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Category Archives: Business

Ways Behavioral Targeting in Business

Let’s look through some ways behavioral targeting is reshaping businesses.

1. Tailored Web for You

With behavioral tracking, the code can track your cursor and browsing history. The world’s famous online store – Amazon, especially, is the biggest publishing platform for target marketers. The algorithms and related data points have been modified as a result to bring you more tailored experience.

Another example is that of Google Instant. It has completely changed the way searching happened in the bygone days. You see results as you start typing in the search bar and are shuffling according to the more focused keyword in your search and often times provides you with the most relevant information.

Hence, the more relevance the more chances of interacting with the content and from a business perspective, more conversions.

2. Possibility of Customized Web Interfaces

There is a possibility that you can play with a website’s interface. But it is being said that cost, time and resources, at present, are limited which is stopping it from happening. Expert assignment writing help can be sought online in this regard. Nevertheless, incorporation of different widgets of certain websites, and in turn different ads are no less example of a customized interface.

These widgets carry a different set of ads and are based on user preferences. Therefore, in light of the argument, customized interfaces are not far from reality instead pretty achievable and businesses with an online presence can continue to thrive.

3. Not Just One-Dimensional Being

Visiting ESPN does not mean that behavioral targeting will from now only pitch you Nike and Adidas ads. No, instead everything sports related that you think is in sync with your personality will be shown to you while you surf. It could be ads about sports updates, athletic built (exercising and gym equipment) protein supplements, tips on storied careers, drug abstinence and the likes thereof.

These algorithms work in a manner that tends to determine what else you might be interested and then try speaking to you with ads. Trust me when I say this but they study you in depth which means flourishing trade, more businesses are aware what customers’ tastes, needs, and wants are.

4. Millennials and On-the-Go

On the face of it, behavioral tracking may appear as privacy intrusion and too much information giveaway to people and businesses you don’t know but there are certain cyber laws and policies that protect your privacy by not leaking any personally identifiable data.

The generation gap, however, is a real bummer here. With millennials broadcasting every activity on social media from buying a new pair of shoes to their trip to the Bahamas, you can’t cap the information overload that is being put out there every day by them. It’s like an unequivocal declaration of participation for marketers and advertisers.

In addition to above, with web going mobile businesses can tap into the data being accessed through smartphones and tablets also.

Business Innovation

Overview
Early research on innovation tended to address the organization’s ability to respond and adapt to external and/or internal changes (Burns and Stalker) (Hull and Hage). Subsequent work on innovation stressed more on proactive innovation and distinguished between the types of innovation. There are three types of innovation (process, product/service, and strategy), each of which can vary from incremental to radical and from sustaining to discontinuous.

Emphasis was on the organization’s ability to promote both process and product innovation, regardless of an immediate need for change (Kanter).

Innovation vs. Invention
Joseph Schumpeter defines innovation as the combination and creative application of existing and new knowledge of elements to improve existing and/or develop new products and services, production processes, organization-methods, and commercialization, in order to create or preserve added value.

The Oxford English Dictionary defines innovation as ‘making changes to something established’. Invention is the act of ‘coming upon or finding discovery’. It is important that we do not mix innovation with invention.

Business Innovation
Innovation is generated at individual, organizational, and environmental levels. Let’s look at various types of innovation.

1. Innovate Market or Innovation from Market (Consumer)
2. Innovate Industry or Innovation from Industry (Competitor)
3. Innovate Product or Innovation from Product / Process (Operations)
4. Innovate Team/Organization or Innovation from Team/Organization (Management)

Innovation from Market
“A business has only two basic functions marketing and innovation”, says Peter Drucker. However, Robert Tucker suggests five necessary steps to make a business innovative.

1. Innovation must be approached as a discipline, practiced and taught to employees.
2. It must be cross-functional, and not just left to the R&D department.
3. It must be proactive, and not just responsive to what competitors are doing.
4. It must involve everyone in the organization and everyone’s performance evaluation should include it.
5. It must be customer-centered.

First, second, and forth steps belong to innovation from organization. Third and fifth belong to innovation from market. Market surveys and research enable an organization to be innovative.

