5 Market Research Mistakes and How to Avoid Them

Mistakes When Doing Marketing Research

     When starting or growing a business, marketing research is an important first step for you to do.

Marketing research is a business effort to find data and information about strategies, targets, risks, and all things related to marketing.

By doing marketing research, you as a business owner will find hidden niches to identify more business opportunities.

You can also understand your competitors and identify trends that are impacting sales and profitability.

If marketing research is done correctly, you will get important data that is useful for your business growth.

However, sometimes errors occur in the implementation of marketing research, causing invalid data obtained.

Avoid these Mistakes when Conducting Marketing Research

Take a look at the mistakes that often occur when conducting marketing research below, so you can avoid them.

1. Doesn't have a Clear Purpose

A business should know the purpose of marketing research.

By knowing these basic things, you will know what actions need to be taken and what questions to ask to collect data and information relating to your business.

You can also determine who is a suitable person to be a respondent.

If you do your research on the wrong respondents, your entire analysis can be wrong.

So, make sure to define your goals from the beginning.

2. Spending a Lot of Money

Bob Kaden, marketing research expert and author of "Guerrilla Marketing Research" states that the small business owner's challenge in conducting research is that it is expensive.

Thoughts like these eventually bury the plan to conduct marketing research.

Another problem is spending a lot of money to hire a research institute that promises to provide the required complete data.

3. Too Focused on Numbers and Charts

Numbers and graphs can be used as a reference for how the dynamics of consumer needs today. Don't focus too much on numbers and graphs, though.

Focusing too much on numbers and graphs is one of the biggest marketing research mistakes.

Also use qualitative data obtained from interviews or stories from your respondents.

By listening to the explanations from the respondents, you will find out many facts about what they really need.

4. Family and Friends Become Targets of Marketing Research

When it comes to key data, your target marketing research survey can't just consist of your friends, family, and acquaintances. They are more likely to want to support you and your new business, and lack objectivity. Instead of talking to your customers or potential customers and industry peers. (smallbusinessbc.ca)

5. Relying Only on Little Data

One marketing research mistake is relying on too little data.

The data that you get from research generally comes in two forms: primary and secondary.

Primary data is data that is obtained directly from the field.

Collecting this data is usually done by observation, survey, or focus group discussion.

Secondary data is data obtained from published studies, for example articles, books, etc.

Combine the two types of data earlier in order to get optimal information.

Secondary data helps you to formulate the problem, make research objectives clearer, as a reference for questions, etc.

Use this secondary data to get a lot of information about your market, potential customers and competitors.

6. Don't Use Your Own Assumptions

In order to get the data you really need, don't make personal assumptions an absolute result.

This is often done so that the business is carried out according to the wishes, or to convince yourself that the business will run smoothly.

However, the reality is not always in accordance with what you want.

More observant in making questions and doing analysis.

Look for alternatives that are many in interpreting and understanding the intent of the respondent's explanation.

Try not to be concerned with your own assumptions in collecting and processing primary and secondary data.

Avoid these marketing research mistakes if you want to get good results

Even if you take the time and have an interest in studying the market, you can do your own research at a relatively affordable cost.

This research could have been more effective. Because you can see for yourself how respondents respond to all your questions.

When choosing to use a research institute, spend a little time looking for an institution that costs quite a bit.

If you are more patient, it is possible to find research institutions with the best offers and quality results.

Advantages of Enterprise Resource Planning Systems in Business

Definition of Enterprise Resource Planning System and its Benefits

      Enterprise Resource Planning System or better known as the ERP system is a concept for planning and managing company resources, in the form of an integrated and multi-module application program package designed to serve and support various functions within the company.

By using ERP, work becomes more efficient and can provide more services to consumers, which ultimately results in added value and can provide maximum benefits for all interested parties (eg stake holders) for the company.

Understanding and History of Enterprise Resource Planning (ERP) Systems

Enterprise Resource Planning System (ERP) is a software system designed to link several functional and technical activities within a company, as well as integrate human resource aspects in it.

ERP functions to standardize, simplify, and integrate business processes with various human, financial, and distribution resources. (investopedia.com)

This technology was originally created by Gartner in 1990 to describe the planning of material requirements and planning of manufacturing resources.

Modular ERP systems usually handle manufacturing processes, logistics, inventory distribution, invoicing, including activities related to company accounting.

How Enterprise Resource Planning Systems Work

In general, enterprise resource planning uses a centralized database for various business processes in order to reduce manual labor and simplify existing business workflows.

ERP systems typically contain dashboards where users can view real-time data collected from across the business to measure productivity and profitability.

For example, an ERP System supply chain solution might receive a customer order and then automatically transmit that information to the distribution center that is most efficient and positioned to complete orders in a timely manner.

Depending on the solution you choose, your ERP system may be able to look at information about inventory levels, delivery times and other factors to decide which distribution center is the most productive and cost-effective way of completing orders.

Without this system, data is usually closed by departments and difficult to access, that's why this system is known as an open source ERP application.

By using the Enterprise Resource Planning System, data from various departments can be easily shared and visualized across the company.

This wealth of information and efficiency can assist in the development of business objectives and reduce the amount of time employees spend on tasks that can be automated.

Benefits of using an ERP System for Companies

Companies which not implement an ERP system generally use a separate database system. Where each unit of work has its own database.

Such as marketing, human resources, purchasing, and finance departments have their own databases.

Separate systems that have different databases will often result in data mismatches, making it difficult to manage.

The ERP system was developed to replace these separate systems to become integrated, so that management is more effective and efficient.

The following are some of the benefits that can be enjoyed by companies implementing ERP systems:

Better Integration of Business & Data Accuracy

The ERP system consists of various modules and sub-modules which can represent certain business components.

If data is entered in a module, for example material receipt data, then other modules such as payment and inventory will also be updated automatically. This update occurs in realtime at the time the transaction occurs.

Data only needs to be entered once, when a transaction occurs, so there is no need to enter data in other modules. Thus, the need for multiple times of data entry can be eliminated (eliminated). And, the possibility of data typing errors and data duplication can also be minimized.

The centralized database structure also enables better administration and security to avoid losing important data.

Efficiency and Productivity Improvement

Apart from providing better planning, an ERP system can also increase efficiency in daily routine activities.

Such as ordering, shipping, supplier performance, cash management, quality management and sales realization.

With the existence of an ERP system, the time cycle of selling to cash and payments to suppliers can be shortened.

Planning & Management of Information Systems

The ERP system has good decision-making support tools. Such as planning tools and simulation tools that can help management information systems to more precisely utilize their resources such as: materials, human resources or work equipment.

In presenting reports, the ERP system can produce standard reports required by management.

The report can be accessed by management anytime when needed.

Become a Customer Relationship Management Bridge

The next benefit of using Enterprise Resource Planning is that it can become a bridge for management to connect with customers.

