Messages

16

Logo, Color and Culture / Logo design process

« on: July 28, 2018, 12:13:25 PM »

Logo design process

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Designing a good logo often requires involvement from a marketing team teaming with the graphic design studio. Before a logo is designed, there must be a clear definition of the concept and values of the brand as well as understanding of the consumer or target group. Broad steps in the logo design process include research, conceptualization, investigation of alternative candidates, refinement of a chosen design, testing across products, and finally adoption and production of the chosen mark.

Reference: https://en.wikipedia.org/wiki/Logo

17

Logo, Color and Culture / Contemporary logos

« on: July 28, 2018, 12:04:10 PM »

Contemporary logos

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The current era of logo design began in the 1870s[citation needed] with the first abstract logo, the Bass red triangle. As of 2014, many corporations, products, brands, services, agencies, and other entities use an ideogram (sign, icon) or an emblem (symbol) or a combination of sign and emblem as a logo. As a result, only a few of the thousands of ideograms in circulation are recognizable without a name. An effective logo may consist of both an ideogram and the company name (logotype) to emphasize the name over the graphic, and employ a unique design via the use of letters, colors, and additional graphic elements.


The Coca-Cola logo is identifiable in other writing-systems, here written in Cyrillic.
Ideograms and symbols may be more effective than written names (logotypes), especially for logos translated into many alphabets in increasingly globalized markets. For instance, a name written in Arabic script might have little resonance in most European markets. By contrast, ideograms keep the general proprietary nature of a product in both markets. In non-profit areas, the Red Cross (varied as the Red Crescent in Muslim countries and as the Red Star of David in Israel) exemplifies a well-known emblem that does not need an accompanying name. The red cross and red crescent are among the best-recognized symbols in the world. National Red Cross and Red Crescent Societies and their Federation as well as the International Committee of the Red Cross include these symbols in their logos.

Branding can aim to facilitate cross-language marketing.[16] Consumers and potential consumers can identify the Coca-Cola name written in different alphabets because of the standard color and "ribbon wave" design of its logo. The text was written in Spencerian Script, which was a popular writing style when the Coca Cola Logo was being designed.

Reference: https://en.wikipedia.org/wiki/Logo

18

Logo, Color and Culture / what is logo

« on: July 28, 2018, 12:02:20 PM »

what is logo

A logo (abbreviation of logotype, from Greek: λόγος logos "word" and τύπος typos "imprint") is a graphic mark, emblem, or symbol used to aid and promote public identification and recognition. It may be of an abstract or figurative design or include the text of the name it represents as in a word mark.

In the days of hot metal typesetting, a logotype was one word cast as a single piece of type (e.g. "The" in ATF Garamond), as opposed to a ligature, which is two or more letters joined, but not forming a word.[5] By extension, the term was also used for a uniquely set and arranged typeface or colophon. At the level of mass communication and in common usage, a company's logo is today often synonymous with its trademark or brand.

Reference: https://en.wikipedia.org/wiki/Logo

19

Branding / Corporate Branding Key Concepts

« on: June 03, 2018, 10:49:58 AM »

Corporate Branding Key Concepts

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iscussing about branding and corporate branding we meet a lot of different and sometimes confusing concepts, sometimes similar or sometimes very different, sometimes unanimously similar understood or sometimes generating controversy in terms of meaning.

Corporate Philosophy – the business mission and values espoused by the management board (or founder).

Corporate Personality – the sum total of the characteristics of the organisation or a distinct organisational culture, which reflects the organisations (or founders) distinct mission and philosophy

Corporate Image – consisting of two components; functional and emotional. Functional relates to tangible characteristics while the emotional component is associated with psychological dimensions that are manifested by feelings and attitudes towards a company. Or it can be described as a profile or sum of impressions and expectations of that organisation, built up in the minds of individuals who comprise its publics.

Corporate Identity – comes into being when there is a common ownership of an organisations philosophy which is manifest in a distinct corporate culture (the corporate personality). At its most profound, the public feel that they have ownership of the philosophy.

Corporate Reputation – a collective representation of a firm’s past actions and results that describes the firm’s ability to deliver valued outcomes to multiple stakeholders.

