by Myra Stacey | Apr 11, 2019 | Entrepreneurship, Inbound Marketing
What is the Lifetime Value of a Business?
Lifetime value of a business is a prediction of how long lasting and profitable your relationship with consumers will be in the future. By focusing on these metrics, businesses are essentially encouraged to shift their focus from their short term gains to long term goals.
There are a number of reasons why focusing on increasing the lifetime value of your business may be beneficial for your business. To start with, you will have a better idea of whether you should invest resources into acquiring new consumers or focus on retaining the ones you already have.
This can have an impact on how you build and implement your marketing campaigns and consumer interaction and ultimately have a positive effect on brand image.
Marketing for Lifetime Value of Your Business
If you’re wondering exactly how you can incorporate lifetime value in your marketing campaigns, here are a few ideas to get you started.
1. Make Consumers Feel More Included
A great way to retain customers is to make them feel more included in your business. This goes beyond sending out promotional emails and texts. Thanks to social media, there are a number of ways you can make your customers feel like a part of your brand.
Reposting tweets, or sharing praise and comments from consumers on your business’ social media handles is an effective marketing technique that is used by a number of brands including the likes of cult favorite makeup brand Glossier.
This will not only serve to boost your brand’s popularity by marketing how well received it is, but it will also make your fans feel like they are appreciated by your brand and possibly increase brand loyalty.
2. Personalize Marketing Tactics
While it may not be possible both practically and financially to roll out campaigns that are personalized to your consumers, it is always a good idea to do certain one-off instances of personalized marketing.
You can monitor consumer data for buying patterns and pick up on what interests consumers about your business. Based off of this, you can send something relevant to your brand that lines up with their individual interests.
Not only will this be an element of surprise for the consumer, but it will also position you as a brand that actively pays attention to the explicit interests and desires of consumers.
3. Upgrade Consumer Experiences
Giving consumers access to premium features or products for free or discounted prices may not seem like a profitable move, but if done correctly, it can benefit you greatly in the long run.
Who doesn’t want to feel special? If you offer certain ‘valued consumers’ the option to use features they would have had to pay for otherwise at lower prices or for free, they are more likely to see you as a brand to stick by and will probably be inclined to recommend you to friends and family.
While the aim of marketing for lifetime value of your business is essentially the same as traditional marketing, i.e., to build and promote your brand, adding the element of consumer satisfaction and retention can help your business cement its long term presence in the market.
If you want help polishing and executing your marketing strategy like a pro, contact Print and Web Designer by visiting our website or calling them at 336-684-6505 to schedule a free consultation.
by Myra Stacey | Apr 9, 2019 | Entrepreneurship
Odds are that time is that one thing that you always seem to be short of – especially if you’re an entrepreneur. It doesn’t help that due to the urge of wanting to do every task yourself, you end up feeling stretched too thin with not enough hours left in the day to accomplish everything you need.
There are a few things you can do to organize your time as an entrepreneur, in order to be as productive as possible. We’ve listed down three ways to stay on top of your to-do list without losing your mind!
1. Schedule Your Time
This seems simple enough, but it has innumerable benefits. As an entrepreneur, you are likely tied up in a number of meetings and tasks. You simply cannot rely on your memory alone to keep track of things.
With the wealth of options available to us today to help track our time and appointments, there’s no reason why we shouldn’t be using them to our advantage.
Note down your scheduled appointments, meetings, and tasks on a calendar and set up reminders for things you are likely to forget so that you have a fair idea of where you should be and what you should be doing at a given time.
2. Prioritize the Right Tasks
The most unproductive thing you can do is to let your to-do list overwhelm you. Tasks will never stop pouring in, making you feel like you are in an endless cycle of things to do – the key to staying on top of them is to make sure you prioritize properly.
The Ivy Lee method for managing time productively is your best friend in this scenario. At the end of your day, write down no more than six tasks that you absolutely need to get done the next day. The following morning, prioritize those six tasks one at a time before you get to anything else.
This will help you stay on track without getting distracted by other, unimportant tasks.
3. Create a Productive Workspace
Time management has a lot to do with productivity which in turn has a lot to do with the space you are working in.
Chances are that if you’re working in a cluttered, noisy workspace, you won’t be able to get much work done which means more wasted time. Try cleaning as well as organizing your workspace to create a less stressful environment.
Turning your notifications on silent when you’re working is also a great way to do this. This will reduce the number of times you will be tempted to check your phone every time the screen glows.
