Wyoming Entrepreneur Blog

Developing a Facebook Content Strategy for Your Business Page

You clicked on a tab “Create a Page” and answered all the questions. You uploaded an eye-catching Timeline cover photo and you uploaded your logo for your smaller profile photo. You may have even posted a couple of well-crafted posts on your wall and invited family and friends to like your newly created business page on Facebook. 

Now What?

Keep in mind what a page is all about. It isn’t about sell, sell, sell! Selling is secondary on social media. Social media is about relationships. Build a relationship with customers and potential customers. Personalize and humanize your page. People trust others when there is a personal connection.

Be sure you understand who buys your products or uses your services. If you are still unclear who is  your typical customer, contact the Market Research Center-307-766-2688. They will provide you a profile of a typical client. The more you know who your customer is, the better you can target your social media posts.

Spend some time to develop a content strategy plan. It doesn’t have to be an elaborate plan, just a bulleted list to use as a guide for you and staff.  You want to post information that will make an impact or provide value to your readers. The ideas below give generic topics. Provide the information as you would speak to a good friend; Be yourself, be open and honest.  Limit your posts to around 80-100 characters; readers want quick information. As time goes on, posting on your wall will become more comfortable and easier.

Some content ideas:
•    Provide education about your product and services.
•    Provide industry information: trends, what’s new, resources, etc.
•    Announce successes: awards, certifications, newspaper/magazine reviews, etc.
•    Highlight or spotlight customers you have worked with, who love your business, etc.
•    Post photos and videos whenever possible
•    Announce when you will be attending trade shows, festivals or volunteer efforts/causes.
•    Post workshops, webinars and classes.
•    Post something unique or creative every week. Give readers a reason to check your page every week.

What strategies do you utilize on your page?

Using the Bucking Horse & Rider Motif on Products

This post was written by Greg Jordan, Associate State Director, Wyoming Entrepreneur, Small Business Development Center.

We often get questions bout using the bucking horse and rider (BH &R) on merchandise. Steamboat, officially named the bucking horse and rider (BH&R), is indeed on products all across the state of Wyoming and the nation.  You can find it on everything from t-shirts to hitch covers; it’s even on the state quarter.  What many people don’t know is that the BH&R is trademarked by the state of Wyoming and has been since 1936.  It was originally worn by WWI soldiers from the Wyoming National Guard in France and Germany. 

Just because it is licensed doesn’t mean you can’t use the BH&R.  The University of Wyoming trademark and licensing office administers the BH&R licensing for the state.  They can help retailers find suppliers, and even help you with merchandising ideas.  For manufacturers, they can help you with the licensing process share information about your product to retailers. There is a charge for using the BH&R but compared to licensing fees for other logos around the country, it is very reasonable. Besides, there is a reason you see the BH&R on everything.  As one retailer was heard to say “If you put the Bucking Horse and Rider on just about anything, it will sell.”

Many organizations around the state want to show their Wyoming pride on their signs, letterheads and business cards.  They only need to fill out a business use agreement and if it is approved there is no charge. 

The people at the Wyoming Trademark and Licensing office are a great resource for helping get a product licensed to sell with the BH&R.  You can find more information on their website www.uwyo.edu/uwlicensing.  And the advisors at your local Wyoming Entrepreneur can help you get your business ready for the growth in sales you are sure to get when you sell officially licensed Wyoming merchandise.

 

What is Digital Signage? How Can My Company Use It?

Digital signage can be defined as any form of electronic display that is centrally managed and communicates targeted information, entertainment, merchandising and/or advertisement. Anytime you see a screen in public displaying some type of message, image or video, you are looking at a digital sign. Digital signage; however, should not be confused with television, broadcasting or a PC running a PowerPoint Presentation in a loop. The systems are typically composed of one or several displays, one or more media players, and a content management/content delivery system. Over the past decade, there have been major advances in digital display resolution and drastic cost reductions. Replacing heavyweight, cumbersome and power-hungry CRT screens, are new ultra-flat LED, LCD and plasma panels that come in many different sizes and resolutions and can be used in many different scenarios.

