The SMRA Blog

Tweet much?  So, you’ve heard the buzz about social media sites and how everyone is using them and that somehow you need to get in the game or you’re going to completely lose touch and your business will fall behind in this ever failing economy.   Feeling the pressure but don’t know where to begin?  Well, don’t panic, because we have some simple solutions for how to get started and take the first step.

First of all, if you are completely new to the world of social media, then allow me to make a quick analogy of how to view social media in a way that will help it all make sense.  Myspace, Facebook, Twitter, and the others are all basically an online version of a business club, or networking event, where people meet each other, make friends, recommend other people to their friends and slowly expand their reach and build their database of contacts.  The more contacts/friends you have, the more people you can influence instantly, with one quick “bulletin” or “note” or whatever the relative media site calls it.

If you can grasp that concept, then you’re already on your way!  The best way to maximize the marketing potential of social media is to have a blog or website, preferably with an online store that you are trying to promote.  Social media is most effective when it is used to stir up interest, build traffic and funnel that traffic to your online store.  Most of the social media outlets currently offer a way to post a link to your website or blog.  That way your “friends” can be at your online store with just the click of a button. 

Keep in mind, that your “friends” do not necessarily have to be actual acquaintances.  If you are using social media to market your business, then you are trying build your database of business contacts.  So take advantage of any automatic friend recommendations or groups that ask you to join.   Also, you should note that most of these social media sites have different versions available.  So, if you are signing up as a business, you should check to make sure that you are signing up for a business account.  The business accounts are generally geared more towards a company, instead of an individual and will probably provide more ways for you to market your business or company website.

The best advice would be to just take the leap and try it out!  Try signing up for an account today and play around with the system.  Set up your profile and get the ball rolling.  Once you break the ice, you will find that it is much easier than you thought and everything will fall into place.

If you have a small business with one location where you sell your products, then you understand that you can only draw potential customers from a fairly small local radius. This can be very limiting, and seriously hurt your sales to inventory ratio, resulting in lower profits than you would like. There are several ways to combat this, but the most obvious and simple solution, as you might have already guessed –  sell your products online!

The widely accepted term for this fairly recent concept is Ecommerce.  A lot of small businsses shy away from this opportunity, due to fear of the unknown, lack of technical knowledge, or a simple loyalty to the old-fashioned traditional methods that got their business off the ground.  However, times have changed.  While the traditional methods still have their value, they are simply not enough to survive the receding economy.  What a lot of small business owners should realize is that although Ecommerce is not yet a tried and true solution for them by experience, it has been, and continues to be a highly successful source of revenue for millions of small businesses all around the world.  It is a proven method!

Of course, one of the biggest reasons that some small businesses do not take advantage of  an online store is due to a lack of funds in the budget.  This is an understandable concern, since you can’t get something for nothing.  However, there is a slightly skewed perspective of the cost involved in this endeavor, and as the times are changing, there are now more affordable solutions that you might not be aware of.

One of the most effective Ecommerce solutions that does not require a huge expenditure is to take advantage of an online shopping conglomerate that already has a system in place, a secure website and a ton of traffic ready and waiting for you.  All you have to do is input your store and product information and you’re ready to start selling online!  There are not too many of these aggregators out there, but the number is growing and becoming a more and more attractive alternative to small businesses that do not have the resources to hire a team of programmers, graphic designers and internet marketing consultants to create an entirely custom website with an online storefront.

The Small Merchant Retail Association understands this need, and has partnered with CaribeBay Mall to help small retail owners to market and sell their products online. CaribeBay is designed specifically for small merchant retailers and is a much more powerful and profitable alternative to eBay by far. There is hardly any cost to set up your store, and no monthly fees or extra charges for photos. You are automatically given your own login to your private back office where you can upload photos, add product descriptions and edit your store information at your leisure.

If you are interested in surviving this economy and coming out on top when the market returns, then you must join the ecommerce marketplace as soon as possible. Contact the SMRA for more information or go to CaribeBay.com and see what all the fuss is about!

Research shows that if you are a small business in this economy, the chance of survival decreases every day.  Only the tough will survive, and that means you have to make some creative choices to improve your strategy and stay in the game.  The upside to this is that if you can achieve an increase in revenue during a struggling economy, you will own a bigger piece of the pie when the market comes back.  That is how it’s always been.  The companies that outlast the rest will be the next industry leaders.

Small business owners should welcome this challenge with full force, because the potential for huge returns and longevity is never guaranteed when everyone is doing well.  However, this requires a savvy mind, a brave spirit and some risky decisions.  You will need to think outside the box and approach things differently than you have in the past.  It’s a different game.

Keep up to date on the current needs and wants of today’s consumer.  You must stay ahead of the pack when it comes to keeping your product or service fresh and in demand.  This does not mean that you have to change your whole product line, but you might want to give it a new look or slogan that will appeal to a larger audience.  You cannot stay focused only on your target audience – start thinking of a whole new demographic that you could tap into.

Stay abreast of the latest technology and internet marketing strategies and don’t be afraid to try something new.  The great thing about marketing on the internet is that there are a lot of cost effective options that do not require much of an ititial investment, if any at all.  Find the most popular internet marketing blogs and read them daily.

And last, but not least, there is strength in numbers.  Remember that you are not alone.  Join with other struggling small business owners and find ways to compile your resources and attract business together.  This could mean simply cross marketing with a few other local businesses for referrals, or on a more powerful level, you could join an association that will market your business for you.  Find out more about joining the Small Merchant Retail Association today and stay ahead of your competition!