Category Archives: brand bulidng

Do Your Market Research! 8 Resources that Can Help.

Market research is an essential part of a business plan or developing a new product or service. By doing market research, you can:

  • Confirm or deny that there’s a need for your products or services;
  • Zero in on your target market;
  • Learn more about your target market’s needs and wants;
  • identify the price points the market will bear;
  • discover industry challenges; and
  • shed light on other critical success factors.

Market Research Basics

There are two types of market research:

  • Primary
  • Secondary

Primary Market Research

This involves getting information straight from your potential customers. Focus groups, online surveys, personal interviews, telephone interviews, and direct mail questionnaires are all examples of primary research methods. If you have an existing business, you can also use information about your current customers. Online reviews, notes about customer feedback, and other data that you’ve collected might provide valuable insight.

By doing primary research, you can learn directly about your target audience’s need for your product or service, lifestyle, buying habits, perception of your brand’s marketing assets (e.g., business name, logo, taglines, etc.), sensitivity to price, and more.

Secondary Market Research

Secondary research involves pulling together information from external sources to learn about opportunities and challenges within your market and industry. Studies, statistics, surveys, and other data from organizations that have conducted research can help you assess how much competition you face in your market, the size of your market, average earnings, and profitability of businesses like yours, regulatory factors that may affect your company, and other information.

Market Research Resources

So, where and how do you begin? As for primary research, a tool such as Survey Monkey can help streamline the creation and analysis of online surveys. If you’re not sure what to ask in your surveys, you can find articles to guide you in the types of questions to ask. In using focus groups, you might consider contracting someone with expertise in planning and executing them effectively. If your business is up and running, leverage data within your customer relationship management (CRM) system (if you use one), your accounting software, point of sale records, website analytics, inventory management system, and other programs.

For secondary research data, consider tapping the following resources:

These represent a small sampling of organizations and online resources that might help you in your efforts. For additional insight into where you might find the information that you’ll need to launch or grow your small business successfully, ask a SCORE mentor for guidance. With experience in providing direction and feedback to entrepreneurs in all industries, SCORE has the knowledge and connections to help you no matter where you are in your business journey.

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How to get five stars on managing your online reviews

In today’s market, consumers read online reviews before buying products and services whether they’re buying an item on Amazon or scoping out a local small business. You can’t afford to miss out on what people might be saying about your business online.

Online Reviews Wield Word-of-Mouth Power

According to BrightLocal, “Nearly every consumer now conducts regular local searches, placing expectations on businesses to be visible online. Some businesses can struggle to differentiate from their competitors, so a positive online reputation is useful to help customers make a choice.”

BrightLocal’s Local Consumer Review Survey – 2017 found that 85 percent of consumers trust online reviews as much as personal recommendations.”

Online Reviews Help SEO

Online reviews may also help a business get found in online searches. According to the Moz 2018 Local Search Ranking Factors study, review signals are among the top 8 ranking factors used by Google.

The number of reviews, diversity of reviews, and review velocity (the rate at which a product garners new reviews) all have an impact on where on the search engine results pages a business will appear.

Which Review Sites Carry the Most Weight?

The 2018 ReviewTrackers Online Reviews Survey: Statistics and Trends found that Google has become the preferred review site for consumers. “63.6 percent of consumers say they are likely to check online reviews on Google before visiting a business — more than any other review site.”

Facebook is the most popular online space for leaving reviews. Although growth has slowed for sites like Yelp, TripAdvisor, and CitySearch, many people are still using them, and they continue to have an impact on companies’ reputations and ranking in online searches.

A Few Things to Keep In Mind

1. If you haven’t established or claimed your business on Google My Business and other review sites, consider doing so.

On some sites, such as Yelp, customers might be leaving reviews even if a business hasn’t established an account there. Realize that people can and will talk about your business online, so it’s in your best interest to know where that’s happening.

2. Be careful about soliciting reviews from customers.

While Google allows businesses to encourage customers to leave online reviews, some other review sites prohibit it. Some review sites prohibit asking customers to leave reviews. Always check the website’s terms of service to make sure you follow their rules.

3. Make sure that your business information is consistent across review sites.

Use the same company name, address, and phone number (NAP) information across all of them. Many SEO experts say that search engines view consistency in NAP information as a sign that a business is legitimate. If your NAP info differs from one site to the next, people might see incorrect information about your business in search results—or your business might not turn up on the search engine results page at all.

