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The Missing Element of Growth: Strategy

I just read a good article suggesting that the way to have a successful website is by buying (taking over) an existing website that has a lot of traffic.

Here are some of its key ideas that I agree with:

Looking at many online small business owners, always so busy with current operational issues, I have noticed that they are often missing the bigger picture. The majority are lacking any strategy on how to successfully grow their online presence/visibility.

Cost. We all know that small business budgets are limited, however investing in buying a website can reward you and your business greatly. Not only are you gaining an extra base of potential costumers, but you’re adding an important asset to your business, which will increase in value over time.

You can read the entire article at Small Business Growth Strategy

I suspect that buying a website is more useful for a company that wants to do business on the web instead of growing their local business. However the author makes some great points:

First, all success starts with a clear focused purpose - A STRATEGY. The ready, fire, aim approach works in the movies but in real life ends up costing a businessperson a lot of money. That’s the main idea of providing a clear strategy in the article I wrote called Profit by Using the Internet.

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If you can purchase a website that works with the strategy of

• Improving
• Growing
• Expanding

your business great. However whatever action you take make sure that it fits into the goals and purpose of the business. Have a clear strategy with the metrics to measure success and failure. Don’t use cost alone. The soft benefits of reputation, credibility, and customer service improvement are difficult to measure but those are the very things that develop customer loyality and sustain a business in hard times.

Buying a website is a good tactic, but is a tactic, not a strategy. It is a powerful weapon in your growth arsenal but like traffic building, search engine optimization (SEO), Google Adwords, and alll tactics it is not the place to start.

Having a clear goals, a time line, and a budget are the places to start.

Perhaps just as important is to keep in mind that those goals and plans need to integrate into the overall business strategy - with one supporting the other. Otherwise your customers will be confused, you’ll spend money needlessly and you won’t get the powerful results possible by leveraging both offline and online mediums.

Online Shopping Is Growing Every Day

This is the ideal time for business owners, in almost every industry imaginable, to jump on the bandwagon and join the Internet revolution. Providing an online shopping option can greatly increase the customer base of a business - especially local businesses.

When a business owner makes the informed decision to offer products or services online, he is really ‘going global’ with little effort and minimal costs. Even the smallest business with e-commerce abilities has discovered how easy it is to market their product to those a world away.

Online shopping is growing by leaps and bounds. This isn’t surprising consideration the millions of people who regularly use the Internet.

Consumers are more comfortable with online shopping than ever before. This is due, in part, to the advances that have been made with online security over the past several years. Even those individuals who would have never divulged their credit card information in the past are now shopping from home because they feel safe doing so. Why? It’s convenient, it saves gas, it’s less stressful, and shopping online offers a much greater selection of merchandise than what they will find locally.

There will always be consumers who remain adamant about the fact that they will never make an online purchase. However, neighborhood businesses can still benefit from providing e-commerce options, as those same consumers freely admit to using the Internet for extensive price comparisons before actually making a final purchase.

The news gets better. With additional payment options becoming more readily available, even the individuals who currently feel e-commerce is not safe just might end up jumping the fence.

These options include: Bill Me Later (this payment provider sends out a paper bill, and consumers can send payment via check or money order), PayPal, Google Checkout, Verified By Visa and MasterCard Secure Code options.

Cyber Source Corporation, one of the leading electronic payment providers, reported that their 2007 fourth-quarter revenue totaled $45.4 million dollars. That reflects an astounding increase of 117% compared to the same period of the previous year.

Forrester Research predicts that annual e-commerce sales will top $258 billion dollars, this year alone. They estimate the numbers for 2010 will exceed $316 billion dollars in online sales.

Again, there is no better time than the present for business owners to set up shop in cyberspace. With continual improvements, online sales will only continue to increase. Millions of shoppers agree: e-commerce really is the most convenient, hassle free, enjoyable way to shop!

