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You are here: Home / 2019 / Archives for February 2019

Archives for February 2019

Successful Freelancers Have Learned How to Make More Money

February 5, 2019 by Asif Nazeer Leave a Comment

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Photo by Fancycrave.com from Pexels

Working for yourself is a long-held dream for many. The day you finally get to claim your place among full-time successful freelancers is one you’ll never forget. Moreover, there are few who would wish to return to the rat race once they’ve glimpsed the freedom of self-employment.

That said, freelancers don’t always have it easy. It be difficult to make ends meet, especially in the early days. What’s more, there are major downsides when it comes to sick pay, holiday pay, and maternity leave.

This means that in order for freelancers to earn their monthly bread and butter and still be able to take the occasional break, their overall turnover has to have a little extra included to set aside for a rainy day. 

So, are you one of the world’s growing number of freelancers? As such, are you looking for a few simple ways to make more? Then here’s what we suggest.

Successful Freelancers Learn How to Spend Less

freelancers
Source: Pixabay

For successful freelancers, having more in the bank is not entirely reliant on an increased monthly income. Spending less can also contribute toward your goal.

That’s why we recommend learning how to budget, both in your professional and everyday lives. Keep an eye on your overheads, cut out unnecessary expenses, and do your best to master the art of savvy shopping. It’s the little things that will make the biggest difference, such as knowing where to find the most economical offers around.

Those who enjoy an online flutter, for example, might want to click here to find the best real money mobile casino deals. On the other hand, freelancers who enjoy the occasional spa day may wish to head on over to Groupon to save some dollars on their chosen indulgence.

RELATED ARTICLE: WANT TO BE YOUR OWN BOSS? SOME BASIC TAX TIPS FOR FREELANCERS

Look for Collaborators 

Spending less will inarguably leave you with some extra funds each month. However, you’d no doubt like to increase your income, too. One of the best ways to do this is by looking for collaborators. That is, look for websites, agencies, or other related companies who can send some business your way.

There are plenty of these to be found online, from sites such as People Per Hour to agencies that advertise for freelance talent via job websites. The important thing is to be proactive. Therefore, whether it’s attending networking events to meet others in your field or spending a few hours on the Internet each evening, try to build a web of professionals who need successful freelancers like you.

Grow Your Talents 

freelancers 2
Source: Pixabay

Last but not least, it’s a good idea to consider how you can expand your professional appeal. We’re not saying you should make forays into a different field entirely. However, the more strings you have to your bow, the more in-demand you will be.

Let’s say, for example, that you’re a copywriter. Although your grasp of punctuation and prose may be impressive, would it not also be helpful to be able to perform basic HTML for your more technologically challenged clients? If so, see if you can teach yourself. Adding this sort of small accomplishment to your portfolio can only be helpful in increasing your appeal to those on the hunt for a specialist professional such as yourself. After all, the more boxes you can tick, the more sought-after you’ll be. 

Isn’t
it time to make your business earnings the very best they can be? If so, you
know exactly where to start. 

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5 Basic Elements of a Successful Franchise Marketing Plan

February 5, 2019 by Asif Nazeer Leave a Comment

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Franchising is a great way to grow a business and generate meaningful income. But having a successful franchise marketing plan can be challenging.

A successful franchise marketing plan ensures that you deliver the right message to the right audience. It’s rare to see a franchise being sold out of coincidence. In other words, you don’t normally see clients coming in to buy a franchise just because they want to.

On the contrary, franchise sales are usually a byproduct of a series of well-executed franchise marketing strategies.

However, if you don’t have a plan in place yet and you’re looking into franchising, you’re in luck! Here is a list of the five basic elements of a successful franchise marketing plan.

#1 Buyer
Persona

Buyer personas are fictional representations of your ideal buyer in a particular market. There’s no sense in having the best franchising system in the world when you can’t market it to the right buyer. Successful franchise marketing is all about knowing who your target audience is.

Therefore, before launching ads or doing content marketing, it’s crucial that you know who you’re talking to. Understanding your buyers will mean that you can maximize the return on investment on your ads and the content you create.