Corporate Associations – a generic label used for “all information about a organisation that a person holds, including perceptions, inferences, and beliefs about a organisation.

20

Venture Capital / 6 Important Factors Venture Capitalists Consider Before Investing

« on: June 03, 2018, 10:41:06 AM »

6 Important Factors Venture Capitalists Consider Before Investing

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I am constantly speaking with entrepreneurs, and they all seem to share the same obstacle: securing funding. Sometimes, bootstrapping isn’t a viable option and traditional lenders won’t approve a business loan, resulting in the need for venture capital (VC) money.

Reality check: Less than one percent of U.S. companies have raised capital from VCs. VC money is essentially unicorn money.

I have been fortunate enough to interact with a few VCs over the past several years. One of those venture capitalists is Burak Başel, of Basel Holdings. I asked Başel to lay out the important factors he looks for before investing, which are below.

1. Character of the business partners

The people behind an idea or company and, more importantly, their character is extremely important. You could have the best idea in the world, but it might never get off the ground with the wrong team in place.

“Their reliability, honesty, potential for a long-term relationship and work ethic all come into play. A team who understands their roles and performs them with love and enthusiasm is very hard to beat. I have to feel completely confident in the abilities as well as the character of the team before investing,” says Başel.

2. Capacity of the business partners

You can’t just fill startup roles for the sake of creating a team and launching. You need to make sure each person is highly qualified and possesses the ability to take the business to the next level. For example, a CFO with limited financial experience is a disaster waiting to happen, while a CMO with limited marketing experience is a severe handicap.

“There has to be a capable team with potential to grow the business and to carry it to high levels of success,” explains Başel. Experience and past track records play a major role in providing a little more confidence. Building the right founding team greatly increases the odds of securing VC money.

3. Innovative idea

Every new startup is the Uber of something, and it’s played out.

With less than 1 percent of all U.S. companies ever receiving VC money, you need to stand out, and the way to do that is by having something truly innovative and unique. You are only going to attract initial interest if your idea is something that the VC hasn’t been pitched several times already.

Başel elaborates, “It needs to be new and something that no one has ever tried before, or succeeded at before. Something innovative with extensive research and development will pique my interest enough for me to at least look at the pitch.”

4. Communal benefit

Startups come and go, and while nobody has an exact percentage, most people put the startup failure rate between 80 and 90 percent. The few startups that experience massive success all solve a problem.

Uber made commuting much easier. Snapchat made communication easier. Airbnb made travel easier. You get the point.

“I like startups that bring value to the community and to humanity in general. Do they solve a large-scale problem? Do they provide a benefit that a large percent of the population will desire to utilize? If the answer to those questions is yes, then they have a much greater chance of attracting interest,” offers Başel.

5. Long-term sustainability

It has to be something with longevity to make it worthwhile from an investor standpoint. A short-term idea might still be viable and profitable, but not typically from a VC point of view,” suggests Başel.

Venture capitalists deploy millions of dollars, wanting multiple times return on that investment. That is why VCs focus heavily on the long-term sustainability of an idea. If they don't believe the shelf life is large enough, they simply won't invest.

6. Financial outlook

VCs invest to make money. There is no other reason. It’s a business.

Başel is no different from other VCs, stating, “The last thing I look at is the financial outlook of the business, determining when it will start becoming profitable.” The deal needs to make financial sense and not tie up money too long. The goal is to recoup the initial investment and re-invest in another project.

Not every opportunity is going to produce overnight returns, and the risk versus the reward is always taken into consideration. While every deal is different, profit potential and the probability of a return on the initial investment is always analyzed heavily.

Source: https://www.entrepreneur.com/article/293159

21

Partnership / Difference Between Sole Proprietorship and Partnership

« on: June 03, 2018, 10:31:02 AM »

Difference Between Sole Proprietorship and Partnership

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There are various forms of business organization in which the business entity can be organized, managed and operated. Sole Proprietorship is one of the oldest and easiest forms, which is still prevalent in the world. In this type of business, only one person owns, manages and controls the business activities. The individual who runs the business is known as a sole proprietor or sole trader.


 
On the contrary, Partnership is that form of business organization two or more individuals come together and agree to share profit and losses of the business, which is carried on by them. The individuals who run the business are called partners.

