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How to Create a Profitable Sales Funnel

By Melinda Emerson on January 20, 2011 in Grow Your Business, Q & A Interview, 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 Hugh MacFarlane @funnelguy Hugh has 20 years+ experience in working with Business owners, Boards, CEOs, Directors of Sales and Marketing with products or services that are complex to sell. Hugh is also the author of The Leaky Funnel, a book which teaches how to develop a sales funnel, and improve sales and marketing effectiveness. For more information visit www.mathmarketing.com.

Smallbizlady: Your book, The Leaky Funnel, is based on what you call – Funnel Logic. Can you briefly describe it?

Hugh MacFarlane: Funnel Logic is a sales and marketing management and planning system used to increase prospect progression through the sales funnel, and improve sales and marketing effectiveness. It is a “belief system” built upon four key principles relating to how sales and marketing are conducted in the best-run businesses. Firstly, the combined sales and marketing function should build its activities around the buyer’s journey; not the sales cycle. Secondly, how many prospects will progress through each of these stages of this journey over time? Thirdly, what tactics will be used to cause this progression? And finally, the actual progression should be measured, so that tactics that work can be bolstered, and those which do not can be shelved.

Smallbizlady: What is the ‘buyer’s journey.’ What do you mean by that?

Hugh MacFarlane:: Business buyers go through a process as they buy. They start off untroubled and unaware – even complacent – and then at some point, they become troubled. Once they’ve acknowledged their problem, they decide what they need to solve that problem. They then make their preferences, receive proposals and, ultimately, select a vendor, sign a contract and engage. We call this the buyer’s journey.

Smallbizlady: What are the stages of the buyer’s journey?

Hugh MacFarlane: It is important to remember that businesses don’t just wake up in the morning and decide to purchase something. They take a journey:

It starts with being Positioned in Category which means the buyer knows you are one of the businesses who sells a particular product or service.
Then Interest Established: The buyer has done something (called, clicked etc.) to show they are interested.
Gap Acknowledged: The buyer will acknowledge that a problem exists.
Need Agreed: The buyer agrees what they need, even if they are not sure who to choose.
Offer Understood: The buyer knows what we are proposing to do to meet that need.
Preference Formed: The buyer prefers our solution.
Decision Made: The buyer moves to contract.

By structuring your sales and marketing around the buyer’s journey, your focus is on helping them move through each stage.

Smallbizlady: So, the problem you solve for buyers is key. How do you choose which problems to focus on?

Hugh MacFarlane: The challenge is to identify a buyer problem that you are strong at solving, and one that you can solve better than your competitors. This ‘feeling out’ process is all about finding a problem that is worth focusing on and that you solve well. If you are good at solving buyer problems that are not rewarding, you will major in the minors. On the other hand, if you are focusing on the right problem but from a position of weakness, you will not be able to rival your competition.

Smallbizlady: Once you’ve picked a single problem, should that influence your sales and marketing strategy?

Hugh MacFarlane: Simply, yes. In identifying your buyer’s problem, you are able to clearly define three key aspects of your sales and marketing function. Firstly, what your business is selling is now a clear solution to a problem. Secondly, who you are selling to, becomes who has the problem. And thirdly, how you will reach your buyers, translates to, what is the channel that uncovers the problem? This basically turns our thinking inside out:

What began as:

What do you want to sell?

To whom do you intend selling?

Through whom will you reach them?

Becomes:

What best solves the problem?

Who is most affected by the problem?

Who best can help buyers accept the problem?

Smallbizlady: Once you’ve formulated your strategy, how do you develop an action plan?

Hugh MacFarlane: Once you have turned your strategy inside-out, it is time to translate this strategy into action. In order to do this effectively you must select tactics to help these potential buyers recognize that they have this problem. However, your strategy does not translate into action…yet; because our tactics are often arbitrary. I say this because businesses will often select tactics on the strength of; they worked last year, or it seems to work for our competitors, or we’ve always done it this way. I present an alternative. Remembering the buyer’s journey, you must select tactics that will progress buyers through that journey; through each stage.

Smallbizlady: What about volume? How do you work out the number of buyers you actually need to progress?

Hugh MacFarlane: Trying to calculate the number of buyers you actually need is a valid pursuit, however it can be a trap. When doing this, you must keep two things in mind: buyers need time to progress (take their journey) and your tactics need to be repeated several times to have an effect (“one-hit-wonders” rarely do the job). Marketing teams are always geared for success, but it is often how they capitalise on failure that makes them rich. If you start with a simple numerical model mapping your prospective buyers progressing along their journey – importantly remembering to allow for leakage at each stage – you quickly realise two scary realities:

A vast majority of initial leads will leak at some stage along the journey, so doesn’t it make sense to have a proper recycling program?; and Shouldn’t we have some idea of the effect of recycling before we plan a demand generation campaign?

Given this, in order to work out exactly how many buyers you will need, you need to recycle all the “leaked” buyers back into your funnel and re-run the model. Decide how much of the total revenue Marketing is to contribute and then adjust your top-of-funnel number until the “customer” (converted buyers) number will contribute the desired revenue outcome.

Smallbizlady: And once you know how many buyers you need to progress, how do you actually get them moving?

Hugh MacFarlane: Ultimately, what you are trying to achieve is to nurture your buyers along their journey. In order to do this, you need tactics that move your buyers through your funnel from stage to stage. In a practical sense, you must initially identify buyers who meet your target profile, position your brand on their list and get their attention, convince these businesses to accept they have the problem you solve best, gain acceptance and backing of your own solution and then move to contract.

Smallbizlady: What are some examples of progression tactics that are suitable for small businesses?

Hugh MacFarlane: There are many tactics that will work just as well for big business as they will for small operators. As your goal for progression is to keep doing the small rhythmic tasks that keep the prospect aware of how you can solve their problem; something as simple as a monthly email or blog article will have the same effect no matter what size the business. It is likely that your financial position or operational capability will dictate what is actually possible. Investigate options for each stage of your buyer’s journey; here are some common tactics:

Get known by making sure all the key bloggers mention you and the problem you solve.
Trouble buyers by asking tough questions on your website and in meetings.
Agree the need by providing a template showing typical buyer needs.
Confirm your buyer’s situation, problem and need by email after meeting.
Build this whole journey (situation, problem, need and solution) into your proposal in case there are others involved in the buying process.
For all buyers who leak (at any stage) recycle and nurture using regular email and thought leadership.

Smallbizlady: How do you see social media? What new tactics work for B2B?

