Categories
Starting Up

Asking For Favors When Launching A Startup 

Starting a new business, particularly in the early stages, is a big commitment. In making the leap into entrepreneurship, would-be entrepreneurs would do well to leverage their network of people — their family, friends and business associates — as a critical resource. Here are five favors that all new entrepreneurs should call in during the early stages of their startup journey.

1. Try out my prototype.

Starting lean is the reality for most entrepreneurs. Making a large investment in a fully developed product or service offering may not be possible, let alone a good strategy. Eric Reis, in his book The Lean Startup, popularized the concept of the minimum viable product — the most basic useable prototype. Friends and family can be a great resource, willing to review or try out an early prototype and provide critical feedback to the design process.

Gathering as much information as you can early on can reduce the amount of uncertainty around a potential business. It clarifies the extent customers would be interested in what you want you have in mind. It will also indicate how much design work would be necessary to get your product or service to a level of interest sufficient to consider launching a business.

2. Help me write a business plan.

It can be very tempting to avoid writing a business plan. The excitement of a new idea, inexperience with the process, and, in some cases, ready access to funding can make it seem as if the best course of action is to get started offering your product or service to the market as soon as possible. Taking the time to write one, however, can be critical to understanding how best to bring your business to market. You can have a fantastic product or service design, but if it is not launched with sufficient financing, a sound operating model and a compelling market strategy, it likely will not gain the traction necessary to succeed. A third-party perspective of your network is a great way to help you uncover needs in the market and to size-up opportunities. As the saying goes, goals without plans are nothing more than wishes.

3. Make an investment.

In the early stages of an entrepreneurial venture, it can be very difficult to gain access to funding from venture capitalists or angel investors. A business loan or a business grant may be possible, but they come with added costs: interest in the case of a loan and an arduous application process for a grant. When entrepreneurs are unable to finance the startup on their own, family and friends are an historically significant source of early stage financing. Family and friends invest upwards of $60 billion annually in startups.

4. Help me manage myself.

Starting a new business is time-consuming and extremely stressful. Busy founders can get so absorbed in the day-to day needs of the startup that they struggle to manage their own well-being, both physically and mentally. In fact, they may not even be aware of the toll their business is having on their health. Having a spouse, family member, trusted friend or advisor willing to meet regularly to act as a sounding board for ideas and struggles, and to help provide some balance between work and personal life can be extremely valuable. It ensures that founders are taking care of themselves and are thus well-positioned to take care of the business.

5. Be my business mentor.

Generally startups are built up around a new idea, but these ideas are most often launched into established markets. It can take a very long time to learn the best practices and subtleties of the industries in which you want your new business to compete. Having someone familiar with the target industry is extremely valuable for positioning your startup to take on already established competitors.

As the founder of a potential new startup, you have a lot of work ahead of you. The good news is that you don’t have to go it alone. Reach out to the resources you already have in your network and put them to good use.

5 Favors to Call in When Launching a Business [Entrepreneur]

About Our GE Network Expert - Min Tang

Categories
Home-Based Business

5 Myths About Starting an Ecommerce Business

Every year, ecommerce sales soar. With brick and mortar stores experiencing more and more closures, now is a better time than ever making your move to the ecommerce world. However, when you’re just starting out, knowing what steps to take can be confusing. There’s plenty of information out there and with so many resources to turn to, navigating the basics can make your efforts even more difficult. There are several myths associated with ecommerce, and understanding how to maneuver them can help you avoid catastrophic decisions. Here’s what you need to know: 

You Don’t Need Startup Capital 

Like any business, there is some logic to the saying, “you need to have money to make money.” Even though online businesses don’t have to cost an arm and a leg, it still goes without saying that you have to have some sort of startup capital to get you going. There is a cost associated with hosting, logo creation, and other marketing efforts purchasing your ecommerce platform of choice, payment processing fees, and more. You need to take all of these overhead costs into account. 

Every Search Engine is the Same

Nowadays, it’s easier than ever to create a website and simply add a search feature with the click of a button. But not all search engines are created equally when it comes to ecommerce. For example, with BigCommerce site search users are able to benefit from an intuitive, smart search solution that gets them comprehensive results they may not have otherwise. For instance, when a user searches for something like “lavender candle,” you want your results to show every lavender candle or similar alternatives—you might even benefit from having pictures appear alongside your results.

If You Build It, They Will Come

One of the biggest myths about ecommerce is that once you build the website, your visitors will come. But this couldn’t be further from the truth. After you’ve built the website, you need to market it, and this takes time and money. You’ll need social media PPC ads and you’ll likely benefit from hiring some influencer marketers. No one knows your website exists until you tell them. Send out an email marketing campaign to your current roster and reach out to your family and friends. 

