While Pinterest is considered a social media platform, users treat it more like a search engine and arrive with intent to buy, write social media experts Lindsay Shearer and Michael Stelzner. They outline how to choose an ad format, track and target visitors, and design video or graphic ads.
Strong brand purpose statements illustrate the value for customers and also must align with company strategy, purpose and growth, write Darden business school professor Kimberly Whitler and Hershey brand manager Mark Pohl. "That means it has to be designed in a way that is better and different from the competition and creates real, meaningful value for consumers," they write.
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A Software Advice survey of 700 retailers indicates the technological habits embraced by shoppers and retailers since the COVID-19 pandemic began could persist. Trends for small-business owners to watch include omnichannel retail, installment payments and sales on social media.
Hispanic entrepreneurs are playing key roles in helping the nation's economic recovery from the pandemic and posting strong compound annual revenue growth, according to Stanford University. Manolo's Bakery owner Manolo Betancur advises other entrepreneurs to study, find a mentor and get involved with the surrounding community.
Keeping a personal connection with your employees as you scale your business can be difficult, but it is possible with intentional communications such as regular meetings with open dialogues, writes Dmitriy Nortenko, CEO and founder of QA Madness. Nortenko also recommends creating an environment where employees feel they can communicate openly with managers and even start the conversation when they feel one is necessary.
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Microlending, or microcredit, is a good fit for sole proprietorships and businesses looking to borrow less than $50,000, finance expert and educator Sharita Humphrey writes. In addition, microlenders often have fewer restrictions than traditional financial institutions, Humphrey notes.
Like many new entrepreneurs, Erin Beedle and Keely Henkle were inspired during their COVID-19 remote working days to start their own business -- in this case the Odds & Ends Emporium, which will serve Colorado Springs, Colo., with toys and gifts created by women and US-made vendors. "We want people to be proud to have our stuff in the community," Henkle said.
Town hall shows how Latinx-owned small businesses contribute to communities
NRF convened Hispanic-owned small businesses and retailers from across the country at a Retail Advocates Town Hall on September 30 with leading members of the Congressional Hispanic Caucus. Taking place in conjunction with Hispanic Heritage Month, three leading Caucus members discussed issues impacting Hispanic-owned retail businesses including supply chain challenges, payments cost reduction and immigration reform. Learn more.
How supply chain disruptions impact Main Street retailers
As concerns about the COVID-19 pandemic ease, small businesses are seeing customers return to their stores, eager to shop. But the pandemic has placed significant strains on global supply chains, making it more difficult for retailers to source products in an efficient, timely and affordable manner. While there is not one easy solution to all the current supply chain challenges, the Ocean Shipping Reform Act of 2021 could provide much-needed assistance in addressing some of the longstanding, systemic supply chain and port disruption issues that have been further exacerbated by the pandemic. Learn more.