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What Is Influencer Marketing and How Can It Help Small Businesses on Small Budgets

What Is Influencer Marketing and How Can It Help Small Businesses on Small Budgets?

Influencer marketing has become an essential part of the marketing landscape in recent years. It’s a powerful marketing approach that allows businesses to reach their target audience in a uniquely authentic way. So, read on and we’ll take a few moments to explore what influencer marketing is and how it can help small businesses on small budgets.

What Is Influencer Marketing?

Influencer marketing is a form of marketing where brands partner with influential individuals to promote their products or services. Most of the time, these influencers have a significant following on social media platforms and can help businesses reach their target audience more effectively. However, influencers aren’t just found among such individuals – they are also everyday people.

Influencer marketing can take many forms, from sponsored posts to product reviews and giveaways. The key to successful influencer marketing is to find the right influencers for your brand and to build a relationship with them. In other words, someone who is a respected member of your community and someone who others trust. So, just about anyone with a good reputation who is also outgoing.

For instance, volunteer coaches for kids’ sports leagues, parishioners in a church, individuals who perform residential services, and so on. You likely know one or two, perhaps three or more people who fit this description. They’re well-liked, trustworthy, and have a good rapport with others.

How Can Influencer Marketing Help Small Businesses on Small Budgets?

Influencer marketing may sound super-expensive, but it can also be an affordable and effective way for small businesses to reach their target audience. You just have to know what you’re looking for and how to go about it smartly. So, here are some ways that influencer marketing can help small businesses on small budgets:

Reach a targeted audience. By partnering with influencers who have a following in your niche, you can reach a highly targeted audience. This can be more effective than traditional advertising methods, which can be expensive and may not reach your target audience.
Build brand awareness. Influencer marketing can help you build brand awareness by getting your products or services in front of a new audience. This can be especially helpful for small businesses that are just starting out and need to build a following.
Boost credibility. When an influencer promotes your product or service, it can help to boost your credibility. This is because their followers trust their recommendations and are more likely to try your product or service if they see that the influencer has endorsed it.
Cost-effective. Influencer marketing can be a cost-effective way to reach your target audience. Many influencers are willing to work with small businesses on small budgets, and the return on investment can be significant.

Overall, influencer marketing is a powerful tool that can help small businesses on small budgets reach their target audience, build brand awareness, and boost credibility. By partnering with the right influencers and building a relationship with them, small businesses can see significant returns on their investment.

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How to (Re)Establish Business Relationships Post Shutdown

June 3, 2020 No Comments

As you reopen your company, people you previously did business with might or might not return with you. Or, it could be the same people, but in different positions, not necessarily having the same latitude and/or resources at their disposal. These individuals, vendors or customers, will most likely continue their relationships, but it will probably be one that’s changed. So, you’ll need to re-establish said relationships and do so in a thoughtful and careful manner. Why Business Relations are Now more Important and Fragile than Ever Of course, whether or not you’re dealing with the same individuals and/or roles Will depend on a number of factors. It’s important to understand and accept the fact that you have no control over these situations. That means you’ll have to make adjustments on your end, in order to make the relationships work. Hopefully, the people you deal with will have some say of their own, but it’s best to hope for the best and plan for the worst. In the early months of 2020, the COVID-19 pandemic prompted wide-sweeping shutdowns and shelter-in-place orders across the United States. Now, as parts of the country look to start relaxing these strict measures, small business owners need to think about what’s next and how they will adapt and move forward safely and sustainably. —U.S. Chamber of Commerce As you reopen, some of the individual vendors and customers you previously worked with might not come back. Also, there’s the inevitability of personnel change among vendors you worked with prior to the shutdown. This means they’ll be some level of give and take, and you’ll need to temper your expectations from time to time until the new relationship takes form. How to (Re)Establish Business Relationships Post Shutdown Going forward, This new and strange dynamic will present its own set of challenges. But, with a bit of patience, tact, and along the way analysis, you can either establish new business relationships or re-establish old ones. Here’s how: Reach out. Obviously, this is where you’ll start. Reach out to those you had the strongest relationships before. Then, to others and go down the list to eventually get to those you only occasionally worked with prior to the shut down. Listen carefully. When you do speak to vendors and customers, make a conscious decision to actively listen. Don’t give into the urge to carry on about your business. Instead, take the time to listen carefully to them and learn about their circumstances. Communicate clearly. By the same token, be honest about your situation, exactly where you stand, and where you expect to be in the near future. In short, under promise and over deliver. Offer Meeting options. Not all clients, customers or partners will feel comfortable meeting in person so offer them options. We have asked our clients; would you prefer to do a video or ZOOM conference or have us meet you in person. Just asking shows you are sensitive to their concerns. Pay on time, every time. Also, be sure not to get too far ahead of yourself so you’re always in a position to pay on time, every time you receive an invoice. Otherwise, you’re opening yourself for trouble. Refer good vendors to others. Another thing you can do is to refer your favorite vendors (and customers) to others to show your appreciation. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Why Too Much Business is Bad for Business