Innovation from Organization
Jim Biolos in Harvard Management Update offers the following six steps that need to be followed while making a team innovative:

1. Make sure that the members of the group are communicating with one another in a free-flowing or maybe even a freewheeling way.
2. Make sure that all the team members have equal and enough responsibility.
3. Show confidence in the team.
4. Provide the appropriate resources to the team, and make sure the members know that those resources are available.
5. Make sure that each team member has a challenging role in the work.
6. Monitor the pressure.

Team’s Success
A team usually consists of up to ten people, who devote about one-quarter of their time to the project for three to four months. Participating in a team is considered a plum assignment, because it provides exposure to top executives.

Employees of China’s multinational electronics company Haier, for example, discovered by visiting rural customers, that they frequently used their washing machines not only to wash clothes, but also to clean vegetables. Taking this new information and the potential market into consideration, Haier made a few modifications to its machine, and was able to make it versatile enough to wash both clothes and vegetables. This helped Haier become the market leader in rural areas of its home country.

Innovation from Management
“Managers don’t simply copy something they see elsewhere. They take pieces of practice or technology that they find and recombine them in novel ways to solve customer problems”, says Philippe Pommez, Natura’s R&D Director, “The hard part is not finding the new technology; it is knowing what you are looking for. This is where our conceptualization of new products and new lines that serve local needs becomes indispensable.”

Managers of companies situated in developing countries, sometimes despair of closing the gap with larger and better-funded multinationals. Clearly, there is hope for companies anywhere in the world to win through innovation and creativity.

Innovation from Industry
There are three important fundamentals of innovation and entrepreneurship.

First, an Industrialist searches for innovative opportunities and develops an innovative idea into a practical business or a service. Second is the industrial strategy that brings innovation successfully to the market. Third is free enterprise itself, and it focuses on the organization that is the carrier of innovation.

Innovation in Products
Switching to a new market with the same product can be considered innovative to some extent.

However, innovation in products is always the basic goal of any team, within an organization. Views of the customers through research and surveys are carry forwarded to the R&D team for further product innovation. Ultimately, it depends on how good you are at learning from the market, industry, and your team. Johnson & Johnson, the American multinational corporation, is a great example of constant and successful innovation in its products.

Virtual Office for Small Business Owners

Many small business owners need efficient ways to be successful while saving cash. Most small business owners don’t want to test their businesses after signing a lease for an office space or getting a mortgage for a building. This method is too risky. Some businesses, however, can operate efficiently in a virtual office environment.

To determine if a virtual office space is the best choice for your business, you must consider a few things. Your employees must have no issues working from their homes or cars. Because virtual offices are a better way to handle business tasks, there is less impact on the environment.

When business owners use virtual office services, their offices are mobile. Because technology is available in many locations, business owners can conduct business projects in various locations. For most small business owners, the office is usually located at home. To run a business successfully, the setup must be efficient. The location should be in a quiet spot. They should be no distractions, such as children and outside lawn projects.

Although traveling to the virtual office won’t require much effort, business owners must have discipline. The office must be in a location that provides benefits. For example, a basement isn’t a suitable location because it is dreary.

The address of the business is very important. If the business address is at home, the home address shouldn’t be used as the business address. Depending on the business, a home address won’t provide any benefits. Instead of using a home address, consider using one of two options. A post office box or a Commercial Mail Receiving Agency mailbox service are suitable for small business owners.

However, each mail option will require travel. Although, there are some services that bring mail to users. Post office mail services also have a few issues. To avoid problems, consider using a service that provides a business suite number. The option gives business owners 24-hour access and information when they get packages.

Business owners who travel a lot will need portable devices. If traveling is not a requirement, a few important devices must be considered. For example, plenty of memory is needed to run many programs at the same time. A big hard drive is important for storing files. Also, the processor must be fast. If the virtual office will be used for illustration, the graphics card must be efficient.

Success depends on the virtual office software. There are several options to choose from. Business owners who handle tasks in their own don’t need advanced software.

To gain the advantages of using a virtual office with many employees, you must use proper software. The software should include many features, such as scheduling, access to important files, and more.

