4 Ways To Reduce Your Business Costs

Business

in today’s wacky business world, everyone is doing everything possible to reduce business costs. The more creative that you can get, the more of a competitive advantage you’re going to have as far as lowering your overhead and maximizing your profits. Creativity is going to be the key concept though because everyone already knows what the standard operating procedures are if you’re trying to trim expenses.

Keeping that in mind, consider four creative ways to reduce the business costs that you may not have pursued before. First, there are various ways to approach inventory management that keep costs down. Then, there is the reduction of administrative costs. After that, you can choose better advertising methods. And finally, you can offload your overhead in many clever ways. If you work your way through those four concepts, you can see the potential for dramatic business cost reduction.

Inventory Management

Start with inventory management. When you work through cost reduction strategies that start with inventory, it’s a win across the board. With less stuff on hand, you have to pay less for storage. With less stuff on hand, you have to pay less for maintenance. There is a balance that you have to find, though, as just-in-time and just-in-sequence warehousing techniques can stumble if there is a significant disruption in your supply chain. Notice that the pandemic fits in this slot. 

Reduction of Administrative Costs

Next, you want to get creative with reducing administrative costs. Two of the biggest money wasters in your company are going to be managers and meetings. Once you figure out how to reduce the time spent on meetings and improve efficiency, you’ll see your bottom line start to improve automatically and naturally.

Choose Better Advertising Methods

Figuring out better digital promotions is a huge part of keeping business costs down. Try to prioritize social media for business. The amount of money you have to spend on Social media is significantly lower than if you went through other channels. If you use word of mouth to an appropriate degree through various online platforms, you can save almost all of your advertising budget for the high impact activities that require significant investment.

Offload Your Overhead

Finally, figure out creative ways to offload your overhead. In many cases, this means outsourcing. In today’s world, you can outsource a lot of your virtual work to places where the cost of living is lower. Outsourcing your customer service agents from call centers in the Philippines, for example, is something that many businesses find effective in providing customer satisfaction at a reasonable price. Apart from that, they wouldn’t have to purchase call center equipment and tools and hire new employees.

You can find plenty of high-quality workers in situations where you can pay them a fraction of what those same employees would cost elsewhere. Yes, you want to buy local products when possible, but when it comes to outsourcing virtual work, utilizing the power of the Internet to go global is where the smart money is.

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Stay in Front During a Recession – A Marketing Guide

Business

Sadly, the COVID-19 pandemic has had a massive impact on the world, infecting millions and killing hundreds of thousands. Even worse is that the impacts are much broader: It appears as if we are heading for a global recession. This will increase the pressure on businesses to market appropriately to their customers and find new and cost-effective ways to connect with them.

Thankfully, despite the tough times we are in, there are ways to meet your customers where they are and market to them in ways that are inexpensive and effective. Here’s an overview of how to market during a recession.

Use Social Media – But Use It Effectively

Social media use can be free paid, but one thing is for sure: This may not be the moment for your direct, sales-oriented message.

Social media is most effective when you provide value and position yourself as an expert in your field. During a recession, tactics that aren’t direct sales-oriented become even more important.

As such, use social media to build a connection with your customers. Highlight things that people can do in your industry that can help them save money. There’s nothing wrong with a sales message, but if you’re going to use one, make sure that your other, value-added content is far more prevalent: Don’t be self-promotional with more than 10% of your posts.

Furthermore, remember this fundamental truth: People don’t want to hear about you and your business. They are about themselves, their concerns, and their problems. Your job, as a business, is to position yourself as an answer to their issues. Use your social media accordingly.

Send Post Cards That Aren’t Sales-Oriented

At this moment, your customers and clients may have a million things on their mind that do not involve you or your business. They may be worried about sick family members, laid-off from their jobs, or frightened for their future. As such, this is almost certainly the absolute wrong time to give them a message that is overly sales oriented.

Thankfully, there are postcards that you can use to check in on your customers. As you can see, these cards can be customized in order to allow you to put in a specific message to your customers. This message lets you check in on them, see how they are doing, and gently remind them that you are available to help them, address any concerns or make a sale if they are in a position to do so.

