Posts Tagged ‘Branding’


How to Lower Your Bounce Rate on Your Small Business Website

???????You have a beautifully designed website. Check. Targeted keywords on the website. Check. You have a way to capture email addresses on your website. Check. So why aren’t you getting more customers from your small business website? You might have a decent flow of people visiting your site, but if they’re not converting to sales, it’s time to look at the reasons why. Start by examining your bounce rate.

What the Heck is a Bounce Rate?

Just like a shiny rubber ball, your bounce rate happens when people land on your site and then quickly bounce away. You can find your bounce rate by looking at your Google Analytics once e month. The technical definition for bounce rate: the percent of people who leave your site after visiting just one page. The higher the bounce rate, the more people are leaving rather than looking around. The average bounce rate is 50%. Here’s an illustration:

  1. Someone searches for something they’re looking for online.
  2. Your site shows up in those search results. They click your link.
  3. They land on your home page, don’t see what they expected, then leave.

So the question is: why are they not finding what they want? Why do they leave before even exploring your site? Typically there are a few reasons for this.

1. Your Design is Unappealing

While you wouldn’t expect a visitor to your site to hold bad design against you, first impressions really do matter. And if your website hasn’t been updated for 5 years, or is cluttered with ads or popups, there’s not much you can do to convince people to stay, even if your products are amazing.

Fortunately, there’s an easy fix for this: get a new design! Website design has come way down in pricing, and there are even templates and platforms you can customize and manage yourself.

2. Poor Keywords

Let’s say the name of your company is Red Ball Marketing. You don’t actually sell red balls, but people still land on your site looking to buy red balls. You’re probably not willing to change your company name, but you can put more effort into appearing in search results for better keywords. You should know your top 6 keywords. If you haven’t really put much thought into your keywords, you’ll get a mix of traffic of people looking for lots of things, but not really what you sell.

Figure out the top keywords your audience is searching for and make sure you use them throughout your site, especially in your blog titles and static pages. For your marketing company, that would be terms like:

  • Content marketing
  • Marketing firm
  • Marketing for small business

If you continue to work to build your presence online with those keywords, as well as blogging, you should start to move up those search results and attract people who are looking for what you’re selling.

3. You Lack Calls to Action

Now that search engines have led leads to your website, it’s your job to make them drink the koolaid. If your home page lacks any call to action, how will visitors know what you want them to do? Consider your call to action your instructions for visitors to your site. Do you want them to:

  • Buy from you?
  • Get a free quote?
  • Subscribe to your newsletter?
  • Download a free ebook?

Then let them know! Make your call to action bold, colored differently from surrounding text, and simple to follow.

Your website holds the potential to convert visitors into customers. But you’ve got to ensure you’re targeting the right people with your content and keywords, and that your site is an inviting place to shop. Then you can lower that bounce rate and increase sales!


Be Like Google: How to Build a Valuable Brand

Your company’s brand is what people say when you are not around. Customers buy from brands that they know, like and trust. If built right, your brand can be one of the most valuable assets your company owns.

Google-LogoThis past year, Google finally topped Apple for the title of the world’s most valuable brand. According to Millward Brown’s BrandZ study, Apple’s brand value diminished 20 percent to an estimated $148 billion while Google’s brand value increased 40 percent since last year to reach $159 billion. Rounding out the top five on the list of the most valuable brands are two more technology firms: IBM at $170 billion and Microsoft at $90 billion. The fifth spot is claimed by fast food giant, McDonald’s. Where is Coca-Cola? Number 6.

Including the top four most valuable brands, a total of 18 technology companies made the list accounting for $827 billion in brand value. Facebook’s brand value increased 68% to reach number 21, while Twitter and LinkedIn make their debut to the list coming in at 71 and 78 respectively.

