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AI Stats and Trends for Small Business Marketing

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Archives, Global Trade Daily

AI Stats and Trends for Small Business Marketing

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Small businesses (SMBs) are a busy bunch. On any given day, they might be fulfilling orders, engaging with customers in-person, managing staff, doing their books — plus dozens of other tasks. Most would relish an opportunity to gain back an extra hour, or save some extra money.

Luckily, those goals (and others) are attainable thanks to artificial intelligence (AI) and marketing automation. These technologies can help small businesses work more efficiently, drive more sales, and improve the ways they are marketing themselves – without making it more of a headache or a time suck.

We recently published a report at Constant Contact called, Small Business Now: An AI Awakening, that outlines how SMBs are thinking about AI and automation, and some of the results that early adopters are seeing. With insights from nearly 500 small businesses across the U.S., the study reveals how these technologies can enhance marketing effectiveness and help SMBs save time and money. 

If you’re curious about how AI can impact your business, here are the 10 stats about AI that you should know.

Challenge Accepted: 60% of SMBs say their biggest challenge is attracting new customers, while 39% say it’s marketing to their target audience.

Peaked Interest: 74% are interested in using AI or automation in their business, and 55% reported that their interest in using these technologies grew in the first half of 2023.

Off to the Races: 26% are already using AI or automation, and the top use cases are social media (52%), generative content creation (44%) and email marketing (41%).

Proven Success: 91% of the small businesses polled say AI has helped make their businesses more successful.

Reaping the Benefits: 60% of small businesses that currently use AI or automation in their marketing say they have saved time and are working more efficiently.

First step, Social Media: SMBs say the easiest places to start leveraging AI technology are social media, content creation, and analytics.

Financial Gains: 28% of SMBs expect AI and/or automation to save them at least $5,000 in the next year.

Increasing Efficiency: 33% of small businesses estimate they have saved more than 40 minutes per week on marketing by using AI or automation.

Top Concern: 44% of small businesses noted data security as their top hesitation about using AI.

Value Recognition: The more SMBs use AI, the more they value it.  70% of SMBs would be willing to pay more to access AI and automation. 

So, what do all these stats mean? I’m glad you asked.

AI is here to stay. The small businesses who are currently using tools powered by AI overwhelmingly agree that it is making their businesses more successful. They are working more efficiently, saving money, improving customer experiences, and growing quicker.

So, if you’re an SMB who is either starved for more time in your week, or you want to improve the way you engage with your customers without adding extra marketing work to your plate, don’t write off AI as a passing trend. Give it a try and you might be surprised about the results you see.

About the Author

Dave Charest is the Director of Small Business Success for Constant Contact, a digital marketing and automation platform that has helped millions of small businesses and nonprofits become better marketers.

business
Archives, Commentary, Global Trade Daily

Big Dreams, No Cash; Funding Your Brick-And-Mortar Business

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The digital world made starting a business easier. Anyone with a computer, a phone and a spare room could give entrepreneurship a try, no office or storefront necessary.

Or so it would seem.

In truth, not every business can operate without a brick-and-mortar presence. Cyberspace isn’t sufficient when a budding entrepreneur wants to open a bowling alley, laundromat, car lot, restaurant, motel or any number of other businesses, says Elijah McCoy, CEO of McCoy Brokerage Service (www.mccoybrokerageservice.com).

“That means they need to buy, rent or renovate property, and purchase equipment,” McCoy says. “That also means they are going to need the capital to turn their entrepreneurial dream into an entrepreneurial reality.”

But securing that capital is not always easy. Entrepreneurs who want to launch a small business, or small businesses that want to expand, often find that lenders are reluctant to provide the cash they need to make their vision happen, McCoy says.

Yet the need is growing. Since the pandemic, the number of people who feel the urge to start a business has increased dramatically. The U.S. Census Bureau reported that 5.4 million new business applications were filed in 2021, up from 4.4 million in 2020.

Many of those people were part of the Great Resignation, the movement among millions of Americans to quit their jobs and refocus their lives. In numerous cases, that refocusing involved people who longed to be their own boss. But as McCoy points out, being your own boss also means taking on responsibility for overhead expenses – possibly including real estate – that someone else handles when you are an employee.

“Sometimes business owners or would-be business owners go to lenders and they think they have a great idea,” he says, “but for whatever reason the lender rejects their application.”

The key is to not give up, he says. If one lender says no, it’s time to find another one.

“There are options out there,” McCoy says. “You just have to persevere until you find the right match.”

Some of those options include:

Conventional loans. A conventional loan for a business is somewhat similar to a personal loan. Banks, credit unions and other financial institutions offer them and, just as with a personal loan, the business borrows a lump sum and repays it over time, along with interest and fees. With conventional loans, though, borrowers may face more stringent requirements to qualify than with some other types of loans.

