StartupNation

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• Add These Trends to Your Marketing Plan This Year
• Entrepreneurs Share Tips for Overcoming E-Commerce Product Launch Obstacles
• How to Help Consumers Manage the Pressures of Inflation
• Be Cautious When Choosing a Business Partner

Add These Trends to Your Marketing Plan This Year Posted: 28 Dec 2021 09:00 PM PST There's no better time than now to map out a solid marketing plan for 2022. The COVID-19 outbreak has left a significant impact on marketing in 2020 and 2021. Consumers are no longer buying the way they used to, leaving brands with no choice but to change their sales and marketing tactics. While the pandemic isn’t in our rearview mirror, there have been positive signs of a new normal. Establishments and countries have started to open cautiously. More and more people are going out to eat, run errands, meet up with friends and, of course, do their shopping. Because of this, some businesses have noticed a collapse in their online traffic and virtual engagement. For marketers, it's not always easy to keep up with these changes, regardless of your experience level. We totally get that. However, it's crucial to stay on top of the latest marketing trends if your goal is to succeed in the fast-paced marketing world. You gotta keep yourself up-to-date with these trends in order to maintain a sense of relevance with your audience. So, what marketing trends do we predict to flourish in the year 2022? What trends should you be following to put you ahead of the competition? Let's explore them below! Contact the experts at Digital Resource! Short-form video will dominate social media. Shutterstock Short-form video is the future of social media. Can we say that the future has already begun? Absolutely. Thanks to the rise of TikTok and Instagram Reels, short-form video has become one of the most popular content types right now.  YouTube has even launched its own short video feature, Shorts. Netflix is also launching a short-form video platform known as Fast Laughs. With 68% of people happy to watch a business video if it's less than a minute, it doesn't come as a surprise that more and more companies are leveraging short-form video. Here's how you can use short-form videos to attract new people and see deeper engagement levels: Behind-the-scenes Whether it's a day in the life of your CEO, a video showing how your products are made, or perhaps a Q&A with employees, this type of content is highly engaging to people since they like to see what's behind the curtain. Start a viral challenge Video challenges are always a fun and engaging way to turn your brand over to your fans and reach new groups of people by inviting them to participate. Tease new products Shoppable content continues to grow in social media, which presents a huge opportunity for you to drive more traffic and sales from platforms that offer short-form video. FAQs If you're trying to figure out how to boost your brand credibility, creating a snappy FAQ video is the way to go. It can be pertaining to common questions posed to your company specifically or general industry questions that people regularly seek answers to. Educational content Show your audience that your brand is a thought leader or expert to move them along in their decision-making journey. Demonstrate how to style a garment, give away top travel tips for a certain destination, anything informative that relates to your brand. 5 Reasons Your Digital Ads Aren't Performing Social responsible marketing will prosper. In case you haven't noticed, most of today's consumers are more invested in socially responsible brands. A report by Nielsen that surveyed 30,000 consumers in 60 countries found that 66% of consumers were willing to pay more for goods from brands that demonstrated social commitment. What's more, a study by public relations and marketing firm Cone Communications found that 87% of Americans will purchase a product because its company advocated for an issue they cared about. Finally, early research from organizations like McKinsey predicted that customers would more heavily support brands that demonstrated their care for all customers, employees and shared causes. Hybrid events will take over. Shutterstock The pandemic has made quite a heavy impact on in-person events. We've seen a rise in virtual and digital-first events during these past two years. Webinars and live streams took over the event marketing industry, as people didn't want to risk going to in-person events. While many in-person events are now open, many people still prefer virtual events, as they offer better flexibility and accessibility. Participants can save time and attend the event from anywhere, using any device! Event marketers need to find a way to cater to both in-person and virtual audiences simultaneously. Here's where hybrid events come into the picture. In a post-pandemic world where social distancing and mask mandates are no longer the norm, entirely virtual events might not uphold their popularity – but hybrid events certainly will. Here's why: Increased reach and more attendance. Higher audience engagement. Flexibility of the event. Reduction of event costs. Marketing opportunities. Personalization will reach new heights. More than 90% of customers are more likely to shop after seeing personalized offers from a brand, making personalization a vital part of every marketing strategy. Although it's currently limited to addressing consumers by their first names and showing personalized recommendations only, things will get more creative in 2022. Personalized marketing will branch out to include more untapped channels such as videos, podcasts, streaming services, articles and more. So, what's the deal with personalized marketing? How can your business benefit from it? Below are six reasons: Creates marketing that people enjoy. Improves the customer experience. Targets specific customers. Boosts engagement. Generates better ROI. Retains customers. Thought leadership > the hard sell Educating consumers through thought leadership content will be a popular marketing approach among marketers in 2022 and beyond. Every brand can utilize thought leadership to increase trust and awareness, though it works exceptionally well for B2B businesses. Thought leadership requires commitment and dedication to producing valuable content and sharing it with others in the industry. It is important for thought leaders to be visible as a problem solver through writing, social media promotions, collaborations, speaking engagements and more. Get your name out everywhere. Below are tips for writing unique, compelling informative articles to raise awareness about your company and its products and services: Determine your area of expertise. Regularly produce content. Avoid talking about yourself too much. Address real-world business problems. Stay consistent. Collaborate with other influencers. Create an online presence. Establish yourself as a resource. Be authentic. Choose engagements wisely. That's a wrap! 2022 will be a major year for marketing. These past two years have made a lot of significant changes not just in consumer shopping habits, but also in terms of how brands approach marketing. As a marketer, you should learn to embrace these changes and come up with new ways to promote your business in this so-called new normal that we're living in. Good luck! The post Add These Trends to Your Marketing Plan This Year appeared first on StartupNation.

