Business & Personal Finance

Adding Pinterest to your business social media toolkit

By now most people are used to seeing the wide range of logos associated with social media and sharing information.  The most common - Facebook, Twitter, Linked In, Tumblr - now have a new member of the club - Pinterest. 

Pinterest, if you are not familiar with it, is a site where members can "pin" images, videos of things that they love or are interested in.  How could this be used by a business, you might ask yourself.  Well, in a number of different ways.

Two new books that we recently added to the collection - Teach Yourself Visually Pinterest by Janet Majure (which by the way is a great introduction to the site and this series uses many screen shots to assist you) and Pinterest Power by Jason Miles and Karen Lacey offer some great insight for using this tool for business use.  Some tips they offer include the following:

Some categories are a natural fit for using Pinterest - the seven most popular categories of pins include:

food and drink, do it yourself and crafts, home decor, women's apparel, weddings and events, hair and beauty, hair and beauty and kids.  If your business addresses any of these, then perhaps you should consider Pinterest in your social media campaigning. 

A few reasons to market your business with Pinterest include:

• Take advantage of potential customers discovering you visually rather than by search engines
• Your content doesn't have to be actively managed - the promotion happens with repins
• Set up is relatively easy and low overhead is required to maintain a Pinterest prescence.

Some strategies to consider:

• Add a "pin it" button to your site, next to images that you would like to have pinned.  
• Add a follow button to your site.  You can encourage visitors to your site to become followers on Pinterest.  This can lead users back to your website or your profile on Pinterest, increasing traffic to your site.
• Even if your website is not visual, you can still use Pinterest by pinning images related to your business and then edit the links to go to your website.  You can search for public domain images using wikimedia or flickr (especially images that are part of its commons collection).
• You could also add a guest board to your Pinterest page - thinking of a topic that your customers might like to contribute to.  Create a board on the topic and invite users to contact you. 
• Conduct a contest.

Check out the two titles listed above as well as a few of the new titles that we have on this social media product:

     

       

And don't forget to have a look at Toronto Public Library's Pinterest page!

 

Great advertising campaigns

This history of modern advertising began in 1842 when the first advertising agency was created in Philadelphia by Volney B. Palmer. This date marks the beginning of a creative industry that has transformed many commercial works into cultural icons.

One of the real challenges of a great advertisement is to find the right balance between emotion and rationality. Another challenge is flexibility. During the industrial revolution advertising began selling goods and then services. During the two world wars advertisements not only sold goods and services but also  promoted support for armies, governments and women on the homefront. Advertising has grown adaptable to new technologies. It grew from print, moved on to radio, cinema and television and is now adapting to the new electronic media.

Some of the greatest advertising campaigns began in the early 1900's and have created some the best-known brands in the world:

Can your product become the next advertising icon? Can your ads have a lasting impact on consumers around the globe? Does your advertising campaign need a fresh feel and look?  To read more about great advertising campaigns, check out these books and DVDs:

Branding your business

Have you been able to connect emotionally to your customers?  Is your company irreplaceable?  Do you think you can build a lifelong relationship with your customers? Maximizing your business' earning potential by creating a brand that people just can't live without is pretty tricky. So how do you do this?

In order to succeed in branding you must first identify the needs and wants of your customers. You do this by integrating your brand strategies through your company at every point of public contact. Be innovative and evolve as customers needs change. It's important to spend time investing in researching, defining, and building your brand. Your brand then becomes a promise to your customers that the product will always be reliable and trustworthy. It's a foundational piece in your marketing communication and one you do not want to be without

Brands that have been around for a long time can be excellent examples of how to target your customers. Take for example Nestles which is the leading brand of instant coffee. It was also the first.  After intensive research in the 1930s researchers developed a way to reduce their coffee surpluses by producing a cheaper coffee which could be made by adding water. Over the years it continued to be innovative by introducing various types of coffee.  As a result Nescafe has remained the world's leading coffee brand and the second most valuable brand in the beverage sector with around 3,000 cups of Nescafe drunk every second!  Then there is Wrigley whose main product was Wrigley's Scouring Soap and not gum. William Wrigley believed in customer incentives and offered a free packet of baking powder with every purchase of his soap.  The baking powder soon became more popular than the soap so Wrigley started selling the baking powder and offered two packs of gum as an incentive.  Again, when Wrigley realized that the gum was more popular than the baking powder he allowed his customers to dictate his business direction and made gum the sole focus of his company. After that, he continued to introduce different varieties of gum and worked hard to market his best product--Wrigley's Spearmint-- by advertising in ways no one had before.

