(866) 744-0720

Blog

8 Comments

Evergreen Marketing Methods That Still Work Today

Author: admin
Categories: Marketing,news
Image courtesy of Unsplash

Evergreen Marketing Methods That Still Work Today

Author: Poppy Williams,  poppy@techbizguide.com  

The increased amount of time people spend on their phones has changed how businesses spend their marketing budget. In the U.S., 72% of people spend upwards of 3 hours each day on their phones for work and social activities according to Statista. Marketing budgets for traditional channels, such as flyers, billboards, and paid mass media, have been slashed and redirected to social media ads and email marketing. However, as Keystone Business Brokers explains, marketing methods from decades ago still deliver a sizable return on investment (ROI) and pair well with more recent channels.

Coupons

Physical coupons sent directly to customers via mail were a major thing years ago. They were a great way to keep customers coming to your physical store. Coupons have since evolved with digital coupons booming with e-commerce. They remain reliable in retaining and acquiring new customers. You can pair them with email marketing to reduce customer churn. For instance, you may entice customers who have not renewed subscriptions or not visited your website for a while to come back using coupons.

Postcards

It may surprise you, but postcards are still an excellent way to market your products. On the downside, you need to pay for postage upfront and curate a mailing list. On the upside, Central Mailing Services notes that people are more likely to read physical mail than emails. This method works because 98% of people bring their physical mail into the house the day it comes. Meanwhile, 77% of those people sort and read their mail within 30 minutes of receiving it.

Business Cards

Today, it’s possible to create and share your e-business card with a phone app. However, you should still carry physical business cards with you to share with new leads. Physical business cards leave people with something tangible to remember you by. You can easily design your own business cards using free templates available online. The templates are usually customizable, allowing you to add your own text, images, font, and color schemes.

Working with Professionals

You may prefer working with professionals to help create high-quality postcards, coupons, customized emails, and social media posts. Often, entrepreneurs know what results they want but need professional web designers, graphic designers, and marketers to help with proper execution. For instance, the entrepreneur knows the brand’s story, but marketers will help tell it correctly through brand campaigns.

During discussions with these professionals, share images you have been working on with them. If these images are in JPG format, you can compress them to send them via email, but this will lead to a loss in quality. The correct alternative is to convert the JPG files into PDF format. In fact, you can convert multiple JPG files into a single PDF file for easier sharing.

Choosing the Correct Channels

Today’s marketers face a tough dilemma when deciding which resources to allocate to different marketing methods, including social media platforms. An affordable and efficient way to experiment is to get started with a Facebook ad template to fast-track publishing an ad that directs customers to your website or generates an email or phone call. 

One solution for choosing the best channels is to monitor the source of your current customers. This is why companies conduct surveys on new customers to ask where they first heard about the company. When running an e-commerce website, tools such as Google Analytics will break down your traffic sources by website and country.

Be Objective with Marketing Channel Choices

As a business leader, you have to be bold and objective in the marketing channels you use. Futuristic channels are not always better. Some marketing methods may have been around for a while, but they may still be great for your niche. Try these marketing methods to see which ones work best for your business.

Keystone Business Brokers is backed with more than 60 years of experience in commercial and business brokerage. Reach out today for more info! (866) 744-0720

3 Comments

6 Realistic Self-Care Tips for Entrepreneurs

Author: admin
Categories: news

Author: Poppy Williams, poppy@techbizguide.com

Image via Unsplash

Many entrepreneurs take pride in working weekends and never leaving the office. But most who have experienced long-term success have realized the importance of self-care at some point in their careers. Some have learned it the hard way.

The truth is many business owners are simply trying to get all their tasks done and don’t feel like they have time to take care of their health and well-being. However, not doing so will ultimately hold you back from accomplishing your goals, not to mention leave you unhealthy and unhappy. 

If you want success, health, and happiness, consider these realistic self-care tips from Keystone Business Brokers:

1. Declutter Your Home       

The first step to a healthy career and life is to create a peaceful atmosphere in your home. Dealing with tension, criticism, arguing, and complaining every day can be draining on everyone in your household. Look for ways to brighten up the space, such as decluttering, adding house plants, and opening the windows on warm days.

2. Hire Services

The most common reason for entrepreneurs neglecting self-care is limited time. You probably have a full plate and find it hard to imagine adding time for yourself in your routine. One way to open up more time is to hire professionals to take care of the business tasks you are not equipped to do efficiently.

