What generational online habits mean for your small business
Are you a night owl or a morning person? If you’re more active at night, there’s a decent chance you’ll also be more inclined to respond positively to that coupon or special offer you just found when you started to go through your email. That’s one of the conclusions you might make after you check out a new survey report from Campaigner. The email marketing firm took a look at some of the online shopping habits of Traditionalists, Baby Boomers, Gen Xers, and Millennials to give you some insights that can help determind your marketing strategies. Not surprisingly, they found that Millennials are more likely to open their emails than older generations and they also are more likely to be interested in the coupons they find in those emails. Check out how interest in coupons and offers decreases as age increases: 80 percent of Millennials are interested in coupons and promotions, 75 percent of Gen Xers are interested in coupons and promotions, 64 percent of Baby Boomers are interested in coupons and promotions, and 56 percent of Traditionalists are interested in coupons and promotions. By the way, to go back to the question that I tossed out to start this article, Millennials and Gen Xers are more likely to do their online shopping in the evening, while Baby Boomers and Traditionalists are more likely to do it in the morning. The contrast between Traditionalists and Baby Boomers versus Gen Xers and Millennials gets even more distinct in where they prefer to interact when making purchases. Traditionalists and Baby Boomers prefer in-store interactions (73 and 67 percent respectively) while Gen Xers and Millennials prefer to interact online (66 and 64 percent respectively). While overall only 24 percent of consumers want to interact with brands via social media one finding stands out: Of all the social media platforms, Facebook is the uncontested winner with a 54 percent social media platform approval rating. The other platforms got approval ratings between 3 percent (Twitter) and 18 percent (Pinterest). I believe that all of these findings reflect the fact that today’s consumer marketplace is more fragmented than it has ever been, certainly in our lifetime. This underscores the importance of knowing who your customers are today and who you envision them being...
read moreUse these two Google apps to reclaim productive time
“Time is On My Side” was one of the Rolling Stones’ first mega-hits back in 1964. I wonder if anyone could have a hit song with that theme today; if there is one universal dilemma in modern life – and especially in business – it’s that we’re always trying to find enough time to get things done. That makes fertile ground for developing productivity enhancing apps and services, and Google has two that are practical and could help you accomplish more with just a few clicks of your mouse or taps of your index finger: Smart Reply and Find a Time. Smart Reply I don’t think anyone would be surprised by how much time we spend just checking our email (it’s something like 30 hours a week). Geoffrey James did a good job outlining that problem in his Inc. article. But that doesn’t even include the time we spend responding – and that’s where Google’s Smart Reply feature comes in. If you use Inbox by Gmail or Allo on your iOS or Android device, you’ll see that the built-in Smart Reply feature suggests three responses based on the email that you’re reading. Further, the software uses “machine learning” to fine tune its suggested responses over time, so as you enter your own responses you’re teaching the software what to do the next time you receive a similar email. The one downside to this, is that the feature isn’t yet available if you use Gmail’s web browser interface on your desktop or laptop computer. But, as we move to greater dependency on our mobile devices, I suppose we’ll be answering more of our email from our smaller screens. Find a Time There are a variety of apps and services designed to make scheduling meeting times more convenient, such as Doodle. Google’s Find a Time falls into that category and if you work in an environment where people use Google Calendar for their schedules, it could be your best bet. You create or open an event in Google Calendar, edit the event to add guests, select their email addresses, and then click the “Find a Time” tab. If your guests have shared their calendars, you can see their schedules and find a time when you’re all available. If you have people in a variety of time zones, I think you’ll find this feature especially useful. I don’t see the war on our available time ending (ever), so any tool or strategy we can use to win back a few minutes here or there are always welcome. What are some of your favorite time...