Hugh MacFarlane: The marketing benefits of social media are just now beginning to become apparent. While there has been endless conjecture surrounding the ways in which social media is going to revolutionise the way we market products and services, the initial hype is beginning to turn into some sort of reality. As this is a small business forum, let’s consider some relevant B2B uses for various forms of social media. Blogging, micro-blogging (Twitter) and video blogging (YouTube) are great ways to position and even trouble business buyers on a shoestring.

Smallbizlady: What about buyers who fail to progress?

Hugh MacFarlane: It is often the small percentage of successful lead conversions that get all our attention – while the other, much higher, percentage that leaked gets forgotten. Adopting tactics that recycle those who have already leaked, in order to assist nurturing tactics that stem the leakage, can turn neglected prospects into future customers. Recycling tactics handle those buyers who fail to progress – the leakage; these tactics ready a buyer for re-entry into the funnel. While these leads are in the funnel, specific nurturing tactics keep the buyer from leaking. Having captured the buyer’s details, relevant and rhythmic eDM, Tele-nurturing and RSS updates will keep your name and your solution at the front of the buyer’s mind.

Smallbizlady: What would you say is key to successfully executing tactics?

Hugh MacFarlane: To help your buyers move along their journey, down the funnel, you have to execute the correct tactics at the correct time; however, as we have already agreed there is always going to be leakage. When executing tactics, the key to success is rhythm – if you can manage tactics in a way that will take advantage of ’leakage’ whilst nurturing leads still in your funnel, success will come. If you can reach a point where you have a sound grasp of your buyer’s journey, Sales and Marketing are on the same page tactically and your tactics for progression are working – it is now time to focus on obtaining good momentum that allows for recycled leads to be rhythmically nurtured, even if a little at a time. In B2B marketing, I like to use the term ‘corkscrew’ to refer to a tactic (or series of tactics) that you can execute over and again, knowing that while the buyer will only drop into your funnel occasionally, every time you twist the corkscrew, you are moving them along – a little.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

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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The Best Resources for Budding Book Authors

By Melinda Emerson on December 20, 2010 in My Recommendations, Starting A Small Business

Since my book, Become Your Own Boss in 12 Months was published by Adams Media earlier this year; many people have reached out for advice. Some wanted to know how to get a book deal or how to promote a book, while others wanted to learn how to get a book excerpt in a major magazine or how to publish a children’s book, so I decided to do a blog post about it so that all of the information could be in one spot.

So how did I become a successful book author?

There are two things that you must keep in mind with any book:

Publishers are NOT interested in making you famous, they are interested in capitalizing on the fame you create for yourself.
60% of all books are sold to people with prior exposure to the author.

I interviewed many fiction and non-fiction authors three years before my book was even published. I built an author platform using social media 18 months prior to my book launch and I established my blog one year before its release date.

I read a lot of books to get advice about the book business and also hired professionals to help. I hired two publicists to assist me with promoting Become Your Own Boss in 12 Months. One was hired 18 months before the launch and the other worked with me six months before the launch to plan the pre-launch and post-launch marketing. One focused on social media marketing the other focused on traditional PR marketing.

Here are some author resources I suggest:

Publishing Confidential: The Insider’s Guide to What It Really Takes to Land a Nonfiction Book Deal by Paul B. Brown If you are thinking about pursuing a traditional book deal, then you need to grab this book. Not only is it a short, quick read, but it also includes a winning book proposal. Paul B. Brown is a seasoned author whose books have sold millions—and I used this book to get my own book deal.

From Entrepreneur to Infopreneur: Make Money with books, E-Books and Information Products By Stephanie Chandler This is a comprehensive book about how to create multiple streams of income for your small business. Author Stephanie Chandler is thorough in her explanations of all the different business models that you can pursue. The profile of successful infopreneurs at the end of each chapter is helpful and inspiring, too. There’s lots of money to be made in selling information, you just need to know how to make it work for your business and this is one of the best guides I’ve seen.

1001 Ways to Market Your Books, Sixth Edition (1001 Ways to Market Your Books: For Authors and Publishers) By John Kremer Whether you have a traditional book deal or are a self-published author this book is a big help. John Kremer turns over every stone and idea that you could think of to promote a new book. I like his candor and that fact that he helps you understand clearly that you will personally sell every book. Give this book to the aspiring or new author in your life.

How to get a children book published? This is not my niche, but I did research some resources you could visit:

Society of Children’s Book Writers and Illustrators, a professional organization dedicated to serving the people who write, illustrate, or share a vital interest in children’s literature. www.scbwi.org

I found this to be a great blog: http://Write4Kids.com, with a good article titled How to Get a Children’s Book Published If You’re Not a Celebrity.

All about kids publishing: http://www.aakp.com

Do you have another book author resource? I’d love to hear about it.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

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. She has been featured on NBC Nightly News, the Tavis Smiley Radio Show, in the Wall Street Journal and Black Enterprise Magazine. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and 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 Use PR to Give Your Small Business a Boost

By Melinda Emerson on November 10, 2010 in Q & A Interviews, SmallBizChat

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with Amanda Vega @Amanda Vega began her career at AOL as a chat moderator 17 years ago. During her tenure at AOL she helped to develop Instant Messenger and Love@AOL. Amanda has written of two books PR in a Jar and The Social Media Bible. She’s a serial entrepreneur started her first business at the age of 22. Currently, she is the CEO of Amanda Vega Consulting, a firm of over 120 people in 15 countries. Her firm handles PR, web, and social media strategy for companies big and small. Her firm is technically the oldest social media management company with engagements in the industry dating back 10 years. For more information: http://www.prinajar.com

Smallbizlady: What is public relations?

Amanda Vega: Public relations is simply the interaction and visibility of your company or brand by the press. This includes radio, TV, print, and online. Using the reach of the press, you gain and build relationships with the public – therefore the root of the name: public relations.

Smallbizlady: We hear stories all the time about newspaper and tv station cut backs. Does the press still matter?

Amanda Vega: Yes. The press, regardless of their internal revenue stream challenges, will always be a powerful and necessary tool for complete branding and growing a company.

Smallbizlady: Is a press release sufficient for public relations?

Amanda Vega: No. As a dear friend of mine titled her book “a press release is not a PR strategy” clearly states – it’s simply not enough to push a release onto a wire service and call it day. You truly have to reach out with thoughtful stories and create a beneficial relationship with the press to gain genuine interest.