You Need the Lowest Prices to Compete 

As a new ecommerce business, you may be inclined to set low prices—especially when you’re just starting out. But pricing your products low isn’t always the best strategy to employ. In fact, in some cases, it might even hurt you. Pricing yourself below the competition means you could lose out on business building profit—even when you’re making revenue. It’s important for you to realize that there’s so much more behind the buyer psychology than lower prices. Delivery options, premium products, availability, branding, and return policies all play an important role in the buyer’s decision making process. 

It’s Okay to Use Manufacturer Pictures

To help keep costs down, you might have made your foray into the dropshipping world of ecommerce. Dropshipping is the process of putting products on your website that aren’t your own and having the manufacturer ship that product directly to the consumer when a purchase is made. This way, the ecommerce owner never has to deal with the product themself. 

However, this doesn’t mean that you should always use the product photos that are provided to you. Manufacturer photos are designed to be straight forward rather than branded and professional. Even as a dropshipper, it’s important for you to order some of your own products and take your own updated product photos. 

If you’re not dropshipping, it’s still important for you to rethink the photos that you’re taking and using to reel in your customers. Professional photography should be an important part of your strategy. You can place a local listing to work with budget-friendly photographers in your area.

Categories
Operations

Using a Business Credit vs Debit Card 

Should you use a business credit card or debit card? The answer depends on a few factors. Here’s what you need to know about both types of payment cards for business owners.

To pay with cash or credit has long been a business owner’s dilemma. In one camp are those who use a debit card to pay for all their business expenses, and in another are business owners who use credit to cover their outlays. The right strategy for your business depends on your spending habits, the cash in your coffers, and your financial temperament.

Business debit card vs. credit card

Before you can make an informed decision about using a business debit card or a business credit card, you have to understand the differences between the two – and there’s a lot of them.

What is a business credit card?

Business credit cards give you access to a revolving line of credit that you can use to make purchases. In exchange, you pay interest and fees on your balance, known as the annual percentage rate or APR. The APR is the annual total cost of borrowing and comes in these varieties:

  • An introductory APR is the promotional interest rate you pay for a set amount of time.
  • The purchase APR is the interest rate you pay on all purchases.
  • The balance transfer APR is the rate charged on debt transferred from another credit card or line of credit.

Also, many business credit card issuers offer loyalty programs that give users cash back or rewards points on purchases.

What is a business debit card?

A debit card is tied to your bank’s checking account and serves as a payment card. The money to fund it is directly deducted from your bank account. You don’t have a credit line with a debit card, so whatever is in the bank account is what you can spend. You also don’t have to worry about APR, since there is no interest.

Knowing the difference between a business credit card and a business debit card is the first step in figuring out what’s right for you. Before you can make the final determination, you have to delve deeper into the pros and cons of both.

Business credit card characteristics

Before approving your business credit card, the card issuer looks at your personal and business credit scores, as these indicate your creditworthiness and credit history. The issuer wants to know that you can pay it back if it extends credit to you, so the higher your score, the easier it is to obtain credit. Business owners with lower credit scores tend to pay a higher APR, and those with poor credit may only qualify for a secured card. If your enterprise can’t pay the debt on your business credit card, the credit card company can come after your personal assets.

The credit card industry is competitive, so issuers offer a lot of perks for signing up with them, whether you’re looking for a personal or business card. There are often sign-up bonuses, cash-back rewards and rewards points that you can redeem for travel, retail and entertainment. Choosing a credit card presents business owners with good credit opportunities to reap various rewards. Take a cash-back credit card for one example: If it pays 2% cash back on all purchases, the savings can quickly add up. There are also cards that give you extra rewards points or higher cash-back rates for purchases in a certain category, such as travel, gas, dining and entertainment.

Many business credit card issuers offer an introductory APR of 0% on new purchases for a year or more. If your business needs to purchase a pricey piece of equipment, this type of credit card may be attractive.

Pros and cons of a business credit card

Some business owners choose to put all their monthly expenses on a business credit card. They either pay it off each month or carry a balance. The latter can be extremely costly, but if you can avoid carrying a balance, the benefits are plentiful.

Pros of a business credit card

  • It builds business credit. Using a business credit card responsibly is a great way to build up your credit score – and the better credit score your business has, the cheaper it is to borrow money. This can be a huge advantage if you need a business loan to remedy cash flow issues or to chase a growth opportunity.
  • Rewards translate into savings. It may take individual consumers a while to rack up serious rewards with a credit card, but business owners often spend a lot of money each month. The more of it that’s on a rewards credit card, the higher the payback. “If you use it to pay vendors and suppliers, you’re getting a discount, and a byproduct is your margins become higher,” Matthew Gillman, CEO of SMB Compass, told business.com.
  • It provides cash flow backup. Unexpected expenses are par for the course when running a business, which could strain your cash flow. A business credit card can serve as a backup, giving you the financial wiggle room that you need when those unplanned costs arise.
  • It has relatively flexible terms. Cash flow rises and falls for businesses, sometimes unpredictably. Credit card issuers catering to businesses recognize that, so they tend to offer more flexible terms to businesses than they would for a personal credit card.
  • It recognizes and protects against fraud. Credit card companies provide customers with fraud protection. If your card is lost or stolen, you don’t have to worry about owing money for charges you didn’t make.
  • It makes accounting easier. Business credit cards can integrate with your back-office accounting systems. That makes tracking spending and managing cash flow easier, said Ted Rossman, industry analyst at CreditCards.com.
  • It separates business and personal expenses. A business credit card helps you keep your business and personal expenses separate. The commingling of expenses often gets business owners in trouble and may nullify limited liability protection. [Looking for a business credit card? Check out our recommendations.]