One huge advantage of digital signs is their flexibility. You can control what is displayed, when it is displayed and how it is displayed . Digital signs can function as direct sales pieces or can be used to increase business efficiency with customers. Your “electronic salesperson” may direct customers where to find specific items and/or physically show them other products that might interest them. A bar or restaurant may utilize digital signage technology to upsell or feature specials. For example, the sports bar offers specials every time the home team scores. Examples of efficiency utilization include traveler information at airports, pedestrian guidance in large buildings, and cafeteria menus. And, let us not forget the iconic time/temperature signs we see on so many bank buildings. Education is also often a goal. Consider those “healthy videos” often shown in doctors’ offices. Depending on the venue, some of those videos also function as sales tools. The display showing the results of teeth whitening in the dentist’s office probably sells quite a few whitening procedures. The marketing strategy for each business will differ, depending on your goals. The goals of the campaign should be clearly specified before going into this medium. If your goal is to attract new customers, remember that selling to a new customer is considerably more expensive and takes longer than selling to an established customer. Offering content about your services, your business, and even about your employees is a good way to build a relationship with a new customer. To entice repeat customers, remember to keep the display fresh. Display new content regularly. The advent of affordable, interconnected, high-definition flat digital displays has enabled advertisers and other content providers to replace static screens with timely, targeted content. Content programming may either follow a pre-arranged linear playlist, with specific time slots for different content elements, or a dynamic playlist that evolves according to different criteria, including user. Some content can even be programmed to change according to environmental sensors.

The global advertising landscape has evolved dramatically over the past decade. While traditional print advertising has declined substantially, market share and interest in interactive advertisement on the Internet, mobile and other innovative media has skyrocketed. As a result of falling hardware costs, large-scale public display networks are becoming common in many settings. Many argue; however, that the full potential of digital signage as an innovative, interactive medium still remains untapped. Watch out for biometric recognition and gaze tracking in the near future.

Convenient Store Hours

From a customer perspective, if you work from 8 until 5, you need to be able to shop either after 5 or on the weekends.  I recently heard it said that 70% of retail buying happens after 6:00 pm and on weekends. I’m not sure if that number is correct, but it does illustrate that at least a good share takes place later in the day.

From the store owner’s side of the coin, many are small businesses with few or no employees. They put in long hours, and also feel like they deserve a life outside the store.  However, I think some tend to forget that if they don’t have customer’s spending money in their business, they won’t have a business for long. 

So, what’s the answer? Here are a few things to consider. First, make sure you have consistent hours.  Shoppers get frustrated if they never know when you are open because it’s different every day, or you simply close randomly when something comes up.  Malls have this figured out.  They require their businesses to be open certain hours as part of the lease.  Consistency… On a related note, it’s not only good for you to do this, but even better if all the store owners in the area agree to do it.  You will all benefit.

Try opening a little later in the morning and staying open later in the evening (this will support the after 6:00 pm shopper idea).  You will be open the same number of hours, just different hours.  This may not be as convenient for you the owner, but remember it’s not about you, it’s about the customer.  

A final thought that I learned many years ago is this.  If you say your hours are 10 to 7, be open at 9:50 and stay open until 7:10. Remember, not everyone’s clock is set the same as yours.  I’ve seen people come rushing up to a store right at closing time (and I’ve done it myself), a clerk has just locked the door, and refuses to re-open it.  This is someone that wants to buy something or they wouldn’t be rushing to get there.  Help them spend money in your store!

Do you have some ideas for people to consider?

Customer Retention The Old Fashioned Way – Using New Fangled Tools

One of the things I hear for business clients frequently is that they don’t understand how customers think today.  Actually times haven’t changed that much, but there are new tools that make keeping your customers happy actually work more like things did in my great grandfather’s time.  Back then you purchased from the retailer down the street.  You knew him and he knew you and your family.  There was a relationship, and with that relationship came flexibility.  The old “mom and pop” stores often ran tabs, gave discounts and remembered what their customers liked.   Then came the age of mass marketing where consumers were numbers and entries on a balance sheet, and the personal approach was lost.