read moreBest entrepreneur books for our time: A targeted guide
The quest for the ideal entrepreneur book never ends because all entrepreneurs are wired differently and they ply their trade in different circumstances. Your favorite might not be your partner’s favorite and the entrepreneur books you value today may not be the ones that you value tomorrow. Further, there’s never a shortage of good entrepreneur books because the human desire for building things that result in personal riches will never go out of style. With all of this said, it seems to me that no one needs merely a list of today’s entrepreneurship bestsellers – you can discover those with a few clicks on Amazon – what is needed is a guide that connects entrepreneurs to the books that best suit their personality, needs, and current position in their business development. What I provide here is a carefully curated list of the best entrepreneur books. Lifestyle entrepreneur Lifestyle entrepreneurs are generally “solopreneurs” who want to establish and grow a business that supports their lifestyle or allows them to be their own boss; they aren’t looking to build the next Facebook. If that’s you, here are two sure bets. The 4-Hour Workweek, by Tim Ferriss. This is an Internet-age classic that will inspire you and instruct you on the strategies to turn an Internet-based enterprise into a money maker. However, think that Tim Ferriss’ enthusiasm means that it’s easy to replicate his success. The $100 Startup, by Chris Guillebeau. Let’s face it, not everyone has $50,000 to start their own business or the desire to go deeply in debt to see if their idea has merit. Chris Guillebeau shows, by example, that you can get started on the proverbial shoestring. I understand this book’s popularity; my post on 80 home-based business ideas, is one of the most-read pages on my website. Industry mogul Let’s venture to the opposite end of the entrepreneurial spectrum: Folks who see themselves as the next Henry Ford, Bill Gates, or Mark Zuckerberg. These individuals found a business and then grow it – and themselves – in prosperity, power, and influence. Shoe Dog, by Phil Knight. Since Phil Knight started Nike with about $50, maybe an abridged version of his memoir would make a good chapter in Guillebeau’s book…but probably not. You’ll go on a personal journey with the man who created a sports clothing empire and it’s good to really meet the person behind a multi-billion dollar company. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way, by Richard Branson. While Knight generally stays out of the public limelight, Richard Branson is at the opposite end of the spectrum. A wild, but satisfying, ride. How-to strategies Generally, the two previous categories will help inspire you and open your eyes to what is possible. Sometimes that’s the fuel that tops off the aspiring entrepreneur’s gas tank and gets things moving. However, once we’re going, we often need maps. These titles will help you understand some of the problems you’ll face and give you ideas for solutions. 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More, by Perry Marshall. You may start your company with an idea, but immediately after that point, everything starts with a sale. If you need to get up to speed on...
read moreThis week in small business: The economy under a microscope
There are several ways to look at the economy. Is it strong? Is it circular? Are gigs starting to dominate? Those are three of the topics explored this week. And, as usual, you’ll also find a lot of great leadership, management, and marketing advice in our collection of curated content. Politics, government, and the economy Writing for the World Economic Forum, Mark Esposito takes an in-depth look at “the circular economy” and what it means for global commerce. John White covers how the rapid rise of the gig economy is changing the way many people work. Adam Samson reports that the Fed’s anecdotal Beige Book indicates that the U.S. economy continued to expand on a “modest or moderate” pace between April and May. Leadership, management, and productivity It’s one thing to generally accept the idea of women in business leadership positions. It’s another thing to see them leading in industries typically associated with men, like chemicals, machines, electronics, bridges, or railways. That’s what Kathy Deehan discusses in her Europe Business Review article. Are you up to speed on NMT, Neural Machine Translation? Probably not, so you’ll benefit from what Jeff Charles explains here. In her Women in Business Q&A series, Laura Emily Dunn talks to Emma Bates, Head of Global Marketing and Operations at Away. Tired of feeling like something less than even a second-class citizen when you fly? If so, take a look at J.T. Genter’s article, “How to Use Credit Cards to Defeat Basic Economy.” There’s some good practical advice in John Rampton’s article on 25 invoicing mistakes you need to avoid. And while we’re on the topic of mess-ups, you might want to print out these 10 mistakes to avoid as detailed by Annie Pilon and then stick it on your refrigerator. Marketing and sales Yuyu Chen delivers a great overview in his Digiday piece on “The state of influencer marketing.” Anyone using Salesforce will want to read Bobby Brill’s “Quickly Identify and Clear Bottlenecks in Your Sales Process Using Sales Wave Analytics” on the Salesforce blog. In a somewhat related vein, also check out Jon Simpson’s “The Key To Marketing Success Isn’t Your Creative, It’s Your Analytics” on the Forbes site. Need freelance clients? Abdullahi Muhammed offers four content marketing hacks he says will get the job done…or the job booked. Could a podcast boost your marketing campaign? That’s the question Jayson DeMers asks and answers here. You’ve probably seen these things everywhere, so there are some marketing lessons you can learn from the Fidget Spinner craze, says Braveen Kumar. Entrepreneurship, startups, and innovation Spin your golden years into gold: “How Older Entrepreneurs Can Turn Age to Their Advantage,” by Roger St. Pierre. Jane Flanagan of FreshBooks delivers something of a confession when she relates her past life as a small business owner and what she would do...
