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All, Business Education, financial advice

These Marketing Channels area Waste of Money

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization.

Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business.

Don’t Waste Money on These Marketing Channels

Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools.

Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com

A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment:

Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility.
Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition.
Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page.
Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention.
Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain.

Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low.

The smart way to get your brand noticed is to build personal relationships.

One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale!

So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile.

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How Successful Entrepreneurs Stay Calm Under Pressure

May 16, 2017 No Comments

There’s one thing that’s certain about starting and running a business, there will be challenges. Some are mere annoyances, while others are minor and easily dealt with, then, there are times when it seems the earth moves. It can happen in the blink of an eye, a simple error demonstrating much to your chagrin the butterfly effect. One tiny mistake or misstep makes a larger-than-life impact, and, your team looks to you to deal with the situation. We are told our whole lives that when faced with a challenge to remain calm. While it’s easy to do so as an exercise, things get a lot more complicated in real time. It starts with a stark realization, your heart drops into yours stomach, and, you begin to look desperately for answers. For most of us, that’s a normal reaction, however, for successful entrepreneurs, there’s a different approach. How Successful Entrepreneurs Stay Calm You’re not alone if you believe that stressful situations wreak havoc on lives and cause physical damage, particularly because it’s backed by science. Dr. Travis Bradberry helped to conduct a research study on more than one million people. As the nearby quote states, the analysis revealed that a whopping 90 percent of those categorized as top performers were able to stay calm, manage their emotions, and remain in control. The ability to manage your emotions and remain calm under pressure has a direct link to your performance. TalentSmart has conducted research with more than a million people, and we’ve found that 90% of top performers are skilled at managing their emotions in times of stress in order to remain calm and in control. —Forbes What this teaches us is that people learn to deal with stress, and other neuroscience research has found this to be true. One of the secrets revealed is that staying calm and under control is not an inborn trait. In fact, we also know this because of our instinctive fight-or-flight response–both can make a bad situation a whole lot worse. So, how is it that successful entrepreneurs stay calm under pressure? Well, they do these things: They take a breath and step back. Okay, we all know to do this, but, how many of us actually practice it? Too often, we let our gut instinct fly, which in most instances, isn’t a path to solve the problem but exacerbate the situation. Taking a deep breath allows you to breathe, in other words, calm your nerves, and your brain. They solicit and seriously entertain ideas. Look to some of the most successful people in business, and, you’ll definitely find a common trait: trust. We’re not talking about self-confidence, but trusting in others, or, put another way, giving serious consideration to the ideas and suggestions of other people. Behind every successful business person, there’s a team of people they trust and rely on for advice. They think carefully but don’t fret the outcome. Rather than focus on the moment and allowing it to become an exercise in fear and doubt, look to the future. While what you face might be heart pounding at the moment, it’s quite helpful to see the good that will come from it. Fear produces poor decisions but hope gives you options and a sense of peace. They stand by their beliefs and principles. When confronted with a problem, rather than give into the pressure, successful people choose to stand by their beliefs and not compromise their principles. While this might cause a setback, it serves a higher purpose and makes a statement. They relabel their emotions. Though not easy, this is very helpful. Instead of giving into fear, reroute the feeling into anticipation. You can turn frustration into desire, and transform dread into wise caution. It takes practice to do these things, but becomes more natural over time. That’s a good thing, because you’ll learn a lot on your journey and different constructive coping mechanisms that produce real results. [shareaholic app=”follow_buttons” id=”26833294″]