For example, if you are spending too much time responding to emails and invoicing customers, hire a virtual assistant to handle those tasks so that you can focus on running your company. The same goes for web design, content writing, bookkeeping, and any other responsibilities holding you back.

3. Set Up a Workout Space 

You may not have time to go to the gym every workday, but you can make a spot at home for your exercise routine. Consider the types of movements you like to do and carve out a simple space for staying active. There are many online workout plans, programs, and tutorials to give you ideas on how to work out from home with minimal equipment and space.

4. Get Some Sun

We need vitamin D to function and live happily. Not getting enough sunlight can make it difficult to stay productive and harm your mental health. Be mindful to get outdoors each day, even if it means sitting outside with a book or going for a quick walk in the neighborhood.

5. Sleep Seven Hours        

When you run a business, you simply cannot stay productive and maintain your quality of work without adequate sleep. Adults need at least seven hours of restful sleep each night, though some require eight or nine hours. Figure out how much sleep is necessary to work and live well, and create a bedtime routine that helps you sustain it.

6. Eat for Energy and Health

Another challenge to entrepreneurship is that it can be hard to maintain a consistent, nutritious diet. If there are many days that you go without eating a decent meal, or if you are well-acquainted with the drive-thru window, now is the time to make some healthy changes.

Try to eat more leafy greens, other vegetables, fruits, fatty fish, and lean protein. Not only do whole foods benefit long-term health, but they also boost energy, concentration, and mental health.

It’s safe to say that every entrepreneur longs for success, health, and happiness. But the only way to get there is to maintain a solid self-care routine. Following the tips above will help you get off to a strong start. but keep learning and trying new things until you find a healthy rhythm that works for you.

Would you like to read more helpful content or see our selective business inventory in the South Jersey area? Visit KBizBrokers.com today!

4 Comments

What to Know as a Veteran Starting a Business

Author: admin
Categories: Start-Up Businesses

Author: Poppy Williams, poppy@techbizguide.com

As a veteran, you possess unique traits, such as being self-disciplined and courageous, that make you an ideal person to open a small business. You’re also used to working as part of a team and being a leader, which means you can easily manage your employees and work with them. However, before you begin the process, it’s important to know what it takes to open a business. That’s why Keystone Business Brokers is proud to share the following tips and resources. 

Choose Your Business Type 

You must first choose the type of business you want to operate. Think about your passions and interests. Do you love pets? You can open a lifestyle store for dog owners or an e-commerce dog supply store. Perhaps you’re passionate about the army and want to help those who are continuing to serve. Consider opening a fitness center. You can help individuals who are in training to get in shape as well as assist the community as a whole to stay active. 

If you can’t think of ideas based on your interests, create a list of your strengths. Add skills you developed while training in the army. Some business ideas that work well for first-time entrepreneurs include a cleaning service or home care service for the aging. Typically, these businesses require little money to start and are always in demand. Alternatively, remember that you don’t necessarily have to start from scratch. For instance, if you’re interested in purchasing a business that’s already been established, Keystone Business Brokers can help!

Create a Detailed Business Plan 

Once you decide on a business type, create a comprehensive business plan. Not only does drafting this document help you plan, but you need to present it when you apply for loans or grants. Moreover, you may be interested in attracting investors, and they’re likely to want to look at your business plan first. 

In your business plan, write about your products or services. Dedicate one section to specifying your target audience and their demographics. Also include information about the marketing tactics you plan to use.

Examine Your Target Market

You need an accurate view of who your target market is, so you can focus your marketing efforts in the correct direction. For instance, are you focused on local individuals, or is this an online business that ships products around the country? Are your products or services mainly for women, men, or both? If you had to make an educated guess, what age bracket is likely to be more interested in what you offer? 

Find Funding  

Both state and local grants are available, which is money you don’t have to pay back. You can also take out small business loans at low-interest rates through the government. 

In addition, you can look for private investors by asking your current social circle, family, and acquaintances if they want to invest or know anyone who may be interested. 

Improve Your Business Skills

Consider returning to school and earning your MBA degree. You can develop a comprehensive understanding of business and give yourself a distinct edge over the competition, as well as gain leadership skills and understand the importance of self-assessment when monitoring your progress. 