read moreWhy a Mobile Franchise Could be a Smart Way to Start a Business
If you are sick of staring at the same four walls, seeing the same people, and sitting at a desk for 40 or more hours a week and want to start your own business, owning a mobile franchise could just be the right thing for you. Franchising is an effective alternative to DIY start-ups. A mobile franchise allows owners to have a flexible schedule and proven business structure. Benefits: Many people are ditching their current jobs to start their own business and many are choosing a Mobile Franchise because of all the benefits you can get from not just being an employee at a company or starting a business from scratch. Strong Customer Relationship– When you own a mobile franchise, you travel to your customers so, you start to gain trust with quickly. Not only does a mobile franchise allow you to get to know your customer, but it provides an opportunity to better understand their concerns and interests. Strong customer relationships will increase your sales and provide you with an opportunity to up-sell. Flexible Work Hours– Everyone loves to design their own work schedule based on their lives. If you are a mobile franchise owner, you get to pick your own hours and set your own schedule. That gives you the freedom to manage your family needs, school work, holidays, and even other jobs. Be your Own Boss– Being your own boss can be very rewarding because you’re in charge. Because the majority of the time a mobile franchise is managed by one or two people, so instead of worrying about employees, you can focus on building your business. In some cases, you may have multiple units which require the addition of employees. Additionally, you might want to consider having a few employees so you can take a day off now and then. However, you won’t find yourself bogged down with a huge payroll. Exposure– With a mobile business you aren’t tied down to a single store location where you have to wait for the customers to come to you. Your wheels are your business. When traveling from one site to another you are marketing your business. The more units you have on the road, the more visible you are to customers. For example, if you are running a food truck business, you won’t be stuck in one location. Your restaurant can move to where the customers are. Low startup costs– Many mobile franchises have a very low initial investment making it affordable to get into the business. Furthermore, when you purchase a mobile franchise you have essentials you need to be successful. It’s sort of like a business in a box. You’ll have a blue print to follow an assistance from the franchisor so you don’t have to do it alone. Red Flags As attractive as a mobile franchise can be, not all are smart bets. There are some things that you should be aware of if you are thinking about buying a mobile franchise. Hidden costs– Make sure that you do your research and know exactly what you are getting for your money. You want to make sure that you have a full understanding of all of the costs you might incur when starting a mobile franchise unit. Territories– You want to be able...
read moreIs a Promising Future Hidden Inside a Disappointing Small Biz Confidence Survey?
One survey result is a data point. When you get a few consecutive survey results that are all pointed in the same direction it’s a trend – and unfortunately that’s what’s revealed in the results of Capital One’s latest Spark Business Barometer. The survey, which has been giving a Small Business Confidence Score since at least 2009, showed a nine-point drop in the percentage of business owners who say conditions are either “good” or “excellent” compared to the same time last year. Further, the survey has shown an uninterrupted decline since the first quarter of 2014. You can probably chalk up most of the uneasiness to factors such as the seemingly tenuous economic conditions, the unsettled political situation, and the heightened regulatory environment. But if you have a little history in small business, you know that most owners tend to be optimists and even in challenging economic conditions many forge ahead and do quite well. We see these underlying truths in the Capital One survey results as well: 41 percent of small business owners say conditions are excellent or good, and 26 percent say they plan to hire within the next six months, and of those, about half say they will be hiring full-time employees. But there are a couple of statistics buried in the survey results that I think are even more promising for U.S. small business in the coming years: Millennials and women have an extremely positive attitude about the futures of their businesses. Let me set the stage for this just a bit. First, Millennials have taken it on the chin in recent years. The stereotype of Millennials living in their parents’ basement has been the starting point for all kinds of jokes. Further, we know that women have historically had a more difficult time getting funding for their startups. Yet today we see that these two often-maligned groups are displaying more confidence in the future than small business owners as a whole. Here are the results that show this: While only 36 percent of men business owners think their financial standing will be better in six months, 44 percent of women owners are looking forward to better finances. Almost three-fourths of Millennials (72 percent) say they will be in better financial shape in six months, compared to only 24 percent of owners over 50 years old. Let’s hear it for the optimism Millennials and women are bringing to the table! Frankly, I think this positive attitude we see in Millennials today is probably the single most important finding in the survey…at least in the long run. Sadly, our country was going through the worst recession in decades when a good share of Millennials hit the job market. It wasn’t their fault, but they probably suffered the consequences more than anyone. As newbies to the job market and career path, it’s easy to understand how discouraged they must have been. It’s a fact that the future health of our economy – which is so heavily driven by small business – depends on Millennials taking their rightful position in commerce, and I think the Capital One Spark Business Barometer Survey shows that they are ready to take on that responsibility. By the way, there are other indicators that Millennials are beginning to flex their financial muscle in...
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