There are also several online management services. They are not tough to use. They provide features that help business owners promote and coordinate information to other team members. Most services charge a small monthly fee for each user, and there is a flat rate for unlimited use.

When using a virtual office, an efficient telephone service is needed and other technical equipment. For example, consider using a surge protector. It provides more outlets for various business equipment, and it protects the devices. The desk is also important. The desk should be big enough for projects and paperwork. The desk must also have space for a scanner, printer, and other technical devices.

A virtual office also requires cabinets for organization. Also, the chair used should be comfortable.

Developing a Business Plan

Developing a business plan is not exactly an easy proposition, as there are innumerable things involved in it, from the very basic to the extremely complicated and tedious aspects. Basically, while creating such a plan, you should include an executive summary involving:

  • A brief description of the history of the company.
  • The company’s objectives
  • Description of the company’s products or services.
  • The market the business intends to compete in.
  • A persuasive statement as to reasons and method for the success of the business.
  • Projected growth for the company and the market.
  • Mention of the core management team.
  • A description of funding requirements, with a time-line and the usage of the funds.

Homework on the Service or Product
Forget the business plan for sometime. Decide what the product or service is that you are going to offer. Without that, it is impossible to go ahead and consider what comes next in your proposal. Researching on the market trends and what the products and services are which will be a hit with the consumers is fundamental. If you have had an experience in a product or service, then your task might become easier. In addition, also think of the name and the overall profile of your company.

Money Matters
Once you are done with the overall profile, think of the capital required for it as well as how much you intend to make from it or can make. To be clear about that, you will have to chalk out and create a financial profile of the company. When you mention this while writing the plan, it should include your current assets, your liabilities, projected income, and monthly expenses within a range of six months. Having all this data will help you establish a viable financial objective for your business. Be very careful about this.

Who are the Competitors?
The market is going to be like a big bad world out there. Therefore, you also would need to study your competitors and how you propose to deal with them, and what gives you an edge over them. You will have to mention that while writing a business plan. Again, this will involve a little bit of homework.

Finally, once you are done with all these things, put all this on paper. Tackle the points mentioned above, and elaborate on them as per the research and statistics you have got. Make it all as crystal clear as you can.

Ways use Social Media for Business

In the last decade social media has changed the face of marketing. Across every industry, for small and big brands, public network has created a platform to advertise and sell products and services. Social networks like Facebook and Twitter have created new opportunities for even small businesses to grow.

So if your business does not include socialnetworking as a major marketing tool, it’s never too late to start. Here are some ways you can use socialnetworking to enhance your business and engage with your customers.

Keeping in touch

Customer satisfaction is a key priority for businesses. To maintain your competitive edge, it is important that you engage your customers effectively. Socialnetworking has become a part of everyone’s personal lives and by making your presence felt on this platform, you are in fact reaching out to them more personally.

Your customers may be giving feedback about your service or discussing your product on social networks. They act as influencers and have an impact on your brand. You can communicate with your customers and also keep yourself open to their queries. socialnetworking allows you to be in constant touch with the inquiries of the customers and you can respond to them at the earliest.

Use different platforms

There are many socialnetworking platforms that can be used to market your business. Social networking sites like Facebook, Twitter and LinkedIn and the other socialnetworking like blogs increase the visibility of your business. Which platform you should use depends on the kind of business you run.

What is important is to know which platform is used the most by your customers. Sometimes you may have to be active on a site you may not be comfortable with. The trick is to be active on as many social networking sites as you can. While you give daily updates about your business on Facebook, and address customer queries on Twitter, you may also want to maintain a blog where you can extensively talk about your business.

Don’t just sell

The best way to sell on socialnetworking is through the art of ‘not selling’. Your presence on social media should not be about increasing your sales alone. Remember that the main reason you are on the site is to build good customer relations. socialnetworking is an effective platform to start conversations with customers, respond to their questions and share the latest company news.

Promos are a great idea

You can also use socialnetworking for sales promotions. Exclusive offers and sweepstakes can be announced on these sites. You can also share brochures and guides with your customers. Coupons can be put up on these sites and you can ask your customers to download the coupons to get the benefits. This not only keeps your customers happy, but it also helps to increase your sales.

