Thursday, February 28, 2013

Sage One Accounting Now Integrates PayPal Payments

Sage One Accounting Now Integrates PayPal Payments

Link to Small Business Trends

Sage One Accounting Now Integrates PayPal Payments

Posted: 27 Feb 2013 03:30 PM PST

Sage North America recently announced that Sage One, its entry-level accounting and project management system, now offers electronic payment options.

A small business using Sage One to issue invoices can now include a payment button on an electronic invoice.  The payor receiving the invoice can click the button to pay the invoice online with a credit or debit card, via either PayPal or Sage Payment Solutions, as shown in the following screenshot:

accounting PayPal payments

The goal is to make it easier and faster for small businesses using Sage One to get paid by their customers.

Online Payments a Top Request

Sage One is a web-based application aimed at entrepreneurs and small businesses having 0 to 9 employees.  Receiving online payments was one of the top feedback requests Sage got from its users, said Senior Product Manager of Sage One Alistair Ellis.

For small businesses today, the steps involved with getting paid are often time consuming.  Issuing invoices, following up, receiving  payment via check, depositing the check, and then entering the payment information into your accounting system — all can be labor intensive. The chances for errors increase when you have to manually re-key data.  Also, there’s delay involved in all those steps.  It might be weeks or months until your small business gets paid.

Ellis emphasized the efficiency and speed benefits of online payments:

"Invoices can be emailed to the customer and the customer has the option to pay the invoice online right away. The payment is updated in Sage One, eliminating the need for the business owner to have to record the payment against the invoices themselves."

More Than An Accounting System

There are dozens of accounting systems today, but Sage One aspires to be an all-in-one system for startups and small businesses to run their companies on.  It includes the ability to track time, assign and manage projects, collaborate with team members and customers, store project messages and files, generate invoices, track finances in a simple accounting system, and use reports and a dashboard to run a small business.

The concept behind “all in one” is that there would be less need for duplicate data entry. There’d also be less chance for important transactions to slip through the cracks in the business’s daily workflow.

As Lawton Ursrey, Product Marketing Manager for Sage One, noted in a January interview we conducted, it’s about helping entrepreneurs manage their workflow.  At the time, Ursrey said, “We want to eliminate the repetitive, redundant administrative tasks holding the entrepreneur captive. This is at the heart of Sage One. *** We're focused on helping the entrepreneur reclaim his/her business day.”

Sage One was designed with business-service professionals in mind. Typical users might be consultants, web developers or  graphics designers — i.e., small businesses and entrepreneurs who bill out professional work on an hourly or project basis.

Sage is also known for its Sage Payment Solutions, ACT! contact management software, Sage accounting for small businesses, and Peachtree accounting software for SMBs.

Sage Group plc, the parent company, was first formed in 1981 and currently supports more than 6 million customers around the world. The company is headquartered in the UK.  Sage North America is headquartered in Irvine, California.

The post Sage One Accounting Now Integrates PayPal Payments appeared first on Small Business Trends.

Find Out What’s New With The Microsoft Office 365 Update

Posted: 27 Feb 2013 01:00 PM PST

microsoft office 365 proplusMicrosoft announced an update today of its Office 365 cloud services for business. Microsoft Office 365 ProPlus offers the latest versions of applications familiar to Microsoft customers and some new features. Among these are the most up-to-date collection of Word, Excel, PowerPoint, OneNote, Outlook, Publisher, InfoPath and Access.

However, the new cloud service is also now delivered on up to five devices. Documents and personalized settings follow you letting you pick up where you left off from anywhere.

Microsoft Office 365 ProPlus also offers enhanced social capabilities that include SharePoint, Yammer, Lync-Skype, instant messaging and voice.

The update is offered as a stand alone for $144 per user for an annual subscription. But there are also updates available for the Office 365 Small Business Premium and Office 365 Midsize Business packages:

  • Office 365 Midsize Business is targeted for companies with between 10 to 250 employees. It includes communication and collaboration tools, enhanced IT tools and business hours phone support. The updated version is priced at $180 per user for an annual subscription.
  • Office 365 Small Business Premium is aimed at smaller companies between 1 and 10 employees. The premium version features email, shared calendars, website tools and HD video conferencing and requires no IT experience to operate. The updated version costs $150 per person for an annual subscription.

