Jan
04
2023

Let’s Discuss Niche Markets

Ask five people for their definition of a niche market and you will likely get five different answers. Some authors look at the term “niche market” from the point of view of the owner of an article that may be ready to take that item to market, just as soon as the niche is figured out.

I prefer to look at the niche market from the view of the market looking outwards in search of the product to satisfy a need, want or desire.

My definition of a niche market: a niche market is composed of private and public markets that share a common position within a much larger market and by that unique position demonstrates a measurable difference to any other market segment. The members of a niche market share a measure of very narrow common interests or knowledge, and seek a similar unique fulfillment for their needs, wants or desires. That “unique fulfillment” article is the item, service or product that is the focal point of the niche market.

One authority says that every item for sale has its own niche market. The trick is to identify the members of the particular niche, then to determine if that group is able to afford the product or service in question. A second authority suggests that a niche market can be defined by the group of customers who are desperate for the solution your product or service can provide.

Substantial market size will justify expenditure of resources to market to that niche. Do an Internet search for the Google AdSense keyword tool where you can get valuable information of the volume of searches for a particular keyword or keyword phrase. Use this free tool or you can go to www.wordtracker.com, a pay to use website, and look at the number of “hits” for a particular word string. Locate a substantial market size before you start your niche marketing campaign. There has to be enough members of the niche to make marketing to them worthwhile.

Niche members are accessible through typical advertising/marketing channels. If for some weird reason the members of the particular niche only read the newspaper for their product information, your marketing to them online is not going to work!

The various attributes of the niche (group) can be identified and are measurable. Now you know that the group is of sufficient size where marketing efforts can be measured. You need to keep track of where you place your articles, advertising and similar promotional efforts. You will want to apply more resources to the advertising medium that shows positive results.

Components of the niche can be documented, are not imaginary and generally affect the niche market equally.

Dec
05
2022

17 Strategic Business Pivots to Make in the Time of COVID-19

Your Coronavirus Essentials Checklist

Just like that we woke up in a different world! The coronavirus epidemic has completely changed our lives and transformed the way we do business.

For many, this can be an incredibly frightening time to be a business owner.

You worry about the health of your employees and the business, the bills that keep coming, your income and family obligations.

But rather than let worries overwhelm them, smart small business owners can use this opportunity to plan and prepare for future growth and success.

That’s why we’ve created a COVID-19 checklist to help you make the most of this uncertain time:

1) Announce changes in business hours.

Are you an essential business that is staying open? You may have shorter business hours to allow more time for cleaning, or senior hours where high-risk and elderly customers can come and safely shop with fewer customers.

Post any new business hours on the front of your physical location and share them on the home page of your website.

Don’t forget to update your hours on your social media profiles too as well as your Google Business listing so everyone can stay up to date.

2) Pivot to meet the current needs of your customers

Find creative ways to do business with customers who are at home on quarantine. Are you offering pick up or delivery? Let customers know what you are doing to accommodate them during this new, and hopefully temporary, normal.

For example, amid shutdowns and shelter-in-place orders, most car dealerships will deliver your new car to you. Similarly, service-based businesses can pivot their offerings to meet the demands of customers who are staying home.

One example is the landing page we designed for Barbara Katnich, an interior designer with Fresh Approach Desgins.

She acknowledges that with all this time on your hands you are probably ready for a design change. Then she walks you through the process of how she can work with you virtually while you are at home.

The advantage of a landing page is that it’s quick, easy, and allows you to speak to the specific needs of customers at this time without having to redesign your whole website.

3) Provide ways customers can still support you

If you operate a service-based business like a restaurant or a salon and have been forced to close your doors, you may want to consider offering online sales of gift certificates.

Encourage your customers to buy a certificate now so they can treat themselves and redeem it when the virus outbreak has slowed, and their self-quarantine period is over.

This can help maintain sales for you, while giving your customers something fun and exciting to look forward to.

4) Communicate with your customers.

People want to know if and how your business has changed in light of the pandemic. Assure them their health and safety are your #1 concern and tell them what you’re doing to ensure a safe shopping experience.

Explain any extra precautions you’re taking to disinfect and clean and let them know how you’re promoting social distancing as a small business owner.

5) Announce any new services you’re offering.

Whether you sell food or fashion, are you offering pickup or delivery? The more ways you can accommodate your customers during this new normal, the better for them and fewer financial losses you’ll experience.