Reap the Reward of Entrepreneurship With the Right Steps

When you know how to proceed as a veteran opening a business, you can build a solid foundation for your business and reap the fruits of your hard work. 

Keystone Business Brokers is the most selective inventory of Businesses in the South Jersey area. Call (866) 744-0720.

Image via Pexels

Website Developers: Accularis Marketing Solutions     

 https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

14 Comments

5 Things You Should Understand When Designing a PTO Program

Author: admin
Categories: Small Business News

pastedGraphic.png
Image via Pexels

Author: Poppy Williams, techbizguide.com

As your business grows and you begin hiring, you must research employee benefits and develop a package to offer. A paid time off program can help your business provide support and flexibility to employees. Understanding the complexities of PTO policies enables you to design a fair-minded and sensible program for your company. Keystone Business Brokers offers some tips that can help you get this program off the ground.

1. Differences From Paid Leave

A survey showed that most workers employed by private businesses receive some form of paid leave as part of their compensation, with some industries offering paid vacation for over 90% of employees. In the past, companies often had separate categories for vacation days and sick days. Today, many businesses have moved to a PTO model in which both planned and unplanned time off come from the same pool.

2. Advantages of a PTO Model

Studies have found that overworking can be harmful to employees and businesses alike, and offering PTO is one way you can prevent stress and burnout. Taking time off allows employees to stay refreshed, productive and engaged. The benefits you provide demonstrate to your employees that you value their contributions and well-being. Furthermore, a solid benefits program can help you recruit and retain a great team.

3. Pitfalls To Avoid

Unfortunately, there are drawbacks associated with PTO policies. Your policy should account for those who abuse their PTO. For example, if you have an employee who takes excessive unplanned absences, your PTO program should clearly outline how to deal with them.

Additionally, if workers perceive the policy as unfair or insufficient, it could contribute to employee dissatisfaction. Avoid creating scenarios in which employees have PTO but cannot easily use it, thus losing their compensation.

4. Benefits To Consider

As you design your company’s PTO policy, there are many details you must consider. For example, depending on your hiring model, you should determine if PTO benefits are only for full-time employees or if you’ll extend some support for part-time or contract workers.

Furthermore, you can give unlimited PTO or allow employees to accrue it throughout the year. With the latter model, you must determine if employees can borrow PTO from the future or roll over unused PTO to the next year. Some businesses pay employees for unused PTO to reward regular attendance.

Setting clear guidelines regarding how and when to request time off prevents unfairness and scheduling mishaps. You should also have regulations regarding paid and public holidays and how those differ from PTO.

5. Tasks To Outsource

Business consultants can help companies design and present a new PTO program. Depending on their level of skill and experience, keep in mind that the marketing consultant hourly rate is generally between $23 and $98 per hour. Online job platforms feature reviews, pricing, and timing information that allow you to find the right consultant.

You can present your employees with a written account of the PTO policy and ask them to sign the document to ensure they understand and agree. PDFs are excellent for creating professional contracts that are accessible and properly formatted. When you need to reduce the file size to make it easier to send online, use a PDF compressor tool. It maintains the document’s structure and elements and the quality of fonts and images.

A program that allows employees to take time off while still being paid can benefit your team and business. Although there are disadvantages to using a PTO model, creating a policy with clear guidelines for handling various situations can help you avoid the drawbacks.

Website Developers: Accularis Marketing Solutions     

 https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

4 Comments

The Best Tech Outsourcing Options for Your Small Busin

Author: admin
Categories: Small Business Technology

The Best Tech Outsourcing Options for Your Small Business

Author: Poppy Williams <poppy@techbizguide.com>

TechBizGuide.com  

At Keystone Business Brokers, we know your small business runs on your ideas, so it’s only natural that you want to do everything possible to maintain it. However, this can lead some entrepreneurs to take on more than they need to for their company.

Technology offers an extensive range of benefits for businesses, but are you over-investing in technology? Instead of spending time and money handling every aspect in-house, consider hiring a professional agency to manage your IT services, social media accounts, or network security.

Managed IT Services

Technology is the backbone of every successful business. With networks, software, and hardware all inter-reliant on each other, it’s easy to see how a minor IT issue could escalate into something serious very quickly.

