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1

Partnership / 7 Tips for Making a Business Partnership Work

« on: June 05, 2018, 12:50:00 PM »

7 Tips for Making a Business Partnership Work

To ensure your business partnership stays on course, follow these tips.
1. Share the same values.
Don’t write the first word of your business plan until you know that you and your partner have the same dreams, goals and vision for your new business. Does your partner dream of starting the next Starbucks, while you envision a part-time catering business that gives you plenty of time with your family? You and your partner must share the same core values, goals and work ethic if you want the business to succeed.

2. Choose a partner with complementary skills.
When you and your business partner have different strengths, you'll double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing and people skills. This way, both partners can focus on doing what they enjoy and are good at.

3. Have a track record together.
Succeeding as business partners doesn’t require having run a business together or even having worked together before. It does require a track record of going through similar challenges together successfully. Look for a partner you’ve handled conflicts with, achieved common goals with and survived tough times with in the past.

4. Clearly define each partner’s role and responsibilities.
An informal organization where each partner does what’s needed at that moment may work in the very early startup stages, but not in the long term. Defining each partner’s job title and duties helps eliminate disagreements by giving each partner control of his or her domain. Employees and customers also benefit from knowing which partner handles what aspects of the business.

5. Select the right business structure.
You can organize a partnership as a general partnership, limited partnership or limited liability partnership. However, you can also organize it as a C corporation or S corporation. Each form of business has its advantages and disadvantages in terms of liability, taxes and continuity. Talk to an attorney or other experienced advisor to help determine which form of business is right for you and your partner.

6. Put it in writing.
Even if you're starting a business with your best friend from kindergarten, you need to draw up legal documents regarding your business structure, capital contribution to the business, how decisions will be made and disputes resolved and what happens if one partner wants to leave the business. Thinking through all the things that could go wrong and how you will handle them makes it easier to deal with any difficulties that do arise.

7. Be honest with each other.
Soft-pedaling your true feelings because you don’t want to hurt your business partner will cause more problems than it eliminates. In order for your partnership to work, both of you must feel comfortable openly sharing your opinions and hashing out any disagreements that arise. Sweeping your concerns under the rug only leads to bitterness and resentment which can destroy your partnership—and your business. 

These can be tough issues to discuss, especially when you’re excited about your startup and can’t wait to get going. But unless you take the time to lay the foundation for a lasting business partnership, your new business may never get off the ground.

 source : https://www.score.org/resource/7-tips-making-business-partnership-work

2

Partnership / 5 Lessons for Strong Business Partnerships

« on: June 05, 2018, 12:46:07 PM »

5 Lessons for Strong Business Partnerships

[/size]The adage that two brains are better than one may explain why a lot of entrepreneurs and small business owners, including me, create partnerships. However, it’s not just those brains that should work well together. Partners’ personalities need to get along too.

As a serial entrepreneur who’s launched many companies, I’ve made a number of partnerships. Along the way, I’ve learned some lessons when creating those partnerships.

Among the most helpful tips that I’ve discovered is making sure that you get along with your business partner. It’s important to find someone who complements your skills, but don’t underestimate the importance liking one another.

Communication is another big part of a business relationship. I spoke with business partners constantly to ensure we were on the same page and each knew what the other one was working on. I believe that ongoing dialogue is so important because it helps to reduce the risk of assumptions and encourages you to stay focused on your shared vision. Of course, there is likely going to be some miscommunication and disagreement. That’s ok. But I’ve found that open communication with my partners minimizes misunderstandings and helps us work through them more quickly.

There’s a great article from earlier this year about a long-lasting business partnership and communication is a theme that runs throughout.


I’ve learned many things about creating and maintaining partnerships during the past two decades. Although there are dozens of tips, here are five key lessons:

Partnership agreements: As I’ve mentioned in a previous post, I’ve been burned by not having the right agreements in place. It’s important for business partners to have clear partnership agreements drafted by attorneys.
Clear expectations: I’ve also learned the hard way that people, including business partners, can’t read my mind. I believe business partners should consistently set their expectations with each other.
Think about your clients: When evaluating a potential business partnership, I look at my weaknesses and what I need help with. I also think about my clients and what type of partnership would benefit them.
Mutually beneficial: It might sound obvious, but still should be noted. Partnerships should be mutually beneficial. In my experience, both sides need to gain something from the relationship for it to be worthwhile.
It’s ok to walk away: Like any relationship, a business partnership holds a great deal of promise. However, sometimes it doesn’t work out. That’s alright. Don’t stay in a business partnership if you believe it’s no longer viable. I’ve learned that it’s better to end the partnership and regroup than to force something that’s not working.
Of course, there are many more best practices for partnerships, but I’d recommend keeping these in mind. They’ve worked well for me.

If you’re looking for more information on how to start a business partnership, the Small Business Administration has some great resources.

Finally, partnerships aren’t for everyone. I started some businesses by myself and they’ve been very successful as well. I try to take a step back to consider if I really need a business partner for a venture before I approach anyone. Sometimes it makes sense. Sometimes it doesn’t.

That’s a call each entrepreneur has to make for him or herself.

source : https://www.forbes.com/sites/patrickhull/2013/05/31/5-lessons-for-strong-business-partnerships/

3

Pricing / Five factors to consider when pricing products or services

« on: June 05, 2018, 11:51:43 AM »

Nothing can cause confusion and doubt in a business like pricing your products and services. While you don’t want to charge less than you are worth, you also don’t want to price yourself out of the market, so how do you know if your price is right?

 

Whether you are starting out or starting over, here are five factors to consider when pricing your products and services.

