05/18/2013

Tracking ROI: Why Marketing Analytics Should Be Your Priority

Think BIG. In this changing technological world and industry, you have to maximize your outreach across the web spectrum. With big data and information now being collected and analyzed in the marketplace, web analytics by itself just won’t do the trick. What do you need? It’s not magic; it’s marketing analytics.

The distinction between web and market analytics is like comparing a piece of a puzzle to an entire picture as a whole. Most people utilize web analytics through tools such as Google to track page views per visit and site performance—only partial information. Market analytics on the other hand, have a more holistic approach: measuring not only your website traffic, but all of your data—monitoring your sales, social media, to offline events and more.

How the rise of the internet and digital advertising has changed the nature of marketing – more data more analytics 

The bigger the data set, the more analytics involved. By only evaluating a portion of your market information, it would be fair to assume you could be only receiving a scrap of your ROI, and not maximizing your full potential.

Just as mobile apps are adapting to the new surge of data, businesses should use market analytics to shelter the rise of digital advertising. In order to scale this vast data, businesses must invest in upgrading their strategy to get ahead of their competitors. The use of market analytics has never been so vital to your marketing business.

Why should MA  be your top priority to ensure highest return on investment for marketing budgets

82% of marketers say they expect measurable campaigns, less than a third of them can actually deliver the results the return of their investment.

This statistic confirms the difficulty marketers face in tracking their ROI. For example, imagine you are selling a new product online. At first, you are measuring how many people visit your website and when people purchase your products. You may get a couple of hundred or thousand views and learn that people tend to purchase things during late afternoons after they’ve finished their work for the day. Now, imagine that you can combine your web site performance, offline sales, social media accounts, and other customer activity.

You may unearth information. For example, people on Facebook are recommending the older product because it is cheaper and in most cases, delivers the same results. In addition, you’ll find that offline sales in general are more appealing to customers because they can sample and try your product in person. See how market decisions could drive your business? It allows you to broaden your visions in order to make decisions from a larger marketing platform.

Profile of key strategies and tools marketers can use to track what is working and what isn’t 

So what are some strategies and tools marketers can use to track what is working and what isn’t?

  1. Integration

Integrate all of your media channels so that you can monitor them on a comprehensive program. Compare your results with each of your channels. Use what works and build your decisions around which marketing outlets are worth your time. Comparing this data as a whole, you can maybe see that your blog is not performing while your Facebook takes the center stage.

  1. Change your concept

In order to maximize your results, you have to switch the way in which you think. In a 2012 CMO Survey, the results found that most managers do not make their decisions based on market analytics even though it could help them get ahead of their competitors. Marketing managers should adapt a new strategy amid the new technological era. Technology and the market is changing and your concept of marketing should, too.

  1. Test your strategies

Maybe you are not sure if your email service is making any difference in your ROI? A great tool to use would be to track what is working and what isn’t. Testing your marketing channels can do this. If the data isn’t enough, then create your own. See what works. Maybe sending less frequent emails during lunch break will result in more subscribers rather than blasting their email server during the wrong times of the day.

About the Author

Logan Harper is a digital strategist for the University of North Carolina at Chapel Hill’s MPA@UNC: online masters degree in public administration and MBA@UNC: online masters degree in business administration programs. In addition to higher education, he is also passionate about travel, cooking, and international politics. Follow him on Twitter @harperlogan.

Change the Face of your Business: 6 Steps to Avoid Being Sued

Accidents and misunderstandings can happen in any industry but the last thing any company wants is the hassle and stress of being sued.

Taking on a litigation case is a massive risk for any business, regardless of its size, because it requires a large sum of money to go to court.

Fundamentally, there is no guarantee that you will win, so there is the chance of losing all that hard-earned money; and you could end up paying the opponents legal fees too.

Essentially money is the deal-breaker but being sued also causes a lot of strain that is otherwise not needed. It is extremely time-consuming and expensive.

Ask any business owner and they will tell you the same thing; all they want is to get on with running a successful brand; not being dragged through the courts.

So how can you minimise the risk of being sued? Here are 6 key steps that will help you avoid the court of law.

  • Get insurance
This is absolutely crucial. Employer’s Liability Insurance is compulsory for all businesses and it covers you for any liability you may have for injury or death to your employees.

Elsewhere, Public Liability Insurance covers you for any liability or death to third parties, and damage to third parties property as a result of negligence by you or your employees.

Legal Expenses Insurance is vital to cover your legal costs, but check what your policy covers because often or not they can be limited in the amount covered, as well as the type of claims. A standard cover usually includes court costs, employing solicitors and accountancy fees.

  • Treat your staff and customers right
Customer service is imperative and it is the backbone to your business. If the customers are not happy, they won’t return to use your product/service, or worse, they could take you to court. A complaint should always be treated with the utmost respect.