Cons of a business credit card

The pros of using a credit card tend to outweigh the cons, but it all boils down to how you use the credit card. If you carry a balance, there are some big negatives to consider.

  • You’ll incur interest and fees. The biggest drawback of using a business credit card is the interest you pay on purchases. If you carry a balance, a business credit card can get expensive very quickly. If you can’t keep a lid on the balance, you could run into financial trouble.
  • You bear personal responsibility for your business credit card debt.Even if the credit card is for your business, you could personally be on the hook if the debt goes unpaid. If there are late or missed payments, both your personal and business credit scores will take a hit.
  • The interest rate can increase. Credit card companies have the right to change the interest they charge, depending on how you’ve handled your account.

Should you use a business credit card?

Business credit cards have a lot of benefits, but whether you should use one to run your business comes down to your financial temperament. If you have the cash in the bank and you know you’ll pay off your balance in full each month, it makes sense. If you think you’ll charge more than you can afford to the card and/or carry a balance, you may want to reconsider.

Business debit card characteristics

Lots of business owners are averse to debt. They don’t want to get hit with interest and prefer to pay with the cash they have on hand. They’re the ones who use debit cards. Before you decide if you want to join this group, consider the pros and cons of business debit cards.

Pros of a business debit card

There are many reasons to like debit cards. The biggest one is the lack of debt you incur, but there are others to consider as well.

  • It’s easy to get. A business credit card requires you to have a certain credit score. That’s not the case with a debit card. Since it’s tied to your business checking account, it’s much easier to obtain. Often, all you have to do to get a business debit card is to open a business checking account.
  • It’s accepted everywhere. Debit cards are accepted by merchants the same way credit cards are and can be used at all the same places. You do have the added step of entering your PIN at checkout stands, though.
  • There’s no interest to pay. Debit cards don’t charge interest on payments like credit cards do. Sure, you may get hit with overdraft fees if you go over your balance, but there’s no interest compounding over the months and years. “People don’t realize how quickly interest rates compound when you use a credit card and carry a balance,” said Gillman.
  • There’s no room to overspend. A credit card may have a high limit, which means you could easily spend more than you have, which may get you in trouble. A debit card is linked to the cash you have in the bank, so as soon as that runs out, so does your buying power, meaning you won’t rack up debt on the card.

Cons of a business debit card

A debit card can help you avoid new debt, but it can also harm you financially. Here’s how:

  • It doesn’t build your credit score. Purchases you make with your debit card won’t be reported to the credit agencies like credit card transactions are. Since you’re using your own cash, there’s no need for the credit bureaus to track how you managed it, so there’s no direct way to boost your credit score with a debit card.
  • It’s harder to protect. If your debt card is lost or stolen and a transaction is made with it, it’s not as easy as disputing the charge. Money could have been stolen from the account already, requiring additional steps to recover it. It typically takes banks 10 days to investigate and restore your account when there’s fraud, and that time lag could hurt your cash flow and thus your operations.
  • Funds are limited. There’s no wiggle room with a debit card – your limit is the money in your account, which makes it ineffective as an emergency backup. If unexpected expenses arise, you may be forced to find alternative funding.

Should you use a business debit card?

If you’re looking to build your credit and want access to more money than you have in the bank, then a debit card isn’t for you. But if you prefer paying with cash and don’t care about getting cash back or other rewards, then a debit card is the way to go.

Ultimately, deciding between a debit card and a business credit card comes down to how you handle money. If you know you’ll pay it off every month, a credit card has a lot of perks. If you have self-control issues, a business debit card is the better bet.

“It comes down to willpower,” said Rossman. “In some circumstances, it might be better to stick with a debit card.”

Should You Use a Business Credit or Debit Card? [Business.com]

About Our GE Network Expert - Min Tang

Categories
Recommendations

12 Marketing Automation Providers and 5 Best Practices to Follow

Find the right marketing automation provider for your business and make sure you’re following these 5 best practices. 

When done right, marketing automation can be your secret weapon. It can help you do more with the limited time you have and take your brand’s customer experience to the next level through improved insights and campaign management. 

But getting started can be a daunting process. Knowing what content to automate, how to connect and manage all of your campaigns, and finding the right provider are just a few of things you’ll need to consider. 

