Have you checked-in lately? An introduction to location-based marketing for business
February 2, 2012
In March 2011, I heard one of the founders of location-based application, foursquare, speak at the South By South West Interactive festival in Austin, Texas. Up until that time, I’d not used location apps except for the occasional checkin through Facebook places.
Since then, however, I’ve been playing with foursquare to understand its application and how it can be used as a marketing tool for business.
Location-based applications work because they are available on mobile devices. Wherever I go, whatever I do, I can share with the world what I’m enjoying. And, if what I’m enjoying is a product or service that your business provides, then that’s good news for you.
The key part of using location-based applications is to CHECK IN.
By saying “I am here” at this location (restaurant, bar, show, place of interest, live event, playground) and (if I want to) posting comments and photos, I share what I like and dislike about this experience so that friends can take that information on board to make a better decision in the future.
And as the system gets to know what I like better, it’ll provide me recommendations — ’facilitate serendipity’ as co-founder Dennis Crowley explains in this video:
A newbies special – a great way to reward new clients
I had my first experience of foursquare as a business tool a few months back when I went to visit a local hair salon. When I checked-in (the application invites me to register my visit in order to accumulate points and to share with my social networks great places I’m visiting), a message popped up – a Newbies Special.
It offered me a free hand massage while I was waiting to have my hair done. I was chuffed. Who doesn’t like a freebie?
A few weeks later, I was traveling to Melbourne and while in the hotel bar grabbing a pre-dinner drink, checked in on my iPhone. Up popped a special from the restaurant. Free glass of wine with my meal. I was planning on having dinner there, so this extra little bonus was the source of a promotional message from me out to my friends to share my good fortune.
Both these instances are examples of how thousands of small businesses are harnessing the power of location-based applications like foursquare to connect with clients and to reward customer loyalty.
Who doesn’t want to be mayor?
Foursquare is acquiring over one million new users per month. Millions of people in every city, in every country, are checking in and playing the game of foursquare – vying to be mayor of their favourite establishment.
The built-in gaming technology (you win points for multiple visits, you get crowned the mayor if you’re a regular – and many establishments reward mayors with extra love, attention, discounts) keeps fans using the application because loyalty and use is rewarded and because the built-in rewards system of acquiring points and beating your friends to a high score work.
(Quick aside: I’m the Mayor at my gym. Now, that’s not because I go there more often than anyone else who trains there, but I religiously check in to maintain my mayorship. When I’ve been ousted and de-crowned! — which foursquare takes joy in letting me know the minute it happens — I’m quick to get back on my game to redeem my position. Sounds silly, but for the business, it’s a good testament. And, because each time I check in I have foursquare post to my social networks, those that I’m connected to on those networks get to see that I like going to this gym – and that’s a powerful endorsement when your customers are posting your name all over the social-media-sphere.)
Recommendations and referrals from people you trust
Dennis Crowley - Co-founder of foursquare
The ability to know what someone whom I trust thought of a place is a shortcut for me. Should I spend time going to that show or visiting that exhibition? My friends recommendations matter and I can know them by seeing what they said when they ‘checked in’.
It’s very clever.
Location-based marketing and your business
Facebook, despite having it’s Places application recently bought foursquare’s major competitor – so you can bet they know the power of location and are looking to make bigger waves in this aspect of social media and social sharing.
Still relatively new to businesses in Australia, foursquare is a powerful tool that should be explored as part of an integrated marketing campaign.
But what is foursquare and why has it become the hottest customer magnet ever conceived?
Here’s what bestselling author, David Meerman-Scott has to say:
“The power to reach buyers at the exact time and the exact place they’re looking for what you offer has massive implications for all kinds of businesses worldwide. Carmine Gallo expertly shows you how to tap into the foursquare revolution, and he does it with a practical approach you can put to work in your business right now. There’s an epic swarm and it’s time for you to check in!”
—DAVID MEERMAN SCOTT, bestselling author of Real-Time Marketing & PR
Join the Australian Businesswomen’s Network on 8 February for a closer look at foursquare
International bestselling author Carmine Gallo not only has had unprecedented first-hand access to foursquare’s founders, he also has interviewed dozens of business owners and marketers who have revolutionised their businesses through The Power of foursquare.
