Conservation Marketing

While the 70s and the 80s were the “me” decades, the new millennium is the “us” decade. More than ever we are feeling the pressure to tighten our belts and adopt a more conservative approach, build larger reserves for our families and preserve what we already have. The spend, spend, spend and boom/bust mentality is passing away in favor of a more “grounded” mindset. This extends itself to the marketing arena as well.
Everywhere we look, we see the “green story” being touted. This doesn’t just apply to energy companies, manufacturers and Fortune 500 companies looking to join the “green” bandwagon. Organizations in every industry and field of endeavor are opting for adding this element to their communication strategies. According to the American Marketing Association, green marketing is the marketing of products that are presumed to be environmentally safe. Thus, green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. Yet defining green marketing is not a simple task where several meanings intersect and contradict each other; an example of this will be the existence of varying social, environmental and retail definitions attached to this term. Other similar terms used are Environmental Marketing and Ecological Marketing.
One way that we can leverage the current focus on the “green mentality” is to promote sustainability. It’s getting difficult to find an industry or profession that doesn’t have some type of sustainability initiatives. This can encompass alternative energy initiatives, ride sharing, new recycling alternatives, lower consumption levels and the like. I know a display manufacturer that completely retooled their manufacturing process to eliminate ALL harmful VOCs (volatile organic compounds) thereby reducing their consumption footprint by 70%. While this did require a significant upfront investment in new equipment, it has resulted in a 136% return on investment to date. Their return came in the form of lower material prices, energy rebates and a special low rate financing as a result of the reduced environmental impact.
There are many more ways that we can leverage this 15th Rule. In short let me say that the more we sincerely focus on preserving, conserving and reserving, the more powerful our marketing will be to those who are socially responsible. What can you do to use this concept in your business?

Today’s Show: Crush Procrastination, Why Start-ups aren’t the Answer

Join me on todays Small Business Hour as we speak with Neil Fiore author of The Now Habit at Work offers new strategies for Optimal Performance on the job, in your business at home, and for entrepreneurs. Learn how you can tell your brain and body [your workers] When to start and What to do. Tell yourself the specific time you will start for 15 or 30 minutes on your Top Priority project. We will also be looking at why figuring out how to foster current business growth is far better for our economy than more business start-ups.

Online payments don’t have to be tricky

A number of my clients lately have become interested in using their websites to make it easier for customers to pay invoices. While shopping carts on websites are very common, payment forms for invoices are rarer and can be trickier to implement. My latest article is on the primary options you have for accepting payments online, so if you find yourself in this situation, read more at articles.markdeo.com. We will also be discussing this in more detail on the Small Business Hour tomorrow at 4 PM. Tune in to our show to learn the best way to add a payment form to your website.

Accepting Online Payments

Here’s a quick overview of the two main options you have when considering payments online.  As someone that spent time on the board of directors of an e-commerce focused credit card processor, I’ve seen lots of options come and go in this industry.  While shopping carts are common on websites and many come bundled with web hosting accounts, the methods to accept payment for bills are a bit rarer and can be trickier to implement.  Your two primary options are to use a full service payment processor such as Google Checkout or PayPal, or to create your own solution that uses your own merchant account and a payment gateway you integrate with your website.

Here are the pros and cons of the two main options you have:

