Find the Missing Link in Your Social Media Strategy

By: Robbin Block, Blockbeta Marketing

An effective social media strategy depends on finding the right sites to reach your audience. Beyond the major social networks, which attract a large, generalized audience, there are plenty of niche sites which will help you build exposure and website traffic.

Benefits of Niche Sites

  • More targeted: Relevance trumps size
  • Buyers, not browsers: Leads to more qualified, convertible traffic
  • Big fish, smaller pond: Less clutter and noise, more chance to get noticed
  • More meaningful sharing and engagement

Be Where They Are

The point of using social media for business is to get in front of potential customers, which means you want to be where they are hanging out. Whether you choose major or niche sites, define your audience using the following and then match it to the sites that meet your criteria:

Geography: Neighborhood, city, regional, national, international.

Interest: Consider the site’s focus: i.e., design, games, business, etc. Drill down as much as possible to match your target audience.

Demographic: Easily identifiable stuff about participants, like age, income, education. For data about social sites, start your research at PEWInternet.org. For small sites, you may have to find out from the site itself. Look for advertising information in the footer (just for info, not to advertise).

Activity: What people do at the site, i.e., simply commenting vs. watching videos. Think about the kind of content that fits with what your business is about, i.e., if you have a visual business, Instagram and Pinterest may be a good fit.

Affinity: What participants have in common, i.e., people planning a wedding or those that like to invent things with Legos.

Many people participate in both major and niche sites, so select a balance of each. If you choose a major, join subgroups that match your audience, ie., a food related business in Seattle could join the Seattle Foodies group on Facebook.

Where to Find Niche Sites

The more sites seek to create interactivity and engagement, the more they’re likely to offer social opportunities to participate in. Start with the associations and groups your audience belongs to (ask them), then look for social opportunities in the following places:

  • Search Google like a customer looking for a product like yours and see what social sites come up.
  • Industry Associations
  • Online Publications
  • Social site directories
  • Check competitors’ sites for their social badges
  • Look at your own referral traffic data
  • Vendors sometimes have their own social networks too
  • Search Google for “niche social sites” + your area of interest
  • Go local (websites, blogs, publications, etc. in your geographic area)

Don’t Spread Yourself Too Thin

Once you’ve narrowed down your list of niche sites, finding the best match you can, prioritize them by highest amount of traffic. Then, start using them and track the referral traffic to your site, using something like Google Analytics to see if all that effort is paying off.

Learn more about social media marketing.

Robbin is presenting “Slay the Social Media Dragon” at this year’s Bizfair.

3 Ways the Public Library Helps Entrepreneurs

By: The Seattle Public Library

Whether you are exploring a new business idea or are trying to grow an existing small business, your public library can be an important ally in helping you create a viable plan. The Seattle Public Library (SPL), King County Library System (KCLS), and Pierce County Library System (PCLS) offer access to an extensive selection of free resources for entrepreneurs at any stage.

Here are three great ways you can take advantage of your public library:

1: Conduct Market and Industry Research

Business databases accessible through your library’s website can help you locate valuable research and data that is not available on the open web. With your library card, you can access these tools 24/7 without having to visit the library. You’ll find:

Information about other companies:
Enhanced business directories will help you identify competitors, prospects, suppliers or partners, and they are searchable by type of business and geography. These directories also include detailed information for private companies that can be difficult to find elsewhere, like estimates on revenue and number of employees. Look for: ReferenceUSA (SPL, KCLS) and Mergent Intellect (PCLS, KCLS)

Information about consumers:
Demographics databases are useful for choosing a business location, locating target customers, and sizing your market. These tools go beyond basic census data and dive deeper into consumer spending and psychographics. Look for: DemographicsNow (SPL, PCLS) and Social Explorer (KCLS)

Information about your industry:
Industry reports available through business databases will include your industry’s trends, opportunities, challenges, regional highlights, financial benchmarks, and more. Look for: ABI/Inform Trade and Industry (SPL, KCLS) and Business Source Complete (PCLS)