You can centralize customer information, thus having faster access. The existence of an ERP for CRM (customer relationship management) can also be an extension of creative marketing.

Apart from that, sales line activities and product management will also be monitored automatically when looking at available systems.

Disadvantages of Online Business You Have to Handle

Overcome Online Business Disadvantages in this Way

     Billions of people use the internet today, and many of them love shopping online.

Statistics show that by 2022, global e-retail sales are forecast to reach $5.5 trillion.

In addition, 20.3% of all retail transactions worldwide are expected to be conducted online by 2022. In other words, this year, more than $0.22 of every $1 spent on products will be made online.

Global retail e-commerce sales are forecast to reach $7.3 trillion by 2025, with e-commerce accounting for 23.6% of all retail sales.

The growth of online business is now increasing along with the development of economic digitalization.

Online business is considered more profitable and easy to do without needing to rent or buy a place.

However, apart from the various conveniences and advantages, online business also has many disadvantages. Indeed, at first glance, these shortcomings seem trivial. But if you leave it like that, it can have an impact on the progress of your online business.

Before starting to do business online, it's a good idea to study the drawbacks first to anticipate problems that might occur in the future.

Here are some of the disadvantages of online business:

It Works Only by Relying on an Internet Connection

Working only with an internet connection can be an advantage as well as a disadvantage for an online business.

Under certain conditions, such as a power failure or heavy rain, the internet connection may be hampered.

These problems can disrupt the productivity of your business, especially if orders are piling up.

Shipping Fee

Shipping costs when purchasing items are usually borne by the buyer. The range of shipping costs depends on the size, weight and distance of delivery.

The larger and heavier the item sent, the greater the shipping fee. Moreover, if the delivery is made to a different island or country, of course, the shipping costs will also be greater.

In fact, sometimes shipping costs can be more expensive than the price of the goods. This is what makes the buyer hesitate to buy the item.

Long Delivery Time, Sometimes it doesn't Reach the Buyer

It's no big secret that buying stuff online takes longer. In addition, many cases have occurred where the ordered goods do not reach the hands of the buyer.

Usually this happens because the goods are hampered on the expedition, sent wrongly to another place, or lost on the expedition. If that's the case, get ready for you to get various complaints from buyers.

Damaged Goods due to Expeditions

One of the cases that often occurs in online business is goods that customers receive damaged while in transit, such as: broken, dented, torn, spilled, etc.

These conditions will make buyers file complaints against you, even giving your store a bad review.

Higher Level of Competition

The convenience provided by an online business makes more and more people run this business.

You will be faced with many competitors selling similar products to you.

The way to anticipate this is to continue to develop innovation and creation in your business in order to attract customers.

Maintain the quality of your product, and be open to new things that are currently developing in society.

Beware of Fraud!

Online shopping payment systems that require buyers to pay in advance so that goods can be processed and then sent can sometimes be detrimental to sellers and buyers alike.

Many sellers are deceived by fake proof of payment. In addition, many buyers are deceived because after making payments, the seller disappears without a trace.

SEO (Search Engine Optimization) Strategies

Many online businesses do not develop proper and appropriate SEO strategies. In fact, having SEO settings will increase traffic to your site, so the chances of getting customers will be even greater.

Summary

Whatever the business, whether it's online or offline, don't let these deficiencies stop you from moving forward. All businesses and jobs definitely have their own advantages and disadvantages. Make these shortcomings or weaknesses a challenge that can continue to motivate you to succeed in doing business.

E-commerce has great potential when it comes to profitable commercial options. First, online stores do not require the number of employees like a regular store. Plus, ecommerce platforms simplify the process of starting a business online.

If you are thinking about selling products online, you must weigh all the benefits and drawbacks of e-commerce. Armed with this knowledge, you will be able to make informed choices, and efficiently implement your business strategy.

These are the Advantages of Online Business

Benefits of Having an Online Business 

     

      According to research by Statista, E-Commerce has grown by up to 300% in recent years, and is expected to generate 17.5% of global retail sales by the end of 2021.

We live in the digitalization era, where the internet plays an important role. There has been a big spike in the number of internet users in the last twenty years. The borderless world of internet has made it possible for businesses to sell their products and services all over the world.

Online business is very flexible to run and is growing at this time. Check out some of the advantages of having an online business and tips for starting one.

Bricks and Bytes

If your business is based in the real world, you can still benefit from a bricks-and-bytes hybrid approach.

Flexibility is one of the hallmarks of online business for students and people with day jobs. You can spend your day at your regular job, or attending classes, while people buy products through your website.

Since the cost of setting up an online business is relatively low, you can put it to the test of waters. Does the sale justify going full time, or should it remain just a side hustle?

No Need Much Money for Capital

Capital often becomes an obstacle for someone who wants to start a business. Online businesses do not require you to rent a place. You can use your own house to store stock. In fact, in some types of online business programs you don't need a place at all, like a dropshipper.

Apart from that, online business promotions also tend to be cheaper. Forget about promotions in print media, billboards, or television which require a lot of money. With an online business, you can promote it using a social media account for free. Social media has now become the most effective promotion and marketing tool.

Save on Operational Costs

Another advantage of having an online business is that you can save on operational costs, such as space rental and marketing costs.

Because you don't need to rent a place, it means that there are no electricity costs, maintenance costs, and additional costs that will be incurred, so you can use these costs for other needs.

Not Limited by Space and Time

An online business has an unlimited market reach. With only the internet, your online shop can be accessed by buyers all over the world. Online shops are very efficient, because they don't require store operating hours. Customers can visit at any time

Has the Potential to Get New Customers Easily

One of the goals of online business is getting new customers in an easy way. You can increase promos, use ads on social media, or collaborate with influencers. Make sure the display and content on your social media are also interesting to look at.

Products are Easy to Find

You can display variants of your

 product on your website or social media so that potential buyers can easily find your store. Buyers just need to write the name of your shop on the search engine. Make sure that your site is easily accessible and that your business accounts on social media are not private.

New Business Opportunities are Wide Open

One of the advantages of online business is new business opportunities that are always open. By doing business online, you will be connected with a lot of fellow sellers, resellers, manufacturers, distributors, etc. You will be able to obtain new business opportunities from these relationships.

Opening the Job Field

By opening a business, you are contributing to creating jobs for those in need. At first, you might manage everything yourself, but the bigger your business and the more customers you have, the more employees you will need to take care of other jobs.

Easy to Operate From Anywhere

Having an online business allows you to operate and handle it from any place in the world. The benefit of having an online business is that it allows you the freedom to run your business from anywhere, as opposed to being stuck in a physical location.

You can easily do your online business from anywhere, all you need is a solid internet connection.

With the help of sales details and product information online, you can easily record all activities and purchase orders. You can simply take advantage of various online service providers to manage purchasing, invoicing, orders, and payments for your online business.