There are many more brands like Nestles and Wrigleys and they all have many things in common when it comes to branding. Will your company be the next Nike, Campbell's or Coca-Cola? Here are some books to get you started:

 

 

 

Procter & Gamble celebrates 175th anniversary

 

 

Procter and Gamble produces many of the products we use in our homes.  From toothpaste to detergent to cat food and more, P & G has become a global success story.  The key to their success has been innovation. By combining high value with excellent products as well as producing great advertising campaigns, P & G has positioned itself to be a market leader.

In 1837 brothers-in-law William Procter, a candlemaker, and James Gamble, a soapmaker, signed a partnership agreement and started producing both soap and candles.  In the 1880's they began marketing a product called "Ivory".  This revolutionary new product consisted of soap flakes that float in water. Like most companies of the time, P & G spent very little on advertising using only small ads in religious journals and city newspapers. Not until 1900 did they hire an advertising agency to handle its ads which began to appear as increasingly sophisticated four-colour ads. Then, as radio became more popular in the 1930's, P & G began advertising their products during radio programs.  These shows became known as "soap operas". By 1889, P&G employed 600 people and had annual sales that topped $3 million.  They also began to market new products that in some cases competed with existing ones. This laid the ground work for today's brand-management system and was the beginning of P&G's ongoing quest to respond to customers' needs.

Over the years P & G has acquired companies that have continued to give them the opportunity to diversify their product lines. Realizing the importance of increasing consumer engagement with their brands, P & G has managed to create a loyal consumer following through it's product quality, customer service and innovative product line.

If you want to read more about P&G, check out these books:

 

 

 

How will you do your Christmas shopping this year?

With the Santa Claus Parade and Black Friday behind us, the real holiday retail season has begun.  Google commissioned an interesting report to give retailers a glimpse into how consumers will be doing their shopping this year.  The report entitled "Holiday Shopping Intentions Study"  provides some interesting insight into how our shopping habits have evolved. 

Some interesting facts from the study:

• 51% will research on-line and visit a bricks and mortar store to make a purchase and 44% of us will research on-line and buy our presents on-line and surprisingly, 32% if us will research on-line, visit the store to see the product and then go back on-line to buy.
• Traditional offline sources like TV, newspapers and circulars aren't as useful as they used to be.
• 4 in 5 shoppers will use multiple devices simultaneously to help with their shopping (desktop and using a smart phone or tablet)
• 54% said that they will start their holiday shopping before Black Friday (November 23 this year)
• 46% indicated that they will spend more time shopping around this year due to the economy.
• We aren't only researching on-line, we are giving technology tools as presents this year.  Hot items predicted are tablets and e-readers. 

So what is a business to take away with this information?  Obviously a strong on-line presence is a must as well as a strong mobile platform.  Many shoppers are guided in the mall by their smart phones and sale offers promoted as their proximity to store locations is detected.

Some retailers are trying the lure shoppers into their stores, integrating brick and mortar operations with the on-line experience.  Check out this recent trend reported in Canadian Business.  Some retailers are bringing shoppers in to the store, making their store a "destination".  This trend was reported recently on Sunday Morning in a clip entitled "What's In Store?"

Need to brush up on e-commerce?  Why not check out some of these titles available at the library:

         

 

Blog ideas for your business

Are you considering blogging to promote your business? Blogging is a great way to get new customers to take notice of your company.  But you need to remember that your blogs need to be kept up-to-date and you shouldn't use them as a way to just pitch your product.  So, where do you start?  Consider looking at other blogs to get inspired and find a new approach to reach your customers. There have been numerous books and articles written on the topic that you can consult as well. Here are a few tips suggested by Carol Tice, writer for Entrepreneur Magazine, that will keep your blogs interesting and thought-provoking:

1. Customer success story. When you receive a great testimonial from a customer, ask for permission to turn it into a post. Use the post to solicit more customer stories.