Smallbizlady: Does the Rolodex still matter given the online accessibility of the press?

Amanda Vega: Sort of. There is certainly no replacement for the long hours and large financial and time investments that true PR practitioners make in building relationships with the press that matters for their clients. Much like building true friendships – there’s no way to replace the genuine connections built from actually spending time WITH a journalist or producer. That being said, so many journalists have finally become comfortable with some social tools and email, you can begin to forge relationships online now where before it was only by cold calling.

Smallbizlady: Do journalists still read the wires, or do they prefer email or fax?

Amanda Vega: It really depends on the journalist. We have some that still prefer a fax, and some that only take pitches inside of the email and will not open attachments.

Smallbizlady: How do I begin a PR campaign?

Amanda Vega: First of all, you can’t think in terms of campaigns. You have to think in terms of building a relationship and creating a brand. That being said, the first rule in good PR is to actually READ and WATCH the articles and shows that you are interested in being on. There’s nothing more offensive to a journalist or producer than to receive a pitch that isn’t a good fit, or has been recently covered. It sounds simple, but it’s truly a lost art form.

Smallbizlady: How do I find the journalist contact information?

Amanda Vega: There are a number of database services out there from Cision to MyMediaInfo that collect this information. However; for the small company the costs are usually quite prohibitive. If you follow the publication or news show you can often get a name at the end of the show in the credits or in the byline of the magazine. Social media is great for searching out these people and getting an email address or Twitter handle.

Smallbizlady: How often should I pitch the press?

Amanda Vega: You should really pitch only when you have real stories to tell and changes that are interesting to the public. So plan on pitching one story a month on average. Be advised, a new hire isn’t news or interesting unless it’s a HIGH profile person from a major company. A new product may or may not be of interest – depending on truly how new or different it is.

Smallbizlady: How many times should I contact a journalist or producer?

Amanda Vega: From what our friends in the industry tell us after years of pitching, it only takes 2 instances of communication to resonate. If they don’t respond after that, they likely aren’t interested. Remember, though they are inundated with requests – if your story really does pique their interest, they will keep you on file and contact you.

Smallbizlady: How can I guarantee that the press will take my stories?

Amanda Vega: There are no guarantees, but I will tell you this – it seems to take 4 months of pitching to land the first story in print. Basically it’s because of this: you push a pitch and it sits on a desk of a magazine editor. She is already working on two issues down the line. By the time she gets to you, does interviews, gets pictures and product, you are now in an issue 4 months from when you pitched.

Smallbizlady: How much revenue should I expect from a press story?

Amanda Vega: As for monetizing press – the thing we do know is that press attention and mention has more than double the value of advertising. So if your audience resonates with the medium where you gained press, you have a good chance of making money.

Smallbizlady: How to you work with start-up business owners?

Amanda Vega: We like to reach out to small and start up businesses and offer them our self-serve PR in a Jar package. This gives you all of the lists, pitches, and a mini plan of action to get you on your way. This way you are armed with the tools you need, but aren’t paying our full service agency for the hours of time it takes to make calls and take journalists to lunch. For more information: http://www.prinajar.com

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

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 Develop a Marketing Plan for Your Small Business

By Melinda Emerson on September 9, 2010 in Q & A Interviews, SmallBizChat

Each week as @Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with @KindraCotton Kindra Cotton owns SSS for Success (EASY Brand Marketing Specialists), a company that promotes Small Business Survival through EASY Sales using the specially designed EASY Brand Marketing Program. She is also the creator of The MiniMarketing Survey, and she channels her energy into multiple activities that are geared towards helping small business grow. Visit her website at: KindraCotton.com. If you’re a small business owner, please help Kindra with her own market research efforts and fill out this brief survey: http://www.surveymonkey.com/s/SVSC7M2

Smallbizlady: How do you get started with a marketing plan for a small business?

Kindra Cotton: First, know your audience or “target market” and understand their needs. Second, position yourself to meet those needs with a solution-oriented marketing plan. Decide on how you’ll connect to customers and begin developing your brand.

Smallbizlady: What is the best way to learn your audience or “target market”?

Kindra Cotton: You must conduct market research: both primary and secondary research. Primary research is research you do yourself. It’s a good way to learn more about your specific market. Secondary research is research such as statistics and information from other sources like libraries, Chambers of Commerce, local and federal government publications, etc. This is best for getting a general overall view of the market or industry you’ll be operating within.

Smallbizlady: What is the best way to conduct market research?

Kindra Cotton: You can conduct primary research by reaching out to current, former, or even potential customers and asking them pertinent questions about their needs via surveys, focus groups, or in-person interviews. If your budget allows, you might consider hiring a market research firm who might conduct telephone polls and focus groups. Secondary research (the least expensive of the two) can be conducted by visiting libraries, internet searches on sites of the U.S. Census, Department of Commerce, Bureau of Labor Statistics, Small Business Administration, Chambers of Commerce, and local governments.

Smallbizlady: Once a business owner knows their target market, and how to meet their needs, what should be the next step in the development of the marketing plan?

Kindra Cotton: Defining your brand and tailoring your products and services to your target audience are the next steps. This includes developing your brand’s vision, mission, and company message in ways that are meaningful to your core audience, and this includes branding your company’s insignia on logos and creating websites. Armed with what you learned from your market research, tailor your product and service offerings catalog to meet the stated needs of your target market.

Smallbizlady: With a defined brand, targeted market, and products or services ready to sell, how do I put my marketing plan into action steps?

Kindra Cotton: Start by clearly stating your goals (e.g. attracting new customers, retaining old customers, encouraging repeat business). Prioritize long and short-term goals (set time limits and stick to them). When describing how you plan to achieve your goals. Be specific; break it down by activity (branding, promotion and sales strategy, email marketing, affiliate marketing, networking, etc.). Create monthly and weekly sales goals and activities to execute your strategic marketing plan and achieve your revenue goals.

Smallbizlady: What is the best way to execute my action plan?

Kindra Cotton: Start by reviewing your priorities and the timelines you’ve set, and address each priority in order of importance.

Smallbizlady: How can I implement a small business marketing plan on a limited budget?

Kindra Cotton: Maximize your dollars spent and look for creative ways to implement marketing steps that don’t cost money (e.g. social media, Search Engine Optimization (SEO), blogging, podcasting, video blogging). When hiring someone for marketing help, use your hourly rate and time saved as the litmus test and price threshold for what you’re willing to pay. For example, if you charge $100/Hour as a Consultant and you estimate it will take about 10 hours for you to review your customer records, could you find someone to effectively do the work for you for $1000? If so, then it’s definitely worth it to use them, since it will free up your time and you can continue running your business and servicing your customers.