As a businessman, you have to seize all the opportunities that can work in your favor. Online businesses are able to reach and connect with their audience on a global level.

How to Become a Successful Entrepreneur at a Young Age

Entrepreneur - Start, Run and Develop a Business.

      Success doesn't have to come at old age. It is proven that there are more and more young entrepreneurs who are successful with the various types of businesses they are running.

However, to be successful is not that easy to achieve. Various tips to become a successful entrepreneur need to be learned so that the goal can be realized.

Owning a business is a dream for many people. To start a business, careful preparation is needed, including mentally preparing for capital.

Here are some tips for becoming a successful entrepreneur at a young age that might help you.

Choose a Business According to Passion

Many successful entrepreneurs who started their business from hobbies. This business is carried out based on interest and pleasure, so it feels more fun and can be the right step to start a business.

You can choose a business according to your passion, such as technology, culinary, or fashion, so that you can deepen the business you started.

For example, if you like fashion and are knowledgeable about fashion, you can start a business making fashion knick-knacks, and so on.

When working with passion, you will not get tired quickly, even though working long hours will still be enthusiastic to present innovative ideas.

Dare to Take Risks

The next tips for becoming a successful entrepreneur are taking risks and wanting to get new things in life.

You need to get used to making decisions by considering various risks, starting with the smallest risks. Prospective successful entrepreneurs can be determined based on how they look at the problem.

Discipline

The next tips for becoming a young entrepreneur that are quite important are discipline.

Discipline will make all work more structured, and completed as planned.

If you like to be lazy, underestimate time, and procrastinate, then you are not ready to realize your dream as a successful entrepreneur. Because discipline is the key to success.

Persistent

It might sound simple. But to be diligent in running a business is not easy. It takes hard work, consistency, and never give up when facing business challenges.

An entrepreneur must always be ready to face challenges, both from within yourself or the environment around you.

You have to challenge yourself first so you can stay enthusiastic about whatever happens. You must also be innovative to develop your business.

Self-confident

Prospective successful entrepreneurs have gestures that look confident when they are first introduced.

This ability can also improve intuition and wisdom when making decisions.

Confidence will eliminate various uncertainties that are usually fearful for entrepreneurs when starting a business.

So you have to be confident in your abilities, experience and knowledge.

Create a Business Plan

A business plan puts your idea down on paper and helps you imagine how your business will operate.

Your business plan should at least answer the following questions:

1. What is your product or service?

2. When will your business operate?

3. Where will you operate your business?

4. Who is your target market?

5. Who are your competitors?

6. Why should people buy your product/service?

7. How are the day-to-day business operations carried out?

8. How would you deal with an unexpected emergency?

These are just a small sampling of some questions to start the brainstorming process for your business.

The more questions you can answer, the clearer your plan will be for running a business. (forbes.com)

An entrepreneur is someone who produces a product, or a service to solve problems for others.

Entrepreneurial paths are built differently for each individual, but all successful entrepreneurs need to be prepared for failure, and they must continually learn and improve themselves.

There's no secret recipe for becoming a successful entrepreneur, but the tips above can help you out.

Recognize Consumer Behavior in Today's Digital Age

Change in Consumer Behavior in the Digital Era

      In conducting market research, there are many studies that you need to do, one of which is to find out consumer behavior.

Consumer behavior is what makes a consumer decide to make a purchase or not. In order for your business profits to increase, you need to have a deeper understanding of consumer behavior, especially in the digital era.

What is Consumer Behavior?

Consumer behavior is a study carried out on consumers about the things that cause them to make purchases of a product/service.

Consumer behavior is developing dynamically, especially in the current digital era, consumer behavior has changed drastically.

So, this needs to be considered by business people so that they can survive in running their business.

By understanding consumer behavior, you, as a business owner, can understand all of their needs. The products and services you sell can be accepted by the market, so that your business turnover increases.

From Bricks to Clicks

Remember when you spent hours scouring through several bookstores to find your favorite author's book? Thanks to e-commerce, you don't have to.

Although some shoppers still prefer the experience of going to a physical store or engaging directly with a product before purchasing.

In 1998, approximately 0.2% of all retail purchases were made online, according to the Commerce Department. In the fourth quarter of 2019, online purchases accounted for nearly 12% of all retail sales in the US — or $158 billion.

What caused this change? In today's digital age, consumers can easily and quickly compare dozens of stores and products to get better prices and a wider choice.

Consumers can also see product reviews and ratings in just a few clicks. Convenience plays a big role. Consumers can access millions of products from all over the world via their mobile phones or computers.

Centaurs – The Hybrid Consumers

Centaurs are a combination of traditional and digital, emotional and rational, physical and virtual beings.

The digital world has penetrated almost every aspect of human life. It must have changed the way you communicate and interact with your environment.

You are in the transition from the real world to the virtual world, but not quite there yet. To understand the buying behavior resulting from this convergence, study the hybrid consumer classification.

How do Hybrid Consumers Behave Today?

It's not easy to persuade a centaur but you can get him to talk. Engaging them more often and effectively can move them, and that's the first step for brands to get the results they want.

Most ecommerce platforms have developed over the years, and this allows consumers to be very specific in their search queries.

The more specific consumers are, the easier it is to find the exact product or answer they're looking for.

Now this search behavior has been refined over a span of less than 10 years. For example, the search query “Jeans” will return a general set of results that are not exactly what the user is looking for.

A special request on the other hand would look like this: “Denim jeans in New York.” These are consumer insights that marketers can take advantage of.

Consumers want all Things Visual

Visuals create an instant recognition in the mind of the consumer.

Where words fail to communicate, intelligent imagery conveys a message, regardless of language barriers.

When a consumer makes a purchasing decision for a product, he or she will try to verify features and specifications through images, rather than looking through data that is usually fed to customers.

Consumers seek simplicity, and an image is the perfect ephemeral. Visuals grab attention and create engagement, which is why platforms like Pinterest and Instagram have become hits. Marketers frequently use this to their advantage.

Consumers See Other People's Reviews

An image is the first cue that allows your consumer to create a perception in his mind but a purchase decision has not yet been made. It comes through validation, and to do that, most consumers rely on reviews and recommendations from other people who have experience with the product.

Consumers Seek Facts

The digital age consumer has never been attracted to pure marketing spins. They will dig for the facts and will easily switch if they don't understand the facts they get.

Probably, this is the stage when most of the users have gone through the social networks and reviewed the platforms, and now they want a quick detail.

Consumers are Price Sensitive

Many consumers are sensitive to price. An individual may be willing to pay a premium price on perceived value, but be prepared to go the extra mile to check if a product is worth it. This doesn't mean that price was never an issue before.

The only difference in the digital age is that consumers have the means to know whether a product is worth the price. So how can you as a business owner attract customers who are price sensitive?