One of the most challenging parts is finding the right platform for your business needs. 

Choosing the right marketing automation provider can make a big difference when it comes to the success of your automation journey, When looking for a partner, you need to understand what capabilities each contestant has and how they can help you grow as a business.

In this article, we’ll take a look at 12 marketing automation providers that can help you reach your goals and 5 best practices to get you started. 

Looking to skip ahead? Here are the best practices we’ll cover in the section section of this article: 

  • Identify your buyer personas to better understand your customers
  • Use lead scoring to know what leads are more likely to convert 
  • Move customers through the buyer’s journey with the help of workflows
  • Send triggered messages based on real-time customer behaviors
  • Improve your marketing efforts through monitoring and analytics 

12 Marketing Automation Providers 

When it comes time to choose the marketing automation platform that is right for your business, you need to find a partner that will help you meet your business goals. 

Before getting too far into the process, you’ll want to outline your wants and needs. Then as you start to talk with providers and participate in demos, you’ll know exactly what you need. Whether that’s simply a provider to help automate your emails and SMS messages or one that provides more advanced technology — you’ll want to have a clear vision. 

Let’s take a look at a few different marketing automation providers and what they can offer you. 

1. EngageBay

EngageBay is an award-winning product for nurturing and engaging clients for their utmost customer satisfaction. The software provides a seamless experience for customers of small and mid-sized real estate agencies. This diverse package of solutions includes marketing automation, sales bay, live chat and helpdesk.

EngageBay makes it possible to automate manual tasks, track deals and sales pipeline, provide real-time assistance that easily converts visitors into customers and prioritize and solve customer support inquiries. Image courtesy of EngageBay.

Automation Capabilities: 

  • Powerful social media and email marketing automation to save time and build consistency
  • Integrate your marketing and CRM data together to improve campaign targeting, and customer segmentation, and lead nurturing
  • Use analytics and reports to improve future marketing efforts and learn more about what your customers are engaging with
  • 360° Customer Profile and advanced insights to help you better understand your customers on a personal level
  • Move users through their customer journey based on their real-time actions and engagements
  • Integrate forms on your website to increase lead generation and insights gathering

Quick Facts: 

  • One of the most affordable marketing automation platforms for growing businesses
  • Complete CRM integration with marketing, sales, and support features
  • A full-service automation platform that can provide you with a range of services

 

2. Listrak

Listrak is a full-service retail marketing automation provider. Whether you’re looking to automate your email, social, or provide your customers with a more personalized experience — Listrak is the perfect partner. 

Listrak is a marketing automation platform that allows you to save time and money by putting automation to work for you — while also better understanding your customers. From improving content served to know what they need next, you can have it all. Image courtesy of Listrak. 

Automation Capabilities: 

  • Email, social, and SMS automation to help save you time and improve customer interactions across channels
  • 360° Customer Profile and advanced insights to help you better understand your customers on a personal level
  • Predictive technology backed by artificial intelligence and machine learning to keep you ahead of your customer needs
  • Growth Xcelerator Platform that allows you to increase conversion rates by better understand who is visiting your site and engaging with your content

Quick Facts: 

  • A good marketing automation provider for companies of all sizes
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

3. Act-On

Act-On is a marketing automation provider that aims to help you improve your brand experience and grow your business by better understanding and communicating with your customers. 

Act-On can help you manage several different automation capabilities. From your website and landing pages to lead scoring and customer segmentation — you can have it all. Image courtesy of Act-On.

Automation Capabilities: 

  • Grow your business by adding lead generation tactics to your marketing strategy
  • Improve the customer experience through automated customer journeys and improver personalization
  • Create customer profiles by tracking customer behaviors to understand what your customers need in real-time 
  • Segment and score leads based on their interactions to identify visitors who are ready to make a purchase

Quick Facts: 

  • A good marketing automation platform for both B2B and B2C companies
  • Pricing is based on the number of active contacts,, and there at two plan options: Professional starting at $900 per month and Enterprise $2,00 per month
  • A full-service automation platform that can provide you with a range of services 

4. Hubspot

Hubspot is a well-known marketing automation provider that can provide companies with a wide range of automation capabilities, including blogging, social media, digital ads, email, and more.

With Hubspot’s help, you can manage all of your customer interactions in one easy to use platform. From email, social, to custom landing pages and forms — it’s all there for you. Image courtesy of Hubspot.  

Automation Capabilities: 

  • Integrate your website to create engaging blog posts, boost SEO, and generate leads through custom landing pages
  • Manage and automation social media and email marketing efforts to save time and build consistency
  • Track and manage your leads then create custom segments and campaigns to engage and nurture them into becoming purchasing customers
  • Use analytics and reports to improve future marketing efforts and learn more about what your customers are engaging with

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • There are multiple plans available: a Free plan, the Starter plan starts at $40 per month, the Professional plan starts at $800 per month, and the Enterprise plan starts at $3,200 per month

5. dotdigital

dotdigital is a marketing automation provider that will allow you to manage all of your channels and create fully integrated campaigns that use real customer insights. 

