2008 June
Last year American’s spent nearly 2.5 billion to celebrate the 4th of July. This year, the weakened economy and soaring gas prices will take the air out of those revenue sales. According to the NRF 2008 Independence Day Consumer Intentions and Actions Survey , while two-thirds of Americans will still celebrate the holiday, many will be doing so at home.
So what can you do to help cash conscientious consumers enjoy their Independence Day this year?
Offer promotions, consider doing a PRE holiday sale and there’s no better way to attract customers than giving away FREE STUFF! Like gas for example…?
Tags: 4th of july, business tips, generating more sales, independence day, Sales
Posted on June 30th, 2008 in Generating More Sales | No Comments »
And then there were two.
From here on out you are going to be the brunt of a barrage of political shenanigans. Hot air and dirt is going to be flying from all directions and it’s going to be tough trying to wade through it all to get to the bottom of where McCain and Obama stand on important issues. You’re even less likely to see through the deluge to the small business issues.
So I thought I’d present (in a nutshell) where the candidates stand on the top 3 most important business matters taken directly from ResourceNation.com :
McCain:
• Healthcare – Sen. McCain is proposing incremental expansions of health insurance coverage accompanied by reduced regulations of insurance companies and a more expanded role for Health Savings Accounts (HSAs). He is also proposing an income tax exclusion aimed at providing incentives for individuals to purchase their own insurance; essentially creating a tax credit for anyone purchasing health insurance through an employer.
McCain is also strongly touting a detailed plan based primarily on cost containment and quality of care…performance of the doctors in particular. He has also proposed that small businesses, and those who are self-employed, can purchase medical insurance through qualified associations/organizations.
• Taxes – Similar to most candidates, McCain takes aim at middle income family tax cuts. He is proposing to repeal the Alternative Minimum Tax (AMT), which is paid nearly exclusively by 25 million middle class families. McCain also specifically addresses entrepreneurial tax cuts claiming that “entrepreneurs should not be taxed into submission.” McCain believes that lower taxes on income and capital gains promotes saving and channeling investment dollars into innovative, high-value uses as opposed to wasteful financial planning. McCain, similar to his Democrat counterparts, is proposing pro-innovation tax cuts, namely a ban on Internet and new cell phone taxes and a permanent R&D tax credit. Read about McCain’s tax cut plan .
• Economic Factors – McCain believes that the barriers to trade should be lowered, thus creating a more globalized mindset when it comes to trade. He wants to reduce the barriers to trade and level the playing field when it comes to global trading rules. McCain wants to increase the competitiveness of the American worker by increasing educational opportunities for all. McCain highly touts energy independence by eliminating our reliance on foreign oil. McCain has outlined a comprehensive energy security plan, which can be found here .
Obama:
• Healthcare – A similar proposal as that of Sen. Clinton in that he is proposing system-wide changes designed for covering most or all Americans. His system, like that of Clinton’s, would offer a pooling function where small businesses can ban together to get affordable health care insurance. Obama is proposing that he would exempt small businesses under 15 employees from this insurance requirement. See Obama’s full healthcare plan .
• Taxes – Obama offers several proposals targeted at small business growth and development, which include the elimination of capital gains taxes on start-up businesses. Some of his biggest tax proposals are aimed at providing a tax cut for working families; he’s calling this the “Making Work Pay” tax credit, which will completely eliminate income taxes for 10 million Americans. Many of those affected by this tax cut are employed by small business, all of whom could see a significant increase in take home pay without affecting the small business bottom line.
• Economic Factors – He is proposing to raise the minimum wage and index it to rise with inflation; this is aimed at ensuring full-time workers can make a livable wage now and ongoing. Obama also has similar plans to those of Clinton’s for increasing innovation and technology jobs. Obama does have some unique proposals including expansions of programs targeting capital to minority and under-served communities and patent reform. He has also called out specific economic help aimed at small businesses in rural areas. Read about Obama’s economic plans .
Whatever you do whether personally or professionally, make sure you make an informed decision.
Tags: campaign 08, issues, presidential race, ResourceNation.com, small business
Posted on June 17th, 2008 in In the News | No Comments »
When was the last time you read a business book? Last month? Last week? Yesterday? Now? (Wow, if you’re reading a book now AND reading this blog I’m personally inviting you to my house for tea and crumpets so you can teach me how to simultaneously read two things at once!) Here’s a better question. When was the last time you read a business book that was as easy as reading the latest Harry Potter? Probably can’t even remember huh?
