Tag Archives: Economy

Facebook Live – Signaling The End Of QVC

When you think of QVC, Shark Tank’s Lori Grenier is probably the first person you’ll associate the channel with. Dubbed “The Queen of QVC”, Lori made a living from selling her products by using the platform to promote her products on television. Her success catapulted the channel’s household name recognition, and for the past 5 years or so they’ve been the king of infomercials, and arguably so as many businesses have reaped the benefits of using QVC as a marketing channel. However, all good things must come to an end, and sometimes even kings and queens get dethroned. Ladies and gentlemen, the new kid in the block, Facebook Live, is ready to change how you shop and how businesses advertise to you.

Live streaming is slowly becoming a part of hour daily lives. Whether it’s Periscope, YouTube, or Facebook, you’ve either watched a live event, tuned into your favorite vlogger’s live Q and A, or perhaps even you have picked up your phone and went live. Needless to say our phone, laptop, and tablets are just an arm’s reach away, and tech savvy businesses are well aware that your attention is no longer focused on the television, but on social media.

On my Facebook news feed, a childhood friend had commented on a live stream from a small business that was selling women’s clothing targeted towards women in their 20’s. Of course being a guy, I wasn’t interested in what these women were selling, but the marketer in me couldn’t help but notice the effectiveness of having a live infomercial where viewers’ questions were being answered immediately. The ability to interact live through the use of Facebook will eventually bring many businesses in television marketing, like QVC, to their knees. How can you draw businesses to use your platform if there’s a cheaper, more effective and direct solution to a problem that up until now, has been a brick wall that has stopped many small businesses from getting to the next level?

To get a spot on QVC, you’re looking at paying $10,000 if not more. On Facebook it’s free to live stream, and your only costs will be ad campaigns and boosted posts. What live streaming has essentially done is break down the barriers that have held small businesses back and now give them the chance at national, and possibly global expansion to new markets through the use of social media channels. The power is no longer in the hands of a selective few, and now women in their 20’s can pave their own way to success by utilizing Facebook live.

QVC may not be the only potential casualty as social media and live streaming become more common and mainstream. Many old technologies could become obsolete, and much like MTV’s emergence killed the radio star, social media could very well be the death of television as we know it, and along with its funeral, many businesses related to TV could very well go under if they don’t transition over to platforms such as Facebook.

Despite the many businesses that could be affected by live streaming replacing a large portion of television shows, infomercials, and sporting events, new companies will arise, ushering in a new era. We could be living through a technological revolution, bigger than many have anticipated, that along with it brings a wave of small businesses popping up across the country that will no longer be regionally based, but could conduct business throughout the county and internationally. We’ve only seen the tip of the iceberg, and with each passing day, it just continues to get better and better.

While QVC’s days might be numbered, we are now entering the Golden Age for small businesses who effectively use social media to the fullest. Instead of throwing thousands of dollars away on television advertising that will continue to be less influential in the buying process for consumers as the years pass, social media will be the platform that yields a high reward because of it’s unlimited potential and ability to reach virtually everyone.

January 1st is right around the corner, and the perfect time for a new start and new direction for your business’ advertising strategies. Incorporating Facebook Live into your weekly activity on social media, could be the deciding factor between having a great year, or being left behind by those who were willing to innovate.

Social Media Success Doesn’t Equate To Using All Platforms

For small business owners, finding the right tone and voice is more important than shouting from the rooftops hoping you’ll reach someone with your message. Small businesses setting up accounts on all social media platforms have been up for debate for quite a while, and depending on who you ask, the answer may vary. Most social media marketers push their clients into using all platforms, when it reality, they’d be better off focusing on one or two social media accounts. Let’s go a little more in-depth on whether being on Facebook, Twitter, Instagram, and other platforms are a necessity, or unnecessary depending on the market your business is in.

