Wyoming Entrepreneur Blog

Interesting Bedfellows . . . Credit Card Processing and Market Research

There are dozens of credit card processors available, but start-up Swipely’s selling point is helping merchants better understand their customers, i.e. data. In addition to the credit card number and amount, the company collects and analyzes data about each and every transaction, stripping out any personally identifying information and grouping the data into customer dashboards that track daily and weekly sales and show which card numbers bought what and when.  The system will even tell you how a particular rainy day affected your profits.  In addition, they synch with your merchant social accounts so you can see how campaigns on Facebook or reviews on Yelp affect your business.  The concept is to equip small businesses with marketing information and strategies to create loyal customers.  Combining credit card acceptance with analytics and marketing tools, allows merchants to essentially convert credit card acceptance fees into marketing investments. 

How much for your business to obtain all these additional analytics?  Swipely offers to match whatever you are currently paying for credit card processing.  The analytics, marketing tools, customer insights and loyalty reward programs incur no additional costs. 

Swipely software works with most POS systems, and processes most credit cards.  Information on each card swiped goes into a CRM customer database.  That data will show the business owner which card users are new versus repeat customers; which are top spenders and when they normally visit; and, for the 20% of customers who are willing to give merchants their name and email,  how to contact and reward top customers to keep them coming back.  In addition to processing credit card transactions, Swipely also provides information about daily performance, who is buying their products and how often they are buying, plus the businesses’ online reputation. 

The loyalty marketing tools, help small businesses sponsor programs similar to those sponsored by major national retailers.  To encourage wary customer to provide personal information to a relatively unknown service provider, Swipely provides merchants with a “marketing manager” that allows business owners to upload company customer email lists and send invitations to customers to join
the new loyalty program.  Traditional loyalty programs require significant effort on the part of the merchant to track purchases and reward customer when they reach specific goals.  Swipely eliminates that merchant effort by automatically tracking customer expenditures and automatically dispensing cash rewards billing the merchant for the rewards at the end of the month. 

Think about your small business having some of the marketing advantages of Amazon.com.  If your company grosses over $30,000 in credit card sales per month and tends to have frequent repeat customers and a healthy social network following, Swipely may be a good partner for your business. 

If you go this direction, let me know how it works out!

MOBILE CREDIT CARD PROCESSING FOR DUMMIES

Strange that someone who still possesses a "dumb phone" should be writing about processing credit cards on a mobile device!  But credit card acceptance is a necessity for all businesses today, from doctors to convenience stores.  And, having the ability to process a customer transaction on a mobile phone provides even micro businesses with critical credit card acceptance ability. 

Merchant service companies can now convert smartphones and tablets into mobile credit card acceptance portals with little effort or additional investment.  For mobile businesses or many home businesses, the ability to accept credit cards via a mobile phone saves time and makes money. Not only is this a very efficient way for your business to get paid, but it also saves your customers the time, money and effort involved in paying your invoice at the end of the month. Examples of the types of businesses for whom mobile credit card processing is an asset include hair stylists, landscapers, house and carpet cleaners, mobile food trucks, outside sales representatives, farmers’ market merchants, and many more.  This innovation has resulted in decreased exposure to credit card fraud, PCI non-compliance, charge backs and the added costs of “keyed” transaction fees.

 

After deciding what processor you want to use, you will be required to complete a merchant application.  Upon acceptance of the application, the business owner will be able to download the mobile app and secure log-in credentials allocated for the business’ depository bank account.  A card reader will plug into the audio jack of your mobile device to swipe customer cards, which will populate the mobile app with the cardholder information.  All the business has to do is swipe the customer’s card right on the smartphone, have the customer sign on the touchscreen, and then email the customer a copy of their receipt.  Your cell phone,accompanied by a mobile credit card processing service, will provide real-time validation and payment processing, low rates, online account management, and the ability to email or text receipts back to your customers. 

Businesses should carefully examine the fee structure of the processor. Typically, you will be charged set-up fees to start, monthly service fees, and transaction fees every time you process a credit card.  Transactions fees are typically composed of two elements, the base rate and the processing rate.  Note that one service may have a low per-transaction fee, but the authorization rate may be high.   

Most apps will work with any popular mobile phone.  Every major service uses SSL encryption to be sure that sensitive information is secure.  Individual apps are typically password protected and include additional safety measures in the event of theft or loss of the device.  Credit card information
is never actually stored on the phone. These payments are typically safer than other methods of credit card acceptance because the card never leaves the customer’s sight and there are no imprinted receipts containing customer credit card information.    