Rather than trying to manage this yourself or hire an in-house employee to oversee the daily upkeep of your network, consider outsourcing your IT to a reputable agency. Your company will get the benefits of an in-house IT department without the burdens.

Social Media Management

It’s no secret that social media is a vital tool for businesses of any size. Well-managed Twitter, Facebook, LinkedIn, and other social accounts help boost your company’s visibility with your target audience; however, the time commitment associated with managing social media for a business is enormous. Consider hiring a social media company to manage your accounts instead of losing precious time engaging with your audience on all fronts.

Network Security

Every company is a potential target for hackers due to the valuable information contained on its servers. Security should be one of your top priorities as a business owner, but you have more important things to do than monitor your network 24/7 for breaches or suspicious activity that could compromise your data. With managed services from a cybersecurity company, you can rest assured your network is monitored around the clock.

Website and Graphic Design Services

Since your website is one of the first things potential customers see when researching your company, you need to invest in its design. Instead of managing this task in-house or hiring a graphic designer to create a custom banner for your business website, you could use an online banner template such as Adobe Spark to create it yourself and save money.

Benefits of Outsourcing IT Solutions

When your small business needs help with its technology services or IT department, don’t hire an in-house employee or handle it yourself. Find a professional company to manage all your tech-related tasks so you can concentrate on what matters most: your business. 

pastedGraphic.png

Image via Pexels

Website Developers: Accularis Marketing Solutions     

https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

6 Comments

Vimeo and TikTok Partner to Drive Small Business Success with Video Ads

Author: admin
Categories: Marketing,Small Business News

https://press.vimeo.com/148496-vimeo-and-tiktok-partner-to-drive-small-business-success-with-video-ads

Vimeo and TikTok Partner to Drive Small Business Success with Video Ads

The partnership connects Vimeo’s powerful creation tools with TikTok Ads Manager; Vimeo is the first video software company to join the TikTok Marketing Partner Program

Vimeo (NASDAQ:VMEO), the world’s leading all-in-one video software solution, and TikTok, a leading destination for short-form mobile video, today announced a new partnership that integrates Vimeo’s powerful video tools with the TikTok platform. The partnership gives small and medium businesses (SMBs) everything they need to make effective video ads to engage customers while enabling them to take full advantage of Vimeo’s suite of video tools and the broad reach of the TikTok platform. In pre-release tests of the combined capabilities, participants saw up to 50% higher clickthrough rates compared to previous campaigns on other platforms and were able to double the number of videos they created in a short time span.

Vimeo is joining TikTok Marketing Partners, a group of vetted experts who create, implement, and measure TikTok ad campaigns. Vimeo is the first partner to be badged under TikTok’s all-new Creative Tools subcategory of Creative Partners, which helps brands produce creative assets that leverage TikTok’s best practices.

With this first-of-a-kind partnership between TikTok and a video software company, SMBs can now use Vimeo Create, an advanced AI-driven video production tool, to produce and publish ads directly into the TikTok Ad Manager in minutes. The companies also collaborated on developing custom video templates exclusively available in Vimeo Create, optimized for the TikTok platform.

Pre-Release Test Advertising

Ahead of the launch, Vimeo and TikTok invited small businesses to try Vimeo Create and advertise on TikTok for the first time. More than 85% of participants reported successful campaign results and plan to run additional TikTok campaigns. NaturalAnnie Essentials, a family-run, Bridgeport, CT-based soy candle company, saw a 5.5x increase in conversion rate within the first two weeks of the trial campaign when compared with other forms of online advertising.

“We’ve saved thousands of dollars, the stress of shipping candles to a production studio, and lots of headaches by using Vimeo for our TikTok ads,” said Annya White-Brown, CEO of NaturalAnnie Essentials. “Vimeo Create made it super easy— it was as simple as adding your assets to the templates to fit your brand. Now we create anywhere from 30-75 videos per month.”

TikTok gives small businesses opportunities to reach and attract wider communities where they spend their time today. However, the high level of user engagement on the platform creates a challenge for marketers who need to publish new content and ads with far more frequency than on other online channels. It’s recommended that businesses test new TikTok ad creative on a bi-weekly basis and that they post new organic TikTok videos multiple times a week – if not every day – to maximize their engagement.

