the best prospects whom you’d like to hire as YOUR next customer! In closing, there’s a fourth strategy which is a gift from me – if folks would like a copy of my 96-page Strategic Marketing eBook, please visit www.doitmarketing.com to get it for free.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

 

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