Entrepreneurs Share Tips for Overcoming E-Commerce Product Launch Obstacles Posted: 28 Dec 2021 09:00 PM PST With consumers spending more than ever online, it's no wonder why so many entrepreneurs are joining e-commerce marketplaces in droves. Consumers around the world spent $900 billion at online retailers in 2020, according to report from the Mastercard Economics Institute. Up to 30% of that shift is expected to be permanent, too. This growth, regardless of sales channel, has been massively powered by startups and small businesses. From side hustlers selling innovative products out of their homes, to local brick-and-mortar shop owners pivoting to digital due to reduced foot traffic, the e-commerce opportunity represents a lifeline to sales success in an otherwise challenging economic climate. For new business owners just beginning their online journeys, the drive and passion to succeed can propel you through early obstacles — but so can a little homework and mentorship from others who have gone before you. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here Here are a few stories from entrepreneurs who overcame challenges to run profitable e-commerce businesses: Take time to educate yourself Ebony Robert, owner of Ebony's Beauty Hair and Skin Care and a former teacher raising five children, invented her own soap to help alleviate her son's eczema symptoms. She realized she could help more people who suffered from the same problem, so she decided to list her product on Amazon — a move that led to an early explosion of sales. Robert cautions sellers to keep in mind that the early days of a product launch are filled with ups and downs: "Make sure you do your research, which might seem time consuming, but it's necessary to make it through the constant shifts of having your own business," Robert said. She relied on advice from retail consultants, various small business groups and online videos to understand key tasks like how to apply for patents and trademarks. "Nothing is done overnight," Robert said. "There were days when sales were slow and I thought, 'OK, is this something I still want to pursue long term?' But my family helped support me and I just kept looking for more resources and answers out there to drive me to where I am today." Robert now has more than 300 products offered through her brick-and-mortar and online store, and Walmart recently started stocking her soap. Navigating manufacturing costs Rob Reilly is the founder of Pet Peeves LLC and inventor of the Pet Peeves Vest, a product that signals whether or not a pet is friendly from a safe distance in order to create safer interactions between pets and their owners. He's also a father and full-time graphic designer. "The biggest challenge I've faced through the process of bringing my products to market is the manufacturing cost," Reilly said. "Not only did it take nearly four years to save the funds to manufacture the minimum order for the Pet Peeves Vest, but there were also policy issues between the U.S. and China that caused the cost of manufacturing my product to nearly double. I did not expect that!" Joelle Mertzel, founder and president of Kitchen Concepts Unlimited, LLC and inventor of the Butterie butter dish, found the process of tooling to be particularly frustrating at first, due to exorbitant costs: "Early on, I met someone at a houseware show who told me about the costs associated with tooling, which is the process of making the steel molds for each part of your product," Mertzel said. "It was much higher than I ever anticipated, and I ended up finding a reasonable option overseas." Another part of the manufacturing process that also concerned Mertzel was the actual process of setting the design in steel. "What if I got in front of a retailer and they asked me to make changes? I'd have to spend more (money) to change the mold," she explained. Mertzel advises entrepreneurs to not be afraid to socialize their ideas and prototypes as much as possible to make sure major investments in manufacturing are worth it. Aside from doing her own market research to understand who her core audience would be, she took a chance and brought her prototype to a national chain store in her town to get the store manager's opinion. "He looked at my prototype and said, 'I would love to sell this,'" Mertzel said. Six months later, Mertzel was working with regional buyers to get the product on the store's shelves, which confirmed for her that the upfront cost of the mold was an investment in her company's future. Related: How Barcodes Show Your Product is Retail Ready Work within retailer requirements By launching a product, inventors may not fully realize they are joining a worldwide system of retail commerce comprised of manufacturers, retailers and logistics providers. Even though some entrepreneurs simply start selling via one online marketplace, those interested in growing their businesses should gain a thorough understanding of retailer requirements and guidelines to maintain credibility as they grow and diversify retail partners. One key component of building credibility is getting an authentic UPC barcode, which is like a passport to working with multiple retailers. Entrepreneurs with limited budgets may find that licensing individual Global Trade Item Numbers (GTINs) for $30 each will set them up for success. GTINs are the product identification numbers encoded into UPC barcodes and uniquely identify a product, whether it is sold in a store or online. For businesses that plan to launch 10 or more products or product variations, another option is to license a GS1 Company Prefix, which allows brands to create authentic GTINs in bundles of 10, 100 and other bulk quantities. This can end up being one of the most critical steps to prove your product is, in fact, linked to your company and your name, and not someone else's. Third