He joins us on 8 February as our guest on BOOKED for Lunch, a free lunchtime webinar during which we’ll interview Carmine and ask him about his new book The Power of foursquare.
You can read more about this free upcoming webinar here.
Four Ways to Improve Your Business Pitch
January 24, 2012
By Suzi Dafnis, Australian Businesswomen’s Network
If you had to get up tomorrow, or a week from now, and pitch your idea to an audience, how would you go?
James Stevens, Roses Only, Lindley Edwards, AFG Venture Group and Suzi Dafnis, Australian Businesswomen's Network
Dell Women’s Entrepreneur Network (DWEN) recently gave four women the opportunity to pitch in front of a panel of judges (Dragons’ Den style) and an audience of about 60 other business owners.
These four entrepreneurs weren’t pitching for money, but were none-the-less expected to do their best to convey their message and provide enough information (but not too much) about what they were offering. In exchange, they got some business advice to help them improve their pitch and further their ideas.
I was on the panel, along with James Stevens of Roses Only and the delightful Lindley Edwards of AFG Venture Group.
Four courageous women took the stage:
- Nikki Hills, founder and managing director, Mouths of Mums
- Michelle Teague, entrepreneur looking for her next venture (Invisible ink name badges!)
- Angela Elliss, founder and managing director, Australian Home Design Directory Group
- Julie Ankers, founder and managing director, Statement Pieces
Overall, they all did a great job pitching their ideas.They (obviously) knew their business and were very passionate.
Some of the areas that they could have done better at were clarity of message, succinctness and being specific about what the outcome of the pitch was.
Despite the evening event being a great networking night for a bit of fun, the women did get some great advice from the panel, including these four areas below:
Four Ways to Improve Your Business Pitch
Length of Pitch. How Long Should Your Pitch Be?
Most presenters exceeded the suggested time limit. If you have an audience (whether with your bank manager, investors or a potential business client) and they have allocated a certain amount of time for a meeting – then stay within the boundaries. It shows you respect their time.
It’s easier to speak for a long time than to speak succinctly for a short time. So, practise, practise, practise.
Say what you need to say with the most punch and fewest words.
If you’re compelling, you can ask for extra time to expand, but don’t take it without checking in or you risk losing people’s focus.
A Clear Message Cuts Through
Nikki Hills, Mouths of Mums
It was not always clear what the intentions was behind the pitch each woman gave.
What do you want the audience/panel to do? be very clear in your outcome and state it.
For example:
Today I’d like to tell you enough about our 2012 plans to convince you to share our message with you clients.
or
I’m looking to raise $10,000 for marketing. Over the next 10 minutes, I’ll present our marketing plan and I’ll then ask for your input on our ideas.
Tell Your Story – Set the framework
Your personal story adds colour and life and allows us to see behind the person that is doing the pitch.
When I was a panelist on the Dragons Den TV show, we dragons signed up equally on the likability of the person as well as the message and numbers. People like to do business with those they know and trust, so let the audience know you.
Similar to the clarity of message point above, tell your story, but don’t get carried away. We don’t need to know your history and every detail – just enough to make a decision or follow a call to action.
Know your facts and study your competitors
If you’re going into a new market then learn about that market, your competitors and who your competition is. As much as we like to think sometimes that we have no competition, we always do. It just may not be obvious. If you’re bringing out a new telephone (I know – extreme example) then the iPhone is not your only competition – not is every other phone – it’s actually every other way that there is for people to connect with other people.
Also, the whole market is NOT your market. There’s usually a subset of the big group who you can effectively address. (This is your ‘addressable market’.)
When it comes to the numbers, get really crystal clear about what it will cost to implement a plan. If you’re not good with numbers then it’s difficult for investors to have confidence in you. Run the details past your accountant and, again, practise talking about them so that you’re comfortable if asked questions.
Remember, you may only have one opportunity to pitch in front of a particular person or group. Pitching is an art and a science, so look to improve your skills as a presenter, speaker and do your homework.
And, good luck.
Suzi
P.S. I recently interviewed Lindley Edwards about narrative in business storytelling. You can listen to the interview here on our website or tune in on iTunes.
About DWEN
The DWEN community is an invitation-only, global community established to bring together an influential group of female CEOs, presidents, founders and business leaders to share best practices within the unique and challenging world of running high-growth businesses.
