Archive for March, 2011

Mar 18 2011

Cell Phones, your new electronic wallet!

Published by under Business & Marketing

Do you remember some time back, when “plastic money”, as it is termed today, created a huge change in the market and completely revolutionized the consumer behavior? With the availability of the cell phones enabled with banking technology, there is bound to be a change in the consumer behavior.

To give you a small overview, what looks like a very recent update in the technological world, actually began in the year 2004 in Japan. The concept of an electronic wallet or a cell phone wallet was initiated by the telecommunication giant DoCoMo with their new technology called NTT. This technology allowed any user to make purchases via their cell phone that had their credit or debit card details fed into their phones. The trend took on, and now the entire world can use what is termed as “Mobile Commerce” to make speedy purchases.

Even though it is no rocket science to determine that this new technology is sure to cause a revolution, there seems to be a need to delve deeper and understand the implications. Some of the most obvious benefits, for a consumer is that mobile commerce allows you to become clutter free and “travel light” while carrying a higher purchasing power with you. A replacement of the plastic money, mobile banking offers the convenience of moving out without a wallet at all. You can contain your shopping and grocery list in the task manager of your phone and once all the purchases are made, pay for it via your smart phone. If you are running a hectic day and are too tied up to finish your grocery shopping, you can simply buy stuff online with your phone web browser and pay for it instantly.

While these points talk of the consumer behavior change with mobile commerce, there are bound to be changes in the core marketing and advertising by business as well. For instance, with the movement of stores from the physical world to the online medium or to cell phones, the focus shifts to getting noticed online and on consumer’s cell phones. Businesses then have to change their branding strategies to suit them for online medium. Page ranking, SEO, online payment methods, online branding tips gain paramount importance to compete with the large unseen world of the entrepreneurs that appear on a customer’s cell phone with a mere hit of a button. This represents a constant need to come up with new business ideas and branding tips to match the competition of the fast paced mobile world.

Even though a world without any paper or plastic money sounds like a distinct reality, the fact that the companies like Starbucks, Nike, and are already enabled with these applications brings mobile commerce to our doorsteps.

So, a branding and marketing world, where promotional products and promo items will have some internet and mobile website referrals  instead of physical addresses on them does not sound much too far away now.

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Mar 16 2011

Google’s new search algorithm and its impact over online business

Published by under Business & Marketing

Google has done it again. They sent their panda out with a set of new rules which has managed to upset the organic searches and page ranking of many websites. Needless to say, businesses that have incurred losses are angry as their online world of search has been dismantled and turned over.

What made Google consider a revision of its rules? Right from the start Google has given importance to user relevant search results. However, lately the company has been getting a lot complains from their users about the jargon they come across, which ruins their search experience. With an aim to address this problem, Google has revised their strategy and added ‘relevant content’ as a part of their high ranking search criteria.

While some low ranking pages have benefited from this, as their authentic and relevant content has got higher page rank, some previously higher ranked businesses now got a lower rank.. It is estimated that this revision led to business loss of about 1.2 billion. Such an impact on online businesses has raised questions on the authenticity of Google and their operations. However, the fact remains that Google is privately owned, can change its policies independently and the company is the leader in the field of ‘search’. This leaves the online business owners with no choice but to follow the guidelines set by Google to increase page ranking.

Here are some new business ideas to ensure that your page ranking improves and gives you better results in the page rank:

1. Add Written Content: This is an important first step for any website, especially an ecommerce one. This is because unlike other business websites, the one based on ecommerce usually do not have much content and thereby might rank low on the search engine.
2. Add Relevant Content: It is a usual practice for many websites to add completely unrelated or loosely related content to their websites as a gimmick to get the Google crawler to notice them. Even though this worked in the past, it is pretty useless with the new criteria the company has set.
3. Add Relevant Content to the Partner Sites: Another simple gimmick that the website owners undertake is to have several content related partner sites and blogs to work as back links for their own website. With the new criteria from Google, now the focus is on having quality and unique content on all back links too.

Besides implementing these small business ideas on your website, it is wise to remember that Google has always paid maximum attention to their site being user friendly. Gabriel Stricker, a Google spokesman says, “Our goal is simple: to give users the most relevant answers to their queries as quickly as possible,”. If this basic driving force behind Google’s functioning is in your mind as you plan your online business strategy, you are sure to get it right and ensure that your venture is a success.

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Mar 15 2011

Statistical distribution of small business in the U.S

Published by under Business & Marketing

For any business, especially the one which has a direct relation to other industries, a comprehensive understanding of the market distribution in relation to the size of businesses and their distribution across states is an absolute essential. Knowing these details helps you set a ground for your market analysis and gives you small business tips to further your business strategy. A rough idea of the market also helps you to set a goal, especially if you are a small business owner. It defines your competition and gives you a general idea of the governance of the small businesses by the state. Here is a small survey conducted by the “Fee Fighters” on ‘How Important is Small Business in the U.S.?’, which will give you a fair idea on the economical importance of small business owners and their contribution to the national economic market.

With this data in place you are sure to get small business ideas to further your business development and ensure that you attain significant success.

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Mar 12 2011

Famous Business Visionaries and their ultimate business principal

Published by under Business & Marketing

What makes an entrepreneur a visionary? Someone who achieves tremendous success is often driven by some basic principal, a vision, a set of guiding principles or business ethic that he holds close to himself and implements as his core strategy.

Wouldn’t it be great to know the business principles of the masters? Here are some maxims from the greats that will help transform your business development strategy.

“Surround Yourself with People Smarter than You”- Chris Albrecht, CEO, Home Box Office and George Steinbrenner, owner, New York Yankees

These two highly successful entrepreneurs have integrated this simple idea not just in their business but into their lifestyle, their very being and the thought has led them to tremendous success. With people that are smarter than you around you, you are more likely to gain market and competitive insights, business knowledge and business ideas at speeds and depths that you cannot hope to match ion you own.  You grow, your business grows and your rate of growth grows! The only question is how secure are you in your own abilities to not feel threatened by smarter colleagues?

“Remember Who You Are, Not What”Brad Anderson, Vice Chairman and CEO, Best Buy

The simplest summarization of Brad Anderson’s passionately held belief is ‘BE GROUNDED’.  As we climb up the corporate, financial and social ladder, we forget our selves. Status and designations take prime place in our life instead. For instance, ask one of the senior management employee of a multinational “who is he?” and he is likely to say, “I am a Vice President or in the senior management of so and so company.” Rarely does anyone remember to simply say, “I am a human.” Being grounded keeps you in touch with your humanity and consequently with other people, their aspirations, weaknesses and dreams. Motivated people in turn help sustain the motivations and the ideas that you began your business with.

“If You Think You Can’t, You’re Right”- Carol Bartz, CEO, Autodesk

At first go, you are likely to be jarred to get this negative thought from as big an entrepreneur as Carol Bartz.  However, in this negative lies a very pertinent truth.  “If You Think You Can’t, You’re Right” means, if you think you cannot do something, you are stuck in the negativity of that idea and refrain from doing those things that are needed to be done in order to succeed. Once this hurdle is crossed, the going gets easier, because you resolve to then find a solution instead of being stuck in negativity. Get it out of your system and your achievements will surprise you too. Because the flip side of this coin is “if you think you can, you are right too!”

Business visionaries and entrepreneurs grapple with a range of different business ideas and problems on regular basis. They also come up with solutions to these problems. Listening to the masters leads to a faster learning curve, fewer mistakes and greater success.

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Mar 08 2011

Significance of Comparative Analysis in Business

Published by under Business & Marketing

By the basic application of the rules, to start a business venture, comparative analysis is eminent. However, the areas of analysis are the key pointers in deciding the focal point and the course of your business. For instance, if your main business deals in selling perfume bottles and your focal point is to achieve business expansion through advertising, your comparative analysis should not merely deal in analyzing your competitor’s business behavior on a whole, but should be concentrated towards understanding your contenders in that particular aspect.

Here are some pointers that can be used while comparing your competition in different areas to know their business performances and compare your standing against them:

The investments that your competition makes: Knowing the investments your clients make on different sections of their business acts as a great revealer, not only in knowing their business worth but also their expansion plans. To understand their budget in advertising domain gives you glimpse of their market strategy and the extent of their market presence. This done, the next step would be a comparative analysis that is sure to gives you an exact estimate of where you stand as against their business. This gives you the basics to decide the path your business growth can take.

The advertising mediums: Analyzing the competitive advertising mediums tells you about their target audience and their line of thought. Studying the psyche of your competition through their business analysis gives you obvious edge above them. Another important gainer in this line is tapping the non-existent medium. If you realize that your competition has neglected a particular medium of advertising, it becomes a point for your potential gain. For instance, if your business deals in conducting business with corporates, you might advertise by giving away corporate gifts along with your introduction letter. This simple technique of giving promotional products makes your business more noticeable over and above the others.  Similarly, if your competition refrains from indulging its existing or potential customers by pampering them with some promotional items, you can dedicate a budget for it by giving them your own product free sample as promo items.

With these small tricks learnt by undertaking a comparative analysis with your client, you are sure to attain a vision for your future and expand your business significantly.

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