If you fail to support your customers properly, you open yourself up to allegations. Be prompt with your responses and take a grievance seriously.

It is also important to retain your employee’s happiness. Employment disputes are a major cause of litigation and wrongful/ unfair dismissal are the most common types of claim. Treat everyone how you would like to be dealt with, and look after your workforce.

  • Stay above board
If your business does everything by the book and nothing illegal, the chances are no-one will sue you because they won’t have anything to back up their claim.

Know the law and your rights, as well as your employee’s rights and stick to them. Put policies in place and make sure they are adhered to.

For example; if the floor is wet, make sure your employee’s know the correct procedure to clean it up and put out a warning sign, before anyone slips. This minimises the risk of an accident occurring, and should a fall happen, you have backed yourself up legally.

Communicate to all employees what your policies are; make sure they know the basic do’s and don’ts; and comply with legislation.

  • Document everything
The statement ‘but I told him not to do it’ would not stand up in court. Why? Well because the claimant can argue that nothing was ever said. Nowadays, if you want to give the business a sense of security, you need to put everything in writing.

Even if something is said verbally and is agreed, follow it up with an email to document the important conversation. By doing so, neither party can deny the exchange at a later date. Any type of agreement, whether it is a contract, transaction or chat; get it in written form.

  • Run background checks when recruiting
What kind of staff are you taking on? You can minimise the risk of fraud taking place by running thorough background checks. Before recruiting anyone, run a CRB check and make sure that they are ‘harmless’ in terms of cons or schemes.

Have they previously taken anyone to court? Obviously if it wasn’t their fault this shouldn’t be penalised against, but you should take all court proceedings into account.

  • Pay your taxes on-time
As a business, you have a responsibility to pay corporate tax on-time and to report all your earnings. You can be sued if you are not paying the right amount of tax, and sooner or later the organisation which collects debt, be after you.

Whether it is HM Revenue & Customs (HMRC), or the Internal Revenue Service (IRS), they will come after you if you are untrue.

Change the face of your business and follow the steps above to reduce the chances of being taken to court. Remember- being sued is costly but there are options available that can help by offering a funding solution to the costs of running a case.

This article was provided by Vannin Capital, specialists in litigation funding. The experts provide a risk-free solution to pursuing litigation for every business.

 

New Skype Platform for Small Businesses Launched

Skype, the Microsoft subsidiary whose services allow users to communicate with each other by voice, video and instant messaging over the Internet, is reaching out to small business owners with a new service called Skype In The Workspace (SITW), an online platform aimed at helping them connect with business partners worldwide.

After a six-month beta trial involving 500 businesses, the free-to-use tool was launched in early November. Or, as one online technology publication heralded the arrival of SITW, “Skype Grows Up, Goes to Work”. It is expected to allow millions of small businesses, entrepreneurs and startups to promote their products and services by providing a central hub for connecting with experts, coaches and consultants who can help them develop their businesses. Users can improve their existing connections and establish new ones by instant messaging, talking to or meeting face-to-face with peers and business prospects over Skype.

According to the Skype website, SITW helps businesses in three specific ways:

  1. To find the services they need from a global community of experts.
  2. To promote their services to make new connections, share inspiration and help grow business.
  3. To organize businesses to get the most from their Skype connections.
To get started with SITW, businesses join the community by using their existing Skype accounts or creating one. They then use a series or promotional tools to create public “offers”, inviting other members to live demonstration sessions of products and services via Skype. Users can also book appointments with potential customers or suppliers and keep track of them with a meeting notification service. Users can also offer testimonials of products and services.

“With more than 280 million connected users each month, Skype offers a huge range of contacts for the small-business community,” notes Ural Cebeci, head of SMB marketing at Skype, in a prepared statement. “We aim to connect millions of small businesses with Skype in the workspace and believe that, by taking advantage of this shared network, businesses can develop the range of tools they need to grow, regardless of location or industry.”

Two early adapters of SITW agree that the service really delivers. “There’s a big difference between a professional network and a social network, and Skype In The Workspace seems to understand this distinction,” says Jorge Parra, a Florida-based professional photographer and avid Skype user. “It is the perfect companion to my existing online presence and generates connections that will actually bring me business.”

Cindy Bidar, owner of a U.S. startup providing expert advice on how to design, build and maintain an online presence, says that “Skype In The Workspace has offered something other online platforms couldn’t — a community of business-focused individuals who can explore my services and interact with me in real time.”

“Small businesses are the backbone of the U.S. economy. For these businesses to survive and grow in what is still a tough economic climate, we understand that good communication and connections are key to their success,” says Cebeci. “We feel we’re helping connect businesses face-to-face with their customers and prospects, no matter where they are located. It opens up a world of opportunity for them.”