With the Dell Women’s Entrepreneur Network (DWEN) and other related initiatives, Dell is spotlighting female entrepreneurial success and creating an atmosphere where women can connect with one another, share best practices, build business opportunities and recognise female influence in business and technology.
DWEN Annual Conference: Dehli, India
In 2012, Dell’s annual conference will be at the cultural mecca of Delhi, India from June 17-19. Attendance is by invitation-only.
To learn more join the DWEN “Women Powering Business” Linkedin Community: visit www.dell.com/dwen
Being part of the DWEN community creates unique opportunities to connect, share best practices, build business opportunities and recognise female influence in business and technology. In addition to the annual DWEN Conference, the community holds webinars, Tweetchats and face-to-face networking events throughout Australia.
5 Lessons in Building a Tribe from a Music Festival
November 30, 2011
By Kate Tribe, Tribe Research
I just got back from the Huntington Estate Music Festival. A great five-day program, organised by Musica Viva, is performed by musicians from all over the world in the wonderful barrel room at Huntington Estate in Mudgee NSW.
Over the last two decades, they have been building an audience that continues to come back each year (and invites friends and family to come along as well)… they’re a loyal tribe!
Each year, I notice how they do many little things to help foster the loyalty.
Here are five key things they do:
It all starts with a great product
No matter how lovely you are, you need to have a great product that people will buy, again and again. Mostly trusting the quality of the key component – the program. This year the festival sold out before we knew the program or musicians. Carl Vine regularly puts together a great program that is mixed with a range of music and instruments. The food is good quality, but not overdone. The wine is excellent and free flowing. As an audience, you rarely feel limited in experience and you have the trust that it will be the same or better the next year.
Start the festival with feedback
If the previous festival had feedback forms, they communicate back to the audience at the start of the next festival how they listened and changed. At the end of the 2010 festival, they said how they needed to grow the audience. This year had more than 100 new patrons, mostly generated by the 2010 audience introducing friends to the festival. As an audience, we were thanked.
Invite introductions
The host, Nicky, includes in her introduction how she knows everyone’s name (from organising the tickets and seating) and many of the faces (from seeing them over the years), but doesn’t have all of them connected. She invited people to come and chat to her so she can join the names and faces. It means that many people at the festival feel they know her, connected, and integral to the festival rather than an attendee.
The musicians wander around the festival and sit with the crowd to eat, so you can easily chat to them. This creates a greater connection to the music than you usually have when you attend a concert and it is quite magical.
The Musica Viva staff all had name tags so you knew who they were and could easily talk to them. The Huntington Estate & catering staff all wore branded t-shirts so you knew who to ask for help.
Listen & adapt during the festival
Each year and each day during the festival, they are adjusting so that it is constantly improving.
Feeding 500+ people when they flood out of a concert is no easy task, especially when the clouds above have also opened and it is an outdoor eating environment. The process was regularly adjusted through the festival to be more efficient. New tents sprung up, seating was changed, extra staff appeared to assist in the more difficult situation. The continual adjustments made during the festival showed their focus on the experience for the audience.
Apologise for issues & show how they were fixed
Whenever something went wrong (which is always going to happen at an event that size), they fixed it, apologised and explained how it was fixed. They were upfront and honest about what was going on.
What little things can you do to foster loyalty and build your tribe?
MORE GREAT BLOG POSTS BY KATE TRIBE
- Four End of Year Tribal Connecters
- Customer Feedback Survey Response Rates
- More isn’t always better when getting survey participants
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Kate Tribe – Tribe ResearchKate Tribe is the founder and Managing Director of Tribe Research. Kate has developed Tribe Research into an innovative and creative company focusing on accessible ways for business, non-profit and government sectors to grow from a better understanding of their tribe. Tribe Research aims for customers to explore their tribes of clients, customers, suppliers and staff, to uncover their views, and drive change in each clients business. Kate understands that as leaders of an organisation you need to be clear-headed about your marketing and business planning priorities and has made this a primary focus of Tribe Research’s solution. Kate believes that getting to know your tribe should be an enjoyable journey of discovery that gives you a clear head and direction to move forward, to drive change in the right direction.
