Some interesting and provocative stats. What we say to businesses however is that they to develop a strategy and a systematic approach to harness the power of social media.

This short video introduction provides as overview of how Bua Consulting helps clients understand our strategy and our approach to adding value to business by the correct adoption of technology.


 

Written by Rieva Lesonsky

Remember the famous Tom Hanks line in the movie A League of Their Own: "There's no crying in baseball"? Apparently, entrepreneurs aren't crying in their beer either. According to a study just released by ThomasNet.com, the online site that connects buyers and sellers globally, "despite challenges that are out of their control," business owners are both optimistic about their abilities to ride out the rest of the economic storm, and also expect to grow this year.

An overwhelming 76 percent of those surveyed in the semi-annual ThomasNet Industry Market Barometer believe the economy will improve by the second quarter of 2010 or sooner. And 35 percent actually expect their businesses to grow this year.

These people are not delusional; over half saw a dip in their businesses in the first half of 2009 (most of them lost customers). But they are determined, as one survey respondent said, not to participate in the recession and to focus instead on changing the way they conduct business.

But the most interesting part of the survey was how these businesses chose to fight their way back to business growth. Most decided to essentially reinvent their sales strategies. To find out more, I spoke with Linda Rigano, executive director of strategic services at ThomasNet. Rigano says 70 percent of the businesses decided to institute new sales tactics, specifically by:

• Increasing online marketing
• Expanding into new markets, particularly internationally
• Exploring new channels of distribution

Nearly 40 percent are tackling the problem by innovating and creating new products.

There's a good lesson here for all of us. As Rigano says, in times as challenging as these, "You can't go back to your old ways." To survive, "you've got to do something different."

Perhaps the easiest way to start reinventing and reinvigorating your company is to take a good look at your Web site. While it's important to have a solid Web site with good content and navigation that's easy to use (as well as a price list, a fact I learned years ago from another ThomasNet survey), Rigano encourages entrepreneurs to develop a strategic online sales plan.

This may sound intimidating, but Rigano says you should look at your offline sales plan and replicate it. For instance, if you were hiring a new salesperson (offline), your first step would be to "identify your business objectives." To help you do that online, ask yourself, "How can my Web site help me meet my business objectives?"

The next step, advises Rigano, is to consider your customers, both existing and potential. Determine where those customers are shopping, what they're looking for, and what actions they take when they find it. Rigano advises that you consider what customers are asking for and find a way to bring it online. Do your customers currently call you? Make sure you list a toll-free number on your site. Do they compare your products to the products of other vendors? Build an online comparison engine that customers can use. Engage in e-commerce? Make sure customers can get a price quote or fill out an online purchase order.

The key is to make it as easy to do business with you online as it is offline, since the more business you conduct online, the lower your overhead is likely to be. If you're selling products, it is crucial you offer an online catalog. In the Market Barometer survey, many respondents decided not to tackle that on their own. Instead, they reported that they focused on their "core strengths" and turned to experts for help creating online catalogs or developing new sales strategies.

How much of a difference can this make? Rigano cited a client who, after posting a new interactive online catalog, saw a 15 percent jump in sales for the year. This client reported that the new online catalog was the single largest contributor to the increase.

Rigano says there are two common mistakes small businesses make when moving some of their business online. The first is not paying attention to metrics. You need to know how many people come to your site, how much time they spend there, what pages they're looking at, and how often they are abandoning their shopping carts. And check your metrics as often as you would check in with your salespeople. The key, according to Rigano, is "to arm your Web site with the same ammunition you would give a real salesperson."

Asking the wrong question may be the second big mistake you make. Too many business owners ask, "What do I want customers to do when they come to my site?" Instead, ask yourself, "What do customers want to do when they come to my site?" and design it accordingly.

This week President Obama noted the important role of small business in leading the nation out of these challenging economic times. If the optimism and strategic thinking of those answering the ThomasNet Market Barometer survey are any indication, better times may be right around the corner.

http://www.allbusiness.com/company-activities-management/sales-selling-sales/13271108-1.html

1. Decide “who” you want as your customers. Unlike mom and dad where you don’t get to pick, here on the Internet, you do.

2. Find everything about “who” before you start a business. Visit forums, read blogs, think hard about where they are and what they are reading (or watching).

3. What are the things that your future customers don’t do but you like to… for instance I like reading blogs, but what if my target market likes watching videos instead?

4. Who is your competition? What are they not doing? For example if you opt to their newsletter… how often are they sending it you? Do they have a blog? Do they update the blog regularly? Are they on Facebook? Do they have a phone number on the website? Where are the gaps?

5. Sit down and ask yourself honestly that if your business solves a problem that this slice of market has? If yes… move forward. If no… look again at what you are planning to sell.

6. What makes you different from everybody else out there? Is it something you sell? Is it the way you sell it? Is it your story? Is being you is the difference?

7. Here is a piece of paper & my question to you: why should your business exist in this world with so many businesses already doing what you are doing? Write the answer down. Is it the best answer you can do? Can you tell me in 30 words or less?

8. Launch a Facebook Business Page before you launch your website. Most websites languish because of no traffic, no attention. Facebook Business Fan Page gives you instant traffic, instant feedback, and instant interest.

9. Name your page wisely.

10. Point traffic to your Facebook Business Page both organically and by advertising.

11. If you are coming from the corporate world and your day job did not had anything to do with marketing & selling – you are going to have some mental queasiness about buying advertising. I can’t help you get rid of it. Nobody can. Just acknowledge and know that it will be there. Ignore it.

12. How are you going to get leads? Where are your buyers found? And how can you show up there without annoying them?

13. Avoid the temptation to scream as in going to a blog or a Facebook Page and screaming your site and running as fast as you can. People remember you for warm handshakes and hugs you gave out not for loud screams.

14. Once you know how you are going to leads – what can you offer on your blog / Facebook Page / website or where ever you are asking this traffic to go to convince them to opt in to your list?

15. What is going to happen once they are IN – they opt in to your newsletter, left you a voice mail, fill out a form requesting more information? Are they getting something from you? What are they getting? Is it ready or are you going to build it once you have 100 people waiting?

16. How are you going to sell? Is there a process or is it all random? Do you have bullets, photos of products, PowerPoint, webinar, video? A system for selling your product or service (up sell, down sell, cross sell) that exists and is repeated over and over again?

17. I am sure you have a basic version. What can you offer in a premium version that probably 20% of your customers would be happy to buy?

18. Are they getting a thank you note from you once they buy? A hug? A cookie basket? What are we going to do to bring a little happiness to them?

19. How are you going to give them a gentle nudge to remember you once the sale is done to write something about you on Yelp or recommend your restaurant to all their friends on Facebook or Fan your Page up? An email or a card or a phone request or is it all going to be left to chance and fate?

20. How are you going to keep in touch with them once the sale is done? A newsletter? Something on your Facebook Page to keep them interested? An event online to teach them something?

21. Now look at every step and ask is this the best I can do to completely to blow my customer expectations away? How far apart can I stand from my existing competition that is already online and showing up in Google when I start? Two feet, 10 miles or three light years?

Article link: http://ijlal.com/things-to-ask-before-you-launch-your-business

Bill Winter of Point North Consulting, a business partner of Bua Consulting, has launched his ebook, Essential Insights for Small To Medium Enterprises During Uncertain Times.

This ebook provides great advice to business owners and leaders, and is based on Bill's extensive experience running businesses and mentoring some of the best business owners in industry today.

The book is free and available for download from Bua Consulting or at  http://www.pointnorth.com.au/Essential_Insights_Ebook