Small Business Administration loans. The Small Business Administration is a government agency that partners with private lenders to provide loans to businesses. McCoy says this can be a good option for businesses unable to secure a conventional loan, but certain requirements still must be met to qualify. In fiscal year 2021, the Small Business Administration provided 61,000 loans totaling $44.8 billion to small businesses.

Hard money loans. A hard money loan usually isn’t the first option when someone is seeking to purchase real estate for a business, but these loans do have advantages, McCoy says. The loans typically are based more on the value of the property than the creditworthiness of the borrower, and the closing can happen much more quickly – sometimes within 48 hours of the appraisal review. Unlike with conventional loans or SBA loans, hard-money lenders usually are private individuals or companies, as opposed to a bank or credit union.

“When you are seeking a loan for your business, it’s a good idea to shop around,” McCoy says. “You want to get the best deal possible for what you are trying to accomplish, and it’s all the better if you can find and work with someone who understands your needs. Ultimately, you want to match your objectives with the most appropriate lender in the most timely manner.”

______________________________________________________________

Elijah McCoy is CEO of McCoy Brokerage Service (www.mccoybrokerageservice.com), a company he founded in 2006. McCoy’s firm works with businesses throughout the country that are trying to secure financing. Much of McCoy’s clientele is in healthcare, such as doctors, dentists and pharmacists, but he also has worked with a broad range of people in other industries. He is a certified commercial loan expert and financial consultant.

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Archives, Global Trade Daily, Special Reports

States With the Biggest Drop in Consumer Spending During COVID-19

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The latest surge in COVID-19 cases caused by the Omicron variant once again disrupted an economic recovery that has been uneven to date. While most jurisdictions did not resort to the same sorts of public health restrictions instituted in early 2020, many businesses struggled to operate at full capacity with employees sick due to COVID and many consumers behaving more cautiously. Industries that have been hard-hit throughout the pandemic, like restaurants and airlines, experienced new disruptions heading into 2022.

Economic challenges associated with Omicron and future variants could once again depress consumer spending, piling on top of an unusual decrease in consumer expenditures during the pandemic’s first year. For most of the last 60 years, consumer spending has increased year over year, even during economic downturns. But from 2019 to 2020, overall consumer spending fell by 2.6%, the largest year-over-year decline since the Great Recession.

COVID’s effects on consumer spending have not been consistent across all categories, which means that some industries are struggling more than others. Public health restrictions affecting certain types of businesses and consumers’ shifting preferences from spending more time at home have driven trends in expenditures. In some cases, these factors have created divergent spending trends between similar categories. For example, spending on food services and accommodations dropped by 20.5% from 2019 to 2020, while spending on groceries was up 11.2% over the same period. Similarly, recreation services—which includes businesses like sports venues and theaters—saw the largest overall decline at 28.6%, but recreational goods and vehicles saw the largest overall increase at 13.1%.

In addition to differences by spending category, declines in consumer spending also varied by geography. The region with the greatest drop in spending was the Mideast (including Delaware, New Jersey, New York, Pennsylvania, and Maryland), with a 4.07% decrease from 2019 to 2020, followed by the Far West at 4.03%. In contrast, the Rocky Mountain region had the lowest decrease, with consumers spending only 1.25% less in 2020 than in 2019.

Among states, most of the locations where consumer spending dropped the most were found in the Mideast, Far West, and New England regions. For most of these states, the declines are explained in large part by decreases in spending on recreation services, transportation services, or both. Recreation services were slow to return to full capacity in many locations because they were considered less essential and frequently likely to contribute to the spread of the coronavirus. Areas with high populations of commuters usually relying on vehicles or public transportation, like densely populated areas in the Northeast, saw declines in transportation spending with the greater transition to remote work.

The data used in this analysis is from the U.S. Bureau of Economic Analysis’s Personal Consumption Expenditures. To determine the states with the biggest drop in spending during COVID-19, researchers at Filterbuy calculated the percentage change in per capita consumer spending from 2019 to 2020. In the event of a tie, the state with the lower total change in per capita consumer spending from 2019 to 2020 was ranked higher.

Here are the states with the biggest drop in spending during COVID.

State Rank Percentage change in consumer spending (2019-2020) Total change in consumer spending (2019-2020) Per capita consumer spending (2020) Per capita consumer spending (2019) Category with the largest decrease in spending
Alaska    1    -5.4% -$2,760 $48,739 $51,499 Recreation services
Massachusetts    2    -5.0% -$2,762 $52,001 $54,763 Transportation services
Hawaii    3    -4.7% -$2,233 $45,080 $47,313 Transportation services
New York    4    -4.6% -$2,416 $49,735 $52,151 Transportation services
Minnesota    5    -4.6% -$2,129 $44,403 $46,532 Recreation services
Maryland    6    -4.4% -$2,051 $44,331 $46,382 Recreation services
California    7    -4.3% -$2,086 $46,636 $48,722 Recreation services
Pennsylvania    8    -3.9% -$1,828 $44,650 $46,478 Recreation services
Vermont    9    -3.8% -$1,888 $47,397 $49,285 Recreation services
Nevada    10    -3.8% -$1,532 $39,211 $40,743 Gasoline and other energy goods
North Dakota    11    -3.7% -$1,668 $43,945 $45,613 Gasoline and other energy goods
Rhode Island    12    -3.7% -$1,660 $42,944 $44,604 Gasoline and other energy goods
Washington    13    -3.5% -$1,647 $46,041 $47,688 Transportation services
Delaware    14    -3.2% -$1,526 $45,434 $46,960 Transportation services
Florida    15    -3.1% -$1,376 $43,615 $44,991 Transportation services
United States –    -3.0% -$1,311 $42,635 $43,946 Recreation services