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Why You Should Guarantee Your Service – and Brag About It
November 25, 2011
By Vivienne Kane, Minuteman Press Prahran
Many of you will have heard of Flight Centre’s Lowest Airfare Guarantee. It’s central to their marketing strategy – and reinforced by their Unbeatable tag line. You may not be so familiar with The Clean Plumber – a plumbing service which guarantees to arrive on time – or their service is free. Or the inner Melbourne hairdresser who guarantees you’ll be satisfied with your new hairstyle – or they’ll redo it, or pay you to go to the competition to have it fixed.
Many business owners see guarantees as something to avoid – they’re frightened to commit to a standard of service or product delivery in case the customer invokes the guarantee. By contrast, savvy businesses see their guarantee as a powerful tool to acquire and retain customers. It can add real power to your marketing message and build loyalty with your existing customers.
In the customer’s mind, it lowers the risk of purchasing – and the reality is, many customers won’t invoke a guarantee, even if the service standard isn’t reached, as long as their problem is effectively solved. In five years, the hairdresser has only had her guarantee activated twice.
What are the attributes of a good guarantee?
It should be:
- Easy to understand and communicate – The Clean Plumber’s guarantee is quite specific. If they don’t arrive by the agreed appointment time, there is no charge for their service. They also guarantee to leave the work area cleaner than when they arrived – and the customer makes the call on that.
- Meaningful – it needs to address issues that are important for the customer.
- Easy to Invoke – the system needs to be simple and customers should be encouraged to use it. Their dissatisfaction shouldn’t be exacerbated by having to jump through too many hoops.
- Easy to Collect – The collection/rectification procedure should be quick, easy, and on the spot if possible.
A guarantee is not only good for the customer – it’s good for your business, because it will force you to focus on your customers, and generate useful feedback. Guarantees require you to articulate what will satisfy your customers, how to identify when something has gone wrong, and what you will do if that happens. If you choose to offer a guarantee, you’ll need to set very clear guidelines for all staff about expected service standards, failure points and how to avoid, report and rectify them.
That sounds like good business sense to me, so why not get some marketing mileage by bragging about it?
MORE GREAT BLOG POSTS BY VIVENNE KANE
- Are you making champagne promises – and delivering beer?
- Are You Creating Cranky Customers?
- The Customer is Always Right – Even When They’re Wrong
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Vivienne Kane – Minuteman Press PrahranAs the owner and operations manager of Minuteman Press Prahran, a franchise print supplier, Vivienne works with small business customers every day. She runs the business, and their online specialty division CalendarPrint, with her husband Nicholas and their talented staff. With a customer base which often has little experience in buying print, Minuteman Prahran’s point of difference is making the process as painless as possible. Vivienne is a strong advocate of clear and reliable communication as a key tool in winning and keeping customers. She started her professional life as a Speech Pathologist, and enjoyed a variety of roles in administration and community groups before establishing Minuteman Press in 2000. She has three Gen-Y adult children, is an almost an empty nester, loves travel and is a member of two book clubs.
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Four End of Year Tribal Connecters
November 2, 2011
By Kate Tribe, Tribe Research
How are you connecting with your tribe for the end of the year? It is time to start implementing some ideas. Here’s four of my tips.
Find a way to support a core segment of your business
At the end of last year, I wanted to help other small business owners. I took on a Christmas mission to buy all of my family’s presents from Australian SMEs.
- It allowed me to think creatively about what to buy because I wasn’t just walking into a department store to find the best option. I needed to think about the business owners I knew and if their product or service would be great for one of my family.
- It helped me to understand the buying process of my friend’s businesses and give them feedback about it.
- I advertised the purchases along the way so that they were promoted at the same time.
- I had a story to tell my family when I gave them their gift.
I wrote about my Christmas mission at the time.
Individual presents for clients
Don’t select one item and give to every client. It might be quicker to select one item, like wine, and give it to all clients that you’ve decided to give a present to, but it isn’t as special. Another way to give a special thank you is to make it. You can do it in a way that shows them another side of you and is generous.
Connect clients together that could help each other
Instead of going on individual lunches with various favourite clients, take two or three out together so they can meet and network. It will educate your clients about other work you do and allow them to find out some of the other amazing people you know. A slightly larger group makes it more fun and saves you time.
Find a way to reconnect in the new year
Instead of sending end of year cards, utilise the quieter period in January to write new year cards. It will allow you to enjoy the end of the year and you’ll be top of mind at the start of the year.