1. costs
First and foremost you need to be financially informed. Before you set your pricing, work out the costs involved with running your business. These include your fixed costs (the expenses that will come in every month regardless of sales) and your direct costs (the expenses you incur by producing and delivering your products and services).


2. Customers
Know what your customers want from your products and services. Are they driven by the cheapest price or by the value they receive? What part does price play in their purchase decision?

 

Also look at what you are selling, are your current customers buying high-end or low-end products and services? This information will help you determine if your price is right, what level of service or inclusions you should be offering and lastly if you are targeting the right market. It may be that you need to change your market to make your business more profitable.


3. Positioning
Once you understand your customer, you need to look at your positioning. Where do you want to be in the marketplace? Do you want to be the most expensive, luxurious, high-end brand in your industry, the cheapest, beat it by 10% brand or somewhere in the middle? Once you have decided, you will start to get an idea of your ideal pricing.

4. Competitors
This is one of the key times you can give yourself permission to do a little competitor snooping. What are they charging for different products and services? What inclusions and level of service are they offering for those prices? What customers are they attracting with their pricing? And how are they positioned in the marketplace? The answers to these questions will give you an industry benchmark for your pricing.

5. Profit
One of the most important questions business owners neglect to ask themselves is, “How much profit do I want to make?” They tend to look at what others charge and then pull a figure out of the air to be competitive without giving consideration to how much profit the want and need.

 

While you may be in business for the passion and to add value to the lives of others, you also need to add value to your own. So give careful consideration to what your time is worth.

 

How do you determine your pricing?

 source :https://www.smartcompany.com.au/startupsmart/mentor/five-factors-to-consider-when-pricing-products-or-services/
 

4

Human Resource / HRM Practices Banking Sector of Bangladesh

« on: June 05, 2018, 11:40:29 AM »

HRM Practices Banking Sector of Bangladesh

Fast global and technological developments have made today’s business environment highly uncertain and even chaotic. Organizations are seeking newer ways to promote their adaptability to the complexities of the changed scenario so as to survive and prosper. Globally, organizations are striving to realize competitive success through strategic management of human resources. Thus, people management has never been more important than it is today. Therefore new themes have emerged in the process, replacing some of the old ones. The new thinking in this regard is referred to as Human Resource Management (HRM), which carries a more proactive and strategic connotation. HRM is intimately intertwined with business strategy. In many situations, it even critically influences business strategy.

The development of employee commitment through employee involvement and empowerment is one of the key objectives of any HRM discourse. The complex business objectives in today’s business environment are difficult to realize without developing highly committed and motivated employees who would strive to contribute to organizational goals. That is why, human resource issues are no more the exclusive preserve of personnel specialists; rather line and general managers are being increasingly involved in handling key HR issues and in evolving, shaping and managing human resource strategies and policies. These developments have given a far greater recognition to the HR function in organizational decision-making processes.

Objectives of Study:

Every task has a particular aim. A study without objective cannot reach its destination. The main objectives of this study are to find out the overall HRM process of various banks of Bangladesh. The objectives of the study conducted in the banks are mentioned as under:

To know overall HRM process of the bank
To acquire practical knowledge on HRM practice
To know the functions of various departments of HRM
To learns about bank’s employment planning
To be familiar with the recruitment and selection process
To learn about the employee benefits
Making a precise picture of the present situation of employment procedure in Bangladesh.
Scope of the study:

“HRM practice in the banks of Bangladesh”

First of all it will help the researcher to get a clear idea of the HR department and its working procedures as well as its key roles in a company.

Secondly, Human Resource is an emerging concept in Bangladesh and organizations such as a Bank put much more emphasis on this department so this study will help the organization as well. In this regard, this research will help to increase organization’s performance in a way the employee of the organization will think.

Last of all, it will encourage further study in this area and will provide useful guidelines for this type of research.

Limitation of the study:


 
The main limitation of the study is lack of information provided by the organization. National Bank Limited was very cooperative with us in making this assignment but due to its company rule and insecurity in the market caused this obstacle that we could not overcome. Other limitations of this study are:

Less analytical power, Non-cooperative behaviors of some officials of the bank,
There were a few questions which were tactfully avoided or not exactly answered by the respondents,
Large scale research was not possible due to constraints and restrictions posed by the organization
Research design:

Research design is a vital part of the research. There are different types of data collection methods. Among them this research is conducted on the basis of both survey and secondary data analysis. To collect all the primary data survey method has been used. To collect the secondary data secondary data analysis method has been used. In survey method, all Primary Data was the Qualitative Data and was collected by asking questions through interview and formal and informal discussion. No questionnaire was used for this purpose.

Data collection:

Two types of data were collected, both primary and secondary.

1. Primary data collection:

All the required primary data were collected through direct interview and also through informal discussion. Primary data are collected through: Open ended and close ended questions Conducting interview of the staffs of the branch

2. Secondary data collection:

Secondary data are collected from, Annual report Company’s previous

report Company’s other published information

Data analysis:

There is no certain analyzing tool to analyze the data of a descriptive

research. This study is mainly explaining the HR activities in banks.

