Canadian Small Business Women

Connection, Synergy, Community

When the world is your oyster, don’t use the wrong fork: 5 mistakes entrepreneurs make when going global

Globalization has been the buzzword in the business community for many years. With technology making our world a smaller place, businesses big and small seem eager to be a part of the “going global” trend. But just what does expanding internationally mean and how much of an investment does it require? Many entrepreneurs are unaware of what an international expansion entails, which is the reason why many of them aren’t successful.

 

Here are five mistakes entrepreneurs make when going global:

 

  1. Not spending enough time exploring potential markets

The decision to expand your business internationally is a huge step. Many entrepreneurs seem to get too caught up in the allure of going global that they often forget to evaluate the compatibility of their specific business in their market of choice. It’s important to allow adequate time for research on potential markets.  Spend time exploring and getting to know potential markets that fit your specific business. Expanding internationally is not about which countries you’d like to personally visit; it’s about where your business can grow and thrive.

  1. Underestimating costs and break-even time

Expansions are expensive! Don’t be fooled by the common misconception that outsourcing labour drastically lowers your operating costs – this may be true in the long run but breaking in to a new market will significantly increase your costs in the first few years. Adequate research about your market of choice and what kind of fees, licenses and legal documents are required is essentials for a successful expansion. Expansions take time to be profitable so it’s best to be conservative when forecasting break-even time, don’t expect and instant return on your investment.

  1. Discounting the importance of cultural differences

Sadly soft skills such as business etiquette are often overlooked when it comes to international expansions; however they play a significant role in the success of your business. In order to enter a new international market you need to be able to build contacts and make the right connections. Networking internationally can be tricky especially when customs and traditions vary among cultures. It’s important to fully understand the differences between your own culture and the culture in your market of choice. For example is the country you’re looking to expand in to a collectivist or individualist culture – do they focus on the Me or on the We?  If you can’t form a rapport and network effectively with people from different cultures; expanding you business internationally will be a challenge.

  1. A lack of product flexibility

Sometimes you may need to change your product to better suit a new market. Entrepreneurs need to be aware that the look of their product will need to evolve to better appeal to its potential buyers. A great example of this is Coca Cola – everyone the world over knows about the soft drink, but a bottle of Coke doesn’t look the same in every country – it’s evolved to suit the needs of new markets. In North America we have large 2L bottles of Coke but some countries only sell 1.5L bottles of Coke- the reason? Simple – their fridges are smaller. If you want to be successful internationally you need to be able to adapt your product to suit your new market.

  1. Not changing your marketing strategy

What works well in one country may not work well in another, and this is especially true for marketing strategies. Some countries respond very well to social media marketing, while others respond better to direct selling. Effective marketing is extremely important when introducing a new product. Learn from local players and adapt your marketing strategy to suit the new market. Don’t get stuck in a cookie cutter strategy be open to new ideas and try a few different strategies until you find the one that works best for your particular product.

Praveeni Perera is an experienced entrepreneur having co-founded a training and consulting company catering to clients around the world. Her area of expertise is international expansions. You can connect with her via Twitter or LinkedIn

 

How Brand Personality Shapes Marketing Strategy

CHuntly

There are a lot of factors that go into your overall marketing strategy – resources available is always a big determining factor. But one thing that often gets brushed aside for budget discussions is brand personality.

Once you have your budget in mind, it’s easy to look at industry competitors to get ideas, but you have to decide what the best approach is for your business. Maybe that huge tech-based campaign just isn’t right for you, even though it worked for someone else. You have to be able to deliver on the brand story you put out there.

While the basics of marketing planning will always remain the same, the delivery has to be unique to you. So, what are the basics of a marketing strategy?

  • What product or service do you have to offer?
  • Who is your target audience?
  • How will you sell to them?
  • Why will they buy from you?

That last point is what will help you determine your brand personality. You have to figure out who you are as a brand and what makes you different before putting together your strategy. Here are a few questions to ask yourself:

  • Are you modern or traditional?
  • Are you young or more mature?
  • Do you embrace technology or do you live by a more old school code?
  • Are you spontaneous and easy going or are you cautious and strategic?