  • PayPal/Google Checkout:
    • These are both widely used online payment processors, so your clients are likely to have used them for making purchases from online stores or making online payments.
    • Security is outsourced to their servers, meaning you don’t need to worry about safeguards and regulations that require you to protect credit card and bank account information.
    • The fee structure is simple, and normally winds up costing less at low transaction volumes (less than a few hundred transactions per month)
    • Simple technical implementation- you are often able to get these up and running much faster than a system where you send transactions directly to a credit card processor from your website.
  • Merchant Account/Payment Gateway:
    • You typically need to have a few things to make this happen- a merchant account to process credit cards, an ACH account or instant fund transfer account to process checks, a payment gateway account (such as Authorize.net) that links the aforementioned accounts to your website, as well as taking security measures on your web server. 
    • Each of these items have their own fees that can be annual, one time setup fees, monthly, or per transaction (some may incur fees that fall into more than one of those categories).  Most of them also have minimum fees that you would need to pay even if you didn’t process any transactions.  It is not uncommon for the minimum fees to add up to about $100/month, to have setup fees for these accounts that are a few hundred dollars, and to incur lease payments on some of these items.  The per transaction fees are normally far less, so if you process a few hundred transactions per month these accounts can be less expensive.
    • Check processing directly through a bank can often be done faster than through PayPal (since PayPal adds an additional step to the process)- credit cards take about the same amount of time regardless of which system you use.
    • The technical implementation is much more complicated for these setups, and generally requires greater ongoing troubleshooting and support.  At high transaction volumes this becomes worth it due to savings on fees.

If you’re just looking to allow customers to pay invoices online (not selling products), in most cases its best to start with PayPal or Google Checkout, since it is an easy way to get stated and judge the interest from your customers in making payments online.  If it is a big success and hundreds of invoices are paid online each month, then it justifies migrating to a setup with your own merchant account.

Today’s Guest: Little Guy Makes it BIG!

Join us as we speak with Dal LaMagna, founder of Tweezerman. Dal shows how a lot of pluck and a bit of luck can lead to success.
From creating the first computer dating service in college followed by drive-in discotheques, to inventing a psychedelic light box and selling waterbeds, LaMagna’s many money-making schemes tell the story of a sixties-era seeker who had inexhaustible ambitions, creativity, and resilience. Like the start of most small businesses, Tweezerman was a one-man show.  He did all the selling, inventory management, bookkeeping, shipping, and deliveries himself. He operated out of a 400-square-foot bungalow that was his office, warehouse, and home. His initial investment was $500. Years later, he sold the company and walked away with millions. Dal is author of the book, Raising Eyebrows: A Failed Entrepreneur Finally Gets It Right (John Wiley & Sons).

Guarding your reputation online

The research firm TARP performed a series of studies on customer satisfaction from the late 1970’s through the 1990’s. It was found that many customer complaints are unreported, and that customers are far more likely to talk to others about negative experiences than they are with positive ones. With the prevalence of social media sites such as Facebook and Twitter, it is easier than ever before for customers to relate their experiences to their contact base. As such, it is imperative that businesses do everything they can to find out what is being said about their products and company in general.

I’ve just posted my latest article on how you can use the Internet, including social media sites such as Twitter and Facebook to manage your reputation online. Click here to read how you can manage your online reputation.

Managing Your Reputation Online

In a series of studies from the late 1970s through the late 1990s conducted by the research firm TARP, it was found that only 50% of consumers will complain about a problem to a company.  And on average, twice as many people are told about a bad experience than they are about a good experience. TARP’s last basic finding is that customers who complain and are satisfied are up to 8% more loyal than if they had no problem at all. 

These studies provide us some valuable lessons- unhappy customers are likely to never even let you know that they are unhappy, but they WILL tell their colleagues and friends.  Even if you have an excellent customer service department that resolves problems quickly, which actually helps your relationship with customers more than if they had never had a problem, you will often never have the chance to address these issues.

These problems are compounded by the fact that the prevalence of social media sites (Facebook, Twitter, Linked In, MySpace, Blogs, etc.) make it very easy for someone to spread the word about your company.  Since they are twice as likely to do so when upset as they are when happy, it is simple for a customer to express their disdain for a company or product to dozens, hundreds, or even thousands of contacts.  If you never hear about a problem, how can you possibly hope to resolve it and get a chance to turn that unhappy customer into an evangelist that spreads the word about your great customer service? 

Luckily, there are ways to combat this problem.  Here are three essential tasks that are essential for managing your online reputation.  These will give your company the best chance possible to keep your customer base satisfied by helping you find customers that are expressing problems with your organization of which you are unaware.