party barcode sellers offer very cheap UPCs, but many small businesses have found those barcodes may have been used before, or they may identify the product as coming from another company. For Reilly, purchasing one single GS1 UPC was an easy way to start his brand off the right way from day one: "Being able to afford that barcode at a reasonable price is huge for somebody like me," Reilly said. "It is going to help me increase my chances of becoming a viable vendor for many types of retailers, especially now that so many marketplaces are trying to fight counterfeiters. I know they'll be looking for proof that I own my product." Sign Up: Receive the StartupNation newsletter! Key takeaways Entrepreneurs new to selling online must be aware that product listings could be hidden, delisted or mistaken for counterfeit goods if proper UPC identification is not in place. For example, a recent announcement sent to Amazon sellers reinforced the company's long-standing policy that products must have valid UPC codes in order for listings to be approved. Ultimately, selling online is huge opportunity for tenacious entrepreneurs looking to pursue their dream of launching a product: about 36% of consumers now shop online weekly, an increase from 28% before the pandemic, according to a global survey by Selligent Marketing Cloud. By learning from other businesses, consultants and experts, entrepreneurs can be on their way to building a credible, prepared and viable online business. Originally published May 13, 2021. The post Entrepreneurs Share Tips for Overcoming E-Commerce Product Launch Obstacles appeared first on StartupNation.

How to Help Consumers Manage the Pressures of Inflation Posted: 28 Dec 2021 09:00 PM PST Around the world, consumers are facing higher prices for goods and services due to disruption to supply lines and labor availability primarily brought about by the COVID-19 pandemic. With the consumer price index (CPI) increasing by 6.2% over the previous year — the greatest annual rise since 1990 – inflation is hitting record levels. This upsurge in the consumer price index is due to the fact that most companies respond by shifting the cost to the consumer in the form of higher prices and charges. Most notable, and fundamental due to their knock-on effect on other industries, are gas and energy price increases. The impact of inflation on consumers can be seen in complaints about price increases on online review websites, which gather a broad reaction to price jumps on a variety of day-to-day consumer items. Of course, inflation has had an effect on people's shopping habits and purchasing decisions. It also constitutes a heavy psychological burden, with the impact of increased anxiety and financial uncertainty having a much greater influence than it normally would. Statistics collated by the Conference Board put figures to the falling confidence levels. With November seeing their Confidence Index drop 2.1 points to 109.5, The Present Situations Index dropping from 145.5 to 142.5, and the Expectations Index dropping from 89 to 87.6. It's quite clear that consumer confidence is the main obstacle. So how do you go about not only maintaining it but showing people that you are providing value for their dollar? First, we need to understand how inflation affects the consumer. The impact of inflation on small businesses Moderate inflation is beneficial to an economy as it encourages spending and can therefore increase wages. Velour Noire /Shutterstock.com Yet, in October, inflation in the U.S. reached its highest peak in 30 years, spurred on by escalating wholesale energy costs and supply chain failures. Small businesses and small business owners have felt the brunt of the surge in inflation. Already struggling with other coronavirus-related setbacks, many small operations run on limited turnover and require the fine-tuning of logistics in order to turn a profit, hence they are highly vulnerable to price increases, with the hike in shipping costs being a pertinent example. What is the impact of this on the market? Well, it leads to small businesses having no choice but to pass the escalating costs on to the consumer. This squeeze leads to a lot of customers taking their business elsewhere as small companies that operate within fine margins can no longer remain competitive and, as a consequence of this loss in trade, have no choice but to cut their losses and cease trading. Inflation makes everything more costly, including business overheads and, therefore, the cost of taking on more staff. Hence it can also cause a rise in unemployment. Unsurprisingly, the pandemic has taken its greatest toll on the service sector, with leisure, hospitality and health care roles making up 69% of the current employment shortfall. In the instance that pay and salaries rise roughly equal to inflation, then consumers can continue to buy the same goods and services without much noticeable difference to expenditure. Yet, when pay increases fail to keep up with inflation rates, it leads to decreased consumer purchasing power and the standard of living drops. Over the past year, in the U.S., hourly wages have increased by 5.1 percent on average, yet prices have increased by 6.2 percent in the same period, negating any pay rises. Furthermore, the supply line issues generated by the pandemic have led to a shortage of many household goods, from food to white goods and appliances, the ensuing scarcity driving the prices of these things through the roof. Inflation also has a detrimental effect on savings, as the devaluation of the currency reduces its value. Conversely, inflation can reduce the burden of existing debt as the relative value of the currency the debt is held in decreases. Consumers tend to adjust their spending on a day-to-day basis, so long-term shifts in purchasing habits generally don't change that much unless