Create automated campaigns that move customers through the buyer’s journey based on real-time actions and behaviors. Image courtesy of dotdigital. 

Automation Capabilities: 

  • Improve lifecycle marketing and lead nurturing by automating various stages of the customer journey
  • Create omnichannel campaigns with email, SMS, chat, retargeting, and more
  • Easily create, send, and manage all of your email marketing efforts to save time and focus on new tactics
  • Use customer behaviors to initiate automated real-time messages through trigger campaigns

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

6. Insightly

Insightly is a marketing automation provider designed to help you improve your customer experience by better understanding the wants and needs of your customers. 

Manage everything you need from one central marketing dashboard. From monitoring your campaigns performance to understanding who your prospects are and how your audience is growing — Insightly covers it all. Image courtesy of Insightly. 

Automation Capabilities: 

  • Integrate your marketing and CRM data together to improve campaign targeting, and customer segmentation
  • Use reporting and testing to better understand the effectiveness of your campaigns while improving future plans
  • Move users through their customer journey based on their real-time actions and engagements
  • Integrate forms on your website to increase lead generation and insights gathering

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • There are multiple plans available: the Plus plan starting at $299 per month, the Professional plan starting at $599 per month, the Enterprise plan starting at $1,299 per month
  • A full-service automation platform that can provide you with a range of services 

7. Upland Adestra 

Upland Adestra is an enterprise-level marketing automation provider that will help you better understand your customers and simplify all of your marketing efforts. 

Know exactly how your campaigns are performing with easy to use report dashboards. From this insight, you can learn and adjust to improve future campaigns. Image courtesy of Upland Adestra.

Automation Capabilities: 

  • Email marketing capabilities to get your messages out easier with an email editor
  • Better understand your customers and create automated journeys to ensure the right content is sent at the right time
  • Use dynamic content to pull in additional personalization features such as product recommendations and relevant articles
  • Create cross channel campaigns to reach your customers whenever, wherever they are and build a consistent image

Quick Facts: 

  • A good marketing automation platform for enterprise companies
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

8. Marketo

Marketo is another enterprise-level marketing automation provider that allows you to manage all of your marketing needs while integrating with your sales teams.

Marketo is a full service marketing automation platform that will provide you with everything you need to grow your business. From automating your outreach channels to improving lead scoring to better qualify leads — it’s all there for you. Image courtesy of Marketo. 

Automation Capabilities: 

  • Create cross channel marketing campaigns to improve targeting, nurture leads, and increase conversion rates
  • See a holistic view of your customer stat to identify new opportunities and improve their experience
  • Use lead scoring capabilities to help provide your sales team with more reliable prospects 
  • Analytic and reporting data to help you know what is working, what isn’t, and how each campaign is impacting your business 

Quick Facts: 

  • A good marketing automation platform for enterprise companies
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

9. Drip

Drip is an ecommerce marketing automation provider that can help take your customer experience to the next level through better data and personalization efforts. 

With Drip, you can test campaigns to see what path is most successful with your audiences. Having this insight will result in higher performing campaigns and can help you improve future messaging. Image courtesy of Drip.  

Automation Capabilities: 

  • Gather customer data from campaign engagement to purchasing behaviors to help improve your marketing efforts 
  • Create personalized experiences through segmentation, behavioral automation, and personalized content
  • Bring your channels together to create a multichannel campaign using email, social, SMS, and more
  • Use reporting and analytics to see how well your campaigns are performing 

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • Pricing is based on the number of contacts you have and pricing starts at $19 per month with custom plans available for larger accounts
  • A full-service automation platform that can provide you with a range of services 

10. Iterable

Iterable is a growth marketing provider that automated your tedious tasks while improving the customer experience to build stronger relationships. 

Easily create and automate lifecycle journeys that move users from one stage to another. You’ll see higher engagement rates and improve campaign metrics by targeting customers based on their personal journey. Image courtesy of Iterable. 

Automation Capabilities: 

  • Gather and understand customer data on a deeper level to improve segmentation and provide more relevant content
  • Create triggered campaigns to target customers based on their real-time interactions with your brand
  • Build cross channel marketing experiences that move customers through their journey from email to social to SMS and more
  • Learn how your users engage with your mobile apps to help increase engagement and send the right messages at the right time

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

11. Sendinblue

Sendinblue is a marketing automation provider that provides you with everything you need to integrate your sales and marketing efforts. 

Sendinblue allows you to create automated workflows to automatically move customers through their journey. From identifying exactly what emails to send and the next steps to follow, you can move customers towards making a purchase. Image courtesy of Sendinblue.