RELATED ARTICLE: THE BEST WAYS TO DELIVER YOUR BRAND MESSAGE TO YOUR TARGET AUDIENCE

To create your buyer persona, do the following:

Research

If you’re new to franchising, you may not have an existing client to talk to who can help you with your research. What you can do instead is to find your direct competitors and look at their existing clients. Use services like Similar Web to help you find out where their online traffic is coming from.

Additionally, visit their blogs and look at the people leaving them comments. Look at their profiles and learn about who they are. At this stage, get as much detail as you can.

Find
Similarities

After doing your research, find something in common from the things you’ve gathered. Doing so will help you narrow down the specifics for creating your buyer persona. Here are some details you can look into:

  • What are their ages?
  • Where do they live?
  • What is their occupation or level of
    income?
  • What are their interests?
  • What challenges do they have?

Refine

Once you’ve figured out the core qualities of your buyer persona, create separate categories for each type. For example, a male customer in his 40’s will have different financial goals when compared to male customers in their 60’s. Moreover, create names for each persona you create. Doing so will help you refine your message more easily. This will help you to create content for a specific buyer persona.

Your buyer personas will change as
you learn more things about your target market. Be sure to revisit them and
update their information when needed. Your buyer persona is the cornerstone of
your marketing plan.

#2 Branding

Most people buy a franchise because they’re familiar with the brand and feel an affinity for it. For this reason, it’s your job as a company to shape how people react and relate to your brand. For example, brands like Apple, Microsoft, and Google all have one thing in common: They all have a high brand value.

franchise marketing plan

Why Is
Branding Important to Customers?

Your brand value may be intangible. However, a strong brand will benefit from high customer awareness and credibility. Moreover, franchise buyers want to make sure that they’re putting their money in the right investment. A conscious buyer is willing to look for additional value through the following methods:

Online Research

A customer’s buying journey usually
starts online. Customers will try to research everything and anything there is
to know about your business.

Social Proof

Some customers will also look for
social evidence from customer reviews and social media profiles.

Identity

Franchise buyers will buy from companies who share their values. Without a strong brand identity
baked into your marketing plan, how will you expect people to know about you
and relate to your business?

Your branding journey starts with focusing on creating a strong brand message and logo. You also have to think about the tone of voice to use when talking to your target audience. Additionally, think about your color schemes, font types, and sizes. All of these things are important. That’s because you want every marketing material you use to be associated with your brand.

Be
Consistent with Your Branding

There’s no sense in creating a strong brand identity when you’re not strict about its usage. As a franchisor, you need to ensure consistency with all your franchises. Create strict guidelines for your franchisees to follow when they market their products across different channels.

The bottom line is to create a
strong brand identity that’s incorporated into your marketing strategy. Strong
brand identity will help set you apart from the competition.

#3 Budget

Your budget is one of the most critical elements of your marketing plan. Budget allocation will depend on your goals and your available resources. More often than not, there’s not enough budget for you to do everything. Therefore, you learn how to be more strategic. Just as when you’re handling your personal finances, a marketing budget will require you to think creatively about how to use your marketing budget.

Most franchising companies make the mistake of limiting their marketing budget to ads and promotional materials. However, a realistic marketing budget covers all aspects of your business. For example, consider the following:

Market Research

You need to conduct market research to figure out what the marketplace needs. You can’t create a product without first knowing if there’s a need for it. Therefore, allot budget for focus group discussions. Additionally, you’ll want to bench mark the competition. You’ll also need to conduct surveys and hire consultants. Finally, you’ll need to test market your franchising system.

Product Development

This includes payment for design, prototyping, and paying for other services that relate to your product. For example, if you have a food business that you plan to franchise, you need to pay for a culinary expert to optimize your recipe. Moreover, you’ll need to make it competitive against other food franchises.

Advertising

This includes your media plan to get your product out there. The cost consists of copywriting and designing. Additionally, it includes the purchase of advertising spaces for offline marketing efforts.