For reviews of mobile credit card processors, go to http://credit-card-processing-review.toptenreviews.com/mobile-credit-card-processing/

Promote Your Business with Social Media

Social media can be a great marketing tool for your business.  With so many social media outlets to choose from, it can be a challenge to determine how to use them effectively.  Depending on your industry, different networks will be better for your business. 

First let’s discuss some general points about some of the main social networks.  Google Plus+ is an important outlet for any business as it increases your rankings on Google.  YouTube videos are also helpful as personalized videos allow you to tell your story and can be shared on other social networks.  LinkedIn is great if you are a professional business that serves other businesses.  Twitter and Facebook are both great for sharing with customers what you are up to and encouraging interaction with customers.

Now, let’s talk about specific ideas for using social networks.  There are certain types of videos that can benefit any business.  One is a trailer video that tells your story and why you do what you do.  Another idea is to share facts and figures about your industry.  You can also share stories about customer success.  Creating a question and answer video and product tutorials are also engaging for customers.

On other social networks such as Google Plus+, Facebook, and Twitter, it is helpful to post a variety of content.  Alternate posting text, links, images, and videos to keep people interested and excited about your postings.  You could run a giveaway campaign, share promotions, show behind the scenes of your business, tell company news, etc. to draw people to your business.

Each social network will allow you to provide a description of your business.  Take advantage of this to showcase what you can do for customers.  Remember that you do not need to be active with all social media outlets but actively use the outlets you do select.  It is better to stay off Facebook than to have a page that has not been updated in a few months or longer as this may lead people to believe you are not in business. 

In addition to the networks discussed in this article, there are others such as Pinterest, Instagram, and blogging sites.  If you want detailed assistance or information about social media sites and how to use them, contact the Market Research Center at [email protected] or (307) 766-5389. 

Choosing a Free Website Editing Tool

 A website can be a great marketing tool for a business. However, not all companies can afford to hire a web developer. There are a variety of web editing tools that allow people to build their own websites with no knowledge of code. Many tools allow people to drag and drop content to pages and have professional, customizable templates. These are much easier to use than tools that require web tracking code and plugins. When choosing a tool, there are a few key features to look for.

   One feature to look for is the ability to create custom page keywords, titles, and descriptions for each page. Some tools will not allow you to change these or will require the same for each page.  You want a tool that will let you update these for each page. When you write page keywords, titles, and descriptions for each page, it allows search engines to connect this information to your content and can improve your rankings. This will attract more searchers to your website. 

   Another feature to look for is a tool that will automatically create a mobile friendly version of your website. Many people are searching for businesses on smartphones and tablets so it is important that customers can access your site on these devices. Some tools create a mobile friendly site for you while others charge extra or make you create a mobile version yourself. 

   It is additionally important to look at the customer support provided by each tool.  There are tools that provide detailed tutorials and offer email and/or phone support while others offer less assistance. Review the support offer to determine if there is enough information about the tool available that will assist you in creating your website. You want a tool that you are confident will allow you to create a website that reflects your business and promotes it to customers.

   Once you have narrowed down your search and found tools with the features mentioned above the final factor to consider is price. Tools differ in what they offer for free and what features they charge for. Determine what features you desire and select a tool that offers them at a price you are comfortable with.

   If you want more information about using a do it yourself website building tool, contact [email protected] or (307) 766-5389. 

When Should My Business Approach the Government Market?

When considering any new market, you need to consider the investment of your time and resources. In approaching the government market, there are certain steps you can take to avoid wasting time and money and to be sure that your company is ready to do business with the government.

Marketing to federal, state or local government is often quite different than the commercial marketplace. As a new player in the market you will need to convince buyers or partners that you’re capable, reliable and able to deliver what you are promising, that is, they need to trust you. Past performance is a key concept in government procurement – and as a new company trying to break into the market, there is no short-cut. To avoid disappointment, prepare for a long-term marketing effort.  As one of my co-workers likes to say, it’s a marathon, not a sprint!

To prepare, ask yourself these questions:

• Is your business established? Does it have a history of sales? Does it have an experienced sales team? If you’re a new business, consider contacting the SBDC to receive business counseling. Government buyers have a low risk tolerance and therefore they usually will not take a chance on a newly formed company.
• Does your business plan include the government market as a growth strategy? When considering a move into any large, new market, the company’s business plan needs to support the initiative. This means that your company needs to have the resources – managerial, administrative, financial, etc., - to commit to a marketing effort that may not produce revenue for several years.
• Can your company’s cash flow be managed to allow for government payment cycles? If the company is unable to make payroll or is having cash flow issues – that is NOT the time to approach the government market (or any other specialized market).
• Does your company use the Internet on a daily basis, communicate through email and have a website that aids in marketing goods or services offered? Contracts are advertised, goods are purchased, invoices are paid, and the bulk of communication is accomplished electronically.
• Have you done the necessary market research to determine the government’s demand for your product or service? There are some goods and services that government or their prime contractors simply don't buy.