Smallbizlady: If my number #1 priority is getting new customers, how can I do that?

Kindra Cotton: To attract new customers, you could offer an incentive or free giveaway for them to sign-up for your newsletter (e.g. 10% off first purchase, special report, or free sample.) Then use the newsletter to keep in touch by providing helpful information and informing them on new products and services. Use a blog and/podcast series with topics of interest to your core audience. You could also begin an affiliate marketing program with a complimentary business that refers business in exchange for a commission of sales.

Smallbizlady: What are some other ways that I can creatively market to my business?

Kindra Cotton: Contact the media to pitch stories about your business or your customers who have been successful using your product or service; Offer to speak for free at local speaking events (e.g. Rotary Clubs, Chambers of Commerce, Women’s groups etc.); Start a community for your core customers on Facebook, LinkedIn or Twitter.

Smallbizlady: What are some of the big mistakes entrepreneurs make in small business marketing?

Kindra Cotton: Be sure to track marketing efforts. Make note of where customers learned about you and how they found you. Conduct ongoing primary market research by asking for customer feedback; Use surveys as another marketing tool in your arsenal (e.g. The MiniMarketing Survey). Be sure to offer customers an incentive to complete surveys (e.g. Free item/service). Use feedback to help shape future marketing efforts.

Smallbizlady: What’s the most important thing to remember in small business marketing?

Kindra Cotton: Be flexible and adaptive; Continue to tweak your strategic marketing plan so that it stays responsive to your market and industry.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

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 Get Started Using Social Media To Promote Your Small Business

By Melinda Emerson on July 8, 2010 in Q & A Interview, SmallBizChat, Social Media, 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 Liana “Li” Evans @StorySpinner who is known as the online marketing geek girl who loves all things social media! She has been an accomplished online marketer since 1995. She is also the author of Social Media Marketing: Engaging Strategies for Facebook, Twitter & Other Social Media.

SmallBizLady: Can Any Small Business Use Social Media?

Li Evans: I believe that any small business can use some aspects of social media, there are many different types, it’s a matter of what’s the right fit for the business & where their potential audience is.

SmallBizLady: What’s the biggest mistake a small business can make in social media?

Li Evans: Not setting goals and measuring what they are doing to meet those goals. Without setting goals and measuring what you are doing, how will you know if your efforts are successful, need to be tweaked or a complete waste of your time & resources?

SmallBizLady: Where should a small business start in social media?

Li Evans: Understanding your target demographic thoroughly because you’ll need to research where they are active online in social media to engage with them.

SmallBizLady: Can my social media activities also help give my business leverage in search marketing?

Li Evans: Absolutely! Although you shouldn’t just do social media for search rankings, the content you produce for your audience and customers in social media can definitely be leveraged in your efforts search marketing such as SEO.

SmallBizLady: What issues do you hear as a stumbling block for small businesses not getting into social media?

Li Evans: Mostly that these smaller companies are afraid of what’s being said about them in the social media environments. Since they are smaller, they tend to “hear” more one on one from customers and they are afraid that this can get amplified in social media communities. Instead of looking at these situations as opportunities, many small businesses make the mistake of either ignoring them, or dismissing them arbitrarily.

SmallBizLady: Can a company actually sell “things” through social media?

Li Evans: That’s a pretty tricky question, it really depends on what it is you are trying to sell. Is it your brand, is it your reputation, or is it physical things? It’s a lot harder to track back “sales” of a product or service to interactions in social media than it is to track back brand lift, buzz, and even sentiment.

SmallBizLady: Can other parts of my marketing plan work with my social media marketing initiatives?

Li Evans: Certainly! In fact I often say the “social media cannot operate in a vacuum”. You actually need to integrate all aspects of your marketing efforts with your social media efforts. Everything for paid advertising, affiliate marketing, email and even your offline marketing efforts should be integrated with what you are doing in social media.

SmallBizLady: If my competition is out in social media, tweeting, on Facebook, and Myspace, should I be there too?

Li Evans: Not necessarily. You should have those profiles secured in the prominent social media sites, but actively engaging there because your competition is there is the wrong reason to be there. Even though they are your competition, you still might have a different audience. On top of that, how do you know the competition is finding their engagement in the social sites beneficial? It’s better to do the research on your own audience than worrying about your competition in social media.

SmallBizLady: What are some of the biggest misconceptions of social media?

Li Evans: That it’s easy, quick and cheap! The media plays up social media as this easy to implement marketing godsend that practically happens overnight, when that’s far from the reality. What they fail to outline is that relationships take time to build, trust doesn’t come easy ad that just because it’s free to have a Twitter or Facebook account, that doesn’t mean your time is free to run the accounts.

SmallBizLady: Is there some sort of guidelines small businesses should follow for setting up a successful social media strategy?

Li Evans: I call it the “Four Pillars of Social Media Marketing”. The first pillar is research, without doing it you won’t know where to even start or how you should be engaging. The second pillar is strategy, without a strategy how are you going to know what you are doing, who’s going to do it and how are they going to do it? The third pillar is engagement. Without engaging your strategy will be dead in the water, you can’t just lurk in social media, for your strategy to be successful in social media, you actually have to be social! The fourth and final pillar is measurement, without measuring what you are doing, how are you going to know if what you are doing is helping you attain your success goals?

My other “guidelines” are outlined in Social Media Marketing: Strategies for Engaging in Facebook, Twitter & Other Social Media – there’s 45 chapters chock full of good advice and guidelines any business can follow.

SmallBizLady: Should I let my employees engage in social media?

Li Evans: How can you stop them? That would be my question to any business owner. When your employees leave your four walls, what they do in their own time is of course their own. Undoubtedly they are on some kind of social network, whether its YouTube, Flickr or Facebook. They are sharing and engaging with their friends and family.

The question is should you let your employees engage in social media for you? That’s a question you need to research and understand how your employees communicate currently with your customers. It’s also about placing guidelines for your employees to understand how they should represent you in social media. If everyone is on the same page with your message and understanding where you want to be at the end of the day, utilizing your employees in social media can actually be mutually benefiting.

SmallBizLady: What if I don’t have a lot of time, can I still do something in social media to market my small business?