 

What’s happening today is a return to the times when merchants and customers had personal relationships.   The difference is that technology has opened a window to enable these relationships to occur between people who are located a great distances from each other.   Karl Wirth, writing on the Marketing Profs website talks about the “7 P’s of Customer Retention”.  These are:

 

1.  People.   To retain customers you need to build a relationship with your customer as a person, not just a customer.  Start by hiring people who show they care about others.  Many companies now have a “chief customer officer” to ensure that the entire company maintains a people focus.
2. Product.   Without the right product, you won’t really be able to accomplish any of the “P’s”.  Make sure that your product provides value quickly, retains value over time and is of high quality.  Commodity items don’t generally have loyal customers, so make sure your product is special.
3. Place.  Location matters when you are locating a physical store, but if you are an online retailer, place still matters.  Your site needs to be easy to find, easy to navigate, and friendly to the customer.  What goes for “bricks and mortar” goes for online merchants as well.
4. Price.  If you have a relationship with your customer as a person, then you take care of each other.   The new expectation is that customers expect retailers to look after them.  This can be by providing deals for returning customers or by adding services or features without charging more.  Turn your employees loose and they will help you find ways to maintain this relationship.
5. Promotion.  You should promote to existing customers differently than you do to potential customers.  Why?  Because you should know them.  Target promotions to your customers based on their likes and needs.
6. Processes.  This is where the new technology comes in.  Where the old corner store owner new his customer by chatting with them when they came in, today’s businesses should use social media, customer surveys and other tools to engage and understand their customers.
7. Positioning.  Wirth says “If you want to retain your customers, you have to know who you are and communicate that clearly and repeatedly to them so they know who you are as well. Foremost, however, is this: Your actions must communicate your positioning. Those actions are showcased in the people you hire, the product you ship or service you deliver, the price you charge and the discounts you provide, the place and promotions you choose, and the processes you put in place.  Combined, your words and actions say "This is who we are and what you can expect of us."”
   
   

Bottom line: If you want to succeed with today’s customers, put on your great grandpa’s store apron, and adopt his attitude of treating his customers like friends and neighbors, rather than number and profit centers.  I think you’ll find your customers respond.  

What are you doing to retain customers in today's world?

 

Another PowerPoint Presentation?

"Just put together a quick PowerPoint for it."

How many times have we heard this advice when preparing for a presentation? By now, PowerPoint should be included in thesauruses as a synonym for presentation. But despite being overused, sometimes it really is the only choice you have when presenting. When given no other options, there are always some basic but powerful ways to make your PowerPoint presentations better. Guy Kawasaki covers some of these in a great video available here, but I've included some other pointers as well:

• Don't read to the audience - This is my biggest pet peeve when listening to a presentation. I can read what's on your slides. They should serve as a cue for you to elaborate on the topic, not as the script for your presentation. Highlight main points, trust that I can read them, and use your slides as note cards to keep you on track.
• Keep your slides brief - Don't fill a slide with text. Slides crowded with text are difficult to read and will draw your audience's attention away from what they should be paying attention to - you. If you use bullet points, which I prefer, limit yourself to four or five at most.
• Use large text - Depending on how large your audience is, it may be difficult to read your slides from the back of the room. 28- to 32-point font is recommended. This will help you keep your slides brief as well. 
• Don't be afraid to use different, interesting, or creative formats - All slides don't have to follow the typical Title-Subheading-Bullet Points format. In fact, varying the style of your slides can keep the audience more engaged. Using something unique like a single word or a picture with no text will enable your audience to refocus on what you're saying instead of what's on the slide.
• Don't get caught up in using effects - There are plenty of choices for slide transition effects, sounds, and graphics to spice up your slides, but resist the urge to overuse them. Simple fades in and out of slides are fine, but some transitions are distracting and can look unprofessional. Also, along with sounds and graphics, they can draw attention away from your actual presentation. The content of your presentation, not the effects, should be the audience's focus.
• Don't read to the audience - I'm including this one twice because, yes, it annoys me that much.

Whether you like it or not, giving a presentation with PowerPoint is probably going to be unavoidable. So as long as you're going to use it at some point, it's worth learning a few simple tips to help make the presentation more effective and enjoyable for the audience.