The Importance of Retaining Customers

Retaining customers creates business value, as well as their satisfaction and loyalty. Finding and attracting new customers, however, is both expensive and time consuming. A constant turnover of offsets the revenue of new ones and hinders a business from growing. Loyal consumers have a tendency to buy more, buy more frequently, and are the best word-of-mouth advertising for a small business – service, retail, or manufacturing. Loyal consumers drive growth, while losing buyers reduces revenue and increases expenses.

The flip side of retaining buyers is determining why established ones left, and then taking corrective action so the situation is not repeated. Did clients leave due to bad service, inferior products, or no connection to the business? A survey of lost clients is important feedback in determining what changes a business can make to retain customers.

Some general approaches small businesses use to develop cunsumer loyalty and retention are:

Money back guarantees – If a company is confidant of its products and services, then offering a money back guarantee is not a risky proposition but can enhance sales by giving clients the confidence that a company stands behind what it sells. Returning someone’s money and retaining a buyer is far less costly than keeping someone’s money and losing a purchaser… not to mention the bad word-of-mouth that can result from a disgruntled consumer.

Training – All employees should be trained on how to build value into clients relationships. The best ones are those who feel a connection with a business, its owners, and employees. Relationship selling increases revenues and produces long-term clients.

Establish excellence – Any company can be mediocre, but a company that prides itself on producing excellent products and services stands out from the crowd. Businesses should determine how to judge the excellence of what they deliver to users.

Customer service – When a company understands the importance of client service and stresses this first and foremost, then sales become a natural by-product. Stressing sales first and hoping client service falls into place typically will never happen. Creating a customer service culture produces countless benefits.

Transformation – Mistakes will always happen when consumers are involved. Businesses should view mistakes as learning opportunities to transform dissatisfied buyers into satisfied ones.

Loyalty programs – Loyal clients love to feel appreciated. Overall, loyalty programs cost very little, but produce great benefits. Successful businesses know what buyers want and create loyalty programs designed to further promote their business-customer relationship.

Content Strategies for Small Business

Content marketing is a challenge for big and small firms alike. You always have to be well abreast with marketing trends. You do not usually know what might click with your audience and be your success mantra. In fact it is difficult to stick to a constant strategy or policy for success in a dynamic environment such as content industry, which is prone to constant advancements and changes on a daily basis.

Strategizing

Content strategizing helps you cope with the constantly changing industry. Small businesses that do not have professional writers or strategic analysts could use a tip or two from here. Writing strategy is a collective mindset of all the tactics you wish to play to keep ahead in the race. If you are aware of the fact that you are going to guide the evolution of the content you create, then you certainly are practicing content marketing strategy. Writing Strategy is also defined as the planning for creation, governance and delivery of useful and usable content.

Writing Strategy evaluates needs of the clients and of the business and provides instructions about how to create improved and more effective content. It is a constant learning and improvisation process.

Research

Creating quality writing requires a great deal of research and market study. The content must be informative and relevant to customers. Writing strategies help you support your website in rough times. Strategies are based on market research and can be scaled to suit any budget types. You could manage without a large content strategy. You must know who your target audience is; determine your aim and long term goal.

The Process of Strategizing

Writing strategizing begins with knowing the bigger picture and also the grass root level details. It deals with all aspects of the business, right from the administration to workflow governance. The process is spiral in structure. Tactics, strategies, content are frequently shared among different products and projects.

For instance, your company has different departments that are individually linked to social networking websites, but in the eyes of the public every post made by any department of your company represents your company as a whole. A fine writing strategy is all pervasive and takes into consideration the needs of all the departments of the business. The final product must promote effective and consistent business processes. A good content strategy must keep in mind the firm’s long term goals, its strengths and weaknesses, with regard to availability of resources.