“Vimeo and TikTok are solving one of the most significant pain points for SMBs in reaching customers — how to easily and affordably create professional-quality content at scale,” said Richard Bloom, SVP, Business Development, Vimeo. “We’re thrilled to be the first video creation platform to integrate with TikTok For Business and to expand the reach of Vimeo Create, so more businesses can engage even more customers online.”

“As small businesses recover and rebuild after a challenging year, TikTok is working on ways to make it easier to reach their community and grow their business,” said Melissa Yang, Head of Ecosystem Partnerships, TikTok. “Our partnership with Vimeo provides small businesses with simple, effective video tools that rival what the biggest brands in the world have access to — and they drive real results.”

Following the launch, Vimeo and TikTok plan to find more ways to join forces in helping every SMB succeed with video. This integration is available immediately to all Vimeo users.

Website Developers: Accularis Marketing Solutions     

https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

No Comments

SBA Announces Entrepreneur, Investor, and Award-winning Entertainer Jennifer Lopez to Headline National Small Business Week Virtual Summit 2021

Author: admin
Categories: news,Small Business News

SBA Announces Entrepreneur, Investor, and Award-winning Entertainer Jennifer Lopez to Headline National Small Business Week Virtual Summit 2021

September 13, 2021, | Release Number 21-85

Contact U.S. Small Business Administration at Press_Office@sba.gov

WASHINGTON – The U.S. Small Business Administration today announced that Jennifer Lopez, entrepreneur, investor, award-winning singer, actress, dancer, and producer, will headline this year’s National Small Business Week (NSBW). Ms. Lopez will join SBA Administrator Isabella Casillas Guzman in “Pathways to Entrepreneurship: A Fireside Chat,” moderated by Maria Teresa Kumar, MSNBC contributor, to discuss entrepreneurship and engagement in this new economy.

“I’m excited that Jennifer Lopez is joining us to headline National Small Business Week to discuss her journey as a successful entrepreneur and share her thoughts about how we can help small businesses continue to power our nation’s economy,” said SBA Administrator Isabella Casillas Guzman. “As we celebrate Hispanic Heritage Month, we recognize that Latinx entrepreneurs are starting businesses at incredible rates and celebrate the diversity in our economy.  SBA is committed to ensuring all entrepreneurs have access to the capital, markets, and networks that they need to launch and grow. We are honored that Ms. Lopez is sharing her insights and shining a light on entrepreneurship to inspire the next generation of aspiring entrepreneurs to pursue their dreams of business ownership. With our small businesses leading the way, we can build our economy back better.”

In the Fireside Chat, SBA Administrator Guzman and Ms. Lopez will discuss pathways to entrepreneurship and the SBA’s initiatives and plans to support our small businesses impacted by COVID and new startups seeking to launch.

Ms. Lopez’s participation finalizes SBA’s full speaker line-up for National Small Business Week, including entrepreneur Mark Cuban, Chef José Andrés, White House Senior Advisor, and Director of the Office of Public Engagement Cedric Richmond, and other business and elected leaders.

Biography for Jennifer Lopez, Entrepreneur, Investor, and Entertainer:

Jennifer Lopez is an award-winning actress, producer, singer, entertainer, and businesswoman who has helped to build billion-dollar brands and has established herself in film, music, television, and business as one of the most influential artists in history.  As a fashion icon, entrepreneur, and philanthropist, Jennifer Lopez has been named to the TIME 100 list, Forbes’ “Most Powerful Celebrity,” and was the first to grace People Magazine’s cover for “Most Beautiful Woman in the World.” With a career spanning over two decades at the top of every field, Jennifer Lopez is cemented in history as a global icon and the ultimate multihyphenate.

National Small Business Week Virtual Summit (NSBW)

Administrator Guzman announced National Small Business Week 2021 in a news release last month. The free, three-day conference takes place in a virtual atrium and features a series of educational panels on best practices for small businesses to pivot and recover in a changing economy.   NSBW events this year provide a forum for business owners to get expert advice, learn new business strategies, connect with industry experts, and meet other business owners as they look to pivot and recover.

For more information about the National Small Business Week Virtual Summit, please visit http://www.sba.gov/NSBW.  All events are live-streamed and used the event hashtag #SmallBusinessWeek.

