Business.com

Business.com

Trade Show Marketing Tips to Drive More Traffic to Your Booth

Posted: 13 Mar 2019 09:00 AM PDT

What if a company showed up to a trade show and nobody came by their booth? The reality is this could be your company if you don't engage in any trade show marketing. 

Whether your budget is large or small, there are many creative and easy ways to drive more traffic to your trade show booth. 

Editor's note: Need help with your trade show display? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

Engage in Geo-Targeting

Geo-targeting is one of the best ways to serve up advertising to trade show attendees to stop by your trade show booth. Using a service or an app, your marketing team could target smart phone users who enter into a predefined area, such as the convention center. If those visitors checked their social media such as Facebook or Instagram, they'd be served ads trying to drive people to your company's trade show booth and why. Geo-targeting is a highly successful, but underutilized method for increasing traffic to companies' trade show booth.

Buy the Show List

Most shows will offer certain perks to exhibitors such as the ability to buy the show list in advance. This helps greatly for email marketing campaigns to show attendees. Some of these lists are merely names, titles, and companies, so it may take a little heavy lifting to get the email addresses associated with these people. Luckily, there are solutions such as LinkedIn Sales Navigator or a variety of free and paid email hunting apps that serve up email addresses once you enter a name into their system. 

Call Your Customers and Invite them to the Trade Show Booth 

Ever hear of priming the pump?  If you want to increase traffic, it's helpful to generate some traffic based off of ringers- your customers.  It's also a great way to nurture your business relationship by offering them advance showings of new products, assuaging their fears about any prior concerns, and an opportunity to get some face time. Customer service or sales should create a calling campaign to customers in tandem with other trade show marketing efforts so a maximum amount of people show up. 

Throw a Happy Hour on the First Day of the Trade Show

You know what draws people to your trade show booth at 3:00 when they're tired of walking and just want to get out? Drinks. Host a happy hour on the first day and you'll start a rumbling across the show floor that these people have drinks. A happy hour is a great way to engage people in low pressure conversation, fill your trade show booth with potential prospects, and to take a load off. On day two, you'll be remembered by the visitors who were at your booth, pouring the libations and engaging them in friendly banter. Advertise this as a part of your email marketing campaign and ask sales or customer service to call clients to invite them to this event. 

Start Using Social Media

Start sharing visuals with your brand name and trade show booth number on them and use the show hashtags and industry hashtags. In the months leading up to the trade show, you should be engaging in a lot of this trade show marketing in order to entice people to stop by your trade show booth. Make sure your posts are intriguing, relevant and informative in order to capture your audience's attention. 

It doesn't take a budget of hundreds of thousands to fill your trade show booth. Instead, with a little trade show marketing, and you'll be able to increase traffic through your virtual front door.  

 

Why Every Entrepreneur Should Understand STOs

Posted: 13 Mar 2019 07:00 AM PDT

Security token offerings (STOs) are getting a lot of attention from finance and crypto pros because of their global reach. ICOs sparked their attention over the past two years, only to land as an unregulated Wild West of investing. STOs are solving all the problems that plagued these ICOs: they ensure accountability from companies and investors alike.

So what's all the hype about? We'll explore why STOs are the new ICO, and why entrepreneurs should consider them as a powerful way to raise capital from new markets around the globe.

What are the benefits of STOs?

Many startups wanting to raise money found value in ICOs at first. Their low barrier to entry was a total boon to startups that couldn't cover the astronomical costs of just going public, let alone stay public. But the lack of regulations seriously hindered how much ICOs could accomplish. There needed to be a better way.

STOs bring five big benefits: 

Lower costs

The average company spends between $1 million and $1.9 million to go public. This sum covers fees for the investment bankers, underwriters, lawyers, and auditors that have a hand in taking any company public. After all these pre-IPO fees, there are also the ongoing cost of staying compliant.

STOs cost much less. You don't need a team of underwriters to set up your STO because compliance is programmed into each token. These anti-money laundering (AML) and know your customer (KYC) guidelines help ensure that all investors are approved and adhere to legal standards. 

Liquidity

There's a certain amount of liquidity to everything, but not all assets are equal. Real estate is a classic example of an illiquid asset because it's generally difficult to turn it into cash. But stocks are highly liquid because they are bought and sold every day.