Before you get started, contact the Wyoming Entrepreneur PTAC at (866)253-3300 to make sure you’re registering in the right places. 

Marketing 101

Basically, marketing is reaching out to your customers.  Without customers, you have no business. Market research is what you need to make intelligent business decisions. If you’re just thinking about a business, market research can be the most important thing you do for yourself and the success of your business.  And then there are the entrepreneurs already in business that are eager to rush out and spend thousands of dollars on advertising without really knowing what their typical customer profile may be. But what is the BEST way to reach these people?   Should they advertise in the newspaper, or on the radio, or both, or neither?  What you really need is a strategy that will help you connect to your customers.  But just who are your customers? 

You probably have a good idea of who your main customers might be, but you may not know how many of those kinds of people are out there, which is your market size.  That is where market research comes in.  Is your market large enough to start a business? 

To find out how many potential customers we have, we can start with demographics.  We can get numbers for age groups, income, males and females.  Will they be younger folks, married with kids, moms, or grandparents? 

In addition to demographics, we can take a different angle and talk about psychographics.  Psychographics is digging deeper into the personal lifestyles of customers.  What kind of newspapers or magazines do they read?  What kind of radio stations or TV do they listen to?  What movies do they watch?  What kinds of entertainment do they enjoy?  Where do they go on vacation?  As you begin to gather this information, you can get a picture of what your main customers look like.  Then you can think about how to market to them.

The key to any business is connecting with customers. The challenge is knowing what people are thinking and how they will react to your products and services so this connection can be made.

Determine customer needs before trying to connect to them through expensive marketing strategies like radio or print ads.  Start with surveys or the tried and true method of asking them.  Once customer needs are identified, the business owner should focus on differentiating his/her product from similar products. Products and services must be able to give customers an obvious benefit.  In other words, “what’s in it for me?”  

Businesses should appeal to customers. A business should be unique, not only in the products and services provided, but also in the way the marketing strategy is approached. This may require changing the way the owner thinks about the business. Ask this question, “How can products be made so unique people will want to buy them?”  The answer will come through market research and planning.

Marketing to the Government - Getting Started

Meeting all the requirements to do business with the government, like obtaining a DUNS Number and registering in the System for Award Management (SAM), is only the first step a business must take in winning a government contract. After those tasks are taken care of, a business owner has to then figure out how to actually market their products or services to government agencies. The first step in that process for every business should be filling out a Dynamic Small Business Search Profile (also referred to as an SBA Profile).

The Dynamic Small Business Search (DSBS) website is a tool that government agencies use to find prospective businesses to bid on contracts. When a solicitation has an anticipated value of less than $25,000, a government agency doesn't have to advertise it publicly. Rather, they can use the DSBS website to search for the type of business they need and choose a handful of companies to bid from the list they see after they enter their search criteria. Agencies can search by geographic location, NAICS Codes, keywords, and numerous other criteria.

A business can fill out its DSBS Profile as part of the SAM registration process. However, because completing this profile isn't mandatory to register in SAM, it's tempting for businesses to skip this step. Businesses that don't complete the DSBS Profile, though, are missing a huge opportunity to market their business to government agencies.

For example, when an agency searches on the DSBS site, they see a list of results that includes basic contact information and a Capabilities Narrative (here's a list of results as an example - results are always randomized, so you can't ensure your business appears at the top of the list). This Capabilities Narrative is a vital piece of a business's effort to market to the government. If the Capabilities Narrative doesn't catch the attention of the agency (or, even worse, is blank), they'll move onto a business that has a more effective narrative. Things to focus on in the narrative, which has a limit of 255 characters, include:

• Your experience in your industry
• Any past contract work you may have (whether government or private work)
• A list of the core products or services you provide

The Wyoming Entrepreneur PTAC can assist businesses in drafting a Capabilities Narrative that can also be used as part of "physical" marketing materials like brochures that can be given to government agency representatives at matchmaking events like the annual GRO-Biz Conference & Idea Expo. Contact Brett Housholder at 307-259-7931 or [email protected] for more information.

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.