Kurt DelBene, President of the Microsoft Office Division, wrote in a statement on the Official Microsoft blog that Microsoft wanted to create “over-the-shoulder envy” with the Office 365 update. DelBene envisioned others asking Microsoft Office 365 ProPlus customers what kind of software they were using.

DelBene claimed in a prepared statement that the updates surpassed anything available in a browser-only solution . However, small business owners will need to decide how the Microsoft Office 365 ProPlus update compares with, say, Google Apps for Business on features and price.

Microsoft is touting its Office 365 services and updates as targeted specifically for small business use. However, new customers announced Wednesday include large firms like cosmetics chain Sephora, property development and management organization Midroc Europe and a government entity, the German-based City of Hamburg, Port Authority.

More information on Office 365 can be found on Microsoft.

The post Find Out What’s New With The Microsoft Office 365 Update appeared first on Small Business Trends.

Small Businesses Currently Feel It’s All Going According to Plan

Posted: 27 Feb 2013 11:00 AM PST

small businesses optimisticAre your plans for your small business working out the way you hoped?

You're not alone: U.S. small businesses are feeling cautiously optimistic about the rest of 2013, a new survey from TD Bank reports.

The poll of over 500 small business owners finds that:

  • Almost half (49 percent) are somewhat or very confident their businesses will be in better financial shape this year than they were in 2012. As for the rest of them – 25 percent are not confident of their businesses' financial health and 25 percent are still unsure.
  • Nearly half (47 percent) are either somewhat or very confident their sales will surpass 2012 revenues. About 20 percent believe sales will shrink this year and 31 percent are uncertain.
  • When it comes to employment, the news is even better, with 91 percent planning to hire or keep staff levels the same. Just 9 percent say they're going to downsize this year.

One surprising result of the TD Bank survey is the degree to which small business owners review and update their business plans. I've always advised business owners to do this on a regular basis. But for decades, most of the business owners I knew admitted they rarely took their plans out of the drawer.

That's changing: TD Bank says a whopping 87 percent review their business plans annually or more often. To be specific, 36 percent review and update their business plans once a year, 30 percent do it once a quarter and 20 percent do so monthly.

Why are entrepreneurs reviewing their business plans so often?

There are likely many factors.

For one, online tools make it much easier to change a business plan than it used to be. It's not like the old days where you had to haul out the word processor and print out new pages (yes, I'm dating myself). You can call up your plan, including financials, and with a few clicks make changes and see how different numbers play out.

For another, the state of business demands it. With the economy still struggling to fully recover, new business models taking shape all around us, and increasing competition from around the world, small businesses face more competition than ever. Turn your back for a few months (or let your business plan sit idle for that long) and someone could eat your lunch.

Finally, and I think this might be the main reason, our concept of business plans has become looser. Chance are, you're not going to review a 100 page business plan every month. But you might review the highlights – a "back-of-the-napkin" document that highlights your key areas of focus and strategies.

As long as this streamlined plan is backed up by thorough thinking, metrics and reality – that could be all you need.

Whatever you do, don't be like the 13 percent of small business owners who only review their plans when they're applying for new financing. That's a backwards approach. If you review your plan regularly, you'll know when new financing will be needed long before it's urgent. You'll be able to plan for exactly how you'll use it and you'll stand a far better chance of getting it.

How often do you review your business plan?

Thumbs Up Photo via Shutterstock

The post Small Businesses Currently Feel It's All Going According to Plan appeared first on Small Business Trends.

Your Blog: Hub of the Great Content Marketing Wheel

Posted: 27 Feb 2013 09:00 AM PST

content marketingDisclaimer: I'm a sucker for a good analogy. That being said, let's roll.

We all hear the benefits of blogging touted throughout the blogosphere. Heck, if you haven't heard any of the so-called benefits, Jeff Bullas has written up 10 of them, any one of which is enough to convince me.

Today, however, I want to focus on one very specific benefit (not on Bullas' list): A blog serves as the hub of your content marketing wheel.

As the hub of your wheel, all other content marketing efforts radiate out from the blog and shoot back into the blog.

Remember:

• Blog = Hub
• All Other Content Marketing Channels = Spokes

Why the Blog?