inflation is continuous and prolonged. Rather than change their preferences altogether, most people tend to cut down on quantity, rather than take a hit on perceived quality when choosing how to go about cutting household costs. Most popular: 9 Essential Skills You Need to Start and Run a Successful Business Mitigation strategies and how to hold on to customers The challenges of inflation demand a renewed comprehension of what your customer wants from you and what impacts their purchasing decisions. While, of course, it is impossible to sidestep the effects of inflation completely, there are still steps you can take to temper its impact on your bottom line. Reevaluate your suppliers Taking into consideration the changing circumstances, you should seek to renegotiate any existing contracts you have with suppliers and other third parties. Emphasize good relations in this assessment and negotiations and strive to establish long-term, fixed-rate agreements. The focus should be the realignment of the relationship to mutually satisfy the evolving priorities and needs of your business. Moderate price increases Instead of applying immediate price hikes that can cause consumers to gasp, try to space the necessary increases out into moderate incremental rises that are more palatable and less drastic. Present these price hikes in the greater context of the changing market and communicate how your increases are structured, using a customer-centric perspective that focuses on value and the specific advantages of your brand, product or service. Customer service preparedness They say that a dollar saved on customer service is 10 dollars lost in consumer loyalty and repeat custom. Invest in training for your customer service staff that educates them specifically on how best to accommodate customers affected by price increases and inflation issues. After all, such issues are present across the board and affecting everybody, so what you can do to stand out your competitors will often lay elsewhere. Here the customer experience is key, so, reorienting toward a customer-focused approach could prove to be the answer. Loan timing If you are planning on lending to fund expansion, for example, you should consider entering into an agreement sooner rather than later if the economy is following an inflationary curve. Borrow while inflation rates are still relatively low, and your repayments could be cheaper when the rate of inflation grows higher. It is crucial to keep mindful of the quality of your product and service during cost-cutting endeavors. Careful and forensic research into what can and cannot be sacrificed will play a huge part in protecting you from potential damages in the long term. Hold on to your existing customers by creating value-adding incentives that persuade them to stick with your company when prices start to rise. Maintaining your customer base should be your number one focus, as if you start seeing losses there, you will be fighting an uphill battle to survive and far from expanding your business and increasing demand. The post How to Help Consumers Manage the Pressures of Inflation appeared first on StartupNation.

Be Cautious When Choosing a Business Partner Posted: 27 Dec 2021 09:00 PM PST Sometimes the best way to start a successful business is to establish a business partnership. The right partner can bring expertise, new perspectives and networking connections that help your business get off the ground. In contrast, when you jump into a business partnership without properly vetting your partner, it could spell disaster for your company. For this reason, it's important to approach choosing a business partner with caution. 3 questions to ask before choosing a business partner Before you commit to a business partnership, you first need to make sure that your potential partner is a good fit for your business. Ideally, their visions and goals for the business should align with your own. You also want someone you can trust and rely on. Here are some questions to ask yourself before establishing a business partnership: Do you both share the same vision when it comes to the future of your business? If you and your partner are looking to take your business in two different directions, conflict is inevitable. The last thing you want is to be in constant disagreement with your business partner. Instead, before you establish a business partnership, make sure both of you are on the same page. Is this person someone you can trust? If you can't trust your partner, that's an instant deal breaker. You want your partner to be someone you can rely on, someone who will  communicate with you honestly. After all, you're going to be running a business with them. If you are unable to trust them, your partnership will cause more harm than good. Have you discussed each partner's communication styles and methods for conflict resolution? If you want your business partnership to be successful, communication is essential. It's natural that during the process of running a business, you run into conflict with your partner. So long as you can communicate through your problems, your business will be able to succeed. If you feel like you cannot communicate with your partner, however, that's a massive red flag. Most popular: 9 Essential Skills You Need to Start and Run a Successful Business When you choose to establish a business partnership, it can make or break your business. That said, you need to be mindful that you're choosing a partner that's a good fit for your business. For more information on starting a business partnership, check out the infographic below. Infographic via simplifyllc.com Infographic via simplifyllc.com StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here The post Be Cautious When Choosing a Business Partner appeared first on StartupNation.

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