Many people utter confusion regarding these two business forms. In this article excerpt, you can find all the important differences between sole proprietorship and partnership in tabular form.

Content: Sole Proprietorship Vs Partnership

Comparison Chart
Definition
Key Differences
Conclusion

Comparison Chart
BASIS FOR COMPARISON   SOLE PROPRIETORSHIP   PARTNERSHIP
Meaning   A type of business oganization, in which only one person is the owner as well as operator of the business is known as Sole Proprietorship.   A business form in which two or more persons agree to carry on business and share profits & losses mutually is known as Partnership.
Governing Act   No specific statute   Indian Partnership Act, 1932
Owner   Known as sole trader or sole proprietor.   Individually known as partners and collectively known as firm.
Incorporation   Not required   Voluntary
Minimum members   Only one   Two
Maximum members   Only one   100 partners
Liability   Borne by the proprietor only.   Shared by the partners.
Decision making   Quick   Delay
Duration   Uncertain   Depends on the desire and capacity of the partners.
Profit & Loss   Proprietor is solely responsible for the profits & losses.   Shared in agreed ratio
Secrecy   Business secrets are not open to any person except the proprietor.   Business secrets are open to each and every partner.
Finance   Scope for raising capital is limited.   Scope for raising capital is comparatively high.

Definition of Sole Proprietorship

Sole Proprietorship, as its name suggests, is a form of business entity in which the business is owned as well as operated by a single person. The alternate name of this business form is sole tradership. The person uses his capital, knowledge, skills and expertise to run a business solely. In addition to this, he has full control over the activities of the business. As this form of business is not a separate legal entity, therefore the business and its owner are inseparable. All the profits earned by the owner go to his pockets and the losses are also borne by him only.

This form of business organisation is backed by some advantages, like the creation of sole proprietorship is very simple, minimal record keeping is sufficient, and it does not require, lots of legal formalities to be complied with. Moreover, the sole proprietor also gets the tax benefit, as the tax on his business income is regarded as the personal income of the owner.

Besides the above advantages, we cannot ignore the drawbacks associated with this form of activity, i.e. the liabilities of the business are the liabilities of the owner too, and so if he was not able to pay them from business, he has to pay them from them from his personal assets. Furthermore, the creditors can also sue the proprietor for the debts owed by him. There is always an uncertainty regarding the life of business as if the sole proprietor dies or if he became incompetent, then the business will also come to an end. So, there is no surety that how long the business will survive.

Definition of Partnership

The Partnership is that form of business organisation, in which there are two or more persons engaged together to carry on business by an agreement and decides to share profits & losses in the specified ratio. Members are separately known as partners, but jointly known as firm. The partnership is the unseen legal relationship between the partners of the firm. The firm is the physical form of the partnership, and the name under which the business is carried on is known as Firm name.

The major components of the partnership are an agreement between partners, sharing of profit & loss and business to be run by all or any of the partners who will work on behalf of the other partners. In the third component, you might notice that all the partners are the principal as well as the agent of the other partners. Due to this, the mutual agency is regarded as the essence of the partnership and if this clause is not present there will be no partnership. The following are the types of partnership:

General Partnership
Particular Partnership
Partnership at will
Limited Liability Partnership
There can be various types of partners in a partnership firm like an active partner, sleeping partner, nominal partner, incoming partner, outgoing partner,  sub partner, partner for profits only.

Key Differences Between Sole Proprietorship and Partnership

The following are the major differences between sole proprietorship and general partnership:

