Archives for March 2019

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To be an effective marketer in 2019, you need to improve on the basic strategies you already use. It’s no longer enough to simply have a social media strategy or to send out emails periodically. For tips on stepping up your marketing strategies in 2019 and beyond, here are some tips from members of the online small business community.

Pay Attention to These Advertising Trends in 2019

The advertising landscape is changing quickly, especially on platforms like Facebook. If you want your messages to be seen by relevant consumers, you need to pay attention to the current trends. In this Voy Media post, Kevin Urrutia goes over some of the advertising trends to note in 2019.

Think Above Customer Expectations with Social Media Marketing

It’s always important to consider your customers’ expectations when marketing. But when it comes to social media, it may be necessary to exceed them. In this post, Are Morch explores this concept for hotels, but much of the concepts apply to other businesses as well. BizSugar members commented on the post here.

Don’t Ignore These Sales Strategies for Lead Generation

When you’re working to increase your sales, you need to bring in leads from multiple sources. There are some lead generation techniques that tend to be overlooked by small businesses. To really make an impact on your sales numbers, read this DIY Marketers post by Stefan Aarnio.

Add Video to Your Social Media Marketing

There’s a good chance that your marketing strategy includes some kind of social media content. You may even have a YouTube channel or some video content on your website. But you can make a greater impact by combining these strategies. This Content Marketing Institute post by Joe Forte includes tips for adding video into your social media strategy.

Go Back to Basics to Promote Your Business

Your marketing plan may have evolved a bit through the years. But some of those basic strategies can still be useful to established businesses. To step up your marketing strategy, here are some basic methods from Ivan Widjaya of Noobpreneur that you may want to re-examine.

Use These Smart Social Media Marketing Tools

To step up your social media strategies, you need to choose the right tools. There are plenty of options available for smart marketers, including those outlined in this post by Rebekah Radice. Then you can see input from the BizSugar community here.

Create Loyal Customers Through Post-Purchase Emails

Your business almost certainly has some kind of email marketing strategy. But if you just send out a regular newsletter, it may be time to rethink things. With post-purchase emails, you can more effectively build a loyal customer base. Learn more in this Target Marketing post by Alexandra Braunstein.

Use Psychology in Your SEO Strategy

SEO isn’t just about inserting keywords into your website content. You also need to think about how people think and feel when they interact with your online content. In this Search Engine Journal post, Andy Betts dives into the role psychology can play in your SEO efforts.

Improve Instagram Engagement Through Captions

When you think about Instagram content, you probably focus mainly on the actual visuals. But your captions can play a major role in driving engagement as well. Here, Jenn Herman of Social Media Examiner offers some tips for creating Instagram captions that help you connect with potential customers.

Make the Most of Interactive Content Tools

Interacting with customers is essential for any type of business, whether you target consumers or other businesses. There are plenty of tools that can help you effectively interact with your target audience. Caitlin Burgess explains how you can make the most of these tools on the TopRank Marketing blog.

If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.

Image: Depositphotos.com

This article, “10 Expert Tips for Improving Your Existing Marketing Strategies” was first published on Small Business Trends

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A sales commission rate is a percentage of the sales your small business pays to the employee who made them. Here’s an example. If your small business sets a commission rate of 5% and an individual on the sales team makes $70,000 in net sales, the formula works like this:

$70,000 (net sales) x 5% (commission rate) = $3500 (payable to salesperson)

Why You Need Sales Commission Rates

There are a few different reasons why it’s a good idea to have sales commission rates for your small business. A sales commission rate can allow for different compensations for different levels of sales to increase motivation.

These also clearly define how people are compensated for their efforts. Small businesses can set rates for full-time and outsourced salespeople so everyone is on the same page.  They can be fixed or on a series of sliding scales like in the following example.

Let’s say that you pay someone on the sales team 5% for every unit up to $100,000. With a tiered commission plan that rate could go up to 7% once the plateau of $100,000 is reached and surpassed.

The sales commission rate playbook has a lot of choices. Here are a few ways to start thinking about how to set one that makes sense for your small business.

Different Ways to Set Them

While you can set your own rates, there are a few different scenarios that you might want to consider if you don’t already have a sales commission rate in place.

For example, small businesses might want to consider a lower commission rate if they have an inside sales team that works from a set list for cold calls. If a sales rep has a list of prospects to get in touch with, you might want to consider a base salary to offset a lower commission rate since the closing rate might be low.

