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Three digital marketing techniques your company should try in 2021

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StrategyDriven Online Marketing and Website Development Article |Digital Marketing|Three digital marketing techniques your company should try in 2021Every business knows that marketing is important. After all, it doesn’t matter how fantastic your product or service is if no one knows about it! Traditionally a lot of advertising was done in newspapers or magazines and even direct mail, but these days the digital sphere is undoubtedly the most powerful arena in which to do your marketing. Regardless of the size of your company and the industry in which you work, having a professional quality website and decent online presence is vital. With that in mind, here are three digital marketing techniques that your business should definitely consider trying in 2021:

Content Marketing

Content marketing is a strategy that involves creating ‘valuable, relevant and consistent’ content that is aimed at a particular audience (for example, people of a certain age or gender or who have certain interests), with the intention of attracting and retaining customers. Right away you can probably see that this covers a huge range of materials, from infographics and podcasts to books and videos.

When it comes to your business, one of the simplest ways to get started with content marketing is by having a blog. The key factor here is to make sure that the articles you write are genuinely interesting and informative – they shouldn’t feel like marketing to the reader. If you can give your audience something of value, they will keep returning to your website and be more likely to convert into paying customers.

Paid Advertising

While content marketing has the advantage of being free (aside from paying your staff to write it!), sometimes there are advantages to using paid advertising too. Some of the most common examples of paid advertising are pay per click Google ads, product listing ads, video ads during YouTube content, and Facebook ads.

The world of paid advertising can be a confusing one, so if you’re not an expert in the area, then it may well be worth working with a professional agency such as Octiv Digital. They can help you to design the best adverts, decide where and when to place them, and manage them once they’re up. This is a great way to ensure that you get the best return on the money that you spend.

Social Media Marketing

Although Facebook ads must be paid for, there are ways to use social media for free marketing. By creating tailored content for the most relevant social media websites in terms of your target audience, you can boost engagement with your company, raise awareness of your brand, promote your products or services, and ultimately increase your sales.

Social media is actually one of the best ways to showcase your brand’s unique personality, thanks to its informal nature and opportunities for making direct connections with people. These days the majority of people use social media, so it’s a key place to advertise and build relationships – particularly if your target audience is young. Take a look at your top competitors and see how they use social media if you want some ideas to get you started!

3 Types of Merger and Acquisition Transactions

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StrategyDriven Managing Your Finances Article | 3 Types of Merger and Acquisition TransactionsThere are many reasons why one company may merge with or acquire another company. Sometimes it may be out of convenience and other times it is a necessity. When two companies join it leads to more resources, expanded profit share and less competition. As Aristotle said, “The whole is greater than the sum of its parts.” Entrepreneurs, like David Walsh Bronxville, make their living by knowing which mergers and acquisitions are going to profitable and which are not. Often, this comes down to the legal details and what type of transaction takes place.

Asset Purchase

When one business acquires another, it could be done through an asset purchase. In an asset purchase, the target business sells all of its assets to another company, known as the acquirer. These assets may include licenses, customer lists, equipment and patents. The target business retains ownership of the entity. Sometimes the target company also passes some liabilities to the acquiring company, especially if that debt is associated with an asset. Asset purchases favor the acquiring company when it comes to taxes. This is because the newly acquired assets provide tax deductions for depreciation. On the downside, contracts with employees, customers and suppliers may need to be renegotiated.

Stock Purchase

A stock purchase is another type of acquisition. With a stock purchase, the acquirer takes the target company’s assets and liabilities by buying its stock. The target company then dissolves. Contracts typically transfer to the acquiring business without renegotiating, and the assets transfer without having to pay for retitling. This type of acquisition is more straightforward. There is less to negotiate, making the purchase much simpler. The main disadvantage comes with the transferred liabilities. Separate agreements need to be negotiated if the acquirer doesn’t want the liabilities. Also, the acquirer doesn’t receive tax benefits from those assets.

Merger

Mergers are a little more complex than acquisitions. This is when two companies completely combine, along with all the assets and liabilities of both companies. In this case, the stocks for both companies are surrendered. The new business entity is issued its own stocks. A merger is usually thought of as friendly, while an acquisition can be hostile. Although mergers sometimes lead to hostile work environments. The management structure changes and many departments need to be blended, which often leads to layoffs. Restructuring is necessary so that operating costs are not doubled. Successful mergers benefit both contributing companies and are usually done between similar size businesses.

How To Start Your Own Company

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StrategyDriven Starting Your Business Article |Start your own company|How To Start Your Own CompanyAre you an employee? If not, no worries. I am just going to put an example that will immensely help you understand the significance and uncertainty of starting a new company. Consider an employee who is well-recognized(of course due to his performance), highly-benefited, and well-settled with an XYZ company, but due to certain issues, he has to find another company. He will only be hoping if the new company has the same atmosphere and working culture.

