Flight's Blog
Category Business
I just wanted to let everyone know that I do not consider myself to be an expert on the topic of social networking or social marketing. This Hub is based solely upon my own experiences with using a wide variety of applications and platforms. The opinions and advice contained herein were formed as a result of my own acts of trial and error, my countless hours of reading, and simply from watching how other people did things. Another thing I'd like to note is that, due to the nature of each "beast", I tend to think that social networking and social marketing go hand-in-hand (for the most part). Introduction
I think it is safe to say that there is absolutely no shortage whatsoever with regard to the available options when it comes to social networking and social marketing. It seems like everyone who has access to a computer also has a Facebook, MySpace, or Twitter account these days. Heck, most people even have accounts for all three services (and then some).
While a majority of the people out there use these types of services for their own personal reasons, there's no question that more and more businesses today, both large and small, are using these platforms to expand their reach and spread brand awareness, despite what some people may say.
Yes, believe it or not, there are naysayers out there who believe that businesses should not get involved with social networking websites in any capacity. Why? The most common reason seems to be that there's no perceptible ROI involved with doing so. Another common reason is that social networking websites can tend to be "immature".
Do I agree? Yes and no. I can definitely see both sides of the coin as far as this debate is concerned. However, just like with any other approach you may take to drum up business or build professional relationships, there are numerous factors that need to be taken into consideration prior to embarking, or not embarking, on the social networking journey. Some Factors to Consider
1. Do you have the time?
Maintaining a social network account to ensure that it is always up-to-date takes time. In fact, it can take a lot of time, especially if you have more than one account. If you're already wondering how you're going to get this or that done as a result of a lack of time, then you probably don't want to mess around with social networking right now. On the other hand, if you have someone who is willing to take on the role of "Social Networking Guru" for you, then I would definitely consider that option if I were you.
2. Can you add something of value?
Now, I'm not talking about a valuable product or service -- after all, we all know that your product or service is the best in the world -- what I'm talking about here is the value that you can add to the community. Do you have information or resources you can share that may help someone else? Remember, relationships of any kind are a two-way street. You need to give in order to receive. If you don't feel like you can offer any value, I'd advise you not to jump into the social networking arena until you can; otherwise, the only thing you're going to end up doing is wasting your time and possibly hurting your company's reputation.
3. What's the size of your niche?
Social networking platforms can undoubtedly be brilliant venues for certain types of companies, but let's face it ... your particular niche just may not translate very well. If you offer a product or service that has been cemented into a micro-niche, especially a local one, there's honestly not very many directions you can take. Does this mean that social networking may be an exercise in futility for you and your company? Not necessarily. A lot of your success really depends on what you expect to get out of the whole social networking experience
4. What do you hope to accomplish?
Let me break the bad news to you right now -- you will not get rich overnight (or even in a few months or years, for that matter), you will not suddenly have more customers than you know what to do with, and you will not become the most popular person around. Yes, there are exceptions, but they are few and far between. With that being said, you have got to make sure that your goals are realistic. If you are unable to establish realistic goals for yourself and your company, you might as well shut it down right now, because unrealistic goals aren't going to get you very far.
Closing
As I mentioned before, social networking and social marketing can be amazing tools if they are used properly. Just like with traditional networking and marketing, you have to be smart about your execution, or else you're going to fall flat on your face. You've also got to keep in mind that social networking and social marketing should be parts of the whole-- in other words, they should be treated as branches, or extensions, of your traditional networking and marketing plan(s).
Useful Links - Ryze
A free business networking website. - Facebook
Facebook is a social utility that connects people with friends and others who work, study and live around them. - MySpace
See what’s happening on MySpace! Find friends & classmates, meet new people, listen to free music & build playlists, share photos, watch videos, start a blog, read celebrity news, get cool apps, free IM & more ... - LinkedIn
LinkedIn strengthens and extends your existing network of trusted contacts. LinkedIn is a networking tool that helps you discover inside connections to recommended job candidates, industry experts and business partners. - Twitter
A website dedicated to micro-blogging. - Digg
Digg is a place for people to discover and share content from anywhere on the web. From the biggest online destinations to the most obscure blog, Digg surfaces the best stuff as voted on by our users. - Biznik
Grow your business faster and more profitably with Biznik, the local, independent business networking community where collaboration beats competition. - Entrepreneur Connect
You can use this network to connect to service providers, suppliers, advisors and colleagues. Just like LinkedIn and Facebook, there are professional groups that you can join or create.
