Quora Gives Bloggers Built-In Readership

Quora Gives Bloggers Built-In Readership
Obvious but Hard Lessons in Small Business Advertising
5 Tips for Buying a Franchise
4 Ways Real Estate Agents Fail at Social Media
Mobile Business Benefits from AT&T Sales

Posted: 29 Jan 2013 11:00 AM PST

Question and answer site Quora just announced the release of a new blogging platform. Clearly there is no shortage of these around the Internet, but this one is a bit different. Quora plans to take the posts published on its platform and distribute them to users who follow certain Q&A topics.

For instance, if you decide to write about politics, then those who follow political topics on Quora's Q&A platform have the potential to see your posts in their feed.

quora

The benefit of this to bloggers is to have a built-in readership of people who are interested in your particular topic of discussion. Many entrepreneurs use blogging as a way to reach new consumers or even as a main source of income, so this new tool could provide some help when it comes to building a following, especially in the early stages. But even established bloggers or entrepreneurs could potentially use the platform to reach new people.

Quora has over 300,000 topics that fit into five categories: Business and Tech, Food and Entertainment, Politics and Social Sciences, Health and Life Advice, and Other. So within one of these general categories such as Business and Tech, there are more specific topics users can choose such as startups, science, and entrepreneurship.

So when users choose a topic or topics to follow on Quora, they'll see both Q&A posts and blog posts within their Quora feed. Users can also search particular topics to find posts that are relevant to their interests at any given time.

This is quite different from traditional blogging platforms in that you can gain an audience for your posts without having a large following personally, though users can also choose particular Quora blogs to follow.

Quora accounts are free and so is creating a blog. Upon starting a blog, you can add topics that fit your blog as a whole, and you can include other topics for each post you create. Currently, there are just two basic themes for Quora blogs so they all look fairly simple, but they include post topics, views, and followers, as shown in the photo above.

Blogs are also visible within Quora's iPhone and Android apps.

The post Quora Gives Bloggers Built-In Readership appeared first on Small Business Trends.

Obvious but Hard Lessons in Small Business Advertising

Posted: 29 Jan 2013 09:00 AM PST

small business advertising There are two kinds of small businesses:

1) Those with a very specific niche, but a nation-wide target market (e.g. taxidermy services for exotic animals).

2) Those with a broad enough scope, but a geographically limited market (e.g. an upscale bistro).

As someone who has marketed businesses in each of these categories, the lessons in this piece apply far better to the latter category then the former.

1. Limit Advertising Efforts Geographically

No matter how tempting it is to include a few extra zip codes when sending out flyers or to increase the geographic radius of a Google Adwords campaign, to me it's never been a wise idea. Whenever designing an advertising campaign, as a small business owner, I have to constantly remind myself the real reason I am advertising is to maximize revenue and not to maximize reach.

It is far easier to maximize revenue by targeting the same 4,000 to 5,000 households in my neighborhood on a monthly basis then blowing an entire year's advertising budget by sending out flyers to nearly 200,000 households in my hometown. One approach I like to take is as follows:

Establish a target revenue goal.
Assuming 1% follow-through on my advertising efforts and average invoice value, establish the number of households I need to reach.
Using Canada Posts' Precision Targeter Tool, figure out the radius which has enough households to reach the goals set in step 1.
Reduce the radius by 50% and send-out the flyers twice a month instead of once a month.

This approach has historically yielded as much as a 40% increase in the number people who responded to my advertising.

2. Network With Other Small Businesses

For every 5,000 households in a neighborhood, there are 50 to 100 small businesses which cater to them. It's a lot easier to touch base with the 50 to 100 small business owners & managers twice a quarter then trying to reach 5,000 to 10,000 households.

If anyone can understand your troubles and appreciate the hard work that goes into being a small business; it is another small business owner. The idea is not just to get the owner to give you business; but to get them to give out your referrals to his/her existing client base.

The referring business already has a trusted relationship with the customer. When that customer gets referred to you, almost all the goodwill and trust is already established and little effort is needed to win over the customer. Think of each small business in your neighborhood as a single node and each node has already made the effort of attracting the customers. Now all they have to do is make quick and non-aggressive referrals and some of those customers will get passed on to you.