How to Profit on the Internet

I just finished a good article on how to profit using the web. Many people think of the web as an eCommerce solution. Often when a local business decides to go on the web they think in terms of what they can sell or how to make money on the Internet. However the starting place is how to expand your existing business. Then move into selling on the web and expanding a business. This article outlines the process and tactics for successfully taking an off-line business to the internet - and how an unprofitable on-line business can start making money. You can read the article on-line or download the pdf. Cheers…

Profit with the Internet

There are three interlocking strategies for growing a business using the Internet: improving a business, growing a business, and expanding a business. Done sequentially they build upon one another and increase revenues immediately. 70% of all buyers buy from the web. 36% of all customers use the web to find local businesses. Understanding the specific strategies to profitably use the Internet will help capture that business and become the backbone of a companies marketing program. To read the complete article click below:

Losing Money on Your Website - Most are…

Recently Mark Asper, President of Internet Strategies, a business and Web think tank, was interviewed on the mistakes many businesses make when using the web to promote their business. He said that most businesses have a gap between what they spend and what they make on the web, that web investments are upside down and do not have an positive ROI. In other words they loose money on the web. He was including both Local Businesses and e-Commerce companies in saying that the reasons for this money draining investments are:

• No clear Internet Strategy
• No integration of the Web activities with the rest of the business
• The thinking that their business can’t ‘sell’ on the web
• Not understanding the Web
• Too much outsourcing

These reasons can be summed up simply by saying that most websites don’t have the clear purpose of driving business into their doors and integrating the web into the money making processes of their business. This situation is because for the most part people don’t know what the WEB is best used for or how to do it even when you clearly know what you want to, that is make money by increasing business to your store, consulting practice, or local business.

The problem is compounded by outsourcing people who have the knowledge, you know web designers, graphic artists, programmers, but are more concerned with ‘non-business’ issues instead of your revenue goals. What you often end up with are beautiful websites full of graphics, blinking banners, perhaps even videos and audio clips. Many of these businesses offer a lot of good information as well on-line, from their product catalogs, to elaborate “About Us” pages with company history, officers, locations, etc.

These websites might be good for the ego (which isn’t always a bad thing) but they don’t put money in your pocket. Websites like this might be great for consumers who want to learn about your products and services so that they can prepare for a purchase, translate that into shop you and your pricing around. However unless you’re a library providing free content isn’t helpful, at least for your bottom-line.

How to take advantage of a hot trend: coupons

Coupons are hot again!

The news has been reporting that consumers are using coupons again. Coupon use is at an all time high. Dismissed as a 90’s fad, coupons haven’t been popular in recent years. However coupons are tied to economic cycles and they become very hot in downturns. A household budget can save almost 30% of their food expenses alone. Buyers can save in other areas as well. How can your business take advantage of this trend?

Coupons promote a business - even if they are never used - a mini ad that doesn’t cost anything to distribute on-line. Coupons will get referrals from your existing customers. Coupons will motivate buyers to buy even when they are worried about the economy. Perhaps that best part is that you control the timing and the offer. Have slow days - make an offer to encourage shopping during those time. Have some hard to move inventory - make a 2 for 1 offer. Use coupons for contents, bonuses and rewards.

Discount coupons give cost savings to customers while providing valuable data and inventory control to the seller. Here are five reasons that creating discount coupons can benefit a business:

• Bring in new customers. When a consumer is ready to buy and knows of multiple sources for the product, price is often the deciding factor. Consumers are attracted to a good deal. Offering a discount coupon to new customers provides an added reason to shop at a particular business over all other options.

• Encourage repeat business. Satisfied customers will be more likely to shop again when they are reminded to do so, and given a compelling reason to return. A special discount coupon can be sent via email at specific intervals as a thank-you for past purchases and to encourage repeat business.

• Increase order size. Time-limited offers create a sense of urgency and give customers a reason to buy more than they originally intended. Discount coupons can be offered for a percentage off the purchase price of a second item, for example, or for free shipping on orders totaling a specific amount.