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When starting a business, don't go in under-capitalized. Business does not run on hopes, dreams, or optimism; it runs on money.
Do your research. Who will your customers be? Where are they going to come from? How will they get your product or service? What will make them buy from you and not the place down the street?
You may think at the outset that you are going into business to be your own boss, to have more free time, or to keep your own hours, however the reality of being in your own business is that you will have a complete bastard for a boss and you will work harder than ever did before. You will be your own cheap labor, and you will move your business forward, particularly in the beginning, through self-exploitation.
Be cautious. Try to have a ‘Plan B' and an exit strategy. A large percentage of small businesses fail.
Customer Service
Always be professional and polite. Never get angry.
One of the advantages of having your own business is that you don't have one big boss, you have a lot of little bosses. If one of these little bosses fires you, well, that's not as bad as getting fired by one big boss. But if you notice that all these little bosses are getting together and deciding that you just aren't worth the aggravation, you might consider a change in attitude.
The old saying, ‘if you do not service your customers your competition will' holds true. Always be ready to go the distance for your customer. Often a transaction that seems small and insignificant and maybe even annoying can be your introduction to a new client that ends up doing a lot of business because you helped them out. Every interaction with a customer is a chance to sell yourself to that customer.
Do what you say you are going to do. If you say you're going to call a person back, call them back. If you say you're going to email, email. If you say you are going to sell a product or service for a certain price, try to do so, even if you end up taking a loss. Doing things this way will differentiate you from your competition and cultivate that increasingly rare commodity, customer loyalty.
Bad news travels twice as fast and twice as far as good news. It will take you years to establish a good reputation, but only a few short weeks to destroy it.
Pricing
If you have too much work and are not making enough money, raise your prices.
When you raise your prices, your good customers will say that you deserve it and your customers that won't pay in less than sixty days will say goodbye. For this reason, reasonable price increases can be a win-win option for you.
If you don't charge enough money, your customers will think that your product or service is not good quality. Charge a price that is fair to you first and fair to the customer second.
The Government
Pay your taxes on time, every time, even if it means you eat pasta every single night for dinner and your kids have to wait a month for new shoes. You can't fight city hall. They have their own army and you don't. Also, their interest rates are not at all competitive so you want to make damn sure you NEVER owe them any money past the due date.
Professionals
You need a lawyer. You need an insurance agent. Unless you are in the financial industry, are rich or own a lot of property, you do not necessarily need to have an accountant. This brings us to our next topic.
Keeping the Books
You need to keep immaculate perfect records. You need to do this for self defense in the event of a tax audit, but more importantly you need to do it so that you have control of your business. Without accurate bookkeeping, it is impossible to control your business. Toward that end, investigate bookkeeping software. Quicken, Quickbooks and Peachtree all offer bookkeeping software packages for small business. However, the important thing is that you make sure that all income and expenses are documented religiously without fail, because bad books will kill a business.
The Frog in the Pot
This old metaphor has a frog in a pot of water. Put a fire under the pot, the frog will not notice as the water temp gradually increases, but will stay in there until he's cooked.
Know when to get out. Always be ready to cut your losses and bail out. Keep your emotions out of it. This is the exit strategy I mentioned earlier. It's just another business decision. Review your options and if you find that you have none, exit stage left. Don't get caught in the vortex and go down with the ship. http://blueinnovative.blogspot.com
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The Joy of Business
Being in your own business is thrilling and liberating. When times are good, you ride high. Your work goes to no end but your own income (taxes and fees may apply). Just go in with your eyes, ears and mind open and keep them that way and you'll be fine.
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The Stock Market The economy these days seems to be constantly declining. Everyone is asking the same questions; "how can I make more money," "how will I survive financially," "what should I do with my money, who can I trust?" The economy is bad, but you can still thrive in it. You have to be smart with your money, contrary to what many believe the stock market is still a great place to invest as long as you know how. Who To Choose With all the financial scams and government bailouts spreading around, how can you know who to invest in? To start with, you want to invest in companies that are well known and are not likely to crash. The companies you pick don't have to be large, million dollar, businesses, and they don't need to be centuries old. You should think of companies that you believe will be able to thrive even in this economy. Do some research
You can see a company's previous stock levels. Look for patterns and trends that seem to repeat each year. A company like Hershey probably hits it's peak during holidays like easter and halloween. Many stocks change according to the season. When you buy a stock you should make a chart that shows how much you paid for the stock and update it every week or even every day and track your profit/loss so you'll know when to sell. A Stock Market Minute Notice I said the "companies" you choose. You should invest small amounts of money in many companies. Don't throw all your money into one hole. That hole might grow quickly, but remember it can disappear completely in a stock market minute! Don't spend it all in one place
If you invest in several companies and one of your stocks crashes, at least you still have others. That is why you should split up your assets. Also, invest in small amounts at first until you learn the market better. The Wild Stock Market Roller Coaster When you buy into the stock market you hop on a roller coaster, hold on! Sometimes the ride will go lower, sometimes it will peak out. Don't get discouraged if the stock drops lower than when you bought it, wait it out until it rises again. Many people will take a small loss because they are afraid that it will drop lower. Often times a stock will drop, drop, drop and then rise, rise, rise, rise, rise!!! Be patient. And of course, when you get to the top SELL SELL SELL!!! It is a very wild ride, but if you strap yourself in and wait it out you may find yourself rolling in dough! Invest These tips will help you learn to invest, and make money, in the stock market. Just remember: -Invest small amounts
-Research well known companies
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-Sell high
-Have fun!
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Last night I went to my first “speed networking” event. Similar to speed dating, with speed networking participants have the opportunity to network with many other business professionals in a very short period of time. In just over two hours, I was able to network with 30 other people.
The event took place at a local hotel and the first hour had the traditional networking feel: a cash bar, appetizers and a bunch of folks standing around in business attire chatting and smiling. Attendees were expected to walk up to each other and just get the conversation flowing. Through the more traditional method, I met about ten people at this event. You could call this our warm up activity…
Although I’ve been in leadership roles for years and portray an “extroverted” personality at work, I am truly more of an introvert in my personal life. It takes energy and thought for me to be “on” and push myself to talk to strangers in a large group setting. This is one of the things that drew me to the speed networking activity. I knew that once it started, networking would “just happen” without feeling as forced. (The two glasses of wine I drank were also helpful!) http://blueinnovative.blogspot.com
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http://blue2design.blogspot.com What Happens During Speed Networking:After the hour of open networking, about 120 people crowded into a small ballroom that had about 4, double rows of chairs. Every person ended up sitting across from and right next to another attendee. Space was tight. Deodorant and breath mints- were must have items. (Although a few folks forget them.) The host for the evening gave us instructions to, on queue, have a three minute conversation with the person across from us- giving each individual just over a minute to speak. After three minutes, loud music was played and everyone in designated rows shifted one seat to their right- while the facing rows remained in place. As soon as the event started, the one thing we all noticed more than anything else was the noise. We had 120 people in a small room, all talking at once. Therefore, we had to yell as we talked. It reminded me of the times I’ve gone to see a loud rock concert in a small club and you have to scream to your friends to have a conversation.
There were some three minute networking conversations that went very well. We each gave our elevator speech, exchanged business cards and shook hands. There were a few conversations that never quite got off the ground. We couldn’t hear each other, the conversation didn’t flow etc. The Name Tag Dilemma- Another Sign of The Economic Conditions
Everyone who attended the event wore name tags. Since this particular event was a college alumni activity, the information from the name tags was pulled from our college database and personal profiles. The standard event name tag had first and last name, year of college graduation, job title and company name.
This is how the average networking conversation flowed: "Hi Nancy… I see you’re with Fidelity Investments. What do you do there?”. Nancy’s response: “Well, I used to work for Fidelity, but got laid off X months ago”.
As I approached person after person, I received this type of response close to 80% of the time. In this particular crowd, the minority who were still working were all Financial Advisors… ready to advise me! Or, had been laid off over a year ago and had now started their own businesses- from Green Computers to selling Scooters.
Was Speed Networking Helpful? Speed Networking was a good use of my time. I met about 30 people in the course of two hours and I also received a list of all 120 attendees and their contact information. Although I can’t act immediately on any of these contacts, I may be able to leverage them in the future. I was also able to practice my elevator speech. When someone asks you what you do, or to tell them a little something about yourself, this is when your 1-2 minute elevator speech comes in handy. A good elevator speech will help you build connections and will be important during job interview situations. Back when I was single, I tried Speed Dating. I have to say, Speed Networking was a better use of my time! |
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