About the Author: Beth Longware Duff is a professional editor and award-winning writer whose work on a wide variety of topics has been published in print and electronic media. She currently writes on a wide range of topics dealing with electronic payment processing and credit card processing services for Merchant Express.

How to Motivate Your Employees

Motivating your employees to work hard can help your company grow. If your employees dread coming to work each day, your company’s productivity will suffer. Even making a few small improvements, such as adding a training program for current employees, can help you to cultivate a positive atmosphere at the office.

Improving the Office Environment

A boring office environment can have a negative impact on the morale of your employees. Allowing your employees to decorate their own cubicle with some favorite items can help everyone feel more comfortable. Encourage your workers to bring in family photographs, trophies, artwork and other visually appealing decorations.

Listen to Your Employees

If an employee approaches you with a work-related issue, such as a dispute with a company policy, listen carefully to the employee. Try to reassure the employee by discussing a resolution together. By listening and reacting, your workers will see that you care about the company. In addition, your employees will know that they can approach you for help.

Casual Dress Code

Relaxing the office dress code can help your employees feel more at ease. If your company’s industry requires a more strict dress code, consider allowing employees to dress casually only on certain days. Your employees will feel more comfortable on these days and even look forward to each special day.

Training

Helping your employees feel more confident will ensure that your office stays productive. Each new employee should get plenty of training to prepare them for their new job. You should also offer training to current employees each time you make significant changes to company operations, such as upgrading to a new computer system. Good training will help your employees to know exactly what to do when a new problem occurs. You can also incorporate business coaches to help increase productivity and motivation.

Surprise Your Employees

Even small and minor perks can motivate your employees to increase their productivity. For example, you can throw a pizza party after successfully completing a large project. For smaller accomplishments, bring in doughnuts and gourmet coffee for the office. These little surprises will make your employees smile and feel appreciated.

Ask For Feedback

If you’re still struggling to boost the morale at your office, consider asking your employees what you can do to improve. Through anonymous surveys and other tools, you can get honest feedback from your workers. Try to make reasonable changes based on the suggestions you receive. Listening to these suggestions will ensure that your workers feel involved in the future of the company.

This post was written by Jeanie on behalf of Noomii.com. You can find them here on Google +.

Hiring Commercial Sunbeds for a Tanning Studio Made Simple

Living in the colder climates of the UK has created an expanding market in the world of ‘self-tanning’ booths and tanning studio across the country worth over £10 Million each year. Many of these tanning salons hire commercial sunbeds for their business, reducing their start up costs with no massive cash outlay of purchasing the sunbeds or upright tanning booths and their running costs cover the hiring of the sunbeds. If you own a health spa, beauty salon or fitness club and are looking for a way of acquiring sunbeds for your business to tap into the tanning market, then hiring sunbeds is a simple solution.

Things to consider before hiring a sunbed for your beauty or fitness club

-Search for the most suitable financial package offered by commercial sunbed hire companies. Decide whether you want to hire the latest sunbeds at a higher cost or reconditioned tanning beds that are just as good but at a lower monthly cost. Most commercial sunbed hire companies provide the installation of the sunbed/s and aftercare service included in the hire agreement – you need to check this is included and not an extra charge.

-Taking on a hire-contract for a sunbed is a long-term financial commitment for your business. It is important that you work out your cash-flow and make sure that you can afford to run a sunbed (extra to your electricity bill) and covering the cost of the hiring in the price you charge your clientele as well. Work out the best ‘minute deals’ you can offer your clients and how many clients you will need to use the sunbeds on a regular basis to cover everything.

-Do you have the space for a sunbed and changing room area? Most beauty salons have separate tanning rooms or tanning studios provide changing rooms and lockers for clients using the sunbeds. Mosts sunbeds are at least 7ft long, 4ft wide and 4ft high so adequate space in a room is needed to fit a sunbed in.

-Offering sunbed tanning as a business is regulated by the Sunbeds Regulation Act (2010) and there are strict laws concerning the use of sunbeds by the members of the public that you and your staff should be fully aware of and have trained your staff in the correct procedure of how to use and be knowledgeable about sunbeds in general. You must also provide eye-protection for all users of your sunbeds as a legal requirement.

-You can also expand into selling beauty products to include a variety of tanning lotions specifically beneficial for the use with sunbeds and after tan creams as an added income. There are numerous beauty companies that cater for products have been developed for sunbeds that provided in-house point of sale displays and the relevant beauty and health information for your business.

There are several companies that offer commercial sunbeds for hire. Most commercial sunbed hire companies will provide installation and instructions of basic care of your sunbed and basic training for your staff on use. Hiring sunbeds could be a simple solution to generating cash for your beauty or health business.

This article was supplied by commercial sunbed hire company, Helionova, who have been supplying sunbeds to the hotel and leisure industry for over 25 years.