MORE GREAT BLOG POSTS BY KATE TRIBE
- Customer Feedback Survey Response Rates
- More isn’t always better when getting survey participants
- Grandpa didn’t understand the term networking. It’s just good practice.
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Kate Tribe – Tribe ResearchKate Tribe is the founder and Managing Director of Tribe Research. Kate has developed Tribe Research into an innovative and creative company focusing on accessible ways for business, non-profit and government sectors to grow from a better understanding of their tribe. Tribe Research aims for customers to explore their tribes of clients, customers, suppliers and staff, to uncover their views, and drive change in each clients business. Kate understands that as leaders of an organisation you need to be clear-headed about your marketing and business planning priorities and has made this a primary focus of Tribe Research’s solution. Kate believes that getting to know your tribe should be an enjoyable journey of discovery that gives you a clear head and direction to move forward, to drive change in the right direction.
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Are you making champagne promises – and delivering beer?
October 28, 2011
By Vivienne Kane, Minuteman Press Prahran
During a recent day long business event, I lunched at a local café with a group of fellow attendees. We chose this café from several less likely looking contenders; it was brightly signposted and touted itself as an organic, vegetarian, healthy-eating venue.
The menu read well and we ordered enthusiastically, visualising plates brimming with fresh, vibrant and tasty food.
Imagine my disappointment when I was delivered a pallid Turkish roll with minimal filling and even less taste – accompanied by a cup of watery coffee. My fellow diners were similarly underwhelmed.
The gap between expectation and reality was huge.
What picture are you painting for your prospects – and do you deliver as much or more? Does your product do everything you promise in both your marketing materials and at point of sale? If you’re a service provider, are you clearly communicating exactly what you will supply – and ensuring that you do? That may involve a service contract and/or performance guarantee – or at the very least an information document that specifies what you will do, when it will happen, and how much it will cost.
To make a decision about their purchase, customers want:
- An agreed output (or product)
- No surprises
- Value for money
If the customer isn’t happy with any of the details you present, the time to discuss is at the start, not after you’ve delivered. The outcome should benefit both of you – and hopefully exceed their expectations so they come back for more – and recommend you to their friends.
Rubbery promises (or rubbery pricing) are risky business. Do you need to tighten up?
MORE GREAT BLOG POSTS BY VIVENNE KANE
- Are You Creating Cranky Customers?
- The Customer is Always Right – Even When They’re Wrong
- How to Teach your Customers to Come Back
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Vivienne Kane – Minuteman Press PrahranAs the owner and operations manager of Minuteman Press Prahran, a franchise print supplier, Vivienne works with small business customers every day. She runs the business, and their online specialty division CalendarPrint, with her husband Nicholas and their talented staff. With a customer base which often has little experience in buying print, Minuteman Prahran’s point of difference is making the process as painless as possible. Vivienne is a strong advocate of clear and reliable communication as a key tool in winning and keeping customers. She started her professional life as a Speech Pathologist, and enjoyed a variety of roles in administration and community groups before establishing Minuteman Press in 2000. She has three Gen-Y adult children, is an almost an empty nester, loves travel and is a member of two book clubs.
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ProBlogger Training Day – Top tips to improve the performance of your blog
October 27, 2011
By Suzi Dafnis, Australian Businesswomen’s Network
Last Friday, Australian Businesswomen’s Network members and bloggers Yvette Vignando, Vivienne Kane, Alycia Edgar and Johanna Baker-Dowdell and I (along with over 300 others) attend the ProBlogger Training Day in Melbourne. The one-day event was been created for bloggers of all levels to come together to learn and network – with the goal of building better blogs.
We decided to put together our top take-aways from the day – ideas that resonated with us and that we think you will find valuable.
“Create a profile of who your ideal readers would be.”
Attending blogging conferences is always enriching for me especially because of the variety of people I meet there with interesting niches and fascinating blogs. But the ProBlogger conference had an extra edge for me because some of the speakers were also at the top of their game when it comes to blogging and monetisation of a blog.
Reflecting on the messages and information that would be especially relevant to the general blogging community, these are the ones that stood out for me:
- Be careful to value your blog and its niche when dealing with requests for PR. Phoebe Montague (aka Lady Melbourne) stressed that it is not usually a good idea to use your blog to work for free or very little. So for example, instead of reviewing a product worth $50 in return for keeping the product, consider charging a fee (perhaps double that) for the review – the income pays you for your work.