Commissions for Different Kinds of Sales Teams

Sales teams that are focusing on building relationships one at a time should consider a commission rate that takes into account individual sales. This works great for outside sales teams who are meeting people face-to-face.

If you’re thinking big picture even though you’re a small business, setting a commission rate based on volume by territory is the best way to go here.

Finding the Sweet Spot

Finding the sweet spot for this sales commission rate can be helped along when you make these territories protected. It’s a great way to prevent poaching and keeps all the sales reps motivated but in their own territorial lanes.

Sometimes there’s a difference in the commission rate depending on what you sell. Small businesses that sell services are more likely to offer a percentage of the net profits than manufacturing outfits.

Finally, some companies will pay a larger commission rate and even bonuses for bringing in new clients or breaking into and forming new territories.

Mixing a Base Salary with your Commission Rate

Small businesses also have the option of mixing a base salary with the commission rate. You’ll need to decide if your sales people are the major drivers of getting your goods and services sold. If the answer is yes, you’ll need to have a higher rate.

On the other hand, if your goods and services pretty much sell themselves and your sales people lean more towards customer service, providing them with more of a salary is a good idea.

Finding Some Benchmarks to Gauge

Of course, it’s helpful to have some benchmarks to gauge your sales commission rates by. If you want to attract the best talent for your small business, it’s a good idea to stay in the ballpark that was set by other people in the same industry.

Salespeople in the services industries generally make a higher commission rate then those who sell manufactured products. In fact, research shows they can make between 20 to 40% commission.

Keeping Rates Low for Manufactured Goods

The price of building products including the overhead keeps the commission rate down for salespeople who are working with manufactured goods. The ballpark here is around 9 to 10% for these salespeople.

More numbers indicate that the low-end equals out to about $50,000 a year with the top end peaking at $75,000 on average.

Considering These Specifics

Specifically, the going sales commission rate for storm restoration and roofing businesses is around 10%. Home improvement sales reps generally make the same. Pest control salespeople make as much is 25% on the sales they make.

Marketing people can make as much as 20% on the first payment from a client. Sometimes, this can drop back down to around 10% as the payments continue.

Remember, these are only examples. Most small businesses will want to set their own rates based on the information that’s being provided here and their own business model.

Looking for Help when Possible

With everything else that you have to do is a small business owner, finding the time to set the right sales commission rate might sit on a ‘to do’ list longer than you’d like. Technology can be a real help. GetApp has a great list of some of the most updated software options.

If you are already tech savvy as a small business owner, you might be using accounting software. If that’s the case you can find some templates for setting sales commission rates with some of the services you already use. Check out QuickBooks Apps. Their Easy-Commission app calculates customized commission rates for each rep.

Image: Depositphotos.com

This article, “How to Turn your Sales Commission Rates from Blah to Fantastic” was first published on Small Business Trends

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Online shopping isn’t normally considered to be a particularly social experience. But Betabrand wants to change that. The fashion brand integrates customers into its product development process. And this has led to some really interesting offerings like yoga pants that look like dress pants and a sweater that uses thermoregulating technology so you can enjoy the coziness of a nice sweater even when it’s warm out.

Read more about the company and its unique process in this week’s Small Business Spotlight.

What the Business Does

Designs clothes with a social component.

Founder and CEO Chris Lindland told Small Business Trends, “Betabrand is an online clothing brand that designs in a uniquely social manner. By inviting customers into our creative process, we make more inventive products much faster. Internet hits include: Dress Pant Yoga Pants, Black Sheep Sweaters, Under-the-Jack Packs, Tennis Western Boots and many more. This month’s top product: Unicorn sweaters.”

Business Niche

Involving customers in the design process.

Lindland says, “We invite hundreds of thousands of consumers to co-create products on our site. Major brands like The North Face, Timberland, Vivobarefoot, and Smartwool have used our community platform to design products of their own.”

How the Business Got Started

As a way to mix social media and ecommerce.

Lindland explains, “The goal was always to create a unique social commerce platform. Some of our first hit products for the Internet were Cordarounds, Executive Hoodies, and Disco pants”

Biggest Win

Creating the Dress Pant Yoga Pants.

Lindland adds, “We’ve sold over 1M pair and expect to sell another million this year.”

Biggest Risk

Taking a unique approach to a womenswear launch.

Lindland says, “We knew we’d have to expand beyond menswear into womenswear but weren’t sure if we could do so in time to hit a fundraising goal. So we made the marketing decision to launch all of our women’s products on models with PhDs and it attracted an enormous amount of traffic to the site. The result: We grew incredibly and now women are our primary consumers.”

