Is Your Advertising Take You Up or Down?

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Marketing and advertising can be quite costly. However, marketing can attract customers and earn you money. So, you need to be asking yourself “is your advertising taking you up or down.

Let’s take a quick look at three of the best ways to make sure your marketing efforts are boosting your sales revenue instead of draining your budget for nothing.

1) Keep An Eye On Frequency Rates When Online

Advertising online can an effective way to reach a targeted audience. What you want to avoid, though, is blasting your ads multiple times to the same people. The more times the same consumer sees your ad, the more they will become annoyed by it. In fact, when the same person sees the same ad twice, the click-through-rate decreases by 8.91 percent. Seeing the same ad five times decreases the click-through-rate by 30 percent. And once they see the same ad nine times or more, the click-through-rate is cut in half. More important, the cost-per-click rate increases each time the ad is seen multiple times. This is why you need to check ad frequency  and mix up your marketing mix using other effective channels like print.

2) Switch Up the Background

Both your online and offline marketing campaigns can benefit from switching up ad background colors. Did you know that ads with the color blue tend to make consumers feel calm? Green brings about a sense of peace, while yellow ignites a feeling of happiness and optimism. With this in mind, you need to integrate these colors into your ads based on the feelings you are trying to invoke. For example, if you are advertising massage services, then you will, of course, want your background color to be blue or green to portray a sense of peace and calm. If you’re advertising a theme park or vacation services, then using yellow in your background to bring forth feelings of happiness and excitement will be effective.

3) Run Your Own Blog

One of the most effective and cost-efficient ways to market your business is by running your own blog. Your blog can touch on a variety of topics, including articles discussing products you sell, tips for your using products, how to get good deals on your products, and how your products can be used to make your life simpler. The important thing is to make sure you are providing content to your readers that has value.

Once readers see that you are genuinely trying to make their lives better, they will come back to read your future blog postings. More importantly, they will be enticed to share your postings with other consumers, which is an excellent way to attract and secure new customers. Even better is that running your own blog is very affordable. In fact, if you’re a decent writer, you can write your own blog postings for free. If you don’t write, you can always hire a content creator to create the content for you.

 

 


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Cash Flow and Marketing: What You Need to Know

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Cash flow is important in the lifespan of any business, but one of the key things to understand is that it’s about more than just “money in versus money out.” It’s a valuable look into the bigger picture of what you’re doing, and by having a handle on this aspect of your finances, you can take advantage of business opportunities when they arise.

First, you need to understand how every element of your business relates to this cash flow concept, including marketing. To that point, marketing has a very specific relationship with cash flow that you’re going to need to be aware of moving forward.

Hone Your Budget

Yes, it’s true that marketing costs can often seem unpredictable. However, working hard to hone your marketing budget can make these unexpected situations easier to deal with.

To get started, sit down and think about your upcoming marketing efforts in relation to your other expected cash inflows and outflows. You can’t afford to throw just anything at the wall to see what sticks;  you have to be more precise than that. Create a realistic marketing budget (that includes room for experimentation if needed) that is proportional to the rest of your expected business expenses and revenue streams.

It’s All About That Return

What matters most? Return on investment. For this, focus on the metrics that provide you the context necessary to understand your marketing efforts.

Essentially, stop thinking about marketing ROI as just “how many sales did that last campaign bring in?” and don’t be afraid to break things down on a more granular level. Start looking at metrics like your customer acquisition cost. If one of your campaigns was aimed at increasing more traffic to your website, start breaking things down based on metrics like “time spent on site” and “conversion rate.”

It’s important to know how your marketing collateral is performing in terms of overall sales and revenues, but in terms of your cash flow you need to dive deeper than that. As long as you’re able to A) show that your marketing is giving you something in return, and B) you can identify exactly what that something is and when it occurs, you know where the value of every marketing dollar rests.

This, in turn, will give you the context necessary to understand marketing’s affect on cash flow and vice versa. When you know that “X action will pay off in Y way after Z amount of time,” you suddenly know the impact that every marketing decision you make actually has and when that impact is going to occur. This makes long-term cash flow projections not only easier to make but more accurate as well.


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5 Ways to Find the Strength to Try One More Time.

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Have you ever wondered what it takes to become an Olympic athlete, a NASA astronaut, or a leader in a major organization?