Automation Capabilities: 

  • Automate marketing tactics including email, SMS, and chat to make reaching your customer easier than ever before
  • Create and send transactional messages based on real-time customer interactions and behaviors
  • Improve targeting and get the right message to the right people through better segmentation 
  • Grow your network with campaign landing pages, social media ad, and retargeting messaging

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • There are multiple pricing plans available: the Free plan, the Lite plan starts at $25 per month, the Premium plan starts at $65 per month, the Enterprise plan that is based on business needs
  • A full-service automation platform that can provide you with a range of services 

12. Acoustic

Acoustic is an enterprise marketing automation provider that will help you manage all of your digital needs and improve your brand experience. 

Create automated workflows to help move customers through their journey based on real-time interactions. With the backing of AI technology, you’ll know the messages sent to your customers are relevant to their needs. Image courtesy of Acoustic. 

Automation Capabilities: 

  • Manage all of your digital marketing efforts from you website, email, social, SMS, and more from one centralized platform
  • Gather customer data and use this insight to improve personalization in every interaction
  • Identity and convert leads across multiple channels with an AI-powered platform
  • Create cross channel campaigns to ensure the right content hits the right person at the right place and time

Quick Facts: 

  • A good marketing automation platform for enterprise companies
  • Business needs determine platform pricing 
  • A full-service automation platform that can provide you with a range of services 

13. Omnisend

Omnisend is a marketing automation provider that focuses on ecommerce businesses grow their business through relevant content. 

The better you know your customers, the better you can provide them with content that’s relevant to their needs. Segmentation is a great way to group like minded customers to more effectively target them. Image courtesy of Omnisend. 

Automation Capabilities: 

  • Capture new leads and continue to grow your subscriber lists through customized forms
  • Convert new subscribers into purchasing customer by automating sales funnel workflows and providing incentives to complete a purchase
  • Nurture leads and identify what customers you can cross-sell and up-sell to directly increase sales
  • Quickly create emails with an easy-to-use drag and drop editor to catch the attention of your subscribers 

Quick Facts: 

  • A good marketing automation platform for businesses of all sizes
  • Pricing is based on the number of contacts you have and there are multiple plans available: the Free plan, the Standard plan starting at $16 per month, the Pro plan starting at $99 per month, and the Enterprise plan that is based on business needs
  • A full-service automation platform that can provide you with a range of services 

5 Marketing Automation Best Practices to Follow

Once you’ve made the decision on what provider you’re going to invest in, you need to determine how to best utilize your new platform.

Jumping in and getting started can take some time and if you dive in without a plan in place, you may find yourself overwhelmed and disappointed. Trying to do too much right away can leave you with lackluster campaign performance, but taking it too slow won’t provide you with the results you want to see either. 

So, to set yourself up for success, you’ll want to get to know some best practices. By integrating these best practices into your process, you’ll be on track to make the most out of your marketing automation platform and see the results you want. 

Let’s take a look at the best practices that you’ll want to keep in mind when getting started with your new marketing automation platform.

1. Build Buyer Personas

Before you can start marketing to your customers, you need to understand who they are — and that’s where buyer personas come in. 

A buyer persona is simply a detailed description of who your target audience is. Personas provide you with a quick snapshot of details such as demographics and career details. 

Here are a few different types of data that are valuable to include in your buyer personas: 

  • Age
  • Geographical location
  • Gender
  • Education
  • Hobbies
  • Job title
  • Income 
  • Relationship status 
  • Challenges
  • Behaviors 

The point of taking the time to research and learn about your target audience is to gain a better understanding of their wants, needs, and interests. Having a better understanding of who you are talking to will help you create content and campaigns that are more appealing and fulfil their specific needs. 

Depending on who your target audience is, you may find that you need to create multiple personas to capture the full picture. Having more than one persona will allow you to create different campaigns for each of your target audiences. 

Multiple personas will result in more personalized experience for your customers and more effective campaigns for you. 

There are a number of ways that defining your buyer personas can help improve your current marketing efforts. Higher click through rates, increased website interactions, and more effective ads are just the starting point. Image courtesy of CustomLogoCases. 

Buyer personas are an effective way to improve your marketing campaigns across the board. From improving website interactions to creating more targeted ads — defining your buyer personas will set your marketing efforts up for success. 

2. Score Your Leads and Know Your Lead Stages

Lead scoring is used by companies to identify what subscribers are more likely to make a purchase and which are not. 

For most companies, lead scoring is designed to help identify hot leads to send forward to the sales team. But it can be used for B2C focused companies as well — and could provide you with a competitive advantage. 

Lead scoring is a very valuable tool that many companies aren’t taking advantage of yet. When you consider that only 44% of organizations are using it, you could be ahead of the curve by making the investment now. Image courtesy of Business2Community. 

While you may not be scoring leads in an effort to prep them for sales, you can use it to identify what customers are more likely to engage with your content and make a purchase. This is valuable information because you can then target those customers more frequently and effectively based on their previous behaviors. 