The blog is not some almighty, unconquerable, chief element of content marketing. There's nothing magical about firing up a WordPress account and rattling off 300-word bits of wisdom every three days. That's not blogging.  Rather, I'm a fan of the blog because of its versatility. Every content channel has its purpose and many of those purposes are ultra-specific.

Instagram, for example, only allows you to share visual content. Sure, you can get creative and integrate promo codes and other types of content, but at the end of the day, it has to be visual. I'm not picking on Instagram. You could say the same of Pinterest, Facebook, Twitter, LinkedIn, and all of the other channels.  My point is that all of these content channels – these spokes – are rather limited.

The Near Limitless Blog

While I hesitate to say that the options for a blog are totally limitless, they're pretty darn close. When you have a blog, you can focus on a number of things:

• Telling stories.
• Sharing company photos.
• Selling your products.
• Conversing with an audience.
• Sharing great content from others.
• Addressing pain points.
• Showcasing thought leadership.

This list could go on, and on, and on. Of course, doing five hundred different things with your blog would be pretty confusing for your readers. After all, your audience has the right to expect some kind of consistency from you.

What the blog allows you to do is create a hub: One centralized place where all of the various spokes of your content marketing efforts can connect.

Think of your blog as a showcase. While it offers its own original content (which is essential), it also connects the various spokes of your brand (Facebook, Pinterest, FourSquare, etc.).

Does a Blog Have to Be My Hub?

It's definitely worth mentioning that this is just one theory. Not every company is going to find that a blog is the perfect hub for their content marketing wheel. For some it may be a Facebook page, a Slide Share profile or something else.

The important thing isn't necessarily that your blog is your hub, but that you have a hub. Organizing your content marketing around one centric platform is crucial for brand uniformity and a successful web presence. At least, that's my take.

What's your opinion?

A Man Blogging Photo via Shutterstock

The post Your Blog: Hub of the Great Content Marketing Wheel appeared first on Small Business Trends.

What to Blog About: 11 Ideas For Service Related Businesses

Posted: 27 Feb 2013 07:00 AM PST

what to blog aboutOne thing I hear about all the time is that people want to blog, but they have no idea what to blog about. So here are some ideas. I am going to go over the reasons why blogs are useful for service related businesses and then explain some ways businesses can blog about their services.

Why Blogs Are Useful

Service related business blogs are useful for helping visitors/readers understand that the business is good at what they do and that the company can be trusted. People want to hire "experts" and real "professionals."

Blogs Help to Build Trust 

A business blog can help people begin to trust the company and their skills. If a company is the best at what they do, their blog is a resource to show people how and why they are the best.

Blogs Educate Visitors

Blogs are also great for educating visitors and education should be a priority. When you are educating, you are giving to the reader. Educational articles that offer information that the everyday person can use are often shared.

You want people to share your articles because it helps your presence, branding and reputation. Shared articles can also result in new sales. You get a lot of advertising for very little investment.

Blogs Help With Search Engine Rank

Your blog should also help you with search engine rankings. Every business needs the search engines to see quality, unique content, which is a critical aspect of SEO (search engine optimization) today. You also want them to determine that your site is about a particular subject or service(s). You want them to see that you are offering much better educational information than your competitors. You want your site and blog to be the one offering the best information locally. To be ranked well you need to offer information that deserves to be ranked well.

Google wants sites to educate and/or inform their users. They want articles that will meet the needs and answer the questions of their users. With some research and planning your website and blog can meet this need for Google and the result is better rankings – if you do it right.

Blogs Can Present a Break Down of Each Service You Offer

Businesses that offer services often do not realize that there is a lot to discuss. Often businesses go blank and are not sure what to blog about.

Consider breaking down and presenting each of your services individually.

What to Blog About: 11 Blog Post Ideas

Below are eleven ideas which can be broken off into several other ideas that your business can use to create blog posts. When you are reading this list, keep in mind that you can – and should – do this for every service your business offers:

  • What is this service? Define it and define all the words people may not know related to the service. Example: Main service -> "What is Internet marketing?" Related services -> "What is SEO?" And, "What is Reputation Management?"
  • Who needs this service?
  • The negatives of not having this service.
  • Unknown benefits of paying for this service.
  • 10 reasons why the reader needs this service.
  • 5-10 types of people that must have this service.
  • What to look for in a company that offers this service.
  • 5-10 things to avoid when hiring a company that offers this service.
  • Common mistakes companies make when offering this service.
  • 5-10 things to look for when hiring a company that offers this service.
  • When you are discussing "Service A," create an article about related services and how they serve one another.