I Need to Build My Brand But I Don't Even Know What My "Brand" Is...

After discussing an article about Oreo's new branding strategies with some colleagues recently, one thing became clear: people have many different ideas on what your "brand" really is. My first instinct was logos/graphics: your brand is something I recognize immediately when I see it on TV or in a store. When I see this:

...I know I'm looking at Pepsi.

But product mix is part of your brand, too, others pointed out. The Oreo article points out that they've become known for creating unique versions of their classic cookie (I'll pass on the candy corn flavor, though). Somebody else offered an even more nebulous explanation of what a brand is: a company's brand is how it makes you feel.

Ask anyone in business and you'll get dozens of additional answers - it's your company's personality, it's a promise, it's your reputation, etc. So which is it? Well, really, all of them are right. Your brand, essentially, is everything people think of or associate with your business when they see your logo, hear your name, use your products, etc.

So, great. A brand is everything you do or say. But how do you "build" it? Again, we could come up with dozens of different opinions here, but I always focus on one thing when it comes to branding: consistency. Be consistent in every aspect of your business:

• Logo - Don't change it often and, if you must change it, keep it as similar to your previous logo as possible (colors, fonts, style, etc.).
• Marketing Message - Don't try to be everything to everyone. If you're a "fun" company, be playful.
• Product Mix - If you built your business by offering high quality, long lasting products, don't try to also add a cheaper, lower quality option.

This really only scratches the surface of what you can do to build your brand. Above all else, though, I think it's important to remember that a well-established brand lets customers know exactly what to expect. This expectation might come from seeing a logo, hearing an advertisement, using a product, or something else entirely. But when I think of your brand, I should know exactly what I'm getting.

 

 

 

Your retail store CAN create an amazing holiday marketing campaign!

The holidays are just around the corner, but you still have time to plan and deliver an amazing marketing and sales strategy for the busy season ahead. Small town shops CAN compete with big box and online stores! That power comes from greeting your clients personally, giving them a positive, memorable shopping experience and helping them find other stores in the neighborhood that share your “hometown experience” philosophy.

Revisit the principles of retailing and remember why you have chosen to share your products in the public marketplace. Present your retail space in the best possible light by appropriate merchandising. Merchandising is an art that communicates the image, lifestyle or value system for your products. Examine your store from the perspective of a customer. Is the window inviting? Is the glass sparkling clean? Is the interior of your store clean and organized? Are decorations tasteful and music appropriate? Is lighting pleasant and targeted, especially as the wintery days get shorter? Lighting is the key to creating drama and proper lighting has been shown to increase sales by 25%!

Ensure that your employees are prepared for the busy days of greeting customers, offering assistance in providing the kindest, most helpful, and most professional service to enhance your brand and reputation long after the holidays. A couple of tips… When engaging customers, greet them in the front third of the store. Make eye contact and smile…offer to answer questions and then allow the customer to browse. Whenever possible, it is best for sales people to face the entrance, allowing them to acknowledge new shoppers, even if they are engaged with another customer at the moment. If you are offering sales or specials, make sure your employees are aware of the specifics. Also be clear and consistent on return, refund and warranty policies.

Now is the time to develop relationships with other stores in your shopping neighborhood that offer products that complement your merchandise. For example, if your store sells evening gowns, mention that the store across the street carries tuxedos and the shoe store next door may have the perfect pair of dressy heels to complete the ensemble. Customers appreciate recommendations that validate their purchases… and appropriate recommendations will help them save time, money and resources. The business relationships that are forged can be the best line of defense as you promote the value of shopping locally. Each business will be looking out for their neighbor, differentiating your neighborhood as a positive shopping experience for their customers.

Finally, engage your customers with a carefully designed follow-up campaign after the holidays. Holiday sales present an opportunity to gather email addresses and collect a fan base that will allow you to inspire your customers to remain connected with their community and local retailers all year long.

Wishing you and your retail store a wonderful holiday season!

How Do You Engage Consumers?

I recently attended a fair; the Mother Earth News Fair to be exact. There were more than 250 vendors. I walked around and looked at all the vendor products. I don’t need or want anything specifically, but enjoy touching and looking at new things. Many vendors are very excited the first day, maybe still the second day, but their energies are waning on the third. I get that, my energies were low as well.