According to financeonline.com, there are several explanations for Apple’s fall. Here is what happened and what small business owners can learn from the world’s top brands:

  1. Perfectionism can slow your company down. Apple and Google could not be more different with how they choose to roll out their products. Apple exemplifies perfection and secrecy, while Google is known for releasing beta versions of their products and embracing feedback from the crowd. Overall, Google seems to take more risk (like Google Glass and a self-driving car) and is less afraid of failure. Lesson: You will make mistakes, so fail faster. Done is better than perfect.
  2. Build your brand image carefully. Even today, the Apple brand is impossible to separate from its cofounder, Steve Jobs. Can the company keep its winning brand without its visionary leader? Pundits continue to ask questions like how much of Apple’s breakthrough products was the result of one man’s genius? Alternately, Google is seen as a team of incredibly talented people on a mission to develop the world’s most innovative ideas. Lesson: A brand image can grow more easily and sustainably if it is not be tied to one person.
  3. If you’re going to set the bar high, make sure you can reach it. For a decade, Apple redefined product categories with iTunes, the iPod, iPhone, and iPad. This is what consumers have come to expect with every new product. Its failure to launch an innovative new product to match the genius of the past has contributed to its fall. Lesson: Don’t get caught in the Innovator’s Dilemma. http://en.wikipedia.org/wiki/The_Innovator%27s_Dilemma

Set the bar high for others, but be able to consistently reach it yourself.

How have you made your brand valuable?


How to Define & Refine Your Elevator Pitch

Stocksy_txpb08fd375357000_Small_170332First impressions really do matter. Think back to the last time you attended a networking mixer. Did you have a quick and smooth response to the question, “What do you do?” Or did you stutter and stumble over your words, finding it difficult to explain your business? If it was the latter, it’s time to define or refine your elevator pitch.

First, What Is an Elevator Pitch?

Consider it your verbal commercial; it’s how you explain what your business does and how it can benefit the person you’re talking to. Typically you can get it all out in 30 to 60 seconds. Any longer, and you will bore your audience.

What’s Wrong With Your Current Pitch

Think about the response you get with your current elevator pitch. Do people look confounded when you try to explain what your business does? Do they look around the room, bored and ready to escape? These are clues that can help you understand what needs to be fixed with your current spiel.

Your audience doesn’t care what you think is great about your company. They care about how it can help them. So if your current pitch is focused on the features of your business and not the benefits to your audience, you’re not succeeding in connecting with your audience the way you need to.

Perfecting Your Pitch

Now that you know what’s wrong with your old pitch, toss it aside and start brainstorming on your new one. Essentially, your elevator pitch should have these three components;

  1. The problem you solve for people
  2. How you solve it
  3. What makes you unique

Now, that doesn’t mean you have to be boring in addressing each point. Some of the most successful elevator pitches begin with a thought-provoking question, like:

Could you stand to make more money?

Tip: make the question an automatic yes to get your audience in a receptive frame of mind. Make it an obvious question to answer; who would answer no to the question above?

Next, look at where your audience is coming from. If you’re at a small business networking meeting, probably every small business owner is there to find potential customers.  Knowing this, you can move on to that pain point:

I’m Melinda Emerson, the “SmallBizLady,” and I help small businesses like yours bring in more money.

Now you’ve really got their attention. You’ve latched on to a problem they have, and now you’ve told them you can fix it. Now they want to know how.

I do that by looking at what’s not working in your business, helping you fix it, and guiding you to find new customers.

Now, I could have said that I offer marketing consultation services, product development, and marketing analysis, but I didn’t want my audience’s eyes to glaze over. They want the big picture: I can help them make money. How I do it is a conversation we can have one-on-one if they’re interested.

If you’re speaking to a crowd, you can also tell people how to find you. Typically mentioning your website is sufficient.

Don’t be afraid to have several versions of your elevator speech, especially if you meet with different groups. Tailor it to fit your audience.

How to Find Out if It’s Working

The best way to measure the success of your elevator speech is to gauge reactions. If people are engaged when you speak, you’re doing a good job. If they come up afterward to ask questions, even better. You want your elevator speech to be a teaser that makes people want to exchange business cards and learn more about what you do.

Armed with your new elevator speech, you’ll be ready to knock ‘em dead at your next networking event!


Nextiva Tuesday Tip: Selling to Millennials? You Need a Loyalty Program

Stocksy_txp65da3129op6000_Small_134151If your small business doesn’t have a loyalty program—but does have Millennial customers as part of your target market—you may want to reconsider and add some type of rewards program to your marketing mix. The 2014 Loyalty Report from Bond Brand Loyalty reports that U.S. Millennials (defined as aged 20 to 34) are more likely than other age groups to participate in loyalty programs. What’s more, they’re more likely than other age groups to change their shopping behaviors based on a loyalty program, the study says.

