Do Good, Serve Well, Become Successful All in an Underserved Market

Cater to a niche market for rewards on many levels. Dr. Kandor, founder and president of Enabling Devices, has used his background as a biomedical engineer to help him design toys for children with a range of special needs, according to “Toys for Disabled, Step 1: What Can a Child Still Do”, reported by Charkes in The New York Times,. As the number of children with special needs grows, the need for appropriate toys increases. Other toy companies, such as the New York-based Toy Industry Association are also beginning to acknowledge this trend. However, Dr. Kandor’s company is the only one in the field who solely creates toys for children with special needs. The company sells approximately 100,000 toys and devices per year to schools, institutions and families, while predicting revenues of $6 million for the 2006 fiscal year.

Finding an untapped market can build a stronger business.

High Price Doesn't Always Accompany High Quality

Here's an example of someone who made a false start with e-marketing, reported in "Help With Your Business, Often Free, on the Web" in The New York Times. Jennifer Gordon, a Chicago based handbag designed attempted to promote her products through an e-mailed newsletter. However, she found that incorrect e-mail lists and outdated addresses led to undeliverable e-mail. Additionally, once a newsletter was sent out, she had not means of knowing if the document was ever opened.

Google Apps for Your Domain is a free group of web-based services. Small business owners can access tools to manage their website, as well as tool such as e-mail and instant messaging.

Numerous sites can also assist you with blogging. According to Ramon Ray, the publisher of smallbiztechnology.com, suggests that small business owners create blogs to increase Web rankings. Tools on blogger.com (owned by Google) and wordpress.com provide free assistance. Also, Typepad.com provides advanced blog features for $5/month. Another useful web tool allows numerous individuals to share and edit a document, kept on a company's server (Thinkoffice.org and zoho.com.)

Build a stronger business by using powerful tools readily available on the web.

Watch Your Root Canal as a Web Movie

In "You've Had the Root Canal. Now See the Movie," in The New York Times, Eisenberg discusses the addition of internet movies to dental practice. Dr. Jerry Gordon, who directed and starred in "Root Canal Demonstration" shows his patients a root canal through a YouTube video. The video cost $2,000 to make and has been viewed 11,000 times in two months. Dr. Gordon's practice has grown due to the addition of the video. In 2006, 26 new patients found him on the Web before the video, compared to 68 afterwards. Other dentists, such as Dr. Kristy Vetter (www.drvettersmiles.com) have found the sheer act of opeing a website has increased new patients in the paractice, "'we've had three to five patients in the last month or so that came that way, instead of by referral.'" Dr. Vetter is also considering adding video clips to her website.

However, not all dentists believe that publicising videos of dental procedures is good practice: Dr. Roger P. Levin, cheif executive of the Levin Group, a dental consulting firm in Owings, md., remarks, "'I don't see videos of dental procedures on YouTube turning into much of a marketing tool, most people simply don't want to see how our procedures are done.'" Others, such as Julie Supan, YouTube's spokeswoman, see a rising trend in the viewing of on-line tutorials.

Educating your target market is a smart way to build a stronger business.

Is Social Media Valuable for Entrepreneurs?

It may seem like a no-brainer: these days, businesses should use social networking tools like Facebook and Twitter as part of their marketing strategy. As reported in The Wall Street Journal, in 2009 social-media adoption by businesses with fewer than 100 employees doubled to 24% from 12%. If you're not addicted to social networking yourself, you're bound to know plenty of people who are.

But social media may not be as useful as we think. A survey of 500 small-business owners found that just 22% made a profit last year from promoting their firms this way. A lot of time and energy can go into maintaining the company's presence on social sites, and rewards in sales - if they come - can be slow to arrive. Indeed, using social media "could harm you if you end up inadvertently saying something stupid, offensive or even grammatically incorrect," says Larry Chiagouris, professor of marketing at Pace University's Lubin School of Business.