Social media and the marketing strategies that come with it, have been well-known for quite some time now. We know that each platform differs, and the users may have different ways of communicating with each other or businesses. With that in mind, before jumping right in, you need a solid strategy that not only has the right tone for the target market you’re trying to reach, but also that your content is appropriate for that platform. Too many small businesses use multiple platforms as if they’re intertwined, but the content that is being shared on Facebook, may not get noticed on Twitter and vice-versa.

Facebook should always be at the cornerstone of your social media marketing. The platform has essentially become an extension of your website as your posts can be perceived as mini blog posts or updates that were once specifically shared on web addresses or by email. Facebook’s ad campaign tools and boosting posts you’ve shared, will help attract new customers and followers. While it’s unfortunate that to achieve engagement from potential customers for followers requires an investment of cash, it’s better to spend money on a platform that works, than putting money into Twitter or Instagram that don’t yield a high ROI despite what social media marketers want you to believe.

Instagram goes hand-in-hand with Facebook as the photo content oriented platform is a subsidiary of Facebook. Pictures you share can be directly posted to Facebook, making content multi-platform friendly. Twitter on the other hand makes it difficult, as the photo that gets shared is formatted as a link. This is just one of the meany disadvantages of Twitter, which I’ll get into later.

Many small businesses thrive on Instagram because hashtags make reaching people simple. Without even spending a dollar, your following numbers can increase just by content alone, and since Instagram doesn’t limit businesses in terms of engagement, you can follow, comment, and like your potential customers’ photos which ads another level to your marketing; being personal. Instagram, more than other platforms, truly is business-friendly. Time more so than money should be invested, as paying for followers gets you fake accounts or people who don’t live in the United States. All this achieves is the perception of having a large consumer base, but in realty it’s deception that doesn’t persuade customers to buy from your online store at the end of the day.

Twitter is one of those platforms where it either works for your business or doesn’t. Small businesses that offer services have the best success because they’re more likely to use content that involves articles or written content. Twitter is a social media marketer’s paradise as many corporate businesses and entrepreneurs who aren’t in retail use the platform daily. The marketers also can write concise tweets that share their knowledge, and with so many social media gurus rising on the platform, their posts can go viral. With all that said, Twitter’s real value became apparent during this past election season as we finally saw what market thrives off small blurbs of information along with a link to articles.

Media, whether mainstream or alternative enjoyed Twitter’s journalist-friendly forum. News could go viral very quickly, and with the platform being wide open with very limited private accounts, articles, tweets, and pictures would reach thousands, if not millions in a matter of minutes. The last few months proved that businesses would see better results if Twitter became their news platform, while Facebook and Instagram attracted customers through the use of eye popping content.

Each platform offers different tools, advantages, disadvantages, and audiences. Your business’ success hinges upon the tone you use, along with the segment you’re in, and the content that is created based on who your target market is. If articles and written content make up a large percentage of your marketing efforts, Twitter has to be the first platform you use. If you’re into retail, look no further than Facebook and Instagram. Both social media platforms give small businesses the ability to reach thousands of potential customers of all ages, and through the use of picture and text content, you’ll attract to clients and customers, with or without spending money, depending on whether you’re heavily engaged with Facebook as opposed to Instagram where time and content prevail.

Remember, just because one or two platforms make up 100% of your social media marketing, that doesn’t mean you shouldn’t experiment with new social media apps that will be released in 2017. Find the right voice and tone, and if your target market is on these platforms, go hard with content and marketing. Experimentation may lead to success, but if not, it’s always important to keep trying. The market is changing everyday, and it’s up to you to stay one step ahead of your customers.

Not Putting Effort Into Social Media Marketing Is How Your Voice Gets Silenced

When we talk about social media, our first thought that comes to mind is the platforms we use daily to communicate with friends and family. We also think of how we use Facebook, Instagram, and Twitter to talk about ourselves, our accomplishments, taking pictures of the places we go, and sometimes the people we meet. It’s this initial reaction we get when we hear the words “social media” that distorts many social media managers who are using corporate and small business social media accounts incorrectly. As a result the company’s, and even the person who is branding himself, gets drowned out by the noise around them.