One of the more successful campaigns I ran from my auto-shop was with a local gym. For every oil change, the customer received a no obligation 30 day trial (instead of the regular 15 day trial). However, do not expect more than 2 to 3 referrals per quarter from any small business.

3. Measure All Advertising Efforts

The thing about marketing and advertising is that you can blow 100% of your budget and have no idea how effective it was. Therefore, it is imperative that all advertising efforts are measured. Online advertising is easy enough to measure as long as an analytics package is installed on the website. There are a number of free analytics packages including Google Analytics; although my personal preference is for Clicky Analytics, given its ease of use and heatmaps.

For offline advertising, when possible, have coupons, flyers and all advertising material printed with unique codes. If you are dropping business cards or coupons in 5 different local shops, then have a unique identifier on each of the 5 sets. This will tell you two critical things:

1) Which type of local businesses are most affective at getting you new customers.

2) Helps you narrow down your ideal target market.

Always have expiration dates on all your special offers and coupons. Not because you may be unwilling to gain a new customer with a coupon, but rather to tie in when the advertising for the special was done and how many customers responded to that advertising.

4. It’s Easier to Retain Customers Then Get New Ones

Advertising is far more effective when you reach existing customers rather then trying to draw in new ones. This may not sound like much, but it could be one of the most powerful insights during "slow" periods. You already have all the insights for your existing customers (e.g. their age, interests, how receptive they are to your product). Best of all, you can advertise to your existing customers with next to zero cost by simply reaching them over the phone.

When you send out coupons to your existing customers, even if they don't need it, they will likely pass them along to friends and family. This principle is especially true, if you have ever advertised on Facebook, where "sponsored stories" have a 5 to 10 times higher click through rate (i.e. the number of people that click on your add) compared to an old fashioned add.

5. Don't Market or Advertise to Friends and Family

One of the lessons I really wish I had learned in a classroom was to never advertise or sell your product to friends and family. For two reasons:

1) Friends and family meet you for a number of reasons but none of them include soliciting your business to them. Essentially, when you start making your interactions with friends and family about your business, you have taken away any reason for them to meet you.

2) No matter how big your circle of friends and family is, it is always very limited. So why spend this time and effort on such a small subset, when you could be meeting and greeting an entire neighborhood of 4000+ households at your business sponsored summer BBQ?

Easy Way Hard Way Photo via Shutterstock

The post Obvious but Hard Lessons in Small Business Advertising appeared first on Small Business Trends.

5 Tips for Buying a Franchise

Posted: 29 Jan 2013 07:00 AM PST

buying a franchise For those entrepreneurs itching to start their own business, purchasing a franchise can be a good alternative.

Franchising can be less risky than starting a business from scratch. The franchisor has done a lot of the work for you. The business plan is ready made; there's already strong brand name recognition, and the franchisor is often responsible for the marketing and advertising.

However, any new business is risky, even a franchise. You may get an established name and business plan, but your success is ultimately up to you.

If you are considering taking the leap to become a franchisee this year, here are five tips:

Do Your Research

Whether you identify a potential franchise opportunity from a franchise broker or franchise exposition, you alone are solely responsible for the due diligence before you invest. Start by reading the Franchise Disclosure Document (FDD) to find out important details about the franchise company, litigation and bankruptcy history, as well as your initial fees, investment, and obligations.

According to franchise expert and consultant Joel Libava, potential franchisees should:

"Make sure they find out exactly what their role will be as the Owner. Don't base it on what you see in a beautiful franchise brochure. Ask the existing franchisees what their day is like…what they do as the owner."

For Libava, it's critical to speak with other franchisees before signing on the dotted line. Ask existing franchisees about the total investment:

Was their investment in line with what was stated in the FDD?
Ask how they went about getting a loan for their franchise. Was it pretty easy, or was it challenging?

Maybe they can introduce you to their lender and you can get a similar small business loan from them. Lastly, Libava says:

"Ask every franchisee this question: Would they do it again?"

Think About Your Location

Successful restaurant and store owners will tell you it all comes down to location, location, location. One of the toughest, and most important, decisions a franchisee will make is choosing a location for their new business. Many franchisors will work closely with you to pick the perfect site, sharing insights about what particular site characteristics lead to success with their organization.