Industry Overview of the study

Banking industry in Bangladesh:

The Banking Industry in Bangladesh is one characterized by strict regulations and monitoring from the central governing body, the Bangladesh Bank. The chief concern is that currently there are far too many banks for the market to sustain. As a result, the market will only accommodate only those banks that can transpire as the most competitive and profitable ones in the future. Currently, the major financial institutions under the banking system include:

1. Bangladesh Bank

2. Commercial Banks

3. Islamic Banks

4. Leasing Companies

5. Finance Companies

Of these, there are four nationalized commercial banks (NCB), 5 specialized banks, 11 foreign banks, 26 domestic private banks and 4 Islamic Banks currently operating in Bangladesh.For analyzing the human resource management process we have chosen 3 banks which are-

1)     Bangladesh    bank    –    the    central    bank    of   Bangladesh

2)    Commercial   bank   of  Ceylon   –   foreign   commercial   bank

3) National bank ltd – private commercial bank

Human Resource Management:

Human resource is a term used to describe the individuals who  comprise the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations. Human resources is also the name of the function within an organization charged with the overall responsibility for implementing strategies and policies relating to the management of individuals (i.e. the human resources). This function title is often abbreviated to the initials ‘HR’.

Human resources purpose and role:

In simple terms, an organization’s human resource management strategy should maximize return on investment in the organization’s

human capital and minimize financial risk. Human Resources seeks to achieve this by aligning the supply of skilled and qualified individuals and the capabilities of the current workforce, with the organization’s ongoing and future business plans and requirements to maximize return on investment and secure future survival and success. In ensuring such objectives are achieved, the human resource function purpose in this context is to implement the organization’s human resource requirements effectively but also pragmatically, taking account of legal, ethical and as far as is practical in a manner that retains the support and respect of the workforce.

Key functions:

Human Resources may set strategies and develop policies, standards, systems, and processes that implement these strategies in a whole range of areas. The following are typical of a wide range of organizations:

Recruitment, selection, and on boarding (researching)
Organizational design and development
Business transformation and change management
Performance, conduct and behavior management
Industrial and employee relations
Human resources (workforce) analysis and workforce personnel data management
Compensation, rewards, and benefits management
8. Training and development (learning management)
9. Implementation of such policies, processes or standards may be directly managed by the HR function itself, or the function may indirectly
10. Supervise the implementation of such activities by managers, other business functions or via third-party external partner organizations.
Compensation Management:

Compensation Management is an integral part of the management of he organization. Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. It may achieve several purposes assisting in recruitment, job performance, and job satisfaction. It is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. It is a tool used by management for a variety of purposes to further the existence and growth of the company. It may be attuned according to economic scenario, the business needs, goals, and available resources. Compensation Management contributes to the overall success of the organization in several ways. To be effective, the managers must appreciate the value of competitive pay, their human resources, and have an investment view of payroll costs. We want to maintain pay levels that attract and retain quality employees while recognizing the need to manage payroll costs.

The increasing competitiveness of the labour market and turnover of employees had resulted in nightmare in compensation planning. Apart from this, the growing demands of the employees and competitive salaries offered by multinational companies had almost resulted in a compensation war in certain industries. Therefore, the human resources managers and tax experts have to evolve proper compensation planning for High end and qualified employees. The components of compensation have to be devised in such a way that, it focuses on the growing demands of employees while retaining the competitiveness and profitability of the company.

Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing total compensation package. The traditional concept of wage and salary administration emphasised on only determination of wage and salary structures in organisational settings. Pay is a difficult topic of conversation in most organizations. In fact, the topic is altogether taboo in many workplaces. It simply isn’t discussed unless absolutely necessary. And, when it is necessary, such as when a pay raise (or lack of one) must be explained to an employee, many managers find themselves at a loss for words. As the dreaded date of such a discussion approaches, managers may begin checking their sick time banks to see if they can disappear for a day or two.

While it may be a touchy subject, pay is a critical factor in the work lives of employees. Jobs are accepted or rejected based in part on starting salary and the opportunity for future increases in pay. Employees compare their pay to that of others in the same line of work. They constantly compare their pay level to their level of contribution, trying to determine whether the ratio of give and receive is a fair one. While it may not be a frequent topic of open discussion, employees think about pay often.

Components of compensation:

Basic wages/Salaries:-

These refer to the cash component of the wage structure based on which other elements of compensation may be structured. It is normally a fixed amount which is subject to changes based on annual increments or subject to periodical pay hikes. Wages represent hourly rates of pay, and salary refers to the monthly rate of pay, irrespective of the number of hours put in by the employee. Wages and salaries are subject to the annual increments. They differ from employee to employee, and depend upon the nature of job, seniority, and merit.

Dearness allowance:-

The payment of dearness allowance facilitates employees and workers to face the price increase or inflation of prices of goods and services consumed by him. The onslaught of price increase has a major bearing on the living conditions of the labour. The increasing prices reduce the compensation to nothing and the money’s worth is coming down based on the level of inflation. The payment of dearness allowance, which may be a fixed percentage on the basic wage, enables the employees to face the increasing prices.

Incentives:-

Incentives are paid in addition to wages and salaries and are also called ‘payments by results’. Incentives depend upon productivity, sales, profit, or cost reduction efforts. There are: {a) Individual incentive schemes, and (b) Group incentive programmes. Individual incentives are applicable to specific employee performance. Where a given task demands group efforts for completion, incentives are paid

to the group as a whole. The amount is later divided among group members on an equitable basis.

Bonus:-

The bonus can be paid in different ways. It can be fixed percentage on the basic wage paid annually or in proportion to the profitability. The Government also prescribes a minimum statutory bonus for all employees and workers. There is also a bonus plan which compensates the Managers and employees based on the sales revenue or Profit margin achieved. Bonus plans can also be based on piece wages but depends upon the productivity of labour.

Non-monetary benefits:-

These benefits give psychological satisfaction to employees even when financial benefit is not available. Such benefits are: (a) Recognition of merit through certificate, etc. (b) Offering challenging job responsibilities, (c) Promoting growth prospects, (d) Comfortable working conditions, <e) Competent supervision, and (f) Job sharing and flexi-time.