Social media is a public forum with millions of voices and conversations, with some dominating the entire platform if world or market trends are affecting a wide swath of people. It’s within this forum that you must become a contributor to a conversation, or gain a voice that influences many in your market or the topic that is most being talked about. In business related terms, there are plenty of competitors fighting to have their voices heard, and they’ll commit money to ad campaigns, spend hours on platforms engaging with potential customers, or put forth a lot of effort to post compelling content that grabs people’s attentions.

Right now, few are crushing the competition while others are having difficulty in finding an identity on social media, and for a large group, even quitting social media altogether because the manager behind these accounts, is ill-prepared to take on the challenge of growing a following. In some cases, small business owners who run their own social media accounts, fare much better than those who have an employee who clearly isn’t used to using social media professionally. This is because a solo entrepreneur has the passion and hunger for knowledge, not only of their business, but of their local market. But for bigger businesses that were either established before the social media era, or have multiple employees, a breakdown in marketing occurs, which results in abandoned or poorly managed Facebook pages and Twitter and Instagram accounts.

The lack of effort that is put forth by these social media managers, whether that be caused from that role not being the primary role of the employee within the company, or lack of knowledge on how social media marketing works, is detrimental to the company and a complete waste of money for the business.

Effective social media marketing goes beyond spending money on ad campaigns or simply posting content every week. You must dive in and engage with your target market and become part of the conversation. This can be achieved multiple ways. Instagram allows companies to like and comment on any person’s photos. If that person is in your market, like and follow them, and if you want to go the extra mile, comment on their photo with a personal message without hard selling your products or services to them. Twitter, much like Instagram is another open forum, but you can retweet their posts and photos, along with following and liking their content. Your ability to strike up a conversation with your target market is effortless, but you have to be willing to search for these conversations and people who would benefit from your products or services.

Facebook is by far the more difficult of major social media platforms to engage in a conversation. You must invest in ads, whether that be campaigns or boosting posts you’ve shared. The content must be compelling, and any lack of effort will make your ads ineffective. Once you start acquiring followers on Facebook, you must keep them coming back for more. If you’re not willing to put in effort to continue posting great content, they’ll leave.

While we live in a time where people have short attention spans, social media does bring a unique opportunity to attract customers or followers to come back for more. Almost like feeding pigeons in a park, when you run out of bread, they’ll fly to a new location where someone else is feeding them exactly what they want. Never run out of bread, or you’ll be all alone with absolutely no attention. Your social media marketing effort not only reflects upon you, but your company, and if your effort disappears, so will your sales.

Social media is so important, and if you, or your employee managing your pages is having the company’s voice drowned out by competitors, it will be time for a change in strategy and possibly personal. Put forth the effort, and you’ll reap what you sow.

Communicating With Your Customers In 2017 – Think Different

Last week, I wrote an article, “With Social Media’s Existence, Are Email Subscriptions Even Necessary?” which received a lot of attention and got people thinking. While many business owners and people of the era of email marketing and subscriptions are afraid to deviate from old school methods of advertising, they’re actually detrimental to their business’ growth. We now live in the social media age, and this era has transformed, reshaped, and completely revolutionized how we as humans communicate with others on a daily basis. This different form of communication doesn’t just effect how we talk wth friends and family, but how we as entrepreneurs and members of a marketing department engage with customers.

We’re a few months away from 2017, which means an entire generation born around 1999 and 2000 are now at the age of 17-18. These kids grew up with iPhones in their hands and by the age of 13 Facebook, Instagram, Twitter, Vine, and Snapchat were all apps downloaded onto their devices. Their form of communication is exclusively though social media, and that translates to older generations as well. The largest growing demographic of users on Facebook is not teenagers or millennials, they’re actually 50 year olds, and it’s not just Facebook they’ve taken by storm. Baby Boomers and members of Generation X, the same people who were or still are on your email subscription lists, now spend more time on social media. Let that sink in for a minute; your customers are no longer reading newspapers, watching infomercials or looking at online catalogs.