 

For more information, a detailed methodology, and complete results, you can find the original report on Filterbuy’s website: https://filterbuy.com/resources/consumer-spending-covid/

business
Archives, Commentary, Global Trade Daily

How to Start 2022 with the Right Mindset to Grow Your Business

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The historical surge in new U.S. businesses in 2021 could well be surpassed in 2022, with one report predicting a third consecutive record year for entrepreneurship – all during the COVID-19 pandemic.

As a new year begins, many business owners are focusing on sales objectives and finding the right talent. But with many new entrepreneurs entering the arena, there’s more for them to consider than numbers and resumes. It’s also important for them to grasp what the “entrepreneurial mindset” is all about,” says Mari Tautimes, a prosperous business owner and author of #KeepGoing: From 15-Year-Old Mom To Successful CEO And Entrepreneur.

“The pandemic has brought a unique set of challenges on top of what new entrepreneurs already will go through,” Tautimes says. “The entrepreneurial mindset involves specific ways of thinking and how to approach challenges and mistakes. It’s about having to improve your skill set and reaching higher levels of resiliency.

“Starting and running a business is an all-encompassing daily grind and it can take many years to achieve the success you hoped for. Those who make a consistent effort to embody the special mindset required will equip themselves to endure, meet everyday challenges and grow.”

Tautimes offers these tips for new business owners to develop the entrepreneurial mindset and move their business forward in 2022:

Move from conscious incompetence to unconscious competence. The kind of growth most entrepreneurs seek requires getting out of their comfort zone and acquiring a new skill or skills, Tautimes says. She defines “conscious incompetence” as being aware of the skill but not being proficient at it, and says “unconscious competence” means when performing the skill becomes automatic. “You have to accept there is much that you don’t know, and have the patience and perseverance to spend time on professional growth and learning those things you don’t know,” she says. ”While learning new things and realizing how much we don’t know is extremely uncomfortable, what is even more uncomfortable is the thought that I might face my deathbed someday never knowing what I could have actually done.”

Revisit your vision daily. Tautimes says maintaining a strong and consistent entrepreneurial mindset involves a commitment to a vision, which allows the business owner to follow through on the necessary steps to complete the vision. “One problem entrepreneurs frequently face is that the demands of the day get in the way,” she says. “Frustration and doubt can creep in, and problems can clutter up the day and take you off course, so it’s important to set aside time every day to focus on your vision and goals in order to stay on track.”

Take responsibility and uphold integrity. “A responsible person is someone who does not make excuses, does not blame others or circumstances, and who pushes through feelings to take deliberate action,” Tautimes says. “The feelings part of the equation is really important. Responsible people who proactively make their lives happen do not make decisions throughout their day based on their feelings. They base their decisions on what they said they were going to do, whether they like it or not. In other words, they uphold a consistent level of integrity with and for themselves as well as with those they serve.”

Approach problems from all sides. There is much trial and error involved in the entrepreneurial life, which means entrepreneurs have to approach problems from different angles in order to move forward. “Oftentimes the first solution is not the best one,” Tautimes says. “You have to think differently than most people and open your mind to all the possibilities. Remember that mistakes are a great opportunity for growth, including product or service improvements or new products and services altogether.”

Delegate and elevate. A common mistake entrepreneurs make early on is wearing too many hats. “I always felt like I was lacking because I couldn’t figure out how to do it all,” Tautimes says. “I never realized that the real question wasn’t ever whether I could do it all to begin with; it was whether I should. With everything that we do, there is an opportunity cost. For example, if I spend a ton of time building the marketing campaign, then I’m not developing the next business relationship. What you need to realize is the more you choose to do things that help you increase your value, the better your life and business will become. Stop doing things you can delegate so you can focus on things that help your company get farther faster.”

“There will be setbacks and bumps in the road,” Tautimes says, “but that’s part of the entrepreneur’s journey and growth. The right mindset builds you and your business for the long haul, and the rewards eventually come to those who continue to grow.”

____________________________________________________________________

Mari Tautimes (www.maritautimes.com) is the author of #KeepGoing: From 15-Year-Old Mom To Successful CEO And Entrepreneur. She rose from administrative assistant to CEO of her family’s businesses and sold them for $16 million. An entrepreneur for over 20 years, Tautimes is a speaker, trainer, EOS Implementer® and mentor, sharing her story of perseverance and success to help others create fulfilling lives.