Commissions:-

Commission to Managers and employees may be based on the sales revenue or profits of the company. It is always a fixed percentage on the target achieved. For taxation purposes, commission is again a taxable component of compensation. The payment of commission as a component of commission is practised heavily on target based sales. Depending upon the targets achieved, companies may pay a commission on a monthly or periodical basis.

Mixed plans:-

Companies may also pay employees and others a combination of pay as well as commissions. This plan is called combination or mixed plan. Apart from the salaries paid, the employees may be eligible for a fixed percentage of commission upon achievement of fixed target of sales or profits or Performance objectives. Nowadays, most of the corporate sector is following this practice. This is also termed as variable component of compensation.

Piece rate wages:-

Piece rate wages are prevalent in the manufacturing wages. The laborers are paid wages for each of the Quantity produced by them. The gross earnings of the labour would be equivalent to number of goods produced by them. Piece rate wages improves productivity and is an absolute measurement of productivity to wage structure. The fairness of compensation is totally based on the productivity and not by other qualitative factors.

Fringe benefits:-

Fringe benefits may be defined as wide range of benefits and services that employees receive as an integral part of their total compensation package. They are based on critical job factors and performance. Fringe benefits constitute indirect compensation as they are usually extended as a condition of employment and not directly related to performance of concerned employee. Fringe benefits are supplements to regular wages received by the workers at a cost of employers. They include benefits such as paid vacation, pension, health and insurance plans, etc. Such benefits are computable in terms of money and the amount of benefit is generally not predetermined. The purpose of fringe benefits is to retain efficient and capable people in the organisation over a long period. They foster loyalty and acts as a security base for the employees.

Profit Sharing: –

Profit-sharing is regarded as a steppingstone to industrial democracy. Profit-sharing is an agreement by which employees receive a share, fixed in advance of the profits. Profit-sharing usually involves the determination of an organisation’s profit at the end of the fiscal year and the distribution of a percentage of the profits to the workers qualified to share in the earnings. The percentage to be shared by the workers is often predetermined at the beginning of the work period and IS often communicated to the workers so that they have some knowledge of their potential gains. To enable the workers to participate in profit-sharing, they are required to work for certain number of years and develop some seniority. The theory behind profit-sharing is that management feds its workers will fiilfill their responsibilities more diligently if they realise that their efforts may result in higher profits, which will be returned to the workers through profit-sharing.

Approaches of compensation management

There are 3P approach of developing a compensation policy centered on the fundamentals of paying for Position, Person and Performance. Drawing from external market information and internal policies, this program helps establish guidelines for an equitable grading structure, determine capability requirements and creation of short and long-term incentive plans. The 3P approach to compensation management supports a company’s strategy, mission and objectives. It is highly proactive and fully integrated into a company’s management practices and business strategy. The 3P system ensures that human resources management plays a central role in management decision making and the achievement of business goals.

1 . Paying for position

2.  Paying for person

3. Paying for performance

Because it is so important to employees, the issue of pay deserves to be dearly addressed. In spite of their hesitanee, managers are capable of dealing with this sometimes difficult issue in a professional and effective manner. By keeping the following basic points about pay in mind, they can address virtually any pay-related topic with their employees in a professional and productive manner.

Specificity is Key

Pay is a topic with many different shades and a variety of implications. Whenever approaching the subject, it is important to work out the details beforehand so that specifics can be clearly communicated. For the manager, this means that the increase amount is nailed down before discussing a promotion with an employee. No chance of misunderstanding or false expectations can be permitted. Far too often, managers are apt to discuss generalities. “It will mean a good increase.” What exactly does that mean in terms of the employee’s monthly budget? If care is not taken here, good news can become the source of conflict and resentment.

Source: http://www.assignmentpoint.com/business/human-resource-management/hrm-practices-banking-sector-of-bangladesh.html

5

Media & communication / Impact of Social Media in Today's Business World By Eric Siu

« on: June 05, 2018, 11:34:48 AM »

Impact of Social Media in Today's Business World
By Eric Siu

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As social media has grown in functionality and reach over the years, it has changed the ways brands interact with their audience of current and potential consumers.

The Evolution of Social Media


A dozen or so years ago when the internet was just beginning to gain a foothold in our culture, forward-thinking businesses established their online presence in a world where they had a high degree of control over their message. Interactivity and conversations were limited to putting an email link or a contact form on your website;  comments systems, feedback, and reviews were nearly nonexistent, and “going viral” meant emails with subject lines like “Fwd: fwd: fwd: fwd: fwd: You have to see this!”  Early forums and BBS were used by only a tiny fraction of the internet-connected population and search engines were slow and inefficient, so there was very little interference in business-to-consumer communications.

MetaFilter was probably the first true social media site, but with the very small demographic of sophisticated early adopters, getting a marketing message on the site was nearly impossible. There was a very low tolerance for any type of promotional activity, and the community would ruthlessly go after any appearance of commercial intent. This is still true on many strictly social media sites; content must pass a fairly stringent test of ‘interestingness’ in order to rise to the top. Social media marketing takes place in a democratic environment that has shifted the power over last decade from the company to the individual, and smart businesses have adapted to this model and learned to take advantage of the system without relying too much on ‘gaming the system’ which often has very negative results. To prosper in the social media universe, a brand must find ways to offer value along with their message in order to gain the number of up-votes, likes, or shares it takes to rise to the top.
Whether or not you use social media, it has changed your business.