A Few More Blogging Tips

The above blogging ideas I listed can be splintered off into other ideas that could benefit your business. I suggest that every time you get an idea for a blog post you write it down somewhere; it is always easy to forget ideas when you have a lot of responsibilities.

Sit down with your marketing team or fellow employees and brainstorm about the ideas you have written down. Let people help the writer add great information to the articles. Writing blog articles is a lot easier and faster when people are giving the writer different ideas to write about.

Lastly, businesses really need to take the time to paste their articles into a program like Word and check for grammar and spelling issues. Bad grammar and spelling can make a business look really bad.

Blog Photo via Shutterstock

The post What to Blog About: 11 Ideas For Service Related Businesses appeared first on Small Business Trends.

Hunter Boyle: Affiliate Management, Challenges and Email Marketing #AMDays

Posted: 27 Feb 2013 05:00 AM PST

Meet Hunter Boyle, a multichannel marketer and content strategist, who is now Senior Business Development Manager at Aweber. At Affiliate Management Days SF 2013 (April 16-17), Hunter will be revealing ways in which affiliate managers and advertisers may effectively maximize affiliate relationships with email.

* * * * *

email marketingQuestion: If you were to emphasize one important area that every affiliate manager should be paying more attention to, what would it be and why?

Hunter Boyle: Engagement. That applies to long-time affiliates just as much as the new faces joining your crew. The channels you’re using – email, social media, webcasts, the offers and tools you’re presenting – have to capture the attention of your affiliates and get them excited to promote you.

So if you’re not focusing on, measuring and testing ways to improve engagement, you’re leaving a ton of money on the table.

Question: What do you see as the main areas of opportunity for online marketers in 2013 – 2014?

Hunter Boyle: There’s a surge happening these days around content marketing. If that’s not the buzzword of the year, I don’t know what is. But aside from the hype, there’s enormous value in the ability to consistently create and deliver exceptional content. Particularly as a marketing tool for affiliates.

The best affiliate marketers are those who use trust, authenticity and authority to build up their networks. They succeed because their recommendations carry real weight online. Can affiliates cultivate those circles with an endless cycle of overt sales pitches? Only in rare instances, such as deals sites, does that work.  And that’s a whole separate topic.

That’s why, all the buzz aside, an effective content marketing strategy is essential for affiliate marketers. Same goes for affiliate managers. Developing the messaging, goals, process, tools, metrics, a testing plan and training affiliates to succeed with them is a major opportunity for affiliate managers.

Question: What do you believe to be the top 3 present day challenges that online oriented small businesses should be aware of? And where can solutions be found?

Hunter Boyle:  Judging by the small businesses I know and work with, the top three challenges don’t really change that much:

  • Time
  • Budget
  • Expertise

That’s the trifecta that most small businesses struggle with in marketing and beyond. In most cases, they’re very passionate about their work and business. They have clear goals in mind. Where it gets tricky is trying to keep up with the pace of change in marketing.  Often because they’ve got a small team or are doing most of it themselves without the bandwidth to become experts in content, email, social, SEO (search engine optimization), PPC (pay per click), affiliate marketing and so on.

I wish I could say that’s likely to change. But the “small” part of small businesses is why it rarely does. Small business leaders really need to focus on what’s legitimately going to drive business growth and minimize the distractions, latest fads and initiatives that don’t support the growth goals.

How do you determine where to draw those lines?

I think the best place to find solutions is right from your prospects and customers themselves. That means putting some real thought into assessing your marketing analytics (site, email, social) and test results. Supplementing that with qualitative data such as customer polls, email queries and responses, blog comments and good old-fashioned jawboning, like phone calls, site visits, live events or online chats like Google Hangouts.

This approach reflects the customer first mentality behind the lean product development model, usability design, listening with social media, and so on. And rightly so because these days, customers and prospects play a critical role in your business development process. That’s especially true of small and independent businesses.