Share the news on your website and on your social media accounts like what Lorie Brown did. She saw a huge need to support nurses and healthcare practitioners during this crisis and created the COVID-19 Survival Guide.

She asked us to help her create a multi-guest interview series that delivers daily videos to subscribers, all for free.

6) Ditch out-of-date information and broken links.

It’s the perfect time to step back and take a long hard look at your website.

Are there any typos? Did a team member featured on the About Us page quit? Are certain articles no longer relevant?

Maybe your site is too far outdated and needs a complete overhaul. Don’t try to go it alone, it’s best to hire a a professional web development firm who can assist in ensuring your site is professionally done to give your business the best exposure once this crisis is over.

7) Lighten the (remote) workload.

Give your staff easy ways to track their hours like the free time-tracking tool Toggl that we use. Encourage team communication with tools like Zoom, Slack or Discord. Look into team collaboration tools like Monday and Asana to manage project workflows.

You can see more team tools in our article: Tips on Managing Your Workforce Remotely.

8) Get lean and mean.

You’re going to have to accept that things may be tight for a while. Are there some non-essentials you could cut from your small business budget?

Reevaluate the services you use to make sure you have the best value for your money, but don’t tighten your belt so much that you miss out on marketing or business opportunities.

9) Plan your editorial calendar.

You want to provide your customers with informative, valuable content that inspires them and builds your expertise and credibility in in their eyes.

If you have some downtime now, invest it in your future content. Look at what products and services you’ll want to promote down the road and plan some engaging content and marketing materials to support your efforts.

10) Learn a new skill.

Do you want to learn to use Instagram more effectively? Maybe you want to master your video marketing skills or learn a new language to better communicate with your customers.

If you can slow down a bit, grab the chance to read, learn and grow! This might be a good time to check out our AMPLiFY! Business Academy where members get instant access to a large library of training videos from social media marketing to lead generation and content marketing.

11) Make your employees feel safe.

Always communicate your COVID-19 plans to workers around sick days and compensation. If your employees have to come into work, assure them how you’re keeping their area clean and safe.

They are looking to you to feel taken care of during this scary time. That said, don’t lie or withhold negative information; if you can’t give bonuses or have to lay off staff, let them know as soon as possible and support them as best you can.

12) Attract more traffic to your site.

It’s always a great idea to add fresh, useful content to your website. Your visitors will appreciate solution-focused content that honestly speaks to why they need your product or service.

Focus on writing some keyword-rich articles to boost your search engine rankings.

13) Grow your social media following.

You may be self-isolating, but you can connect online! Message people who liked or commented on your social media posts to start a conversation.

Be active in the Facebook Groups where your ideal clients hang out. Be visible and helpful (not salesy and annoying) while you are making new connections and offering people a human connection.

14) Segment your email list.

Over time, email lists can get messy. Small business owners may lack the resources to write targeted messages for each group of potential clients (e.g., hot prospects, warm leads, new prospects, business colleagues).

Focus on segmenting your email list to make people feel like you’re speaking directly to them and offering them unique content.

15) Develop a new product or service.

Maybe you have a business idea that’s been on the back burner these past few years. Or, maybe you’ve identified a product or service that would really help people during or after the COVID-19 pandemic.

Check out what Heather Wilson has done to meet today’s demand of using Facebook Groups to a businesses advantage. She quickly created an online course called Create, Fill, and Engage Your Facebook Group.

16) Perform competitive research.

Staying on top of what your competitors are doing gives you an incredible advantage, whether you run an established small business or are developing a new product or service.

Invest some time now in better understanding your competitors. How is their messaging different from yours? What are their strengths and weaknesses? How do they engage with their social media followers?

17) Share the love.

Don’t miss the chance to strengthen your most important relationships. Think about the people who are important to you (family, friends, customers, vendors, mentors, partners) and tell them what you most appreciate about them!

Stay Engaged with Customers and Keep Sales Alive During COVID-19.

While the COVID-19 pandemic is unprecedented and uncertain, let’s try to see these slow times for small businesses as an opportunity to think, review and plan for future growth and success.

If you need assistance, we can help you design a landing page to help you transition through and support your customers effectively at this time. Together we’ll find ways to boost dwindling sales due to this unforeseen economic crisis.

We wish everyone health and safety during this unusual time.

To your success,

Susan

Nov
05
2022

Tax Sale Business – Common Beginner Mistakes

Investing in tax lien certificates and tax deeds is considered safe, secure and predictable. However, one cannot enter a business without completely understanding the process and rules behind it. Few basis should be covered before investing.