Li Evans: Sure! Pick the most valuable channel you can and dedicate the time you have to mastering it and engaging with your audience there. Make yourself a valuable asset to the community and pour your heart into it. Let the community know you are real and there to help. Spreading yourself too thin by trying to be everyone with very little time only hurts your efforts.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

Melinda F. Emerson, also known as SmallBizLady is a seasoned entrepreneur, professional speaker, and small business coach. Her firm MFE Consulting LLC, specializes in small business start-up, business development and social media marketing. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com. Her first book Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works was released in March 2010 by Adams Media. For more information: www.becomeyourownbossbook.com

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#SmallBizChat Q + A with Hank Wasiak: How to Effectively Mix Traditional + Social Media Advertising

By Melinda Emerson on May 20, 2010 in Q & A Interview, SmallBizChat, Social Media, 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 Hank Wasiak @HankWasiak. Hank is the smartest and hippest advertising guy I know, and I am thrilled he agreed to allow me to interview him. He’s a communications industry leader, best-selling author, keynote speaker, teacher and three time Emmy award winning television host with an impressive resume of experience working in the advertising industry. Hank also retired as Vice Chairman of McCann Erickson WorldGroup. He blogs at http://www.thewisdomguy.com and is the co-founder of The Concept Farm, one of today’s hottest creative companies. http://www.conceptfarm.com

Smallbizlady: If you were starting out in business today what are 2 things would you do to build your brand or your business.

Hank Wasiak: First, before I’d concern myself with starting or building my business, I would spend as much time as possible visioning the business or the brand and living it in my mind, body and soul. Most small businesses are the end product of peoples’ dreams, aspirations and convictions. That’s why this is such an important and fundamental step which and it is all too often glossed over and given short shrift by start-ups. The good news is that it doesn’t cost anything to do this and all it takes spending your time thinking, questioning and giving honest answers to yourself. At times it may feel like a tough love session with yourself and it’s worth every second you spend doing it. Here are two thoughts on how to approach it.

A. Have An Asset-Based Introspection – Look deeply inside yourself to identify and get in touch with why you are starting this business. Go down a few layers…rational, emotional, personal…be honest and open with yourself. Then identify, value and appreciate the personal assets that you can bring to the business….these will be the foundation upon which you will build everything else. Everything. This is more than just a pros & cons checklist and surface inventory. Make it emotional, personal, soul searching and you will emerge with a greater sense of clarity, purpose and passion.

B. Develop A Succinct Positioning Statement. Create an exceptionally well written positioning statement that clearly defines what you want your business or brand to stand for in the marketplace and in the minds of your potential consumers. It may sound easy, but it isn’t. Every word and thought counts and adds meaning and texture to your brand or business. Here’s a template that I have used for many years that might help.

To_(Market Target), Brand X is the brand of (Competitive Frame) that (Point of Difference) because (Reason Why)

This is an essential step. Don’t be distracted by anything until you have done it. Once you do, every action you take in your business and with your brand must support and reinforce that positioning.

Then, get ready for your adventure.

Smallbizlady: With social media becoming so hot do you think it’s a fad and does it have a longer term role?

Hank Wasiak: The short answers are no and yes. To put the power of social media into perspective, we have to fundamentally change in the way they see Social Media. Social Media started out as being viewed as another form of promotion….part of the media mix. It has gone well beyond that now. Social Media has morphed into the fifth Pillar “P” of the marketing mix….PEOPLE. So, businesses, and especially small businesses, must place a priority on developing a People strategy that is viewed as importantly as the other four “P”‘s in the marketing mix. ….Product. Price. Place. Promotion. The new market reality embraces a Social Marketing Mix that is alive, dynamic, inclusive, multifaceted and acts like a mosaic in motion. The Social Marketing Mix influences everything from how business planning is approached, sales, marketing and customer service resources are deployed and integrated marketing programs are created and executed. Finally, it also means that metrics of success that reflect these new rules of engagement need to be adopted….the bottom line has gotten a little deeper and multi-layered.

Smallbizlady: Explain what you mean by the new metrics in today’s world of social marketing.

Hank Wasiak: It comes down to core values and how businesses need to change the traditional way they see profit. It’s more than dollars. I believe that any business, large or small, should adopt an “Enlightened Profit” metric of success and performance. A three-tiered profit should drive business decisions and marketing programs in today’s people empowered world. $$$ Profit + Stakeholder/Employee Profit + Greater Good Profit. They are linked. Smart and effective use of Social Media can help any size business. Learn from those who are doing it well, like Dell, Zappos and Best Buy to countless small and local businesses align their marketing and sales efforts to address all three. When an enlightened profit approach drives the fundamental operations of a business, revenue, sales and growth flow naturally from that orientation.

Smallbizlady: Once a business develops a strong community and deep engagement using social media, can it use those assets to drive sales without alienating fans? Hank Wasiak: If a business is providing meaningful engagement with people that opt-in to a relationship around their product or service and the business responsibly delivers on its positioning and brand promise, then don’t be shy….make a sale. “Asking for the order” at the right time, in the right tone and manner should not alienate anyone. In fact, most often, it will be welcomed and appreciated. Relax. That’s the beauty of Social Media used smartly.

Smallbizlady: Not every social media task is profitable. Are businesses wasting time, money and resources in their quest to turn social media into sales?

Hank Wasiak: Of course every social media task isn’t a profitable revenue generator and the same can be said for virtually every other form of consumer communication. It’s also understood that without sales and revenue there is no business. Today, however, the paths to sustainable sales and revenue are changing. While measurement is productive and informative, it also can sometimes cloud the vision of the bigger picture and a deeper understanding of return on the social marketing investment. Measuring the true effectiveness of advertising and marketing communications has always been and still is an elusive prize….especially in today’s multi-tasking, pop-up blocking, DVR, digitally empowered world. What John Wannamaker said many decades ago rings true today. “I know that 50% of my advertising works. I just don’t know which 50%”. My advice is to Lighten up & Listen up. See & Measure both the short and long tail of business success.

Smallbizlady: It’s becoming so much harder to make a big splash online, how can internet businesses stand out in the crowded market place?

Hank Wasiak: Change your mind set about impact. Shift from thinking about creating a big splash to having a deep ripple effect. One of the great strengths of an internet business is its ubiquity…. It is always open, available and open to new access points. That ubiquity can sometimes lead business owners to think too broadly and chase numbers. The other side of the ubiquity coin is the ability to micro target, customize, personalize service, talk one-on-one and generate referrals. So, if businesses spend a bit more up-front time cultivating fewer and deeper relationships they can generate a powerful ripple effect that can sustain itself rather than a big splash that dissipates. I believe social media is bringing this deep ripple effect strategy on stream very effectively.