Starting a Staffing Business

Tips to Get You Started :

Scout for a Location

You will have to find a location for your business. It is advisable that you lease out a space in a commercial area instead of buying it right away. Once you know about the kind of foot traffic the location commands, you can go ahead and buy the space. Also, in the initial days, buying will mean added expenditure and will increase your loan amount. Hence, prefer to rent the place out. One more option is to start an office at home. However, you will have to check the zoning restrictions in your area. Also, when you are actually meeting candidates, you will have to call them in a hotel or conference room, which will again be added expenditure. Hence, it is best to lease out a space that will have a reception area, dedicated meeting room, and waiting room.

Decide the Type of Business
There are many types of staffing businesses. You will have to decide which type of services you will offer. You must decide whether you will go for temporary staffing, long-term staffing, or temporary to permanent staffing. While temporary staffing offers candidates who are employed for a short term, long-term staffing involves recruits who are employed for an uncertain duration. Temporary to permanent staffing allows the worker to become permanent in a while based on his performance. At times, employees are also hired on an assignment or contractual basis. You will have to conduct market analysis to find which type of staffing will bring in maximum revenues. Many staffing businesses also prefer to offer all types of employment.

Complete Formalities
Apart from registering your business with the State secretary, it is highly recommended that you incorporate it. This will protect your personal assets in case of a problem. Consult the local, state, and federal authorities to know about the required permits and licenses. You will also need to get an EIN number from the IRS if you are going to hire employees. Also, know about the insurance requirement of the business. You will have to get a workers’ compensation insurance along with a liability insurance.

Undertake Marketing Initiatives
In order to survive competition, you must undertake investment in advertisement and marketing. Utilize the traditional forms of advertising like posters, print ads, radio commercials, etc. Also, use your existing contacts to tap into the recruitment departments of companies. Usually, they prefer to work with well-known entities, and meeting them in person will any day work in your favor rather than cold calls. Also, invest in social network advertising and banners to reach out to people who are on the lookout for candidates or jobs.

Conduct Networking
You will have to network with a lot of people if you want to conduct this business. This includes not only the recruitment departments of companies, but also with placement cells in colleges. You will have to convince them that your company is in a better position to find them the candidate that they are looking for. While dealing with executives or candidates, always have a professional disposition. Also, carry your business cards and marketing collateral’s so that they will know about your experience and expertise in your field. Don’t turn up in casual clothes for any meeting; if you don’t take your business seriously, no one else will.

Charges and Fees
You will have to create contracts with the organizations as well as candidates. For this, it is recommended that you take help of a legal expert, who can help you out with the legal formalities. Most times, you will be paid only by the organization in case of permanent staffing. However, if it is temporary, you may reach an agreement. For example, after gaining $20 from the company, you will pay only $16 to the employee. Also, many times, both the employee and the organization bear the joint expense of your fees.

Create an Expertise
In a matter of few years, you should become the go-to agency for a certain type of staffing. You should find a strong area in which you can offer your expertise. Choose anything from IT, manufacturing, management, finance, consulting, construction, etc., and offer candidates for the same. For example, if you are located in an area which is primarily an IT hub, you can become an expert in providing candidates for the IT field. It is important that you are aware of your strengths and weaknesses and do not end up offering wrong candidates for positions in an industry where you lack experience.

Seek Candidates
You will have to get the right candidates for the positions. Apart from advertising, you should also set up booths at career fairs and job fairs to know the candidates directly. You must maintain a database of the contacts, qualifications, and experience of all these candidates. If you are targeting students, then you can put up posters near the college or in caf├ęs where youngsters usually hang out. If you are looking at head-hunting senior officials, you will have to reach them out through professional networks and get to know them through references. It is advisable that you conduct a background check before hiring people for critical jobs like babysitting, store manager, security personnel, etc.

Know the Tricks of the Trade
It is important that you interview the candidates and only send capable and experienced ones for the interview. At times, you will receive a frantic call from the company where you have sent a recruit that the person never turned up for his job. This happens all the time as people may change their minds or just find a better opportunity. You should always have shortlisted candidates whom you can send for an interview in their place. Remember, people may not keep their commitment, but as a businessman, you will be held responsible for their actions. Also, verify through references that the qualifications and experience mentioned by a candidate are true. The last thing you would want is to spoil your reputation that you do not send trustworthy candidates.

