Small Business Achievement Thinking Through Study

You need to be a student of your clients. A small business leader needs to know and appreciate their clients. You need to study their behavior to constantly develop and enhance products to meet their needs. Having the habit of studying your clients creates a powerful tool to help you grow your small business.

What do I mean by studying your client? That is research, right?
Study is really on-going research. You need to be an observer of the environment in which your clients live and work. By know what influences them you can better appreciate and predict their buying behavior.

The key is really timing. For example, suppose that you read an economic report specific to the demographics of your core market. The report is an example of information that you can use to make decisions in your business. The information is historic however. Something already happened. Not only that, but the information is public knowledge. You have it and your competition may have access to it as well.

By studying the environment that impacts your client, you can be ahead of the game. This is analogous to predicting when somebody will want something. Read what your clients read. Participate in the same activities that interest them. By knowing the day-to-day experiences of your clients, you will provide a better product and service to better meet their needs. Study your clients to learn how their environment today will impact their purchases tomorrow.

The more accurately you can anticipate and plan for the future changes in the buying behaviors of your clients, the better prepared you will be to grow your small business.

Market Research – Benefits, Methods and Analysis

Market Research is an exhaustive organized process where informative and relevant data is collected for a market/ product or a service. This data is used to study and analyse current market scenario and build future projections which can be used for business planning and strategic moves.

Market Research: Benefits

– Assists in future planning of the business. E.g.

  • Should the company expand its product line
  • Will the product be profitable

– Makes Decision Process easier

– Gives factual information (thus breaking business myths/ and individual perceptions)

– Reduces risks

– Assists in identifying competitive edge

Small or big all enterprises can and should take strategic decisions after conducting a market research in the related field.

Market Research: Methods

There are broadly two types of research

1. Quantitative Research

In this process numerical data is generated which measures the market’s phenomena and demands. This is used for statistical analysis using various mathematical and computational techniques. It quantifies attitudes/opinions/behaviour on a sample and is then extrapolated for the full sample. This is usually conducted through surveys and questionnaire.

2. Qualitative Research

In this more insights and understanding is measured for the topic. It explores various options and gathers opinions. This kind of data is collected through interviews, group discussions etc. The insights are then used to explore various business decisions.

Market Research: Analysis

This is the trickiest part as data collected has to be strategically used in gaining intellectual analysis. Business experts and market research analysts are very well acquainted to do this work.

It is very exhaustive work and various techniques & tools are used to get useful conclusions. Interestingly the same data can be used to make different inferences depending on the research needs and goals. Some common data analysis types are briefed –

Data mining – this technique focuses on modeling and discovery of knowledge discovery for predictive purposes. This method is not useful for descriptive purposes.

Business Intelligence – this technique focuses on business related information covering data analysis that relies on data aggregation.

Statistical applications – it can be

  • Descriptive statistics
  • Exploratory data analysis also called EDA (discover new features)
  • Confirmatory data analysis also known as CDA (confirms the existing hypotheses about the data)
  • Predictive analytics focuses on application of statistical models for predictive forecasting or classification e.g. market growth in 2022- with data available for 2015
  • Text analytics uses statistical, linguistic, & other methods to pull out data and classify the information received from text sources.

This analysis is then constructively used in the business planning bringing a profitable inclination towards the decisions taken. Business planning plays a major role which reflects the survival of the business.

Top Ten SEO Tips For Small Businesses

Search engine optimisation is something that all business owners with a website need to be aware of. If you’ve got a site and want to drive relevant traffic to that site, you need to know what to do to help the search engines get a good understanding of your business, so they can rank it for the terms you feel are most suitable for visitors. It’s not about tricking the search engines, or trying to boost traffic numbers in general. You need to see an increase in relevant traffic to you site (10 relevant visitors are far better than 1000 non relevant visitors, who leave your site straight away), and Google wants to provide searchers with a list of high quality sites, relevant to their search query.

1. Research your keywords: Make sure that you know what people type into Google and the other search engines when looking for your products or services. Research into how competitive these phrases are – are there any phrases that are relevant, but aren’t quite so competitive? These are more likely to give you the results you want. Also think about plurals and synonyms.

2. Make sure each single page on your site has a unique title tag. If you’ve done your keyword research, you should also aim to use keyword/phrases in the title tag too.

3. Additionally, make sure that all the meta descriptions for each page are unique too. Since the search engines mostly show the title and description of a page in the search results, make sure your descriptions correlates to your title, includes keywords, and has some kind of call to action that persuades the searcher to click on your link rather than the result above or below you.

4. Using your keywords and phrases, look at the headers within your pages. Headers tags are like the headlines of a newspaper – your H1 header should contain your primary keyphrases, with any H2 headers containing your secondary phrases.

5. Look at your copy– does this contain keyphrases? Make sure you don’t keyword stuff your copy though – aim for about a 3% ratio of keywords to copy. The content of your site should be written with your visitors in mind first, SEO second, so make sure it still makes sense and adds value.

6. Analyse your website structure. Do you have a lot of deep pages, hidden within subfolder after subfolder? Aim to keep the architecture of your site nice and flat – you don’t want to make it difficult for search engines or visitors to find content. Try and keep everything within two clicks of the homepage.

7. Going back to content – how fresh is the content on your site? Google and the other search engines love new and unique content. So try and update your website on a regular basis. This could be through a blog, press releases, or new product pages. Just keep it fresh – no one likes anything stale!

8. Linking…. oh linking, everyone is always going on about the number links to your site…why? Because it’s important! Each link is like a vote of confidence in your site, so the more you have (from reputable, high quality sites), the better. Building the number of quality links to your site takes time. Register with industry directories, local directories, become active in social media, make the most of social bookmarking, create amazing relevant content that people will want to link to, create articles and post them out to article sites, comment in forums… there’s so many activities you can do to increase the number of links to your site. It’s an investment – in time and sometimes money, but it’s worth it.

9. Register with Google Webmaster and submit your xml sitemap. This is an xml file includes all the pages of your website in a way that makes it easy for Google to reference and index. Google Webmaster will also tell you if there are any errors with your site, what some popular keywords are surrounding your site, some of the links pointing to your site and more.

10. Register with Google Analytics and start using it on a regular basis to monitor your site. Google Analytics is a free piece of software that enables you to track all the activity on your site. It’s actually a bit scary the amount of information it can give you. But for a small business owner, or marketing professional, it’s an invaluable tool that can help you improve your website performance and growth.

This is just the tip of the SEO iceberg – there’s so much to SEO and it’s constantly changing and evolving. At the end of the day though, it’s all about creating a quality website, adding regular quality content and being active in the world wide web. It’s not rocket science, but it does take time.