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Archives, Global Logistics, Global Trade Daily, Special Reports

More Than Half of Retail Businesses are Using Inflation to Price Gouge

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As the economy recovers from the COVID-19 pandemic, inflation has surged in recent months affecting both retailers and consumers gearing up for the holidays.

In November, Digital.com surveyed 1,000 retail owners and executives to discover how inflation is impacting profitability, pricing, and discount offers this shopping season.

Our findings revealed that more than half of retail businesses are using inflation to drive up prices higher than what’s necessary to offset increased costs.

Key Findings

-56% of retail businesses say inflation has given them the ability to raise prices beyond what’s required to offset higher costs

-Over half of retailers have increased prices by 20% or more on average

-52% of businesses are offering fewer or no discounts this holiday season

-Shrinking discounts and increasing price of complementary products are most popular ways businesses are driving up prices

56% of retail businesses have increased profits beyond inflation to boost profitability

When asked how recent inflation has impacted profitability, 56% of retail businesses responded that inflation gave them the ability to raise prices beyond offsetting costs.

Large enterprises (LEs) were more likely than small and medium-sized businesses (SMBs) and small and medium-sized enterprises (SMEs) to say they were using inflation to more than offset costs at a rate of 63% compared to 52% of SMBs and 55% of SMEs.

“What’s interesting about our findings is that more than half of respondents say that while they used inflation as a reason for price increases, they expect higher profits as a result,” says Digital.com’s small business expert, Dennis Consorte.

“In other words, businesses are inflating already inflated prices in order to turn a bigger profit amid people’s fears over uncertain times.”

Automobile, e-commerce, and electronics industries most likely to hike prices

Our survey revealed that the automobile, e-commerce, and electronics and appliances industries were most likely to be capitalizing on inflation.

Of the businesses we surveyed who belonged to the automobile industry, 72% indicated they raised prices to more than offset costs. Sixty-five percent of e-commerce and 62% of electronics and appliances businesses also admitted to price gouging.

Over half of retailers have increased prices by 20% or more

Eighty-five percent of businesses have increased prices, and 55% of retailers have increased prices by 20% or more on average.

Of those who have increased prices, 28% of large enterprises increased prices 50% or more, compared to 6% of SMEs and 12% of SMBs.

When asked why they have increased prices, 66% of businesses cited rising inflation, 69% supply chain issues, and 57% increased demand.

52% of businesses are offering fewer or zero discounts this holiday season

This holiday season, 38% of businesses will offer fewer discounts than last year, and 14% will not offer any at all.

Smaller businesses are offering fewer discounts this holiday season compared to larger enterprises. Fifty-seven percent of SMBs and 56% of SMEs say they plan to offer fewer or no discounts, compared to 36% of LEs.

It comes as no surprise to Consorte that many small businesses are offering fewer discounts this year.

“Many small businesses are still recovering from lockdowns and other COVID mandates. With the Omicron variant upon us and inflation at a 30-year high, decision-makers feel uncertain about future revenue. For them, fewer discounts could be seen as a way to keep the doors open through the holiday season.”

Clothing and accessories (74%), electronics and appliances (66%), and furniture and home furnishings (57%) are the industries that are most likely to be offering fewer discounts this holiday season.

Businesses are increasing price of complementary products, shrinking discounts

Among businesses that have increased prices, 55% shrank discounts, and 48% increased the price of complementary products.

Furniture and home furnishings (51%), health and personal care (50%), clothing and accessories (50%), and electronics and appliances (45%) are the industries that are most likely to have shrunk discounts.

The industries most likely to have raised the price of complementary products include automobile (61%), building material, gardening equipment, and supplies (46%), electronics and appliances (45%), and health and personal care (43%).

Businesses are also using pricing tactics such as shrinkflation, increased surcharges, and bundling to drive up prices.

“We’re still in a period of fear and uncertainty about the economy and legislative responses to COVID-19. We can expect unusual pricing tactics for as long as this continues. Some merchants will continue to raise prices out of fear, while others will take advantage of their customers’ fears to realize higher profit margins. When the Zeitgeist of our time returns to baseline, so too will merchants in their pricing methodologies,” says Consorte.

Methodology

All data found within this report was derived from a survey commissioned by Digital.com and conducted online by survey platform Pollfish. In total, 1,000 U.S. retail business owners and executives were surveyed. Appropriate respondents were found via a screening question. To qualify for the survey, each respondent had to own a retail business or be an employed executive at a retail business. This survey was conducted on November 18, 2021. All respondents were asked to answer all questions truthfully and to the best of their abilities. For full survey results, please email julia@digital.com.

This article originally appeared here. Republished with permission. 