How to Get Past All the Hype about a New Business

September 7, 2018 No Comments

Samuel Langhorne Clemens, otherwise known by the pen name Mark Twain, once said, “There are three types of lies: lies, damn lies, and statistics.” Today, we’re past the sad story of Theranos and the fall of Elizabeth Holmes. But, Elon Musk and Tesla are filling the void. (As are a number of other brands and emerging technologies.) You can pick your favorite, because there are a number of these hyped or buzz generating entities out there. And, it’s precisely the attention and shine that fools so many people. This includes people looking for opportunities to go into business for themselves. So, how do you know if it’s legitimate or just hype? Why Hype often Falls Short Let’s begin with an important lesson. Buzz dies down and hype eventually wears off. But why? The question is more about a matter of time than some exotic explanation. The fact of the matter is, when an organization or a product is surrounded by hype, it’s usually due to an artificial yet real, phenomenon. In other words, some outrageous (or ingenious) marketing tactics work. People are awe-struck and want to believe. Fortunes were made on products using such hype marketing strategies. Many a consumer bought in to the sizzle once, never to be burned again by products that couldn’t possibly live up to the hype. The world’s a different place today, and consumers are far more demanding. The list of tactics that no longer work on today’s savvy consumers is long, and so is the list of things you can learn from the failures of hype-marketing tactics. —American Express OPEN Forum Although, we all know, reality will rear its presence, at some point. There comes a time when hype and buzz just can’t conceal the fact there’s not much there, there. When the dust settles, hindsight becomes 20/20. Now, sometimes, like in the case of Theranos and Elizabeth Holmes, it’s just investigative reporting. But other times, it’s just high expectations. Remember when the Segway concept first leaked to the public? It proclaimed the future of transportation. That fell way short. How to Get Past All the Hype about a New Business So, just how do you tell if a business idea or even a product or service is only hype? What are the telltale signs? Unfortunately, there’s no magic bullet. But, there are some things you can to do get past all the hype about a new business: Quick! Stop the press! Thomas Edison didn’t exactly invent much. In fact, he once said he’s more of a sponge than an inventor. He also used what’s known as the vaporware marketing tactic. Hearing a rival would soon introduce the first incandescent light bulb, he invited newspaper reports to see his, first. He brought them into a room, one-by-one. And, showed them a prototype. He’d then hurry them out just before it burned out. The same remains true today. You’ve got to look past the glowing press coverage. Look at the fundamentals. Speaking of looking past the media buzz, how about going a bit deeper and actually investigating the fundamentals. Is the company sound? Does it have a workable plan to grow? These and other questions will help you separate fact from fiction. If it sounds too good to be true… Okay, this is practically cliché. Or is it? Take a big step back. Take time to breathe. And, come back with a fresh disposition. If it sounds too good to be true, it probably is. But, it takes an objective look to cut through the buzz. What other ways do you spot hype? How do you look past the buzz and get to the real story? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Here’s Another Key Ingredient to Success — Stop Comparing Yourself to Others

December 15, 2018 No Comments

“Stop comparing yourself to others!” Chance are excellent you’ve heard this advice more than once before. It might have been a parent, coach, a teacher, or even a friend. Okay, we all know this is true. Comparing yourself to others will inevitably lead to disappointment. But, we all fall into this trap and it isn’t helpful. So, how do you resist the feeling in the first place? Let’s take a look at how you can effectively stop comparing yourself to others. If You Keep Comparing Yourself to Others, You’re Standing in the Way of Success Before we get into the logistics, we’ll take a peek into what this actually does — it prevents you from succeeding. That’s right. Think about it. If you’re always comparing yourself to others, you keep moving the goal post. Comparing yourself to others’ accomplishments is a losing battle. There is an endless supply of people to whom you could compare yourself and your accomplishments, but, inevitably, you’ll always end up on the losing side of the comparison. That’s because there will always be someone who has done something that you wished you could also accomplish. —Forbes.com And, we all know what that means. So, doing this is essentially self-defeating. You can’t reach the goal if you keep moving it further away. It’s really that simple. Yet, it’s difficult to resist the urge because we all want to accomplish more. How to Stop Comparing Yourself to Others Now, how do you stop comparing yourself to others? Sure, it sounds easy but it isn’t. Fortunately, there are ways to beat back the impulse: Practice getting over your FOMO urge. FOMO or fear of missing out. It’s a good portion of what drives the success of social media giants like Facebook. People are always measuring their own lives up against others on social media. Take a break. For instance, don’t check social media for an entire weekend. Or, make your evenings social media free. Look for commonalities, not differences. Instead of comparing yourself based on differences, try identifying commonalities. It will give you a level of reassurance, at the very least. It will also tell you that you are incumbents in some ways and boost your confidence. Take a long, mindful trip down memory lane. One of the best ways not to compare yourself to others is to compare yourself to yourself. That’s right. The you of today is likely a great improvement of the you of the past. Understand what you can and cannot change. Another way to stop comparing yourself to others is to understand and accept there are things you can change and things you cannot change. Doing so will certainly help you contextualize. What other methods would you recommend to stop comparing yourself to others? Please share your thoughts and experience by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.