Public Relations

Public relations take into account how you spread awareness among your market. This includes attending trade shows and sponsoring events.

The costs of marketing aren’t always apparent. Whether doing an email marketing campaign or launching an ad on social media, your goals should be to increase brand recognition and establish a relationship with your customers.

Your marketing budget may seem significant at first, and that’s natural. As you learn what marketing strategies work for different types of audiences, you will be better able to optimize your marketing efforts. In other words, as you become more experienced, you’ll be able to create a more realistic budget.

#3 Sales
Funnel

Your success in sales depends on your numbers. In other words, the more money you spend on your franchise marketing plan, the more of your franchise you can sell. That’s because the money you spend on your franchise marketing generates leads. In turn, these leads fill out applications. Then, a portion of those customers who filled out the form will set a meeting. Finally, a percentage of those who went for a meeting will translate into your selling a franchise. This is what marketers call a sales funnel.

A sales funnel is a representation of a customer’s journey from awareness of the product to purchase. A sales funnel has one single purpose. That is, its function is to drive sales. When you’ve figured out who your target audience is, you can start targeting them and begin to guide them through your sales funnel.

4 Stages of a
Sales Funnel

Prospecting
Stage

This is also called the lead generation stage. This stage is where you identify the right customers for your franchising opportunity. When you’re looking for buyers, it’s crucial to keep an open mind and try to fill your funnel with a lot of leads. You can generate leads for franchise marketing through the following:

  • Referrals
  • Networking
  • Website opt-in data
  • Participating in trade shows and
    organizations

Your marketing team should always be generating leads for your franchise business. The more leads you have, the more chances you have of closing a sale in the future. It’s also vital for you to gauge the spending capability of your leads at this stage. You don’t want to be spending time and resources on a lead that can’t buy your franchise.

Cultivating
Stage

At this stage, you’ve already established a relationship with your lead. Now, you can consider calling them a client. This stage usually takes the longest. That’s because people want to do business with people they trust. Moreover, at this stage, they’re still undecided about whether you’re a reliable business.

What’s more, cultivating relationships is a two-way street. More than showing off what your business can provide, you have to listen to your client so you can meet their needs. Follow through on whatever you promised, whether it’s to get back to them regarding additional information or just to follow up on their decision. Doing so will help build trust and make the buying decision easier.

Positioning
Stage

The positioning stage is the part where you explicitly tell your customers what you can do and how you will do it. You’ve almost closed the sale but the customer needs a bit more push.

There are various strategies that you can employ to seal the deal. For example, you can use videos to influence their buying decision. You can send your customer a video about how your franchising system works and how you’ve spent time refining the processes. Additionally, you can include stories and testimonials of other franchisees who have succeeded with your business.

Closing

Closing is the easiest part of the funnel. There’s no extra work needed. All you have to do is seal the deal with payment. Your marketing effort has paid off at this point. You were able to find out what the customer needs. And they were able to see that doing business with you is a good fit. All that’s left to do is maintain that level of relationship between you and the franchisee.

#5 Timing

Your timing will play a significant role in your marketing efforts. Franchise businesses that don’t take into account the season of the year can optimize their marketing efforts by spending more money at specific times of the year.

For example, people aren’t usually keen on buying franchises or making any substantial investments during November and December. During this time of the year, most people aren’t focused on making life-changing decisions. That’s because, generally, people are occupied with the holiday season.

Likewise, during the summer season, people are more focused on spending more time with the family and splurging on vacations.

Therefore, the first quarter of the year is the best season to generate leads for your franchise business. For example, January is the best month to target potential franchise buyers. That’s because people are generally in a reflective state at the beginning of the year.

A franchise buying decision usually takes about 12 weeks so. Therefore, be sure to factor that in when timing your marketing efforts.

Seasonal
Franchises

Things may be a bit difficult when you have a seasonal franchise. For example, if you’re a lawn maintenance company, you’ll have to shut the business down during the winter. Moreover, perceptive franchisors will be hesitant to offer franchises during the off-season. That’s because they don’t want franchises to struggle until the market picks up. Likewise, they won’t want to offer the franchise business in the middle of the season when franchisees can get overwhelmed.