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Archives, Commentary, Global Trade Daily, Special Reports

4 Ways Startups Can Boost Sales

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As a small business owner, finding ways to increase profit and your audience reach efficiently is key. Entrepreneurs need to understand the sales process and know the ways to manipulate it in their favor. 

Luckily, there are ways that small businesses can generate leads and boost sales on a budget, to grow and achieve business targets. In this article, we look at four ways you can boost sales for your new startup.

Create a detailed content marketing strategy

Developing an engaging content strategy will help you generate leads and also build authority in your industry, whether it’s an informative eBook, regular blog content or user-generated videos or images that can be shared easily. But beyond creating great content, you need to know how and where to distribute that content to ensure it gets seen by a wider audience. 

To get more out of the content you develop, you can find ways to repurpose it for social or email to promote it to new and existing audiences. A blog post, for example, can be turned into graphics for Instagram or made into a video for your YouTube channel.

Having a detailed content marketing strategy that has been designed with distribution in mind will make sure your brand draws the attention of the right customers and directs them back to your business.

Provide convenient payment options

The logistics of accepting card machine payments can be a hurdle for startups, but if you want your business to be a success and increase revenue, you need to provide convenient payment methods for your customers. The payment process for your business needs to be easy to use, so as not to alienate customers, and should also be multifaceted for convenience – you want to capture every sale possible, which requires choice for your audience.

Today, most consumers take it for granted that businesses will offer card payments, whether it’s in-store or online. In fact, the UK is the world’s third most cashless country, so neglecting to offer card payments could negatively impact your bottom line and result in you capturing a smaller percentage of potential sales. Being able to accept card payments is vital in order to avoid risking lost sales. 

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(via Forexbonuses.org).

Cultivate a positive reputation

The internet enables us to be more informed than ever before, and this can be both a blessing and a curse for businesses trying to generate sales. Startups have the opportunity to foster a positive brand image and reputation from day one, which can be put to good use in influencing future customers. 

In prioritizing a great customer experience and encouraging customers to leave feedback and reviews, businesses can cultivate a great reputation that will serve them well in terms of sales and customer loyalty. 

There are various ways that small businesses can make a good impression, from asking customers for feedback and then taking appropriate action to improve where necessary, to asking for testimonials when a customer has a positive experience or when their expectations were exceeded. 

Entrepreneurs should take the time to respond to online reviews too, which demonstrates that the business cares about its customers and their experience with the brand. 

As consumers, we rely on reviews and testimonials to forge our own decisions when it comes to making a purchase or using a new service, so in taking the time to cultivate these types of social proof, you can increase the likelihood of bringing new customers to your business. 

Utilize social media

Social media can’t be ignored, for its ability to build a community to the different avenues it provides, and for businesses to reach a wider audience. For startups, however, the main appeal of social media is how cost-effective it is for such big rewards. So many consumers are spending a lot of their time on these channels, so it can be an enormous boost to sales when it’s used correctly. 

Most social media sites have a wealth of data on their users, which businesses can use to get their messaging in front of the right eyes. And while not everyone uses social media to buy, it can be a highly effective way to promote products and services, especially if you can offer giveaways, discounts or special deals to grab your customers’ attention for more sales. 

For startups, developing a social media marketing strategy early on can be a great way of marketing the business on a budget while still enjoying great results. 

Final thoughts

Startups often need to get creative with their strategies in order to keep budgets low while still enjoying growth as a business. Focusing on finding high-impact yet cost-effective methods to build brand awareness, and consequently, sales should be the aim. 

Startups should use a combination of these tips and then analyze how each impacts sales to determine where efforts should be placed for better results in the future. 

___________________________________________________________________

Harvey Holloway is a digital marketing specialist, with a 1st class honours degree in Digital Media Design. Harvey is now looking to connect with leading publications and share his experience with a wider audience. Connect with Harvey on Twitter: @HarveyTweetsSEO.

e-commerce
Archives, Global Trade Daily, Special Reports

Common E-commerce Mistakes to Avoid: How Many Are You Making?

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E-commerce is a truly amazing idea. You can market your product to thousands of customers without the marketing budget of a multinational company, take orders, and deliver them all at the same platform.

With the COVID-19 pandemic locking people up in their homes, online shopping has become the new norm, making e-commerce almost a necessity for most modern businesses.

While the possibilities are endless, it’s easy for things to go wrong with e-commerce if you don’t keep a few basic points in mind. If you’re wondering why your online business hasn’t achieved the growth it should have had, here are some common mistakes you might be making.

1. You have insufficient information on your store.

While everyone includes basic information like product descriptions and pricing, it’s easy to neglect the pages you think are unimportant.

One page people tend to neglect is the “About Us” page. You might think buyers aren’t interested in reading about you but you’re wrong. Buyers are curious about the person or company they’re buying from, especially if you’re just starting out and not big yet.

A well-written about us page helps you connect with your customers by sharing your personal story with them, which builds trust and credibility. At the end of the day, less buyers are going to bounce off your store.

