Why aren't small companies spending more on online advertising? | To improve service, adopt a customer mindset | Improve your advertising with powerful images
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March 19, 2013
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Stories from the Street
Why aren't small companies spending more on online advertising?
Small companies are dedicating only 3% of their advertising budgets to online initiatives, according to a study by The Boston Consulting Group. Small business' reluctance to pay for online advertising may be due to prior negative experiences or because they are overwhelmed with options, according to John Rose, a senior partner at the consultancy. "It's pretty hard for them to winnow their way through the 20 to 40 unsolicited requests they get a month to use digital marketing product A versus digital marketing product B," he said. Adweek (3/19)
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Caring for Customers
To improve service, adopt a customer mindset
Gain new insights into how to improve your customer service by visiting other businesses frequented by your clients, including your competitors, and observe how they treat consumers. When something goes wrong at your business or a customer complains, demonstrate your commitment to customer service by offering discounts or by going out of your way to apologize for the problem. Entrepreneur online (3/16)
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Keeping Shop
What your employees aren't telling you
Even if you encourage your employees to tell you about their problems, they're probably hiding important information that could be contributing to turnover, writes Suzanne Lucas. She lists seven potential problems and what you can do about each one. Among them: You are underpaying employees, you're not considering their ideas and you need to fire one of their colleagues. Inc. online (free registration) (3/18)
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Improve your advertising with powerful images
A company called TripleLift is helping companies make more effective ads by using images that have already attracted attention on social media. TripleLift can monitor all of the images that belong to a brand to determine which ones are being shared most often on social channels. Those images can then be used to create ads that function like sponsored content. Small Business Trends (3/17)
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Managing the Money
What it takes to secure financing
Before seeking a loan for your company, you should do your research and be prepared to answer key questions about your needs and ability to repay the money. Make sure you're asking the right lender and anticipate roadblocks to financing and prepare responses for them. In addition, keep in touch with your bankers to learn how they operate and what changes in lending they are facing. The Huffington Post (3/18)
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Tips & Tools
Buy a blog to attract new online visitors
Build your business's online presence by purchasing a popular blog with a subject matter that fits the nature of your company, writes Pratik Dholakiya of E2M Solutions. After buying the blog, resist the temptation to immediately change everything about it, he writes. "If you feel the need to micromanage everything the blogger does, you probably chose the wrong blogger to work with," he writes. Small Business Trends (3/17)
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News You Can Use
Productivity losses due to March Madness may be overblown
One-third of IT departments plan to restrict access to online video content related to the NCAA basketball tournament, a Modis survey says. However, such precautions may be unnecessary. A Challenger Gray & Christmas report says that "many [workers] will simply get a little more work done before or after the tournament to make up for any slowdown when games are on during office hours. In the end, March Madness will have little if any impact on employers." Forbes (3/17)
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Other News
SmartQuote
[O]pen door policy or not, it's highly unlikely that your employees are telling you everything you need to know."
-- Suzanne Lucas, writing at Inc. online
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