Summary

Understanding consumer behavior in the digital age is essential. Online consumer behavior is one of the greatest drivers behind the growth of data-driven digital marketing tools and techniques. Modern businesses cannot afford to ignore consumer trends if they want to attract the right audience, and then convert this audience into customers.

Recycling Business Idea with Huge Profit

Recycling Business Ideas for Profit 

    Global warming has become one of the big things that the world community is thinking about today.

To protect the environment, waste recycling is a must. The recycling business has become a lucrative venture. There are many types of recycling business ideas depending on the output of the industry.

Before executing any of the recycling business ideas, you have to keep a few things in mind. First, decide on your recycling business idea, i.e. types of waste to recycle.

There is a lot of waste in various sectors like household waste, electronics, construction etc.

After selecting a recycling business idea, learn about the recycling process and buy the appropriate machine. Then, do in-depth research on recycling products and their marketing, then take the idea of a recycling business.

Among the most profitable recycling business ideas are electronic waste, waste paper, aluminum, batteries, construction waste, etc.

By adopting one of these recycling business ideas, you can protect the environment and at the same time make a profit.

The Top Recycling Business Ideas

Many types of recycling businesses are low capital and high returns, but still require knowledge of how to collect the waste and where to sell it. The point is, you need to do a lot of research beforehand.

Plastic Recycling

Plastic recycling is currently the most common type of recycling. Most types of plastic are recyclable, and plastic is the largest constituent.

Most types of plastics – PET, PVC, and HDPE – are fairly easy to recycle. The rest is hard to recycle because it gets stuck in the equipment, causing it to stop working. For example, bottle caps are usually not recycled, while other types of plastic are too expensive to process.

Paper Recycling

Most paper types are relatively easy to recycle. Some that fall into the category of non-recyclable paper are paper towels, carbon paper and pizza boxes.

When sent to recycling plants, the paper is usually sorted into different categories, as each category is treated differently; then it is turned into a pulp where any ink is removed, the paper is bleached and formed into a completely new product. The paper recycling process is relatively uncomplicated, but also very profitable.

Aluminum recycling business

Aluminum recycling is a process by which scrap aluminum can be reused in products after the initial production. Aluminum is used in many products, including cans, kitchen utensils, foil, window frames and building materials.

To start an aluminum recycling business, create a corporate plan, obtain a trade license and register your business. You then need to set up a facility where you will collect the aluminum waste, melt it, and turn it into a new product.

Food waste recycling business

Food waste can be used as compost to enrich the soil. Also, the recycling of food waste reduces the volume of landfill in a given area. (quicksprout.com)

Ideas for food waste recycling businesses include:

- Started organic fertilizer company

- Biofuel production company

- Commercial Worm Farm

- Recycling food waste into livestock feed

In order to launch your food waste recycling business, define a focus path and register your business. You will also need a license and permit to start trading. Make sure you meet all licensing and legal requirements, and buy the appropriate equipment/machinery for your business.

Glass Recycling Business

Just like metal and paper, Glass is 100% recyclable. Recycled glass helps reduce CO2 emissions, and can be reused many times if disposed of properly. it also helps reduce the consumption of energy used in the manufacture of new glass bottles.

Consider the following before starting a small-scale glass recycling business:

- Not all types of glass materials can be recycled such as: vehicle windshields, window panes or Pyrex.

- Although glass can be processed, it requires a very large amount of effort and money.

Based on demand and market value, you can determine what type of glass to recycle.

You will need to establish relationships with shops, local restaurants, bars and recycling plants for the collection of waste glass.

Obtain an appropriate license from local authorities, before you buy or rent an area.

You need to remember that the glass recycling facility makes a loud sound when it is running.

Moreover, proper handling is important for glass recycling. Because broken glass material is difficult to sort, and also tends to jam equipment.

Charitable Giving Is Important for Your Business

Reasons Your Business Should Partner with a Charity

       One of the great privileges of doing business is being able to give generously to community organizations and charities.

Every day, small business owners share their success by giving money, products, volunteer hours, and charitable outreach efforts to good causes in their community.

Non-profits and charities are constantly seeking funding to help achieve their goals, and giving to your company is not only a great thing to do — it can provide great benefits to your business.

Below are some of the benefits that give reasons why you should donate to charity:

Tax Deduction

One of the immediate benefits to your business from supporting a charity is being able to get a deducted tax deduction for charitable donations.

Donations, which are generally tax deductible, include charitable sponsorships, inventory or service donations, and cash donations.

In general, you can get a deduction for charitable contributions of up to 50% of your Adjusted Gross Income — just be sure to follow the rules carefully to avoid tax issues.

You can also get a tax deduction on the monetary value of charitable donations — whether they're cash, stock, or even a used vehicle. Make sure you work with an IRS approved non-profit organization.

In order to get a deduction for your taxes, the charity will need to issue a tax form that you can file for your tax return. Depending on your income and other factors, giving money to charity can be complicated — so talk to your accountant or tax adviser for more specific advice on how to maximize charitable giving while minimizing your tax bill.

Another benefit is that when people see the charitable impact of buying from your business and supporting the community provides a reason that is important to them, they will be more inclined to buy from your company.

Internal Benefits of Charitable Giving

The benefits of corporate charitable giving programs are not limited to external results:

Employee Involvement

Recruiting top performing employees and keeping them happy is the priority of all companies that want to thrive and grow.

Charitable giving enhances employee engagement by increasing productivity, ethical behavior, gratitude to the company, and pride in their work

Spirit

With employees who are more involved in the work of the company, and more comfortable with the company culture, their morale will naturally be higher. This results in less time and lost productivity through “sickness”, tardiness, or extended breaks and lunches, as well as lower turnover rates.

Team Work

This generally positive attitude in the workplace extends beyond the average employee. When a company's charitable giving program brings people together at all levels of the organization – from C level to the mailroom – everyone works together to achieve a common goal. This feeling of effective teamwork will go beyond CSR programs to positively influence other aspects of their work.

Getting Customer Support

Giving back to your community will help you build stronger relationships with your existing customers — and gain new ones. (americaneexpress.com)

A 2010 study by Cone Communications revealed that 85% of consumers have a favorable view of businesses that give to charity. It is beneficial for you to do market research to identify the most popular charitable causes in your area.

Companies such as Hook & Ladder Brewing Company of Silver Spring, Maryland, have taken this concept and have made it their business. They started a charity giving program called "A Penny in Every Pint", which donates a portion of beer sales to local fire departments and burn care centers. These charities are successful because they align with the brand and resonate with people who know that every product they buy will help heal injured firefighters. Participating in a charitable giving program like this shows your customers that you truly care about your community.

Giving some of a company's profits to a good cause is a great way to rally support from your customer base, it can even help create new marketing opportunities to expand the reach of your business.

Charitable Giving Helps Others

Partnering with a charity helps other people. Business companies give back to their communities through their daily business, but charities allow companies to specifically target and help causes they care about.