Well my friends, I present to you one of the easiest and rewarding books out there today. It is called "Word of Mouth Marketing: How Smart Companies Get People Talking" and it’s written by one of marketing’s biggest rock stars, Andy Sernovitz .
It’s written in an incredibly conversational tone and offers seemingly "no brainer" advice on how to build your company through the sheer power of word of mouth marketing . I think the biggest word I ran into was "obfuscation" (it means to confuse, FYI). Andy combines his 18 years of experience with changes that are happening currently with the internet to paint an astonishingly simple picture of the right way to market your business.
The book is a mere 184 pages including a foreword by fellow marketing/internet compatriots Seth Godin and an afterward by Guy Kawasaki. If you don’t want to miss out on lots of free marketing for your business, be sure to check it out .
Tags: books, Marketing, online marketing, reviews, word of mouth marketing
Posted on June 16th, 2008 in Marketing Your Business | No Comments »
As we get into the full swing of summer and you begin to look forward to taking that much needed 2 week vacation to the Bahamas let’s take a step back and put some things in perspective. You probably work a minimum of 9-5, 5 days a week right? If you work less than that, well my friend you are luckier than most. But what about 39 year old Lee from South Korea who can only spend 10-15 minutes a day with his kids because he’s gone from 5:30AM to 11:00PM six days a week. Oh yeah and he only gets 3 days off a year.
Here are the top hardest working countries and the average number of hours worked per year:
1. South Korea - 2,357
2. Greece - 2,052
3. Czech Republic, Hungary, Poland - tied with close numbers in the 1,900-2,000 range
So next time you want to duck out early on a Friday, be thankful you can and make sure you really DO enjoy that nice long vacation!
Tags: average hours worked, foreign workers, growing your business, international business, workaholics
Posted on June 13th, 2008 in General Discussion, Uncategorized | No Comments »
I’m sure you’ve seen those cheesy commercials that crowd your late night television viewing. You know the ones promising extraordinary results and benefits that basically scream in your ear to BUY IT! Well, I suppose those work to some degree because otherwise they would have fizzled out long ago. But the average business owner needs a different approach. A very different approach.
Be conscientious of what your copy sounds like. If it sounds like one of those late night "razzle-dazzle" quick-sell commercials, you’re on the wrong track. Here are some ways to figure out if it falls into that category (from Marketingprofs.com ):
Exclamation points. Use them judiciously—if at all—and only when a statement truly merits the added excitement.
Numbers. Headlines like "10 Powerful Secrets for [Fill in the Blank]" will undoubtedly pique a potential customer’s interest; but they also sound like copy that will lead to an impulse buy, not a long-term business relationship.
Hyperbolic claims. Does an image-conscious company really offer something extra for acting now, or suggest that the big secret will be revealed for the low, low price of $199.99?
The idea is not only to sell your product but to form a lasting relationship with the customer so they will keep coming back time and time again. Read more about how to build your brand here .
Tags: advertising, advice, branding, copywriting, Marketing, Tips, writing copy
Posted on June 12th, 2008 in Generating More Sales, Marketing Your Business | No Comments »
Ladies and gentlemen, it’s true. The recession-proof shopper is here and she’s here to stay. A new study commissioned and soon to be published by Elle magazine concludes that 8% of U.S. women are still shopping up a storm and show no signs of slowing down. (for full stats check out this article)
So what do you think? Do you think these ladies have what it takes to keep the economy (and businesses) afloat this year? I for one think that it certainly won’t hurt…but it’s not going to come anywhere close to how well those stimulus checks worked-wait….
If nothing else I suppose retail businesses can cater their advertising to focus more heavily on this demographic.
Tags: consumer, economy, recession, retail, shopping
Posted on June 10th, 2008 in In the News | No Comments »
So what is a permanent wholesale mart anyway? Well, quite simply it’s a year round trade show (here is an example ). Business owners looking to find products can go to these marts to find a vast and varied selection any time they need to. This flexibility is one of the many advantages to using a wholesale mart to source products. Other benefits include an optional on site sales rep to assist you, a buyers directory of suppliers and product lines as well as supplier contact information, and finally at various points throughout the year some marts will host additional short term trade shows to attract the new suppliers as well as offer classes to help educate retailers on how to market their products, etc.