Seasonal franchisors with a successful franchise marketing plan work backward from the ideal opening time. For bigger franchises, this could mean working backward from the grand opening. They would take into account the build-out stage as well as training and the sales process.

This is of course not a hard rule. Some franchisors will still accommodate buyers during the off season as long as the franchisee is prepared for it.

Develop a Robust Franchise Marketing Plan

Every successful franchise marketing plan starts with an ideal customer in mind. Knowing who your customers are, where you can find them, and how you can relate to them is the most critical step.

Thereafter, create a brand that people can recognize no matter where they are. This builds brand recognition and generates profit for your franchises. Finally, figure out how you can guide your customers through your sales funnel while taking critical timing into consideration.

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Innovating Your Product Distribution Is As Important As Innovating Your Marketing

February 1, 2019 by Asif Nazeer Leave a Comment

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Discovering a new distribution channel can do wonders for you. Imagine if you’d been one of the first apps in the Apple Store!


February
1, 2019

7 min read

Opinions expressed by Entrepreneur contributors are their own.


Great! You’ve just spent months (or years) figuring out a fantastic product in a new category, but now comes your next big challenge: getting that product into the hands of users who don’t yet know it exists.

Related: What’s the Best Way to Monitor Your Distribution System?

In other words, you need to innovate in the distribution process the same way you innovated in the product-development stage.

Developing a winning product and creating a viable distribution framework are more ideologically similar than you’d think. When you develop a product, you look for gaps in the market and perform experiments to solve those problems. As you do that, you build confidence in your product, because your experiments are drawing feedback from early adopters.

Creating a distribution framework is no different: With marketing, you can’t rely just on existing techniques or assume you know the right niche for your product — unless you experiment. With product distribution, you’re again testing out-of-the-box ideas to find the the very best one.

Apply the lessons learned from your marketing strategy to your distribution strategy. 

If you relied on traditional channels to market a new invention, you most likely found them expensive and ineffective. Why? Because you were competing with established products that already had your customers’ attention. “Who is the person suffering from the problem that my product addresses?” you had to ask yourself.

Hopefully, you discovered who that person was, and the pain of the problem he or she was experiencing. What was the precise point where your product became a priority for this person? How were your would-be customers finding existing solutions? At least initially, you probably avoided the marketing channels that established products already used.

Related: 5 Steps for Getting Your Product into Stores

A case study: AirBnB

One of the hosting company’s most famous growth hacks was its controversial “integration” with Craigslist. Another AirbBnB strategy that I found interesting, and applicable for any startup, was that the company looked for untapped demand: For instance, it launched during the Democratic Convention of 2008, when its founders knew that hotels would sell out and their company could capture the excess demand.

Now, how about applying these same marketing lessons to finding the right distribution solution for your own product/service? Consider these steps:

1. Determine if your product is a primary or complementary product.

In order to hone in on an appropriate distribution plan, first determine if your product is a primary or complementary solution. Is it a primary thing people want? For instance, a movie ticket fulfills someone’s desire to see a film, while a steakhouse satisfies a person’s craving for a steak. So, both the movie ticket and the steak are primary products.

Complementary products, on the other hand, are those that a customer purchases only after signing on to the primary product. Nobody goes to a movie theater just to eat popcorn and drink soda, but plenty of people buy those snacks once they’ve purchased a movie ticket. You have to think about where your product fits in, because that affects your distribution. 

Case study: Zapier

Zapier is a great example of a complementary product for the modern era. It helps connect common business apps (i.e., Dropbox, Trello, Hubspot) to one other so that information can flow automatically between them. 

Zapier further automates and simplifies your workflow with no coding required. However, initially it was challenging to market because its service focused on other companies’ apps. In response, Zapier came up with a very powerful SEO strategy to raise awareness of its product.

It created content so that when potential customers Googled for ways to integrate two apps, a page explaining how to connect the two with Zapier appeared. The company created thousands of these pages. This distribution strategy helped it reach $35 million in ARR in 2017.