The one trait that all of these individuals likely possess is persistence: the ability to get back up, dust themselves off after a fall, and keep trying. No matter your talent, regardless of your genius and irrespective of your education, persistence is often the trait that sets people apart from their peers in terms of their level of success.

Succeeding at anything in life requires a great deal of effort over a period of time — very few people simply decide to be the best at their craft and are able to do it without a battle. How do these individuals find the strength to try one more time . . . repeatedly?

1. Be Prepared

Planning for success helps you think through all of the reasons why someone would disagree with your ideas, and also gives you the bulletproof mentality that you’re prepared for any question that comes your way. Think of all the reasons why something won’t be successful, and then consider arguments against that point. Become your own devil’s advocate, and it will be that much easier to find a positive response and an open door for your next request.

2. Be Adaptable

Being adaptable provides you with the mental agility to not hide in a corner when you’re kicked to the curb. As Larry Ellison, the founder of Oracle Corporation states:

“When you innovate, you’ve got to be prepared for people telling you that you are nuts.”  

You have to be willing to adapt your thinking and your processes and find a way to create change while not straying from your core ideas. You can’t listen to every naysayer, but you can look for the nuggets of wisdom that they share and use that information to your advantage the next time you try to move forward.

3. Be Confident

You may be surprised that confidence is not the first attribute we consider, but the reality is, you need to have a plan in place that you can trust and support before confidence will help you through to success. Confidence in yourself, your family, and your ideas — as well as a burning passion to make a change in the world — are what can help you continue on even when it feels as though there’s no path forward.

4. Do the Work

Unfortunately, there are few things in life that can replace hard work. Whether that hard work is from an athlete completing the same moves repeatedly for months or even years or a business leader who is told “No” more times than they can count, the ability to simply buckle down and execute on your vision is critical to long-term success.

5. Inspire Others

Perhaps one of the most rewarding things you will ever do with your life is to inspire others to be their best. Take the time throughout your life to inspire others. When you realize how many people you have impacted and how many are watching your success, it’s a lot easier to find the strength to try again in difficult times.

Finally, in the words of Thomas Edison: “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” Shouldn’t you give it one more shot?


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Family Support is Key for Succession in a Family Business

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Running a successful family business inevitably comes to a critical decision – how to continue the business when the current business owner decides it is time to retire and step away? Some decide to shut the business down

Others sell it to an outsider. Still, others decide to groom a family member to take over, but this can be fraught with risk if the young person turns out to not be interested, prepared, or the right fit.

Ready for a Change

Virenda Gupta found himself in a critical decision place when he was ready to enjoy the rewards of his own hard work building his property tax consultancy. Founded in 1986, RETC was a well-run operation that had taken years and years of dedication, especially in the highly technical accounting world of tax advising. But it was time for Virenda to travel, see family, go back to his historical home in India for visits, and reap some rewards for a change. However, RETC needed to still be managed and directed.

Positioning for Success

Virenda’s son, Amish, had initially brought up the hard topic, but both men were engaged and ready to really address the matter on all the key topics of compensation, authority, and ownership. Because they were willing to take it seriously, Virenda and Amish were able to craft a functional and working succession plan, ensuring RETC was positioned to continue for decades to come. And this was a key shift that is essential for family transition; if the current owner cannot envision handing over the reins, the succession discussion with a family member almost always ends in frustration.

Virenda’s willingness to work towards succession is not common. In fact, only one out of three family businesses make it to a second owner generation, and only a little more than one out of ten make it to a third family generation. Beyond that, the figure gets down to a single percentage digit below 5 percent. However, some of the greatest resistance is manageable; owners have to get past their role of making all the decisions leading to success and let someone else step forward. And that includes making mistakes. Planning is a key aspect, and smart owners start well ahead of a succession date, grooming potential family replacements years before. There is no 24-hour decision-making in this approach.

Proof Beyond Just Being Family

Virenda is lucky; his son wants the leadership role and is qualified. In almost one out of two cases a non-family member is more qualified to take the leadership role instead. Virenda made a key step to ensure his family was prepared. He chose his son as a potential successor after Amish had proven himself capable doing the work. He then let Amish work elsewhere and earn his stripes versus being protected internally due to just being family. Virenda then had to convince Amish to come back and take the role versus staying on the lucrative path he was already on with big corporations. That meant providing a real path and share for Amish instead of just a figurehead position.