A whopping 60 percent of Millennials would switch brands and two-thirds would change where they buy in order to get more loyalty rewards. In addition, 67 percent contend they wouldn’t be loyal to a company without a good loyalty program.

Consumers overall are enrolled in an average of 10.4 loyalty programs, and are active in about seven of those. While loyalty programs are widespread, consumers are getting slightly more unwilling to share personal information with them. Some 32 percent say they worry about divulging personal information, compared to 29 percent last year.

What works to get customers to spill their data? Offering discounts based on prior purchasing behavior, inviting customers to special events, customizing offers for them and inviting them to online communities for loyalty program members are all effective ways to get users to share their personal data. In addition, users say that when a company’s loyalty program makes them feel valued and important, they’re more likely to share personal information with that business.

However, there are some important differences in what works for Millennials as opposed to other age groups. Millennials are more likely to want to interact with your business on a mobile device. They’re also more likely to care about non-monetary rewards, such as getting recognized by their peers or being able to share their experiences with others.

Craft your loyalty rewards program to appeal to your desired customer base, whether that’s seniors who want plain old punch cards or mobile-loving Millennials who want to track everything on their smartphones. Your efforts will pay off in greater loyalty and higher sales. 


Nextiva Tuesday Tip: How to Hold an Online Focus Group

Stocksy_txp14c2a2052O6000_Small_64388 (1)Holding a focus group is a great way to learn what your target customers want from your business. Until recently, however, focus groups required physically getting representatives of your target market into a location; rewarding them with money, free gifts, food or some combination of all three; and organizing and recording the focus group session. This could be an expensive, stressful hassle for small business owners.

Now there’s a better way: You can simply go online to host a virtual “focus group” using survey tools and social media. While it may not be as in-depth as a real-world focus group, because you’ll be able to incorporate more people’s opinions, you will actually get a better feel for what your target customers think.

Here are some tips for making online focus groups work.

  1. Be specific. Online focus groups work best when they cast a wide net over a narrow subject, so it’s important to narrow down exactly what you want to find out. For example, if you sell women’s clothing online and you’re considering opening a physical store, you could ask whether customers would drive to a physical store, what local area would be preferred and what days and hours they would be likely to shop.
  2. Keep it simple. Customers get bored and tired if your online survey goes on too long. You can break your survey down and ask one or two quick questions a day right on social media. For example, use polling apps to set up a poll with radio button options on Facebook, or tweet out a question for users to answer. Even if you are conducting a longer survey, it’s best if you ensure it can be answered in just a few minutes.
  3. Provide room for expression. Radio buttons are an easy way to conduct online surveys, but make sure you leave a blank form at the end of the survey where users can add detailed comments or opinions. This can provide valuable insights into what customers want (or don’t want) from your business.
  4. Pay ‘em back. You may not need to order in pizza for customers of your virtual focus group, but you should reward them for their time if they take a survey longer than one or two questions. A good way to motivate users without going broke is to enter all survey respondents in a drawing to win a free product or other prize from your business. You could also offer a discount such as a code good for $5 off their next purchase.
  5. Use technology. Survey tools such as SurveyMonkey, Create Survey and QuestionPro let you create surveys in a variety of formats, then use analytics tools to dig into the results.
  6. Follow up. Ask survey respondents to share their contact information with you if they are comfortable having you follow up with more questions. This enables you to probe deeper into customers’ interests, wants and concerns, just as you would in a real-life focus group. 

Selling Your Customers What They Need — Not What They Want

Posted on by Carol Roth

Stocksy_txp0272139ak36000_Small_169040The Rolling Stones said it best, “You can't always get what you want.  But if you try…you might find you get what you need.”  Regardless of what kind of business you own, you may find yourself in the unwelcome disconnect between providing what your customer needs to be successful versus what they think that they want.  So, how do you guide them toward the right path without losing the sale?