The goal is to figure out where you lie in the spectrum of things and that will determine how you reach your customers and what type of messaging you will use to do it. For example, if you are a young, tech-savvy company, you will likely create your strategy based on the latest and greatest digital and technology trends. You might use a more laid back, conversational tone in your communication. On the other hand, if you are a more mature and traditional company, you might rely on a more corporate feel and formal tone with a focus on traditional face-to-face outreach and direct marketing channels.

Figure out who you are as a brand, and let that guide your marketing strategy, not what worked for someone else.

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

Influencer Marketing: Getting Celebrities to Talk About Your Brand

CHuntly

Whether you were aware of it or not, influencer marketing has always existed in some form. Perhaps it was a famous actor pictured at your new favourite restaurant, or maybe it was that athlete that just happens to drink your favourite sports drink while they’re working out. Influencer marketing is when you get certain individuals who have a large circle of influence (AKA people listen to everything they say) to endorse your brand. The goal is to market to them with the hope that they will tell their followers about you.

While influencer marketing has existed for a long time, it has evolved significantly with the introduction of the internet and social media. While an influencer used to be an individual such as a trusted newscaster, actor, or musician, an influencer now can be a blogger, a YouTube star, a popular Instagrammer, and others who use social platforms to build up a celebrity status.

While influencer marketing presents certain challenges such as potential costs (nothing is ever free!) and contractual demands, if used wisely, it can extend your brand’s reach further than you initially thought possible. Most consumers look to people they know for reviews and opinions before they make decisions, which means that having someone else talk about how great you are could have a greater impact than if you market to them directly.

If you are considering an influencer marketing strategy, here are a few things to keep in mind:

  1. Set clear strategic goals: You need to know what your goals are for your influencer campaign. Are you looking to sell product? Are you looking to generate some buzz? Or perhaps you are looking to build an army of consumer brand ambassadors. Whatever your goal, you will approach the strategy differently. It also helps if you can be extremely clear when interacting with influencers so you can identify exactly what it is you want from them.
  2. Be realistic about your budget: In most cases, influencer endorsement will cost you. Certain celebrities command up to $280,000 per branded Instagram post! Influencers will all work within different price points, so you need to define your budget ahead of time to see what influencers you will be able to work with and what the scope of work might look like.
  3. Relevancy is key: Make sure the influencers you are working with target the same audience you do, otherwise your message will be lost. It has to be a good fit for the brand because the influencer is meant to act as an extension of you.
  4. Proper etiquette: When reaching out to influencers, you would approach most of them using the same outreach etiquette as you would the media. However, certain influencers may work with talent management companies that you would contact.
  5. Track your results: Once you reach out to an influencer, the onus is on you to track when they talk about your brand on social media and when they write about you. How many times was the post shared? Are you joining in the ensuing conversation? What is the reach of each influencer that wrote about you?

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

Toronto Panel of Experts: Canadian Small Business Women of the Month of October 2015

Kelly Farrell, Arti Sharma, Dwainia Grey, Cheryl Rankin and Catherine McGillivray are five dynamic women who will round up our Panel of Experts this year at our Toronto

Expo.  These women are experts in their own right and have made themselves available to support aspiring entrepreneurs.  The topic of this year’s panel is Women in Business and Technology.  The Panel of Experts discussion will take place at The Atantis Pavilion on November 8th, 2015 from 12:30pm to 2pm.  Admission is absolutely free.  Find out about our ladies below and for how you can meet them and ask your questions, go to www.immigrantsmallbizexpo.ca

Panelist Kelly

Panelist Arti Panelist Cheryl Panelist DwainiaPanelist Catherine

Public Relations 101: What is it and what can it do for your business

CHuntly

Whether you are an entrepreneur looking to break into your industry or you are an established business of any size, your success is largely dependent on your reputation. Many different types of people can have an effect on your reputation such as customers, suppliers, employees and journalists. Their opinions of your business – good or bad – will affect the opinions of others.