When the business is owned and managed by a single person exclusively, it is known as the sole proprietorship. The partnership is the business form in which the business is carried on by two or more persons and they share profits and losses mutually.
Indian Partnership Act 1932 governs the Partnership whereas there is no specific statute for Sole Proprietorship.
The owner of sole proprietorship business is known as the proprietor, while the partners are the members and legal owners of the partnership firm.
The registration of sole proprietorship business is not necessary, but it is at the discretion of the partners that whether they want to register their firm or not.
In Sole Proprietorship the minimum and maximum limit of owners are one. Conversely, in Partnership, there should be at least two partners, and it can exceed up to 100 partners.
In Sole Proprietorship the liability is borne by the proprietor only. In contrast to, Partnership where the liability is shared between partners.
As there is only one owner, the quick decisions can be taken which is not in the case of a partnership because the mutual decision is taken after discussing with all the partners.
There is always an uncertainty regarding the term of the sole proprietorship as it can end up anytime if the owner dies or if he became incompetent to run a business. On the other hand, Partnership can be dissolved at any time, if one of the two partners retires or dies or became insolvent, but if there are more than two partners, it can continue at the discretion of the remaining partners.
In sole proprietorship business, secrecy is maintained, as the secrets are not open to any person other than the proprietor. On the contrary, in partnership, business, business secrets are maintained to every partner.
The scope of raising finance is high in partnership as compared to sole proprietorship business.

Conclusion

We all know that everything has two aspects, so as with the case sole proprietorship and partnership. The former, is very simple to be established while the latter needs the agreement of the two or more persons but if you put it another way then you will see that there are more hand to work, more capital to invest and more knowledge to apply as well as in the absence of one partner the business will not suffer.

22

Bank Loan / How Do Personal Loans Work?

« on: June 03, 2018, 10:20:45 AM »

How Do Personal Loans Work?

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Most loans are fairly self-explanatory. Usually what they help you finance is right in the name: Home loans are for mortgages when you purchase a home, car loans are for that new ride in the driveway, and student loans are for your education.

But what about other types of loans that aren’t so obvious? If you’ve heard of personal loans, you may wonder, “How do personal loans work?”

It’s not immediately clear what kind of loan this is, and even less obvious is who should use these loans and when.

What is a personal loan?

If you’re wondering “How do personal loans work?” know that they are fairly simple and straightforward. When you apply and receive approval for the loan, you’ll receive the amount of money you requested to borrow in a lump sum.

You pay back that money in installments. The timeframe of those payments is determined by the specific terms of your loan.

The interest rate on your loan is determined by your credit score. The better your score, the more favorable your interest rate will be. A great rate will save you money when you repay the debt because you’ll be required to pay less on interest.

Be sure to look for fixed-rate loans to ensure the interest rate you receive won’t change as you pay off the balance. These details should be in the fine print and included in the terms of your loan. Read all the details and fully understand the loan before signing any paperwork.

If you have questions, don’t be afraid to ask the loan officer for more information on the specific loan you’re looking to apply for.

A few questions you should ask about your personal loan should include:

What is the interest rate?
What is the APR?
What is the origination fee?
What is the loan term?
Is the interest rate fixed?
Is anything else included in this loan?
Will I have to pay a fee for prepaying the balance on the loan?
What is the late fee for payments?
It’s important to gather all the information you need to feel comfortable about your decision, so don’t be afraid to ask as many questions as you’d like before signing on the dotted line.

When should you avoid a personal loan?

Before we explore when personal loans do make sense, let’s eliminate a couple scenarios.

Unnecessary spending

You should not use personal loans for things like discretionary purchases or splurges. Don’t borrow money to buy things you really want but don’t actually need.

Instead, create a savings plan and pay for your discretionary spending in cash. Anytime you can save up money for a purchase, do so instead of taking out a personal loan to fund the expense.

Rebuilding your credit

While balancing different types of lines of credit can help boost your score, there’s no need to take out a new loan if you still have old debt or balances you’re working to repay. It’s not worth the money you’ll spend in interest.

If you want to boost your credit score, make your current payments on time and in full consistently over time. Don’t open or close multiple credit card accounts at once either.

Big one-off purchases

Using a personal loan to fund a big spend may not be the right way to go. Avoid borrowing money to pay for things like weddings, vacations, or pricey purchases.

While these events and items can be expensive and take you a long time to save up for, it’s well worth it. Paying in cash means you only cover the actual purchase price and you’re not risking any of your financial security when you save up first.

When does a personal loan make sense?

A personal loan can provide borrowers with a lot of advantages. They usually come with lower interest rates than credit cards, which makes borrowing more affordable. However, personal loans do usually carry higher interest rates than secured loans, so always be sure to check the APR.

Ultimately, personal loans are personal because the funds can be used at your discretion.