How to Do it Right

Experts are in agreement on the key points of family success:

  • Don’t pressure kids to take on a role they are not prepared for.
  • Take on the tough conversation of succession and embrace it honestly with every detail.
  • Get children involved early, foster their interest and love for the business, and then make sure they have all the training needed.
  • Work as a team with everyone having a vested interested in the business’ success. Ownership is personal and drives people to commit.

Virenda is now enjoying travel and time to relax in his retirement, and Amish is fully-engaged in his role as RETC’s leader. Their story is both a case study of what’s done right in a family business succession as well what it takes to prepare for that moment.

 

 


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Keeping Employees Engaged During the Dreaded Month of January

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Returning to work after the fun and
exciting Christmas season can feel like
an uphill battle. If you really want to keep
your employees happy, healthy, and engaged during the dreaded month of January, there
are a number of essential things to keep in mind.

Encourage Your Employees to Spend Time Outside

Part of the reason why January is so terrible for so many people comes down to SAD, or “Seasonal Affective Disorder.” It’s a very specific type of depression that relates to changes in the seasons and is often brought about by how cold and dreary January has a tendency to be.

The key to combating this is, thankfully, a simple one – encourage your employees to get outdoors as much as possible. Take them out for lunch at that great new restaurant down the block and insist that you all walk there. Get as much natural light into your workplace as possible. Even getting just fifteen minutes of quality sunlight exposure every day can have a big impact on their mood and their productivity.

Along these same lines, consider starting an exercise program at your office in the new year. Not only will this play an important long-term role in keeping your workforce as healthy as possible, but this type of physical activity will also go a long way towards combating SAD head-on.

Encourage Frequent Breaks

It’s important to take an active role in the work/life balance of your employees during the Christmas season, particularly when their attention is being pulled in so many different directions at once. Guess what? This idea doesn’t stop being any more important just because the calendar now says “January 1.”

Look for any opportunity that you can find to give people a bit of a break from the important tasks at hand. People always need to recharge, but this will become especially important during January and the rest of the cold winter months of the year. Make sure that people are getting out of the office and home at a decent hour, too. Once again, you may think that pulling long hours will help productivity in the long run, but all you’re doing is compromising the quality of the work that people can provide you.

While it’s true that nobody (yourself likely included) likes to return to work after the fun of the Christmas and New Year season, it isn’t as bad as you probably think it is. Indeed, so much of keeping employees engaged during January comes down to a matter of perspective – one that you can fully control just by remembering tips and tricks like those outlined above.

 


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Brochures: An Incredibly Effective Marketing Tool

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Sometimes things become trends for a reason. Case in point: brochures. Brochures are still incredibly effective marketing tools. Why?

Because Brochures Have Versatility to Spare

Brochures are the perfect supplementary tool to give to someone to clue them into more information about your product or service WITHOUT having to rely on the internet. Did you just come across someone at a trade show or other event? Give them a brochure. Did you just have a walk-in that you weren’t expecting but don’t have time to dive into the deep details you need to make a sale? Give them a brochure.

Any good salesperson can tell you that the number one rule of marketing is “always be prepared,” and a brochure allows you to do precisely that.

Because It’s A Marketing Tool in More Ways Than One

Another one of the most important reasons why brochures are still incredibly effective comes down to the many ways in which they can be used beyond straight selling. Yes, this is a great way to give someone a big portion of information about your products or services… but a brochure also makes your contact information readily available. It works a lot like a business card that way, only going above and beyond what a business card can do on its own.

Because of The Power of the Hard Copy

Finally and perhaps most importantly, brochures are effective marketing tools for one reason above all others: they exist in the real world. They’re physical. People can hold them in their hands, or give them to friends and family members.

Customers prefer having something that they can hold rather than reading information from a company website. Some people even so far as to print the information they want from your website so that they can digest it at their own pace (at the cost of their printer ink).

Nobody is saying that gorgeously designed websites aren’t exactly that – but a brochure is a perfect way to take all that information you already have and bring it into the realm of the physical. Not only that, but brochures and other types of print marketing will immediately allow you to stand out from competitors who have switched to primarily digital materials – another benefit that is too powerful to overlook.