Don't think this is all your charitable partnership will achieve, most charities today understand the practical reasons business firms get involved with charities, and will do all they can to generate a return on your investment.

How to Conduct a SWOT Analysis in Business

What is a SWOT Analysis and How to Do It Properly

      The core purpose of a SWOT analysis is to help you develop a sound business strategy by ensuring that you have considered all of your business' strengths and weaknesses, and the opportunities and threats your business faces in the marketplace.

What is SWOT Analysis?

SWOT stands for Strengths, Weaknesses, Opportunities and Threats, SWOT analysis is a technique to assess the four aspects of a business.

A SWOT analysis is a tool that can help you analyze what your company can do best at the moment, and develop a successful strategy for the future.

A SWOT can also reveal areas of your business that are holding you back, or that your competitors could exploit, if you don't protect yourself.

A SWOT analysis examines external and internal factors, i.e. things that happen outside and inside the organization. Some are under your control and some are not. Whatever the case, the wisest course of action you can take in response will become clearer once you have discovered, recorded, and analyzed as many factors as possible.

Why Conduct a SWOT Analysis in Business?

When you take the time to perform a SWOT analysis, you will be armed with a solid strategy for prioritizing the work you need to do to grow your business.

You may think you know everything you need to do to succeed, but a SWOT analysis will make you look at your business in a new way and perspective. You will see your business strengths and weaknesses, and how you can leverage them to take advantage of the opportunities and threats present in your market.

When Should You Counduct a SWOT Analysis?

You can use a SWOT analysis before you commit to any company action, whether you're refining internal policies, exploring new initiatives, considering opportunities, or changing plans midway through.

You can also conduct a general SWOT analysis to examine your business landscape, so you can improve your business operations as needed.

Such analysis can show you the key areas in which your organization is performing optimally, as well as which operations need adjustments.

By taking the time to compile a formal SWOT analysis, you can see the whole picture of your business.

You can find ways to improve or eliminate your company's weaknesses and exploit its strengths.

While the business owner should be involved in creating a SWOT analysis, it is often beneficial to include other team members in the process.

Solicit input from your various staff and openly discuss each contribution made. The collective knowledge of the team will allow you to adequately analyze your business from all angles.

How Do You Write a Proper SWOT Analysis?

Build a SWOT analysis embroil identifying and analyzing the strengths, weaknesses, opportunities, and threats of a company. It is recommended to first make a list of questions to answer for each element.

Questions serve as a guide for completing a SWOT analysis and creating a balanced list.

The SWOT template can be constructed in a list format, as free text, or as a 4-cell table, with dedicated quadrants for each element. The strengths and weaknesses are listed first, followed by the opportunities and threats. (investopedia.com)

How to Do a SWOT Analysis in a Proper Way

You certainly want to assemble a team of competent people to do a SWOT analysis.

You don't need an all-day retreat to complete it. Two hours maybe more than enough.

Gather the right people

Bring people from different parts of your company together, and make sure you have representatives from every department and team.

You will find that different groups within your company will have possibly different perspectives and it is very important to make your SWOT analysis successful.

Throw your ideas at the wall

Conducting a SWOT analysis is akin to a brainstorming meeting, and there's a right and wrong way to go about it.

Give everyone sticky notes and have everyone come up with their own ideas for starting something. It discourages groupthink and ensures that all voices are heard.

After 5 to 10 minutes of personal brainstorming, post all the sticky notes on the wall, and group similar ideas.

Allow anyone to add additional notes at this point if someone else's idea triggers a new thought.

Rate the Ideas

Once all the ideas have been compiled, it's time to rank the ideas. You could use a voting system where everyone gets 5 or 10 "votes" that they can share as they please. Different colored sticky dots are useful for this part of the exercise.

By voting, you should have a prioritized list of ideas.

Of course, the list is now up for discussion and debate, and someone in the room should be able to make the final say on those priorities.

This is usually done by the CEO, but can be delegated to others who are responsible for business strategy.

You want to follow a process of generating ideas for each of the four quadrants of your SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats.

Here are some questions you can ask your team when building a SWOT analysis. These questions can help explain each section and trigger creative thinking.

Strength

Strengths are the internal and positive attributes of your company. These are things within your control.

- What business processes are successful?

- What physical assets do you own, like equipment, customers, technology, cash and patents?

- What asset do you have on your team? (knowledge, education, network, skills, and reputation)

- The competitive advantage you have over your competitors

Weakness

Weaknesses are negative factors that diminish your strengths. These are things that you may need to improve to be competitive.

- Are there things your business needs in order to be competitive?

- Are there any gaps in your team?

- What business process needs to be improved?

- Are there tangible assets your company needs, such as money or equipment?

- Is your location ideal for your success?

Opportunity

Opportunity is an external factor in your business environment that contributes to your success.

- Is your market growing and is there a trend that will encourage people to buy more of the products you sell?

- If your business is up and running, do customers value you the most?

- Are there upcoming regulatory changes that may have a positive impact on your company?

- Are there any upcoming events that your company could use to grow your business?

Threat

Threats are external factors that you cannot control. You might consider making a contingency plan to deal with it if it does.

- Will the supplier always be able to supply the raw material you need at the price you need?

- Do you have any potential competitors who could enter your market?

- Has consumer behavior changed in a way that could have a negative impact on your business?

- Could future developments in technology change the way you do business?

- Are there any market trends that could pose a threat?

The Next Step with Your SWOT Analysis

With your goals and actions in hand, you will finalize the strategic plan for your business.

Use lean planning methodology for strategic plans and regular business planning.

The actions you result from your SWOT analysis will fit into the milestones section of your lean plan, and will provide you with a concrete foundation for growing your business.

Tips for Managing Your Business Finances

How to Effectively Handle Your Business Finance

     Starting a business is an exciting experience, especially when you are excited about new and creative ideas that are focused on your area of interest.

However, there are aspects of business management that can be a bit complicated and not very enjoyable. Business finance is one of them

But, with all of the excellent solutions available today, you don't need to be a finance professional to manage your business funds and keep the books effectively. The following tips will take away most of the stress of dealing with your company's cash flow.

Accept and Use Different Types of Payments

Today's market is highly competitive, so you must offer your customers the highest and most comprehensive level of service.

Convenient payment options are the main part of this. With the many transaction and payment methods available today, you should try to offer as many options as possible.

You'll definitely need to accept cash, credit cards, checks and debits, as well as multiple online payment options (e-wallets, online transfers, etc.).

Being flexible will not only help you win more customers, but also allow you to make payments yourself more easily. Planning your company's money transfers wisely will allow you to reduce transaction costs.

Manage Your Cash Flow

The financial health of your business requires efficient management of cash flow.