Smallbizlady: Is there still a place for traditional forms of advertising and can social media and traditional advertising work together?

Hank Wasiak: Absolutely. And, for the most part, traditional media is here to stay and is as strong as ever. What social media has done is change the way we connect and interact with traditional media…in a positive way. Social media has given rise to an unprecedented explosion of “conversations”. Today consumers can opt in to interact amongst themselves, communities with businesses, brands and advertising, simultaneously, selectively, on their terms, everywhere 24/7. In his Conversation Prism, @briansolis brilliantly captures the depth and dynamics of how all of this happens and how everything interacts. I believe social media has brought advertising back to what it was always intended to be…“The art of one-on-one persuasion.” This is exciting, good news for small businesses.

Smallbizlady: Following up on that, do you think this has changed the way businesses need to create and deploy their advertising messages?

Hank Wasiak: Definitely. And here’s why. For decades, we have used a simple four letter shorthand for what advertising has to accomplish to be effective. A.I.D.A. Attention. Interest. Desire. Action. Not bad then but not good enough now.

Social Media has added two other dimensions that are critical to success. The First is the letter “E” for Engagement. Consumers welcome getting involved with products and brands on many levels….on their own terms. People want to talk amongst themselves before they interact with a brand or a business. The other dimension is the letter “S” for Sustainability. Today ideas and messages must be crafted to also encourage shareability so they sustain themselves well beyond their initial delivery and media contexts.

So now the shorthand looks like this: A+IDEAS that live in a transmedia world of storytelling and conversations with multiple entry points and numerous opportunities for convergence of both content and consumers.

Smallbizlady: Do you think blogging can be used in a marketing campaign?

Hank Wasiak: An emphatic YES. I love blogging and agree with my friend @chrisbrogan and others who believe that blogging is the unsung hero and secret weapon of social marketing campaigns. I look at blogging through an asset-based thinking communication prism. For marketing communication to be truly effective it must have Substance, Sizzle and Soul. Substance is cost of entry and earns you credentials. Sizzle is how you package your business and gets you noticed and liked. Soul is why your business is important to you and earns you belief and commitment. And, in the final analysis Soul is a far more important differentiator. Your blog is where your customers really get to know you and find your soul.

Smallbizlady: What is your favorite new marketing strategy to grow a small business?

Hank Wasiak: Make a mistake….and then fix it better than anyone else. This is the right time to embrace risk. Why? Because this is the first time in history that how we address and solve a problem, correct a mistake or deal with an issue is perhaps even more important than the problems, mistakes or issues themselves. It is a way for businesses to show what they’re made of and put their values and commitments on the line. Think of it as a way to create a distinct advantage and leapfrog your competition.

Smallbizlady: What are some critical mistakes or misjudgments that start-up businesses make?

Hank Wasiak: Entrepreneurs often underestimate the amount of hard work, perseverance and personal sacrifice that is needed. No matter how hard one thinks they have worked before, starting your own business takes it to a new, more challenging (and more satisfying) level. I recently heard @garyvee discuss this and he used the word “hustle” to describe what I’m talking about. Gary believes you have to hustle more, better, longer, faster and sustain it than you’ve thought possible. A simple idea with big implications. The good news is that if you are committed, believe in your vision and are prepared for the challenge, you can make hustle your competitive advantage.

They usually develop their marketing plan last. Marketing and communications plans are usually done after most of the other elements of the business are in place. That made sense in the world of traditional “broadcast marketing” and old media. Today, marketing is more about sharing and helping rather than shouting and selling. With that in mind create an early vision of your marketing communications plan and use it to help inform everything from product development, customer service, on-line resources, organization, staffing needs, etc. We now live in the world of “engagement marketing” and trans-media has spawned the Social Marketing Mix in which People strategy must be embedded into all aspects of a business plan. The marketing plan… can be used for more than you think.

Smallbizlady: Do you have one final piece of personal advice that you would give someone to build in and extra edge for success.

Hank Wasiak: That’s easy. Find your “Mighty Cause” and embed some element of it into your business. We all have at least one “Mighty Cause” in us… a greater good desire and to make a positive difference. Our reason for being that gives us special meaning. Finding yours and making that part of your business is one of the best gifts you can give yourself and your business. Embedding your mighty cause into your business can range from donating part of your profits to your mighty cause charity, to hiring young people to give them a head start to having your entire business built around it. Express your mighty cause through your business. I guarantee that both you and your business will be better for it.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

Melinda F. Emerson, also known as Twitter’s SmallBizLady is a seasoned entrepreneur, professional speaker, and small business coach whose areas of expertise include small business start-up, business development and social media marketing. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs. Her book Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works!” was released in March 2010 by Adams Media.

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#SmallBizChat Q and A How To Build Buzz for your Content

By Melinda Emerson on May 13, 2010 in Branding & Marketing, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wed. on Twitter from 8-9pm ET. This is excerpted from my recent interview with @TheRiseToTheTop, David Siteman Garland on How to Build Buzz for your online Content. After running three companies, and not finding a good resource for small business marketing info out there, Garland founded The Rise To The Top, a local TV show, daily online show, and website rich with content to meet that need: helping entrepreneurs and small business owners learn to market themselves in a fun interactive way. For more information: http://www.therisetothetop.com.

Smallbizlady: If you want to build an online brand what top three things should you do first?

David Siteman Garland: The first thing you need to do is quantify your niche and business model. At the end of the day, you have to make money. Where is it coming from? What is your niche? How broad and specific is it? Do you need money right away or can you moonlight doing this until you make enough income? Do you have a product now or do you want to develop something later?

The second thing you need to do is to setup or have setup for you an interactive website. You can start with a nice, well designed, functional wordpress blog. The key here is to have a design that sticks out. There is way too many poorly designed website out there. Imagine someone is coming to your website and they are a really important member of the media or a potential customer and your site looks like 1992 with a little graphic of a digging man. It isn’t going to fly.

Finally, start trying your hand at creating content. The key here is to create content that is educational, inspirational and/or entertaining. That is what spreads and build your brand. The idea here is to become a trusted resource as opposed to a product pusher.

Smallbizlady: If you decide to create online content, what are your options?

David Siteman Garland: There are lots of options but it all starts with platform, which is your home on the web.

First, play to your strengths and also how your community or potential community likes to consume information.