These are just a few of the many reasons why brochures aren’t going away anytime soon. If you didn’t get to create as many brochures as you wanted to during the last year, 2018 would be an excellent time to start.

 

 


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Branded Promotional Products Make a HUGE Marketing Impact

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People love free stuff; they always have, they always will. This is why branded promotional products are so effective. It doesn’t even necessarily matter what “it” is. So long as it’s free, people are going to come running.

Choosing the right type of promotional products can have a huge marketing impact because of their longevity and because they’re functional in a way that people truly appreciate. If you’re thinking about experimenting with branded promotional products but aren’t sure if it’s something that will be worth your time and effort, here are a few key reasons why now would be an excellent time to start.

Branded Promotional Products Earn You the Right Kind of Attention

According to a recent study, 53% of people used some type of promotional product at least once per week. More than that, six out of every 10 of them said that they tend to keep promotional products for up to two years.

This means that when you invest money in creating that attractive and helpful branded tote bag, you’re essentially putting a piece of marketing collateral out into the world that someone will carry with them for around two years. That is 24 months worth of opportunities for them to use that bag in public, acting essentially as a walking billboard. That’s a long period of time to effortlessly keep your brand at the forefront of someone’s mind.

Integrating Branded Promotional Products Into Your Larger Campaigns

Branded promotional products compliment your other marketing efforts and earn a place among all the other techniques you’re using. You also need to know when and where to roll them out. If you’re the type of company that will be appearing at a trade show, for example, branded promotional products like USB chargers or even fidget spinners are terrific because they can attract attention to your booth and help guarantee that every personal interaction gets off on the right foot.

Think about it like this – the first known use of branded products as a form of marketing dates all the way back to 1789when a guy you may have heard of named George Washington was trying to get elected president. The commemorative buttons he used at the time undeniably made an impact on the message he was trying to spread. If it worked for George Washington, you could bet that it will work pretty well for you, too.

When you also consider the fact that adding a promotional product into your larger marketing strategy can increase the effectiveness of your other types of collateral by up to 44%, you begin to get a better understanding of why the “all of the above” strategy is one that is more than worth exploring.

 


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Wish You Were More Productive? Try These 3 Tips!


Being productive means making room for the things you really want and uncovering new and innovative ways to work smarter, not harder. Thankfully, it’s a lot easier than you probably think it is. If you want to become more productive, here are a few key traits you should focus on.

Take Frequent Breaks to Recharge Yourself

Although this may seem a bit on the counterintuitive side, studies have shown that taking frequent breaks throughout the day help to recharge yourself. Our “biological clock” has two basic forms that are dictated by our natural twenty-four (circadian) rhythms and our shorter than a day, but longer than an hour (ultradian) rhythms. Our ultradian rhythms essentially function in 90-minute intervals. This is why it’s so easy to go from “firing all cylinders” to “boy I need a nap” and back again throughout the course of your work day.

Remember that managing your time and managing your energy are not mutually exclusive. Taking breaks will help get you over the hump and allow you to come back better and stronger than ever.

The Results Are All That Matters

In a piece originally published by Forbes on how to be a more productive manager, it stated how one of the key traits to focus on is leaning into the results, not the process. One of the reasons why we often feel overwhelmed at work is because we’re just not getting the results we’re after with a particular task. This causes our productivity (and as a result, our morale) to take a nosedive.

Because of this, it’s important to make your number one priority a high-quality, consistent, and reliable output, rather than simply trying to do as many things at the same time as possible.

Discipline, Discipline, Discipline

According to the experts at PsychCentral.com, one of the essential things that you can do to become more productive at work is to maintain a strict sense of self-discipline at all times. Highly productive people aren’t just able to eliminate tasks that are ultimately time-wasters – they also have a high degree of personal responsibility and are constantly looking for ways to improve themselves, both of which fall back under the distinct umbrella of discipline.

Hitting goals, meeting deadlines, fulfilling promises – these are the true goals behind that task you’re trying to find the time to accomplish. Maintaining focus on these through strict self-discipline is the perfect way to suddenly find more time in each day.