Lesson Learned

Take risks.

Lindland explains, “In the clothing business, you benefit from doing one thing really well and building scale off of it. To demonstrate that our platform could create anything, we tried everything and that was sometimes hard to manufacture to. But we always pulled it off, so I wouldn’t change a thing. It would have made things easier, but not necessarily better.”

How They’d Spend an Extra $100,000

Experimenting with live media.

Lindland says, “I’d pour it all into experiments with live commerce online. I think there’s a fun future in that. And we’re already gearing up experiments for it.”

* * * * *

Find out more about the Small Biz Spotlight program

Images: Betabrand

This article, “In the Spotlight: Betabrand Puts New Fashion to the Test” was first published on Small Business Trends

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Tax season can be stressful for small business owners. There’s all the receipts you need to get together and that’s usually just a slice of the other invoices, documents and data that needs to be corralled and made sense of. Sometimes you just need to talk with someone who knows where a piece or two fits into the bigger puzzle.

If you’re in that position, here’s 9 ways to get free help with taxes from a real live person.

Where to Get Free Tax Help

H&R Block

What it is: There’s a variety of well-respected tax preparation companies that offer phone numbers that you can call to ask questions. For example, H&R Block has a comprehensive tax center on their website.

How it works: Follow the link provided to the Tax Tools and Tax Tips section and then click on the tab for the Help Center. If you scroll down a bit farther once you hit that page you’ll see a live support phone number.

Where To Find: If you’re looking for a brick-and-mortar location where you can go in and ask a question, there’s a link right here.

Human Services Agencies

What it is: Human services agencies in different municipalities and locations will offer free tax help from real people for those who earn under a certain amount as a family. Not only can they give you free advice but also help steer you towards different tax credits.   

How it works: Finding the right human service agency where you live is a good start. Begin your search right here. They will be able to direct you to any family or personal tax credits that make a difference to your return.

Where to find: There’s only one drawback here and that’s these are mostly government agencies that will work 9 to 5 hours. If you take a quick look at this one for San Francisco, you’ll see there’s even a general inquiry number that can point you in the right direction. 

United Way Tax Service

What it is: This is another online tax service but this one is from the United Way. Although the one that you can follow through this link is for the California area, there are others for your particular location. This system will point you in the direction of free tax tax service where you can ask questions.

How it works: Basically, all you need is your postal code to get started. You can even select languages and a radius from that starting point to find the help nearest to you.

Where to find: If you’re looking for this kind of free tax help from a real person, you can start out at the United Way’s main website. Check out the Find Your United Way tab in the far top corner.

Tax Advice Portals

What it is: These are online portals where you can ask a tax question and have it answered usually within 24 hours from a variety of participating accountants.

How it works: It’s as simple as it sounds. You just fill out an online form and write out your question in general and you’ll get an answer back. Make no mistake, these portals are about selling the accountants’ services but you will get some free information and maybe some fee quotes to play off each other at the same time.

Where to find:  Here’s an example of one of these portals. However, it caters to a UK audience so you’ll want to conduct your own online search.

Quora

What it is: This is an online site where people share knowledge, ask questions and get answers on a variety of different subjects for free. It’s not necessarily the right spot to get quality professional answers because it’s open to everyone and not just accountants. However, this is a great place to ask questions about where you can find free tax advice and get good leads.

How it works: Getting started is simple. You can search through the different spaces for questions that have already been answered or submit your own with an easy tab.

Where to find: You can start using Quora simply by following this link

NATP

What it is: The National Association of Tax Professionals is a comprehensive membership site for accountants and other kinds of tax preparers. It’s a good place to find out who the professionals are in your area since many accountants offer an initial consultation.

How it works: There are several ways that you can use this website to your advantage including a live chat and a 1-800 number. If you’re out in front of your tax deadline far enough, you can place a classified ad looking for help.

Where to find: The NATP website can be found right here.

Just Answer Tax

What it is: This is another online portal where you can ask a tax question and get answers from professionals in the industry.

How it works: Questions can be asked through a chat box and you’re able to see how many professionals are online to answer your questions right away. The website says that you can get help 24 hours a day seven days a week. Although it’s not a free service, there is a Q&A section where some popular tax questions are answered in that format for free.

Where to find: You can use some of the enrolled agents and certified public accountants on this website here.

IRS Free File Alliance

What it is: This is a service that is open to all Americans who made less than $66,000 a year. Basically, it’s a group of companies that offer free online filing under the IRS banner.