What does this mean? Everyone’s form of communication, whether it be amongst themselves or with businesses has changed drastically, and the marketing departments that still emphasize gathering an email subscription list are being left behind like that friend we knew who was last to create a Facebook profile. We as business owners are being left behind heading into 2017 and the only way to catch up is following our target markets, no matter where they reside or what platform they spend the most time on.

The creation of social media has forced businesses to become friendly and personal with their potential customers. To sell a product or service in 2017, you have to be social, which now limits the effectiveness of email newsletters or marketing material as your target markets are no longer communicating through Gmail or Outlook. The companies that are succeeding in today’s market are those who are on Facebook, Instagram, Twitter, and new platforms where people are hanging out. If email was still widely effective, companies like L.L Bean wouldn’t be putting forth a lot of effort on social media platforms. The only reason why they still send emails is because they have the resources and have the brand awareness that keeps them relevant, even on outdated forms of communication.

Starting in 2017, or better yet, this holiday season, make an assertive effort to spend more time on social media platforms, post more content, and engage with followers and customers. Use Facebook ads to help reach the maximum amount of people in your market, which is essential for having strong sales figures and healthy growth of new followers who are now subscribed to your business via Facebook where your posts are now on their timelines.

We can no longer live in the past in terms of marketing and expect great results. 2017 is the year of looking forward as the change in communication has forced many to join social media. A few decades ago, older generations shaped and formed how consumers behaved, but today, the younger generations have taken the reigns and their influence is more powerful than most give them credit for. The content they consume, who they follow, and what they buy translated to older generations, which led a swath of consumers to new platforms, and the corporations followed suit.

Now it’s time for small businesses to do the same as 99% of their target markets spend hours of their day on social media. To grow your business in 2017, you’ll have to become social, literally. Many still operate as if consumers are only worth their time if they buy a product, but in today’s economy, it’s in fact that customer that initiates communication and the sale, and it’s the business’ job to direct them to their purchase through the use of engagement and great content. It’s this change in pattern as to why email marketing lost its effectiveness, and why we all must use communication channels as we do in our personal lives.

Automation In Social Media – It’s Not Effective

For the past two or three years, automation has been used in all forms for the sole purpose of selling a product or service on social media. Whether it be automated posts, tweets, or direct messages, companies both big and small, and individuals who are trying to influence a market, will stop at nothing to get you to buy their product(s) or view their content in some capacity. It’s these very actions that pose a threat to small business owners who are trying to do the right thing and build up a following and consumer base the right way, and will ultimately face having their voice drowned out because consumers won’t want to hear another sales pitch.

After doing some reading from employees who work at companies that specialize in the automation of content, it’s all beginning to make sense as to why many on Twitter have resorted to impersonal messages instead of going deep and connecting with people as humans. Large companies were first to implement automation because they had the resources and money to target large amounts of people who were in the market for their products or services. Corporations could get away with automated messages because their brands were household names, but ironically, with each passing year it appears they’re starting to respond to consumers on a personal level and ditching copy and paste responses.

Today, there are many small businesses and smalltime influencers who are getting in on the automation action. As a result they’re suffering because their brand isn’t well known, and people are getting quite tired of impersonal messages, as social media has matured to a point where users want to be treated as humans. Automated messages sometime result from simply following someone who is either offering valuable information through blog posts, producing podcasts, or have a small online store. As a business owner myself, there is no place for automation as click through rates from links posted on my business’ accounts are rather high even without asking followers to visit my website.