Time management is not about setting alarms and timers – it’s about developing habits that get you into a frame of mind where you are able to utilize the time you do have in an efficient, productive manner.
by Myra Stacey | Mar 5, 2019 | Entrepreneurship, Inbound Marketing
The fact that businesses continue to communicate with customers through email speaks a lot about the popularity and effectiveness of the tool. Had it not been effective, it would have gone extinct as others started to take its place.
And yet, despite the influx of other mediums such as social media, email has continued to be a benchmark for professional marketing. And it doesn’t seem like it’s going anywhere soon. But does email marketing work for business, generating the same level of ROI that other forms of marketing do?
The Upside of Email Marketing
There are a number of reasons using email as part of your marketing technique is a smart move. We’ve outlined some of them below;
1. Efficiency Tracking Analytics
Most email service providers will allow you access to analytics that let you know when your email has been opened. This allows you to track engagement with the content you’ve been sending out.
2. Personalized Communication
Unlike more generalized communication through social media marketing or even traditional media marketing, email allows you the option to customize communication.
People will be more likely to interact with and respond to communication that is personalized.
3. Increase in Brand Awareness
Emails can be an effective way to increase brand awareness by keeping people up to date with progress, new offers, and deals you may have. It is more targeted than social media posts which can easily be missed.
4. Cost Effective
Email marketing will not drain your budget. In fact, it can be virtually free depending on the service provider you use and the frequency of your emails.
The Downside to Email Marketing
Though there may be a large number of pros to using email as a marketing medium, it does have its fair share of cons as well.
1. Requires Time and Effort
In order to curate a successful email marketing campaign, you need to have a fresh, interactive email design and new content to share. This can take copious amounts of time and effort.
You can get professional help by working with businesses such as Print and Web Design, who make your emails look more appealing. They offer free consultations through their website and can help you understand what your communication design may be lacking.
2. Difficult to Break Skepticism
Many people may not welcome the idea of an email from an unknown source. This could be a difficult hurdle when it comes to connecting with new customers.
There is also the chance that the analytics you are getting regarding how many times your email was opened is not truly representative of how many people are reading your content.
1. Spam Filters
Spam filters used by many email providers can filter out your email from your target audience’s inbox. This will mean that you can be doing all the right things and they still won’t be getting your emails.
2. Easy Opt Outs
Emails make it easy for customers to opt out, and unlike social media where people continue to passively follow you, providing you the chance to win them back, if someone opts out of your email subscription, it can be very difficult to win them back.
Like with any marketing strategy, email marketing requires a carefully planned out strategy. Sending random emails in the hope of engagement will be a poor starting point. However, if used effectively, it could be a fantastic and cost-effective way to boost your brand!
by Myra Stacey | Jan 31, 2019 | Entrepreneurship
You have emails to reply to, meetings to schedule and attend, orders to place, and proposals to draft. Everything seems to squeezing in on you and there doesn’t seem to be enough time to fit in everything in twenty four hours.
Don’t worry. It’s possible. If you’re a young, busy owner of a small business and time management isn’t your forte, we’re here to help you hone your entrepreneurial skill.
1. Plan Your Work
In order to be productive with your time, you will need to plan out what works need to be done. You can do this by prioritizing tasks from order of importance and urgency. This way you will know what you have to tackle instead of just going along with whatever comes along which sometimes end up making you waste precious time.
2. Minimize Distractions
Declutter your workspace, try and put your phone on silent if you can, ask your employees to not disturb you for a while if you need to space out and focus. Making sure that you’ve minimized distractions around you will help you stay on top of what you need to be doing rather than getting sidetracked.
3. Don’t Be Afraid to Delegate
You’ve hired employees for a reason. And hopefully, they’re good at what they do. We know it may feel like you need to do everything yourself but don’t be afraid to delegate! It may take some the pressure off your shoulder and at the same time help your employees feel more trusted and push them to do better work.
4. Cluster Tasks
Organize your tasks according to similarity. Multitasking might seem like a smart thing to do in order to save time but on the contrary it can do more harm than good. Focus on one task at a time, preferable one type of task such as answering emails or writing reports. This will get you in the flow and make you faster at completing your work as opposed to switching back and forth between tasks.
5. Automate
If you’re still doing everything manually, then you’re missing out on the golden opportunity that comes with automating tasks. Take some time out one day and look at all the things on your to do list that can easily be automated such as payments. It will save you many time consuming hours of work that can be spent doing so much more!
Remember, no one is a professional from the get-go. It may take some time for you to get into the flow of things but once you get the hang of it, we promise you’ll be great!
by Myra Stacey | Jan 8, 2019 | Entrepreneurship, Services, Web Design
What is color psychology exactly?
To put it simply, color psychology studies the impact of colors on human behavior. Yes, it’s an actual classification.