The message that you use with these postcards can be critical. Make sure to ask how someone is doing and see if they need assistance with anything. If you are offering reduced-cost options or assistance for customers who are financially struggling, highlight that. Remember, the message with these postcards isn’t supposed to be sales-oriented. It’s care and compassion.

Get Involved in Community Events

This is the time – more than ever – to find opportunities to network and get involved in community events.

Of course, community events will look different this year, thanks to the physical distancing restrictions that are in place and the bans that most governments have put on in-person events. To that end, you will likely have to stick to virtual events. This means that you will have to dig a little deeper. To that end: What business organizations already exist that can help you find these virtual events? Do you have an active Chamber of Commerce that you can join? Are there local digital networking opportunities?

If your community is starting to hold in-person events again, what events can you find? Where are they? And, more importantly, how can you help facilitate these meetings in a safe way? What can you do to position yourself as a host to these events? Do you have PPE or cleaning equipment that you can give out? Are there critical supplies you can donate that can help make these meetings happen? Remember, being involved in the community can be useful, but positioning yourself as a network host and facilitator can be even more important and personally valuable.

Get Involved with a Charity or Charitable Effort

This is the time – maybe now, more than ever – that people are looking for help. There has been good news across the country and the world, as more and more people have risen to the challenge of the moment, met the needs of others, and donated to local charities and nonprofits.

Your community may already have a robust system of nonprofits that are ramping up their efforts to help individuals in need. If this is the case, what non-profit can you get involved with that will both suit your community’s needs and benefit your business? How can you help? Can you do more than just write a check? Who can you speak with at this non-profit in order to ensure that you take a role which is beneficial to everyone involved?

If your community doesn’t have a satisfactory answer to these questions, ask yourself this: Do you have the capacity, personal network, and financial resources to start your own charity? What unmet needs are there, and how can you and your business fill those needs? That has to be the first question you ask yourself if you are considering starting your own effort. Once you develop an answer to those questions, you can ask other ones: How can you position your business to benefit from these efforts?

Coadvertise

Some businesses naturally fit together and can work synergistically to reduce costs and boost each other’s businesses. To that end, ask yourself this important question: What are some businesses you work well with? If you do landscaping, are there home improvement businesses you can find? If you sell children’s toys, are there kids’ clothing stores you can work with?

From there, identify joint marketing opportunities. Can you develop a joint flier or discount program that you can use to leverage each other’s networks? Can you split the cost of a print or digital ad?

Remember, at this moment, businesses are looking for ways to reduce costs, and so are people. What sort of opportunities can you identify with complimentary business services that will allow you both to grow?

Advertising and marketing during a recession are different than doing so in better moments for the economy. You have to change your pitch and your message to match the moment and ensure effective connections with your customers. However, if you do it right, you will guarantee yourself a leg up on your competitors.

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Email Marketing Continues to Be One of the Best Forms of Digital Marketing

Business

If you want your company to shine today in terms of sales and profits then good marketing has to be at the forefront of any organization’s activities. Today, when the subject is marketing, the conversation is usually around digital marketing and its ability to attract and capture customers.

Digital marketing is the name for a variety of online marketing strategies that includes websites, social media marketing, SEO, and blogs. The first type of effective digital marketing however was email marketing.

Email marketing became prominent because many people began using email as a primary form of communication. Its ease of use and no-dost elements made it become the primary communication tool in the world and from this position marketers simply could not ignore it as a means to reach out to their current customers and to create new ones.

Today, email marketing has exploded. There are more than than 6 billion active email addresses and 3 billion people using email. With this representing nearly half of the planet, email marketing cannot be dismissed as a secondary marketing channel.

Email marketing grew into and remains a core part of any good digital marketing strategy because if offers a variety of benefits for brands and marketers.

Firstly, it is a way to both engage new customers as well as keep in touch with those customers you have in a meaningful and consistent way. The fact is that people read and react to emails at a high rate.