You can also use a personal loan as a debt consolidation tool. If you have a lot of student loans that you struggle to manage — or even credit card debt on a high-interest card — check out your personal loan options. It may be worth consolidating your debts if it would save you money by providing a lower interest rate.

When you choose to get a personal loan, plan to use that borrowed money responsibly. Don’t borrow more than you can afford so you can avoid paying unnecessary interest. And create a repayment plan ahead of time so you know you can stick to it.

Are there any issues to be aware of?

Now that you know the answer to ”How do personal loans work?” there are some red flags you need to watch out for.

Avoid personal loans that charge fees for prepayment. While it’s nice to have enough time to repay the money you borrowed, you may want to pay your debt off faster to avoid paying more in interest. You’ll lose the savings benefit if your loan servicers charges you for paying ahead of schedule.

If a loan provider requires you to purchase any other kind of product with the personal loan, such as insurance, look to borrow through another company. This isn’t necessary and will only cost you more money.

Personal loans are useful tools, but use with caution

Personal loans can provide you with a cheaper financing option than credit cards. They may also be a good way to consolidate your student debt if you can secure a good interest rate.

Best of all, personal loans require no collateral, and you have a lot of freedom and flexibility in how you use the funds.

However, remember that if you do take out a loan, you put yourself in debt until you repay the balance. That could jeopardize your financial security if a financial emergency comes up while you still carry the loan.

Before borrowing money this way, make sure you truly need to take out a loan at all. If so, be responsible. Borrow only what you need and know ahead of time how you’ll pay back that money.

Interested in a personal loan?
Here are the top personal loan lenders of 2018!
LENDER   RATES (APR)   LOAN AMOUNT   
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

* Important Disclosures for Upgrade Bank

7.73% - 29.99%   $1,000 - $50,000   
on SLH's secure site

5.83% - 14.74%1   $5,000 - $100,000   
on SLH's secure site
Upgrade
5.96% - 35.97%*   $1,000 - $50,000   

8.00% - 25.00%   $5,000 - $35,000   
on SLH's secure site
FreedomPlus
4.99% - 29.99%   $10,000 - $35,000   
Citizens Bank
4.99% - 16.24%2   $5,000 - $50,000   
LendingPoint
15.49% - 34.49%   $2,000 - $25,000   
Lendingclub
5.99% - 35.89%   $1,000 - $40,000   
Earnest
5.49% - 18.24%   $5,000 - $75,000   
Avant
9.95% - 35.99%   $2,000 - $35,000

Source: https://studentloanhero.com/featured/how-do-personal-loans-work/

23

Smart Business Idea / 8 Habits of People Who Always Have Great Ideas

« on: June 03, 2018, 09:58:53 AM »

8 Habits of People Who Always Have Great Ideas

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Aha moments aren’t magic, they come to people who have cultivated daily habits of approaching life differently.



Eureka moments are rare. The backstory behind great ideas is often more complex and winding than having an apple fall on your head. But the best part is that creative ideas aren’t reserved for a special group of people; they can come to anyone if you change your mind-set.

“The fact is, almost all of the research in this field shows that anyone with normal intelligence is capable of doing some degree of creative work,” Teresa Amabile, professor of business administration at Harvard Business School and author of The Progress Principle: Using Small Wins to Ignite Joy, Engagement, and Creativity at Work, told Fast Company in 2004. “Creativity depends on a number of things: experience, including knowledge and technical skills; talent; an ability to think in new ways; and the capacity to push through uncreative dry spells.”

Whether they’re coming up with an innovative new product to launch, finding a solution to a universal problem, or picking a cool new place to grab lunch, people who consistently have great ideas have formed habits that help them think. Here are eight simple things those “creative geniuses” do that you can do, too:

1. THEY LOOK FOR INSPIRATION IN UNEXPECTED PLACES

Instead of staying focused within their industries, people who have great ideas look elsewhere, says Sooshin Choi, provost at the College for Creative Studies in Detroit.

“Many professionals go after information in their industry, but once you get that information, it’s too late–everyone has it,” he says. “Even if you get that information faster than others, what kind of real difference can you make?”

Instead, Choi suggests looking outside your field. “Car designers might look at furniture designers for inspiration,” he says. “There are endless examples of different areas where you can find inspiration.”