Experts in the field believe that colors can greatly affect our emotions, thought process, and actions. Skeptics argue that it is not possible to apply a blanket statement to any one color because there are always subjective factors such as age, ethnicity, gender, personal preferences, and environmental factors that affect how you respond to color.
However, despite the debate, there is no doubt that certain colors have racked up a reputation. For example, green frequently symbolizes nature, red is synonymous with passion, anger, and love, while phrases like ‘Monday blues’ and ‘feeling blue’ cement blue as a color representing gloominess.
But it is not necessary that generalized associations with color remain the same when used in branding.
So how does color psychology impact branding?
Branding is about creating a carefully curated image in the minds of consumers. Since so much of branding has to do with perceptions and associations, it is obvious why color plays an important role. Research shows that colors increase brand recognition and brand recall more than other forms of marketing.
Think of Coca-Cola, and the two colors most likely to pop in your mind will be red and black. The yellow and red of McDonald’s, the green of Subway, the telltale blue of Facebook and the sleek gray and silver of Apple— colors are a huge part of how we recognize brands.
How can you use color psychology to build your brand?
Despite how it sounds, color psychology is not clear cut. Colors may be loosely associated with certain responses and associations, but to build your brand around a color can be tricky. If you want to make the most out of color psychology, here are three things to keep in mind:
1.The correct shade makes all the difference
Colors come in a wide spectrum of shades. And while they may all belong to the same family, there’s a difference in the impact they have. Purple is celebrated as a color representing royalty – but soft lilac doesn’t really ring in that grand association the same way a deep shade of violet would. Choosing the right shade is essential in order to craft the brand image you want.
2. Color themes make more of an impact than standalone colors
Studies have shown that consumers favor color themes that use contrasting colors as opposed to simple standalone colors or colors from the same family. This is particularly important in aspects such as an app or website design. Having base and accents colors can affect how your page is perceived by the user and enhance the message you want to highlight.
3. Develop your own meaning
Just because colors have certain associations doesn’t mean you need to stick by them blindly. Brand perception is developed through how you present your brand holistically, not simply by color. You can still use lilac to signify royalty or use green instead of red to signify adventure. Be mindful of how you’re using these colors, placement, target audience, and the purpose you ultimately want your brand to stand for.
Color psychology may seem farfetched or too subjective to be concrete, but at the end of the day, it’s what you make of it that counts. If you’re still confused about using colors in your design, contact us for a free consultation on how to design your website for the best impact!
by Myra Stacey | Jan 8, 2019 | Entrepreneurship
Procrastination is a worldwide epidemic that seems to have no cure. You know the feeling we’re talking about – that itch to just reach for your phone one more time before you get back to work, the desire to switch windows to play a song on Spotify and get distracted by new tabs.
If you’re struggling to buckle down and get your work done, we have 5 tips that will help you get on top of your game and be more productive.
1. Make a To-Do List
Making a to-do list doesn’t have to be a pen and paper affair (unless that’s your cup of tea). You can jot things down on your phone or use desktop stick notes – whatever works for you. Just having a visual breakup of what you need to complete can help keep you on track. It not only makes you feel more organized, it will give you a sense of achievement every time you.
2. Break Down Big Tasks
Sometimes a task may seem very complex when you write it down as it is. But once you begin breaking it down into bite sized chunks, you’ll be able to tackle it one piece at a time. This will make your tasks seem not only more manageable but also easier.
3. Give Yourself Breaks
It’s unreasonable to expect that you won’t check your phone even once during the time you’re working, or that you won’t get up to get a glass of water and get caught up with something else. So instead of trying to prevent these moments of procrastination – factor them into your day.
Give yourself scheduled breaks. These will make you less likely to want to slack off during the time you’re working because you’ll know you’re going to be getting a chance to take a break soon anyway.
4. Don’t Try Multitasking
Everyone likes to say they’re good at multitasking – but they rarely are. The more tasks you take on at one time, the less likely you are to do each of them well. Don’t try to do multiple things at once, instead try breaking tasks up into chunks and add them to your to-list alternatively with other tasks. This way, if you’re looking for different things to work on to keep yourself from being bored; you’ll be able to give them all your undivided attention.
5. Identify Your Peak Hours
We all have our own peak productivity hours. For some people, it might be early in the morning, for others it might be right when everyone else is winding down. Identify when you are most productive during the day and concentrate on having most of your heavy duty work done then.
Being productive requires effort, even if you’re one of the most creative people out there. If you don’t know how to discipline yourself so you can make the most of your creativity, there will be no point. Try the tips above and see for yourself how your productivity levels go way up!
