28 Jan

3 Core Strategies to Improve the Success Rate of Your Business

To survive in a competitive industry, a business has to constantly evolve. It has to change its practices to remain competitive. Evolving and adapting to the current market is the only way to lower costs and increasing revenue. With advancement of technology and refinement of techniques, there is always a way for startups as well as experienced businesses to improve. While there are a number of strategies a business can choose from to evolve, there are three core strategies that all businesses should concentrate on.

From my years of experience in running a successful business, I am sharing the 3 core strategies that can help a business in any industry improve its success rate.

Constant Market Research: A streamlined business operation, higher revenues and value for money offerings can be delivered by constantly studying your industry and following what’s working for the best performing businesses. Another aspect to market research is to determine what your customers are saying they need.

You may be operating in a niche segment or offering a unique product that no one else is, but for a business there is no room for complacency, ever. Study your market and your industry leader’s approach. Learn why they are excelling in your field. Compare your methods with them and determine what can be changed to emulate them.

Focus on quality: Invest in your staff, backend and resources to create a high quality experience around your service or product. A high quality product is the best advertisement for a business. When compared to the competition, if you offer a higher value for each dollar spent, customers will find their way to your website.

To stand out on the internet, there is no simpler way than offering high quality products at very competitive prices. The tough part of that deal is to plan and execute the product. You get that right, and you’ve won half the battle.

Listen to your Customer: At Amazon, each employee including Jeff Bezos has to spend two days every two years at the customer service desk! “Customers”, one word that sums up the whole reason for a business to exist. Yet, one of the biggest reasons for the failure of most businesses is that they forget to listen to their customers. Every once in a while, it helps to stop and have a listen to what your customers are saying.

Regardless of the industry you are operating in, you have to be customer centric to be successful. If they are unhappy about something that isn’t working, fix it immediately. Do everything in your power to keep your customers happy. Find new ways to delight them and they will forever remain loyal to your brand.

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26 Jan

The 5 KPIS That All Successful Businesses Track

Starting an online business is quite easy these days. eCommerce platforms and freelancers are happy to walk you through the initiation. If you have some cash to burn, a marketing company and a social media manager can help you get off to a flying start. With a little help from social media campaigns, the traction from that start can be easily carried forward to churn successful quarters after quarters. However, that doesn’t mean you will be in control and know how your business is performing. That’s a common problem, most successful small business owners don’t know how well they are doing.

To understand how your business is performing you have to keep an eye on the numbers. Tracking the performance of a business is similar to tracking the performance of an employee. You create a set of measurable goals that you’d like your business to achieve in a fixed period. Then determine if those goals were met or exceeded at the end of this period. This is essential for a business to remain successful over a long period of time. Let’s take a look at the five key performance indicators for judging a business.

  1. Growth Rate: The standard business practice is to determine how much a business has grown compared to the last year. However, monthly analysis offers a clearer picture of progress and helps in correcting strategies and campaigns without delays. A relatively new business can also analyze its performance by looking at its month to month growth numbers.
  2. Abandonment Rates: This is another important indicator as it gives an idea of where exactly sales were lost. Studying abandonment data helps a business understand what may not be working and if there’s a problem somewhere in the order flow. This information is used to optimize a website and improve conversion rates.
  3. Conversion Rates: A business must pay close attention to what is working and what isn’t. If a particular product or service is doing exceptionally well, it can be a candidate for promotion. Variants of top sellers can also be introduced to tap into the segment that your customers already love. Offerings that aren’t doing great can be changed, discounted or removed.
  4. Customer Acquisition Costs: Promotions can be executed in many forms. However, without keeping an eye on the cost of promotions, there isn’t a way to determine whether the customer lifetime value is higher or lower than the acquisition cost. Be it Content marketing or Facebook targeted ads, regardless of the platform, analyzing customer acquisition costs is important to determine the viability of marketing strategies.
  5. Return on Investment: Tracking return on investments is important to ensure that you are running a profitable venture. The basic rule of operating a business is that it must make more than its operational costs. A business doesn’t necessarily have to be profitable from the get go. However, if it isn’t generating an acceptable ROI over an extended period of time, then you may want to reconsider its viability.

Stay on top of your game by keeping track of these 5 Key Performance Indicators. Good luck.

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23 Jan

5 Essential Tips for an Engaging Facebook Business Page

Facebook has changed our life. It has also changed the way we do business. There are over 40 million active local Business Pages on Facebook as of last count. It is the hottest new platform for online businesses to reach and engage their users. It is no secret that a highly successful Facebook campaign can easily launch your business to the stratosphere. Yet, some small business owners feel that a Facebook Page isn’t worth their time for engaging with their existing and prospective customers.