2. THEY MAKE SLOW DECISIONS

In his book Hare Brain, Tortoise Mind, author Guy Claxton says intelligence increases when you think less: “There’s an expanding idea of what it means to be intelligent,” he told the London Business Forum in 2014. “The narrow idea is all built around cleverness, which is the ability to argue, marshal facts, and interpret a spreadsheet. That it’s all done through reason; it’s all done consciously.”

Give your mind time to work in the margins–when you’re thinking of something else.
Research, however, has found that thoughts are going on in the margins of the mind in areas Claxton calls hazy, poetic, or uncontrolled. Calling this the “tortoise mind,” Claxton says great ideas bubble up when you slow down decisions: “Whenever there’s a decision that needs to be made, the first thing you ask yourself is, ‘When does this decision need to be made?’” he says. “And you don’t make it until then.”

Deciding prematurely stunts your ability to find great ideas. Give your mind time to work in the margins–when you’re thinking of something else. This allows time to collect more information, listen to hunches, and experience bursts of creativity.

3. THEY FIND INTERNAL MOTIVATION

People who have great ideas are motivated to work on something because it is interesting, involving, exciting, satisfying, or personally challenging, says Amabile.


Research has found that people are most creative when they’re intrinsically motivated, rather than pushed by evaluation, surveillance, competition with peers, dictates from superiors, or the promise of rewards.

“You should do what you love, and you should love what you do,” she writes. “The first is a matter of finding work that matches well with your expertise, your creative thinking skills, and your strongest intrinsic motivations. The second is a matter of finding a work environment that will allow you to retain that intrinsic motivational focus, while supporting your exploration of new ideas.”

4. THEY START FROM SCRATCH

Instead of improving on an existing item, people with great ideas pretend the product doesn’t exist and they design it from scratch, says Choi.

“If you improve something, then you only make it better,” he says. “If you want to make something different, you have to behave as if there is no such thing.”

Don’t ask yourself, ‘How could I design a smartphone?’ says Choi. Ask yourself, ‘What is communication?’ “If you start there, you may be able to discover new possibilities,” he says.

5. THEY ARE WILLING TO TAKE RISKS

“Often the difference between a successful man and a failure is not one’s better abilities or ideas, but the courage that one has to bet on his idea, to take a calculated risk, and to act,” said Maxwell Maltz, author of the 1960 self-help classic Psycho-Cybernetics.

If you improve something, then you only make it better, if you want to make something different, you have to behave as if there is no such thing.
Corporate cultures that allow employees to challenge the status quo or disagree will foster innovation, says Amabile. Training employees to be comfortable disagreeing with others and receptive to disagreement will create an atmosphere of innovation, she writes.

6. THEY’RE ALWAYS TRYING NEW THINGS

As you progress in your field, it can be easy to stick with what works, says Choi. “The trouble is that when you get older, you have many routines that come from memory of past successes,” he says. “The past may not work in the future.”

Instead of becoming set in your ways, Choi says people who have great ideas have formed the habit of trying something different.

“If you always order the same thing at your favorite restaurant, you are an old person,” he says. “Try something new–maybe something you didn’t like when you were younger. Or do something you aren’t familiar with. You’ll feel young and you’ll experience new things and ideas.”

7. THEY FIND CONNECTIONS BETWEEN EXPERIENCES

Great ideas are often the result of connecting two seemingly unrelated items. People who consistently have great ideas have become good at finding connections. In 1996–long before he thought of the iPhone or iPod–the late Steve Jobs told Wired magazine:

Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while. That’s because they were able to connect experiences they’ve had and synthesize new things. And the reason they were able to do that was that they’ve had more experiences, or they have thought more about their experiences than other people.

8. THEY’RE OPEN TO MAGIC

Elizabeth Gilbert, author of Big Magic: Creative Living Beyond Fear, says ideas are out there waiting to find the right person who can bring them to life.

“Ideas are these disembodied life forms, they don’t have a form, but they have a will. All they want is to be made manifest,” she told Robin Young on NPR’s Here and Now. “If you can manage to open up your consciousness to an idea of living in a world of abundance, then you can believe that, constantly, ideas are trying to find human collaborators.”