Social media, and social networking, have changed the business landscape, both for companies that have adopted them and for those who have not.  By definition, social media is where members share content with a wide audience, with the focus on the content, while social networking is more centered on conversations and groups with shared interests.  Facebook, which straddles the line dividing the two types of interactions, has 600,000 regular users worldwide and welcomes companies, organizations, and brands to utilize its platform to connect with their audience.
Almost all social networks have incorporated a measure of social media, allowing users to become curators of the interesting content they find, sharing links, images, and short personal stories. Businesses who have learned to create content and engage in conversations are already ‘in the stream’ – and more and more, internet users have the expectation they will be able to interact with their favorite brands. Companies that have embraced this have an ever-growing advantage over those who have not.

By the Numbers: Why Social Media is here to stay

Let’s look at the numbers: 9 out of every 10 U.S. Internet users now visit a social network site at least once a month. Social networking and media sites accounted for 12% of all time spent online in 2010 with the average user spending 4.5 hours on these sites. Globally, social networking accounts for 15.6 percent of online time among those age 15 and older. Web-based email usage has decreased in every age group except those 55 and older, as more and more communication takes place on the various social websites. The sharp increases in web email usage in the over 55 demographic is accompanied by a similar increase in their usage of social sites; the fastest-growing demographic on Facebook is women 55 and older. Social media is here to stay, and chances are, your customer or client base is already spending a significant amount of time there.

source: https://www.singlegrain.com/blog-posts/impact-of-social-media-in-todays-business-world/

6

Smart Agriculture & Life Science / Climate Smart Agriculture – In pursuit of Sustainable Development

« on: June 05, 2018, 11:28:15 AM »

Climate Smart Agriculture –

very day that passes, we are learning and getting more convinced on the inevitability of ensuring our agricultural systems are climate smart. Climate-smart agriculture is the reform to ensure the way agriculture is practiced remains compatible with man-made climate changes, securing short-and-long-term resilience in productive capacity of the agricultural systems. We need growing scientifically supported field evidence that embracing and practicing locally adapted climate smart agriculture is cardinal in meeting the minimum requirements for productive and environmentally stable agricultural systems.  Such science is essential in sustaining capacity to provide for food and industrial needs as well as incomes for the local populations. Practicing CSA will directly impact on three interrelated aspects, namely:

1.Sustainably increase agricultural productivity and incomes in order to meet national food security and development goals

2.Build resilience and the capacity of agricultural and food systems to adapt to climate change;

3.Ensure that agriculture contributes to mitigate emissions of greenhouse gases or increase carbon sequestration.

These three conditions (food security, adaptation and mitigation) are referred to as the “triple win” of climate-smart agriculture. See: fao.org/climate-smart-agriculture



 source:  http://csa2017.nepad.org/en/

7

Social Marketing / 8 Essential Elements of a Social Media Marketing Strategy

« on: June 05, 2018, 11:16:10 AM »

8 Essential Elements of a Social Media Marketing Strategy

#1: Identify Business Goals

Every piece of your social media strategy serves the goals you set. You simply can’t move forward without knowing what you’re working toward.
Look closely at your company’s overall needs and decide how you want to use social media to contribute to reaching them.
You’ll undoubtedly come up with several personalized goals, but there are a few that all companies should include in their strategy—increasing brand awareness, retaining customers and reducing marketing costs are relevant to everyone.

#2: Set Marketing Objectives
Goals aren’t terribly useful if you don’t have specific parameters that define when each is achieved. For example, if one of your primary goals is generating leads and sales, how many leads and sales do you have to generate before you consider that goal a success?

Marketing objectives define how you get from Point A (an unfulfilled goal) to Point B (a successfully fulfilled goal). You can determine your objectives with the S-M-A-R-T approach: Make your objectives specific, measurable, achievable, relevant and time-bound.

#3: Identify Ideal Customers
If a business is suffering from low engagement on their social profiles, it’s usually because they don’t have an accurate ideal customer profile.

Buyer personas help you define and target the right people, in the right places, at the right times with the right messages.
When you know your target audience’s age, occupation, income, interests, pains, problems, obstacles, habits, likes, dislikes, motivations and objections, then it’s easier and cheaper to target them on social or any other media.

#4: Research Competition
When it comes to social media marketing, researching your competition not only keeps you apprised of their activity, it gives you an idea of what’s working so you can integrate those successful tactics into your own efforts.

Start by compiling a list of at least 3-5 main competitors. Search which social networks they’re using and analyze their content strategy. Look at their number of fans or followers, posting frequency and time of day.

#5: Choose Channels and Tactics

Many businesses create accounts on every popular social network without researching which platform will bring the most return. You can avoid wasting your time in the wrong place by using the information from your buyer personas to determine which platform is best for you.

#6: Create a Content Strategy
have a symbiotic relationship: Without great content social media is meaningless and without social media nobody will know about your content. Use them together to reach and convert your prospects.
There are three main components to any successful social media content strategy: type of content, time of posting and frequency of posting.
The type of content you should post on each social network relies on form and context. Form is how you present that information—text only, images, links, video, etc.

To budget for social media marketing, look at the tactics you’ve chosen to achieve your business goals and objectives.

Make a comprehensive list of the tools you need (e.g., social media monitoring, email marketing and CRM), services you’ll outsource (e.g., graphic design or video production) and any advertising you’ll purchase. Next to each, include the annual projected cost so you can have a high-level view of what you’re investing in and how it affects your marketing budget.#7: Allocate Budget and Resources

#8: Assign Roles
When everyone knows his or her role, it’s time to start planning the execution process. You can either plan daily or weekly. I don’t advise putting a monthly plan together because lots of things will come up and you may end up wasting time adapting to the new changes.