• Tracking. Gathering data on customer trends is imperative for every seller. Issuing separate discount coupons for different mailings, website promotions and affiliate partners, for instance, provides important information on where customers come from and which marketing campaigns are most effective. This data can then be used to make decisions about future marketing programs.

• Control inventory flow. Physical stores manage inventory flow by marking down items they want to move. Coupons can be used for the same purpose. The discount can be offered across the board, or used to bring in new customers with an interest in that particular product category, or sent to previous customers who bought similar products.

There are several ways discount coupons can be applied. Businesses generally offer a set dollar amount off the normal price of a product, a percentage off the price of a single item, a discount on the order total, or free shipping on orders that exceed a minimum dollar amount.

Discount offers can be extended through a number of vehicles. They can be posted on the landing page of the storefront. They can be emailed to select past or potential customers. They can be introduced on the order summary page to encourage the customer to add items to the shopping cart. Or they can be listed at various coupon sites on the Internet.

Many retailers determine the effectiveness of their marketing strategies by tracking the use of discount coupons. The information can help businesses achieve the highest possible ROI and sales at the best available rates.

Remember, lapdances are not expensable

Last night at dinner a co-worker asked me if I would “do it again?” Would I leave the comfort of a salaried management position to go into sales if I could get a mulligan (free do over)? The question came up as we were swapping war stories and thinking out the various twists and turns that shapes one’s career over a lifetime.

The question is a good one? Would you do it over again? Are you happy with your choice of profession? Sales can be hard; sales can expose you to the worse side of human nature; sales can be relentlessly demanding. Are the benefits enough? How does a salesperson stay ‘charged up,’ motivated, energized, positive? How do you? Would you recommend becoming a salesperson your son or your daughter? The important why and why nots of these questions we’ll have to discuss over the next few weeks.

How to Generate Business Leads with Online Conference Calls

Lead generation is important for any type of business. Many businesses have seen the value of taking their lead generation efforts online, running email campaigns and offering incentives online in order to get qualified leads. But as audio and video are quickly becoming the norm to Internet users, it is taking more to get their attention.

One innovation that an increasing number of marketers are taking advantage of is the online conference call. The concept is similar to that of the traditional marketing conference call, with business leaders offering information and pitching their products, services or opportunities to prospects who call in. But utilizing the capabilities of the web can add a great deal to the experience.

How Do Online Conference Calls for Lead Generation Work?

In its most basic sense, an online conference call is simply a traditional conference call in which participants can view information online. You could set up a special password protected area on your website that you give callers access to, then have them call in so you can give a verbal presentation. This method is very inexpensive, but it is also quite limited.

Online conferencing software gives you more options. It usually has audio capabilities, so your callers can listen to audio without calling in if they like. Video capability is also included in most programs, so you can give a video presentation. And some offer the option of a messaging system so that prospects can ask questions or communicate back and forth with you or each other.

If you choose to utilize audio or video, you’ll need the proper equipment. A good microphone is necessary if you’re going to transmit the audio online, and you’ll need some type of webcam or video camera for video capture. It’s also important to make sure your conferencing software includes all of the components you’ll need before you even start planning your conference call.

Once everything is in order, you’ll need to plan your presentation. You’ll also need to set up your registration. This can be easily handled by an autoresponder. Requiring an email address from those who register will also give you the means to follow up with them later.

Once you’ve got all of the technical aspects taken care of, all that’s left is to promote your conference call. You can announce it on message boards, send the information to your mailing list, and spread the word to bloggers who write about related topics. Promoting offline can also entice people to come online to learn more and register.

Online conference calls are great lead generation tools. Setting one up doesn’t have to be difficult, and it allows prospects to interact with you in a way that was once only possible with a live event. So if you’re looking for a fresh, new way to get leads, consider online conferencing.

Is Accepting Credit Card Payments Necessary for Online Business Owners

For online business owners today, offering the options customers want is a vital aspect of winning the sale.  Multiple payment methods give consumers a choice, but credit card payments are far and away the most popular.  Credit cards are convenient for consumers to use and sites that accept them show higher revenues from impulse purchases and other add-ons.