May 24, 2017 No Comments

We all know that a business without much business, that is sales, usually sails slowly into the abyss. In some scenarios, a lack of sales starts a fantastic slide into oblivion quickly, causing the organization to grind to an abrupt halt. Regardless if it’s a slow bleed to death or a rapid demise, the end results are the same. This is what most first-time entrepreneurs know and fear, which is why they put all their resources into an astonishing effort in a race to success. While this scenario is certainly common and there are countless examples of companies wanting to dissolution, there’s another situation which can manifest and cause the same outcome — too much business. Why Too Much Business is Bad for Business Sure, it’s paradoxical, but nonetheless true: too much business, too many sales, is bad for business. It’s a strange phenomenon, but, it can’t be allowed to become a reality. When a business grows too fast, it runs the risk of outpacing its own abilities and that can cause customers to be shortchanged and to outpace the businesses capital resources. That’s nothing short of a disaster waiting to unleash itself, sabotaging a company from the inside. Incremental change rather than big splashy launches? Caution rather than risk? That may not sound like the profile we’ve come to associate with entrepreneurs, but it’s exactly this somewhat paradoxical mix of creativity and innovation combined with restraint, regulation and caution that is driving the next phase of [the country’s] business growth. The culture of prudence that has sometimes led [the country] to be seen as an economic lightweight has, in these tough economic times, proven to be our greatest asset. –Ivey Buiness Journal A company can’t overreach or it will be overwhelmed. We’ve all seen the real world effects when Fortune 500 companies rush a product to market. The Sony Betamax, New Coke, the Apple Newton PDA, and Facebook Home are some of the most high profile product failures. These demonstrate that not every new product will work, and, show that even large companies can make huge marketing mistakes. These major brands, though, can push through such bad experiences because they have the capital, brand recognition, and diversification. For a small to medium-sized business, this usually isn’t the case and there are real dangers in growing a company’s sales too large, too quickly because: Your team members can’t keep-up with the demand. While it’s great to see a steep increase in sales, that means having to meet the demand. If your team isn’t large enough, you’ll probably opt to squeeze more out from each employee. Quality will suffer as a result and when you sacrifice quantity for quality, you’re doing your customers and company a disservice. You rush through the hiring process. Another option you might exercise is to bring on new team members. The problem with this is, in an environment where there’s not enough hands-on-deck, you’ll have to expedite your hiring process. This can easily lead to bringing people on-board without the proper skill-set, attitude, or work ethic. So, you’ll have to suffer the pain of replacing employees and incur the expense of additional training. You need additional tools to sustain output. The tools of the trade are hugely important to providing quality work. When there’s a hurry to get things done, you might not have enough at your disposal. The remedy will probably be impulse purchases and that means heavily risking buyer’s remorse. You can’t effectively manage the company. Every successful business owner knows that it takes time to find and mentor good organizational leaders. This will become unavoidably apparent when there’s too much going on for your personal attention to all the moving parts. Your steep growth strains your cash flow and drains your capital reserves. Most successful business owners recognize the need for capital to start a business, but sometimes fail to realize that more sales requires more capital. Sometimes a business owner believes that more sales brings more revenue and that revenue will capitalize the business growth. Although a business owner can strategically manage the business cash flow and growth with sales to capitalize it, this must be balanced carefully and strategically. Think of the strategy like flying a plane. When a pilot takes off, the plane is on a steep but controlled ascend and then the pilot steadies the climb. If a pilot were to pull back for a steep climb and try to push the throttles and the jet to climb faster than the aircraft was capable, the pilot would burn too much fuel, create too much force and the potential risk of having the plane stall. This is similar with a business owner who pushes too many sales too fast, business runs out of cash and it stalls leaving the business to nose dive. Yet another unpleasant consequence of increasing sales beyond capacity is that you’ll have trouble responding to customer needs. If anyone is going to recognize this shortfall immediately, it will be your customers. This is why incremental growth is a sound policy. It allows you to identify gaps, learn from your small mistakes, and, to adapt at a realistic rate. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Signs an Employee is Not Actually Ready for a Promotion