You can use tools like Basecamp or ActiveCollab to manage your team and assign tasks to each member. These tools save you tons of time and help you stay organized.

source : https://www.socialmediaexaminer.com/essential-elements-social-media-marketing-strategy/

8

Pricing / Pricing products and services

« on: June 05, 2018, 11:05:00 AM »

Pricing products and services

Setting the right price for your products or services helps you maximise profits while maintaining a good relationship with your customers. Effective pricing can help you avoid the serious financial problems that may occur if your prices are too high or low - if you charge too much you may price yourself out of the market, but if you charge too little you may be underpaid for your work.

Pricing your products or services does not have to be a stressful process. Remember:

you are in business to make a profit
it is much easier to lower your prices than to raise them
thorough research will help you to establish the right price.
The right price is fair to your customers (i.e. they are willing to pay it) and your business (i.e. you cover costs and make a profit).
This guide will help you set a fair price for your products and services.

Research your pricing
Your pricing strategy is more likely to be effective if you research 3 key areas. This research will help you to set prices that:

cover your costs and make a profit
compare favourably to your competitors
appeal to your target market.

Research your existing costs

Your fixed costs may include the base cost of goods, rent, wages, loan repayments and other overheads. Remember to take into account any hidden or infrequent costs such as superannuation, insurance, licensing, adviser fees, and any professional development, training or networking costs. Your financial adviser or accountant can help you to work out your expected cash flow.

While it may be difficult to reduce costs in some areas (i.e. rent, wages) you may be able to reduce your purchasing costs if you buy stock in bulk from your suppliers. However, this strategy can be risky. Research your market thoroughly before buying in bulk to help you avoid any financial, cash flow, storage or delivery problems that may occur if you can´t sell a large number of products quickly.

Research your competitors' pricing

Ask yourself:

1.What value do customers place on your benefits over your competitors? Do you have a unique selling proposition?
2.How do your competitors price their products or services?
Is the market highly competitive or are there few competing businesses? The fewer competitors there are in a market, the more each is likely to be able to charge.
3.What do customers value when they decide who to buy from? (e.g. reliability, speed or cost of delivery)
4.Researching your competitors can be as simple as looking at the prices on their website, reading marketing flyers, or phoning to ask for a quote.

Research your target market

ou must understand how much your target market is willing to pay for your product or service. If customers believe your prices are too high they will probably buy from one of your competitors. If they think your prices are too low they may question the quality of your product or service and buy elsewhere.

Get your pricing strategy right from the start and you will attract customers and make a profit. The best way to understand your target market is to conduct market research.

  source : https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/pricing/research

9

Product knowledge / The Importance of Product Knowledge

« on: June 05, 2018, 10:55:33 AM »

The Importance of Product Knowledge



The foundational element and focus of sales training for most consumer products is the product itself, for obvious reasons. You can’t intelligently speak about products you don’t know and understand, much less sell them effectively.

That’s especially true of mattress sales. More so than any other home furnishings product, selling mattresses requires a lot of training and a superior command of product knowledge. Most shoppers don’t want to know everything about a mattress; they just want the sales associate to so they can learn enough to make intelligent choices. This article
will give specific ideas on how to enhance and expand product knowledge in a way that can facilitate the selling process.

How to really learn your product knowledge

While it isn’t necessary for sales associates to memorize every specification of every model, it’s important to know all the various components, materials and features of the products offered and to understand how each contributes to and affects the comfort, support and durability of each model.

Having said that, sales associates must keep mattress specifications at hand at all times and be ready to explain the details of any model at any time. Engineers sleep on mattresses too, unless they’re tossing and turning thinking about the specifications.
High-tech materials?

We know that most consumers think of mattresses as simple products made from simple materials, because, well they kind of are. Wood, steel and upholstery, that’s pretty much it.

Lying down on the job

This one is really soft at first, but has a deep-down firmness. Oh, I see, it has two layers of Dacron fiber in the quilt, a layer of soft convoluted foam on top of high ILD foam and a compressed polyester fiber pad instead of a polypropylene mesh as an insulator.”

It’s important to focus on a few models at a time. Doing this in an effective manner will take time, but it’s worth the investment. The great thing about mattress sales is the downtime between ups affords the time to do it. During this analysis process, sales associates should record observations about each model to keep along with the specifications.

Objectivity is mandatory!

Sales associates must go through the process of lying down on the mattresses with an open mind to extend product knowledge, understanding and familiarity to all the models to objectively get the feel with an attitude of discovery and discernment without making judgments about them.

Every bed on a sales floor is there for a reason. Potentially any given bed may be the right choice for your next shopper and there is no way of knowing which one that might be.

 source : http://retailernowmag.com/the-importance-of-product-knowledge/

10

Twitter / Why Twitter Is Still Important For Your Business (Yes Twitter).

« on: June 05, 2018, 10:40:22 AM »

Why Twitter Is Still Important For Your Business (Yes Twitter).

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Push vs. Pull Marketing

Push Marketing — Walmart Price Promos

Push marketing = short-term & immediate customer action. There are specific types of events in which push marketing makes sense:

Black Friday like events
In-store promotions — sales prices
Many B2C products that solve a very specific painpoint
And many other scenarios
All of these things fall under “push marketing” as you need to educate the consumer on why they should buy — they are also typically time sensitive offerings so if you don’t tell the customer the sale is going on they won’t be enticed to buy. In these types of circumstances blasting out sales tweets are fine as long as your followers are interested in the deals you are talking about. As well, if there is a specific pain point you are fixing (that may have never been fixed before) you need to generate

Pull Marketing — Picking a Mercedes over a Honda

Think pull marketing = long-term & longer consumer decision-making process. For example, if you simply tweeted to someone saying, “hey you should buy our new Mercedes S-class because it is faster and more luxurious than your Honda Accord” it’s not going to work.