There are two ways that sites can arrange to accept credit card payments.  One is by establishing a merchant account through the business owner’s own bank.  Another is to use a third-party service to process the payments.

Bank Merchant Accounts – Most banks offer merchant accounts and processing gateways to their account holders.  Funds from credit card purchases, less the agreed-upon fees, are deposited into the merchant account, then moved to the owner’s business or personal account on a regular basis (usually within 24 hours).  The primary disadvantage is that approval for merchant accounts is more difficult to obtain for internet businesses than for standard retail businesses.  Every bank has its own qualification guidelines and fee schedules.

Third-party services such as PayPal eliminate the need for a merchant account.  They offer real-time processing of payments and transfer of funds to the business owner’s account for a fee, usually a small flat rate plus a percentage of the sale total per transaction.

Other features available might include a shopping cart that the business owner can install on the website, conversion from U.S. dollars to foreign currency, the ability to accept multiple forms of payment (such as electronic debits or echecks), customer service, and set-up assistance.

PayPal offers three account types, two of which can be used by merchants to accept credit card payments: the Premier Account and the Business Account.  An individual can open a Premier Account, but a Business Account can only be opened by a registered business.  A 2.9 percent fee is charged for receiving a payment, but as the dollar volume increases, the rate drops.  Premier and Merchant Account holders can incorporate special html code into their website to create a “Buy Now” button.  With one click, the customer is taken to a payment page to complete the transaction.

PayPal also provides a shopping cart to merchants.  This software lets the consumer select multiple items for purchase, then proceed to the payment page to pay for all selections at once.

The cost for setting up a merchant account, processing gateway, and shopping cart can range from $500 to $1,500. For the start-up or small business owner, third-party services such as PayPal may provide a more accessible, affordable alternative to traditional banking options.

Top Reasons Why Customers Leave Without Buying

Every website has a lot more shoppers than buyers. Online business owners have addressed this problem by studying consumer preferences. Here are some of the top reasons visitors don’t always become customers, and suggestions for improving on any limitations that apply:

• Ease of use. Shopper’s don’t spend time trying to navigate a site that is confusing, difficult to use, or requires too many clicks to complete a transaction. Business owners can encourage shoppers to finalize sales by simplifying the process. Buttons, especially “add to cart” and “proceed to checkout”, are best displayed prominently, preferably above the fold. Changing quantities, colors, and adding and removing items or changing shipping method should be easy to accomplish. Check-out instructions should be clear and simple. Customers appreciate the efficiency and respect for their time that a smooth purchase experience provides.
• Functionality. Websites that don’t work the way they should will not only lose sales, but discourage future visits from potential customers. A smooth-running website not only increases sales, but also frees the business owner to focus on other activities that can ultimately lead to more traffic and more conversions.
• Availability of information. Is an item in stock? How soon will it ship? What is the cost? What shipping and payment methods are available? Consumers are more likely to complete a sale when they are provided with sufficient information to answer all their questions about a product or service. Providing an FAQ page is one way to provide answers. A convenient link to detailed information about specific products also helps. Many websites also include a contact form or live-help telephone number for customers with additional questions.
• Credibility and security. The online business owner’s website is her one means of instilling confidence in the buyer. Some ways to do this include:
  • providing a physical address, telephone number, and email address
  • displaying the VeriSign or other certification authority logo
  • clearly communicating the website’s privacy policy
  • publishing an “About Us” page that explains the company or business owner’s background, objectives and accomplishments

• Multiple payment methods. Businesses that accept multiple forms of payment show significantly higher sales. Accepting credit cards, whether by setting up a merchant account or by using a third-party service such as PayPal, is crucial. The benefit of using PayPal is that it also allows customers to pay by direct transfer from their checking accounts, providing yet another option.

Business owners who put themselves in their customer’s shoes will develop insight and be positioned to make positive changes that can lead to higher conversions, increased revenues, and greater profits.

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