Look at all your business expenses and overhead (fixed, variable, and semi-variable) to calculate your overhead rate. Review your business report, and value your core business and financial operations in relation to your sales and operating margin. (forbes.com)

Once you know your costs and margins, you can take advantage of a wide range of financial services and tools to manage your business cash flow with business banking. Evaluate purchases, credit, liability, and interest when considering using a business debit or credit card.

Financing is another tool for helping your business grow. A line of credit business or a credit card business can be good choices for short-term financing.

To fund a project or larger business need — such as new equipment, renovations, or marketing campaigns — a business loan may be considered.

Have an Accurate Inventory

Load inventory management software into your company's servers. This software will make it easier for you or your employees to always monitor company inventory. Thus, when a customer visits your website, they are immediately informed whether the product they are looking for is available or not and saves your company from potential losses.

Have Separate Accounts for Business

Having separate accounts for your business will help you better track your finances. Aggregating your money into one account makes it difficult to tell the difference between personal finance and company money.

Go for a bank with reasonable transaction fees, withdrawal fees and optimal customer support.

Plan Your Taxes

Proper tax planning can make all the difference for your business, because not doing your taxes properly can cause very serious problems.

Consult a tax expert before you start your business, and have them help you develop the most efficient scheme.

A professional will be able to advise you on the best tax deduction strategies available for your company, which can help you free up a large amount of funds that you can use to grow your business.

Taxes are time-sensitive, so not applying for a deduction at the right time can cost you many opportunities.

Schedule a Time to Stay Organized

Set aside some time each week or month to organize your finances. This may include adding data to your financial software, archiving, reviewing financial reports, invoicing, billing, etc.

Put them in your calendar and treat them like a priority.

Most people recommend setting aside 15 to 60 minutes per week. You can process finances in batch to update business records and personal records, review investment portfolios, etc.

A business organizational strategy is very important if you want to manage your finances. Without a system, you have no idea if your business is profitable. Plus, it'll help you avoid a tax headache.

Summary

Business is the best way to set a stable income for yourself. After you successfully start your business, you can let the company do the rest. However, keeping track of your finances is a struggle. Every business model has its ebb and flow. If you are currently stuck in a difficult situation, you can try to recover with some tips.

Fixing your financial meltdown is simple strategic planning and working with what you have. Get rid of unused non-essential assets. Hire a bookkeeper who can manage your books and stay ahead of your income statement.

Think of your business as a separate entity which needs its own identity. Set up different bank accounts, create records of your data, records of your employees, etc. Organization matters.

Simple Steps to Create a Business Budget

Guide for Create Your Business Budget

     Business owners know how important a business budget is when it comes to managing expenses and planning for the future of their business, and in a challenging economic environment like the one we live in, your business budget is even more important.

With inflation and the possibility of a recession, business owners need to be able to forecast cash flow, manage expenses, and plan for the future. Making a detailed business budget is the first step.Whether you're looking to change your budgeting method, or you've never created a business budget before, this article on creating a business budget will walk you through the process.

What is a Business Budget?

A budget is a detailed plan that describes where you will spend your money each month or yearly.
You give every penny a "task," based on what you think are the most important uses of your business funds, and then compare your plans to reality to see if your budget fits with the plans.
Budgets will help you:
- Estimate how much revenue you expect to earn
- Plan where to spend the earnings
- See the difference between your budget plan and reality

Estimate Your Income
Many businesses have failed by overstating revenue and borrowing more cash to meet operational needs. It defeats the main purpose of budgeting. When finding income, ensure to calculate for revenue, not profit. Your revenue is all the money that went into the business before expenses were deducted.
To keep things realistic, it's a good idea to analyze previously recorded revenues. Businesses should regularly track revenue on a monthly, quarterly and yearly basis.
Your previous year's income figure can be used as a reference point for the next time.
It is necessary to rely on this empirical data. This will help you set realistic goals for your business, which will ultimately lead to your business growth.

Cost Analysis
Before you start preparing a budget, you should research the operational costs of your business. Knowing your costs gives you the foundational knowledge to develop an effective spending plan.
If you draw up a rough budget and find that you need more funding for your business activities, it will jeopardize your goals.
Your budget should account for fixed, variable, one-time, and incidental expenses.
Some examples of fixed costs are rent, salaries, accounting services and insurance. Examples of variable costs include cost of goods sold and labor commissions.

There's nothing wrong with overstating your budget, since you'll need enough cash to handle your future expenses.
If your business is new, then you will also have to factor in start-up costs. Planning a budget in this way can help you make an informed decision, and deal with unwanted financial surprises.

Create Your Profit and Loss Reports

Once you've gathered all of the above information, it's time to combine it all to create a profit and loss report. (nerdwallet.com)

Talking about profit and loss can indeed cause feelings of anxiety. It's a matter of adding and subtracting: Add up your income for the month and total your expenses for the month. Then, subtract your expenses from your income and hope you get a positive number at the end.

If positive, you are in profit! If not, that's a loss - and that's okay. Business is sometimes unprofitable every month, let alone every year. This is especially when you are just starting a business.

Types of Budgets for Business

Budgets help companies track and manage their resources. Budgets are used to measure expenses and develop effective strategies to maximize assets and revenues. The following budget types are commonly used by businesses:

Master budget

Master budgets are a collection of individual company budgets designed to present a complete picture of its activities and financial health. Master budgets incorporate factors such as operating expenses, sales, assets and revenue streams to allow companies to set goals and evaluate their overall performance, as well as individual cost centers within the organization.

Master budgets are commonly used in large companies to keep all the individual managers in sync.

Operating budget

An operating budget is an estimate and analysis of projected revenues and expenses over a certain period of time.

To create an accurate picture, the operating budget must take into account factors such as production costs, labor costs, materials costs, manufacturing costs, and administrative costs.

Operational budgets can be prepared on a weekly, monthly or annual basis, depending on needs.

The business owner or manager can compare these reports month by month to see if the company is spending too much on inventory.

Financial budget

A financial budget presents a company's strategy for managing its assets, cash flow, revenue and expenses. The financial budget is used to establish a picture of a company's financial health, and provide an overall picture of its expenditures relative to the income from company operations.

Cash flow budget

A cash flow budget is a tool for projecting how and when money will enter and leave a business over a specified period of time. The cash flow budget is useful in determining whether a company is managing its cash wisely.

A cash flow budget considers factors such as payables and receivables to assess whether a company has enough cash to continue operating, how to use cash productively, and the likelihood of generating cash in the near future.

Static budget

Static budgets are fixed budgets that remain unchanged regardless of changes in factors such as sales volume or revenue.

Last Words

Budgeting is a fairly easy, but extremely important process that business owners use to estimate (and match) current and future income with expenses. The goal is to ensure that enough cash is available to keep the business running, to compete, to grow the business, and to ensure a solid emergency fund.

Proven Ways to Motivate Company Employees

Simple and Effective Way to Motivate Employees

     Motivation refers to how motivated and happy an employee is in their job. When an employee is motivated, they are more likely to do a good job and work hard.