Outright Refusal is Not an Option

Even though you may want to do it (and sometimes, I really want to do it), the quickest way to walk away without the sale is to flatly tell prospective customers that their visions are two levels short of insanity and then, proceed to explain what they really need.  Even if you’re a rocket scientist in your field, you need to recognize and respect that they not only believe that they know what they need, they also have some important information about their objectives.  Their vision on how to accomplish their goals may take them in the wrong direction, but there may be significant value in what they have to say.  Your job is to guide them in the right direction without rolling over their dreams (or at least doing so without their clear knowledge).

Unless you decide that you do not want the customer, your first response should affirm that you understand their objectives.  Then, tell them how you can meet or exceed expectations while saving time, money or effort, even if it’s with a different product, service or strategy.

Identify Specific Issues

Once you understand the customer’s desired outcome, you can begin pointing out the issues that may prevent clients from meeting their goals.  In many cases, they may be asking for more than they need.  For example, if they want three manuals for a new software system, you can explain how a single well-designed manual can meet or exceed the requirements at a fraction of the cost.  How many people do you know who will insist on paying too much for a project?

There will also be times when customer visions simply will not meet their expressed goals.  In other cases, the entire goal may be unrealistic or even severely misdirected.  A customer who comes to your candy store in August asking you to ship a gift of chocolate-covered cherries to a close friend in Arizona might better maintain that friendship if you suggest a less perishable confection.  But logic alone might not be enough to sway that customer.  If you can tell a story about how people react when they open the box, smell the heavenly aroma and then, realize that the melted chocolaty mess is not safe to eat, you can really drive the point home.

When Offering Alternatives, Focus on the Benefits

As early as the beginning of the 20th century, “The customer is always right” has been the motto that great businesses live by, but that doesn’t mean that you should take it literally.  Customers need to feel that you respect their goals and visions.  But a great way to open their minds to change is to focus on what’s in it for them.  In other words, when you propose changes, lead with the benefits. 

You can’t always convince customers to buy your goods or services just because you know best.  Customers want to hear, “You can double sales and long-term brand loyalty with just a ten percent increase in the quality of the base materials that you use to build your product.”  When you present the advantages up-front, they will listen more closely to solutions that they may have never considered.  With the right incentive, they may choose to pay slightly more to improve their product quality, rather than just modernize the packaging, as they originally requested.

By Remaining True to Your Principles, You Instill Customer Confidence and Boost the Success of Your Business

Here’s a story that illustrates how sticking with your convictions can make a major difference to your customers — and to your own business.  Five years ago, a new customer came to a full service print shop seeking a new supply of the black and white leaflets that he periodically distributed in neighborhoods to sell his lawn services.  The printer advised that people are less likely to toss well-designed color brochures, which convey a more professional image.  The customer recognized the value of this advice and even used the printer’s in-house designer to upgrade the look of his advertising.  He spent more on his new brochures, but that increase was more than offset by the significant increase of new business those brochures generated over the response rate generated by his leaflets during the same period in the prior year. From that point on, he became a loyal customer, turning to the printer for all of his marketing material needs.  And to this day, he continues to send many new customers to the printer. 

Your customers may need convincing, but they rely on your knowledge and experience to get the greatest value from your goods and services, even if you sell them something vastly different from what they initially wanted.  The printer addressed his customer’s wants by focusing on what he really needed.  When you take this approach with your customers, you will not have to rely on a hard sell approach to develop a loyal customer base.


Nextiva Tuesday Tip: 3 Types of Loyalty Programs and How to Make Them Work

Does your small business use a loyalty program to keep customers engaged and spur them to buy? The Boston Consulting Group recently published a report on loyalty programs and what it takes to make them profitable and effective for businesses.

According to BCG, there are three main types of loyalty programs:

  1. Earn-and-Burn. The classic punch-card program (Buy 10, get one free) is an example of earn-and-burn, in which customers benefit from their purchases by earning rewards at specific thresholds. Other types of earn-and-burn loyalty programs include points programs (in which customers earn points they can redeem for free products) and discount programs (in which members get discounts).
  2. Recognition. In a recognition program, repeat customers get special perks or services only for them, based on the total amount they spend or the total number of points they accumulate. Airline rewards points are an example of a recognition program; customers who accumulate a certain number of points earn special perks and upgrades. 
  3. Customer Relationship Management. CRM programs are the most sophisticated type of loyalty program. They typically use loyalty software to capture purchase data, then use that data to develop targeted special offers for loyalty members. Examples include members-only promotions or targeted communications such as newsletters, emails or even website content.