The top companies develop email campaigns that compel and engage potential customers. They utilize newsletters, informative mail pieces, simple notes, and push discounts and valuable data to a targeted audience in a timely manner. The best companies have learned how to create emails that are always rewarding. When done well, email marketing creates  great results that translate into positive name recognition and sales.

Emails also allow for companies to get great analytics and to track results in real time. Email campaigns also offer the benefit of being able to be adjusted midstream to produce better results.

Most importantly, email marketing is the cheapest form of digital marketing by far. If you manage your own email marketing campaigns or use an agency to run them, the costs will still be less than other forms of marketing.

To learn more about the benefits of email marketing check out the infographic from Campaign Monitor below.

 

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New Bundesliga Season Sees Borussia Dortmund Partnering with GMO Trading in Marketing Deal

Money Sports

With the new Bundesliga season set to begin on 24th August, the clubs are looking forward to their new campaigns to reach the top of the table. To get this accomplished, they need to have the top talent, great coaching and engaged and passionate fans who push them over the tough spots that always occur during any season.

This last item means that clubs must engage in marketing deals that get the word out about the club and any new changes, and gives fans opportunities at special offers and deals.

In accordance with this, top Bundesliga club Borussia Dortmund, has signed a marketing partnership with leading online CFDs platform provider GMO Trading. The Bundesliga Football eight time champions will work throughout the 2018-19 season on campaigns that put the Borussia Dortmund in front of fans and those who might also want to jump on and take a ride with the club in the coming season.

GMO Trading is the ideal partner because its advanced trading platform attracts loyal trader fans who swear by its security and simplicity. The marketing partnership is for all of Europe outside of Germany meaning it will occur in markets that both organizations assess as vital to growth.

The relationship has already begun. You can go to the GMO Trading website at www.gmotrading.com or use your tablet or smartphone to go to their social media channels to review offers and learn about GMO Trading’s CFDs platform. For GMO clients, there will be a stream of exclusive offers and perks throughout the coming season.

For more information, please email Rebecca Wharmby – Rebecca.Wharmby@Threepipe.co.uk.

About GMO Trading

GMO Trading is the brand name of Royal Forex a Cyprus Investment Firm, regulated by Cyprus Securities and Exchange Commission.

CFDs traders gain access to a net level trading environment and premium services with an unmatched amount of account options that fit any trader’s requirements.

For more information, visit the GMO Trading website at www.gmotrading.com or  visit its Facebook at www.facebook.com/gmotrading/.

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6 tips for creating the most compelling signage a retail store can have

Business

Looking for tips for creating the most compelling signage a retail store can have? We got 'em.
Photo by CC user Ray Moore on Flickr

Want to pull in new customers off the sidewalk by the dozens? By creating a compelling pitch on a visually attractive sign, you can do just that.

When you are looking for signage design Perth that can help you accomplish this goal, you may be tempted to rush off to a sign creator like Kingman Visual with your order based on a few hunches you might have.

However, we recommend that you keep the following pointers in mind if you want to get killer results for your business.

1) Make sure it can be seen by your customers

This one may seem obvious, but you would be shocked by the number of amateurish signs that you’ll see at the average intersection.

Built far too small for anyone lacking superhuman vision, the message of the entrepreneur goes unnoticed, despite the capital and time put into their creation.

When you create signage for your business, keep your target audience in mind. If your goal is to be seen by pedestrians walking down the sidewalk, the size of the letters won’t need to be as large as they would if you want motorists to read your message, as they are in motion and are further away from your sign.

For example, if you want your message read clearly from 100 feet away, your letters should be at least 10 inches tall.

2) Don’t make it too busy

Concise messaging is another key component for shop owners looking to create compelling signage for their business.

Often, there is a compulsion to stuff a sign with as much information as possible. This is the wrong approach, as your pitch can get lost in an ocean of unnecessary detail. Most people are busy rushing off to somewhere else, so keeping it simple is of paramount importance.