Not sure how to score your leads? Here are a few examples of data points that can help you start scoring your leads: 

  • Email opens
  • Email subscriptions
  • Web page visits
  • Free trial requests
  • Form submissions
  • Content downloads
  • Social media engagements
  • Webinar registrations 

Once you’ve identified what actions or engagements are relevant to your lead scoring strategy, you then need to set values for each. To do this you can simply identify what actions are weighted higher. If someone registers for a webinar, they may receive a higher score than someone who simply visited a page on your website. 

As your customers continue to engage with your content, they will then start to build up a score. This score will let you know how likely they are to make a purchase in the near future. With this information, you can create emails, digital ads, or full campaigns around the higher ranking leads with the goal to increase sales. 

3. Move Customer Through the Buyer’s Journey With Workflows

Most marketing automation platforms will provide you with the ability to create customized workflows. These can be used for a number of different things, but one of the most effective uses is to automate the buyer’s journey. 

The buyer’s journey starts when a customer identifies a problem and leads them through the entire purchasing process. Knowing where you customers are in the journey provides you with a unique marketing opportunity. Image courtesy of Ink House.

If you’re not familiar with what the buyer’s journey is, here is the condensed version: 

    • Awareness: when someone has identified a problem and needs to find a solution to this problem
    • Consideration: at this point, they are now looking at multiple different solutions to their problems and considering what is the best option for them
    • Decision: the decision has been made and they are ready to make a purchase to resolve their problem
  • Post-Purchase: the purchase has been made, but they may be looking for complementary or add-on products

Creating workflows allows you to move customers through these stages of the buyer’s journey without manual intervention. By understanding the journey your customers will take, you can send relevant content based on the stages they are in and move them along based on specific actions. 

Here’s an example of how you can move a new subscriber from awareness to decision and beyond. 

    • Awareness: A user visits your website and fills out a form to learn more about a specific product. You now have their email and know what content they are interested in, so you send them an article discussing the benefits of the product they’re interested in. 
    • Consideration: The new subscriber reads the article about the product, but is still shopping around and comparing prices. 
  • Decision: Knowing that the subscriber has read the product and maybe even visited your site again, you send another email with a coupon for free shipping. At this point, the customer has made their decision and the free shipping encouraged them to complete their purchase. 
  • Post-Purchase: Shortly after the subscriber converted to a customer, you send accessory recommendations based on the product the customer just purchased. 

And the cycle continues to play out over and over again. Having the ability to market to your customers based on where they stand in the buyer’s journey will ensure a relevant experience that will result in more sales.  

4. Send Triggered Messages Based on Customer Behaviors

Automation platforms are a great tool when it comes to creating and managing triggered message campaigns. 

Trigger messages are sent to customers based on a specific action or behavior. In most cases, trigger emails are welcomed by customers because they are relevant to an action the customer recently took.

Marketing automation platforms make creating and sending these types of messages simple. You can identify the actions that qualify for a triggered message and the platform takes it from there. No need to pull data and manually enroll customers into a program — it’s all done for you.

Trigger messages can encourage customers to come back or welcome new subscribers to your email list. Whatever the case, they are sent to customers based on their personal interactions with your brand. Image courtesy of Wishpond.

You’ve likely received or even sent triggered campaigns in the past. These are a few of the most common types of trigger messages: 

  • Welcome messages
  • Onboarding
  • Early activation
  • Reactivation
  • Transactional
  • Account notifications
  • Milestones
  • Real-time triggers
  • Time sensitive triggers

Trigger messages are an extremely effective way to reach your customers and provide them with timely and relevant content. You’ll find that these messages can make a big impact on your overall marketing strategy. 

5. Improve Through Monitoring Analytics 

Last but not least, you should be continuously reviewing and monitoring your campaign analytics. This will provide you with insights into what is working and what might need some adjusting. 

An automation platform will allow you to track metrics across platforms and campaigns. This means you can quickly see how well your most recent email performed and how an SMS messaging campaign performed all from one central location.

Marketing automation platforms allow you to easily see all of your campaign and customer data in one central location. With easy to use and customizable dashboards, you can put your most important information front and center. Image courtesy of Technology Advice.

When tracking campaign analytics, you’ll want to consider things such as: 

  • Time saved
  • Email open and click-through rates
  • Frequent interactions and trigger messages sent
  • Site traffic
  • Conversion rates 
  • Revenue generated 
  • Customer changes

While the metrics you track may vary based on the channels and campaigns you are using — your marketing automation platform will still provide you with the data you need. With an easy to use dashboard, you can quickly monitor performance and identify any potential issues.

Monitoring your analytics will help you continue to grow your business by learning and adjusting your efforts as your customer changes. 

Find the Perfect Marketing Automation Mix for You

Marketing automation is a great option for companies looking to invest in a new marketing tool. You’ll have the ability to improve your messaging and better understand your customers through advanced insights. From there, you can create custom campaigns designed with your customers in mind. 