2. Determine your customer triggers: When do they need your product most?

With my own SEO software company, RankSense, our main triggers are big website changes that can result in the loss of SEO traffic. These are typically website migrations and redesigns.  

We research sites that recently migrated and lost traffic, and offer them free SEO monitoring and reports that can help them recover quickly. Curious that we have pinpointed their painful problem, these sites then often reach out to learn more about our product.

3. Determine if you’re in the (nonscalable) product-validation phase or (scalable) product- distribution phase.

A mistake many businesses make is assuming that they’re ready to scale their product when they are not. If you’re in this position, determine whether you’re still validating your product or if it’s ready for massive distribution.  

During the validation phase, it is unwise to scale because your product might not be the ideal solution for your customers.

Moreover, when you’re scaling, big distribution channels will want some evidence of success before they take your product on. You have to bring value to potential partners. If it is only your company that benefits from the partnership, you’ll find it harder to build lasting distribution opportunities.

4. Pinpoint the optimal SaaS and app partnerships in your marketplace.

If you are in the SaaS business, integrating with complementary apps can be an effective distribution strategy. Take the example of Paypal. Paypal owes most of its early growth to piggybacking off of eBay. In the early days of eBay, buyers had to mail a physical check to a seller. The seller would wait for the check to clear,  then ship the item.

With this system credit card companies had difficulty dealing with fraudulent orders. Paypal was able to streamline the process for payment and find ways to minimize the risk of fraud. This led to Paypal’s growth into the household name  it is today. 

Determining which app or SaaS is most complementary to your product allows you to scale quickly. Nevertheless, SaaS partnering in app distribution must solve real problems in order for it to work.

LeadsBridge is a SaaS startup that takes this tactic to the extreme with great success. LeadsBridge transfers leads from Facebook campaigns to hundreds of content-management systems. It even offers to build new custom integrations for free.

5. Nail the timing of distribution.

Timing is critical for distribution. Being among the first to discover a new distribution channel can improve your scalability. For instance, consider the value you would have realized had you been one of the first apps in the Apple Store after the iPhone came out: You would have been on the cutting edge of a new distribution channel!

For a more recent example, take Cloudflare. Cloudflare is a content delivery network which powers more than 12 million sites, speeding them up and making them more secure.

Cloudflare includes built-in apps to protect you from malicious attacks. The company recently announced an app marketplace that opens the doors to a new generation of third-party business apps that can add complementary value to the millions of domains in the platform. This provides an opportunity for third-party companies to get in on the ground floor and “piggyback” on Cloudflare’s distribution.

Related: Would a Promotional Product Be Effective at Helping You Market Your Startup?

With your own company, don’t assume that a distribution channel that worked in the past or worked for another company will be the best one for your product. You need to investigate and you especially need to innovate, to seize upon the optimal timing — and run with it.



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How to Integrate Chatbots Into Your Conversion Strategy

February 1, 2019 by Asif Nazeer Leave a Comment

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Adding a chatbot to your website to guide shoppers through the buyer’s journey is actually not difficult.


February
1, 2019

6 min read

Opinions expressed by Entrepreneur contributors are their own.


Have you landed on a website lately and been greeted by a little box popping up in the corner to say “Hello”? You probably have because that’s a chatbot — and they’re everywhere.

Related: 4 Uses for a Chatbot That Will Transform Your Business

Maybe you’ve never interacted with a chatbot before and don’t exactly understand the need for them. But the truth is that that helpful little box isn’t there only to welcome you to a website, it can actually be used to improve your customer experience and increase conversions.  

Increase conversions? Maybe that makes your ears perk up! Suddenly you’re interested in this chatbot trend.

And the good news is that adding a chatbot to your website that can communicate with and guide shoppers through the buyer’s journey in a personable, human-like way isn’t difficult, What’s more, there are a number of tools available that make it incredibly easy: You just plug in some information about your company and your customers, and your chatbot is all set to skyrocket your conversions.

If you’re ready to start making sales day and night, here are the leading ways to integrate chatbots into your conversion strategy.