Pull marketing works best over the long-term and being patient with figuring out client information & then shaping that into your sales strategy. But let’s use an example to dive a bit deeper.

Opportunity

One day on Twitter I noticed that the company had recently been awarded recognition by an industry group — I knew this was the opportunity to re-engage.

However, instead of sending them a “tweet” I simply just referenced the tweet in the email (old-school right?) that I sent them. In the email I just put “congratulations on getting into X it’s nice to see the business is growing etc etc…” and then I concluded with, “it has been a year since we last spoke about group benefits, if this is a better time it would be great to re-open the conversation.”

Conclusion

Now people may say, “okay well that email was 2 months after you spoke, maybe they were going to email you anyways once it was a better time.” Yeah maybe, but probably not. More likely, they would have forgotten that I even existed and simply asked for a referral from another business or done a quick Google search instead.

However, by engaging with them — in a way that wasn’t pushing my services on them (just reminding them I existed) I showed them I cared about the business and kept them in the top of mind.


 source : https://medium.com/swlh/twitter-is-dead-33f118e19646

11

KYC - Know your customer / 5 Levels of Customer Satisfaction

« on: June 04, 2018, 12:05:38 PM »

5 Levels of Customer Satisfaction

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1. Not Satisfied
A customer is not satisfied when their needs are not met. This will result in the consumer looking to other organizations to meet their expressed needs.
The danger in an unsatisfied customer is that they will share their dissatisfaction with other potential customers in an attempt to protect people they know from a less than satisfactory experience.
An unsatisfied customer may be the result of a bad service or product but it also may be the result of unrealistic expectations.

For instance, wait times can be very frustrating for a customer. However, if you manage the customer’s expectations by informing them of typical wait times you can influence their response to sitting in a waiting room.

2. Slightly Satisfied
A slightly satisfied customer may have some expectations that are being met but others are not. A slightly satisfied customer may return but may go somewhere else if offered a more appealing option.
For instance, I went to the same doctor for many years and loved him. However, his office staff was consistently rude and incompetent – resulting in unpleasant interactions. I decided to find another doctor because of his employees.

3. Satisfied
A satisfied customer is one who gets what they expect. Nothing more. Nothing less. There are no wows in the experience and they leave satisfied but not a smiling advocate.

For instance, think about driving through your favorite fast food restaurant. You receive what you ordered and it was what you expected. Not better or worse than prior experiences. You were satisfied but may not call your friends to share the experience.

4. Very satisfied
A very satisfied customer not only gets their needs met but may experience some unexpected surprises that enhance their satisfaction.
This is when customer satisfaction gets fun. Figure out a way to throw unexpected surprises at the customer to enrich their experience.
As an example, think about that drive-thru restaurant experience, now imagine that a cookie was thrown in the bag simply as a bonus. That may take the customer from being simply satisfied to very satisfied.

5. Extremely satisfied
An extremely satisfied customer has an experience that consistently exceeds all expectations and has wow factors associated with every experience.
These customers are so excited about the service they received that they become an advocate for the organization and often recruit new customers because they want to share the positive experience.

For instance, I ordered something online and it came in an amazing and fun package. Simply opening the package was such a fun experience that I tell friends and family so they can share the fun!

source : https://www.sailthru.com/marketing-blog/written-5-levels-customer-satisfaction/

12

Digital Marketing / 7 Digital Marketing Strategies

« on: June 04, 2018, 11:35:12 AM »

7 Digital Marketing Strategies

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1) Build your buyer personas.
For any marketing strategy -- offline or online -- you need to know who you’re marketing to. The best digital marketing strategies are built upon detailed buyer personas, and your first step is to create them. (Need help? Start here with our free buyer persona kit.)
Buyer personas represent your ideal customer(s) and can be created by researching, surveying, and interviewing your business’s target audience. It’s important to note that this information should be based upon real data wherever possible, as making assumptions about your audience can cause your marketing strategy to take the wrong direction.

2) Identify your goals & the digital marketing tools you’ll need.
Your marketing goals should always be tied back to the fundamental goals of the business. For example, if your business’s goal is to increase online revenue by 20%, your goal as a marketer might be to generate 50% more leads via the website than you did last year to contribute towards that success.


3) Evaluate your existing digital marketing channels and assets.

Owned Media
This refers to the digital assets that your brand or company owns -- whether that’s your website, social media profiles, blog content, or imagery, owned channels are the things your business has complete control over.

Earned Media
Quite simply, earned media refers to the exposure you’ve earned through word-of-mouth. Whether that’s content you've distributed on other websites (e.g., guest posts), PR work you’ve been doing, or the customer experience you've delivered, earned media is the recognition you receive as a result.

Paid Media
Paid media is a bit self-explanatory in what its name suggests -- and refers to any vehicle or channel that you spend money on to catch the attention of your buyer personas. This includes things like Google AdWords, paid social media posts, native advertising (like sponsored posts on other websites), and any other medium for which you directly pay in exchange for visibility.

4) Audit and plan your owned media.
At the heart of digital marketing is your owned media, which pretty much always takes the form of content. Every message your brand broadcasts can generally be classified as content, whether it’s your ‘About Us’ page, your product descriptions, blog posts, ebooks, infographics, or social media posts. Content helps convert your website visitors into leads and customers, and helps to raise your brand’s profile online -- and when it's optimized, it can also boost any efforts you have around search/organic traffic.

