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Welcome to the Entrepreneurs Newsletter If you're a business owner that wants to stay up to date but doesn't have the time to search and sort through articles. This newsletter is for you.
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Introduction
This week in the Entrepreneurs Newsletter
Growing your business and becoming more competitive in your market. Whether you're starting from scratch or you feel like you've hit a wall.
What now? What's next? For building and establishing your business in the wake of so may changes in the online landscape.
Adjustments to consider and strategies to implement for lead generation and brand development.
As I continue to gather feedback from readers to answer the questions that you have for your businesses. If you have questions or topics that you would like to have covered simply reply to this email newsletter.
For those that like to skim for relevant articles of interest. Here is a list of what you can expect to see.
- Facebooks New Report on the Key Factors Influencing Online Purchases
- How to Make Your Online Self Introduction Awesome
- How Can You Improve Your B2B Lead Generation Campaigns?
- Do Blog Posts Actually Lead to Purchases?
- Word-Of-Mouth Marketing And Referral-Based Business Problems
- How To Create A Digital Marketing Strategy From Scratch
- Marketing Funnel: How To Build A Profitable One In 2021
- How to Optimize for Branded Organic Search Traffic
Featured in this week's "Questions Business Owners Are Asking".
How to move beyond being a business in name only? Working smarter instead of harder to gain your footing and compete.
Questions Business Owner Are Asking
Questions Business Owner Are Asking
How to move beyond being a business in name only? Working smarter instead of harder to gain your footing and compete.
This week's question came in as an observation and suggested topic. Watching people get into business so that they can say they own their business. Owners end up being ill-prepared for what it takes to maintain and be successful.
This ties into why there are so many businesses that fail and fold within their first 3 years.
It is a complicated question that I would typically address specifically with the individual business. However, there are a few principles that can apply to just about any business that I can share.
While the toughest part for most entrepreneurs is getting started. The next obstacle on that list is typically surviving and adjusting from being an employee to a business owner. There is no shame in it. It's more common than you may know.
One of the best ways to start is to build up your knowledge of the industry/market that you're entering. Learning who the businesses that are doing well are on multiple levels. The large companies down to the smaller shops. This will provide you with a framework.
The next thing to tackle is to start doing your research. Identify what differentiates you from the competition. What can you afford to promote as a differentiator and deliver with consistency?
This does not include a cheaper rate. A race to the bottom with pricing is only going to run you out of business. Look for the things that you can charge for not to discount.
Once you have a better understanding of the space and offerings. It is time to work on identifying your target audience. Finding your ideal client may take some time but that is going to be the ultimate goal.
Set a goal for yourself to secure your first benchmark number of clients. It can be your first 100 if you sell a product or provide a service with a fast turnaround. Base this number on your sales process.
By that, I mean how long it takes to get from the introduction to the payment for the transaction. The longer the process the lower the benchmark number to start.
Higher ticketed items have a longer sales process. There's more for the prospect to think about and to consider before making the payment. Consider contracts that may be involved in the process. Anything that can cause a delay in payment.
Once you have your benchmark number the goal is to work towards hitting it to establish your business in your market. the end game here is creating your brand reputation and showing stability.
Bringing us to "how to start winning business?" The short version is don't limit yourself. You're not just looking to identify your target audience but where to find them.
Learning how to reach them and make sure that you're resonating with them. Through your messaging. Starting them on the customer journey leading to sales conversions.
The articles that I'm sharing will help walk you through making your online introduction. How to create a digital strategy from scratch and How to create a marketing funnel.
Each of these articles is meant to walk the novice to semi-seasoned through the steps that they may or may not have in place. Helping to establish a foundation that you can build on.
Take this as a summary of a process that has more details to it. One that you should research and identify ways to customize to your business and goals.
My goal is to provides you with the resources so that you can either tackle the issue yourself. Or you'll have enough of an understanding to identify the right people to partner with.
When you ask the right questions. It makes it a lot easier to know who can help you reach and exceed your goals.
Advertising Tips
Facebook Publishes New Report on the Key Factors Influencing Online Purchases
While the customer journey may remain the same. The path to a purchase is changing. Consumers are discovering so many new ways to not just find out about products. But how to purchase them as well.
Businesses that don't make the adjustment will find that it's not just the pandemic that will have them struggling. They'll get left behind by these new strategies and innovations. Convenience is changing shopping experiences.
Here's why I care: Local shops are already struggling with the loss of foot traffic. By not making the adjustment to an online option. They will have to rely on happenstance and that's no way to maintain a business.
