3 Statistical Data That Every Entrepreneur And Professional Should Know

Small entrepreneurs often go into crisis when they have to face decisions regarding the purchase or in any case the implementation of new technologies, which is why very often they react by closing in a hedgehog in a conservative attitude that in the long run can become counterproductive for the good of their activities.

According to research commissioned by Kabbage Inc., a company born in 2008 that provides online financing to small businesses and consumers through an automated lending platform based on a proprietary algorithm, only a third of entrepreneurs interviewed believe technological innovation essential for the growth of its business. Two-thirds define themselves as traditionalists and late adopters. This definition indicates who gives in with certain reluctance to a trend only after it has become mainstream and because, substantially, it cannot do without it.

An example of late adopter is who, despite having an articulated business activity, waited on January 2, 2019, to acquire management software and until the day before he still wrote handbills … losing hours and hours, or who until the latter tried to do without a cell phone, and that still today does not give up its credit Nokia 3310 snubbing smartphones and tablets.

However, it is a fact that companies that prove more enterprising in terms of technological innovation tend to grow faster. Companies that choose to invest in digital by raising their level of digitalization (e-commerce, management software, process automation …) have significant advantages, including:

  • They produce x2 of revenues per employee;
  • They achieve x4 times higher profit growth than the previous year;
  • They create jobs x3 times more than the previous year;
  • They have an average growth in hiring x6 times higher;
  • They export x3 times more than the previous year.

However, the same research reveals that despite all these potential benefits, 80% of small business owners do not have digital data analysis tools or other online tools, which means that out of a sample of over 2000 companies interviewed, the most have not yet realized their digital potential.

However, here are three statistical data that you really can’t afford to ignore.

Digitally advanced SMEs earn more and create more jobs.

Knowing how to use and exploit technology helps the company to grow and operate more efficiently. This is the mental attitude that Greg Mills showed when he acquired the Berbie Brass Company, a company from Phoenix (CA) specialized in metalworking, renaming it M3 Metals. First of all, it has started a plan to update and automate all business processes, from the old call center and telephony system to the methods of finding and hiring personnel. After seeing the results achieved in a couple of years, Greg continues to invest in innovation and technologies. He has confirmed that it is an investment that guarantees a certain return.

Four out of 10 entrepreneurs are reluctant to implement new technologies because they are worried about the initial costs.

Small entrepreneurs are naturally predisposed to cut costs. But when it comes to technology, short-term savings often translate into long-term costs.

Companies that invest in technology (e.g., data analysis software and CRM) experience a 10% growth compared to the previous year’s profits.

Technology can help small business owners understand some details of their business that it would be impossible to manage manually. Lamar More is a chef from Chicago who contributed to the opening of several restaurants and invested time and energy in the study and knowledge of business applications such as inventory management software, using them to improve the management of orders in his locals. What amazed him is the number of colleagues who have not yet been able to take advantage of this type of technology.

Conclusions

When it comes to investing in technology, SMEs are often held back by initial costs and concerns and doubts about the constraints they often entail (annual subscriptions and subscriptions, data management, privacy, security …).

When you need to evaluate what your business may need, a little skepticism never hurts, especially when it comes to long-term contracts or other constraints. A bit of skepticism is not to the point of completely renouncing the idea of ​​investing in technologies.

After choosing the solution that best suits your business needs, don’t get carried away, and implement them gradually. In this way, both you and your collaborators will become familiar with the new technologies adopted, acquiring, day after day, competence, and trust in all that digital evolution can do for the success of your company.

WHAT IS AN ONLINE MARKETING STRATEGY AND HOW DO YOU SET IT UP?

Online marketing is all marketing that you do online. You usually do online marketing because you have set certain (online) marketing goals that you would like to achieve. In order to get started with online marketing, it is important that you first set up an online marketing strategy. I will tell you in this article what an online marketing strategy is exactly and how you can set up one yourself. 

WHAT IS AN ONLINE MARKETING STRATEGY?

An online marketing strategy is also called an online marketing plan. By having a well thought-out plan, you can achieve your online goals in a more targeted manner. It is very important that your strategy is well put together. If not, you will not be able to verify properly over time whether the online marketing you have done has actually helped.

 HOW DO YOU SET UP A GOOD ONLINE MARKETING STRATEGY YOURSELF?

Below I have set up a step-by-step plan for you, which you can go through to set up an online marketing strategy that is well put together.

 STEP 1: WHAT IS YOUR CURRENT SITUATION?

It is very important to consider what situation you are currently in with your company. What is your annual turnover? How many customers have currently signed up for your newsletter? How many visitors come to your website every month and where do these visitors come from? There are a few things you should know before setting up an online marketing strategy.

STEP 2: WHAT ELSE DO YOU WANT?

Of course you are not going to get started with online marketing for nothing. There is a reason why you have chosen to use online marketing strategically. So find out for yourself what you want to have improved differently, or rather. Would you like more turnover? Or would you like more brand awareness?

STEP 3: SET THE GOALS YOU WANT TO ACHIEVE THROUGH ONLINE MARKETING

 If you know what you would like to improve by using online marketing, you can set up the concrete goals that you want to achieve through online marketing. Make sure your goals are really very concrete, so that you can later measure whether you have achieved your goals.

Examples of online marketing goals are: 1. After a year I want to have 10% more turnover in my webshop. 2. I want to have 100 registrations for my coaching session in six months. 3. I want to have at least 2,000 visitors to my website monthly next November.

STEP 4: DETERMINE THE BUDGET YOU HAVE AVAILABLE

 How much money can and do you want to make available for online marketing? If your budget is not very big, you can focus more on forms of online marketing that are free. Think of creating content for Content Marketing yourself. Do you have a slightly larger budget? Then you can perhaps even leave your online marketing statements to an online marketing agency, so that you can focus on other things within your company. When you have set a budget for online marketing, you can find out what your options are.

STEP 5: DETERMINE WHO YOUR TARGET AUDIENCE IS

Before you decide which online marketing communications you will use, it is important to determine who your target audience is. What are the demographic characteristics of your target audience? Which online platform is your target audience most located on? If you know this information, you can proceed to step 6.

STEP 6: CHECK WHICH ONLINE MARKETING COMMUNICATIONS YOU CAN AND WANT TO USE

You now know what goals you have and when you want to achieve them. You now also know what budget you have available for this. Now you can look at which online marketing communications you want to use. For example, do you want people to buy more products in your webshop? One way to achieve this could be, for example, that you show a number of other products for each product that the customer could also buy. For example, on the product page of a picture book, you could show a bath book and / or reading light.

Or do you want to bind your customers to your brand and gain their trust in your services and / or products? Then it is, for example, a good idea to do Content Marketing or Influencer Marketing. If your target audience is often on Instagram, it might be smart to have your product promoted by an influencer who is very popular among your target audience.

GET STARTED!

Now that you know what goals you have, who your target audience is and how you want to achieve your goals, it is time to get started with the online marketing communications. You don’t have to work on all goals at the same time. For example, you can first pick up the goals that you find most important and place your focus on them. When you notice that there is a good chance that you will achieve these goals, you can start working with other goals. The big advantage of online marketing is that whatever you do, you can always keep track and measure whether it works. For example, does no one respond to a social media message that you came up with based on your online marketing strategy? Then you can immediately respond to it by using another online marketing message.