There are two types of marts which each have different advantages. The national marts tend to offer a wider selection within a certain product line and buyers can source directly from manufacturers. Regional marts cater more specifically to buyers who are looking to obtain smaller volumes of product as well as offer a more personalized and attentive interaction.
Tips for Maximizing Your Mart Experience:
- Even though the marts are open year round, specific suppliers may not be open every day. Plan accordingly. (*although it should be noted that suppliers are often willing to schedule an appointment with you, so contact them directly to work something out)
- Because the goods are wholesale (ie. in wholesale quantities and for wholesale prices) they are not open to the general public. You will need to be able to provide information that proves you are a legitimate buyer/retail business which means usually a tax ID number and credit information.
- Do your research. Before you make travel plans make sure the marts you are thinking of attending have what you are looking for. I know, a no brainer right? But I had to say it anyway…
It’s a good idea to visit these marts at least twice a year to stay in the loop as to what products are the latest and greatest. But be sure not to limit yourself to only these marts. There are plenty of other sourcing options out there so be open and willing to explore them as well.
Tags: goWholesale, mart, Tips, wholesale, wholesale mart
Posted on June 9th, 2008 in Product Sourcing | 1 Comment »
Online marketing agency, NETexponent, is tasked with creating a profitable business to business affiliate program for goWholesale
goWholesale , is recognized as a leading vertical search engine. Their goal is to offer wholesale buyers an efficient and quick way to find vendors and suppliers. goWholesale currently allows advertisers to promote their business through pay per click advertising, organic search listings, or via banner ads. In an attempt to further grow their business, goWholesale has partnered with NETexponent to launch and manage their B2B affiliate program. This program will allow websites to partner with goWholesale while receiving commission for every new advertiser who signs up through their site.
“This is a great opportunity to get creative,” said Peter Figueredo, CEO and Co-Founder of NETexponent. “goWholesale isn’t a traditional online retailer, they are a search engine, so our strategy will include utilizing proven best practices as well as seeking unique opportunities that will attract businesses to become a part of goWholesale.”
NETexponent’s knowledge of the affiliate landscape will be instrumental in creating a profitable business to business affiliate program for goWholesale. With seven plus years of affiliate marketing experience, NETexponent will grow, optimize and manage the goWholesale affiliate program by leveraging their database of over 25,000 affiliates to recruit well suited vertical affiliates and top publishers that will drive qualified advertisers to goWholesale.com .
goWholesale has big plans for their affiliate program which made selecting the best outsourced program managers very critical. “NETexponent’s innovative approach to affiliate recruitment was a major factor in choosing them as our affiliate agency”, said Jean Bahnik, Senior Director at goWholesale. “I was instantly impressed by their knowledge and expertise in affiliate marketing. They have the tools and relationships to successfully attract and optimize the best affiliates.”
NETexponent attributes its success to the experience learned over many clients in the online retail, financial, education and subscription marketing sectors. NETexponent’s team of marketing professionals will focus heavily on affiliate recruitment and optimization, publisher support and quality assurance.
NETexponent will launch goWholesale’s affiliate program using the ShareASale affiliate technology platform. Affiliates will have the opportunity to earn 25% of each new advertiser’s initial start up cost. Each new advertiser must deposit a minimum of $100 to begin promoting in the goWholesale system. Commissions will be paid for transactions that take place for up to 60 days after the initial online referral. For more information, or to join the goWholesale affiliate program, contact us here .
About goWholesale
goWholesale’s mission is simple: to help your business to do business. goWholesale started in 2004 as a search engine to help wholesale buyers connect to wholesale suppliers in the quickest and most efficient way possible — via the internet. Since then, we’ve helped change the way wholesale products are sourced, and now we’re leading the way as the premier web portal for sourcing a range of wholesale products, finding providers of business services, reading the latest articles, news, and tips for starting and growing a business, and sharing viewpoints with a community of businessmen and women. For more information visit www.gowholesale.com .
About NETexponent
NETexponent is an online performance based direct marketing agency based in New York that builds custom partnership networks for efficiency driven advertisers. Founded in 2001, the metric-driven firm leverages nearly a decade of management experience in structuring win-win, performance-based deals with online publishers ranging from automated affiliate networks to integrated media partnerships, and focuses on efficiently acquiring the most valuable customers for clients. NETexponent is committed to being the industry’s most efficient and ethical performance marketing agency, continually evolving to address changing market conditions and client needs.