At other times, e-commerce stores fail to clearly outline sales terms and conditions, leaving users confused about their refund and exchange policy. This can turn away a good number of buyers (no one likes taking risks with their money!), so make sure to include this information in clear terms in your store. A good online business lawyer can help you in this regard.

2. Your store is not designed for phones.

Mobile phones are a major medium people use to shop online. You could have the most amazing store, but if it’s not optimized for mobile phones, you’ve lost a lot of customers in an instant.

Open your store on your mobile browser, and see if it runs as smoothly as it does on a desktop. If it’s displayed incorrectly, lags, or is not very responsive, it means you need to have a conversation with your software team!

3. You haven’t researched the market.

This mistake can be made with any business, but it’s particularly easy to make with online businesses because they’re so easy to set up.

You can have full confidence in your product, but your business won’t flourish if no one wants your product. So it’s extremely important to find out the demand your product has before launching a store.

Another common mistake people make is failing to niche down. You should clearly define your niche, and then aim to engage your target audience. If you don’t niche down, you won’t be targeting a specific audience. You’ll basically be shooting in the dark.

4. You’ve neglected SEO.

Search Engine Optimization (SEO) is what makes your store visible on the internet. When you type “best pencil holders” in Google, you see a list of websites. Those websites aren’t ranked randomly but by how well they’re optimized for search engines.

Every piece of text that you put onto your store (from product descriptions to the About Us page) is an opportunity to make use of the right keywords and improve your SEO. Many e-commerce owners neglect the content they put on their website when it’s one of the most powerful tools to drive the right kind of customers to their store.

But SEO is not just about content. As competition between websites is increasing, SEO is getting more and more complex with constantly evolving on-page and off-page SEO best practices.

So it’s unlikely you’ll be able to tackle your store’s SEO by yourself. If you’re a startup, consider working with a budget-friendly SEO agency to take your store to the next level!

5. You’re not loud enough.

You can have the most amazing e-commerce store out there but it’s going to be useless if people don’t know about it.

You need to make use of all marketing platforms available to you to promote your website. Creating a brand identity and a story that people can relate with help in website promotion, so it’s a good idea to work on those aspects of your store as well.

Placing ads on social media platforms, collaborating with influencers and YouTubers, and making the right use of SEO content are some ways to promote your website. Many more ideas exist, and no one idea alone can turn things around for your store.

If you’d like to take all the ideas and turn them into an effective marketing strategy, your best bet is to work with a good digital marketer who can help you scream out as loud as possible!

6. You’re failing to close the deal.

The checkout process is the most important part of your store when it comes to closing the deal. If it’s too cumbersome, there’s a very good chance your customer will abandon the cart.

Your goal should be to make your checkout process as smooth as possible. You can do this by ensuring good page load speeds and a clean, intuitive user interface. At this point in the buying process, you should keep things minimal and avoid distracting the customer with offers, promotions, and advertisements.

It’s also helpful to keep the information required for making the purchase minimum — today’s internet users crave instant gratification and too much typing while shopping online annoys them.

Finally, try to offer as many payment options as you can. Nothing breaks the heart of an e-commerce customer like the unavailability of their preferred payment option, which sometimes is the only option they really have!

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Archives, Global Trade Daily, Special Reports

Including More Voices In Decisions May Bring Discomfort – And Results

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When companies struggle, whether because of a bad economy, poor decisions, or other factors, top management’s reaction is often to become tight-lipped about the turbulent situation.

Employees are shut out from strategy discussions, and any ideas they might have for fixing the problem go unheard.

But in many if not most cases, such secretiveness is the wrong approach and can even make things worse, says Joe Ferreira (www.joeferreira.com), the ForbesBooks author of Uncomfortable Inclusion: How to Build a Culture of High Performance in Life and Work.

“For organizations with tens of thousands of employees, it might make sense to limit who participates in strategy,” says Ferreira, who is CEO and president of the Nevada Donor Network. “But for smaller organizations, where every person contributes to a thriving culture and facilitates effective operations, there’s a lot of value in involving everyone.”

As his book title suggests, Ferreira calls this all-inclusive way of dealing with things “uncomfortable inclusion.” He put this philosophy into action when he came to the Nevada Donor Network in 2012 at a time when the organization was dysfunctional and on the verge of losing its membership in the Organ Procurement and Transplantation Network/United Network for Organ Sharing. That would have shut down the organization for good. Over time, with a few fits and starts along the way, the organization rose from floundering to soaring as a current world leader in the industry.

Ferreira acknowledges that uncomfortable inclusion is an approach that can be messy and difficult, but also says that involving the entire organization in strategy and problem-solving can “reinforce synergy, cooperation, and unity while cultivating better ideas and innovation.” And that’s true whether uncomfortable inclusion is put into action at a failing company, or simply activated at a place where leaders believe their teams and organization could be performing better, he says.