Convenience, Shoppability, Assortment, are now running point on buying decisions. Tools that allow you to click on something you see someone wearing and be able to purchase it are now options. As a business you don't need to invent the technology but you should stay up-to-date with it. Find out about opportunities to partner and be listed.
Brand Building Strategies
How to Make Your Online Self Introduction Awesome
This week I'm sharing an article on how to prep and feel more confident about your introduction. One that will allow you to be more consistent and cover what you need to for yourself and your business.
Here's why I care: There is truth to "you only get one opportunity to make a first impression". If you're winging it. You're missing out on a golden opportunity to be memorable for the right reasons.
Self Introduction and elevator pitches are the foot in the door to deeper conversations. Not just with the person that you're speaking with but friends of a friend and beyond.
How Can You Improve Your B2B Lead Generation Campaigns?
Lead generation is a necessity no matter the business. Understanding the customer and the method of moving that lead through the sales process is just as important if not more.
You can't approach a business to business lead generation process the same way that you would business to consumer.
Here's why I care: While there is some overlap. Not knowing the differences can be the difference between a sale and wasted time and resources.
So is partnering with a lead generation service that doesn't know the difference and is offering you a cookie cutter approach to something that you can't call out the differences in the approach on.
I get contacted by them the same as you and one of the simplest ways to find useful resources is to ask smart questions. This will arm you with the questions to answer whether its do-it-yourself or done-for-you service.
Helpful Tips
Do Blog Posts Actually Lead to Purchases
I can't tell you how many entrepreneurs and business owners that I speak with that don't have a mixed marketing strategy in place. They're solely relying on social media and word of mouth.
The mindset and lack additional strategies lead to the next logical step in their minds being paid advertising. When there are other options that can be considered. This is a mistake that a lot of businesses make and can be corrected.
Here's why I care: There is no one way of generating leads and business. Chasing customers through a saturated strategy doesn't help you close sales.
Blog articles is your opportunity to differentiate yourself from your competitors and show value. Value that you may not get to display on social media in bite size catch their attention while they're scrolling methods.
Marketing Strategies
Word-Of-Mouth Marketing And Referral-Based Business Problems
Referrals can be bring consistency to your sales funnel. The catch is that they may not all be ideal projects. Giving the illusion of having more projects than you need.
The reality there may be some in the mix that you shouldn't or wouldn't normally take on. Add to that becoming lax with your lead generating efforts. It can be a recipe for less ideal projects and more taking what you can get. This moves you further away from establishing your business in your market not closer.
Here's why I care: There is a distinct difference between a lot of referrals vs. qualified leads.
Qualified leads fall right into your sweet spot. Leading to better results and projects that you can be proud to promote working on.
Referrals are great because it is typically a client singing your praises as a brand champion. However it's not a foregone conclusion that the people and projects referred are a great fit.
It is important to continue to work on sourcing leads that fit the ideal client mold. The more you maintain the more stability you'll have with your business.
How To Create A Digital Marketing Strategy From Scratch
This article provides a deep dive into creating a digital marketing strategy from scratch. What to know and consider when putting together your marketing mix.
A great resource for those that are looking to keep the marketing work in-house. In addition to those that want to learn more so that they have a better understanding of digital marketing on a whole.
Here's why I care: Without a basic knowledge of digital marketing you can do lose time and money in pursuit of your business goals.
There are so many businesses that will throw marketing budgets at well sold strategies that may or may not fit with where they are in their business or where they're trying to go.
Learn enough to ask the right questions and to add helpful input into what strategies to run with when marketing your business.
Marketing Funnel: How To Build A Profitable One In 2021
In this article take a look at how a marketing funnel works, the different stages, and what content you need to create for each step.
Marketing funnels are ways of tracking the customer journey. Where they are in the process and how many prospects that you have at each stage.
Here's why I care: By implementing a marketing funnel you allow you create an ability to evaluate your sales process.
Identify your strengths and weaknesses in where you gain and lose sales. As well as help forecast potential sales. This is useful when planning your marketing budget and campaigns. You can make the necessary adjustments and increase your conversion rate and return on investment.
Search Engine Optimization/SEO
How to Optimize for Branded Organic Search Traffic
If you type your brand name into Google Search right now, what do you see? Do you own all available Google Search real estate for branded searches? If not, read on to learn to optimize for branded organic search.
Here's why I care: If you don't own your brands organic search space. You're potentially losing out on prospects and qualified leads to whomever you're sharing it with.
Whether it's a business with a similar name with a different domain extension or not. It is a space that you should dominate and protect. This should be a safe space and it's not a concerted effort needs to be made to solidify it. They are competition in a space that you should own.