Video? Audio? Text? Those are the big three you have to choose between or mix ‘em. (you can add in photos as well). Bottom line though is to have a plan and experiment. A good quote from youth speaker Josh Shipp is to assume half your audience is blind and the other half deaf.

Next up is deciding your platform. Will be it be a blog? WordPress? Tumblr? Posterous? Go off your existing website or a new domain?

From there, it goes into researching, implementing and promoting.

Smallbizlady: What is the easiest way to create online content?

David Siteman Garland: There isn’t a magic formula.

However, that being said, there are certain types of content that do really well online: How Tos, Unique Interviews, Tips, Tricks, Lessons, Stories. Anything that is all about the community.

The easiest thing to do is try something. You need far less equipment now than even a few years ago. Text is just a computer and the Internet. Add in a microphone for audio. Add in a pocket camera and you have video.

You can always examine your niche to see what is popular and what other thought leaders are talking about. How? Via searching on Twitter and sites like Alltop.com. You will see the cream of the crop and it should spark ideas on creating content.

Smallbizlady: When should you start developing your online content?

David Siteman Garland: Now! But, first make sure you have somewhere to post it. Your home base. Remember, we are essentially leasing space for free on social media sites. We don’t own them. But we do own our website. It is our real estate.

In my opinion, it is always the right time to start. No need to over think it. You might have a product now or you might develop one in the future.

Smallbizlady: Should brands think like media sources and publishers? Why is that?

David Siteman Garland: Absolutely and this is one of the fundamental concepts that will lead small business owners to success in the future. It used to be your only outlets to attract customers/clients was traditional media, advertising location and other old-school methods.

The web has changed everything.

Sure it takes hard work, but brands have to view themselves as publishers. Their own media source of experts. Bloggers. Video Bloggers. Podcasts. You create your own media and go directly to the consumer with it.

Think about this for a second. Who would you trust more? Someone that is always promoting their product or someone that offers a library full of unique videos, how-to articles, interviews, etc. The part-media source, part-business wins every time. Plus when you are a media source, you are showing your expertise which can lead to traditional and new media coverage.

Smallbizlady: How soon should you start trying to monetize your online content? Should you have a revenue model in mind going in? And do you have any revenue suggestions?

David Siteman Garland: Yesterday (just kidding). But seriously, you can start now on day one. There is an illusion of size online. Meaning, you have to be really, really big to make money from your content. It simply isn’t true. If you got 50 new customers, would you be happy? How about 5? I know, I would. You don’t need hundreds of thousands of people to view your content for you to be successful. Imagine if 1 person engaged with it and that person was the key to millions of dollars and connections. Would you be happy?

I would think of multiple revenue streams and then you don’t have to put all your eggs into one basket. I would say you need to keep revenue in mind early on. Otherwise you have a hobby. That is fine, but at the end of the day, you need money to run a business.

Here are 7 ways to monetize your content:

Sell your own product/service
Affiliate marketing
Selling yourself (consulting, speaking, etc.)
Sponsorships
“Traditional Advertising” (banner ads, etc.) (not recommended)
Content marketing
Sell content to syndicators

Smallbizlady: Should you pay for a marketing company, or PR firm to create content for you?

David Siteman Garland: This is one of those tricky situations. In my opinion, no. Why? Because no one knows your content and company better than you.

A PR/Marketing firm might be better suited to help spread your content, bring in partnership opportunities, guest blogging opportunities, etc.

If they are savvy and forward-thinking, they might be able to help with headlines, research and content suggestions.

In the end though, it is best to do it yourself.

Smallbizlady: How do you bring in viewers/readers online?

David Siteman Garland: Great question. And there are many more besides these:

1) leverage what you already have. If you have customers, tell them. Via email. In person. On receipts. Tell Mom and Dad. If you have a store, put signage up.
2) (and this is really first) make sure your site is setup like peanut butter. Easily spreadable. Have the basics: A retweet button, Facebook share, RSS feed, way to stay in contact via email subscriptions, etc. And remember to know your audience! Are they tech savvy? If so, they might use StumbleUpon, Digg and other Social Bookmarking Sites.
3) Social media as a relationship building tool and not just a way to broadcast your message. Be a human. Interact with other folks in your niche. Give people a REASON to follow you. As long as you are giving first and helpful, there is no reason you can’t promote.
4) Guest blogging, guest posts, interviews. Nothing better for bringing in the traffic!
5) Paid content. Some high-end sites are offering unique ways to “pay to play” where you might sponsor a content series (such as videos) and other unique models with the goal of bringing in traffic and subscribers.

Smallbizlady: What if you don’t want to create online content but still want to get involved with other content creators as advertisers/sponsors/partners?

David Siteman Garland: Two options:

Become a content DJ. Find the best/most unique/funniest stuff in your niche online and bring it together in a unique way for folks. Perhaps a Top 10 List.
Sponsor A Content Creator

If you absolutely don’t want to create and want to get involved with online content OR you do create and want to leverage the audience of other sites, there is a new trend in content marketing. It is a blend of sponsorship + advertising + PR.

This means perhaps you sponsor a video series, or a series of blog posts. Not simply throwing up a banner ad. You business becomes PART of the content.

Smallbizlady: How should you go about creating content to be promoted on bigger sites?

David Siteman Garland: Use your content as a handshake. Lets say there is a huge site. The first thing I would do is create content related to that site for my niche. For example, lets say you sell soap and want to be featured on Soap.com (made up). I would write an article or create a video promoting Soap.com. Perhaps it would be an article on their top five articles over the past month. Or encouraging your community (big or small) to check them out.

Then, I would reach out to them on social media or email. Introduce yourself and share the link. Ask for nothing. All you are doing is starting a relationship.

I would also make sure to have a presence on their site. Leaving thoughtful comments. Promoting their content on your social media pages. Give love to get love.

Once the relationship is formed, suggest a piece of content. Or even better (and more ambitious), just write or create something (WITHOUT PERMISSION) and send it to them. You would be surprised what might happen!

Smallbizlady: You mention on your blog that there’s a rise in creative paid content. How can entrepreneurs capitalize on this paid content?

David Siteman Garland:

Identify key sites you want to get involved with. Use Alltop.com to search your niche and/or Google Blogsearch.
Reach out the site owner and say you are looking for something outside-the-box of a basic advertisement and you want to get involved in the content.NOTE: Any reputable blogger will tell you that trust is a big thing with audience. Therefore, if you have a bad product, most bloggers won’t blindly promote it. Make sure it is a fit for you and the audience.
If you really want to get the ball rolling, suggest something. For example: Lets say you sell soap and you find a soap blogger. Suggest a 3-part series sponsored by your soap company on the big mistakes in buying soap, or best soap-buying practices.