With social media aging, there is a growing trust between the consumer and business owner. People are much more apt than in years previous to click on links, especially if the account they’re following is engaging with their followers or are constantly posting fresh content that doesn’t imply hard selling. This is why automation tools are rather unnecessary, especially considering the fact that many people don’t follow accounts just for the fun of it. Your business, blog, or podcast already attracted them, so there’s no need to then send potential buyers, listeners, or readers a message stating that they should click on the link you sent them so you can sell them something they were already interested in.

Hard selling along with automation of content will be social media’s downfall. When small businesses and people you never heard of or knew existed are sending you automated messages, that’s when social media marketing loses its effectiveness. Content is what drives sales, grows followings, and attracts readers. Large corporations are moving on from what really is outdated marketing tools. Until you start treating people as humans, you will not benefit from having social media accounts for you, or your business. Automation, much like Twitter and Instagram advertisement campaigns, are the biggest waste of money for small businesses, as the limited funds they put towards these tools won’t yield a high return on investment. You cannot win a game if your strategy is destined to fail.

The point of automation and ad campaigns on Twitter and Instagram is to save time. While those tools are convenient for the small business owner, hiring a dedicated social media manager who will put in the time and effort on Twitter and Instagram, and will properly use Facebook ads to generate traffic and potential customers will be much more worth your hard earned money. Remember, you’re not a conglomerate and shouldn’t think like one. To win at social media, you can’t do what social media gurus who pitch marketing ideas to large companies in New York or Los Angeles are telling you. They think Wall Street while you really should be concerned with Main Street.

Until you find what works for your market and clientele, automation and the spending of money on marketing tools that the big leagues use, will not generate results. Go deep and put forth the work and effort to build real business relationships with consumers in your area or market. Social media is at a point where personalization and customer equity completely outweighs the quick sale. Consumers want to be treated as individuals and humans, and that’s why as small business owners automation is not the right form of marketing for you or your business.

Is Boston Becoming A Center For Wealth?

Since the economic recession in 2008, Boston and Eastern Massachusetts as a whole has come out stronger and better than most parts of the United States. Boston has recently experienced a building boom in multiple sections of the city, including the Financial and Seaport districts that’s not only attracting corporations, but individuals with wealth. General Electric recently announced that they’re moving their headquarters to Boston, for reasons including the growing market of technology companies in the northeast and the number of certified tech talent. GE no longer wants to be recognized as a industrial company of the last century, but wants to be known as a leader in tech.

Another indicator of a wealth shift is the type of stores that are popping up in the area, especially those in the automotive sector. McLaren of Boston, located in Norwell, Massachusetts, recently opened their dealership near the end of 2015. Prior to their arrival, the closest McLaren dealership was in Greenwich, Connecticut. In a 30 mile radius of Boston, there’s three Maserati dealerships, one Lamborghini dealership, one Ferrari dealership, and now McLaren. These places aren’t just here to attract window shoppers, but are tailoring to a growing market of wealthy individuals.

Economists are always fear mongering on the economy and constantly spreading the awareness of another recession, starting with retail. On any given weekend, malls such as Burlington, Natick, and Framingham are packed with shoppers. Parking lots are full as if it’s still the holiday season, and even during the height of the recession, local malls really didn’t seem to be affected. Furthermore, retail stores continue to pop up in many cities and towns throughout the commonwealth, signifying a strong local economy.

As a resident of Eastern Massachusetts all my life, I’ve never seen Boston and the surrounding suburbs thrive like they have over the past 3-5 years. Sure, the strong economic climate in the early 2000’s was prominent, but not at the level we’re experiencing today. Million dollar homes are being built and people are moving in almost immediately, older two and three family houses are being renovated into condos and being re-sold for more than $500,000 and consumers are buying them, and Boston has had multiple luxury high rise apartment buildings with waiting lists for tenants to move in.