Isn’t the above scenario related to a businessman/businesswoman finding a stage to put their business into the market? If not for the idea, the entrepreneur would be more worried about getting a predictive reach, perfect location for sufficing the demands, and the list is endless. But perfect planning never goes vacant. So let’s begin the checklist of how to start a company.

Steps To A Perfect Start Of Your Company

Out of every ongoing managerial, industrial or automatic process in the surrounding, hardly some would be working without any planned layout. Similarly, before starting a company, here are a few steps which can help you earn good fame in society.

1. Analyze the market demands for your product

Until you have an idea that assists the society or a section of the society, you cannot say or analyze its demand, a good location, probable customers to attract, how to innovate it, and reduce the price compared to the competitors.

Start with business ideas eradicating the common problems with advanced technologies that also serve as the future need of the common people globally, if possible. You can also work on already implemented solutions but can be designed better and economically. You might have seen some artsy people jumping into some related business, which is wonderful if you have some hobby.

According to Forbes, the definition of a successful startup goes like this: their product meets the needs of the society, their growth-rate is faster, they ignore nothing, and they recover from every hard-fall. (source)

2. Invest in your business

Even without required funding, appropriate investment, and all hard work, the business cannot reach the heights you desired. Even if you have a small investment to make, go for it. You can explore other options like a partnership, business grants, third-party investors, crowdfunding, loans, etc.

People say money can buy you anything, but that’s not 100% true for business as it requires an equal amount of dedication and hard work all the time.

3. Search the perfect location

The location also has quite an impact on the business. The location you choose is based on the target customers, company funding, partners, and other required preferences. Additionally, an owner should also consider the cost and restrictions to the business.

The location also becomes a preference if the business generally comprises selling offline as in retail stores.

4. Design your business structure

Now that you have picked up your idea and location, the next important consideration is to define how your business would function, the workflow of all the processes, product release and update process, marketing and sales, product financing, employee payroll, and HRMS process.

The business structure should aim at the organizational goals, vision, and mission that your organization needs. This also helps you in setting employee goals and OKR to measure performance.

Think about how to serve your customers and have a supportive query resolution workflow because customers are the main strength of your business to keep it on the right track. Analyze the market demands of the product to stay ahead in the competitive world by delivering the perfect required solution or service.

5. A name that reflects

Business/product name is the main aspect to be finalized as it is the first entity of your organization that will be highlighted in the market.

The name you choose should reflect what you want to deliver, should be simple and catchy for the customers to remember, and should be unique in the history of the trademark. You can refer some names to your co-founders, investors, and prospective customers. This also shows the culture and social front of your organization.

Now that you’ve come up with the name, register it legally according to your business type.

6. Work on financial setup and accounting

Whatever business type you set, whether e-commerce, mobile application, online retailers, etc., it is essential to deal with finances and accounting. Finances include payroll to the employees, deals with the customers, and partnerships for which bookkeeping is the primary for further accounting purposes.

Start from choosing a bank account, a promising one probably. You can also create employees’ bank accounts in the same bank for ease of process in salary transfer.

And yes, don’t forget to verify the statutory compliances at all stages to avoid the evasion of penalties and risks. Better consult a professional advisor for all your liabilities stated under the government rules.

7. Build your product website

In the modern world, websites, social media, and applications are mostly in use for searching and analyzing as per the needs. Listing your contact details and other forms can help customers reach you quickly. Providing an interactive website and social networking page can help customers get the product or service knowledge from it.

Purchase a personalized domain, theme, plug-ins, WordPress and set up your website using simple but attractive designs and content. And don’t forget to apply digital marketing techniques to gain online reach and google reviews.

For instance, founded in 2008, Zomato has become one of the largest food aggregators fulfilling their mission of “better food for more people” till date. An interactive website, social media pages, Instagram trends are somethings that people admire.

Above mentioned bullets may not be the only steps to start a company, but these are the main ones that you should look after.

In a nutshell

Starting a new business can be overwhelming and tricky until and unless you have proper planning at hand. Even if you are building the organization single-handedly, going the correct path and following the rules can help you cross the hardest difficulties easily. And don’t take forever to finalize your decisions, think and consult for better and start working towards the goal.

About the Author

StrategyDriven Expert Contributor | Shubham JoshiShubham Joshi is an experienced content marketer at FactoHR. Passionate about training and development programs, he is always ready to help colleagues and customers by representing concrete ideas and methodology. Beyond work, he is well-equipped with problem-solving abilities.

