Live Streaming and the Entrepreneur

Marketing is the area where entrepreneurs define their unique identity for themselves. It allows them to create an image in the mind of the customer. There are some features that entrepreneurs have in common such as being innovative, risk taking, and being proactive. Technology allows entrepreneurs new innovative ways to grab attention for their products or services on a very broad range. Live streaming is a new way that entrepreneurs are using this technology to go right into their customers homes from anywhere. Trades people can use this to allow their customers to watch them as they are crafting something live, and they can purchase it while it is being created. Many crafters are streaming to draw attention and interest to their goods and create a following and relationship with customers with whom they can communicate with during their stream. Entrepreneurs are using this to bring awareness to new products that have come out and to demonstrate how well they work. Streaming is also becoming a convenient training tool for employees. Social media has became so accelerated, and people want to get their information right now, so we are seeing this trend gaining more popularity.

Guerrilla Marketing

Guerrilla marketing is unconventional, low cost tactics with the goal of gaining maximum exposure for a product or service. This term originated with marketer Jay Levinson in 1984. Levinson thought that campaigns really needed to be clever, shocking, out there, unique, or even outrageous. Big companies sometimes use these techniques but with their larger budget they may not be truly considered guerrilla marketing. This type of marketing targets public places that have a lot of traffic and people access. According to creativeguerrillamarketing.com, some easy guerrilla marketing ideas include:

• money stamping
• sticky notes
• guest blogging
• business cards
• bumper stickers
• temporary tattoos
• t-shirts
• outdoor signs
• circulars
• newspapers
• magazines
• postcard mailing
• give aways

Sales Promotions For The Small Business

Sales promotions are meant to encourage the customer to spend their money on your product or service. They bring awareness to the brand. Before you market your business you must determine your target market. Small businesses do not usually have big business budgets for promotions so they sometimes have to be creative with budget friendly marketing ideas.There are more inexpensive and sometimes free promotional ideas than you may think. Some of these are referrals, brochures, social media, blogs, creative logos, and simply remembering that you are your business.

Referrals

Referrals are a huge way to build your business. Do not assume that you will automatically get word of mouth from clients. Ask for it. Maybe ask for them to hand out your business cards.

Brochures

Brochures can help you get some attention for your product or service even with today's technology. You can use this brochure to refer back to your social media advertising or your website for more information. Brochures must be organized, concise, and stand out to get attention.

Social Media

Social media is a great way you can get free advertising. The balance.com makes a very good point that free advertising is as good as money in the bank. They say that if you want some free publicity you need an angle that makes a story (Ward). Things like how the business impacts the community and grand openings can do this. If you have a blog, social media can bring attention to it. 

Blogging

Blogging can be a very effective and even fun way to bring interest to your business. Sherri Lonon on thebalance.com notes that blogs can bring more traffic for your website and that it can improve a site's search rankings. Blogger and WordPress offer free blog hosting domains.

Creative Logos

Having creative logos is a branding strategy that can make your business stand out from the rest. Karen Saunders on thebalance.com states that it is the first key element to branding. She also notes that you give your company name a lot of  attention so you need to match it with a strong graphic design that is not cluttered (Saunders). She also says that a good tag line should accompany your logo and communicate what you want your customers to remember about you (Saunders).

Remember You Are Your Business!

Business writer Susan Ward stresses that you are your business (It Pays to PAK Your Small Business Image). She says too often we forget this and she says that promotion can be all in how you present yourself. We should work for a positive first impression. PAK stands for Pleasant, attractive, and knowledgeable. Ward says these keys will help you build your credibility.

Sources Cited

Lonon, Sherri, How to Create a Blog, www.thebalance.com, 27 Oct. 2016

Saunders, Karen, Creating a Great Business Logo and Tag Line, www.thebalance.com, 27 Oct 2016

Ward, Susan, How To Get Free Publicity For Your Business, www.thebalance.com, 9 Sept. 2016

Ward, Susan, It Pays to PAK Your Small Business Image, www.thebalance.com, 15 Feb. 2017

Can Small Business Have Competitive Advantages

Can Small Business Have Competitive Advantages

Is there any competitive advantages in being a small business or home-based business? A competitive advantage is defined as the advantage that a company or business has over the competition to get more sales and customers. There are several benefits that a small business may have over a large business or corporation. There is a personal touch to a small business that a larger one just does not have. The contact your business has with customers is more personal, easier, and more accessible. Most small business are not going to have a long list of keypad options you have to go through before you can speak with an actual person. When you communicate with the business you are speaking with the owner or employee and not just a call service. Small businesses may offer less services or products than a larger one but those options can be more specialized, offering the image of quality over quantity. Small business can make their choices much easier and faster. If a small business owner decides that they need to implement something that is going to benefit their business, they do not have to have the same agreements and permissions as larger businesses or corporations do. Being a small business is a competitive advantage.