However, at the end of the day, the decision is ultimately yours. You'll need to understand your target demographic and what drives customers to this particular franchise. Then evaluate each location accordingly. Consider details like traffic patterns, parking, nearby stores, and check with the franchisor if you'll be guaranteed protected territory (i.e. no other franchise can open within a certain radius).

Focus on Service

Buying a franchise gives you a proven model and a clear-cut marketing plan to bring in new customers. However, it's up to you to define the customer experience. Employee-customer interactions can make or break any business.

Hire customer-centric staff who will go the extra mile to leave an extraordinary impression on your customers. In addition, you need to be realistic about your management experience. If you have never managed a team before, you'll need training on how to manage people effectively.

Consult a Specialist

The tax rules and contracts surrounding franchises can get quite complex. You should consult an attorney, preferably one who specializes in franchise law, to review your franchise agreement documents and identify any potential red flags.

In addition, an accountant can help you understand the full costs of purchasing and operating the business, as well as evaluate tax considerations. Given the size of the investment you'll be making, it's prudent to pay a little upfront for a professional consult.

Don't Forget About a Formal Business Structure

For franchisees, a formal business structure (like a corporation or LLC) is critical to separate your personal assets from the business. While the exact business structure you choose will ultimately depend on the specifics of your situation, many franchisees choose to become an LLC or S Corporation for more favorable tax treatment. These two entities give you the option to choose pass-through tax treatment. In this case, your business doesn't file its own taxes; any profits or losses of the business are passed through to your personal taxes.

Many franchisors prefer to sign contracts with established companies (LLC or corporation) rather than sole proprietors, so you may want to incorporate or form an LLC before you sign the franchise agreement. In most cases, you'll want to incorporate or form an LLC in the state where your business will be located (and not the state where the franchise is headquartered). While you may want an attorney to review your franchise contract and paperwork, you don't necessarily need an attorney to incorporate.

Other Resources

If you're interested in exploring a franchise opportunity, there are plenty of resources to help you get started:

Bureau of Consumer Protection: "Buying a Franchise: A Consumer Guide"

Small Business Development Center (SBDC)

International Franchise Association

World Franchising

Browse for opportunities and do your homework. Maybe this will be the year you take the reigns and become a business owner.

Franchise Concept Photo via Shutterstock

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4 Ways Real Estate Agents Fail at Social Media

Posted: 29 Jan 2013 05:00 AM PST

real estate agents social media Everyone has been told to jump into social because it is so good for their business. I know for a fact that Realtors hear it all the time. Sadly, many people don't really know how to use social effectively and they don't understand what drives different social platforms.

The people I see wasting their time, and money, the most on social is Realtors. I am not claiming all Realtors don't know what they are doing; I am just saying the majority don't and I am going to tell you why.

1) Some Realtors Don't Understand Twitter

Twitter is really about conversation and relationship building. There is a ton of information to find on Twitter and it can be powerful when it comes to influencing sales, but that is only after the person using a Twitter account took the time to build friendships and/or a community. I use Twitter to find articles that educate me, but it took time to find just the right people to provide me with the type of links I was looking for.

Twitter takes a lot of time and effort. You just don't tweet random things and walk away.

I see way too many Realtors tweeting about houses they have listed. Things like;

"Just listed…Gotta have this house."

Ummm, no I don't. I already have a house and the tweet you just shared told me nothing so I won't be sharing it with friends, FYI.

It is a massive failure to tweet only about houses a Realtor has listed and blog posts that discuss the houses they have listed. If that is all the Realtor has to say, they should avoid social completely.

2) Some Realtors Don’t Understand Facebook

Facebook is called a social network because that is what it is. People like to be "social" with other people. Facebook users do not want to be spammed with information about houses they have no intention of ever buying.

Newsflash – your friends may agree to like your page, but they can also tell Facebook to stop displaying your posts in their feed. This means the only way they are going to see what you are discussing is to make an effort to go to your page to see it. Do people have a reason to go to your Facebook page?

Facebook business pages are often a major joke to many of us in the industry. They provide no value and often appear to be a spam factory. If you want people to engage in your page, you have to give them something. It can be an idea, a funny item, an interesting conversation and even support of some kind. You have to create something people will go back to.

Example of Creating Engagement

Realtors need to blog about things that matter and educate people, share the post on Facebook and engage the audience in conversation about the topic. Example:

"5 Common Things That Go Wrong with Pool Decks: What You Need to Know Before You Buy or Sell."