2: Build Your Technology and Business Skills

Web classes:
Brush up on business and tech skills with online courses you can take at home, at any time, and on your own schedule. Classes range from beginner to advanced level, and include a wide range of courses like social media marketing and Microsoft Access. Look for: lynda.com (SPL, PCLS, KCLS), Microsoft Imagine Academy (all libraries)

Books & eBooks:
Library collections include up-to-date guides on starting a business, writing a business plan, marketing, business tech skills, and more – available in print or as eBooks. Look for: Safari Tech Books (SPL) for its vast collection of up-to-date tech and business eBooks that are always available.

Library events:
Attend free library workshops and events to get expert advice and ask your own questions on topics like marketing, operations, funding, opening a food business, and more. Meet representatives of local agencies at library-hosted open houses. Check your library’s calendar to find out what’s happening soon!

3: Get Research Help

Locating the best business resources for your needs and then learning how to use them can be time consuming and frustrating. Librarians are available to make this process a little less painful! All libraries can help in person, over the phone, and by email; Seattle Public Library also offers one-on-one business research appointments.

Find The Seattle Public Library and Pierce County Library System at the Biz Fair to learn more!

5 Tips to Ensure Your Business Gets Paid

 

By: The Export-Import Bank of the United States

According to a U.S. Bank study, “roughly 82 percent of small businesses actually fail due to inefficient management of cash flow.”  One of the catalysts for inefficient cash flow is outstanding invoices, which continues to be a major pain point for small businesses that try to remain financially healthy. Costs associated with late payments—such as interest costs or legal fees—must be avoided, and when domestic business turns into foreign business, collecting payment can be much harder, so we’ve identified some tips below to ensure your business gets paid going forward.

1. Develop a Systematic Payment process

It’s critical to set up an easy-to-use payment process system to allow your customers to receive automatic notifications, emails and alerts. For example, if a due date is coming soon, an email can be sent out automatically to the buyer or an alert can be sent to the exporter notifying them to call the buyer. Calling has served as a great customer service technique because it allows the exporter to establish a more personal relationship with the buyer.

2. Incentivize customers

As you start to build a relationship with your foreign buyer, it may be wise to incentivize a customer to pay earlier than the due date by providing a small discount on the total invoice price.

 3. Communicate with your company

An exporter’s credit management process needs to be understood by everyone in the organization because there may be times when other internal departments play a part in collecting the payment. For example, an exporter’s sales group may communicate with the client more than the finance department, so being able to communicate, educate and enforce the payment process from all departments may help the exporter collect final payment.

 4. Document, document, document!

Make sure there is an efficient document management system when collecting invoices (especially the signed invoices) and other payment conditions/notices. Each invoice must clearly state terms and conditions, but before sending out an invoice, have a lawyer review the initial invoice template with stated terms and conditions (and if modifications need to be made, have it reviewed every time for consistency).

5. Research, research, research!

Finding out information about a foreign buyer may be difficult, therefore, leveraging your relationship with the U.S. Department of Commerce local offices or your local trade association may help when doing your research on whether or not the potential foreing buyer is in financial good standing. Local credit bureaus or local Chambers of Commerce groups may also be avialable to provide information on foreign buyers and they also may have industry background data on payment tendencies (such as average days sales outstanding). Finally, visiting the foreign buyer in their home country may give an exporter a better idea of whom they are doing business with and helps to establish better relations.

EXIM Bank offers export credit insurance, which helps the exporter mitigate the risk of foreign buyers not able to pay. With export credit insurance, EXIM Bank will cover up to 95 percent of the invoice and, in addition, will vet potential buyers to ensure they are in good financial standing. For more information on export credit insurance, click on this link to set up a free consultation with an EXIM Bank specialist in your local area!

Join John Brislin from the Seattle Regional EXIM Bank at the “How to find customers outside the U.S.” seminar to learn more about how to get paid at Biz Fair on September 30.