Signage For Your Business

Signage For Your Business

Signage at your business's location is a very important part of your marketing. Your sign creates awareness about your business to the public. In a marketing series written by James and Susan Claus on the importance of signage for your business they note that when a when a site has been successfully "branded" with signage it reduces the need for a lot of other advertising in the area. Signs are there to get people's attention. Some locations rely totally on a sign to let people know that the business exists at all. Making the site planning become "signcentric" or based around the signage (Claus). In The Importance of Signage the Claus's also state that for a freeway business, almost 50% of their customers are not local so that a sign may be the only way to get their attention.

Signs must be the right height, size, easily read, and well lit to be effective. The content of the sign must be bold enough and not overly cluttered with information. A sign is trying to get your point across in the time frame that a passerby would have to read the sign. Having an effective sign at your location can be so important that it could even make or break your venture.

Source Cite

By. R. James Claus, PhD and Susan L.Claus, Marketing Series, Importance of Signage, Showcasing Your Business on the Street, www.danitesign.com

Pricing For Your Time

In a service based business, pricing for your time is very important. We never want to price too high or too low. If you price too high, people will want to go with a more affordable option, if there is one. If you price too low you may look cheap and people may think that your services are not valuable. Then there is the dilemma we all face when we work for ourselves and have to charge a friend or family member for service. I have made the mistake over and over again of not charging enough for my work, especially with people I know well.

Part of the reason people do not charge enough for their time is because they do not value their own skills. Sometime we may not feel as qualified as we really are and we sell ourselves too low. Being afraid of offending someone we care about if we charge them too much is a problem many of us deal with.

At the end of the day we go into business to support ourselves and our family. Your services are valuable and your time is as well. Even if you are working for people that you know. Many of my clients have became good friends over time and if I did not charge them a fair price I would not be able to do their service at all because I would have to go get a job somewhere else. People will pay for what they value and  those that know you well will pay you if they value you. There is nothing wrong with cutting people a deal sometimes if you can afford to but you have to take care of yourself and charge what is fair for you and your business to succeed.

Michael Jordan and Nike

Many celebrities make money from their endorsements of products and from their own brands, but one particularly impressive earner has been Michael Jordan. Michael Jordan signed on as celebrity endorser for Nike over 30 years ago. There was a deal set that if Michael Jordan did not sell at least $4 million dollars worth of shoes by the third year, then Nike could cancel his deal. Nike went on to sell $70 million in Air Jordans in the first couple of months. Even though this brand started so many years ago, and there are many popular athletes endorsing products now, Jordan's brand still brings in $2.5 billion in sales per year. The Jordan brand is still a very dominant one. Jordan has made a lot more money from his brand and endorsements than he did from his athletic career. He still makes $100 million a year from his sneaker deal. Jordan has also made millions from his endorsements of companies like Gatorade and Hanes.

Bundling

Product bundling is combining two or more services or products together to make the offer more appealing to the customer. Everybody likes to get more out of their money. Bundling can increase sales but it can also be risky if it is not done right.

Many different kinds of businesses bundle their products and services. Insurance companies and fast food restaurants are some of the first that come to my mind. Fast food restaurants offer combos that allow you to get the whole meal for just a couple dollars more than the sandwich alone. When you look at the cost of the items individually you see that you are saving money. Customers need to be careful when they purchase bundles to make sure that they are saving on the individual items, and to make sure that they are not paying for services that they do not use. Sometimes a customer will choose to try a new service or product that they would normally not try, because of a bundle deal, and then be interested in paying for that service or product again in the future.

Time is an important thing to think about when choosing to offer bundle deals. Some services require a lot more of your time to complete that others. If you offer a bundle option on services that take too much of your time for a lot less profit then you are losing money. This can also impact quality of service, because you may feel the need to rush to get more services done in time.

Impulse Purchases

     If I am shopping alone I feel like I do pretty good about avoiding impulse buys at the checkout counter. I have been guilty of it though, on occasion. Who doesn't want a candy bar and a soda from time to time? My oldest son, however, can not wait to start asking for everything he sees while we're checking out. By the time I have shopped all over a store with two young children my resistance is usually pretty low and I tell him to grab something and throw it up there. I think that our kids make us spend more money all over a store that we usually intend to when we get started. 

     Retailers hire people to design the layout of their stores to help make you want to buy more. The checkout counter is that last stop on the way out and they usually try to make it count. Most of the items you see at the checkout are lower priced items, so we do not feel like it's a big deal to tack them on to that already full belt of items. The racks are full of magazines with interesting stories and big pictures of celebrities to catch your attention. I'm sure the internet has hurt magazine sales since there is so much information at our fingertips, so impulse buys are a good strategy. Retailers also like to put things at the checkout that someone may have forgotten while shopping. Unfortunately, I will forget the stuff that is at the very back of a department store and have to go all the way back to get it. Which only gives me more opportunities to come across something that I may add to my cart. You would like to think that if we were aware of these strategies it would make us resolve to not fall prey, but I do not think it will. We are just aware that they got us to spend again.

Customers Want Value

Value

Value is defined as fair return in goods or services for something exchanged such as money.