“It is critical to include everyone because ultimately the frontline staff knows best what their environment is going to look like tomorrow and likely a few years down the line, and they are best positioned to be innovators,” Ferreira says. “Why wouldn’t we have them as part of the planning process?”

He says some of the traits needed to embrace this inclusion approach include:                

Transparent. This one may be especially important because Gallup reports that millennials especially say they want leaders who are open and transparent. Uncomfortable inclusion means being transparent to the point of discomfort, Ferreira says. If it is not uncomfortable, you are not being inclusive enough. “When you’re transparent with team members and include them in decision-making, you create a network of stakeholders who participate even in small decisions,” he says. “When it comes time to make more impactful decisions, a leader can tap into that banked brain trust to make the best decision possible based on feedback from a proven set of deciders.” Ferreira suggests even taking transparency a step further by including your critics, something he did when he took over at Nevada Donor Network. “In my view, our critics and antagonists are the most important catalysts for growth and innovation,” he says.

Accountable. People within an organization need to be accountable for their actions and to each other. “I talk about how we’re serious about our values, and we hold people accountable,” Ferreira says. “It isn’t enough to be technically competent. Each member of our organization, regardless of title, role, or results, must adhere to our values. We maintain our commitment to quality and excellence, and we are supremely, publicly accountable when we fail.”                 

Committed. Adopting a more inclusive approach requires commitment, possibly a commitment to changing the organization’s very culture. But the goal may be more attainable than it first seems, Ferreira says. “Achieving success in a seemingly hopeless situation requires hard work and a committed mindset, but it does not require the reinvention of the wheel,” Ferreira says. “It does not even require luck. All it requires is willingness and a mind open to learning and implementing actions that can facilitate transformative success.”

“Make no mistake, doing this is messy and hard,” Ferreira says. “It might seem unnecessarily difficult, complicated, and yes, uncomfortable. But keep chipping away and remember this: Success is achievable, even from the bleakest and most dysfunctional starting points.

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Joe Ferreira (www.joeferreira.com), the ForbesBooks author of Uncomfortable Inclusion: How to Build a Culture of High Performance in Life and Work, is CEO and president of the Nevada Donor Network. Ferreira speaks and consults worldwide about establishing and improving organ donation and transplantation systems he’s helped pioneer in the United States. He served as the director of clinical operations at the Life Alliance Organ Recovery Agency in Miami, and is the recipient of the Kruger Award for Outstanding Professional Transplant Services. He holds a bachelor of science in microbiology and immunology and an MBA with a specialization in healthcare administration and policy, both from the University of Miami.

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Archives, Global Trade Daily, Special Reports

Intimidated By The Competition? How Your Startup Can Take On The Big Guys.

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When newly formed businesses size up the competition, they may not like what they see.

Often, major players in their industry are already well ahead of them, drawing in the customers or clients they covet, cornering the market on the best employees, and pushing around through their sheer size anyone who dares take them on.

But startups don’t necessarily have to blink in the face of the big guys, says Adam Witty, himself a successful entrepreneur and the ForbesBooks co-author of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant.

“Certainly, major corporations have plenty of advantages over startups, from the assets they have available to the years of brand recognition they have worked to achieve,” says Witty, who also is the founder and CEO of Advantage|ForbesBooks (www.advantagefamily.com). “But you can work on creating a few advantages of your own – or at least create a more level playing field – if you approach things in the right way.”

He says some ways for budding entrepreneurs to do that include:

Know that adaptability is a key asset – and possibly an advantage. The COVID-19 pandemic brought a lot of attention to the importance of being able to adapt, but it’s always been critical for businesses to respond to unanticipated changes in the market that threatened their product or business model, Witty says. “Being adaptable doesn’t mean just introducing a new product to your realm of offerings,” he says. “It requires constant attention to what’s going on in the world, analyzing your competitors, and most importantly, not getting too comfortable at the top of the pyramid.” In some cases, a startup can even have an advantage here, Witty says. Established businesses sometimes get stuck in their ways, and when disruptions happen in the economy or with customer habits, they are slow to make the necessary changes. A good example of this was Blockbuster, the video rental company that failed to see the threat that annoying upstarts like Netflix posed.

Turn customers and clients into raving fans. The most profitable companies in the world boast the most fanatical clients and customers, Witty says. “Think about Apple, which does many things very, very well,” he says. “One of them is servicing the customer first. And Apple excels in communicating its mission to its audience. Zappos CEO Tony Hsieh once said, ‘Customer service shouldn’t just be a department. It should be the entire company.’ To create loyalty, you must show customers that you not only are grateful for their business but that you value their relationship.”

Establish yourself as the authority in your field. Positioning yourself as the go-to person in your field allows you to create an unfair advantage in the marketplace by immediately positioning you above others in the same field, Witty says. One way to do that is by writing a book because then you are not only an authority on your topic but you “wrote the book on it.” But you can also begin to establish your authority through media interviews and speaking engagements, Witty says.