In order to see benefits from this kind of marketing, you have to be patient, dedicated, and consistent. Stephen Bailey, of John Fluevog Boots & Shoes Ltd., says his company saw a 40% increase in online sales in 2009, the first full year they consistently engaged in social media marketing. There are several free services available to help companies track Web traffic from social media sites, including Hootsuite, Google Analytics, CoTweet, and Lodgy.

For some businesses, social media makes sense. Like everything else, though, it's not a silver bullet. Build a better business by using a smart marketing mix.

Can Love Be a Science?

Is true love a science? Plenty of online dating sites say it is. Chemistry.com, which features a questionnaire developed by a biological anthropologist, is supposedly designed to predict a couple's compatibility based on traits of temperament and on brain chemistry. ScientificMatch.com, goes several steps further: they aim to use genetic testing to create that now-not-so-magical romantic chemistry (cheek swabbing kit, DNA processing, and a criminal and bankruptcy background check are all included in the $1,995.95 lifetime membership).

Both sites are an extension of the idea eHarmony.com originally developed, which suggests that certain areas of compatibility – like values and important experiences – are solid predictors of relationships success. "In the long haul, you want to be able to manage conflicts, celebrate positives and get through the day-to-day relationship. Our system is there to take care of that so you can now focus on who you find really attractive, that you feel really passionate about, says Gian Gonzaga, eHarmony's senior director of research and development.

Online dating is a $976 million annual industry in the U.S., according to estimates from the research firm Marketdata Enterprises. Sites like Chemistry.com and eHarmony are building brand identity when they target people who are looking for relationships instead of just dating. In turn, they are able to charge more per subscriber.

Creating a positive business relationship with your customers and partners also involves managing conflicts, celebrating wins, and making progress through day-to-day issues.

Build a stronger business by being aware of how you structure and maintain your business relationships and being open to constructive feedback.

A New Way to Pay

If you're ten years old, you can't use your own credit card to buy dog food at the local store. But now you can buy digital dog food for a online pet in much the same manner - using Kwedit. As reported in The New York Times, a new payment option has just become available to anyone, no matter how young they are. In the new system, a "Kwedit Promise" is used to buy items in games by FooPets and Puzzle Pirates. The items can be paid off later using a regular credit or debit card; with cash sent in a provided mailer; or by printing a barcode, taking it to your local 7-Eleven, and paying cash there.

FooPets, which has over a million active members and signs up 20,000 to 25,000 new members each day, lets users adopt lifelike digitally animated pets and then buy virtual goods for them - everything from a bag of puppy chow for $3 to a bungalow for $333 - using Kwedit. "Buy now, pay later" is always a seductive marketing tool. Users are encouraged to pay the actual funds they owe by the fact that they accrue a Kwedit score, similar to a regular credit score, and more Kwedit is extended to each user based on his or her history of repayment. But since the marginal cost of virtual goods is negligible, there's no serious risk of major financial loss if the promise is not repaid.

Like FooPets and similar systems - considered "nurturing games" that encourage responsibility and other adult lessons - Kwedit is a way to introduce young people to important ideas in a relatively safe environment.

You can build a stronger business by applying the "nurturing games" concept to your customer service.

Making Web Site that Fit Your Phone

Companies are increasingly turning to Web communities to build their brand, provide customer service, and unveil new products. Online forums, which often allow costumers to address a problem before they have to call a service line, have saved millions of dollars in deflected calls. A unique challenge is arising for these companies, however, as more and more people choose to access the Web on their mobile phones. Web sites created for computers usually don't load as well onto phones, so many companies, including Hewlett-Packard, are discussing ways to build new Web sites specifically for wireless users. "We definitely have work to do to get our Web site mobile friendly, [and] we know our customers want it," says Lois Townsend, H-P's directory of community.