Public Relations (PR) is part of your marketing strategy that focuses on managing your reputation through effective communication of your organizational message. It is the art of building and maintaining positive relationships and brand awareness in the public eye (AKA your target audience).

Simply put, PR is your strategy for getting your message – your story – out to your audiences. It is all about engaging your target audience(s) by connecting with them in some way. It should be complementary to your overall marketing and outreach strategies.

6 Key Factors of PR

  1. Media Relations: Building relationships with the media and other influencers with the goal of attaining editorial coverage (Not paid for). If you have ever read a story about one of your favourite brands, the latest celebrity gossip, or even a story about a politician, business owner, or prominent individual, chances are someone pitched that story angle to the media and they thought it was interesting enough to write about.
  2. Special Events/Experiential: Designed for both public and media outreach, these events usually have brand experience and/or informational components.
  3. Content Generation: Writing blogs and bylined articles both for your organization’s website as well as for other websites and publications is a great way to control your message.
  4. Industry/Competitive audits: Audits (research) will determine the best positioning for your organizational message in terms of making it stand out from your competitors.
  5. Crisis Strategies: As hard as you might try to maintain a positive image in the public eye, sometimes things go wrong. It could be a huge product recall, and it could be something as “small” as an internet troll leaving negative comments on your blogs. Having a crisis strategy in place before it happens is your best bet so you know exactly how to deal with it.
  6. Social Media: This is where there is a definite crossover with the rest of your marketing strategy. You need to make sure the messaging you are putting out on your social media channels fits with the rest of your outreach. It’s a great way to promote your story. It’s also a great way to showcase content across different mediums.

Why Your Business Needs PR

Your business would not go anywhere without some sort of customer, end user, network, or community of fans, which is why you need PR. You need to be able to reach them with your message.

PR helps your business to:

  • Connect with your target audience both through direct channels and infuencer touchpoints (working through people, media, and celebrities who influence your target audience).
  • Package your brand story for maximum effectiveness. A good PR strategy will create a foundation for your business to build its outreach and growth strategy.
  • Get your brand and organizational story in the public eye on your own terms (ie. You have some control of the messaging that is out there).
  • Define its voice. Your business is so much more than a brand name and a website. It has character, values, and purpose.
  • Utilize a variety of outreach channels so you can tailor your strategy to your budget and your organizational culture.

Maintaining a strong presence on multiple channels while reaching your target audience is priceless when it comes to building a business. Most people think the cost of running a successful PR strategy will be too much, but there are ways to work within any budget. Your reputation and business success depend on it.

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making it unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

How Much Should You spend On Marketing?

Kerry George (1)

The amount that you spend on marketing has many different factors to take into consideration. For instance if you are starting a new business and you are well funded or going for a grant you will want to spend a larger percentage on marketing. Nobody has ever heard of you. You need to break into the market place. You will want to define who you are with your branding and put together a website, social media platforms, printed brochures, business cards and more that matches. You will want to carefully select a few strategic partnerships that can work with you to put out your marketing pieces, such as taking a spot in an annual magazine or working with someone to take part in a larger tradeshow. You may want to gather email addresses and build a loyal following using email marketing. Some time and thought should go into this process along with some study to wisely select some of the best pieces to your marketing puzzle.

Sometimes we go online and we see what others are doing, but one needs to compare apples to apples. Your company may not be coming from the same place. A well-established company such as Coca-Cola may only spend 4% a year on marketing. That still equals millions of dollars and the percentage may be enough for them because they are maintaining a presence. They are not trying to create a presence out of thin air.

Your brand new under-funded start up may need to do a lot of online marketing using profiles and setting up free channels. That may work for a while but the reality is that your business is going to have ups and downs. While you are on an upward rise financially you get very busy and you stop doing the things that got you there. That is when you better have your automation in place or else you will need to hire someone to keep the posting consistent.