Security tokens make it easy to bring liquidity to any real-world, tangible asset. The only challenge right now is in finding compatible exchanges. There are only a few players here today, but for true liquidity to become practical, a few big, highly useable exchanges need to take root. More exchanges in the market will not only increase liquidity but will also expand access to new investors around the world.

Access to new markets

Prior to an IPO, most companies deal solely with investment banks and their customers. It's not exactly "going public" because the true investing public only get access to shares after everyone else has already taken most of the value for themselves through early funding and special discounts.

STOs are different. They have a low barrier to entry like ICOs, and you don't need to be an investment bank just to buy in. But quite unlike ICOs, STOs are regulated to ensure everything stays fair and legal. After completing regulation and compliance guidelines, you only need access to an approved exchange to start investing.

STOs are for everyone, not just accredited investors (depending on which regulation you choose to operate under). 

Accountability

ICOs are unfortunately associated with a lack of responsibility, and it's one of their biggest downfalls. Too many companies packed up and ran with their ICO funds, leaving discouraged investors holding the bag. It's relatively easy to buy into an ICO, but you have exactly zero guarantees that you're buying into something real. It's a potent reminder that investing is risky.

STOs are different because investors contribute capital in exchange for partial ownership of something. There's a sense of accountability on both sides — the investor wants to see the company succeed, and the company wants to repay the investor for their early support. There's mutual responsibility to one another. 

Legality

ICOs operated in a crypto-financial gray area that was still unregulated. But STOs are fully legally compliant, regulated from the start with a clear roadmap of what they have to do to stay compliant. These regulations vary depending on the country where a company launches an STO. 

Security tokens need their own global regulations

The regulatory concerns behind ICOs spelled out why compliance is important. Security tokens embrace compliance head-on. But before they can make a global impact, they need specific global regulations.

It's easier said than done, but once we get the world's regulatory agencies working together to agree on one set of universal rules, then security tokens will reinvent how small businesses raise big money, and how everyday people invest.

Should You Buy or Lease an ATM?

Posted: 13 Mar 2019 07:00 AM PDT

Putting an ATM on the premises of your business – such as a gas station, restaurant, salon or in an office building – can be a convenience for your customers or passersby. It can also be very profitable. Depending on how visible the machine is, an ATM is likely to be accessed 15 to 30 times a month. For the owner of that machine, those transactions will generate revenue from the fees. That revenue can add up to as much as $20,000 and $30,000 per year – no small chunk of change.

Considering adding an ATM to your business? First, you need to decide if you would rather rent or buy the machine. There's no absolute right answer to that question. It depends on various factors tied to your specific business. If you're not sure which one – leasing or buying – is the better option, these five considerations will help you arrive at a clear decision. 

1. Upfront costs 

Leasing an ATM can cost less in the short term versus buying a machine new or used. The upfront cost for leasing can vary depending on models but may run from $75 to $100 per month. 

To buy a machine, you can expect to pay anywhere from $1,000 for a basic, used model all the way up to $10,000 for a new one. The newer models are likely to come with some valuable enhancements, such as a large touchscreen display and accessibility functions for people with disabilities and hearing impairments. 

Note: If you are looking for an ATM that is installed into a wall, such models can cost $5,000 to $10,000 more. 

If you plan to keep an ATM on your business's premises indefinitely, buying one upfront may be the better deal in the long run. However, if you're uncertain how long you'll need a machine, or if it will be worthwhile to your business's bottom line over the next year or two, then leasing could work better as a proof of concept.

Editor's note: Looking for an ATM for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

2. Latest ATM models 

Buying a new model costs more than an older or used one; that's also true when you lease – it will cost more to rent a new model with more features than an older, used ATM or one with fewer functions. 

The look of an ATM can be important. An older or used ATM can give customers the impression that it is less secure and may even imply that there will be a higher fee. And an ATM with a small display that is not a touchscreen may come off as less safe and reliable than one with a bigger, full-color touchscreen. 

If the ATM retailer you're leasing from offers a variety of models, leasing may give you the flexibility to put in an ATM that best matches your business's premises. Plus, you may be able to upgrade to a better model in the future. 

3. Maintenance 

You can expect to be responsible for most of the maintenance yourself if you own your ATM, or you'll have to pay someone to come out to fix it if something breaks. The retailer you bought the machine from may offer techs on staff or refer you to a contractor who can repair the ATM for a fee. A previously owned ATM that you buy may incur more maintenance costs. 

