Top Business Ideas – Monthly Meeting
Our small business forum met again in October. Packed full of top business ideas for small businesses throughout Norfolk and Suffolk.
Another busy meeting with some great businesses in the room! The main topics we discussed included pricing, reviews, podcasts and the content pyramid, webinars and case studies.
How do you price your product or service?
There is an increasing move to open book pricing, certainly in the B2B market. We have nothing to fear here, as our cost bases are much lower than some of the more prominent firms. The trick is to outline all of our costs, so it is abundantly clear how we calculate our prices, our profit margins are reasonable, and we can deliver for the price.
A great example of this is clothing manufacturer Private Label VC – who also cleverly state that they never, ever discount prices either, as their prices are fair. Well worth looking at their website which can be found here: Private Label VC
Many firms are still paying far too little attention to online reviews. I came across a food business recently which had over 44 Google reviews on their listings. All but two giving them five stars! So clearly a business delivering great value, as these reviews had been given spontaneously by their customers. But the business hadn’t even claimed their website listing never mind thanked their reviewing customers. Sadly all too common in my experience. Top business idea – are you sure you have claimed your own Google listing?
Reviews and Social Proof – Top Business Idea
These are crucial tools and great business resources to help our prospects make an informed decision, based on what those who came before us thought of the product or service. We need to be encouraging our clients and customers to leave as many as possible on social media sites, Google, Facebook, and the likes of Feefo and Trustpilot too.
We practice what we preach and you can find our testimonials here What our members say
These continue to grow in popularity and are really easy to do and can be part of your content pyramid. All you need is a simple recorder and some people to talk to that are relevant to your audience. I use a Tascam DR-40 which is really excellent and not expensive either, delivering very high quality results. You can listen to our podcasts here at BGC Podcasts
Once your podcast is recorded, get an accurate transcript of the recording very cost effectively using a site such as rev.com, which costs only $1 a minute. A thirty minute recording typically will mean around 6 – 8 A4 pages in Word. You can find them here Rev.com
You can use this as a blog, cut and paste for all of your social media and indeed any marketing campaign! The net result is one 30 minute recording can be used throughout the month.
These are another under used medium which can be very effective. Again any recording can be transcribed as above, and used across all mediums. They should be used to provide information rather than hard selling of course.
Worth exploring further and I have used Webinarjam which is very easy to set up and effective. You can find them here Webinarjam
At a recent meeting with one of the main high street banks, they stated that they now lose more money to cybercrime than bad debts, and the situation is only getting worse. We must take active steps and control over our own security – two-factor authentication, password managers, encryption and of course be very aware of telephone and email fraud too.
We discussed an interesting take on case studies and testimonials. The temptation is to use those that show us in the best light where customers have had the best result. The danger is they might not be believable, but more importantly, we need to think what runs through the mind of our prospects.
We want our prospects to relate to the story. The danger is an amazing story that raises doubts in their mind as to whether they could replicate the results. Our “top business idea” is it would be better to feature a case study and testimonial from somebody who clearly gets a result, but they started from a lower base than the average. A prospect will think I am starting from a higher place and therefore should do even better!
Finally, we ran through our normal examples of both good and bad marketing – sadly bad ones are easier to find than good ones! Serious lessons for us here, good marketing and messages cost no more than poor ones, and the best small businesses know the difference!
Another cracking small business forum with some top business ideas. To find details of our forthcoming meetings, check our events page here:BGC Meetings