5) Audit and plan your earned media.
Evaluating your previous earned media against your current goals can help you get an idea of where to focus your time. Look at where your traffic and leads are coming from (if that’s your goal) and rank each earned media source from most effective to least effective.
6) Audit and plan your paid media.
This process involves much of the same process: You need to evaluate your existing paid media across each platform (e.g., Google AdWords, Facebook, Twitter, etc.) to figure out what’s likely to help you meet your current goals.

7) Bring it all together.
You’ve done the planning and the research, and you now have a solid vision of the elements that are going to make up your digital marketing strategy. Here’s what you should have so far:

1.Clear profile(s) of your buyer persona(s)
2.One or more marketing-specific goals
3.An inventory of your existing owned, earned, and paid media
4.An audit of your existing owned, earned, and paid media
5.An owned content creation plan or wish list
Now, it’s time to bring all of it together to form a cohesive strategy document. Let’s revisit what digital strategy means: the series of actions that are going to help you achieve your goal(s) using online marketing.

source : https://blog.hubspot.com/marketing/digital-strategy-guide

13

Branding / Co-Branding

« on: June 04, 2018, 11:08:16 AM »

Co-Branding
Occurs when two or more existing brands are combined into a joint product or are marketed together in some fashion
Examples:
Sony Ericsson
Yoplait Trix Yogurt
Nestle’s Cheerios Cookie Bars

Advantages of Co-Branding

1.Borrow needed expertise
2.Leverage equity you don’t have
3.Reduce cost of product introduction
4.Expand brand meaning into related categories
5.Broaden meaning
6.Increase access points
Source of additional reven

Disadvantages of Co-Branding

1.Loss of control
2.Risk of brand equity dilution
3.Negative feedback effects
4.Lack of brand focus and clarity
5.Organizational distractions

14

Branding / Brand leveraging strategy

« on: June 04, 2018, 10:53:02 AM »

Brand leveraging strategy

Why it is important?
Brand leveraging is an important form of new product introduction because it provides consumers with a sense of familiarity by carrying positive brand characteristics and attitudes into a new product category.A brand leveraging strategy uses the power of an existing brand name to support a company’s entry into a new, but related, product category.

Will Brand Leveraging Work for you?

1.Does the new product fit into the established product family?
2.Does the brand have attributes or features that easily and effectively carry into new categories?
Is the brand name strengthened or diluted by representing two (or more) differentiated products?
3.Does your company have facilities necessary to manufacture and distribute a new and differentiated product?
4.Will sales of the new product cover the cost of product development and marketing?
5.A brand leveraging strategy can be extremely successful and profitable if it is correctly implemented and provides new products with the right image.

Frito Lay™ name is extended from potato chips into other types of snack foods and dips. An introduction of Frito Lay™ lemonade did not succeed because the fruity, sweet drink had little connection to other Frito Lay™ products.

Other examples that did not work in the consumer market include
 Ben-Gay™ aspirin,
Pond’s Toothpaste

However, M&M™ ice cream, Reese’s™ peanut butter, and Minute Maid™ orange soda experienced success because the brands held direct and logical connections to their new categories.

 

15

Product knowledge / How Product Knowledge Can Increase Sales

« on: June 04, 2018, 10:25:54 AM »

How Product Knowledge Can Increase Sales

Knowledge is power and for retailers, product knowledge can mean more sales. It is difficult to effectively sell to a customer if we cannot show how a particular product will address his or her needs. Read on to learn some of the benefits of knowing the products you sell.

Strengthens Communication Skills

Having a thorough understanding of the products on the shelves can allow a retailer to use different techniques and methods of presenting the product to customers.


Stronger communication skills will allow a salesperson to recognize and adapt a sales presentation for the various types of customers. One of the questions you should always be asking yourself is "are my employees talking or communicating?" Too many times, they are just talking. Train your employees to sell the benefit and not the features. More importantly, to see what the customer needs, not what he (salesperson) likes.

Boosts Enthusiasm
Seeing someone completely enthusiastic about a product is one of the best selling tools. As you generate excitement for the product, you remove any uncertainty the product may not be the best solution for that customer. The easiest way to become enthusiastic is to truly believe in the product. Remember, the first sale you make is yourself; the second sale is the product. If they believe in you, they will believe in the product you are selling.

Grows Confidence
If a customer isn't fully committed to completing a sale, the difference may simply be the presence (or lack) of confidence a salesperson has towards the product or towards his or her knowledge of the product.

Becoming educated in the product and its uses will help cement that confidence.

Assists in Answering Objections
Objections made by customers are really nothing more than questions. If they object to a product, it is likely either you chose the wrong product or the customer needs more of your product knowledge to know why it is the best solution for them.


 That information usually comes in the form of product knowledge. Being well versed in not only your products but similar products sold by competitors, allows you to easily counter objections.
.

Sell Benefits not Features
The most important element of product knowledge is to sell the benefit and not the feature. Too often as salespeople, we get all excited about features and overwhelm the customer.


A customer wants to know WHY that feature is important to them. Never make the mistake of talking about more benefits than you need too. In other words, six benefits do not make the product seem twice as good as three. Only relate benefits to the customer that you uncovered during your researching phase of the sale. Just because it is a cool feature to you does not mean it will be to the customer. The truth is, a customer will likely only use 20% of the features of the product when they buy it anyway. And the more complicated you make it, the more likely they are to walk.

The bottom line is that customers crave and need product knowledge. It's how they make the buying decision. It's how they know they can trust you as the salesperson But remember, using product knowledge is a skill. Don't throw up your great knowledge every time.

Only talk about the features (benefits) the customer is interested in. It may be exciting to you, but may not be to the customer. The customer needs to feel that you have their best interest at heart and not putting on a show of your great intellect.

 source :  https://www.thebalancesmb.com/benefits-of-product-knowledge-2890302