RetailMeNot Facebook App: Improved Targeting

RetailMeNot Facebook App: Improved Targeting
Obamacare, Franchise Owners And Choices
Ready To Launch A Business: Here’s What’s Next
5 Ways Negative Reviews Are Good For Business
Consumers Spend $5.5 Billion on Small Business Saturday

Posted: 27 Nov 2012 01:00 PM PST

More and more consumers are steering away from traditional paper coupons in favor of electronic deals and coupon codes. But not only can these electronic coupons be more convenient for consumers, they can also allow for more effective targeting and analytics options for the businesses that offer them. And since social media sites hold so much information about their users and their interests, it only makes sense that these sites could assist businesses better target deals to their best customers.

RetailMeNot

Coupon website RetailMeNot just launched a Facebook app that recommends deals and coupons based on users' Likes and interests.

The RetailMeNot site, which currently boasts more than 500,000 offers a year, can often seem overwhelming for consumers looking for deals. But the new Facebook can help make these offers more relevant to consumers, and thus more effective for the businesses that submit offers.

Users of the RetailMeNot app simply give it permission to see their Likes, and then they can also select a few of their favorite retailers in order to get an even more personalized feed of offers and coupons. Then, over time, the RetailMeNot app also takes into account the offers that users click.

The photo above shows the Facebook app, which includes a customized feed of coupons and offers. It details how much of a discount the user can receive, the expiration date, and more personalized information. Users can also save coupons and add favorite stores to their preferences.

Coupon codes can be submitted by any online retailer, and printable coupons that include scannable bar codes can be submitted by local stores. In addition, the site allows businesses to submit sales or shopping tips that just give consumers information about saving money.

To submit a coupon or sale, you need only create an account and then provide the name of the retailer, type of deal, and any other information necessary for shoppers to redeem the offer.

Offers are then reviewed by the site and often go live within a few hours. You can then track how many users have redeemed your coupon and how much they saved.

RetailMeNot was launched in 2006 and is owned by Whale Shark Media. RetailMeNot also offers a coupon app for iPhone, as well as a weekly email with a stream of recent deals.

The post RetailMeNot Facebook App: Improved Targeting appeared first on Small Business Trends.

Obamacare, Franchise Owners And Choices

Posted: 27 Nov 2012 11:00 AM PST

It's over. The votes (for the most part) have been counted; a few virtual handshakes have taken place between former rivals. TV ads and lawn signs are gone. It's time to get back to business.

Franchise owners who've been, "waiting to see what happens with the election" have some decisions to make. And, I don't think that those decisions are going to be difficult at all. That's because franchisees really only have two choices. They are:

Grow
Go

Why Are Franchises Purchased?

I've never met a prospective franchise owner who's wanted to become a franchisee for the heck of it.

In other words, people don't invest a significant portion of their life's savings into a business unless they feel that they can come out as winners. And, winning to them usually has to do with the growth of their bank accounts. The word to key in on here is "growth."

Of course, there's no guarantee that the franchise concept chosen will turn a profit-even one that is a well-known brand. A great brand can become a not-so-great brand in a hurry these days, thanks to the rise in internet use and the 24/7 social media world we live in. But, for the most part, today's franchise buyer's take a hard look at the pros and cons, and make their decisions accordingly.

Once they've signed their franchise agreement and loan papers, they're off and running. At first, their goal is to break-even. Once that happens, it's strategy-time. More times than not, that strategy involves profit-seeking. It may even involve growth.

In franchise business ownership, growth is pretty easy to visualize, especially if it's in the retail or food service space. It even has a name; multi-unit franchise ownership. Attaining multi-unit ownership status is pretty high up on the list of things that define success for today's franchise owners.

Or Not

Believe it or not, some franchisees appear to be ready to not grow their businesses, and they seem to be blaming it all on Obamacare.

Zane Tankel, a multi-unit franchisee of Applebees, says that he won't be able to add more restaurants to his 40-unit empire. That means that he won't be able to create more jobs.

Helping to add fuel to the fire of his assertion that he'll have to stop his company's growth because of Obamacare, is a detailed report created for The International Franchise Association (IFA) by The Hudson Institute.

Titled, "The Effects of the Patient Protection and Affordable Care Act on the Franchise Industry," this report states the following:

"The new health care law will have negative effects on the franchising industry's ability to grow and create much-needed jobs for the U.S. economy. We estimate that the law will negatively affect tens of thousands of franchise businesses, adding more than $6.4 billion in increased costs, not including the cost of regulatory compliance. Further, we estimate that the jobs of more than 3.2 million full-time employees in franchise businesses would be put at risk."

Spin Can Get In The Way

I've always had the ability – and the desire – to listen to both sides of a story. But realize that I always have to consider the source.

