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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
As business owners and entrepreneurs we're always working on some aspect of our business. This week I'm taking a closer look at how much the little things matter.
The devil is in the details and the details matter. It's the details that dictate cause and effect in the best and worse ways. So paying attention to the details and getting a handle on them can lead to successful projects and business endeavors.
Operate with strategy and purpose to get the results that you need for your business.
For those that like to skim for relevant articles of interest. Here is a list of what you can expect to see.
- How to Set the Budget for Your Facebook Ad
- TikTok Reminds Brands "Don't make ads, make TikToks"
- How to Write Meta Descriptions for Store Locations
- 10 Ways to Reach Customers Who Don’t Know They Need You
- The Power of a Mini-Course
- How to Create a Flexible Content Plan That Gets Results
- Improve your content’s longevity and ROI with a predictable framework
- How to Create a Winning Local SEO Strategy for Your Business
Featured in this week's "Questions Business Owners Are Asking".
Am I charging enough for my products and or services?
If you have questions or struggles that you'd like to see covered. Simply reply to the email and submit. I'll do my best to address them.
Questions Business Owner Are Asking
Questions Business Owner Are Asking
Am I charging enough for my products and or services?
This is a question that can be simple and complicated to answer at the same time. More than not if you have to ask the question the answer is you aren't charging enough.
Let's take a look beyond the question to the reasons behind why business owners are asking it in the first place.
Bad customer experiences tend to top the list. One bad experience is enough to make you evaluate your whole mindset and process. This can be with good reason.
There are some clients whose expectations exceed their payments for goods and or services. While I'm a firm believer in I don't know what you had to do to make that money so it could have more meaning to you than the average person.
I've learned over the years that I have to accept responsibility for these situations. If or when I run into them with a client.
When you educate the prospect on your solution to the problem and the results that you can deliver. You create the value proposition.
It is important to convey the value of your expertise and experience. Pricing isn't just about how long it takes you to deliver results. It's about the time that you put into gaining that expertise and experience. Which allows you to deliver results with accuracy and consistency.
Another reason people question their pricing. They took on a project and it took more time and resources than they originally thought it would.
Once again I put the onus on myself in these situations. I didn't suss and scope out the project properly. My estimate may have been based on my expectations and not their experience.
When I scope out a project and document it properly. The expectations and timelines are set on both ends. It's less forecasting and more regimented phases to be completed.
Those are just two examples of things that can have you question your pricing. There are plenty more that choose from but it makes for a good sample of cause and effect.
Now let's circle back to the question are you charging enough. What are some good ways to determine your pricing?
There's market value to consider. What is the average rate being charged for the product and or service? There's wiggle room there thought. You can be above or below that mark.
The main acceptable difference is the process and experience provided with the sale and the delivery of the results. The other deciding factor being confidence. There are some business owners that set their pricing based on their own perceived value over whatever everyone else thinks.
Pricing is also established by the client. How important is the solution and result to them? Their perceived value is also going to dictate the going rate.
I've covered the people whose expectations exceed the payment. The flip side to that is the people who are willing to pay more just so that they don't have to stress over finding the solution or results.
These are your ideal clients. The golden goose if you will. People who prioritize results over bargain shopping. They will also pay more for the experience.
Clothing is a great example of paying more for the experience and perceived value. Luxury brands aren't always made better.
In some cases what you're paying for is the in-store experience of being pampered and that bag that grabs the attention and envy of the people that see you with it. Envy is the perceived value that makes it worth spending the extra money for that experience.
So let's wrap this up into a simple answer to a complicated question. Pricing is based on specific factors that are put in place both by the provider and the client.
- Perceived value.
- Expertise
- Experience
- The perceived importance of the solution and results
The person dictating the perception of these factors is setting the price. Ideally, this should be you as you are the expert.
Here is the reality of the situation.
You are the one who knows what goes into producing the results.
You are the one who can shape and mold the process in a way that is suitable for all involved.
This leaves you as the one establishing the importance of the solution and results through the experience that you can provide.
With that in mind. When you ask yourself if you're charging enough for your product and or services. The chances are the better the handle you have on these factors. The more you should be charging...
Advertising Tips
How to Set the Budget for Your Facebook Ad
Creating and running a marketing ad campaign can be overwhelming. There are a lot of details that if you gloss over will cost you not just in the results but burn through your marketing budget.
Facebook is a staple for running ad campaigns. One that once you learn how to set up and run a properly. It makes it easier to add complexity and branch out onto other platforms.
Why I care: While it is important to get your targeting right. Setting your budget is the one thing that if you get wrong could be disastrous.
The level of money that you can burn through is enough to scare businesses off from ever trusting advertising again.
If you're a DIY'er and will be handling this yourself. You should know not just how to set up a campaign but how to set a budget that works for where you are in your business. Results don't happen overnight. You learn more and finetune for better results by running longer campaigns.
If you're outsourcing your marketing campaign management. You should know enough to be able to troubleshoot issues. It is also useful to help weed out the people to and not to partner with by asking questions that let you know their level of expertise.
TikTok Reminds Brands "Don't make ads, make TikToks"
TikTok has become a great way of going viral overnight. It's great for businesses that have found their niche and target audience.
Here's a tip that can help you save some budget, time, and effort. It's not a post-it and it will blow up kind of situation. There is a strategy and method to the madness.
This week, TikTok has shared a new post reiterating the TikTok for Business mantra, "Don't make ads, make TikToks."
Why I care: As a marketer, you should always follow the money. If you can start the trend even better. What you can't do is try to fit a square peg into a round hole.