There's an upside to creating content for cellphones, however: it provides a greater opportunity to be interactive with customers. Lithium Technologies Inc., plans to create a platform this year through which companies can draw feeds from services like Facebook and Twitter onto their own sites. It will work on any phone. Phillip Soffer, Lithium's vice president of product marketing, says that "because the community is active and based on addictive behavior, it's the kind of thing that works well on mobile phones." Other companies are also seeking to bring large corporate sites to the mobile Web. Jive Software Inc., which currently powers communities for companies like Nike, is working with a program designed specifically for the iPhone. In focusing on smart-phone users, Jive is hoping to tap customers with a desire for deeper functionality.

Build a stronger business by building and cultivating an online community that's as convenient as a cell phone.

Business Tips TV Launches

Bill Gates Asks How to Encourage Tech Careers

Bill Gates, listed as a technologist/philanthropist, asks the 25 million plus members of the business networking site LinkedIn, "How can we do more to encourage young people to pursue careers in science and technology?"

In less than 3 days, he's received close to 3,000 responses -- some very intriguing and well thought-0ut ideas have been posted.

When you build a stronger business, you cast a wide net and seek ideas from a diverse population.

iPhone Convincer

Watching this again put me over the top.

Online Videos Serve as a Marketing Tool

In a New York Times articles, "You've Had the Root Canal. the Movie," Anne Eisenberg presents how YouTube can been used as a marketing strategy.

Dr. Jerry Gordon, a dentist in Bethlehem, PA., provided an informative video on his performance of a root canal. The video has been viewed more than 11,000 times within the first 2 months it was put up.

Other dentists may soon join Dr. Gordon in the usage of this marketing tool, especially those who have had success with regular Webpages. Dr. Kristy Vetter, dentist in Laguna Higuel, CA., says "We've had three to five patients in the last month or so that came that way, instead of by referral." The internet offers information and reassurance for customers of your quality of service.

Educating your target market is a smart way to building a stronger business.

Creating Favicons is Easy

Creating those little icons that show to the left of the URL address in a web browser is simple when you use either of these online tools:

• FavIcon from Pics
• Dynamic Drive - FavIcon Generator

People who build a stronger business look for fast, simple, effective tools to get their work done...or they delegate it.

Competitive Forecasting Provides Better Results Than Surveys

Competitive forecasting, a new trend discussed in James Surowiecki’s book, “The Wisdom the Crowds”, has become a popular method of surveying the public, and the Sloan Center has jumped on the bandwagon. The first to broadly study Internet sales, The Sloan Center will launch a new Web site that will take the public’s predictions about internet-related trends and online sales.

In The New York Times article, “The Wisdom of Sales Trend Predictions”, Bob Tedeschi calls attention to the advantages competitive forecasting provides over traditional surveys. According to analysts, this method brings more accurate results because participants care more about their answers. One of the best known examples is The Hollywood Stock Exchange (www.hsx.com), which has correctly predicted 92% of the major-category Oscar winners.

Competitive forecasting is also more appealing to participants than typical phone surveys.

Donna Hoffman and Thomas P. Novak, directors of the Sloan Center, will offer cash rewards like $25 and $500 gift certificates to the top-ranked participants of their site. The most prescient users also have an opportunity to gain an admirable online reputation.

Creative Ideas Don't Always Work

When Brian P. Tierney, the new chief executive of Philadelphia Media Holdings proposed to place two giant billboards and an inflatable giant bee by the newspaper’s landmark building to advertise the upcoming new “Bee Movie”, the neighbors strongly objected.

In The New York Times article, “No Bees on the Inquirer”, Pradnya Joshi notes that the new CEO received no complaints from staff.

Since his start with the Philadelphia Inquirer and the Philadelphia Daily News, Tierney has been encouraging his staff to be more creative with promotions. He has proposed to sponsor the first national sudoku championship and has raised the marketing budget from $300,000 to $14 million.

But his proposal for the movie promotion really offended neighbors who believe in respecting the historical landmark.

Innovation is not always embraced when you’re building a stronger business.