Finally, Witty says he’s fond of telling his employees, “When it comes to decision making, if we’re going to go with opinions, we’ll go with mine.”

In reality, he doesn’t want to make decisions based on even his opinion; he prefers facts and data.

“For a startup or any business to be successful,” Witty says, “you should let employees know that you are open to their ideas, but you also expect those ideas to be backed up with facts and data that demonstrate why it’s a good idea. That kind of decision making is the best way for your business to grow, prosper and dominate the competition.”

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Adam Witty, co-author with Rusty Shelton of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant, is the CEO of Advantage|ForbesBooks (www.advantagefamily.com). Witty started Advantage in 2005 in a spare bedroom of his home. The company helps busy professionals become the authority in their field through publishing and marketing. In 2016, Advantage launched a partnership with Forbes to create ForbesBooks, a business book publisher for top business leaders. Witty is the author of seven books, and is also a sought-after speaker, teacher and consultant on marketing and business growth techniques for entrepreneurs and authors. He has been featured in The Wall Street Journal, Investors Business Daily and USA Today, and has appeared on ABC and Fox.

business partners
Archives, Global Trade Daily, Special Reports

Here’s What’s Happening to Strained Business Partners During the Pandemic

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A business partnership isn’t all business. When two people start a company together, they often were friends already, and they see that bond strengthened by the hard work they put into building it up.

So when things go south, it can be traumatizing.

In fact, the emotional stages of the breakup of a business — what people in my line of work sometimes call a business divorce — are strikingly similar to that of a marital divorce.

Just as Covid-19 has put a financial and emotional strain on marriages, it has also strained business partners struggling to work through the pandemic. In some cases, the pandemic is also making pre-existing issues harder to avoid.

Many business owners say that they knew they had issues in their business partnership arrangement before Covid-19 and their problems only worsened in the current climate.

A business divorce is by far the most traumatic event that a business owner will experience. The foundation of a business partnership is usually a familial relationship or a very good friendship. Just as employers tend to hire people they’d like themselves, people tend to go into business with people they have strong relationships and connections with.

Business divorces typically evoke the same feelings of stress, resentment, doubt, blame, betrayal, guilt, fear, and other emotionally fueled reactions seen in a typical divorce.

In fact, they go through somewhat predictable stages of grief.

1. Disillusionment and Denial

Denial is when a business partner knows there is a problem but has trouble acknowledging the gravity of the situation and the possibility that there may not be an amicable resolution. When this is present a business partner may have stored resentments, feelings of a breach of trust, and overall discontentment towards the other person.

This usually manifests itself as a feeling that the other partner is not pulling their weight and doing their part to help the business thrive.

There are a number of decisions that will need to be made about how the business will continue to operate, if at all, after a partnership separation and denial allows a business partner to distance themselves from the likely reality that the business structure and the partner’s responsibility will undergo significant change if the business is separated.

2. Letting Go

In this stage, a business partner realizes that there is nothing that can be done to salvage the business relationship and that separation is inevitable. This is usually followed by a strong desire to review as much information as possible to understand the current state of the business and the options available to value and separate the partnership interests.

3. Deciding to Divorce

In this phase, the partners discuss their discontentment and float ideas about how to separate their interests. If one partner strongly feels that they were blindsided or betrayed, this will set the tone for how the business separation will proceed and the process of exchanging information and completing the steps to finalize the separation will no doubt be contentious.

4. Acting on the Decision

In this phase, the partners learn how much the business is worth and decide what they want in the separation. Do they want to stay in and operate the business, do they want to sell their interest and go work for another company or change fields completely, or do all partners want to sell to a third-party?

All of the foregoing options will be largely dependent on a valuation of the business and may require a partner to start the process of obtaining a loan or financing to buy out the other partner and continue to operate.

Filling out loan applications and hiring accountants and/or lawyers, to value the business and draw up a separation agreement, coupled with publicly announcing the separation, all make the emotional and physical act of separating a business very real and can cause emotional flareups.

5. Acceptance and New Beginnings

Adjusting to a new normal, whether that is continuing to run a business without the partner who was there from the beginning, or starting anew with a job at another company, requires acceptance.

The changes force partners to create a new identity and make new plans for the future, inevitably forcing them to regain a sense of power and control in addition to reconciling feelings of animosity, blame, anger, and forgiveness.

Although the old saying has it that some things are “just business,” it’s never that simple. A business divorce can evoke the same — if not more — emotional turmoil on everyone involved.

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D. Margeaux Thomas, founder of the Thomas Law Office, has been assisting small business owners with resolving contract and partnership disputes for nearly 15 years. The Thomas Law Office based in Fairfax, Virginia assists clients throughout the greater Washington, D.C. area with breach of contract claims, non-compete issues, and business torts. Attorneys at the Thomas Law Office also help companies through all aspects of business partnership divorce, including records inspection requests, valuation, buyouts, and dissolution. To learn more, visit: https://thomaslawplc.com