See where I’m going here?

Of course you have to a budget for this, but if you target correctly, it should pay off ten-fold. Would you rather spend hundreds of thousands on a big mass media ad to get 100 customers? Or spend some money maybe a few thousand with a blogger/content creator in your exact niche for the same 100? Or 50? Or 20? Or maybe even 200?

Smallbizlady: Tell us about your model for creative content sponsorships and has it been successful?

David Siteman Garland: We use the model listed here for The Rise To The Top and RISE.

The first rule is simple. We would NEVER EVER promote a product we don’t use, would use, or trust. Unfortunately, we have had to turn many down but we never want to break that trust and bond with our audience.

If a company approaches us with a product/service that is perfect for an entrepreneur, we come back with suggestions. For example, lets say you have a really cool app maker for the iPhone and want to promote it to entrepreneurs and it is a quality product. We might suggest a 3-part video series sponsored by your company. Part 1 might be 5 reasons your company needs an iPhone app. Part 2 might be the 3 ways to promote an pp. Part 3 might be the key mistakes to avoid when making an app.

In each episode the app company will be mentioned, plugged, and they often offer something directly to RISE viewers. For example enter the promo code RISE for 10% off.

We make the content interesting and fun. Then we syndicate it out to our 20,000+ subscribers, social media following, etc.

And as you know, the best thing about online is that it stays up and gets passed around long after the episode comes out. That is good for Google Rankings, sales and more.

Plus, we noticed many traditional media sources come in and spot unique companies and the PR buzz continues up and down the food chain.

Smallbizlady: Do you have any additional tips on how entrepreneurs can benefit from developing online content?

David Siteman Garland: The value is there if you put in the time, energy and at some points money. The biggest thing is patience. This is all a process.

Also, stay in the loop on the latest trends, tricks and resources. It always seems things are getting smarter, faster and cheaper.

The benefits of online content/blogging are limitless. First, it positions you and your company not just as a business but as a thought leader/expert. This can lead to media interviews, partnership opportunities, recruiting opportunities, and more. Plus good ole’ Google loves the content.

Second, you build an audience to spread the word for you. Nothing better than word-of-mouth on steroids.

Third, it is personally rewarding and a lot of fun. More fun is a good thing, right?

Here are two links to content on David’s site that adds even more depth on the topic of content marketing:

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #Smallbizchat weekly on Twitter for emerging entrepreneurs. Her first book Become Your Own Boss in 12 Months was released in March 2010.

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Who’s Coming Up in May 2010 on #SmallBizChat

By Melinda Emerson on May 5, 2010 in Branding & Marketing, SmallBizChat, Social Media

The M in May stands for Marketing on #Smallbizchat, where each show this month will focus on an element of marketing and your small business.

May 5th Jill Lublin @JillLublin Public Relations Expert and Co-Author, Guerilla Publicity – How to Develop Free Publicity to Grow Your Small Business.
May 12th David Siteman Garland @Therisetothetop Founder, Rise To the Top – How to Build Buzz for Your Online Content
May 19th HankWasiak @HankWasiak Veteran Ad Exec. Co-Founder of Concept Farm – How to effectively mix traditional marketing techniques and social media marketing.
May 26th Pete Savage @PeteSavage Co-Author, Wealthy Freelancer – Learn the secrets to having a great income as a full-time freelancer.

How to participate in #SmallBizChat: http://bit.ly/S797e

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter. Melinda also publishes a resource blog on small business best practices at www.succeedasyourownboss.com Her first book, Become Your Own Boss in 12 Months was released by Adams Media in March 2010

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How to Recession Proof Your Business!

By Melinda Emerson on February 8, 2009 in Cash Flow & Finance

Here you tired of hearing about the slowing economy? Fewer openings, more layoffs and everyone wants more for less, while the expenses keep creeping up. Banks are getting tough with their lending practices. Times are tight, but this is a perfect time for an aggressive small business. Get smart about your marketing and business operations to recession proof your business. The two most important things to consider is marketing and cash management.

Here are 15 tips to kick-start your business.

Keep the marketing going. The first instinct may be to reduce or eliminate marketing expenses. If you can’t afford a full-blown marketing program, pursue less expensive options such as media releases, public relations, targeted direct mail, e-mail blasts, social marketing sites, blogs, article marketing, and online newsletters.
Keep in close contact with your customers. Understand how their business is being affected by the recession and look for ways you can help. Lasting relationships are built in hard times.
Start collections at 45 days. The days of waiting 90 days are over. You need your money now. Once a client gets to 45 days get on the phone and track down the accounts payable manager for an update.
Produce a three-six month cash flow projection. Right now it is extremely important for you to understand your cash position. Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in.
Use the 2 to 1 rule. For every $2 dollars you cut in costs, invest $1 into your marketing efforts. This is no time to cut back on marketing.
Add value, not price. Continuously adding value to your products and services is the way to get repeat customers and new business. Adding price without value is a lose/lose proposition.
Offer a temporary price cut. If you have retail business, consider cutting prices by 50% or doing a 2 for 1 deal. If you have a service business with a retainer or monthly fee, consider the first three months 50% off with a 1 year contract.
Under Promise and Over Deliver. Excellent customer service is the number one way to encourage your customers refer you more business. Be known for delivering great products and services.
Network, network, network. Be everywhere. You want to be top of mind when an opportunity presents itself. People do business with people they know. Face to face contact is really the way sales happen.
Give to get. Look to give first before you get. When you meet a new contact, think solutions for them first or WII-FT What’s In It For Them.
Consider adding staff. One good thing about layoffs is lots good people are on the market. You could pick up some quality talent you could not otherwise afford. Hire a salesperson and pay them commission only. Make them kill what they eat.
Weed out unprofitable customers. Every company has customers that cost more than they add to the bottom line. Identify them, evaluate how to make them profitable customers, and if that’s not possible cut them.
Keep your personal credit high. Your personal credit is your small business credit ultimately.
Watch your business credit closely. Pay down some principal on your lines of credit. Curb your spending on your line and don’t give the bank a reason to charge you late fees.
Call the bank before things great critical. Regardless of your business situation, you need to communicate with your banker. The bank does not benefit if you go out of business, so stop the denial and negotiate better terms with your bank.

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Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com

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