July 26, 2023 No Comments

Promoting an employee is a big decision, and it’s important to make sure that the person you’re promoting is actually ready for the next level. Fortunately, there are a number of signs that can indicate that an employee is not yet ready for a promotion, even if they’re doing a good job in their current role. Signs an Employee is Not Actually Ready for a Promotion Promotions are an essential part of career growth and employee development within any organization. They serve as recognition for hard work, dedication, and competency in one’s current role. However, not all employees are ready to take a step up, despite their desire for advancement. As an employer, it is crucial to assess each team member carefully to ensure that they are adequately prepared for the increased responsibilities and challenges that come with a higher position. Here are some of the most common signs that an employee is not ready for a promotion: They’re not consistently meeting performance expectations. This is probably the most obvious sign that someone is not ready for a promotion. If they’re not consistently meeting the expectations of their current role, they’re not likely to be successful in a more senior role. They’re not taking on new challenges. If an employee is content to stay in their comfort zone and not take on new challenges, they’re not likely to be ready for a promotion. A promotion means taking on more responsibility and facing new challenges, and if an employee is not up for that, they’re not ready for an upward move. They have difficulty acting as a team player. A promotion often means having more responsibility for managing and motivating other people. If an employee is not a solid team player and doesn’t have the skills to motivate and lead others, they’re not ready for a promotion. They’re not eager to learn new things. The world of work is constantly changing, and in order to be successful, employees need to be willing to learn new things. If an employee is not excited to learn new things, they’re not likely to be successful in a more senior role. They’re not able to handle stress well. Senior roles often come with more stress and responsibility. If an employee is not able to handle stress well, they’re not likely to be successful in a more senior role. If you see any of these signs in an employee, it’s important to have a conversation with them about their readiness for a promotion. Explain to them what you’re seeing and why you don’t think they’re ready for a promotion yet. Help them identify what they need to do to improve their skills and knowledge so that they can be successful in a more senior role. Other Considerations Business Owners Need to Take into Account It’s also important to remember that not everyone is cut out for management. Some people are perfectly happy to stay in their current role and not have more responsibility. If that’s the case, there’s no need to force them into a promotion that they’re not ready for. Promotion is a great way to recognize and reward employees for their hard work. However, it’s important to make sure that the person you’re promoting is really ready to climb up the ladder. By looking for the signs listed above, you can help ensure that your promotions are successful. Now, here are some additional tips for identifying employees who are not yet ready for a promotion: Pay attention to their performance reviews. If an employee has consistently received negative reviews, they’re probably not ready for a promotion. Talk to their manager. Their manager will be able to give you a good sense of their overall performance and whether they’re ready for a promotion. Observe them in action. Pay attention to how they interact with their colleagues, how they handle stress, and how they take on new challenges. Promoting an employee prematurely can be detrimental to both the individual and the organization. Employers must carefully assess each team member’s readiness for a promotion by looking for signs of technical proficiency, effective time management, initiative, teamwork, and the ability to handle current responsibilities. By offering support, training, and guidance to employees who exhibit potential, employers can better prepare them for future roles and foster a more successful and motivated workforce. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.