—

Cosponsorship Authorization #21-21-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis. Reasonable arrangements for persons with disabilities will be made, if requested at least two weeks in advance, by contacting smallbusinessweek@sba.gov. SCORE is partially funded by SBA Cooperative Agreement No. SBAHQ-14-S-0001.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Website Developers: Accularis Marketing Solutions     

https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

3 Comments

5 reasons you need a business plan

Author: admin
Categories: Small Business Management

5 reasons you need a business plan

By U.S. Small Business Administration Category: SBA News and Views

If you are starting a small business, there is no shortage of advice on the steps you should take: registering your business name, getting a Tax ID, deciding on a business structure, and applying for the needed permits and licenses. While these are all very important steps to take, a business plan will be central to how you start, grow and develop your business.

Here are 5 reasons why you need a business plan:

1. It will help you steer your business as you start and grow.

Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.

2. It’s not as hard as you think.

A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document. Break it down into mini-plans – one for sales and marketing, one for pricing, one for operations, and so on.

3. It will help you to reach business milestones.

A well-thought-out business plan helps you to step back and think objectively about the key elements of your business and informs your decision-making as you move forward. It is essential whether you need to secure a business loan or not. Keep in mind that the plan does not have to be like an encyclopedia and does not have to have all the answers.

4. It can help you get funding.

Business plans can help you get funding or bring on new business partners. Having one in place will help investors feel confident that they will see a return on their investment. Your business plan is the tool you will use to persuade others that working with you (or investing in your business) is a smart decision.

5. There’s no wrong way to write a business plan.

There is no right or wrong way to write a business plan. You can pick a plan format that works best for you. What’s important is that your business plan meets your needs. Most business plans fall into one of two common categories: traditional or lean startup.

Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. Traditional plans tend to require more work upfront. Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically just one page.

Because knowing where to start can be challenging, the SBA has tools to help make writing a business plan less intimidating and time-consuming. The SBA offers a Business Plan Tool that helps simplify the process. The tool consists of eight easy-to-follow steps to help create a well-prepared plan.

To learn more about putting your business plan together, go to the SBA’s Online Learning Center and take the self-paced course on How to Write a Business Plan. The course explains the importance of business planning, describes the components of a plan and provides access to resources and sample plans. You can also take a look at the SBA’s Business Planning Guide for more information and to view business plan templates.

If you want a more hands-on approach, you can get assistance from an SBA resource partner to help complete your business plan. Working with a mentor or counselor from SCORE, a Small Business Development Center or a Women’s Business Center can help with all aspects of starting, growing, or expanding your business.

Website Developers: Accularis Marketing Solutions     

https://www.accularis.com               856-793-9440

Host Platform: BlueHost.com

3 Comments

The Future is Streaming Video Marketing

Author: NSantarone
Categories: Marketing

The Future is Streaming Video Marketing

The trends in online marketing have consistently shown growth in using promotional video for both B2C and B2B marketing. Approximately 90% of all information processed by our brains is visual. It is easier for consumers to digest and retain visual information rather than text material. Viewers claim they retain 95% of a message when obtained via video. (Social Media Week)

The most successful videos are those that are easy to understand and are direct to the point. Before creating a video determine who is your target demographic and what is your message. Videos that are generalized for multiple demographics are less effective.

Once you have a series of videos you can use them in a plethora of channels to be viewed by potential buyers. For starters you can place videos on your company’s landing page this gives customers and prospects a clearer reason to purchase your products or services. You can greet the viewer and introduce your organization establish confidence and explain why they should do business with you. Other videos can demonstrate your products, testimonials by satisfied customers, and promotional advertising. The biggest and most effective social media channels are YouTube, Facebook, Twitter, Instagram, Tik-Tok, and LinkedIn.

Small business owners have two options when implementing a marketing video strategy, they can hire an outside firm to produce the video which you can find online.

If you choose to create your own videos using the technology now available read my blog article Marketing Your Business With Video 02/15/2 < https://kbizbrokers.com/2021/02/15/marketing-your-business-with-video/ >. This posting will give you an overview of how to produce a video on your own. Prior to joining Keystone Business Brokers, I was a member of the business faculty at Penn State University where I taught marketing. Students taking the Advertising and Sales Promotion Management course were required to produce a promotional video for a local business in the Abington PA area. Below are examples of some of the projects that the students created. Remember these were not art or creative students, but marketing management students. With basic simple software tools, they were able to create these advertising videos and you can too.