You can build some serious brand awareness by sticking to the right formula. Focus on the why not the what... Think outside of the traditional ad strategy to get results.
Posting traditional ads on TikTok is like hearing your grandparent or parent use slang that your friends use. It's out of place and stands out for the wrong reason.
There's an overarching theme of successful viral posts. These are things that people can participate in. Short-form content that is intriguing enough for someone to want to try and repeat or improve upon the results. Look at the stories on YouTube where they string them together and ask "who did it better?"
Brand Building Strategies
How to Write Meta Descriptions for Store Locations
The list of articles with people talking about how to write better content is lengthy. Best practices and strategies aplenty. But they're mostly front-end recommendations. Put this on your webpage. Write this for your blog article.
What you don't hear enough about is the importance of a solid meta description. Honestly, how many website owners even know what it is and why it's relevant?
The focus when creating a website is client-facing front-end aesthetics. Sure it needs to look good and be easy to navigate. No question about it...
What about the back-end of the content? The bits and pieces that turn front-end without some even knowing it.
Why I care: Meta descriptions are what people see before they actually read your article. It's the introduction and summary that says this is worth your time.
Still uncertain of its importance? Let me put it this way. You're creating the elevator pitch for your content.
It's the first impression that you get to make before any of your well-crafted content gets to speak for you and your business.
Helpful Tips
10 Ways to Reach Customers Who Don’t Know They Need You
Rule of thumb no matter what the situation is in life. No one approach is going to work for everyone. There is always going to be a group that something doesn't resonate with. Well, maybe breathing but you can't really market that and sell it. Not yet... :)
Let me put it into context. I know a guy that uses "Hello Beautiful" as his pickup line in every situation. It went from amusingly lame to painful to watch.
He'll say it to a woman walking by. He'll say it out the passenger window of the car driving by at a speed that makes it completely useless. But it's his thing...
Eventually, I got around to asking him if it has ever worked for him. Mainly because it's not something I would say and it's always got an eye roll or indifference in my presence.
Where am I going with this besides embarrassing this nameless person? The throw it against the wall and see what stick approach is a tough way to go. You have to consider the source and make adjustments to get the desired results.
Why I care: Even when you're dealing with an audience that may swear up and down that they have no need for your product and or services. The right strategy can make a difference.
Catering to the acknowledgment of you might not be the perfect fit now but things change stands out. It's more palatable than "Hey beautiful".
Shoot for the friend zone and get to know what they like and don't like. At the very least you'll gain enough insights to see if this is the type of customer that you should want at all. Not all money is good money.
Personalize your approach to the individual persona and you'll get an opportunity to start them on the customer journey.
Granted it may be a long journey but it's one that when they make the choice. It is an educated one one way or the other.
Products & Services
The Power of a Mini Course
The saying "knowledge is power" is true. Dig a little deeper and the real power is in knowing how to apply it. I know a lot of book-smart people who struggle to apply the learnings to everyday life.
This article speaks to not just knowing enough to speak to a problem. But how to frame it where you're addressing the issue with a solution that keeps people inspired to see it through to the results.
Why I care: Whether your a course creator or business owner in general. When you're asked what you do for a living. The goal should be to convey your understanding of a problem. The solution that your business provides and the results that it delivers consistently.
The more people that you can get to the positive results. The more value that your knowledge has because you are able to take it from a concept or opinion to something tangible. Building up your credibility for you and your product/service.
Marketing Strategies
How to Create a Flexible Content Plan That Gets Results
How flexible is your content marketing strategy? This is a question that you have to be able to answer if you're managing your marketing campaign.
Planning is not just addressing the expected but the unexpected. Leaving room for the unforeseen but still being able to stay on topic and task.
Why I care: As someone that has spent years learning and implementing marketing plans. I've gotten the benefit of seeing what happens when you go with a rigidly fixed approach vs one that leaves room for the unexpected.
You can achieve that flexibility by establishing a strong foundation. When you have sound principles it is a lot easier to pivot. Turning into more of a segway instead of a complete change of direction of messaging and tone.
This allows you to stay on task and maintain the value and precedence you've worked to establish. Maintain your share of voice by not straying too far from the perception that got you there.
Improve your content’s longevity and ROI with a predictable framework
Does your content have a short shelf life? Does it leave you feeling like you constantly have to come up with something new? You're not alone...
This can be a huge time suck that takes you away from concentrating on delivering quality results with your existing customers. Content marketing doesn't have to be a burden.
Extend the shelf life of existing content by applying strategies that help keep it from falling off and losing its relevancy.
Why I care: Constantly trying to find the time to write new articles can be overwhelming.
A common mistake that can hurt your existing content is writing new articles and content that competes against the original.
You can avoid this and free up more time by applying marketing strategies to your content.
Strategies that will not only increase the longevity of your articles. But continue to help move your prospects through the customer journey and consistently add value over time.
Search Engine Optimization/SEO
How to Create a Winning Local SEO Strategy for Your Business
Let's take a look at local SEO for businesses. Take a closer look at the best practices and strategies. Where local SEO and regular overall SEO strategies overlap.
When you break it down into specific strategies it becomes less overwhelming. Making it easier to create a plan of attack and address it in phases that you can actually complete.
Why I care: There are so many business advantages to having a strong presence in your community and your local area.
It is a lot easier to keep track of changes that may be taking place that could affect your opportunities for conversions locally. Then apply the learnings out further from there.
Relationship building is a lot easier locally when prospects can either come into a location and or feel like they have a connection base on your understanding of the area. Insights that help you reach them as a business and or consumer.