The few items I did buy, were a result from one of three things:

1. The vendor was engaging and passionate about their product.
2. The product was unusual and I had to have it.
3. Crowd pressure-I bought several books at the bookstore, people were snatching them up quickly, so I didn’t want to miss out! ( Yes I could have ordered the book, but it is the have it in my hands satisfaction that I craved.)

I want to talk about the first reason. I don’t like to be pushed to buy; that is different than showing enthusiasm and passion for your product.  First, ask yourself honestly-Are you totally in love and believe in your product? If you answer no, then maybe you should rethink what you are doing. When you don’t believe in your product it comes through your body language and your voice. When you are passionate and believe in your product it comes through as well. The conversations with people are more engaging, they will ask questions, and talk or listen longer. 

If you are sitting in your booth looking bored, I will usually just walk by. If your product interests me, I may look for something to find more info-this is your cue to engage me!  Ask me a question. Don’t ask a yes or no question; hard to engage a person with such a short answer.  Be prepared ahead of time with questions to elicit more than a yes or no answer.

Don’t sit in your retail shop or a fair booth looking bored. Brainstorm activities for demonstration of your product or activities to engage a potential customer. Yes, as a consumer, I love some entertainment factor. It doesn’t have to be elaborate;  something simple will catch my attention. 

 
What are your strategies to engage consumers?

Choosing a Credit Card Processor

Unfortunately, credit card processors seem to have many areas where they feel justified to charge you a fee.  Different processors levy different fees for different services, and the fee percentages vary.  Thus, choosing a processor on the basis of cost alone is very difficult.

Merchant accounts are always charged a “discount rate,” a percentage charged on each transaction.  The amount is based on your company’s evaluated risk, average sales ticket, transaction type, and total charge volume.  Most providers charge one rate for card-present transactions and a higher rate for MOTO (mail order/telephone/Internet) transactions (card-absent).  Card-present transactions usually cost between 1.5% and 2%.  Card-absent transactions range from 2.2-3%.  Some companies levy a monthly minimum fee, ranging from $25 to $35/month.  If your volume is low, be sure to ask about this charge.  The merchant bank will also charge a “transaction fee,” that is between $.20 and $.30 for card-present transactions and $.30 and $.50 for card-absent transactions.  Some may also charge to issue monthly transaction statements.  

If all of those charges are not confusing enough, there are additional costs.  A basic terminal to process card-present transactions will run between $150 and $300.  Terminals with printers are $200-$500, and wireless terminals can run from $500-$1,000.  Alternatives include purchasing used equipment and leasing a terminal.  Access the Ebay “Credit Card Terminal Buying Guide” at http://pages.ebay.com/buy/guides/credit-card-terminals-buying-guide/.  You will have to be sure that any used equipment will work with the software that your processor is using.  For card-absent transactions, a terminal is not required.  You can use “virtual terminal” software to verify transactions from your PC.  Sometimes this software is provided free as part of an e-commerce package.  Purchase price runs about $150.

We’re still “not done yet.”  Some providers charge application fees of up to $200.  These charges may be non-refundable, even if your business is turned down for an account.  There may also be set-up or account activation fees.  Other possibilities include programming fees, Internet processing fees, customer support fees, early termination fees, and more. 

Some additional tips . . .  Be sure to ask how long it takes for funds to transfer.  MOTO transactions usually take considerably longer to clear.  Check to see if the variable fees such as set-up, cancellation, and monthly minimum, are negotiable.  The higher your dollar volume, the more likely the company will be willing to work with you. 

Customer support is an important part of the package.  You may want to check references with other merchants using the providers you are considering.  Also ask about wait time, chargebacks, staffing hours, and charges per incident.  If you are selling online, be sure that the processor offers secure ordering through SSL.  Finally, and probably most importantly, be sure that the company you are planning on working with is legitimate.  Check for their physical address and phone number. 

Read your contract very carefully.  Be sure that you understand all fess, minimum charges, the term of the agreement and any early termination penalties, in addition to.the services and policies of the providers you are considering before you choose.