Our Family Cafe.  < https://vimeo.com/manage/videos/100336918 >

Attractive Properties.  < https://vimeo.com/manage/videos/147528467 > 

Foster’s Plumbing, Heating & Cooling  < https://vimeo.com/manage/videos/147528469 >

By 2022 it is estimated that 82% of all internet traffic will come from video streaming. Will you be ready?

Announcement

If you’re a business blogger and you would like to contribute articles to appear on our site, please contact Dennis Hassis the Agent Manager   dennis@kbizbrokers.com. Your name and website will appear on the post. We look forward to hearing from you.

   Website Developers: Accularis Marketing Solutions

 https://www.accularis.com        856-793-9440

Host Platform: BlueHost.com

4 Comments

Researching Your Competitive Marketplace to Gain Advantage By Using Porter’s 5 Forces

Author: NSantarone
Categories: Small Business Management,Uncategorized

Researching Your Competitive Marketplace to Gain Advantage

By Using Porter’s 5 Forces

The small business arena has been in flux for well over a year due to the COVID-19 pandemic.  Huge shortages of products during the early stages and the reluctance of consumers to go out in public.  Many resilient entrepreneurs during the pandemic have become creative in offering deliveries, outside dining, and revamping their inventories.  In this new streamlined economy, small businesses must keep adapting to the changes that are inevitably coming.

A great analyzing tool is “Porter’s 5 Forces” which is a model developed by Michael Porter of the Harvard School of Business.  It looks at five competitive market elements of your business allowing you to fine-tune operational strategies.  

When developing your strategy using these five strategies conceived by Professor Porter the small business owner can develop a superior competitive strategy. 

 Porter’s 5 Forces

Suppliers Bargaining PowerThe characteristics of your supply chain are a big factor in the amount of control that the suppliers have over buyers.  The fewer suppliers the greater control they have over the pricing and distribution of products.  When many suppliers are offering the same type of products and costs for changing to a competing supplier are low, a company can increase its profits by switching vendors.

Buyers Bargaining Power

When buyers’ Bargaining power is high they have numerous buying options. If there are choices limited they have limited power.  When a competitor can supply a product that is identical or a substitute for an existing one at a lower price the buyer has a choice. 

Substitute Threats

During the current pandemic, the supply chain was unable to keep up with demand.  As we all remember many products were not available and substitutions became a standard practice.  Some of those substitutions proved to be better than the ones we were used to purchasing.  

Industry Competitors Rivalry

If a product is generic and there are many competitors in the marketplace each supplier has to determine what makes their product appeal to customers.  Knowing what customer base you are targeting will give you an edge. Quality, low price, distribution method, and services offered are factors to consider.  When competing with a large corporation that has a competitive advantage a small company should offer boutique products that the larger firms are ignoring.  An example is the proliferation of craft breweries.

New Entrants Threat

Barriers to entering a new venture can be high or low depending on the type of organizations are currently holding the dominant market shares. Porter states that economies of scale are an advantage to large enterprises due to their ability to produce on a large scale reducing the cost per unit.

Capital requirements are a factor in the new entry of competitors entering the marketplace.  Production of custom products on a small scale using new technology such as 3D printers creates a niche for small producers.  They can advertise through social media and distribute through online vendors.  There is usually little threat of retaliation by large producers since these are low production items. 

If businesses periodically review Porter’s 5 forces and adjusting their strategies to the changing economic conditions, they will have a competitive advantage over their rivals.

Citation

Porter, Michael E. “The Five Competitive Forces That Shape Strategy.” Special Issue on HBS Centennial. Harvard Business Review 86, no. 1 (January 2008): 78–93.

Website Developers: Accularis Marketing Solutions     

 https://www.accularis.com               856-793-9440

Keystone Business Brokers

Advertisement

Delicatessen for Sale. $475,000

Great Location, Burlington County, South Jersey

Description

This well-known and very popular deli is well situated in a large shopping center with volumes of parking and great visibility. It is located in a wonderful community on a highly traveled connecting road. The business has been established over 30 years and has an excellent reputation. The deli is very successful and profitable. The owner said its time to move on. This is an opportunity for an aggressive owner operator. For more information please contact Dennis Hassis at 609-876-6565 or dennis@kbizbrokers.com

 

Recent Posts

Recent Comments