2. Disagree with a popular opinion. Get traffic by stirring up controversy and taking a contrary position.

3. Pose your own question. What would you like to know about your customers? Just ask, and let your readers create the content.

4. Make a podcast. Record a quick interview with an expert, or just give a few of your own useful tips.

5. Show your charity work. If your business gives back to the community, post a video or photo essay of that park your staff cleaned up.

6. Conduct market research. Are you wondering which product name would attract more customers? Hold a virtual focus group on a blog post.

7. Tell the story of your origins. Everybody loves to read about other people's dreams and challenges, so write about why and how you started your business.

8. Be inspiring. Write about something you found inspiring in the course of your day or how you keep a positive work culture.

Check out what the library has to offer to help you create an engaging blog:

 

Great Reads For Small Business Month



Small Business Month is upon us! Here are some books that will help you through some important steps developing your small business.

 

 Taking the Leap to Entrepreneurship

101 Mission Statements From Top Companies: Plus Guidelines For Writing Your Own Mission Statement. Abrahams, Jeffrey, 2007

Building A Dream: A Canadian Guide To Starting Your Own Business. 8th Ed. Good, Walter S. 2011

The Entrepreneur Equation: Evaluating The Realities, Risks, And Rewards Of Owning Your Own Business. Roth, Carol. 2011

The Founder's Dilemmas: Anticipating And Avoiding The Pitfalls That Can Sink A Startup
Wasserman, Noam. 2012 

Full Steam Ahead: Unleash The Power Of Vision In Your Company And Your Life. 2^nd Ed. Blanchard, Kenneth H., 2011. Ebook. 

Entreleadership: 20 Years Of Practical Business Wisdom From The Trenches.  Ramsey, Dave., 2011.  Also available as an audiobook CD and an Ebook.

 

Developing A Business Plan

Business Plans Handbook: A Compilation Of Actual Business Plans Developed By Small Businesses Throughout North America. Gale Research Inc.  Multiple volumes and years. These volumes are also available as Ebooks.

Business Plans That Work: A Guide For Small Business. 2nd ed.  Zacharakis, Andrew., 2011

How To Write A Business Plan. 3rd ed. Finch, Brian, 2010

The Most Important Considerations For Starting Your Own Business: The Feasibility Study And Business Plan. Barringer, Bruce R. 2011. Ebook

Successful Business Plans In A Week. Maitland, Iain., 2012

Your First Business Plan: A Simple Question And Answer Format Designed To Help You Write Your Own Plan. 5th ed. Covello, Joseph A., 2005

 

Market Research for Your Business

FP Markets: Canadian Demographics. 2012.

The New Business Road Test: What Entrepreneurs And Executives Should Do Before Writing A Business Plan. 3rd ed.  Mullins, John W., 2010. Ebook

Pulse: The New Science Of Harnessing Internet Buzz To Track Threats And Opportunities. Hubbard, Douglas W., 2011

Questionnaire Design: How To Plan, Structure And Write Survey Material For Effective Market Research. 2nd ed. Brace, Ian, 2008

Research On Main Street: Using The Web To Find Local Business And Market Information.  Phelps, Marcy, 2011

Social Media Metrics For Dummies.  Poston, Leslie, 2012

 

Developing a Marketing Strategy

Book Yourself Solid: The Fastest, Easiest, And Most Reliable System For Getting More Clients Than You Can Handle Even If You Hate Marketing And Selling. Port, Michael,  2011.  Also available as an eAudiobook. Earlier edition available as an audiobook CD.

Marketing For Entrepreneurs: Concepts And Applications For New Ventures. Crane, Frederick G., 2010

Marketing Shortcuts For The Self-Employed: Leverage Resources, Establish Online Credibility And Crush Your Competition. Schwerdtfeger, Patrick, 2011. Also available as an Ebook.