Motivation is very important for employee morale and fighting spirit, employee retention, and general productivity levels in a business.

Having a motivated workforce has various benefits, such as lower employee retention rates, better relations between management and workers, increased worker performance and improved customer service.

You've hired some great employees, and now you want to know how to motivate these employees to ensure high productivity.

While money and perks are important, they are not the only motivating factors. In fact, a recent study found that the most motivating factors for employees are good work-life balance, peer motivation, and an encouraging boss.

Many workers would like their employer to put more effort into motivating them. Here are ways you can motivate employees for a happier and more productive work environment.

Best and Efficient Ways to Motivate Your Employees

Make Your Company a Place of Joy

No one wants to stand in an annoying, boring place for hours on end. Having a bright, aesthetically pleasing, functional, and fun workspace makes work a lot more enjoyable.

Make sure that everything is well-maintained, and that you have the most up-to-date equipment. This means replacing obsolete computers and swapping your glacial point of sale system for one that is fast, flexible, and easy to use.

That also means keeping the surroundings clean and looking good. Tidying up your space doesn't have to be expensive. Try featuring local artists or pick up some interesting pieces of furniture at a nearby charity shop. All these little touches will make things a lot more pleasant for your employees, and on behalf of, your customers.

Give Your Employees Room to Grow.

If your business is growing fast, giving your employees the room to grow within the company is a huge motivator. Yes, there's the carrot hanging from more money, but there's also the psychological factor of feeling they are trusted and respected for their work.

If you are opening a branch company, think about which employees might be suitable for management roles there. If there is someone who does an excellent job with inventory, consider encouraging that person to take over the vendor relationship completely.

When you give your best employees opportunities to grow, it shifts their thinking from “this is just a side job” to “this could be a great career.”

Encourage Teamwork

Teamwork is key to increase employee motivation. Working as a team ensures everyone feels valuable and has an important role to play in achieving goals.

It also means you can share ideas, solve problems, and make plans together with your co-workers. This can happen as an intranet messenger chat, virtual meeting, or face to face. (lumapps.com)

Establish Regular Goals with Every Employee

Don't wait for the annual review to set goals. If you regularly set individual goals for each employee, they are more likely to devote a high level of energy and commitment to their work.

Doing this will ensure that employees are constantly motivated to achieve their targets, especially if they receive an award.

It is also a way of getting to know employees, which makes them feel like their leaders are interested in them as a person.

Find Their 'Why'

Motivation is always about what one wants to achieve or become. The job of the company leader is to work with the team and find out what really motivates them.

What is their "why"? Once you've found them, you can create driver maps for the team. Gallup and Red Bull assessments are also very helpful, but they are no substitute for heart-to-heart discussions.

Provide Training and Specific Purposes

Being able to do a good job boosts confidence and motivates employees. Providing specialized training to improve job performance creates wins for both the employee and the company. Set clear, achievable goals, and reset goals collaboratively once they are achieved.

Job enrichment potential and advancement increases engagement rates.

Say Thanks

Employees want to know that they are doing their job well and their efforts are being appreciated. Complimentary words don't hurt you, but they have a profound impact on motivation. Recognizing the contributions of your team also helps them feel more respected, engaged and happier in their roles.

Some ways to do this include sharing positive feedback from customers or internal stakeholders, providing verbal praise for recent successes, or providing formal recognition, such as through a rewards program.

You can also consider a peer-to-peer recognition program, which can be very helpful in identifying quiet people. Staff intranets or the organization's social media channels can also be used to identify employees who go the extra mile.

Highly motivated employees are easily recognized. They go beyond their goals, generate strong ideas, have a positive attitude, support their peers and push the limits. It's no wonder, then, that many leaders want to understand how to motivate employees in the long run.

5 Business Success Tips from Jeff Bezos, Amazon Boss

The Secret to Successful Business According to Jeff Bezos

     Many people are jumping into the world of business. Are you one of them? You certainly want your business to be successful.

If you want your business to be successful, you can follow the business success tips from Jeff Bezos, one of the richest people in the world and the founder of Amazon.

Focus on Consumers

Customers are king. So you have to serve them well. Without customers, businesses will die. If the customer is disappointed or dissatisfied, your business could suffer losses. That's why giving the best service to customers is very important.

According to Bezos, what you need to fear in doing business is consumers, not competitors. As a businessman, of course you must know the things that make consumers more satisfied, both from the products and services provided. If consumers are satisfied with the products and services provided, of course the business will develop better.

One example of providing good service to customers is finding out what products the customer needs most, then you try to fulfill them through your business.

Another example is when a customer submits a complaint, you have to listen carefully, so you really understand the customer's complaint.

You have to be patient when dealing with customer complaints, and be able to provide the best solution for the complaints submitted.

Have the Spirit of a Beginner

Beginner businessmen usually have a strong passion and determination in learning something. Success sometimes begins with failure. As a businessman, you must have the courage to take risks and face failure.

You have to realize that not always the business runs smoothly. There are times when your business is experiencing obstacles. When that happens, you have to deal with it and find a solution so that the failure is resolved, so that it doesn't repeat itself.

Like Bezos, this businessman has repeatedly experienced failures while running his business. Because of that, he then carried out experiments to save his business. Some of the experiments were successful, but not a few failed. Failure and risk are the best teachers that will lead you to any kind of success.

Long-term Oriented Business (More than 5 Years)

Doing business for a short period of time is easier, but a business this way doesn't last long, and the profits are not guaranteed. When starting the Amazon business, Bezos saw the long-term potential of the internet which continued to grow, so that it was able to make Amazon survive to this day.

With a long-term orientation, business is not just for profit, but also provides value to other people's lives.

Jeff Bezoz started his business by selling books. He sells books not because he enjoys reading, but as a stepping stone to developing an internet-based business. Starting with selling books, little by little, Jeff Bezos began to develop an internet-based business by adding a variety of products.

Let Data Do the Talking

Jeff Bezos often makes important decisions based on the valid data he has gathered. According to Bezos, people can be wrong but numbers never lie.

Stay Hungry

The last tip for business success from Jeff Bezos is: hunger for all information. According to Bezos, a successful person is someone who is able to listen and digest all information properly.

It is important for you to follow the latest information about the business world when you are doing business. You can get such information from the media or your friends and relatives.

Take a good look at the information you get and use it to develop and improve your business. You can also get inspired by business ideas that you have never tried before.

As a businessman who wants to continue to grow his business, Jeff Bezos has a conviction not to be easily satisfied with certain achievements. He continues to learn and innovate with new things and the most updated information about the products/works being sold.

Mistakes to Avoid When Starting Your Business

Mistakes that You should Avoid when Starting a Business

     Entrepreneurial ventures sometimes get missteps and mistakes. It doesn't matter how much experience you have in business ownership, you're bound to run into problems at some point.