How to Start a Baking Business

By taking the time to learn the craft of baking you can start your own bakery business and make some money doing a job that you love. Bread is the country’s second staple after rice and everyone eats it whether it is for breakfast, lunch or dinner. Bread is just a very convenient type of food.

Before you set up your bakery you need to be able to bake! You should learn the basics of how the baking process works so that you understand the whole procedure. A month of training is normally enough if you bake as well as watch the demonstrations. The best courses are with the flour mills themselves and are often offered for free as part of the marketing schedule.

Once you understand the basic principles of bread making you can start to add new flavours and textures. There are hundreds of types of flour made from different grains and it forms the basis of your loaf. Water activates the yeast and dissolves all the other ingredients. Yeast is what causes the bread to rise. Salt retards the yeast and helps control the fermentation process.

Kneading releases and aligns the gluten and makes the dough silky and smooth. Rising takes approximately an hour, the warmer the room, the quicker the yeast will rise. Punching and shaping are the next stages and another hour to allow an increase in size. Scoring makes the bread look nice. Then you need to bake it for about 40 minutes before you try!

Once you have mastered the art of the basic loaf you can add other ingredients such as honey or molasses. Sugars caramelise in the oven giving a rich brown crust. Butter, oils, milk and eggs all enrich and flavour the bread. Different flours such as whole wheat, rye, oats and semolina are all popular additives. You can also try adding herbs, raisins, cinnamon, garlic and cheese. Glazing the finished bread adds colour and shine.

The two simplest variables in the bread making process to modify are the time taken to bake the bread and the temperature, which has an impact on how your bread bakes. Crusty breads should be baked at the highest temperature possible while soft breads should be baked at a lower temperature. Buying a pizza or baking stone can capture more heat in your oven and improves the quality of your bread. Unfortunately time and temperature work against each other during dough formation, but whichever technique you choose there is never the right way-it is all trial and error.

Now you have learned the craft of baking you can sell your bread from your own bakery. Remember the very important food and hygiene standards and ensure you have all your waste collected on a regular basis from a trustworthy company such as Ealing professional rubbish removal who will keep your premises clean and healthy.

Benefits of Residual Income Business

In recent times, though the sources of earning money are of varied types; still, not all the policies of earning money suits to every person. Earning money in the smart way is the key desire of most of the people. In addition, earning a great amount of money is also the sole desire of many people. Therefore, to fulfill your dream and to make your life a comfortable one, you need to know about the alternative ways of making money. A job that assures high end profits and that can be performed from home is of great benefits for most of the people as this is the best opportunity for people in making money of a high amount.

Of late, the availability of varied types of products in the market has raised the need of every family. As much consumable goods, you will desire to get, so much effort you will have to make. However, this is also true that there is a limitation in making your effort. You can’t work round the clock. You need to take rest along with performing an eight hour jobs. Therefore, to ensure quality of life, you can’t spoil your health. To get the all round advantages in your life by maintaining a high-end earnings, you need to know about the leading sources that provide suitable opportunity in earning money from one’s residence.

No matter, whether you have great scope to make money as per your dream or not, if you look at the internet, you will be familiar with a wide array of sources that ensure quality service for their clients to meet their need. Yes, not only getting the jobs that can be done from home, but also to get a job as per your dream is obtainable easily by finding on the internet. In this era of e-technology, utilizing this source of information can be a great measure for you. Therefore, you must have to be alert regarding the benefits not only obtainable from the best sources but also from the internet. If you become able to find information from the leading websites, then it will be wisest choice for you to search out the most suitable jobs for your high end earning. A great number of people have been benefited by virtue of these kinds of jobs and are satisfied in their personal life too.

Nowadays, the sources of earning money on a regular basis are though expanded than the earlier days; still, this is the time, when you should have to join a post consciously by taking proper information regarding the agency. If you become able to get information from the reliable sources and if you become able to make use of these best sources, then it will be the best measure for you to get the best advantages of residual income business. You have varied types of scopes to ensure high end income for life in present time, but, when you will be a passionate person in meeting your need, then it will help you making your dream come true as well.