Improve customer service.

Even if you don’t implement chatbots for any other reason, you need to implement them for customer service. Consumers these days are used to instant gratification; with the advanced technology that’s available to them 24/7, they’re accustomed to getting what they want, when they want it.

So, your customer service needs to be available  at all times. Furthermore, according to research in the Harvard Business Review, people are willing to pay higher prices for faster customer service. In the study, customers who received customer service in five minutes or less were willing to pay almost $20 more for the same service.,

To underestand this motivation, imagine this scenario: Consumers interested in your software product, for example, typically have many questions about the product before being ready to buy.

They might want to know if your software is the right solution for their business, if it has certain features, if it will work with the current software they’re using, etc. With a chatbot, consumers can get all those questions answered immediately, eliminating their hesitations regarding taking the plunge and making a purchase.

And that’s the advantage: Customer-service chatbots aren’t just for keeping your current customers happy; they can be used to boost your conversions too.

Related: Top 10 Best Chatbot Platform Tools to Build Chatbots for Your Business

Give product recommendations.

Instead of having users search through your online store trying to find the perfect item, you can bring those coveted items straight to them, using chatbots. Bots can speak to customers to find out exactly what they’re looking for and provide them with options that meet their needs; it’s like giving them their very own personal shopper.

As the example below from MVMT illustrates, a user can tell the chatbot that he or she is looking for a men’s watch and can even provide the style preferred, like a leather band. The chatbot will then curate the best products, along with a link to purchase. The company doesn’t have to stop there either; it can also easily upsell and cross-sell items with a chatbot.

Chatbot example

Image credit: Shopify

Using chatbots to give product recommendations is like placing your hottest products in the hands of online shoppers and virtually walking them to the checkout.

Qualify leads.

Since some of your site visitors may not be the right fit for your product or services, especially in B2B industries, you need to qualify your leads in order to determine if you should be spending your valuable time trying to convert them, or if you should move on to a visitor who’s more likely to buy. Luckily, you can use chatbots to qualify leads for you.

Chatbots can be set up to automatically interact with visitors to your site, welcome those visitors,  then ask them lead-qualifying questions that you’ve pre-determined, such as:

  • What brought you to our website today/What problems are you looking to solve?

  • What is your budget for this project?

  • Who is the decision-maker at your company?

  • What other solutions are you evaluating?

Having your chatbot qualify leads for you will weed out those visitors who aren’t worth your time, so you can focus on the ones who do. You’ll also have gotten all the information you need to help you make the sale.

Engage users on social media.

What if users didn’t even have to visit your website to make a purchase? That’s a reality with chatbots.

A lot of people prefer to interact on social media — they’re already there most of the day anyway and might not want to take the extra step of finding their way over to your website. In fact, according to studies from Michigan State University featured by the American Marketing Association, chatbots provide a better mobile experience for users.

In the MSU experiment, only 35 percent of respondents completed a web-based survey on their smartphones, while 76 percent completed the same survey via a Facebook messenger chatbot. This indicates that you can capture more customers on social media using chatbots.

Many companies are already taking advantage: For instance, Domino’s Pizza launched its own Facebook Messenger chatbot whereby customers can order a pizza straight from the social media platform:

Domino’s Facebook Messenger

Image credit: IPG Media Lab 

With chatbots, you can add an even more convenient way for consumers to make a purchase from your business. Users can bust out their credit cards and place an order right from their favorite social media app.

Over to you

Welcome to the new world of online shopping. There’s no need to miss out on sales during after-hours because your chatbot can convert shoppers into customers any day, any time, and guide visitors from their initial interaction or welcome all the way through becoming a repeat, loyal customer.

Related: The Definitive Guide to Chatbots: These Bots Are Here to Serve.

So, clearly, integrating chatbots into you conversion strategy is something to consider very, very carefully.

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Topics Covered

business consulting business growth business management business marketing business strategy business topics small business small business success small business topics

Biz Opps

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Customer Focus

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Entrepreneurs

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Strategy

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Supply Chain

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