More small business owners today are feeling optimistic about the economy. Nevertheless, the majority say the number of risks they are taking has remained the same over the past six months.
If you’ve been playing it safe with your business, the time may be ripe to take a chance again on risk. Calculated risks taken within your tolerance level can help you make decisions wisely while keeping your business energised and moving forward.
Whether you call it event marketing, experiential marketing, live marketing, participatory advertising, or any other moniker, this is a brave new world of blowing things up, building in a technological overlay to real-world places, and convincing otherwise sane passers-by to dance or change clothes in the street—all with the motive of engaging consumers.
We talked with some of the smartest minds in experiential marketing to find out how they pull off memorable events—and make sure there’s significant consumer engagement long after the event is over.
Here’s what they told us:
Create an event within an event
Try to create an event within an event where you can touch a consumer one-on-one, where you can engage directly, and teach them about your product, and do so by interacting in a quality way. Have a truth-or-dare themed campaign, ask people to dance in the middle of the street, etc.
Jason just announced that he got a great deal on tickets for his vacation. And Emily dropped a vacation request on your desk this morning. And now, Melanie is talking about her planned summer cruise. You’re happy your employees are looking forward to summer vacations – until you look at the dates and realise that they’re all for the same week in August. Now what?
Conflicts will happen, it’s inevitable. At some point two or more employees are going to request the same vacation days. And only one will be able to go.
Know the competition. Find out who your competitors are, what they are offering and what their unique selling point (USP) is. This will identify the areas you need to compete in, as well as giving you a platform for differentiating yourself.
Know your customers. Customer expectations can change dramatically when economic conditions are unstable. Find out what matters to your customers now – is it lower price, more flexible service, the latest products? Revise your sales and marketing strategy accordingly.
We all know that success in life depends on a combination of hard work and talent. There’s also no denying the “luck” factor – being in the right place at the right time and meeting the right people. That said, there isn’t a “secret” to that kind of luck. It’s about doing things that put you in a position for that luck to happen.
We found ten things that successful people do at the start of their work weeks. Try them out, and you might find yourself having better luck as well.
James Reinhart, ThredUp.com – Use weekends effectively
You can’t have a great Monday morning if you had a lousy weekend. Work is obviously important if you want to be successful, but there’s always something that can wait until Monday. Weekends are a time for yourself, to unwind, to relax and to think. In fact, many people do their best thinking during leisure time, because you’re free from other work distractions and can think abstractly.
For all the time executives spend concerned about physical strength and health, when it comes down to it, mental strength can mean even more. Particularly for entrepreneurs, numerous articles talk about critical characteristics of mental strength—tenacity, “grit,” optimism, and an unfailing ability.
However, we can also define mental strength by identifying the things mentally strong individuals don’t do.
Is there a guaranteed formula to follow (as the headline suggests?)
Of course not. A quick look at the people who have become successful entrepreneurs shows the paths they took are as unique as they are.
But—and it’s a HUGE but—while their behaviour was idiosyncratic, their thinking was not.
A study shows that serial entrepreneurs—people who have successfully started two or more companies—all followed the same approach. And if it has worked for them, it may very well work for you.
Deciding whether to buy an existing business or start your own comes down to three things: what experience you have, what kind of business you want, and how open you are to taking financial risks.
Once you decide these things you can make a decision on how to proceed.
• How much experience do you have?
There is much more risk involved with starting your own business versus buying your own. 40 percent of new businesses fail in the first year and 80 percent fail within five years. If you have little experience with business or with the industry that you are planning on entering, buying an existing business is the safer route, as starting your own requires expertise in the areas of financing, infrastructure, and cash flow. Even if you are buying a business, it will take time to learn how it operates and where its weaknesses lie in order to craft a proper growth strategy.
Success means different things to different people whether we are talking about business or private life. In Business, the obvious assumption is that a successful entrepreneur is someone who is financially secure. What they earn, what they own, what they spend can give the impression of success. More, more, more is what we all ultimately strive for in terms of success – or is it?
Stop and reflect on your own life. Think about what success means to you. Don’t limit yourself by focusing on the big things. They are important but they also seem to demand way too much of our attention.
Take a moment to focus on all the little successes you have had – either in the past or today. These are the everyday things that make life worth living. To be able to make choices. To be able to motivate and inspire others. To share life (both the joys and the sorrows) with others. To feel and to show feeling. To love and to be loved. To make the most of every situation no matter the circumstances.
According to reports, 250,000 new products are introduced to the world each year. We’re overwhelmed by so many new product entries, which range from sophisticated new technologies like the Nest thermostat and infomercial sensations like Pyjamas Jeans. To complicate things, brands are introducing new line extensions like Kraft Sizzling Salads, Disney Appmates, and a wealth of “new and improved” products from venerable brands like Gillette and Kleenex.
But the fact remains that the success rates of new product introductions and innovations have improved little over the last 20 years. Reports show that 66% of new products fail within two years, and a startling 96% of all innovations fail to return their cost of capital. This is due to a number of factors, including economic conditions, an explosion of consumer touch points, shifts in decision-making behaviour, and the deluge of information marketers have to sift through to ensure they are up to speed with the latest trends.
How to market effectively is one of the biggest challenges faced by small businesses and entrepreneurs today. There are many marketing techniques that can be used, and choosing the right approach for your business is not easy. Small businesses also have limited budget to use on marketing which makes it even more challenging.
A good marketing strategy is a very valuable tool for any business, whether you’re just starting out or have been in business for years. In order for your business to be successful, it is essential for people to know about your brand as well as the products and services you offer. This is where a good online marketing strategy can help.
T
he decision to embark on an international expansion can be both exciting and frightening: seemingly endless growth opportunities exist, but there can be significant risks involved.
The checklist for setting up international operations is lengthy and varies country to country. And what’s worse, one missed detail could mean serious negative consequences for your business, in the form of fines and frustrated employees.
Not sure where to start? Here are 10 tips to keep in mind when thinking about international expansion: