Small business blog posts we liked this week

By Samantha Garner | August 17, 2019

influencer small business marketing

Here are some of the business-related blog posts and articles we’ve enjoyed lately – including an article featuring one of our fantastic partners! We hope you enjoy these, and let us know if there’s anything you’ve read lately that you found interesting!

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Topics: Entrepreneurship News, GoForth Institute News, GoForth Institute Small Business Training, Small Business Tips and Advice | No Comments »

The 7 rules of creating market segments

By Samantha Garner | August 10, 2019

market-segmentation

In order to make better use of your marketing dollars, we recommend that you narrow down your market into specific customer groups (anywhere from one to four groups) that will be most profitable and accessible to target.

Our rules for creating customer segments? Glad you asked. Essentially, your segments should be basically different from one another, but members of each segment should be basically the same.

Understanding your target market

When visualizing your target market, consider the following main elements:

Demographics – Age, income, gender, education, family status, income level, occupation, social class, ethnicity.
Psychographics – Lifestyle, personalities, attitudes, opinions, values.
Geographics – Cultural, climate, regional and national differences, population density, population growth rate.
Behaviours – Buying patterns, usage rate, price sensitivity, brand loyalty, benefits wanted.

The 7 rules of customer segmentation

Rule #1 Each segment should be measurable; you should know how many potential customers you have.
Rule #2 Each segment should be large enough to be profitable.
Rule #3 Each segment should be basically different from other segments; they should be unique.
Rule #4 Members of a segment should have common, unsatisfied needs.
Rule #5 Each segment should have strong growth potential.
Rule #6 Each segment should be suited to your company’s goals and capabilities.
Rule #7 Each segment should be accessible through communication and distribution channels; you have to be able to reach them with your message.

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Download our free Start-Up Costs Calculator!

By Samantha Garner | August 3, 2019

Small business startup costs

Start-up costs, the one-time expenses you need to incur before you make your first sale, are one type of cost you’ll need to estimate when starting a small business. Our free Start-Up Costs Calculator is a template that’ll help you get an idea how much it will cost to start your business. Download our free Start-Up Costs Calculator here!

Carefully consider your start-up needs, and be honest about how much your start-up costs will be. It’s better to make a mistake on paper than on opening day!

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How to write a job description

By Samantha Garner | July 27, 2019

job description
Being able to hire your first employee is a big milestone in a small business. But before you jump in, consider the job description.

Why is a job description important?

A good job description gives prospective hires a clear idea of what you’re looking for, and will attract people you have in mind. On the other hand, a poorly-written job description can lead to confusion and wasted time – for both you and the prospective hire.

What goes into a job description?

When you write a job description, include the following information. Take the time to sit down and enter in as much info as you can in each of these sections. You can build upon these features if you like. They’re key in creating a strong foundation to work from.

  • Job Title
  • Job Purpose
  • Duties & Responsibilities
  • Relationships & Roles
  • Qualifications/Requirements
  • Job Location
  • Salary/Wage
  • Hours & Days of Work
  • Equipment to Be Used

Good luck!

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5 ways to use video in your small business marketing

By Samantha Garner | July 20, 2019

5 ways to use video in your small business marketing

Videos can be a valuable and effective tool in your small business’ marketing arsenal. Slick, high-quality videos are great, but using video in your small business marketing doesn’t have to break the bank. Here are five ways you can use videos in your small business marketing:

Video testimonials

Testimonials are a great way to show your potential customers why others love doing business with you. However, video testimonials extend that person-to-person connection even further. Next time you’re asking happy clients for testimonials, consider asking them to film a quick video testimonial as well. If your product or service has received good reviews on sites like YouTube or Instagram, consider reaching out and asking if you can use the video on your site. Tip: While keeping brevity in mind, let your customer talk about their unique experience with your business. You never know what other customers will find useful!

Explainer videos

Explainer videos are short, 1-3 minute videos guiding customers and users through the salient features of your product or service. It’s similar to an elevator pitch, and can be a great way to quickly introduce your customers to what you’re offering. A recent survey of American consumers showed that 73% of them are more likely to buy after watching an explainer videoTip: Write a script and read it aloud to someone – if they don’t get it right away, try again!

Event videos

Events are a great way to engage with your audience and show off your expertise at the same time. Will your handmade candle business have a booth at your city’s big craft expo? You can film short snippets of how you prepare for the craft expo and what the event space looks like on the big day. Does your accounting firm sponsor an industry event every year? You can record your introductory speech, or the discussion panel you hosted. Tip: Don’t feel the need to lug a heavy, expensive camera around. As long as the lighting is good and the sound is clear, today’s smartphones will do just fine!

Product demonstrations

A strong small business website will show your product to its best advantage. However, seeing it in action can entice customers even further. Consider creating videos that show off the exciting and useful features of your product so customers can get even closer to the full experience. Tip: Be clear and communicate lingo-free where possible.

Sharing your story

Your compelling story is a vital component of your business concept. It’s a great way to show why your business exists, and what drives you to put in the work every day. Why not share your story in a video? When your customers can actually see and hear how passionate you and your team are about your business’ story, vision, and mission, they get a valuable connection that goes beyond text on a screen. Tip: Be genuine and unscripted. You can keep some talking points in mind, but your authenticity is what your customers will really connect with.

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