For example, John Schnatter, CEO of the Papa John's pizza franchise empire, said that he would have to increase the price of his pizza because of Obamacare. I'm more inclined to take Schattner at his word if it wasn't for the fact that he was one of Governor Romney's most visible donors, even holding a fund raiser or two at his private mansion.

Update: Schnattner has apparently walked back his statement about raising his prices and will instead be cutting employee hours due to Obamacare.

The Bottom Line

Some franchisees will continue to grow their businesses. They will also continue to find ways to cut costs. That's what small business owners do.

While none of us really know what the next year…the next four years actually – will bring in terms of business growth, one thing is certain. Small business owners are in it to win it – and they'll keep finding ways to do it.

John Schnatter, CEO of Papa John's Pizza Photo via Shutterstock

The post Obamacare, Franchise Owners And Choices appeared first on Small Business Trends.

Ready To Launch A Business: Here’s What’s Next

Posted: 27 Nov 2012 08:00 AM PST

If you’ve already asked yourself the hard questions about starting a business and are ready to launch it, congratulations. There are just a few more steps you need to take before you skyrocket to success.

Start with a Splash

Once you have your business structure chosen and your business plan in place, focus on launching your business with a splash. Create a promotion strategy to attract as many people as possible for your grand opening.

If you’re a local business, spread the word in your community. If you’re online only, start the social media promotion before you open your virtual doors. The bigger launch you create, the bigger the momentum you’ll have for the weeks and months following your opening.

Check in on Your Progress

Keep tabs on how you’re doing. Use analytics to see how much web traffic you’re getting, and where your traffic is coming from. Track which marketing efforts are generating the best results and focus on those.

Keep the Big Picture in Mind

When you get ready to launch a business, keep in mind your “big picture” goals for why you wanted to be an entrepreneur in the first place. Starting a business might be the best way for you to:

Earn more income
Spend more time with your family
Pursue a passion
Build something or create something that has never been done
Become recognized as an expert in your field
Create jobs and opportunity for others
Cultivate a community of people who have a common interest
Make a difference in people’s lives
Build a better future for your family
Leave a legacy to be remembered by

As you go through your journey of entrepreneurship, it’s important to remember your roots. Try to keep a clear picture of “why” you wanted to launch a business, and remember what kind of life you wanted this business to help you achieve.

No matter how much money your business makes, some of the most successful entrepreneurs are the ones who treat being a business owner as a way to achieve the life they want, and to make a bigger difference for the people they love.

Ready To Launch A Business?

Welcome to the community of passionate, engaged, focused and excellence-driven people who have decided to change their lives by starting a business. We’ve created a quiz to help you figure out the right business structure. Ready to start? Take the quiz.

The post Ready To Launch A Business: Here’s What’s Next appeared first on Small Business Trends.

5 Ways Negative Reviews Are Good For Business

Posted: 27 Nov 2012 06:00 AM PST

We talk a lot about online reviews. We talk about how important they are in influencing buying decisions, how SMBs need to respond to them, and how Google is starting to give more weight to reviews as social signals. But in doing that, we also create a lot of fear around the reviews that exist out there about our businesses.

There's the sense that a single bad review can kill your business. Or that a handful of unhappy customers can send new customers away and ruin your brand in the search engines. And while it's important for a small business to build an online review strategy, it's equally important to remember that we're all human. A few bad reviews won't kill your business. In fact, those negative reviews may even help.

Sound crazy?

Below are five ways negative reviews can actually be good for business.

1. They give you legitimacy

What would you think when checking out a new business and saw nothing but glowing reviews and five stars? You'd think the reviews were fake. Or paid for. Or written by the business owner's mother. We don't trust businesses that appear "too good to be true" because we know that we're all human. We all make mistakes. And we all have bad days. If your online reviews are a true reflection of who you are, they'll account for some of those bad days.

The simple fact is we trust a business more if there are at least some negative reviews because it helps us feel like we're seeing both sides. We want to know the soup was cold or that the dress didn't fit. As a consumer, these reviews also help us feel more prepared. If we can see the problem points in the service or product, we can determine whether they're "deal breakers" for us. If they're not, we feel confident making the buying decision.

2. You identify (fixable) weak points

As noted above, consumers look for negative reviews to identify weak points in your product or service. Maybe your dresses run small and they should order up. Or maybe your waitresses don't spend enough time tending your customer's needs. Consumers value this information so they know what to expect. As a business owner, this is valuable information so you know what to fix.

Negative reviews help your business to improve by showing you areas where you can do better. Instead of fearing these types of reviews, welcome them as an unfiltered look into your business. Once you know what's not working or areas where customers got tripped up, you can solve the problem and make the experience better for everyone. Instead of fearing these comments, thank the people who leave them.