Question: As an email marketing expert, what do you view as the number one overlooked component of a healthy email marketing campaign?

Hunter Boyle:  The welcome series. Hands down. I like to compare it to first impressions when you meet someone in real life. Even though the website and email sign-up form are technically first impressions, let’s be honest, that first email or two that we get when subscribing really sets the tone for the entire lifecycle, right?

I dread signing up for yet another email. I work in the industry. We all do these days. We all get too much of it and we decry our overflowing email inboxes. So think of what the emails you actually love to get have in common: They often “wow” you. Whether it’s because the content is funny or personable or makes you think or helps you discover cool sites and ideas or offers great deals. We want to be impressed by that diamond in the rough of dozens of subject lines.

Welcome messages can do that. An unexpected 15% coupon or a high quality ebook or video bonus – these are pretty standard. But a welcome series, spread out over the first few weeks, that’s designed to familiarize readers with actually using your product or service, isn’t as common.

Content that delivers awesome value and an engaging experience, is coordinated with social channels and is timed to get an optimal response rather than annoy readers? That’s mighty rare. Testing a series like this should be a priority for all digital marketers this year.

Question: Can you give us one piece of advice regarding how to increase email open rates and two tips on how we can improve click through rates?

Hunter Boyle:  You can increase open rates with subject line and timing tests. But those tend to be incremental, one-off gains that are hard to replicate or maintain. That said, we ran a timing experiment, not a test by the purist definition, and doubled our click through rate with a send to our affiliates on Saturday morning.

One tip would be to keep experimenting. Even if it doesn’t fit all of the official testing criteria. I know that makes some of my optimization friends cringe. But we’re not robots. People send emails and people receive emails. I’m not suggesting anyone replace serious testing with experiments like the one above. In fact, doubling the clicks absolutely made us want to set up a formal test to explore further.

That’s the benefit of experimenting: It can lead you to new ideas and surprises and help you formulate more exacting tests.

Another tip for click through is ensuring your emails and links in particular, are mobile-friendly. Video is getting more and more popular. If you’re using the standard screen capture with play button image, with alt text (alternative text), that’s going to render nicely in mobile and could be a click magnet.

Whereas, if you’re using embedded text links and just one or two words are linked or it’s not clear that an image is a live link or you have way too many links – you’re going to see lower response rates from the growing smartphone population.

So make sure you’re testing mobile compatibility and usability before you hit send. And keep checking your analytics.

* * * * *

The upcoming Affiliate Management Days conference takes place April 16-17, 2013. Follow @AMDays or #AMDays on Twitter. When registering, make sure to use the code SBTAM250 to receive an additional $250.00 off your two-day (or combo) pass. Early bird rates are valid through March 1, 2013.

The rest of the interview series from #AMDays may be found here.

The post Hunter Boyle: Affiliate Management, Challenges and Email Marketing #AMDays appeared first on Small Business Trends.

Wednesday, February 27, 2013

6 Benefits of Social Media for Small Businesses

6 Benefits of Social Media for Small Businesses

Link to Small Business Trends

6 Benefits of Social Media for Small Businesses

Posted: 26 Feb 2013 11:00 AM PST

The social media revolution has changed the way that successful small businesses interact with customers and reach out to new markets. These six benefits will show you how important it is for your small business to start using social media.

Social Media Increases Website Traffic

web traffic

Web Traffic Photo via Shutterstock

Whether you prefer to tweet or post messages on Facebook, your small business can use social media platforms to increase traffic to its website.

In fact, 72 percent of small businesses find that going social boosts website traffic. Once customers visit your site, they can learn more about your products and services. If you’re really tech-savvy, you can even have an online store that will seal the deal without even asking customers to leave their homes.

Social Media Helps You Create a Personality for Your Business

LegoLego Photo via Shutterstock

Advertisements don’t give you much time or space. At best, you get to tell potential customers about your products.

With social media, you can create a likable personality for your small business. Big companies spend thousands of dollars on branding. All you have to do is be yourself, post frequently and respond to your customers online.

Social Media Can Reward Your Customers With Discounts

mobile discountMobile Discount Photo via Shutterstock

Social media makes it easy for you to reach out to your customers. If you’re having a slow day, you can use your Twitter or Facebook account to get more people in your store.

Just send out a message announcing a special discount for that day only. Ask your Twitter and Facebook followers to use a password to get the discount. That way, you know who pays attention to your posts and you make them feel special.

Social Media Makes it Easier to Generate Buzz

online buzz
Online Buzz Photo via Shutterstock

Small businesses usually can’t afford to pay for big marketing campaigns. Social media gives you the chance to generate buzz without spending much money. It becomes even more important for small businesses who show off their products and services at trade shows to generate foot traffic to their trade show display booth. Social media sites like Twitter have the ability to amplify pre-show buzz with these 7 simple tips to build traffic to their space.

A lot of business owners find that it helps to use online videos. You could make tutorials and post interviews or review products. Spread the video with your social network channels to get more people interested in your business.

Social Media Brings in Customers With Geolocation

crowded cafeCrowded Cafe Photo via Shutterstock

Location-based social media apps can focus on followers in your area. Use these options to tempt them into your store. If someone uses FourSquare to check into a cafe down the street, you might send them a coupon for one of your services or products. Even if the person doesn’t take advantage of the offer, it still reminds her that your business is there and going strong.

Social Media Helps You Connect With Other Businesses

business people mobileMobile Devices Photo via Shutterstock

Social media does more than just help you find customers. It can also help you connect with other businesses and entrepreneurs. Make a profile for yourself on LinkedIn. This will permit you to connect with businesses and professionals there. Making those connections now could benefit you in unexpected ways, so accept requests from reputable professionals on social media.

What are other ways social media has impacted your small business? Do you think it has had positive or negative effects?

The post 6 Benefits of Social Media for Small Businesses appeared first on Small Business Trends.

Finally, Share Files on Skype for Windows 8

Posted: 26 Feb 2013 09:00 AM PST

If you use Skype for Windows 8 to connect online with voice, video, and chat for your business, you may have been frustrated by the inability to share files on the new app thus far.

However, all that changed Friday as Skype finally rolled out file sharing as a supported feature for its Windows 8 application.

In an announcement on its Garage & Updates blog, Skype said the new feature, missing from Skype for Windows 8 since it was introduced five months ago, was added in response to customer demand.

Raul Liive, Beta Program Manager for Skype, wrote:

We're listening to our users, and file sharing has been one of the biggest features they've been asking for in Skype for Windows 8.

The photo below shows how a file transfer appears within a Skype for Windows 8 chat window. To send a file, users select someone to share files with, tap their icon and tap "send files." Then select a file to share and it will appear in the other user's chat window.

skype file sharing

Skype's desktop software already allowed for users to share files with their contacts, but those who use Windows 8 and its applications have had to wait for this feature to become available. Skype for Windows 8 is an app that is specifically optimized for Windows 8 touch screen devices and is always on, so that users can send and receive messages. However, Windows 8 users still have the option to use Skype for Windows desktop if they so choose.

Certain versions of the product are loaded with features like screen sharing and other collaboration functions, but others are still catching up.

Skype for Windows 8 works basically the same as the Skype desktop software does, so users can send documents and other types of files while chatting with or calling contacts.

For the business owners and professionals who use Skype to keep in touch with clients and colleagues, this is a clearly useful feature that can make collaborating on documents and projects or sharing presentation materials much easier.

In addition to the file sharing feature, the new update also includes improved application performance and stability. This means that the start up and loading of content should take less time.

Skype has said that it is working on adding all of the features available on Skype's desktop versions to Skype for Windows 8, and that users will be notified when the new updates become available.

Microsoft launched Skype for Windows 8 in October, 2012, shortly after the release of Windows 8. The new Skype represents a completely redesigned product in order to work with the Windows 8 system on both computers and tablets, not simply a tweak of previous versions. Skype 1.5 for Windows 8 can be downloaded directly from the Windows Store.

The post Finally, Share Files on Skype for Windows 8 appeared first on Small Business Trends.

Infographic: Top 10 Time Killers Online

Posted: 26 Feb 2013 07:00 AM PST

Are you a production monster or do you, like me, find that certain things you do throughout the day end up being time killers online? Maybe Facebook is the culprit? Or possibly all that time spent looking at eBay auctions is cutting into your productivity? You might even be one of those who constantly checks email which can be one of the all time worst time killers online.