4. Pay attention to when someone leaves reviews.

Stay tuned into notifications when someone leaves a review of your business so you can respond—particularly if it’s a negative review. According to the ReviewTrackers survey, 53.3 percent of people expect a business to respond to a negative review within 7 days. By acknowledging customers’ dissatisfaction and taking action to remedy it, you’ll demonstrate integrity…and those people might be inclined to remove their negative review and write a more favorable one.

If you do get a few negative reviews, don’t fret. It’s likely it won’t permanently damage your reputation. In fact, several critical reviews may even help your business. Reviews, whether positive or negative, increase the overall number of reviews and they may enhance your credibility. Some people might suspect that a company with all glowing reviews is “too good to be true.”

5. Watch out for fake reviews.

Positive and negative fake reviews can do damage to your business’s credibility online. On many sites, anyone (whether a customer or not) can write a review. Some have automated mechanisms in place to detect and remove fake reviews, but their methods aren’t always 100 percent effective. If you find that someone has left a fraudulent review about your business, follow the review site’s process to launch an investigation.

 

6. Monitor your online reputation so you can detect when people are talking about your business.

Besides checking activity directly on the review sites, also consider setting up a Google Alert on your business name to notify you whenever someone has mentioned your business online. The more you know about what people are saying about your business, the better able you’ll be able to understand what you’re doing well and what you might improve. Online reviews and conversations can provide valuable feedback to help your business serve your customers better.

If you have questions or need guidance about managing aspects of your business online (and off), contact SCORE to talk with a mentor.

 

Make “Shop Small” a Big Win for Your Business November 24th

Since American Express launched Small Business Saturday in 2010, it’s mantra “Shop Small” has become the rallying cry to encourage the support of local small businesses in communities across the nation.

According to the Shop Small website, a 2017 survey found that 90 percent of consumers believe Small Business Saturday has a positive impact on their community.

With this year’s Small Business Saturday approaching on November 24, 2018, are you prepared to seize the momentum and boost your business?

Fortunately, there’s still time—even if you haven’t given it much thought yet.

5 Tips for Making Small Business Saturday a Success for Your Business

  1. Make your place of business a Small Business Saturday destination.

Give consumers some extra incentive to stop by your location on Small Business Saturday. Some ideas to make your store or office a Small Business Saturday destination include:

  1. Partner with other local businesses in your community.

When you and the other local businesses in your town support each other by cross-promoting  the diversity of offerings in your business community, everyone wins. Consider sharing other businesses’ marketing materials at your location, and tell customers about the different stores near you—with the understanding, of course, that they’ll do the same for you.

  1. Power up your social media efforts.

Social media is a powerful medium for generating buzz about Small Business Saturday and promoting what you and the rest of your business community have planned for that day. If you’re on Twitter, Instagram, and LinkedIn, use the hashtag #shopsmall in your updates to encourage engagement from other small businesses and people who are actively seeking out to support small businesses on Small Business Saturday. To boost the number of people who see your posts, consider spending some dollars on social media advertising in the weeks leading up to Small Business Saturday. For example, Facebook’s advertising options (ads and promoted posts) can expand your reach significantly—to a very targeted audience—for a very minimal investment.

  1. Use the free marketing templates available on the Shop Small website.

American Express offers free Shop Small and Small Business Saturday templates that you can customize and download for use on your website, email marketing messages, social media, and in your print marketing efforts.

Some examples of what’s available there include:

  • Website badges
  • Email template
  • Email header
  • Shop Small video (10 seconds)
  • Social media profile and cover images
  • Social media post content and images
  • Event flyer
  • Poster
  1. Ask a SCORE mentor for guidance and ideas.

SCORE mentors have experience in all aspects of running a business, and we’re here as a resource to help you formulate your marketing and sales plans. Contact us today as you develop your Small Business Saturday ideas.

 

3 Personal Branding Tips for Small Business Owners

As a small business owner, you are the face of your company. That comes with opportunities and challenges as people may view you and your business as one in the same.

You have the power to single-handedly make a direct impact on your business’s credibility through your personal branding efforts.

So, how can you leverage your personal brand to enhance your company’s reputation?

3 Tips for Making Your Personal Brand Work For Your Business

Don’t be a stranger.

By getting involved in local business groups, you can build vital connections in the community. However, being on the membership roster of organizations isn’t enough. It’s important to be present at events and activities regularly so that you can nurture relationships and raise awareness of your expertise and your company’s offerings.