- It’s not always possible to write with Search Engine Optimisation (SEO) in mind, but make sure you write on your main topics regularly to keep your Blog optimised. (And by the way, although we don’t use WordPress for the happychild.com.au blog, we were told that there is an Editorial Calendar plugin for WordPress that could be useful.
- Create a profile of who your ideal readers would be and then use it to create posts that are relevant to them.
- “Branding is what people say about you when you are not in the room.” Try to understand what your blog’s brand is and make sure that this clarity is reflected in what you write.
— Yvette Vignando, happychild.com.au
“Motivate your readers to come back.”
The most important points for me from the morning sessions were:
- Don’t assume your reader is you – it’s probably a much broader audience than that.
- When you write, write as though you are speaking to one person – make it personal.
- Your “voice” and content should differentiate you – be authentic.
- Motivate your readers to come back – ask questions and be a problem solver.
— Vivienne Kane, Minuteman Press Prahran
“Nothing is more important then being yourself”
When trying to attract readers, nothing is more important then being yourself, including sharing personal insights, anecdotes and your own photos. Productivity can be an issue if you’re blogging as well as working, so write posts in batches and use comments and questions to help source new topics.
When putting together a strategy for blog content, brainstorm ideas and then ask readers which topics appeal to them.
— Johanna Baker-Dowdell, Strawberry Communications
“There is a fine line between giving away too much and devaluing your paid products and services.”
A comment by special guest Tim Ferriss, author of The Four Hour Work Week: “a lot of teaching fails from too much information, not too little,” rounded up my learnings at the ProBlogger event.
Sonia Simone of Copyblogger, in an earlier session, had spoken extensively about tribes and the know, like and trust factor with some great information, but the message I truly received from this uber-intelligent person was this:
If you start to develop a tribe, people will pay to be a member, for access (without trolls). People will also pay for exclusive access to you, advanced training and Q&A sessions are like gold.
In other words, while freemium is a great model from a marketing perspective, there is a fine line between giving away too much and devaluing your paid products and services.
Sonia summed it up beautifully (IMHO) — “How can you become their latte so they can’t live without it?”
Put the really juicy stuff behind the paid wall, value those that are paying money for access, but still provide great free content as a marketing tool.
— Alycia Edgar, Coastal Accounting Services
And me…
“Always make it clear what you want people to do.”
- Put more YOU on your blog and in your posts.
- To create trust – show up, pay attention, don’t lie.
- Don’t dilute the sales funnel with distractions. Focus the message.
- Sometimes selling does not involve money – often you’re selling a concept.
- Your readers cannot find your old content – so repackage content to make it more readily available.
- Always make it clear what you want people to do.
— Suzi Dafnis, Australian Businesswomen’s Network
I really enjoyed the day.
The speakers were first class (I’d recommend you put the next one in your schedule if you want to be a better blogger or just create better content for your social media and your website).
You can read more about the Problogger Training Day here.
And I also recommend you subscribe to Darren Rowse’s Problogger blog here.
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PayPal releases news of online purchasing trends
October 19, 2011
By Suzi Dafnis, Australian Businesswomen’s Network
Buying online is not only on the increase, the way we buy is also changing. At a 700-strong breakfast yesterday morning, PayPal released the results of a recent study on the monumental changes seen in online commerce in Australia, where merchants and consumers are harnessing new technologies to connect in new ways.
Buying incidence and frequency
The report, “Secure Insight: Changing the Way We Pay” was developed in conjunction with Forrester Research, Nielsen and the Australian Centre for Retail Studies and explores the factors influencing Australia’s boom in online commerce.
Powering the growth in online commerce is the increasing prevalence of smartphones, with ownership of Internet-enabled phones currently at 65 per cent of the total handset market in Australia. Now accounting for two out of every three phones sold in Australia, smartphones are disrupting both the traditional and online retail environments. Australians are heavy users of mobile phones to transact, with PayPal Australia seeing mobile payments on a steep trajectory of 430 per cent year on year. (I got my iPhone 4S yesterday and am thrilled with it, by the way.)
As transactions begin to take place in new environments, PayPal’s report reveals a changing attitude amongst consumers when it comes to making payments. According to the research, consumers feel the choice of payment method is not theirs to make, with retailers restricting choices. Regularly having to switch between payment methods depending on the product they are purchasing, 40 per cent of consumers desire a simpler payment solution.
