It may initially seem strange to think of the importance of financial statements in marketing. Well, they are. This can be seen in three main areas: one’s income statement; balance sheet and cash flow statement. So let’s take a brief look at all of them. The income statement (which I guess is also pretty much how much you are making versus how much you are losing – aka profit and loss – gives some indication as to how your company is doing and how efficiently it is being operated. What you will see on this is the price of your services/products being sold; how much your products/services cost to start with; net sales and general office/company expenditure. By looking at this, you can pretty much see where the company is holding. Next, the balance sheet which serves two main functions: listing the company’s liabilities; listing the company’s assets. Liabilities a company may include: how much your company owes other people/companies and assets may include: what amounts of money are owed to your company. The cash flow statements come from various parts of the income statement. It is on a chart that has starting cash balance; an itemization of each income source; available cash balance. With this information you make a total of all the cash that needs to go out and then you take that away from the available cash balance which gives you the ending cash balance, thus enabling you see to see how the cash moves around (aka cash flow) by moving the ending cash balance to the top of the next column (for the next month) and that starts your starting cash balance for that month. Basically all these three things (income statement; balance sheet and cash flow statement) can tell you where you can go vis-à-vis your next marketing step like maybe now is not the time for you to start a hugely expensive ad/marketing campaign; the data you will get from your financial statement can help you in making informed decisions for the future which involves your marketing strategy.
Businesspeople are always looking for new, better and more improved ways to market their products and services. The question that must be asked however is, is it too much of a risk to seek a new marketing methodology? Because what happens if it backfires? Could this be damaging to your business should it not work out? On the other hand, one who is successful in business will probably tell you that experimenting was key. Even when things didn’t work out for the best, trying something new is very important.
There is an opinion that claims taking risks in the field of Internet marketing is not necessarily the best idea. But there is also another idea that says it could be attempted on a small scale; i.e., implement the new method of Internet marketing on a small scale that will allow it to only be exposed to a minimal amount of people. Or, try it for a limited amount of time. You can always try a new method and see what kind of response you get. If it is somewhat negative from most respondents, you are being told it’s not working and thus do not continue the exposure. But if it seems like clients are responding positively, then you can expose it to a greater crowd.
As with most aspects of business, trial and error is a good method in Internet marketing. And remember, just like everything else in life, if you find that your new method has failed and has been exposed to many people and businesses, there’s nothing wrong with apologizing, admitting your error and moving on. But if you don’t even try, then you will never know.
So you have finally made the leap. You have decided to pack in your 9-5 cubicle job and go it alone. You want to make it in the world and there is no time like the present. What tips can I give you to make this transition easier?
Well, first you have to decide what you want to do. Create a plan. Something simple. It doesn’t have to be extravagant or have ‘business plan’ written on it, it just needs to be something that makes sense to you: decide what your product or service is going to be and how you are going to sell it. In today’s world, you probably want to do this on the Internet and you should know that Internet sales, in principle, are no different than any other type of product selling.
Next, if you are going the Internet business-marketing route (which I suggest you do), you want to get your own Internet Service Provider (ISP) and I advise you to get a good one, based on top customer service reviews (this is not something you want to find a bargain basement deal on). Then get your domain name (for non-tekkies: this is your website name). Again, keep it simple.
You also need web content. If you are fine with writing, do it yourself. But if not, hire a company to create the content for you.
These are just a few early steps to get you started. But I think the best piece of advice I can give to anyone in the early stages of starting up a business are the KISS principle: Keep It Simple, Stupid. Good luck to y’all!
Everyone thinks that they can do internet marketing these days. All you have to do is create a website and then sit back and watch the money roll in, right? Of course, the reality is that it takes a lot of planning and technique to become a good internet marketer.
First, you need to consider who your customer is and what you are offering. Once you’ve focused your goals and have an idea of the type of site you’d like to build, it’s time to do some key research.
Research your market to discover who your main competitors are and what they are doing to be seen online. Are they using PPC, SEO, press releases, affiliate marketing, Adsense or other sources? What are their weaknesses and their strengths? Read reviews, forums and testimonials and learn as much as possible about your target market.
Now, it’s time to build your strategy. Once you have your target market and your competitors in view, you can create your internet marketing strategy. Prioritize your tactics and figure out your budget. You’ll need to decide if you want to use PPC, SEO, email, blogging, podcasts, etc. Set up your site, start your marketing strategy and then monitor your performance and results.
Keep tabs on your progress and on new developments. Which keywords are driving the most traffic your way? How can you get your SEO rankings to move up even more? Do you need to alter your marketing strategy for better results?
Following these guidelines should help you on your way to a strong internet marketing campaign and to a strong business model online.
If you want to succeed in business, you have to alter your mindset. Don’t ever think you are “not working.” In the successful businessman (or woman)’s world, there is no such thing. What does this mean? In a word, networking. No matter where you are, what you are doing, or to whom you are talking, you will always have an opportunity to network. So take it. Don’t even rest on your laurels. Come rain or shine, at the bar or on the tennis court, you have to have it in your head that it is always the time to network.
Let’s say you get stuck on a train. It’s going nowhere; they found a leaf on the track or something. Rather than get completely frustrated about all the time you’re wasting, see it as an opportunity. Get a feel for your fellow passengers and then try to strike up a conversation with one of them. After you have broken the initial ice and have gotten a feel for your fellow passenger in distress, introduce him or her to your business ideas. The best way to do this is to form an understanding of what they do in life and then somehow weave in that your product could change their lives. Just remember: there is never a time you are not working; you should always be on the lookout for business networking opportunities.
For anyone in the internet marketing world, SEO is a must. For those with less knowledge, however, what exactly is SEO? SEO stands for Search Engine Optimization and it is the process of improving the traffic to a web site or web page. These deal with “natural” or un-paid search results, as opposed to other types of Search Engine Marketing which would include paid inclusion.
The idea is that the higher your site appears in the search results, the more likely potential clients are to click on your link. To optimize your website, you need to take a look at the content and the HTML and associating coding. You’ll be looking to use specific keywords and to remove any barriers that exist for indexing activities of search engines.
Certainly, if you currently have a website, or you are thinking of creating one, and you’re hoping to boost its ranking, SEO is a field worth looking into.
Before attending networking events, you should certainly be prepared. What does this mean? First, make sure that you have a short, 60 second pitch ready for anyone who asks you what you do. This will allow you to articulate your business offerings and model without being long-winded or disjointed.
Keep your goals in focus when attending a networking event. While it is always fun to hang out with friends and associates you already know, this will not help you to promote your business. Assuming you aren’t targeting just one person with whom you want to speak, make sure to circulate throughout the event. If you spend 5-10 minutes with various people, you’ll be well served and will get your message out there.
Make sure you have loads of business cards with you and be ready to hand them out. If the networking event is important enough, you might even want to make cards that are specifically for networking purposes.
Most of us dream about finding a get-rich-quick scheme so that we can sit back with a drink in our hands and relax. Sadly, this is not going to be the destiny assigned to the majority of us. It is possible, however, to make it with an online business. You will need to follow a number of steps to reach your goals.
First, spend time thinking of your creative ideas and planning how you will build an online business. Do a lot of market research with your ideas. Would your friends buy this product? Would they buy something similar? Why or why not? Once you have decided on your business model and your products, set very specific goals. Establish a plan to reach your short term, medium and long term goals.
Decide on how much of a personal investment you are willing and able to give to this venture. How much money and time can you invest today? In a month? In a year, etc? Revisit your vision and your plan every three months and adjust it as necessary. Always have a safety net and a Plan B, and be flexible enough to move towards them, should you need to do so.