Also, don’t forget to leave plenty of whitespace: experts recommend that as much as 40% of the sign should be left blank to create added focus on the message you are trying to get across.

3) Use appropriate font faces and colors

The colors and the type face you employ can induce a variety of emotions in your prospects, so choose wisely when you are laying out your sign.

For example, yellow is synonymous with friendliness and optimism, black is associated with seriousness and authority, Times New Roman gives the reader a feeling of tradition, while Helvetica grants a feeling of stability and reliability.

Use these design features to create the emotions you want to evoke, while avoiding ones that conflict with your intended message.

4) Add relevant images

To add even greater impact to your signage, consider adding images that are congruent with the message you are trying to get across.

For instance, if you are starting a chicken noodle soup street cart, having some imagery depicting noodles, a soup bowl, and/or a chicken will make it crystal clear in the minds of passersby what you have to offer.

5) Make sure the font and background color contrast well with each other

Some colors play better than others. Black on white, which is the scheme used in this blog and many others, is among the most popular.

Black on yellow is the one with the best contrast overall, which explains why caution signs on roadways in North America are colored the way they are.

On the other hand, combinations such as green on red and red on yellow are as appealing as nails scratching on a chalkboard. Avoid these and similar color combos at all costs.

6) Write killer copy

Get your message across in two short sentences … minimum. What pain does the customer have, and what is your solution?

Example: “Cold day? Warm your insides with our dark chocolate cocoa … on now for $0.99 a cup!” Bait the hook, and reel them in!

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Picture a Better World of Marketing with Video

Business

Marketing with Video gives your business a buzz unlike any other ... photo by CC user Pattymooney via wikimedia commons

Photo by CC user Pattymooney via wikimedia commons

Is your brand getting the best marketing possible?

For many companies, the answer to that question unfortunately is no.

Whether businesses opt for email marketing, digital marketing, mobile marketing, social media usage, the list goes on and on.

One thing too many companies drop the ball with is opting for video promotion.

When you stop to think about it, video promotions can open up doors you probably never even thought about.

With that being the case, picture a better world of marketing with video.

Let the Professionals Give Your Brand Positive Light

If you’re thinking video promotions can help your business, the next question is then do you shoot the videos yourself or call the professionals?

Yes, you may be a bit of a whiz behind the camera, but there is much more to shooting a sound brand promotion than just the camera itself.

Keep in mind that you need to decide who will be in front of the camera, what the brand’s message will be, what the setting should be, how long the shoot should be and much more. When all is said and done, that is a lot of planning and detail to think about.

So that your video promotion catches the eyes and ears of consumers, your effort to find a Tampa Video production company or one closer to home should include the following:
 

    • History – Your search should begin with how long each video production company has been in the business. Do they have the long-term knowledge of the community that your business resides in? If no, can they quickly learn about the demographics you are trying to reach out to with your video aspirations? While there is nothing wrong going with a younger company in terms of experience in the business, finding one that has the video and local history behind it certainly does help;

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    • Customer service – As great as their video productions may be, your company of choice also needs to provide unparalleled customer service. In today’s fast-paced world, customer service sometimes seems almost like a lost art. You want a video production company that has not forgotten the fact that the customer always comes first. While many companies earn stellar customer service marks through word-of-mouth, you can also turn to the Internet to get to know something about a company. Along with going to the company’s website, look on social media to see if there is a buzz about the business. Are customers (current or former) talking about the video production company you might be thinking of using? If so, are the comments positive or negative? Remember that some consumers use social media to lash out at bad experiences they’ve had with products and/or companies, so take that into consideration with any questionable comments. Then again, positive comments could definitely lead you to the right company sooner rather than later.

     
    Once you have narrowed down your choices, ultimately deciding on the one company that best suits your needs, the actual video promotion comes next.

    Here is another area where it is important to remember just how fast-paced today’s world truly is.

    Many of today’s consumers can barely take time to eat breakfast in the morning, let alone sit down and watch a 30-second or longer video. As a result, your video has to deliver a message that makes your brand stand out in their minds.