In terms of vehicles most local residents own, Mercedes Benz, Audis, and BMWs are becoming all too common. It’s almost become desensitizing seeing Bentley’s, Maserati’s, and Porsche’s everywhere you go, and cars exceeding $100,000 are certainly not rare to find roaming the streets. Fifteen to twenty years ago, this wasn’t the norm, in fact, it was a treat to catch a glimpse of a new BMW, now it requires a bit more to get notoriety.

No one really knows where the economic climate is heading, whether positive or negative. One thing is for sure, Boston is becoming a new center for wealth for corporations, consumers, and entrepreneurs. Because people from outside the region are moving into Boston, the city has attracted some big name events, such as the Olympics which plans ultimately fell through, and a IndyCar race which is still scheduled to take place in the Seaport district during Labor Day weekend.

It’s safe to say that we’ve been very blessed as of late to not really be impacted by any economic adversity. Now of course, there’s always cities that will be affected, and some being very close to the city of Boston, primarily because they were former industrial hubs. When the factories closed, the middle class moved out and haven’t returned since. These cities aren’t attracting technology companies or businesses in sectors that are very strong and likely won’t anytime soon. The opportunities are certainly there, but the wrong stores are moving in with low paying wages, which won’t accelerate the local economy or put money in residents’ pockets.

So far all signs are pointing up for the city of Boston and surrounding suburbs in 2016, and we can only hope that this continues. With the strong local economy, the city’s skyline is beginning to change and evolve, showcasing the progress and economic environment the city is currently in. It’s going to be exciting to see the further transformation of this great city as some new high rises and skyscrapers are in the works, with some already breaking ground.

Amazon and eBay Hasn’t Killed Retail Off Like It Was Supposed To. Why?

If someone told you back in 2000 that Amazon, eBay, and online stores won’t kill of retail and brick and mortar stores would you believe them? A click of a button from your couch and the comforts of your own home has had absolutely no affect on consumer behavior, leaving many baffled, especially since we’re in the age of convenience and are part of a “lazy” generation. The irony here is that convenience isn’t ordering online, but actually driving to the mall or store, and buying the product immediately.

Impatience and the desire to want something at that very moment is what’s keeping brick and mortar stores alive. Why wait a day or two when you could have it right now? What’s absolutely shocking is that consumers are willing to spend more money by going out and buying what they want, as opposed to ordering the same item online for much less. In what’s considered to be the age of technology, people still shop as if it’s the 20th century, and there are a few factors behind that. Teenagers who have grown up in the age of the Internet and smart phones, shop similarly to seniors and the elderly.

What it all comes down to is the experience that brick and mortar stores can offer, the ability to touch and feel the product they want to buy, and consumers having an excuse to get out of their houses. Forbes wrote an article last year on the study done on what the percentage of consumers were who preferred buying products via brick and mortar. 90% said they’d rather go to the sore or mall than shop online. The consumers who don’t make their final purchasing decision in the store, window shop, and then click the buy button online after they’ve already seen what they want in person.

This could explain why we haven’t seen the complete demise of bookstores such as Barnes & Noble, or even local public libraries. With Starbucks inside every Barnes & Noble store, people can go read their new book, surf on the Internet, and grab a cup of coffee. It’s an experience that only a brick and mortar store can offer, and it’s incredible that people would rather go out than do the same exact thing at home.

People are social beings, and even if they don’t interact with their fellow consumers while they’re out, being around others and living life outside the four walls of their living room is what they desire. This is why many predictors can speculate consumer behavior and how they’ll react to new technology that will make their lives easier, but if it means that it will change their lives completely, they won’t adapt to that as quickly. The same could be said for autonomous cars and all the hype surrounding them, but it might be safe to say that consumers desire their freedom to shop or drive whenever they feel like it.

We may be living in an age that offers convenience and the ability to stay home 24/7, but technology hasn’t fully taken over our lives to the point that we’re willing to buy products online and never leave our couches. Amazon and eBay are great when you’re lazy or you can wait the extra day or two for the item. But so far, all the speculations and predictions have been wrong, and malls and stores are still thriving today.