Tax lien certificates and tax deeds have become a lucrative investment due to its abundant supply. But the business can be a gamble unless you equip yourself with reliable investment strategies. Here are the common beginner mistakes you should avoid.

1. Not researching thoroughly. Every investment requires you to be mentally prepared – do your homework. Most beginners think that attending an auction, buying a tax lien and selling it is enough. Research and understand the whole process.

Start by asking the right questions – what is a tax lien certificate, what is a tax deed, how can you benefit from them or why is it profitable? Getting answers can help you decide if you really want to enter this type of business.

Tax Lien Certificate vs. Tax Deed

To simply put, a tax lien certificate multiplies your investment by getting your money back plus interest and other penalties. A tax deed entitles you to become the property owner so that you could keep the property or sell it at a higher price.

Where can I get them?

The local government makes the list of delinquent property owners on a regular basis. You, as a citizen, can request the list directly from a county office. The list is also published in newspapers and can be searched online.

What if the home owner doesn’t pay?

Although it seldom happens, there are times when the property owner disregards the property. The certificate holder is then given or can apply for a tax deed. This gives the holder right to ownership to either keep the property or sell it.

2. Not realizing the risks involved. Tax liens offer a high rate of return which may be quite tempting for some beginners. You should know that not all properties are worth paying taxes – you should go for usable and sellable estates.

Although 95 to 97 percent pay their debts, there is still a 3 to 5 percent chance the owner won’t pay up. You’re lucky if you’ll end up with a sellable property. Imagine if you wind up with a clunker of a house, selling it won’t be that easy.

What am I buying?

Ask yourself if you’re more interested in buying tax lien certificates or you want to invest in tax deeds. Know the difference before raising your hand at tax deed auctions. Smart investors only bid for properties with high investment returns.

See it for yourself

The list of delinquent properties may include pictures and information but does not necessarily provide an accurate assessment. The description might be old or the property may have suffered flood or fire. You can actually drive by and see it for yourself.

3. Never getting started. It’s good not to ‘rush’ things but you have to get started eventually. Some beginners tend to focus on research that they get paralyzed by the amount of information they learn. They don’t know what to do with it.

Take some time to learn and don’t be afraid to take action. You’ll get some additional knowledge every step of the way. Get some advice and strategies from experts and you’re on your way to making your very first deal.

Attending tax sale auctions

Some auctions require you to attend in person, while others are holding it online. Make sure to confirm the form of payment and check on the condition of the property before bidding. Decent properties sell fast, that’s why you need an effective strategy.

When you buy tax lien certificates, you’re actually helping fund community functions. In return, the government helps you multiply your investment risk-free. Backed by the law, it is the best way to put your money to work.

Oct
06
2022

Investing in Precious Metals Helps You to Have a Financial Security

Following the economic decline in the last decade there are two key economic trends which will be visible to any individual looking at the various affected markets. The primary trend is seen within the housing market as several individuals are abandoning their real estate investments since the mortgages they signed up for previous to the housing market decline are currently much higher than the actual price of the home. The second trend will be found within the new want for individuals to attain precious metals in large quantity.

Even with the economic decline felt in the global atmosphere, gold, silver investing and different precious metal investments were hardly affected. This captured the attention of many economic followers and placed a new stress on the necessity to collect commodities like gold investing. With this reality in mind several individuals have found themselves asking what would represent the higher investment, gold investments.

Gold investments have traditionally been thought of a leader in the precious metals world caused greatly by its higher price value and designer abilities as seen in jewelry. With this understanding of the worth of gold investments it is common to search out many jewelers purchasing gold in bulk for the opportunity to melt it down and hold onto it for its future investment opportunities. It’s been simple for these companies to gather the gold investments as people are willing to part with gold pieces even at a low price for an chance to achieve cash.

The other investment that doesn’t receive as much attention as gold investments can be found with silver investing. You do not notice the identical drive for silver investing as you are doing with gold investments and this can be a blunder being made by several investors. Silver investing could be a slowly climbing commodity of value that a lot of are underestimating and this is an chance for other investors to take advantage of.

When commodities were 1st starting to be traded you could get fifty ounces of silver for the same worth of 1 ounce of gold. Nowadays you’ll get seventeen ounces of silver for one ounce of gold, displaying how silver investing is climbing much quicker than gold investments. This can be due to the value of use found in investing. As gold is utilized for decorative accessories, silver is primarily utilized in technology like phones and computers displaying its current high demand.