While it can be daunting to get started, by following these best practices and finding the right provider will set your company up for success. 

Categories
Finance & Capital

Harness the Financial Markets for Big Gains

2020 is proving to be the year of the stock market. In an unprecedented shift, retail traders are pouring into stocks, hoping to build lucrative portfolios. From IPOs to blue-chip stocks, interest in equities is surging. Volatility is driving this growth, fueled in large part by tremendous market enthusiasm. Despite bullish sentiment, caution remains the order of the day. Savvy traders and investors understand the inherent risks of stocks. 

Two prominent schools of thought have emerged from the current predicament. There are those who believe that diversifying a financial portfolio with a mix of slow-growth, steady-yield stocks and high-growth, high-yield stocks are best. The opposing school of thought has opted for a portfolio comprised of moderate-growth stocks with hedge investments to guard against a downturn. In truth, there are a multitude of investment strategies that can be employed to deliver optimal results.

It’s really important to take a deep breath before you begin trading stocks. With your curiosity piqued, you will want to fill your head with the right information from the get go. Pick a reputable trading platform like StocksToTrade (Read this Review to learn what the platform has to offer) that has been tried and tested to perform under all market conditions. High-frequency, high-volume trading platforms are best since they deliver on expectations with real-time executions of trades (buy/sell orders), real-time market updates, and real-time pricing.

Making Sense of the Stock Markets Takes a Lot of Work 

This instructive guide is certainly not a cure-all to the maladies of the stock market; it is a solid foundation upon which to build your financial portfolio. Given the inherent complexities of trading and investing, it helps to begin on a solid footing. The trading platform and the broker serve as your go-to points for successfully navigating your way through tens of thousands of financial instruments. Many folks have avoided the stock market, for fear of dramatic losses. With the right broker, and a powerful trading platform, this needn’t be the case. 

Several misconceptions abound in the stock markets, notably:

  • You need to be an expert trader or investor to succeed
  • You cannot manage your own trades without an expert helping you
  • You need big money and a thick skin to profit off the stock markets
  • You will lose more money than you will make in the stock market over the long-term
  • You should always entrust your investments to financial brokers and financial planners

Fortunately, we now know that anyone with the determination to succeed, the will to learn, and the fortitude to stay the course can profit off the financial markets. Stocks trading is inherently risky. It is this very volatility that drives profitability in the markets. The first order of business is to pick a sector of the market that interests you. There are 11 market sectors. These include utilities, real estate, materials, industrials, IT, healthcare, energy, financials, consumer discretionary, consumer staples, and communication services. Many investors stick with what they know, and gradually branch out into other sectors.

What Are Some of the Pitfalls You May Encounter When Trading Stocks?

Insufficient knowledge. Before you get started, read up as much as you can. Top-tier trading platforms like STT offer a synergistic approach to stocks trading. You can view detailed charts and graphs, with technical analysis in play. Stochastic indicators, moving averages, Bollinger Bands, 52-week high/low pricing, SEC reports, volume trading, valuations, and scores of other elements are readily available. This makes it really exciting to learn how to trade stocks online. The inclusion of a demo-trading account for 14 days at a price of just $7 is an added bonus. Be advised that a trading platform and a broker are different. A trading platform permits you to manage all trading activity using the platform as the go-between. A broker is a sales representative who negotiates trades for you.

A rush of blood to the head. Many novices find that emotions govern their trading activity. As a rule, you should always take emotion out of the equation. There is no benefit to buying and selling on tilt – it’s a recipe for disaster. Rather accept that trades can go either way, but that your determination to conduct the necessary research, use technical and fundamental analysis, and powerful trading tools such as Oracle can sway the needle in your favor. Too many traders and investors allow market momentum to govern their decision-making processes. When markets are selling off furiously, the herd falls all over itself trying to offload stocks. This is the wrong approach. Investors are in it for the long haul. When markets start tanking, that’s when buying opportunities abound. 

Knowing when to get in and when to get out. This is an incredibly tough skill to master. There is no panacea to timing the market. It certainly helps to set stop losses and take profit orders, to guard against a market correction, or a sudden bear market. Fear and greed keep people invested for longer than they ought to be. On the upside, investors may believe that they can maximize profits by staying invested in a market that is turning south. On the downside, fear may cause indecisiveness and lead to accelerated losses. 

Rather than buying or selling big chunks of your portfolio during volatile trading sessions, mix up the financial instruments in your portfolio. For example, it’s perfectly okay to hold a chunk of Apple stocks and a chunk of gold stocks at the same time. Apple for example, will help to grow your portfolio during a booming market and gold will stabilize the portfolio in the event of a downturn. There are many useful tips, tricks, and strategies that can be employed when trading stocks online. Never invest too much of your portfolio in a handful of stocks – that’s akin to putting all your eggs in one basket!