No B.S. Grassroots Marketing: The Ultimate No-Holds-Barred Take-No-Prisoners Guide To Growing Sales And Profits Of Local Small Businesses. Kennedy, Dan S., 2012

The Successful Marketing Plan: How To Create Dynamic, Results Oriented Marketing. 4th ed. Hiebing, Roman G., 2012

 

Operations

Design For Operational Excellence: A Breakthrough Strategy For Business Growth. Duggan, Kevin J., 2012

Mcgraw-Hill 36-Hour Course: Operations Management. Brennan, Linda L., 2011

Rightsizing Inventory. Aiello, Joseph L., 2008 (at North York Central Library and Toronto Reference Library)

Service Innovation: How To Go From Customer Needs To Breakthrough Services. 1st ed.  Bettencourt, Lance, 2010

Smart Growth: Building An Enduring Business By Managing The Risks Of Growth. Hess, Edward D., 2010

Value-Based Pricing: Drive Sales And Boost Your Bottom Line By Creating, Communicating And Capturing Customer Value. Macdivitt, Harry, 2012.

 

Learning About Financial Management

The Business Owner's Guide To Reading And Understanding Financial Statements: How To Budget, Forecast, And Monitor Cash Flow For Better Decision Making. Epstein, Lita, 2012

Cash Flow For Dummies. Tracy, John A. 2011 

Finance For Non-Financial Managers And Small Business Owners. 2nd ed. Tuller, Lawrence W., 2008

Financial Management 101: Get A Grip On Your Business Numbers. 2nd ed. Mohr, Angie, 2008

How To Read A Balance Sheet: The Bottom Line On What You Need To Know About Cash Flow, Assets, Debt, Equities, And Receivables - And How It All Comes Together. Makoujy, Rick, 2010

Small Business Financial Strategies. Showmehow Videos, 2006. DVD

 

Getting Financing

Business Financing For Beginners: Where To Find Money To Grow Your Dream. Learn2succeed.com Inc., 2009

Essentials Of Venture Capital. Haislip, Alexander, 2011

Financing Your Business: Get A Grip On Finding The Money. 1st ed. Mohr, Angie, 2005

Get Your Business Funded: Creative Methods For Getting The Money You Need. Strauss, Steven D., 2011

Locavesting: The Revolution In Local Investing And How To Profit From it.  Cortese, Amy., 2011

A Rising Tide: Financing Strategies For Women-Owned Firms.  Coleman, Susan, 2012

 

Sales

Close Like A Pro: Selling Strategies For Success. Qubein, Nido R., 2011. eAudiobook

The Greatest Salesman In The World. Mandino, Og. Several editions are available.

Perfect Selling: Open The Door, Close The Deal. Richardson, Linda, 2008

Pitch Anything: An Innovative Method For Presenting, Persuading And Winning The Deal. Klaff, Oren, 2011

Small Message, Big Impact: How To Put The Power Of The Elevator Speech Effect To Work For You.  1^st ed. Sjodin, Terri L., 2011

Smarter Selling: How To Grow Sales By Building Trusted Relationships. 2nd ed. Dugdale, Keith, 2011

  

Don’t forget to check magazines for case studies and inspiring stories:

 Canadian Business

Strategy                         

Profit Magazine

Entrepreneur

Fast Company                

Harvard Business Review

 

Many other business magazines and journals, often in both print and electronic format, can be found by checking our catalogue.

Three Floors To Success: The Elevator Pitch

What's an elevator pitch? It's a talk about your business with a twist: it's given in a very short amount of time. Think of it as a pitch to a potential client made in the amount of time it would take you to ride up with him or her three floors on an elevator. Before they exit, you need to get them interested enough to want to meet with you again.

Does it sound hard? It is! Here are some resources that will help you.

 

Small Message, Big Impact is an entire book about these 2-3 minute speeches! But the author, Terri L. Sjodin, has a lot to say on the subject.