Interesting Insights
Here are some of the insights and comments (from the many presenters and the panel) that I found interesting:
- QR codes make non-traditional venues (e.g., a bus shelter) places where you can now transact (just scan the code and go!)
- New platforms, e.g., daily deals sites, bring new opportunities to transact (both from a computer and via mobile).
- Generally, there are now MORE ways that people can buy – but merchants aren’t necessarily accommodating this change.
- A customer today is more aware of your product or service when they come to you than ever before. Generally, they have researched you, compared you to your competition and are ready to transact – if you make it easy for them,
- More than 10% of Paypal’s transactions are via mobile.
- The average expected growth rate, as reported by Aussie online retailers, is 30% in the next year (How fabulous!)
- Coupon businesses reduce the risk of purchase with low prices and money-back guarantees.
- Cudo CEO says coupon businesses address two needs: 1. Unsold capacity and 2. Customers want to try new things.
- Multi channels are used to research and decide on a purchase (We also post the process to social networks as we go.)
- When it comes to social media, larger companies are more likely to stick to traditional media, whereas (because of the low cost of entry), smaller businesses are more likely to use social to market.
Meandering path to an online purchase
Understanding the barriers that customers need to overcome to transact can give you an advantage over competitors.
- 39% of consumers using their phones for product or services research.
- Cash is still king for most smaller purchases. New landscape sees people prefer fewer, more consolidated online payment options (for ease) – men mainly
- How are consumers deciding WHICH payment method to use? 1. Security 2. Price. Mobile payments PERCEIVED to be less secure by some.
- A hungry lean self-starter online retailer is probably doing better than high street retailers (due to being flexible and nimble).
The best question posed:
Are you making it easier for customers to do business with you? Or are consumers using tech to make it easier for themselves?
Also, “People on social media are a community of interest. Be relevant.”
— Colin McLeod, Australian Centre for Retail Studies (ACRS)
What I took away:
Merchants: It’s time to recognise consumer needs have changed and to adapt accordingly.
Here is a copy of the full report.
What happens when you grow too fast?
September 15, 2011
By Amanda Falconer, Sydney Small Business Centre
While a growing business may seem like a nice class of problem to have, it’s not all plain sailing.
“One of the biggest traps a small business can fall into is becoming a victim of its own success. The business grows faster than it plans to and, for many entrepreneurs, the idea of saying no to work is just foreign to them,” says Michael Fingland, managing director of business turnaround specialist Vantage Performance.
Fingland was speaking with the Sydney Morning Herald’s Alexandra Cain and told her that businesses in this situation often don’t have the appropriate systems and controls or the right staff to manage the growth, which can compromise ongoing success.
I’ve got to come clean and say that we’ve been having this problem ourselves. As the marketing strategy and execution services we provide for medium-sized enterprises (under our brand Talking Brand) has grown, I’ve seen how much it’s stretched our systems and made me question the real focus of the business.
It’s also forced me to realise one key thing: there’s only so much you can do. So recently, I decided to make some important changes like mothballing the Sydney Small Business Centre and the courses we offer to small business owners. We’re now only focusing on Talking Brand, instead of trying to run what are effectively two businesses, which leads me to something more universal: my top six business tips for surviving rapid business growth.
Top six tips for surviving rapid business growth
- Remember plans are fine – but when you get on the court, it’s OK to change the game. If you need to change tack because of what you now know, do it.
- Manage cash. Cash flow is everything, so keep debtors days down and a tight watch on overheads.
- Develop systems. As tempting as it is to say ‘yes’ to all that new business, sometimes you just need to say ‘yes, but not now’. And invest the time in people to develop the systems… as hard as that can be sometimes!
- Manage cost and profit. Is the growth you’re experiencing profitable? Make sure you’ve got the tools in place to manage margin and adjust pricing if you need to.