3 Common Problems Businesses Face (And How To Deal With Them)

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StrategyDriven Managing Your Business Article |Problems Business Face|3 Common Problems Businesses Face (And How To Deal With Them)When you run your own company, you may encounter problems from time to time. While it would be great to avoid these stumbling blocks entirely, this is simply not possible. Instead, you should focus on developing a proactive approach to problem-solving. For example, each time an issue arises, you should take the time to figure out the following:

  • The immediate cause(s) of the problem.
  • The far-reaching effects of the problem.
  • How you can avoid this problem in the future.
  • What you can learn from your mistakes.

Although each business is different, many companies will deal with the same issues from time to time. This gives you an opportunity to learn from the mistakes of others and put certain steps in place that stop you from tripping into the same pitfalls.

With that in mind, here are some of the most common problems businesses are facing today and how you can deal with them should they arise.

Problem: Little or no public interest.
Resolution: If you want to succeed in business, you need to find a way to generate hype around your company, brand, or products. Essentially, you have to find a variety of ways to garner public interest, as this is how you will generate income and grow your business. However, when you are first getting started, it can be hard to make waves, especially if you are joining a market that is already overcrowded. However, there are various different ways that you can increase public interest. For example:

  • Hosting competitions or giveaways
  • Developing a social media presence
  • Promoting your services in print/online
  • Connecting with your customers and building a relationship with them
  • Collaborating with other businesses
  • Attending local/industry-specific events
  • Using a variety of different marketing techniques

Problem: Poor efficiency.
Solution: Inefficient practices are a drain on your time, money, and resources. For example, a lack of efficiency means that tasks that should take around twenty minutes to complete could take you several hours. While this may not seem like a huge issue, think about how much more work you could do in this time. One way in which you can boost the efficiency of your business is by using appropriate software. For example, if you work within the construction and engineering industry, you can use the software provided by RIB CCS. Their estimating, project control, and management software can improve your efficiency, control, compliance, and profits.

Problem: Quick Employee turnover.
Solution: While it is important to bring new employees into your company when you are looking for fresh ideas, you should also ensure you do what it takes to keep employees on board. Fast turnover rates could indicate that your staff are uninspired or that you aren’t providing them with a reason to stay. You can combat this issue by providing your employees with the resources they need to remain in their position – whether this is access to training or health benefits. Show them you appreciate them, and they will reward you with loyalty that allows you to thrive.

Tips for Retaining Employees During the COVID-19 Pandemic

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StrategyDriven Managing Your People Article |Retaining Employees|Tips for Retaining Employees During the COVID-19 PandemicThe coronavirus pandemic has changed the landscape of employee and employer relations. Before, the retention of employees could be greatly influenced by the environment and relationships. Yet, for many businesses, now the only interaction they have with their employees is online.

More than ever, people struggle with their work-life balance, struggle to maintain their productivity, and struggle with their mental health.

When looking to retain employees through the pandemic, hopefully to the other side, it is important to consider the specific issues COVID-19 has caused.

Excellent Communication

One of the greatest struggles employees are facing right now is feeling out of the loop. Communication may have been easier before, when you could call someone into your office and speak to them face to face. But it’s different now.

Just because you can’t speak to your employees face to face doesn’t mean you shouldn’t keep up that level of communication.

Ensuring everyone is on the same page and understands what is expected of them is key. Still, in the mental health crisis we find ourselves in, communicating more generally will help too.

More people than ever will be dealing with loss, grief, and poor health. Alongside that is the general anxiety caused by the pandemic and the listlessness and depression that has plagued many due to the new lifestyle we have had to adopt.

Taking time to ask your employees how they are doing and speaking to them personally will create a working environment employees will want to stay with, effectively retaining them through the pandemic.

Compensation and Perks

This may have been easier to dish out pre-pandemic, but it doesn’t mean you shouldn’t still consider them to retain employees. Benefits are a crucial pillar of the employee experience, even more so now than before.

In an increasingly difficult world to navigate, aspects like paid time off, health packages, and retirement plans are more important than ever.

If employees feel like they’ve been treated well over the pandemic, they are more likely to stay. However, if they feel as though you didn’t support them enough, you will lose their trust, and they will be unlikely to stay long-term.

Wellness Activities

Providing a focus on wellness within your business is essential right now. Many are suffering through the pandemic and need relief.

Wellness activities focus on keeping your employees healthy – whether mentally, physically, or emotionally. Whilst this will help you retain your employees as they feel supported by the business, it will also help you out as employer. A healthy workforce means a productive workforce.

Kill two birds with one stone, and invest in your employees’ wellbeing.

Retain your employees easily

The pandemic has thrown up so many issues for business owners. Retaining your employees through this time will be difficult, but it offers you a chance to prove yourself to your employees. If you manage to retain them through this difficult time, you’ll be able to retain them through anything.