    Once again, this is why letting the professionals shoot your video is so key.

    With the knowledge not only behind the camera, but also with how best to present your brand in front of the camera, video professionals can mean the difference between a product or service that gets so-so attention and one people can’t stop talking about.

    Since you want your brand to be the latter of those two choices, having professionals on your side is typically the best way to go.

    Yes, you could try and muster up the equipment and know-how to shoot your own productions, but there are many question marks involved as to how well it will come out.

    By turning to professionals with experience and dedication to the video production industry, you can all but be assured of picturing more business.

     

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Marketing to Capture Results For Small Business

Business

Any business owner knows that marketing in smart, innovative ways is key to capturing business. You want to grab the attention of new customers while keeping your current ones returning. A smart marketing plan will help you do this. Keep it alive, innovative and always working.

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Do it Yourself

You may be very adept at marketing your company yourself. You’ll save money this way, and get things done the way you want. Remember, the key here is to get the consumer’s attention. Whether they are your current customer or you’re looking for new clients, attention is the key. Here are some fun ways of grabbing it:

  • Create custom stickers and work them. You can create custom, die-cut stickers with your logo or artwork and send them into the big, wide world. Include them in your shipping and mailings. Stick them on your car and your friends’ cars. Have them in your stores for your customers to grab and stick them on their stuff.
  • Go altruistic. Share a gift card on your social media. Small businesses have recently shown their altruistic side by screenshotting a gift card (think Starbucks) and letting their customers have a treat on them. It’s lovely to see the gratitude, and when you’d think some person would scoop it all up, no one does. Everyone is grateful and enjoys sharing the good will.
  • Use social media. Let your followers do the work for you, and everyone benefits. Invite your followers to share the photos with your product or brand in it. You can even offer a reward for the one that gets the most likes.
  • Create a contest. Let your clients be your marketers. Invite them to design a new logo, come up with a new catch phrase or create the next flavor. You’ll see great results this way.
  • Sponsor a team or be a school partner. This is a win win. You’ll see lots more customers coming in and you’ll be supporting the community. You can offer seasonal discounts (like promotions on flowers during prom season if you’re a florist) or weekly specials (like 10% off your meal with spirit wear after a football game if you’re a restaurant).
  • Host a 5K. You can donate the money earned to a non-profit of choice (perhaps related to your business). You can hand out promotions, discounts, those stickers, and other information at the race. You’ll form bonds with partners and let your customers see you in a new light.
  • Sell t-shirts. Have t-shirts for sale in your storefront or restaurant with your brand. Encourage customers to tag you in social media when they wear them. People love t-shirts of their favorite things.
  • Host open houses. If you have a storefront, have an open house. You can have wine and cheese in the evening, or cupcakes and cookies. You can donate a percentage of the purchases made during that time, and just be on hand to chat with and get to know customers. It’s a nice way to say thank you.

Stay Relevant

It’s important to stay relevant with what your company stands for. Keep the context to where it makes sense. For instance, you’re not going to advertise your Birthday Parties for Kids in a club where young singles go. You don’t want to advertise that club on the back of your kid’s softball jersey, either. Think how things work together and play off one another, and do what makes sense.

Outsourcing Marketing

Business owners need to wear a lot of hats. Some slip on quite easily, while others may be a tougher fit. If marketing isn’t your thing, hire someone else to handle it. The money spent will probably be worth it, because marketing is an essential part to running a business. Outsourcing marketing can get you started, feed you ideas and get a strong customer base. A consultant can help you with techniques you can work on by yourself. Sometimes it pays to let the experts handle it.

Look around for more great marketing ideas to see what fits for you. From stickers to t-shirts to community clean up days, you can go in whatever direction you desire. The trend in marketing these days is to make it personal, relevant and community oriented. Let your customers see a human side of you and your business. Share it with them, and they in turn will end up sharing it with others.

Image Source: http://www.aboutbradsugars.com/wp-content/small_business_owners_image.jpg

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