Source: https://www.fastcompany.com/3051713/8-habits-of-people-who-always-have-great-ideas

24

Facebook / Benefits of Facebook for business

« on: June 03, 2018, 09:46:16 AM »

Benefits of Facebook for business

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A Facebook page has many potential benefits for your business. While some of these benefits are similar to having a website, a number are unique to Facebook. Combined, the benefits listed below can lead to increased sales and profits for your business.


Facebook is a low-cost marketing strategy

Marketing activities that would cost thousands of dollars through other channels can be used on Facebook for a fraction of the cost. This makes it ideal for small to medium businesses with a limited marketing budget. Larger businesses can also trial marketing concepts and themes through Facebook before committing to bigger campaigns.

Share basic information about your business

Your Facebook page is a place where you can publicist your business name, address and contact details, and briefly describe your products and services. You can also talk about your staff, history, or any other aspect of your business that is likely to attract other Facebook users and create interest in what you do.

Share pictures and videos from your business

As well as allowing you to post text, Facebook lets you upload pictures and videos from your business. This can be a powerful way to communicate with customers and potential customers, allowing them to see your product or service without having to visit your premises.

Facebook also allows users to 'tag' photos to indicate if a Facebook friend appears in them. This function can be used to promote your business. For example, a tour operator could post a photo on their page of a group going whitewater rafting, then invite each participant to tag their image in the photo. Each tagged image will show up as an update on the participant's Facebook account, where their friends will see it too. This increases the level of interest in the picture, and your business.

If you do decide to use tagging, be careful. It can be a privacy issue, and some Facebook users are sensitive about being tagged in photographs. For this reason, it is better to ask participants to do the tagging, rather than doing it on their behalf.

Talk to existing and potential customers

You can use Facebook to 'talk' to existing and potential customers by posting and receiving messages. But don't use Facebook to aggressively promote your products or services. You'll have much greater success if you share information related to your business that is actually useful or interesting to other users. This increases your credibility and promotes your business by building long-term relationships with other users. For example, a veterinarian could post tips for looking after pets, timing them according to when particular health issues arise (e.g. ticks in summer).

You should also listen as much as you talk. Paying attention to what the market thinks about your business, your industry, a product or a marketing campaign can provide valuable insights.

Provide customer support

Customers can post after-sales questions on your Facebook wall, and your staff can answer them there. This is often more efficient than staff answering phone calls, and allows other customers to read common questions and answers without having to approach you individually.

Raise brand awareness and promote positive word-of-mouth

You can increase your business's profile on Facebook by encouraging existing and potential customers to click the 'Like' button on your Facebook page. Once they like your page, your customers will receive your updates on their wall, where their friends will also see them. This helps to build awareness of your business, and to associate your friends with your brand. Customers can also post positive messages about your products or services, shared on their walls for all their friends to see.

Facebook can steer traffic to your website

You can include a link to your website on your Facebook page. Indeed, many businesses report that the greatest benefit of Facebook is the extra traffic that it steers to their site. Visitors who come to the website can be exposed to stronger marketing messages and, often, the option of buying goods and services.

Customers who come to your website from Facebook are likely to be more receptive than the average visitor, because they already know something about your business and were motivated to click the website link.

Targeted advertising

Facebook can analyse all the information that millions of users enter into their profiles. As the owner of a business page, you can pay to use this information to deliver targeted advertising to a specific group.

For example, an outdoor store could use Facebook to calculate how many men over a certain age in a certain city have listed 'fishing' as an interest. Then they could develop an ad for new fishing lures, and pay for it to appear only on the pages of those people. (Ads appear on the right-hand side pages in Facebook.)

Offer deals through Facebook Places

Facebook Places allows users to 'check in' on mobile devices at a particular place, so that their friends can see their location on Facebook. Facebook Places also identifies popular places close to where a user checks in.

Businesses can use Facebook Places so that when a user checks in to a neighbourhood, street or business, they receive a list of nearby businesses offering deals (e.g. discounts, freebies, loyalty rewards).

Only pages that have been listed as a Company and Organisation or a Local Business in the category set up can add a location.

Source: https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/online-marketing/facebook/benefits