How it works: You need to go through the free file website to access the company’s platform. You’ll get a good deal but only if you click on the affiliate link. These types of sites will also allow you to find some contact info to ask questions.

Where to find: You can find useful information about the IRS Free File Alliance and some good contact information on the Internet.

Twitter

What it is: You can find just about everything you need on social media these days including free tax help. Twitter is a great place to ask specific questions using the right hashtag.

How it works: You can start a search using your own account or even do a Google search using geographically tagged keywords that will get you Twitter results in your locale.

Where to find: If you start by doing a quick search at the top of your own Twitter account and using keywords like free tax help, you’ll come across places like this where you can either ask a question or scroll down to find answers.

Image: Depositphotos.com

This article, “9 Resources Where Small Businesses Can Get Free Help With Taxes from a Real Live Person” was first published on Small Business Trends

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Selling things online can be a fantastic way to make an income, work from the luxury of your own home, be your own boss and improve your work/life balance, providing you’ve got the right product.

If you’re looking for an effective way to make a decent profit by selling items online, then look no further than using the dropshipping approach to ecommerce.

What is Dropshipping

Dropshipping is the name given to an ecommerce model which enables retailers to purchase products individually from wholesalers, who ship them directly to their customers. Rather than having to fork out hundreds of dollars of large amounts of inventory, retailers simply partner with a drop shipping supplier and list their products for sale.

Entrepreneurs can therefore sell items online without having to carry any inventory.

Naturally, some dropshipping products work better than others, and if you want to optimize the success of a dropshipping business, you’ll need to sell the right products.

Best Dropshipping Products

To give you a head start, take a look at the following ten best dropshipping products to sell online.

Athleisure

From sports bras to sweatpants, headbands to tank tops, athleisure is a genre of clothing consumers can’t seem to get enough of. As well as being high in demand, this popular type of leisure/sports wear provides dropshipping businesses with the opportunity to either start their own standalone athleisure store or sell these items alongside a broader fashion or sports ecommerce store.

Anti-Aging Cream

Nobody can cling on to eternally youthful looks but there is a wealth of products out there that promise to prolong the aging process. By selling anti-aging creams online directly from the wholesalers, you can capitalize on a market that is expected to surpass $330 billion in 2021.

Photos

Photos remain a top product to sell online, with a staggering 70 million photos, illustrations and vectors being sold on Shutterstock. Exploit the high demand for quality, unique and compelling photography and images by starting your own dropshipping photography business.

Phone Accessories

From cases to chargers, earphones to power banks, mobile phone accessories are almost as essential as mobile phones are in day-to-day life. The rapid increase in sales of mobile phone accessories and being able to purchase them from wholesalers and sell them on at an inflated price, means such products are one of the best items to dropship online.

Smoothie Blenders

As we become increasingly health conscious, products like smoothie blenders that promote healthy eating and living are in high demand. Buying these popular items directly from the wholesalers, presents an opportunity to make money selling them online.

Shapewear

By 2022, the shapewear market is expected to reach an incredible $5.6 billion In sales. Given the prolific demand for undergarments designed to temporarily alter the wearer’s shape, shapewear is a lucrative dropshipping product to sell online.

Travel Accessories

Traveler-focused gadgets and accessories are also in high demand with the likes of travel pillows, rucksacks, digital hanging luggage scales and passport covers being best-selling products on Amazon. Take advantage of growing ‘digital-nomad’ lifestyles and the rising demand for innovative and convenient travel accessories by selling dropshipping travel items online.

Posture Correction Belts

With more and more people working remotely from their own desks and a greater emphasis on creating a healthy lifestyle at work, posture correction belts have become a sought-after product and consequently are a good dropshipping product to sell. These popular items are inexpensive to buy from wholesalers meaning you make tidy profit selling them from your own ecommerce store.

Smartwatches

Approximately 1.2 billion watches are sold around the world each year, with high-tech, minimalist smartwatches being at the forefront in global watch sales. These small, light and highly sought-after products make a great choice of item to sell as a dropshipping merchant.

Teeth Whitening Kits

We all have teeth and most of us want white teeth, hence the demand for teeth whitening kits that significantly improve the appearance of our smiles. Research shows the global demand for teeth whitening products is expected to reach $7.4 billion by 2024, making it a great product to sell online.

Image: DepositPhotos.com

This article, “Best Dropshipping Products to Sell Online” was first published on Small Business Trends

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