Shopper Calculations Often Wrong

According to The New York Times article by Alex Mindlin, “A Math Test for Bargain Hunters”, 59% of bargain hunters incorrectly compute sales percentages.

In a study by Florida researchers, shoppers were more likely to buy an item on sale for the second time, than the same item on sale for a higher, but equivalent amount.

A product on sale for 33% of a 25% discount would attract more shoppers than a product with a 50% discount. Although they are both offer half off, shoppers incorrectly added the first sale to be a 58% discount!

Taking advantage of customer perceptions help you build a stronger business.

Subway vs. McDonalds marketing techniques

According to The New York Times article, "Eating Up Calories and Propoganda", Subway customers underestimate the number of calories they are consuming, due to the restaurant marketing itself as healthy.

For a meal with 911 calories, Subway customers believed they had consumed 205 less calories then McDonalds customers believed they had eaten.

When Building a Stronger Business, remember that perception influences buying decisions, but net calories are the after effect.

Free Online Service for Commuters

According to the article, "Email traffic alerts aid N.J. commuters" in The Philadelphia Inquirer, commuters traveling between New Jersey and Philadelphia will be able to check their email, cell phones or PDAs for up-to-date traffic jams and late trains.

The free online service will be provided by the Delaware River Port Authority, and a similar program is being developed for SEPTA.

The PATCO train line, run by the Delaware River Port Authority, will also provide uniformed "ambassadors" to assist commuters traveling at night and on weekends.

Providing information in formats and on devices that make life more convenient for your customer is a sure way to build a stronger business.

Perception Matters When Building a Business

In order to make her small real-estate and property management firm look larger than it actually was, Angela Ford invested in an answering service. Instead of reaching Ms. Ford, her customers would first speak to a live operator, who would only direct their calls if she was available. Her company's revenue has more than doubled every year since it began.

According to The New York Times article, "Making a Little Company Look Big" part of building a successful company includes creating the image that you are more successful than you initially are. Besides paying for an answering service, entrepreneurs can also rent office space and design a sophisticated Web site.

Evan Carmichael, a chief executive of small business, had his friends dress in suits and work diligently in a borrowed office space when a local television studio asked to interview him. After the segment was broadcast his Web site went from 150 visitors a day to almost 1700 a day.

People who build a stronger business realize that perception matters and take advantage of technology tools and marketing techniques to put their best foot forward.

The Perils of Customer Involvement

Malibu Caribbean Rum recently sponsored a contest from its user-generated advertising site. They offered either a prize of $25,000 or a personal banana grove in a tropical location to the contestant who submitted the best original advertisement for the product.

According to The New York Times article "Outcome of an Ad Contest Starts an Uproar on YouTube", Malibu encouraged participation from You-Tube users and said they would consider their votes when making the final decision.

But when a winner was announced even before the final contestants were posted, many YouTube users became upset. Message boards were filled with complaints, and one user even created a short conspiracy theory video about the situation.

The uproar shows how user-generated promotions can backfire with some consumers.

Beware of the risks associated with customer involvement. You must not only be trustworthy, but transparent when building a stronger business.

The SAT Has Never Been Cooler

Kaplan Test Prep and Admissions have merged with iTunes to provide students with SAT study programs they can download to their iPods. Critical reading, mathematics and writing programs are all available for $4.99 in the games section of iTunes.

According to The New York Times article, "Prepare for the SAT Test, or Play with Your iPod? Have it Both Ways", SAT directors are understanding the need to accommodate to the changing learning styles of today's youth.

Since students use their iPods almost everywhere they go, it made sense to merge with iTunes to make studying more fun and accessible. Kaplan has even created a myspace page (www.myspace.com/kaplan) and a series of graphic novels.

While the downloads may be helpful, Kaplan director Kristen Campbell recommends only using them as a supplemental product, since the SAT is still a pencil-and-paper based test.

When you're building a stronger business, go to the places where your target audience is already paying attention.