She explains that the goal of the pitch is to inform and explain. A successful elevator speech could answer these three questions: Why should your listener choose you? Why should your listener choose your company? Why should your listener act now? (p.42)

Sjodin goes into detail on how to build a solid, persuasive case, be creative while doing so, and deliver it well.

Have a look at this great book.

 

Here's The Pitch by Martin Soorjoo has a section on the subject (pages 66-72).
Some of his recommendations:

Keep the elevator speech very simple, focusing on concepts rather than operational and technical details.

Avoid hype - phrases like "world-class" and "cutting edge" can actually have people questioning your credibility.

Tailor your pitch to your audience. Don't just have one canned pitch - be flexible enough to adapt it to various situations.

Here's The Pitch covers many other kinds of pitches as well: sales pitches, investor pitches, pitching to media, e-pitches, and more.

 

Bloomberg Businessweek online has a blog post about The Perfect Elevator Pitch.  The author gives examples of two elevator pitches that didn't work - one delivered by him, and one to him. They are short but telling examples of the importance of being thoroughly and properly prepared for the elevator moment.

 

Are You Planning a Garage Sale?

So you've decided to have a garage sale after cleaning out your home.  It can be lots of fun to sell the items and make a little extra money along the way.

But, a successful garage sale can depend on your advertising efforts before the event.  Here are some tips on how to advertise your garage sale for free or at minimum cost from an article entitled "Advertising a Garage Sale" (Source:  Real Estate Market Watch, April 3, 2012, page 10):

Yard Signs: Use large neon-coloured posters with bold lettering to list location, time, and date.  The lettering of your signs should be at least three inches high and one-half inch thick so that passing cars can read the words.  Post the signs on your front lawn before the event.  For example, if your garage sale is to be held on Saturday, post the sign on Friday morning.  Affix balloons to the sign in order to attract attention.   

Flyers:  Print flyers with the location, time, date, and some of the better items you are selling.  Again, use large print in bold letter.  Ask to post your flyers on bulletin boards in grocery stores, laundromats, and more.  If your garage sale is held on Saturday, it is recommended that you post your flyers on Wednesday night or Thursday morning.

Online Ads:   You can place free online ads.  Most community newspapers have an online version and allow free garage sale advertising.  Free online ads can be placed with Criagslist and Kijiji. If your garage sale is on Saturday, post your online ads on Thursday.

Print Ads:  Some newspapers in print allow free ads for garage sales.  Check with the newspapers regarding deadlines and days the ads will appear.  If your community newspaper is delivered once a week, make sure to meet the deadline.

At the end of the garage sale, remember to remove any signs and flyers that have been placed in the community.  Also remember to remove any online ads from Craigslist and Kijiji.

 

For further tips on organizing a successful garage sale or how to find second-hand treasures, check out the following titles in the Toronto Public Library system: 

For additional titles on this topic, search the Toronto Public Library catalogue with the following recommended subjects:

• Garage sales
• Secondhand trade

 

 

What type of tweet will you read?

Half a billion users generating 175 million tweets a day.  How does one decide what to read?  Who to follow?  Twitter has become such a dominant force in the social media tools that business uses, it pays to find out how you can use it to your full advantage to reach your customers.

The Harvard Business Review, May, 2012 (p36-37), has an interesting article with research done by Paul Andre of Carnegie Mellon University, Michael Bernstein of MIT, and Kurt Luther of Georgia Institute of Technology.  The article reported the results of a survey that was done asking 1,443 users to rate the quality of 43,738 tweets. 

The results, summarized below, show the type of tweets that generate a positive as well as a negative image for the person or company that posts it:

Best types:

• Random thoughts (funny, witty)
• Self promotion (links to one's work)
• Questions to followers (crowdsourcing by posing questions)
• Information sharing (for acquiring new information)

Worst types:

• Opinion/complaint (whining tweets)
• Me now (what are you doing right now?)
• Conversation (Preceding a quote or retweet with a personal response)
• Presence Maintenance ("Good afternoon")

And of course the literature is full of great information on how to improve your presence on Twitter.  Check out a few of these titles:

            

"The key is to be aware of one's audience and how different people's values may differ" says one of the study's authors.