- Make sure you’re still working on the business, as well as in it. The reality is that if your business is still in its infancy, you’re unlikely to be able to just work on it. However, allocate your time so that you don’t just do all that work that’s coming in the door…
MORE GREAT BLOG POSTS BY AMANDA FALCONER
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Amanda Falconer – Sydney Small Business CentreAmanda is passionate about SMEs and marketing. To her, marketing is a story. Your brand is an experience. Why not make it authentic, clear and consistent? Not to mention relevant and compelling to a targeted group of customers. The thing is, most people don’t really know what marketing is. And if they do, they’re not driving it. Having finally left corporate marketing Amanda is keen to share what she’s learned over the last 20 years – and that’s not just marketing theory but its application to real business situations. Amanda now runs the outsourced marketing management agency Talking Brand which provides marketing strategy and execution services to medium-sized enterprises.
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Business is changing… are you ready?
September 13, 2011
By Lisa Murray, Revive Business Coaching
The core issues for success in any business are developing and selling a product, service or idea that is valued by your customers; continually creating and generating new possibilities for growth; and ensuring your business is set up and structured for growth.
Have you noticed how implementation of these core issues is changing dynamically? The traditional answers and approaches are not working nearly as well as they used to! Our customers are losing patience with companies that are not transparent, that don’t listen, that are greedy, pushy and demanding.
There is a quiet and quickly growing consumer revolution going on which we, as business owners, must engage in and lead dynamically if our businesses are to prosper into the future. Let’s look at where value for the customer is actually created.
I have had a series of encounters with real estate agents lately that has left me wondering… The size of their egos were disproportionately huge compared to the level of value they were(n’t) offering!
We create genuine value by listening to what our clients truly desire from us and providing the value they are looking for, rather than the value we have come to conclude they need. Is there anything more frustrating than someone trying to sell you something you don’t desire, in a way that you find insulting to your intelligence? Instead of pushing harder when someone says ‘no thank you,’ why not take the time to find out what they would be willing to receive from you.
For the real estate agents (or any service provider!) who desire more clients:
I consider how you sell your services to me and ask if the person buying my house would actually like you and engage with you. If you spend all of your time telling me how important you are… if you over-charge me, if you are rude to me in your emails… if you fail to acknowledge my feedback and insist on bullying me into doing business with you… guess what? You’ll need to find your customers somewhere else. That approach is dead, gone, buried.
Those of us who are aware, conscious and desiring to be a joyful contribution to the planet are no longer choosing to do business with people who operate from a paradigm of competition, comparison, scarcity and lack. That’s the bad news (for some of you!) If you are receiving push-back, change the dynamics quickly by assuming your customer knows something you don’t and asking more questions – don’t talk AT your prospects and don’t assume you know more than they do! What could you learn from them that could triple your profits if you listen?
We offer unique value by being a joyful contribution to our clients, rather than caring so little that they disappear on a never-ending journey of comparing our services and products with everyone else in sight.
We create value for them by adding caring and creativity because we can. By surprising and delighting them because it is fun for us. By creating happiness in their universe in unexpected ways. If you want to see delivery of true value in action, order the Zappos culture book – they’ll send it out free to you – a fascinating education on being valuable and creating culture where value is valued!
When we find the joy in our own work, this joy spreads to our customers. When we feel lack and desperation, our customers also feel that. So what are you going to change today that will bring more value and more ease into your customer relationships? The choices you offer prospective clients must be valuable to both your business and the client. In many industries, business is tough right now. In my business coaching, I am seeing approaches that offer integrity and value are core to kickstarting revenues and developing raving fans. What are you going to change that will bring your business into alignment with the New Energies of Business?
MORE GREAT BLOG POSTS BY LISA MURRAY
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Rewards for Business How to reward customers, create a loyal fan base and transform your customers’ experience.Guest speakers: Debra Templar of The Templar Group, Clare Kinsey from American Express and Jenn Lim, CEO of Delivering Happiness (co-created with Tony Hsieh, CEO of Zappos) |
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Lisa Murray – Revive Business Coaching/Bliss TribeLisa Murray is an experienced business mentor who brings bliss back into your business. Her holistic, unconventional and creative strategies help small business owners design authentic, ease-filled and profitable businesses. Through her BlissTribe community, Lisa is a catalyst for business owners to choose a phenomenal, rich and joyful life without compromise! The sky is not the limit… there are no limits… unless you choose them! Lisa connects the dots for you… she is an idea generator, a sounding board, a skilled facilitator, a strategist, a problem solver and a contribution to the authenticity and potency of you creating the business you truly desire and deserve. What else is possible? Ask and you will receive!!
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