3. You show off your customer service skills

Yes, that's right. I just said you should thank your customers who take the time to let you know where you can do better. This is invaluable information. It also gives you a chance to show off your customer service skills and let onlookers see how much you value your customers. Consumers can tell a lot about a business by how they respond to criticism. If you handle the situation with grace, maturity and (when appropriate) humor, it tells them you're a business confident in what you offer and how you treat people in business. If you get defensive or argumentative, it tells consumers you're a business they may want to avoid. So respond wisely.

4. You give your army a chance to respond

If someone has left a negative review on your business that you feel is unfair or undeserved, show it to some of your biggest supporters and ask what they think. If they feel the review is warranted, they'll tell you and then you can fix it. But if they don't, they're likely to go respond to that comment for you and help set the record straight. They'll actually come to your defense and serve as an army of support for your brand.

Consumers are passionate about the people and the places they do business with. If they see someone talking badly about "their" coffee shop, they're going to hop into that conversation and fight for you.

5. You can change the conversation

As much as we don't like to see negative comments left about our businesses, they do give you the chance to change the conversation and that person's experience. By responding maturely, validating the critique, and offering a promise to do better, you can significantly increase someone's impression of your brand. And, really, if someone is unhappy with your service, don't you want the chance to make it right?

Reviews are important and the more positive reviews you have, the more likely it is a new customer will feel comfortable taking a chance on your business. But negative reviews also have their place and can offer some benefits to any business.

Speaking of reviews, the holidays are coming. Have you created your holiday online review strategy? Get crackin'!

The post 5 Ways Negative Reviews Are Good For Business appeared first on Small Business Trends.

Consumers Spend $5.5 Billion on Small Business Saturday

Posted: 27 Nov 2012 02:30 AM PST

The results are exciting! Saturday’s special event sandwiched between Black Friday and Cyber Monday as a day set aside for promoting small businesses not only exceeded revenue projections but raised consumer awareness. Here are some details from this year’s Small Business Saturday:

A Big Day for the Little Guy

Small business has over-sized success. Not only did estimated consumer spending with independent merchants exceed expectations in the amount of $5.5 billion, a survey released by the NFIB and American Express indicates consumer awareness of Small Business Saturday jumped to 67 percent from just 34 percent two weeks before the event. What’s more, American Express reports that card-member transactions with small businesses increased by 21 percent over last year, an impressive showing. National Federation of Independent Business

Some stories of success. We’ve already given an overview of Saturday’s event, but individual success stories are also important. Here small business owners Leah Daniels of Hill’s Kitchen in Washington D.C. and Alan Au, co-owner of Jimmy Au’s For Men 5’8″ and Under in Beverly Hills tell about how the special small business event has given them a boost. Read their stories and some other reactions to the success of Small Business Saturday. USA Today

From the office of the President. Average consumers were not the only ones lending support to small merchants this weekend on a day set aside to help this important segment of the business community. After a U.S. election that focused prominently on the role of small businesses in revitalizing the nation’s economy, President Barack Obama and daughters Sasha and Malia paid a high profile visit to One More Page Books, a small bookstore in Arlington, VA, in an effort to promote the importance of small business. Daily News

Can’t Keep a Good Business Down

The perfect storm. After suffering through super storm Sandy last month, many mom and pop stores in areas of the country impacted by the October disaster were hoping Small Business Saturday would prove a perfect storm of another kind. Small business owners in Manhattan, in particular, some of whom have been hurt substantially, hoped an influx of business on this day dedicated to patronizing small merchants would help them recover some of their losses. ABC News

Cyber business success. Some small businesses saw success not only on Small Business Saturday but on Cyber Monday, a day designated for online shopping, too. For example, the owner of one store in Newtown Square, PA whose store was closed on Monday said sales more than doubled over both Small Business Saturday and Cyber Monday. Some small businesses have yet to develop a large online presence, but are quickly seeing the potential increase in revenue online shopping can bring. Mainline Media News

How David Beats Goliath

A different kind of experience. But while small businesses have done their best to compete with bigger companies this and other holiday shopping seasons, offering discounts and promotions in an effort to outdo the big chains, columnist Carmine Gallo wonders if this is a step in the wrong direction. Don’t get him wrong. Carmine isn’t down on small businesses. He thinks we should all give them our full support. But he also believes that instead of discounts and deals, small businesses should concentrate on what they do best: creating a unique experience for customers every day. Forbes

Small Business Saturday all year long. There are many ways small business owners can keep the momentum of Small Business Saturday going all year long, beating out the bigger competition and winning over one customer at a time. Here, Rieva Lesonsky suggests eight simple ways you can keep the spirit of small business entrepreneurship alive 365 days of the year. Let’s not wait for the next Small Business Saturday. Make your small business a big success today. Open Forum

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