Choose where you network wisely because your time is precious. Seek out groups that have a strong representation of community partners, potential and existing customers, vendors, and influencers to make sure your outreach efforts are worthwhile.

 

Make some media inroads.

Look for windows of opportunity to share your expertise with the local press, online media outlets, and industry blogs.

  • Pitch newsworthy story ideas to local reporters that can draw them to you for expert input on topics. By being quoted in articles, you gain free publicity in exchange for minimal effort.
  • Reach out to the editors of reputable blogs in your industry to see if they accept guest blog posts. If yes, propose several topics with short summaries about each to give the publications several options for consideration. Guest blogging expands your audience and can help your business’s SEO efforts since most publishers allow a link back to your website from your author bio.
  • Look for relevant media inquiries through HARO – When you sign up as a source on HARO (which stands for “Help a Reporter Out”) you get an email three times a day with a list of requests from media for sources of expertise. When you set up your HARO account, you can identify the types of industries and topics you’re interested in. Getting picked up as a source by a reporter through HARO can potentially give you—and your business—national exposure.

 

Play it smart on social media.

Perhaps the most powerful place for personal branding is social media platforms. Sadly, this is where too many business owners run into trouble.

You may have the right to say whatever you want on social media, but realize that heat-of-the-moment status updates and comments about highly emotional topics like politics and religion may have a negative impact. You’re bound to alienate some people (including customers, vendors, project partners, etc.) if you’re not careful. Also, ranting about business issues or airing other grievances online can serve to make you appear unprofessional. For those reasons, consider your intent before making any post or comment. If your motive is self-serving to get something off your chest or get under someone’s skin, it’s best to walk away from your screen and re-engage when you’re in a less volatile frame of mind. If you find it difficult to do that, you may want to reconsider “friending” clients and professional contacts through your personal social media accounts.

 

A Blurred Line That Can Build Your Business

With some focus and effort on your personal branding, you have the potential to build greater exposure and respect for your business in the process. As you look for opportunities to leverage your personal brand in-person and online, reach out to SCORE for guidance from a small business mentor. SCORE mentors work with business owners in all industries, and they can help you formulate a personal branding strategy that can effectively enhance your business’s other marketing efforts.

3 Reasons Why You Need a Business Logo

focusme

 

If you think logos are only important for big brands, think again. Logos provide big branding benefits for small businesses. How will a logo help your business?

  • It will provide a way for prospects and customers to more easily recognize your brand. A logo can help make your brand more memorable by giving people imagery to associate with your company. So when people are looking for products and services like those you offer, they’ll be more likely to have your company in mind.
  • It will facilitate consistency across your branding efforts. When you use a logo on your marketing and sales materials, whether printed or online, all pieces of collateral will present a unified front. That makes your brand appear more polished, professional, and consistent in how it presents itself.
  • It can boost your credibility. A logo in and of itself doesn’t make your business any better at what it does. However, it can bring more legitimacy to your company in the eyes of potential customers and clients. A logo can help show you’re a credible, bona fide business.

 

What to Consider When Having a Logo Designed

Unless you’re a graphic designer by trade, chances are you personally don’t have the creative chops to design your own logo, so you’ll need to outsource that work. You might seek the help of a marketing firm, independent designer, or an online service like 99designs.  We used 99designs to get a custom logo designed for FocusME,  game changing support for women entrepreneurs. We were very pleased with the results and the cost!

Regardless of whom you hire to design your logo, keep the following things in mind as you collaborate with them:

 

  • Your brand personality: How you want your business to be perceived—traditional, trendy, sophisticated, rugged, creative, high-tech, exciting, calming, etc.?

 

 

  • Adaptability: How will the design translate into different media? You’ll surely be using it in print marketing collateral of various sizes, and online, it will be seen on the screen of mobile devices and on desktop computer monitors. Also consider how it looks not only in color but also in black and white. Regardless of the size or color, you’ll want your logo to appear bold and distinctive.

 

The Lowdown on Landing an Effective Logo

Realize that before you ask someone to design your logo, you must first understand what your brand stands for. Think about your company’s core values and the traits and characteristics that define it. Communicating what you’re looking to convey through your logo is the first step in having one designed that will effectively and accurately represent your company.

If you’re thinking about having a logo created for your business and want help zeroing in on what it needs to project, contact SCORE Maine. With mentors who specialize in marketing and branding, we have volunteers who can provide you with expert guidance and feedback.