Tags: announcement, B2B, goWholesale, NETexponent, partner update, wholesale
Posted on June 6th, 2008 in Partner Updates | 3 Comments »
A recent study released by the National Retail Federation reports that the number of businesses victimized in the past 12 months is up from 79% in 2007 to 85% so far in 2008. More and more businesses are seeing their stolen merchandise popping up for sale in other locations (the internet clearly being one of the most prevalent places).
E-fencing is quickly becoming the primary modus operandi for thieves as they can resell the stolen merchandise anonymously without raising any eyebrows. One of the most important findings is how much "new in box" items are worth to the criminals. These items can render up to 70 cents on the dollar whereas traditional black market methods only render around 30 cents. This means "new in box" products are being stolen at a higher rate than ever. Loss prevention respondents estimate that nearly 40% of current "new in box" items for sale on auction sites is stolen.
The survey’s conclusion sites training and awareness, utilizing exsisting relationships among trade associations and the government and communication/advocacy as solutions to help reduce this trend. To read the full report, click here .
Tags: e-fencing, news, organize retial crime, retail theft, stolen merchandise, survey
Posted on June 4th, 2008 in E-Commerce and E-Business, In the News | No Comments »
Eve Tahmincioglu who writes the Your Biz Blog over at MSNBC.com had a great post today where she enlisted the help of business coach Dan Murphy, president and founder of The Growth Coach , to help cast some rays of hope down upon businesses that are suffering recession doldrums. I thought I might help spread the word a bit.
His tips are sure to help you regain a sense of perspective and lead you to taking active steps in maintaining your business. His advice comes in the tried and true form of the acronym: M.A.S.T.E.R. (as in MASTER your business)
M is for Marketing. In good times and bad, marketing should be the highest priority for the owner and the business. Marketing is about attracting, serving and retaining customers. Work smart to keep what you have. Sell more to your current customers. Attract new customers. Marketing is simply on-going education to your customers, prospects and referral sources of why it’s in their best interest to do business with you.
A is for Ask Others for Help. Now is not the time to be the strong, lone-ranger. Be strong and smart enough to ask for help. There is strength in numbers and better ideas. Ask your customers — "How can we better serve your needs. What additional needs could we serve?" Ask your franchisor support team for strategies. Ask your CPA for some expense control strategies. Ask your internal team for ideas on how to grow revenues, decrease costs, better serve customers, etc. Ask other entrepreneurs what they are doing in tough times — adopt and adapt their strategies to your business.
S is for Slow Down & Plan. Stop being busy about nothing. Get strategic. Slow down, face reality, think about your situation and do some planning. They need to create a one-year game plan but break it into 90-day action plans and keep everyone accountable for implementing the plan.
T is for Tough Decisions. Wake up! Now is not the time to be everyone’s friend or to maintain the status quo. You are the head coach and have to make some bold calls and even change up the roster. Your first goal is to survive and be in a position to thrive. Cut expenses and reallocate for marketing — dare to invest in sales and marketing. Cut loose non-performing employees. Redeploy more people to the front lines — sales and marketing. Fire customers that cost you money. Ask others who benefit from your business & success to share in the tough times with you and reduce their costs — CPAs, printers, vendors, suppliers, advertising channels, etc.
E is for End Excuses. Everyone needs to be held accountable for results. As owner and head coach, do not accept excuses, only results. You must provide accountability for everyone, including yourself. Lead by example. Just because the economy is tough, that is no excuse to lay down, to give up, and to allow things to happen. Now is the time to dig deeper, hustle, and out maneuver others. Get more creative. Do not play the role of the victim. Accept the truth that things are a bit rough. So what? The rough economy is not the real problem, your not confronting the problem and taking new actions is the problem.
R is for getting Re-Focused. Like a champion sports team, every one of your team members should have absolute clarity about their role, responsibilities and goals. They should not confuse being busy with accomplishment. Get them focused. Be honest and frank with your team — if sales are down, give them the facts. Everyone, from receptionists to managers, needs to face reality and positively go about improving on that situation.
Tags: economy, growing your business, recession
Posted on June 3rd, 2008 in General Discussion | No Comments »
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