If you want to start a business, consider the following list of mistakes in starting a business and try to avoid them. Either of these can make your business a failure rather than a success.

You don't do Market Research

Don't start a business without doing market research. How do you know there's a market for your business idea? You can't expect others to be enthusiastic about your idea.

Doing market research will help you understand better - What consumers are looking for

- How to reach the consumer.

Test the products before start your business. because you don't know whether people are going to want to buy it or not. You might think you make the tastiest pizza in the world. But would anyone else think the same?

You don't Create a Business Plan

Too many businesses start without a basic plan, and if you fail to plan, you're in effect planning to fail. Startups should map out a business plan, even if it's just one page. That should include things like the cost of the business to operate, how much they anticipate selling, who will be buying the product and why.

You don't Understand Your Business Strengths and Weaknesses

Every business has its strengths and weaknesses. Your strengths or weaknesses also influence the business model that you want to use. For example, if you are not the kind of person who is friendly and easy to get along with, then it is likely that a retail business will not be a good fit.

However, if you want to run a bookstore or ice cream parlour, that doesn't mean you can't afford such a business, or start one yourself.

You need to be aware that working behind the counter and being the main point of contact for every customer will likely not yield the most optimal results. It's not something you should do. You must recruit staff.

You Are Underestimating Your Competitors

Even if you have the latest, greatest, and most never-before-done approach to business, never underestimate a competitor.

Competition is more than direct and real competitors. Competition is all of the available alternatives.

What else can consumers choose besides using your product or service? Can they do nothing at all? The customer almost always has the option of leaving. That too is a serious competitive threat.

Hired the Wrong Person

When you start your business, make sure you have hardworking, versatile generalists who can do everything you need to do.

As you begin to grow, consider hiring those who specialize in roles that require expertise.

Don't hire a generalist when you need someone who specializes, and don't hire a specialist when you should hire one.

You don't Have a Clear Marketing Strategy

You never know where, when, or how a prospect will find out about your business. If you have a mix of messages out there, consumers are going to have unclear expectations of what your business can offer.

Your business must present a clear and consistent message across all fronts. You won't get a second chance to build a first impression. Make sure every new prospect who views your business for the first time receives the same and consistent message.

Spread Yourself thin with Products

A big mistake new business owners make is overselling products. Sometimes if one product is not selling, the owner will add more products to their store to attract potential customers. This doesn't always help.

Let's say you own a store that sells eco-friendly bags that can be recycled, but no one buys them. Then you add more environmentally friendly products from your suppliers. Finally, you have tons of products with no relation between them other than eco-friendliness. (shopify.com)

If your branding is about bags and not other eco-friendly products, it will be hard to attract the right customers.

The mistake here is more of a branding mistake than a product error. Building a brand is just as important as the products you sell, because your brand is how people see your business.

Underestimate the Demands of the Business

The biggest mistake that startups make is underestimating the demands of a business. Documentaries and blogs about startups get people thinking optimistically.

This is because the available information does not highlight the difficulties of starting a business, but exalts the end, which is a thriving business. Because of this, people will think that starting a business is easy and fun, but in fact, it's the opposite. Startups take up most of your time and money.

Types and Strategies of Digital Marketing

The Three Main Types of Digital Marketing

     You must have seen a company's brand or product that does online advertising. Such things are known as digital marketing.

Digital marketing is done to boost product sales from a brand. Advances in technology are growing, trends in the business world are also increasingly varied. One of these is digital marketing.

Then, how important is digital marketing to be applied in a business that sells products?

What is Digital Marketing?

The definition of digital marketing is an activity of marketing or promoting a product using digital media or the internet. (investopedia.com)

The goal of digital marketing is to attract consumers quickly and efficiently.

The acceptance of internet technology in society is very broad so that digital marketing activities are made the main choice by many companies.

Companies compete with each other to create attractive content to be displayed in digital marketing.

Some examples of marketing techniques that are included in digital marketing are SEO (Search Engine Optimization), online advertising such as Google Ads and FB ads, email marketing, mobile marketing, etc.

Digital Marketing Types

Digital marketing is broadly divided into 3 main categories which are:

- Social Media Marketing

- Search Engine Optimization

- Pay Per Click Ads

1. Social Media Marketing

Since almost everyone is familiar with social media, digital marketers must take an integrated and strategic social approach. Social media marketing is more than just making posts for social channels and responding to comments.

In order to keep posts consistent, there are several helpful tools to automate and schedule social media posts. However, even though marketers are using automation as a tool, it is not a "set it and forget it" solution.

Social marketers need to work with the wider enterprise marketing team to coordinate their messages across platforms, whether online or offline, so that every part of the brand tells the same story.

Social media marketers must also be good at analyzing how their posts are performing, and creating strategies based on that data. It's important to measure how well your current social media posts are performing before moving on to implementing your new strategy.

2. Search Engine Optimization (SEO)

SEO is a way of getting a business or company website to rank higher in Google search results, thus increasing visitors to the business website.

To achieve this, SEO marketers research the words and phrases that consumers use to search for information online, and use these terms in the content of the company's website.

SEO includes many elements:

- The words on your web page.

- Your web layout.

- The way other sites link to your site on their web.

Here are some important things to understand how SEO works.

1. Indexing of content

It's important to allow search engines to clearly read your site's content, by doing things like adding alt text for images, and transcripts of text for video and audio content.

2. Good link structure

It's important that search engines can crawl through your site structure to easily find all the content on your site.

There's a lot that can be done to format links and sitemaps properly, so that your website is easily accessible to site crawlers.

3. Keyword targeting

Implementing keywords properly in your content and headers is one of the basics of Search Engine Optimization.

It is no longer the correct practice to fill your content with as many keywords and variations of those keywords as possible.

Writing high-quality content that uses keywords in the header, and multiple times in the content of the page is considered a better practice, and makes the page rank better in search results.

3. Pay Per Click (PPC)

Pay per click is the paid advertising of the search engine results that are promoted. This is a form of short-term digital marketing, meaning once you stop paying, the ad doesn't appear. Similar to Search Engine Optimization, PPC is a way of increasing visitors to a business website.

Pay-per-click advertising depends on the ad the consumer sees, at the top or side of the search results page, the ad you see while browsing the web, the ad before a YouTube video and the ad in mobile apps.

What makes pay-per-click advertising different from SEO is that you only pay for the results.

In a typical PPC model like Google AdWords, you will only pay when someone clicks on your ad, and lands on your website.

Some companies may see results from this type of digital marketing for only a few hundred dollars, but many large companies spend tens of thousands of dollars a month on pay-per-click advertising.

How much it costs to run your ads or promote your search results will depend on how much competition your keywords have.

High competition keywords (keywords that are used a lot for search) will be more expensive, and lower competition keywords will likely be cheaper.

You can also choose whether you want your website to be displayed to users all over the world, or only within certain geographic areas.