1) Set a Google Alert for your company name- Go to: http://www.google.com/alerts – complete the form, entering your company name or any product names you wish to monitor.  You can set up multiple alerts for different terms you wish to monitor.  When you have done this, once a day you will receive an e-mail letting you know about any new information about your company and products that have been added to their database.  This will allow you to quickly discover both negative and positive comments.

2) Search Twitter at least weekly for these same terms.  This can be done in an automated fashion with a Twitter client such as Tweetdeck, or manually through searches on the Twitter website.  Again, the purpose of this is to find both negative and positive feedback about your organization.

3) If you sell products, either through your own website or through online retailers and partner sites, search product and company reviews for new comments about your company and products.  Whether they are sold through amazon.com, newegg.com, or even on your own site, it is imperative that you read the latest reviews.

Now that you have seen the latest feedback your customer base has about your company, respond appropriately.  If persons are making positive comments, thank them publicly by posting replies to their tweets, blog posts, and reviews.  You may also wish to respond with coupons or other special offers as a way to solidify their positive feelings about your company.

If someone has left negative feedback, publicly make it known that you would like to discuss their issue with them, and provide a means for them to do so.  Then make sure that you treat their concerns with a high priority in your customer service department.  You likely only have one chance to get it right with an already upset customer.  Lastly, once you successfully resolve the issue with an upset customer, ask them to publish their satisfaction in the same manner as they did their complaint. 

Following these tips will help you find unresolved customer complaints and deal with them appropriately.

Integrating On-line and Off-line Marketing

There’s a lot of discussion these days about small businesses obtaining greater access to capital. But what many businesses require much more than funding at this time are more clients and increased revenue. For this reason marketing must move from a temporary focus to a more consistent focus for small businesses. This has mandated a greater need for the smooth integration of online and offline marketing efforts. The following are some simple ways that this integration can take place:

Consistent Branding – Include your URL or website address on every piece of business communication. This includes letterhead, business cards, post cards, Yellow Pages, ads, flyers and handouts. Image Continuity – Try to use the same format, imagery and colors on your promotional material which is used on your web site. This promotes greater consistency, higher top-of-the-mind awareness and re-enforces your branding message. Use of Spaced Repetition – Be sure to promote the same message in your off-line material as on your web site. There’s nothing worse than offering a discount in the store or on a mailer but not showing this same discount on your web site. On-line customers may feel cheated or less important if we don’t include them in the program. Coordinated Timing – It is also important to roll-out promotional campaigns simultaneously. Planning on a target launch date for your campaign and ensure that all preparations are made by this date on both fronts (on and off-line). Professional Web Presence – It is absolutely critical that your on-line image matches your off-line (or brick and mortar) image. If your retail or office location looks professional, organized and reflects your business philosophy it is just as important that your web site does also. This means you may want to make the investment in professional web development services. Meeting the above criteria in the development and launching of any marketing efforts will make all the difference in the world when it comes to creating viable response.

LA Business Journal

Many businesses in Hollywood are suffering due to the economic slowdown, and as usual it is small businesses that are suffering the brunt of the problem. While most of the press is focused on multi-billion dollar studios, it is the caterers, prop rental houses, equipment suppliers, post production facilities, independent contractors, and other small businesses that make it possible for studios to make huge profits every year. I was recently quoted extensively by the LA Business Journal on this issue, and give some tips on what these companies can do to combat the problem. Please read this article at: http://www.labusinessjournal.com/news/2010/aug/23/lot-left/

Stop Burning Your Money (Part 2)

Last week we began a discussion of techniques used in effective Internet Marketing campaigns.  To read that article, please click here: http://articles.markdeo.com/2010/08/stop-burning-your-money-like-dead.html

To recap, the 5 most important activities you can undertake are:

  1. Keyword Selection/website copy
  2. Inbound links
  3. Landing Pages
  4. Blogging
  5. E-mail marketing

We wrote previously about keyword selection/website copy and inbound links, and now we’re moving on to landing pages and blogging.

To read more on these topics, click here, or request our FREE Internet Marketing Whitepaper by sending me an e-mail at mark@markdeo.com