No matter how efficient you are, the fact is that we all waste time, at some point or another. This infographic from OfficeTime examines the top 10 ways we kill time every day. Follow the flow chart and see how you can change the way you work.

time killers online infographic

[Click here for full size version]

Are there ways that you waste time that are not included in this infographic? By all means, share them in the comments below.

The post Infographic: Top 10 Time Killers Online appeared first on Small Business Trends.

6 Data Tracking Services For Your Small Business

Posted: 26 Feb 2013 05:00 AM PST

Big data is a big thing nowadays. Big data here represents the number of posts to social media sites, the use of digital pictures and videos, purchase transaction records, sensors used to gather climate information and cell phone GPS signals to name a few. For the business owner, big data is an opportunity to find insights, to make your business more agile and to answer questions that were previously considered beyond reach.

Why?

Well it been found that owners and/or marketers who leverage data make better business decisions,  increase customer engagement and produce higher return on investment (ROI). How high? Well:

  • A recent study shows that an incremental 241% ROI can be generated by applying data to business decisions.
  • 91% of chief marketing officers (CMOs) believe that successful brands make data-driven decisions.
  • However, only 11% of marketers use data to make business decisions today.

You might be thinking how unethical this is – sifting through the buying patterns of customers and prospects. This might rub some moral bone in your body the wrong way. But understand that your customers want you to do this. They want you to anticipate their buying signals. They really do.

There was a recent study by Accenture that profiled over 2,000 consumers across the United States and United Kingdom. In this study, it was found that most people are willing to have trusted retailers use some of their personal data in order to present personalized and targeted products, services, recommendations and offers.

In fact, according to the study:

  • Despite the fact that 86 percent of those surveyed say they are concerned about websites tracking their online shopping behavior, 85 percent are aware that such tracking goes on – but they understand that tracking enables companies to present offers and content that matches their interests.
  • Nearly half of all respondents – 49 percent – are receptive to their favorite stores or brands using their tracking data to inform their future purchases and make them aware of product availability.
  • When asked to make a choice, 64 percent of total respondents say it is more important that companies present them with relevant offers against only 36 percent who say companies should stop tracking their website activity.
  • At the same time, however, 88 percent strongly agree that companies should give them the flexibility to control how their personal information is used to tailor their shopping experience.

data tracking services

data tracking services

Your customers want relevant offers. And I think – and this is just me – that you should be giving it to them.

6 Data Tracking Services to Crunch Big Data

But small businesses have shied away from big data thinking it was too expensive. And unlike a Xerox, which collects “terabytes of data daily" they may feel they don’t have the resources to crunch the numbers. But the field is changing and many small businesses are now able to capitalize.

Below are 6 data tracking services any business owner can use to get the most out of big data:

Kaggle

A platform for predictive modelling where companies post their data and statisticians from all over the world compete to produce the best models. At the end of a competition, the competition host pays prize money in exchange for the intellectual property behind the winning model. It’s a crowdsourcing approach and it turns data science into a sport.

Custora

Helps online retailers know which of their customers are most valuable and suggests actions to keep them. Custora determines where the repeat customers are coming from and also recommends specific incentives the retailer can use to reclaim lost customers. The Custora software analyzes order logs and distinguishes between customers that simply haven't ordered anything for a while and customers who have left the site.

RJ Metrics

Provides tools for database analysis, enabling its customers to extract data from their business and transform it into a more suitable format for analysis, providing them with the means to turn it into beautiful, actionable charts.

Size Up

The Sizeup tool is provided on the Small Business Administration (SBA) website, and also here at Small Business Trends (see Benchmark Tool). This shows all small businesses across the United States and can help decide where to locate your new business. For instance, you can search for where restaurants are located and see where there may be an opportunity to locate a new one.

Swipely

Sells payments, analytics and marketing tools to local merchants. Unlike Square, it shows things like what percentage of customers are new versus repeating, and how much each group tends to spend. Swipely can even tie in social media deals and weather reports into past sales so retailers can get an entire picture of what might have caused a surge or drop at any given time.

SumAll

A Web based, real-time e-commerce analytics tool that allows store owners to identify patterns in their data and better serve customers.

Data Photo via Shutterstock

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