When you lease, most of the maintenance for the machine should be handled by the retailer you're leasing it from. Be sure to scrutinize the maintenance provisions in the contract before signing it. 

4. Fee profits 

If you own your ATM, you get to keep a higher commission per transaction fee that's charged to customers who withdraw cash from it. Plus, you could make additional money on an ATM that you own by running ads on its display. 

Under a lease plan, usually, the rent you pay is already calculated by the retailer to include a percentage of the service charge. 

5. Your type of business 

What type of business you run should be a factor in deciding if you want to rent or buy an ATM. For example, if it's a bar or restaurant where many of your customers use cash, leasing an ATM could be a smarter choice. It will probably be used more and, thus, may require regular maintenance to keep it running smoothly. 

If the machine will be sitting in the lobby of an office building that has light foot traffic, and the cash it dispenses isn't going to be spent with your business, then buying will be the better investment.

8 Tips for Effective Crisis Communications in the Workplace

Posted: 13 Mar 2019 05:00 AM PDT

Although you can prepare for some crises, like mass layoffs, many times, it's hard to anticipate a crisis. That said, you can always prepare for how you will communicate information about the crisis to your internal and external stakeholders.

As you continue to train your internal communications team, determine how you will communicate before, during, and after a crisis. In your crisis communications plan, be sure to account for all stakeholders: employees, employee families, competitors, customers, partners and/or news media. Depending on the nature of the crisis, some (or all) of these stakeholders may require timely and accurate information at every stage of the process. 

Here are eight tips you can follow to handle crisis communications in the workplace.

1. Prepare ALL employees ahead of time.

Employees are not only affected by crises, often times, they are also the people responsible for managing through crises or picking up the pieces. One study reports that employees react to crises in a variety of ways from panicked and insecure to betrayed and frustrated. As a result, some employees lose motivation, others leave the organization, and many "need more information." Before a crisis occurs, ensure that every employee is familiar with company policies and procedures.

2. Identify your crisis communications team.

Designate a team of senior executives and be sure to include public relations and legal experts. If you're a smaller organization, or otherwise do not have the expertise in-house, you may choose to work with an agency or independent consultant that specializes in crisis communications. Regardless of your structure, identify and/or appoint a crisis communications team.

3. Train your crisis communications team.

While all employees should understand company policies and procedures, key leaders and communicators need to know exactly how to respond. One of the most effective ways to prepare for crises is by learning from others. You can do this by developing case studies based on recent events. Ask your crisis management team to play through "What if it was us?" scenarios. It's also important to train any potential spokespeople. Even a strong public speaker needs to receive training on how to communicate with the press and how to preserve the organization during a crisis. 

4. Develop a crisis communications plan.

Assess your channels of communication and determine how you can best leverage each channel during a crisis. This may be company or departmental meetings, intranet, emails or a combination of these.

5. Don't sacrifice accuracy for efficiency.

Now more than ever, interconnectivity means that customers, employees, competitors, and media can (and will!) publish stories before your internal team is ready — regardless of whether or not those stories are accurate or complete. During an actual crisis, responding in a timely manner is important, but accuracy is paramount. Don't publish incorrect information because you feel rushed to "get something out there."

6. Be honest and follow through.

If you don't know the truth yet, or your organization is not quite ready to respond with a detailed message, communicate that; Tell relevant stakeholders that the organization is gathering information and preparing a formal response. Spokespeople must weigh the recommendations from the organization's legal counsel alongside the nature of the crisis. Regardless of what is said, if a spokesperson promises a future statement, the organization must follow through. Broken promises will only exacerbate the crisis.

7. Assess your response and brainstorm improvements.

After the crisis, assess the response of your internal team. Did your crisis communications plan work effectively? Did your external communications preserve your organization? Was the overall plan executed properly? After you analyze what worked and what didn't, brainstorm how you can improve the process.

8. Share these changes with your internal team.

Once you determine how you can improve your crisis communications plan, share those improvements with employees. This will bring you full circle, back to step one: Prepare—and re-prepare—all employees. You want to make sure that everyone is on the same page.

Lack of preparation for crisis communications can be a crisis in itself. Educate all employees, identify and train your crisis communications team, create a crisis communications plan, don't forfeit accuracy for speed, be honest, and work to always improve your processes.

 
Posted by: at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)