According to BCG, each type of program has its pros and cons. The cost of an earn-and-burn program can eliminate any gains, while recognition programs by their nature limit the number of members, and CRM programs can have both of these flaws.

Ideally, you’ll want to find a loyalty program that enables you to prompt more spending from customers, increasing your margins rather than cutting into them. BCG uses the example of a company with a 35 percent gross profit margin. In this case, a customer who spends $100 annually generates $35 in profit. If the customer joins the loyalty program and increases spending by 10 percent, to $110 annually, the company makes an additional $3.50 in profit. However, the cost of the loyalty program ($3.30) eats up most of that; essentially, the business is breaking even. But if the customer spends 20 percent more, the company makes $7 in profit, or $3.70 minus the cost of the loyalty program. At this point, profit begins to grow rapidly.

According to the study, the most profitable loyalty programs invest more in the customers who spend the most. Typically they do so by using a tiered rewards system: As customers meet increasingly higher thresholds of spending, they qualify for bigger and better rewards.

Ideally, you’ll also want to use rewards that are inexpensive for your business to give, but have high value to the customer. For example, a hotel that has an expensive room sitting unused can score points by upgrading a loyalty customer to that room. It doesn’t cost the hotel anything, but it earns greater loyalty from the customer.

Stocksy_txp4654bbe0k26000_Small_171174 (1)


Work Your Biz Wednesday: Online is Where It Is At

Here are 6 tips that will make you look like a rockstar when promoting your small business online from the Small Biz Lady, Melinda Emerson.


Mondays with Mike: The Blend Strategy – Building Innovative Businesses

The difference between entrepreneurs and “normal” people is that normal folks may actually believe that it’s all been done before, that the good ideas are already taken.  Entrepreneurs know different.  We entrepreneurs believe that there’s always a fresh approach to a field or a product that can be profitable if it’s launched the right way.

One of the most effective ways to put a fresh spin on a business is by combining, or blending aspects of two different businesses.  Whether it’s as simple as combining peanut butter and jelly together in one jar, or as complex as blending drive-thru fast food service with the wedding industry to create Las Vegas’s drive-thru wedding chapels, creatively fusing two industries can give you an edge and set you apart from all of your competitors.

I’ve found two clever ways that entrepreneurs have used blending to create profitable ventures, and I’m sure there are more!

  1. Shared spaces.  Okay, this concept isn’t classic blending, but it certainly employs elements of the strategy.   The key concept of shared spaces is to place your business in proximity to other businesses so that you get a crack at their existing customers. Here’s how it works.  Grocery shoppers hit the in-store Starbucks for a $5 cup of coffee to sip while they shop.  Grocery shoppers also handle all of their banking needs at the in-store bank at the front of the grocery store.  From February to April, you can even have your taxes done in the grocery store!  My favorite example of shared spaces, though, is the Lowe’s Stocksy_txp7fd1b2b2qB5000_Small_39017hardware store near my house.  There’s a guy with a hot dog stand just as you head out of the exit, after you purchase your light fixtures, bird seed, and drywall.  He’s there 365 days a year – in fact, you can smell the sauerkraut before you get to the door.  It’s genius.  He sells more hot dogs than you could imagine – whether it’s to hungry contractors near lunchtime, or to hungry kiddos helping their parents shop for weekend projects.  Shared spaces can be a great way to get your business started.  The bonus is that your new small business lends added value to the existing store as well!
  2. Duplicating an existing method of delivery.  The Vegas drive-thru chapel fits this technique, as do drive-thru banks, pharmacies, dry cleaners, and – my personal fave – drive-thru liquor stores.  Seeing a model of service delivery that works in one business and adapting it to another can be a goldmine.  Think about Ebay – they found a way to combine online product sales with the concept of an auction, complete with all the excitement of worrying about being outbid.  Their marketplace blended online sales with garage sales and added an auctioneer.  Look around you at your local businesses and see if there’s a unique delivery method that you can adapt to suit your vision.

Entrepreneurs are some of the best out-of-the-box thinkers around, and I’m constantly amazed by the innovative blends that smart business owners develop and market to become great success stories.




 
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