This title would interest anyone that has a pool deck, not just those buying or selling a house. You are educating home owners, buyers and sellers. If you shared an article like this and asked your Facebook community what other issues they see or if they are having any of the issues mentioned you are starting a conversation. You are being social and engaging your audience. Most importantly you are educating people on taking care of their homes and people love to be educated.

Be strategic on Facebook and find ways to keep people talking and also coming back.

3) Some Realtors Don't Understand That Bragging Irritates People

It is great to let people know who you are and what you have accomplished, here or there, but NOT all of the time. If you spend your day bragging on social about how fantastic you are, what awards you have received, why your brochures are the most creative of all, how rich you are or why God broke the mold making you, please stop. No one cares and you are irritating people.

When you try to get people to believe you are wonderful it is obvious and it turns people off. As I said in point #2, educate people. Give them something and educate them.

Be real, be friendly and be someone people can be interested in. By engaging and creating friendships you create trust. When people trust you they are more likely to listen when you finally share a great house (but you have to do it the right way).

4) Some Realtors Don't Understand They Shouldn't Only Share Their Listings

The most interesting thing about Twitter, that most people don't understand, is that Twitter isn't about oneself; it is mostly about sharing what others have created. People tell me they follow me on Twitter because I keeping sharing great articles they can learn from. These articles are NOT what I have written, but what others have written. I am sharing great things and NONE of them make me money, but the shares have created a following and engagement.

If you are a Realtor and you see a really great home pop up in foreclosure it is most likely wise to go on social and say:

"Hey, to all my local friends, this 3/2 house just popped up in foreclosure in X neighborhood. If you or a friend is looking for a good, affordable house let me know."

I get that it isn't your listing and the commission isn't the same, but what it does is tell your friends and audience is that your concern is what is best for them and not that you are just concerned about making money.

If You Want to Be Good at Social

This applies to ANY industry – you have to:

Do for others.
You have to share information that is helpful and educational.
You have to give more than you receive.
You have to spend time building relationships.
You have to care about the people that are speaking to you.
You need to not be focused on self.
You cannot brag.
You CANNOT only discuss yourself (and Realtors, your listings).
You absolutely have to engage.

Realtor Photo via Shutterstock

The post 4 Ways Real Estate Agents Fail at Social Media appeared first on Small Business Trends.

Mobile Business Benefits from AT&T Sales

Posted: 29 Jan 2013 02:30 AM PST

Mobile business benefited from a recent rise in AT&T sales. The increase in smartphones and mobile plans means a bigger audience and more opportunity for small businesses. Read on for details on how mobile is changing the way we do business.

Mobile Business Demand Increases

More mobile phones and plans added. AT&T announced sales of 8.6 million iPhones and added 780,000 new subscribers in a successful fourth quarter, closing 2012. The numbers mean more mobile users out there and more potential customers for your business, too. The Verge

iPhone sales are the real metric. Analysis of AT&T’s Wall Street performance in the fourth quarter is not the point for small businesses. Instead, it is the increasing number of smartphones out there. Your business should be ready to cater to this growing market. TechCrunch

Smartphone demand signals important trend. AT&T plans to buy U.S. spectrum licenses for 42 million mobile users in 18 states. The purchase will be made from rival Verizon Wireless for $1.9 million, reflecting explosive demand for mobile data and a need to build faster networks. Fox Business

Boost Your Mobile Business

Your business needs mobile. Shannon Willoby shares a post about the importance of mobile Websites for your business. The article looks at the advantages versus the costs of going mobile, at how mobile Websites can keep customers happy, and how they can increase your customer engagement. Scott’s Local Business Corner

The future of mobile commerce. Rieva Lesonsky shares this post reviewing two studies about the future of mobile commerce. The studies say mobile payments and mobile commerce will surge. One study suggests these payments could rise from $18.2 billion this year to $90 billion in 2017. Grow Smart Biz

Power of mobile infographic. Verónica Maria Jarski shares information on mobile business trends. For example, one study suggests that even though mobile device owners shop more often, 42 percent complete their purchases on the PC. MarketingProfs

Six mobile tech tools. Devan Perine shares this list of essential travel gear for the mobile entrepreneur. Make the life of a “21st century nomad” more comfortable. Do business from anywhere with these must-haves. EnMast

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