There are many benefits of a Facebook Business Page for your small business. Yes, managing social media presence can be a challenge for small businesses. Despite creating a Facebook Page, most may not see the results everyone else is so happy about. Businesses may be doing their best, but their strategy may not have the ingredients for success.  To make it easier, we’ve put together the essential tips for an engaging Facebook Business Page, take a look.

1 integrated example

  1. Branding: For your profile photo, use an image that instantly identifies with your business. Like a logo. And for your cover photo, use an engaging image that either draws attention to a campaign you’re running or to the products or services your offer. Both these photos are just like any other image in your Facebook Album. For amusing effects, integrate them like in the example above. Also, optimize these photos with descriptions and a link back to your website.

    2 cta button

  1. Add a CTA Button: A Call-To-Action button is an essential addition to a Facebook business page. This easy to add button is a great tool for businesses to drive traffic to their website. You may choose from “Sign Up,” “Shop Now,” “Contact Us,” “Book Now,” “Use App,” “Watch Video,” and “Play Game”. The button can be customized and link to your website or a landing page.
  1. Post Quality Content: Post interesting photos and videos along with other quality content to engage your audience. Use Audience insights  to see what works and post more on the same lines. Businesses often make the mistake of posting lead generating content only on their Facebook page. This doesn’t go down well with most users. Make sure you also post a lot of content your audience will enjoy. This will keep them engaged and coming back for more.
  1. Ideal Timing: There’s a lot of debate about the ideal timing for posting on Facebook. Monday seems to bring in the highest engagement over the years.  Here’s a great post that shows the ideal timing of a day to post on Facebook and other social media in the U.S. and the U.K. it also show the ideal days to post on Facebook.
  1. Promote the Popular Posts: You may promote all posts to reach more users. Depending on your budget, you may want to be more selective in promoting Facebook Posts. The best strategy would be to wait for 12-24 hours. This duration would give you a fair idea on how successful a post is. You may then decide to promote it or try another post.
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18 Jan

Top 7 Reasons Why Your Business Needs a Facebook Page

Let’s face it, if you own a business, chances are that all your customers are on Facebook. It is also likely that a majority of your competitors have a Facebook Business Page. If you are not engaging your customers on Facebook, your competitors may be!

Engaging your customers is only one of the many benefits of an active Facebook Business Page. As time consuming as it may already be for you to manage your business, you can’t ignore its benefits. Here are the top 7 reasons why your business needs a Facebook Page.

1. Brand Exposure: According to a report by Zephoria at the end of December 2015, there are over 1.01 billion daily active users on Facebook. Your presence can be a great tool to expose your brand to new users. The end result of this brand exposure depends on your content strategy.

2. Brand Loyalty: Facebook is a great platform for building brand loyalty. Users are more likely to do business with a company that has an active and responsive presence. Highly successful business Pages post useful information and entertaining content. Doing this on a regular basis helps them keep their followers coming back for more.

3. Leads: Facebook can also be turned into a tool to gather leads like email addresses, phone numbers, etc. Competitions with giveaways are the best method to collect lead generating information from your followers. Once collected, these leads are independent of your Page on Facebook. You’ll have access to these leads even if Facebook were to shut down!

4. Target your customers: Customize the content for your target audience. As a business, you may already have insights into who your customers are and what they might be looking for on Facebook. Use this knowledge to create a customized content and catch their eye. You can also use Facebook Ads. They are highly successful tools to reach your target audience.

5. Facebook Insights: Your Facebook Posts and your Facebook Page are free advertisements. Even so, it is good to know how they are performing in terms of engagement, gathering likes and their reach. You get simple and easy to understand stats with Facebook Insights. These stats can also be used to shape your paid promotional campaigns.

6. Drive Traffic: A Facebook Page is the best free tool to drive traffic to your website. By using the right posting strategy, you can use Facebook to open floodgates of traffic to your website. Posts linked to your website include a thumbnail image. Interesting images draw more attention and increase the chances of getting clicked.

7. Track your competitor’s: “Pages to Watch” is an interesting Facebook feature. As a business you can use it to literally spy on the performance of your competitors’ Facebook Pages. You can “Watch” their Pages to see how many likes they have, likes they’ve added in a week and which content strategies are working for them.

In this day and age, we can’t imagine a business without a Facebook Page. Watch this blog for our next post on “Essential Tips for an Engaging Facebook Business Page”.

By the way, make sure you check out and “like” our Facebook page!

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