So what is the right amount to spend?

There is no set number but here is the deal: You can’t afford to not be marketing. Marketing cost money, but it also is the machine that brings in money. So you can’t afford to shut the machine off or even to let it idle. The cost to stop marketing is far greater in lost sales.

In 2013 I worked with a couple of partners and founded www.cibn.ca a business networking organization in Calgary, AB. This new company had a unique advantage. As the CEO I also owned an online marketing company called www.loyal2U.ca and therefore had access to a team of people who created marketing materials and already owned a platform that could promote the CIBN across the city. By using simple online marketing strategies over and over we grew the engaged following of the Canadian Imperial Business Network to over 330,000 people in less than 9 months. The phone rings on a regular basis now as people have found us. Our blogs are viewed by a vast number of people weekly. Our posts are re-posted by fans all across the region and beyond. Sometimes we get interest in attending our events from as far away as New York City. People recognize my face and the faces of the other partners when we are out in the community. I often hear them talk about how they have been following our progress for years. That is quite remarkable for a company that is less than one year old. Why do they think that? It is because of perception. In online marketing, perception is everything. We make a bold statement online. We are everywhere. Our LinkedIn profiles are pimped out. Our Facebook pages are regularly updated. We put out a lot of new content every month and we tweet about it regularly from multiple Twitter accounts. Perception has made us as huge as our market.

You can also grow a large following of people in a relatively short period of time. Use the simple steps of marketing over and over again and invest in yourself. We invested a lot into marketing. We pulled 16 hour days to get more onto the website after the day’s work was done or to get one more blog article written. We often went without other things and took smaller paychecks. We made careful choices, watched the results and then reinvested again when something worked. We partnered with others. We bartered when necessary. We spent and spent and spent to make it happen, but now it is happening.

Do not accept the reality that nobody knows who you are. Create a new reality. Use whatever is free. Use whatever you can trade. Use your connections. Use your head and be smart. Use boldness. Use a percentage if you need to but understand that nothing equals no return. The larger you pour out your marketing, the bigger the benefits later.

The Answer To The Question

The answer to how much should I spend is this: Spend whatever it takes. Keep spending and keep trying until you are making so much money you don’t have time to spend it all. Then spend some more, create an exit strategy and sell your business. When you successfully own your business and it no longer owns all of you and all of your time, you are good to go.

Happy Marketing!

Kerry George is the owner of the Canadian Imperial Business Network which is currently the largest business network in Alberta and rapidly expanding across the country. She is a serial entrepreneur/author and speaker with a zest for life and a passion to help others succeed in increasing their potential and their bottom line. Kerry has several publications and blogs that you can follow and welcomes most interaction online.

Twitter

@createloyalty2U

@CIBNtweets

@yycbiznetwork

Blogs

http://loyal2u.blogspot.ca/

http://calgarybiz.net/blog-3/

http://kidsincowtown.wordpress.com/

http://loyal2u.ca/category/social-media-2/linkedin/

Business Plan Demystified… How to write your Businesss Plan once and for all.

yr

If I had to say in a few words what a business plan is, it would be “The blueprint for a successful business”.

Before a builder sets about building a house, he needs a set of architectural plans (blueprint), which guides and instructs him in the build. Without this, sooner or later he will most likely to run into problems such as; incorrect dimensions, unstable foundation to support the structure of the building, and delays. In other words, complete chaos!

The same thing goes for someone who starts a business without a business plan, this could lead to; insufficient understanding of the service/product market, insufficient funds to start and run the business, a lack of customers to sustain the business, and much more. These are issues that could been managed much better if adequately prepared with a tool such as a business plan.

Essentially a business plan is the detailed plan for your business that should be written to;

  • Enable plan the start and growth of the business.
  • Provide ongoing guidance and a benchmark that measures your efforts and keeps you on track to achieve set objectives.
  • Raise finances from external sources.
  • And attract successful partnerships and alliances.