When a customer uses your services or buys your products they are giving you their time and their money. It has taken them time to earn the money that they are spending with you. They are spending their time purchasing your product or using your service instead of someone else's. Are you giving them a fair return. Customers want to feel like you value their business.

People want to feel liked and listened to. Calling someone by name is a simple way to make them feel important. Asking questions about them and showing genuine empathy shows them you care. We all have bad days but as a professional we have to control our attitude. If I feel like someone does not have a good attitude with me I will spend my time and money somewhere else. Even if it costs me a little more time or money.

Can your customer trust you? If you are unreachable then you will be seen as unreliable. If I need to make an appointment with someone and I get no response then I do not feel like my business is valuable and I will move on to someone that has time to work with me. Being knowledgeable is also important if you want to be trusted in business. The more you know the more valuable you are and the better return your customers will be getting from you.

Doesn't the golden rule state that we should treat others as we would like to be treated? Value your customer's business like you would like yours to be valued. Go that extra step to make others feel important.

Examples of When a Customer is Not Always Right

The Customers Is Not Always Right

We should strive to make our customers happy. This is usually necessary to have a successful business. However, you as a professional will sometimes come across situations where the customer asks for you to do something that is not the best thing for you to do. Then we face the dilemma of whether we do what they asked or suggest a better way. 

As a cosmetologist you have strict safety and sanitation rules to follow. In the salon a customer will ask me all the time to scratch their scalp with my fingernails during a shampoo. This is a big no no. They tell me all the time that people who have shampooed them in the past will do it. That tells me that a lot of stylists have either not learned the health risks or that they are willing to break this rule to satisfy their customer. I will not. I have to explain to them that scratching the scalp with the fingernails is not safe. Not only can it encourage the scalp to produce excess oil, it can also irritate the scalp. This can even lead to infection. Especially for clients that have health issues such as diabetes. Fingernails can harbor a lot of bacteria underneath them and when you scratch a clients scalp you are creating little tears and can be introducing this bacteria directly in. If this does not sound bad enough think about the fact that you have someone else's skin cells underneath your fingernails. 

The point is you have a responsibility to protect you clients and yourself. Sometimes the client honestly is simply unaware of the risks. If you do make them unhappy at least you know that you did the right thing and you will reduce the risk of complications and complaints in the future. 

Evaluating a Business Idea -

Part of evaluating a business idea is deciding if the business is something that you truly want to do. Do you have a passion for it? There are many important factors to consider when you evaluate a business idea but if you can say that you may not really enjoy the work long term it may affect your motivation as time goes by. Running a business can take up a huge amount of your time and if you are enjoying your job it will be more than just a source of income. Just be careful not to let your passion make you too optimistic. It is still very important to have a strong plan before you jump in because someone else may not love your ideas as much as you do.
My biggest concern as a mother is how what I do will affect my children and my time with my family. I want to have my cake and eat it too. I chose to work at home so that I can be close to my children and have them with me most of the time. This is what works for me but may not work for everyone and every business. When we work in any area we have to be aware of what is important to others. We look at what other people need and want when we are deciding if a venture will work. Will this be important to the customer and will it be competitive with others offering similar products or services? Do not forget to ask yourself in all this what matters to you and what is important and functional for your family.

Marketing Changes and Technology
     The goal of marketing has always been to promote and sell products and services, but our ways of doing so has changed with the times. Imagine going back to a time of no social media and internet where there was simply word of mouth to sell your business. Technology has changed our world in every way imaginable. You can see technology in marketing as far back as the 1700s after the invention of the printing press. Radio ads started in the 1920s and the world's first television advertisement was seen on American screens in 1941. By the 1950s television advertising had topped the advertising sales. The much hated telemarketing tactic started in the 1970s and regulations started to come about for the advertising industry. The first mobile phones came along in 1973. In the 1980s the first commercially available personal computer was launched and it opened an entirely new world of possibilities. This advancement lead to an increase in print advertising as well. The 1980s gave us the start of the home shopping networks and infomercials. The 1990s brought us the world wide web in '91, email and our first instance of spam in 1994. Throughout the '90s mobile phones became more popular and the internet became a big tool for marketing. Search engines started in '95 with Google launching in 1998. The search algorithms becoming more advanced has lead to new ways of communicating and selling. Blogging started in 1999 and by the year 2006 there were already 50 million blogs existing and it is becoming more and more popular everyday. Blogging is a great way for people to market their business and promote themselves. Social media began in 2003 and Facebook came along in 2004. Social media gives the consumer more voice than ever before and marketers and advertisers the opportunity to reach a huge audience. With all of our avenues of communicating, email still seems to be the most popular avenue of marketing and technology with all of our mobile devices on hand at any given time. Technology is how we see what consumers are viewing and what they are buying. It allows us so many channels to reach our target market and allows us to do our marketing, public relations, and advertising for ourselves. To sum it up technology is unescapable and it is very important to keep up so that we do not lose opportunities to reach customers and even save ourselves money by reducing business costs.