These are just a few of the key traits that you can focus on to instantly become more productive at work. This was the good news – the better news is that gains like these in your professional life will undoubtedly have a ripple effect on your personal life, too. You’ll be happier at home, and you’ll have more time to spend with your loved ones. It really is a win-win situation.


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The One-Trick Pony Syndrome

One trick pony.

Have you ever heard the phrase, “a one-trick pony?”

Researchers believe the “one-trick pony” phrase comes from an entertainment background. According to research, the earliest reference was associated with circus ponies used to perform a trick or feat that impressed audiences. The ponies involved could do an amazing act, such as walking on their hind feet, but that was all they could do. Eventually, the audiences got bored with the show. In one version of the story, a pony had a dog partner that would ride on it. While the audience got sick of seeing the pony do the same thing every time the circus was in town, the dog gained fame because it learned and began to perform new tricks. In time, the dog became the star, and the pony was relegated to hauling circus carts.

Is Your Business A One-Trick Pony?

The moral of the story here is not to allow your business to get stuck on only one good thing. It’s tempting to think that if you have something good going, why ruin it? Well, over time that good thing will become less and less popular. The number of customers who want it will diminish and the business will have to start cutting prices to keep it attractive. Eventually, the product or service won’t sell at all.

Palm PDAs and Blackberry were both perfect examples of the one-trick pony mistake. They both had a really good product for a while, but both companies failed to upgrade and develop new products. Eventually, someone else did, and their customer base walked away. Those text screens on a Blackberry and similarly on a Palm PDA simply looked old and obsolete versus smartphones like the original Apple iPhone. The world had changed.

It’s Time to Diversify

Is your business riding the wave right now of a star pony? If so, now is the time to be looking for and generating a new path. Diversify into a new product or new service. Not only does it protect your business’ longevity, but multiple revenue streams from different customers will eventually offset each other when one of them starts to weaken.

Companies that map out their product/service life cycle and plan for eventual loss with replacement “ponies” are the firms that survive and grow. Don’t let all your energy, money, time, and effort go down the drain with a one-trick pony. Instead, use the initial success to be your springboard for the next one.


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What Happened to Summer? Back-to-School Marketing Starts Earlier Than Ever

Back to School Marketing
The temperature is soaring, steaks sizzle on the grill, and kids play in the pool, but not everyone is thinking summer. Back to school season is starting earlier than ever for big retailers and the impact trickles over into all aspects of marketing. Both Office Depot and Land’s End launch back to school campaigns at the start of summer – in some cases before school even ended in some parts of the country.

This is a change even from last year; according to AdAge, 2016 saw back to school marketing head into full swing around the middle of July. Time magazine cites the need for retailers to make as many revenues as possible during the highest spending periods as the reason Black Friday, Halloween, and Back to School promotions are being scheduled earlier than ever before.

When does Back to School Begin?

Big retailers working on the premise that earlier is better have begun pushing back-to-school marketing back each year. Back to school is big business for retailers, since it is worth about 78 billion; it is second only to the major holidays for revenues, according to AdAge.

How Early is Too Early?

Office Depot’s back-to-school advertising rolled out June 25 of this year, a full three weeks earlier than 2016’s July launch. Other retailers are following suit, but there is some consumer backlash against the early push. Lands’ End received public criticism on social media when their back-to-school catalog dropped while kids in many parts of the country were still in school.

“We got your #backtoschool catalog in the mail. Our kids still have two weeks of school left this year! #fail #marketing,” tweeted Greg Magin.

@GregMagin helpfully tagged his rant with #fail, #backtoschool and #Marketing, so it was seen by far more than just his followers. This backlash from consumers shows that a too-early launch can backfire. Right now, the sweet spot for back-to-school marketing seems to be right after the 4th of July through the end of the month.

Back-to-school marketing is all about timing. Being aware of this pitfall, and of the enormous potential of this busy season, can help you make the most of Back to School season for your brand and ensure your organization has a visible presence during this often overlooked marketing opportunity.

Make Back to School Time Count for your Brand

Positioning your Back to School promotions in July and working to build not only sales but also awareness can help place you in front of consumers when they’re ready to outfit the kids for the next school year. Since most consumers begin searching online well before they part with actual money, building awareness ahead of this busy season can help you get the results you want without irritating consumers.


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