Your business plan should be well thought through and contain pertinent information to enable you successfully kick-start and grow your  business. When approaching external sources for the purpose of raising money, your business plan is your written sales pitch. It should show a good return on investment, show there is a market for the product or service, and inspire confidence in the lender that you capable of successfully manage the business.

When it comes to the question of who should write the business plan? You, your business partner or team should be part of the business plan writing process, as you essentially have more knowledge about the vision for the business. Also, through the process of writing the business plan you will learn the what, why, where, when and how of the business and market.

Some people find it difficult to set out their ideas on paper; hence the availability of business coaches and consultants who can work with YOU in writing an effective plan, as they usually have more knowledge and experience in with Business Plans.

The length of a business plan will vary depending on its purpose. Take for instance, if the business plan is for the intention of raising funds to finance the business, and the more money you need to raise, the more comprehensive your business plan should be to show a detailed plan, analysis and strategy to convince the potential financiers of the viability of the business. And the less money you need to raise or no money at all the shorter the length containing only foundational items. The average business plan will include all the sections mentioned below.

Prior to writing your business plan, take a stab at developing your business idea, and then do some preliminary research of your market (product/service and target audience). The output of this effort feed in heavily into writing your business plan.

Your business plan should include the following sections:

Executive Summary – This is typically included when writing a formal business plan for external audiences to review. It should be written last to summarise the entire business plan. It provides an overview of each section of the plan and contains key information at glance.

Management – States who will be managing the business, their related experience management responsibility. Include qualifications and experience, and where there is a skill or experience gap, mention how this will be filled.

Purpose or Background of Business – This is typically included when writing a formal business plan for external audiences to review For a new business, this section includes business purpose; is it going to be a profit or not-for-profit venture, why has it been set up, what need is it going to meet etc. If it is an existing business the section should be titled ‘Background’, and provide information on when it start trading and a brief summary of performance to date.

Business Objectives – These are the objectives of the business, what it will be working towards achieving. The objectives can be grouped into short, medium and long term. Always endeavour to apply the SMART rule; Specific, Measurable, Achievable, Realistic and Time-framed

Product/Service – Describe the products or services that will be offered in more detail. What is the USP (Unique Selling Point/Proposition)? Mention any patents or trademarks that exist or have been applied for. Also mention complementary products that could be offered.

Market – The past, present and future of the market you plan on entering or that you are already operating within. This section should contain a SWOT analysis (Strength, Weaknesses, Opportunities & Threats). As well as how the business will fit into the present or future market, and what the major drivers for its success in the market.

Competitor Analysis – This describes who your competitors are, both direct and indirect. What they offer and how you plan on competing against them or even working with them.

Marketing Plan – Having worked out your marketing strategy, this will describe your plan to market your business. It will include the 4Ps; Pricing, Promotion, Product/Packaging and Place (distribution). It includes your social media strategy.

Operational Plan – Where you will be operating from, machinery/equipment required (will it be bought or leased), staffing requirements and logistics.

Financial Analysis – Very important section for you or external reviewers. It should contain; financial model, cash flow forecast and profit & loss forecast. Assumptions that have been made in reaching figures and even the risks that could affect figures. This ensures and demonstrates that you have thoroughly worked out your figures and are prepared for any eventualities.

Above is a bird’s eye view of what your business plan should contain. Depending on the type of business and the purpose for which of the business plan is being written, the content and structure will differ.

Don’t write your business plan for only the sake of raising finances or other reason, and end up not utilising it for its main purpose; implementing and managing a successful business. Your business plan is to ensure you build a solid foundation for your business that is able to withstand threats, grows, is profitable and most importantly, is fulfilling.

For a free Business Plan Template

Yvonne loves and enjoys working with working with Individuals, Entrepreneurs, and Organisations to achieve desired results. She is a results driven High Performance Consultant & Coach, and straight shooting Speaker whose first objective is her client’s success.  She can be reached at:  www.facebook.com/oliveblueinc, www.twitter.com/oliveblueinc

Stay Social with Canadian Small Business Women: