Become a Member

Monthly Archives: December 2019

A Closer Look at This Year’s Marketing Trends 

Hard to believe that it is almost 2020. Another decade is in the books and the world seems to be moving faster and faster every year. The trends in business seem to evolve at an alarming rate the older we get. This is true for trends in the field of marketing as well. 

As we look back over the past year and forward into the next, let’s take a minute to evaluate the latest trends in marketing from AI, to Chatbots, video marketing, and personalization. 

AI – Artificial Intelligence

What was once the fantasy of sci-fi movies has become an everyday part of life. How often do you ask Siri, Alexa or some other artificial intelligence to find out some information for you or do a task? Earlier this year Harvard Business Review predicted that AI would quickly become a part of every single one of our newest technologies. The trend seems to be going in that direction.

According to Techgrabyte, “Artificial intelligence is the biggest commercial opportunity for companies, industries, and nations over the next few decades” and “will increase global GDP by up to 14% between now and 2030.” An indisputable fact that means “AI latecomers will find themselves at a serious competitive disadvantage within the next several years.” How does your company use AI? 

Chatbots

Chatbots are another form of AI technology that are making it easier to connect with your customers each time they visit your website. You have probably seen the window pop up on your screen asking if you need assistance. These chatbots offer answers to simple questions 24 hours a day. Single Grain online estimates that chatbots will power 85% of customer service by 2020. If your company is not considering this as a part of the marketing strategy you may be left behind as consumers have begun to expect the access to answers, no matter what time of day. 

Video Marketing 

Content is still king, but now people consume their content much more visually than in written form. Take YouTube for example. When you want to learn “How To” do some small chores around your house, very few people are reading a manual but rather watching a video on how to get the job done. 

Customers respond well to visual content. In fact, live video has shown to keep audiences watching three times longer than recorded ones. Just ask viewers of Facebook Live or Instagram Stories. 

Personalization

Consumers are becoming more annoyed by generic advertisements and email blasts that take up their precious time. This coming year is going to be the year of personalized marketing. Businesses will be leveraging the power of personalization in the coming year as surveys have found that 90% of consumers remarked that they found personalization appealing in email, advertising, and product recommendations. Two companies that are already doing this well include Netflix and Amazon, with their tailored recommended products or movie titles.

If you are hoping to get the pulse on this year, and next year’s marketing trends you may want to attend our workshop, “Marketing for Success” on December 10th. 

Common Sales Mistakes 

The American economy is strong and buyers have more options than ever before. These two factors mean that knowing how to successfully market your business is more important than ever. In order to successfully sell your band’s products or services, it is a good idea to know what works and what doesn’t. Today we are looking at the top sales mistakes that cause a buyer to run for the hills or, worse yet, seek out another place to do their business. 

There are virtually hundreds of ways that your sales team could kill a conversation that costs your business a sale. Try not to get overwhelmed by all the ways the sale could go south but rather help your team learn from each of those mistakes and vow to do better next time. 

Talking Too Much 

Chances are that your sales team is mostly an outgoing and gregarious group of professionals. This may mean that they enjoy talking to people. Unfortunately the top sales mistake according to Sales Hacker is talking too much during a sales call. Their research has shown that the talk-to-listen ratio should be 46-54. Sales professionals should talk at most for 46% of a sales call. That means they listen for at least 54% of it. They suggest spending less time on the “pitch” and spending more time listening to what your client really wants and needs from your business. You never know, it could help improve your overall business and help you close the sale. 

Making Assumptions 

Often sales representatives head into a client meeting having a pretty good idea what the clients business is all about and what they may or may not need from your marketing team. Never assume anything in the sales process. What your client may want could change or expand, making your sale larger and more expansive. Or it could be less, and then you have oversold your business. Try to go into each sales meeting with an open mind about what each client may need, want, or wish to spend. 

Lack of Follow Up 

Sales reps are busy people and sometimes even the most organized of them can forget to follow up on the details of the sales meeting. Sales experts suggest making plans on follow up before the meeting is over or the client walks out the door. Even if the follow up call is for six weeks or six months down the line, it should be scheduled so there isn’t this amorphous time floating around. 

Want to her more about sales successes and mistakes? Check out our Dec 12th workshop on “Secrets of Effortless Selling.” 

Finding a Work-Life Balance

It would be fantastic if there was some magic pill or even an app that could make life more balanced. For instance, it would be freeing not to feel a constant pull in two different directions; from home and at the office. Often people trying to gain some sense of balance feel like they are not doing either well. If this even remotely sounds familiar then you will want to continue reading about how you can start to find a work-life balance. 

It’s often hard to know where to start when you are overwhelmed with family life and work life, and many times those responsibilities tend to overlap. With more and more employees working remotely or bringing a laptop home to “catch up on work,” the line becomes blurry about where home ends and work begins, or vise versa. 

While everyone’s lives are different, there are some similarities that experts have found in people who are attempting to balance their lives between work and personal life. Here are a few….

Get Organized 

It’s really hard to have a work-life balance when your physical space is a mess. Get yourself organized by creating some order to both your home and office workspace. It may take some time to file away all the paperwork, create a calendar, and tidy up the physical space that you occupy. Remember this is a process not a race! You may need to carve out a little bit of time every week to maintain organization as this is something that does not come naturally to lots of people. 

Manage Your Time 

Like most professionals, you probably have a long list of things to do at work and home. In order to create some level of balance between the two, learn to prioritize this list. You may want to mark whether each item is urgent, important, or can be classified as “can wait.” Finding ways to manage your time may also include delegating actions to some of your employees at work, or to a family member at home. Remember, you can not be all things to everyone and keep your sanity. 

In terms of managing your time, there are special considerations for those who work out of the home. In order to separate your work and personal life, it may be best to have a dedicated area to do your work at home, as well as a set time that you will work. It’s hard to have a good work-life balance if the laptop is always calling to you. Do yourself a favor and set a time for work so you know when you can clock out for the day and put your focus on your family or yourself instead. 

Utilize Technology 

Technology is supposed to make our lives easier, so start using it to do just that. Tap into the hundreds of apps that can keep you organized, keep track of how long certain tasks take, or automize some of your work for yourself. Instead of driving to the office for a meeting use Google Hangout to get there remotely. Instead of keeping track of projects on your own, use an app that can keep each step of the project marked as completed or in progress. 

If you are looking for some ideas on how you can gain a work-life balance you may want to try our workshop on December 6th from 9am-3:30pm called Work-Life Balance

 

Creating Real Customer Loyalty

Did you know that repeat customers or clients spend up to 67% more than new customers? Did you also know that it is up to ten times more expensive to try to attract new customers than it is to keep the ones already doing business with you? Creating customer loyalty, therefore, should be a top priority for businesses both large and small. 

What’s a Loyal Customer? 

We hear a lot of talk about retaining loyal customers and clients. What exactly is a “loyal” customer? Generally, a loyal customer is one who buys your product or uses your services even when they are not on sale. They return time and time again usually because they have gotten to know your brand, your sales people, or have come to trust what you sell or serve. During sales slumps, these are the people who keep a business afloat. 

Retaining Loyalty

Once you have run the numbers and checked out your company’s database to identify your most loyal customers, it is time to do some work to retain those people. What you do really depends on the nature of your industry, but here are a few ideas to get you thinking. 

Reward Loyalty 

Customers tend to remain loyal to a certain brand or business if they feel valued. Show this audience their value by offering some sort of incentive for being loyal. For example, many businesses offer some sort of loyalty card that allows a consumer to earn a reward after spending a certain amount of money or shopping a certain amount of times. Think about it. Dunkin’ Donuts and Starbucks keep their customers loyal not just due to the addictive caffeine they sell but also by offering rewards cards that tally up to free coffee! Even if the reward is small, consumers will recognize that they are considered “regulars” and will continue the trend. 

Maintain Excellent Communication and Customer Service 

One of the reasons customers return to the store is usually the service they received the first time around. This connection between employees and the public is critical to maintaining a solid customer base. One of the top qualities that customers report valuing is the communication between the business and themselves. Be sure to be open and honest about your products/services. That communication will go a long way in helping you brand your name as an honest business person and get you some loyal customers as well. 

Create a Community 

It’s always a good idea to ask your clients or consumers to give you feedback as to how you are doing. It can create a sense of community and that “we are in this together” feeling. Ask your clients for feedback on social media, newsletters, or through surveys that can give your business a good sense of what is going well and what you need to improve upon. Many businesses find that a sense of community is found through volunteerism, social media connections, and community outreach. 

Are you looking to create loyal customers for your business? Of course you are! Check out our workshop on December 5th entitled, “How to Create Conversations that Will Gain and Retain Loyal Customers.”

Common Qualities of Entrepreneurs 

Ever wonder if you have what it takes to be your own boss and start your own business? If you have the entrepreneurial spirit and want to explore business ownership, here are some of the common qualities that most entrepreneurs exhibit. 

If you are looking to become the next Jeff Bezos, Mark Zuckerberg, or Bill Gates, then you probably have the internal drive and motivation to strive for your own piece of the American pie. Outside of motivation, what are the other qualities that you may need to lean on as you rise to excellence in your given field? 

Vision

Entrepreneurs tend to have their eye on the big picture of what is going on in their field of work. Having a finger on the pulse of your industry means you can keep up with the trends, upcoming issues, and plan for the “next big thing” before it hits the news. Having a sense of vision also means that you can maintain the day-to-day running of the business all while keeping up with future plans. 

Flexibility 

The ability to switch gears, change the plan, and juggle many things at once, is also a characteristic of successful entrepreneurs. Most entrepreneurs that have struggled through the first few years of a fledgling business will tell you that it is important to always be evaluating what is working and what is not. If it is not, then change courses to make an idea feasible. Being open-minded to feedback from others in your circle can help you make adjustments that will make your business work. 

Decisiveness

If making decisions is not your thing, then maybe being a successful entrepreneur should not be on your radar. You will need to make sound judgements with the knowledge that you have at the moment. Many of those decisions will be under time pressure so be prepared to make a choice, stand by it, and commit to it until it is no longer successful. 

Collaboration 

Being an effective team leader means that you can also “play well with others.” It’s not enough to be a prodigy in your field. You need to be able to work with others who can help support your business and use skills that possibly you do not possess. We are not all good at everything. Recognizing that, and be able to work with others who hold an entirely different skill set than you, is a hallmark of a brilliant entrepreneur. 

Are you looking into becoming your own boss and need help with your business plan? Check out the workshops we offer here at the Enterprise Center. Future entrepreneurs may be interested in the “Do You Have What it Takes to be an Entrepreneur?” workshop on December 3.