Thursday, October 30, 2014

Formulating Business

It can be very annoying to see a newly implemented business idea that has been applied by an entrepreneur in the market and start asking yourself why you didn't come up with that idea first. This can be especially so if you are not creative enough when it comes to formulating business ideas. Listed below are some helpful tips that can help you turn on that creativity faucet that you need in order to come up with ideas for your next business venture:

1. Always expect ideas to come. Although this may sound a little funny, but in reality, ideas will come much easier if you are already entertaining their arrival beforehand. The thoughts that you form frequently in your mind and the passion included in thinking something up will help greatly. If you are being a pessimist about creative thinking, then you are killing the incoming ideas instead of encouraging their arrival. Be optimistic when it comes to idea formulation and expect ideas to come.

2. Open-mindedness. Being an open-minded person means that you should not reject unique ways in achieving inspiration for your ideas. Do not rule out anything right away but welcome their arrival as these ideas can come from anywhere. You do not require having in-depth information in every subject you are going to tackle but you just need the right knowledge in order to create a business idea. This is because you can always bring in people that have the right knowledge for things that you are not familiar with.

Saturday, September 21, 2013

Social Media Marketing Principles and Practical Uses

It is no doubt that most people are using social networking sites like Facebook and Twitter as part of their day-to-day living. People can easily access to these sites using their laptops, phones, and other gadgets. Businessmen around the world are using these tools to reach their existing and potential customers. Even if these sites are free, companies should consider thinking about the principles behind social marketing and advertising.

Make use of different means

Social marketing goes beyond what is seen in papers and advertisements in television. The business owner or the CEO of the company must consider projects such as small group activities, online events, the mass media, etc. The best thing to bear in mind is that the advertisement needs to be repeated in order for the customers to easily remember the information. The company may also engage in online demonstration of products and invite customers to be part of the event. Just ensure to make organise message for easily recognition.

Take time to communicate with customers

One of the reasons why companies apply social media in advertising is the ability to make communication with a large audience at the same time. The so-called conference call or videos using these online tools can help firms solicit feedback from their existing and possible audience about a certain product or service. The only thing you need to bear in mind is to make your site page attractive and interesting in order for your customers to keep coming back and check for updates.

Identify and determine you competitors

One way to achieve an edge over your competitors is to determine what is lacking in their advertising strategies. If you are able to identify this aspect, you will have the power and opportunity to improve what is lacking in their strategy. Try to develop an interesting message in your advertisements and consumers will compare this to your rivals. In addition, try to monitor the changes in your society and formulate message which is suitable to the current condition of the environment.

Don't forget to give rewards to your followers

One of the best ways to gain more followers is to reward them. Try to offer a discount to your followers who like the page of your Facebook. By doing this, your effort will have a great impact on the people's interest in purchasing a certain item from your company. You can also give out promotional items like promotional leather compendium which you think your followers will enjoy. This scheme will also encourage your followers to refer other people to visit your site and gain some exclusive discounts.

Your Social Media Marketing Plan - Four Basic Principles

If you're wondering, then it's time to revisit the basics and ask yourself some questions.

    How does social media marketing fit into your business goals?
    Is it a part of the business plan or is it a strategy?
    Can you or should you use social media branding?
    How much time and money are involved?

You can apply four basic principles of business planning to a social media marketing plan. Start with an outline, then a plan, followed by a periodic plan review, necessary corrections and finally, management of the plan. The use of social media for small business will vary depending on the type of business and the intent it is being used for. Below are four important areas to consider in social media marketing.

Establish a schedule

Every business plan starts with a start date but you will also need a review schedule. Pick a day near the end of the month, not a date but a day. The critical focus is on what progress has been made toward the goals and what steps need to continue and or be modified. Approach the review with a lessons learned concept and brainstorm for new ideas. Use reminders, ticklers and if more than just you are involved, get a solid commitment from the other people for your social media management process

The Plan

Ask yourself what social media success will look like for your business. Are you looking for more friends? What about increased web traffic? Do you want to create a buzz about a new trend? Are you looking for customer feedback? Determine if you want to take advantage of social media advertising.

The activity is a business activity with a business purpose. So define the objectives and do not worry about being formal. Bullet points are usually the most effective and during reviews comments can be made under each bullet as to the success or necessary changes needed. The important point is to write it down so you can review it later.

Establish Specific Steps

You will want to track progress so each process needs to be broken down into the smallest steps possible. For example a Facebook page has many setup parts and your input to that page will have several parts as well. Each needs to be planned with tracking in mind. The benefit of planning is being able to think through the sequence, and coordinate related tasks. Having each in order doesn't mean the execution is in the same order. The social media world is rapidly changing, the written plan enables you to mark how things change and to track success or failure. A good social media marketing plan also creates a practical reality without vague "good ideas" but no real way to track success or failure.

Establish Ownership

Look at what has to be done in each step. Can you see the face of the person responsible? Is there a group or a single person responsible? Ownership is a clear assignment of specific responsibilities. Lack of ownership represents a reduction in implementation. Groups and committee processes are not as likely to be successful. In this case you may want to investigate a social media marketing consultant.

Who would be responsible for updating LinkedIn, or the Facebook page? Who will post the tweets in Twitter and what is the schedule? How about the Blog and other media resources? You may need to rotate people or realign them based on various skill sets.

Define your metrics

A business plan for social media is not the objective. It is the execution of that plan. Metrics are the measurement of the plan. If you can measure, you can implement change otherwise it is an activity and may or may not affect your business. Metrics are specific, concrete numbers. Use a spread sheet to look at the numbers and use the graphical interface so it will speak to you in pictures.

You might need numbers that show more visitors to your website. Google can provide you with some numbers in this area. You might also use coupon discounts from the website or Facebook page as counters. It will be different for every business and every marketing plan, but it must always have a connection to your objectives.

Even if it's just you (the one-person business), you still want metrics. Put the process in bites you can chew and execute. If you follow through with the steps above, it will happen over time. The plan is just the beginning. Review, correct and manage on a schedule and you will be steering your project with confidence. The plan is a living document, a tool. Don't let it become a piece of paper, lost and getting dusty somewhere. The business plan for social media implementation is important. If you didn't have the plan, you wouldn't know how to correct, and how assumptions have changed. The result is steering, and management.