The Value of Email Marketing In A Social Media World

Today's post is an article written by Go-to-Market Strategies. Trying to determine the right marketing mix is on most business owners minds today and the information below on email marketing and social media will help give you some guidance.

Despite the surging popularity of social media, experts agree that email marketing is here to stay. What remains mysterious for many marketers, however, is how to make room for both email and social media in their marketing strategy.

Many companies have a clear preference for social media; they believe email is too competitive and easy to overdo. Other companies are sticking with their email strategy, maintaining that social media doesn’t give them enough control over their message...and can't be easily measured.

They’re both right.

We have a few tips that are easy to implement to get you started on the important task of combining the strengths of these tactics to maximize your reach.

• Create relevant and compelling (or “shareworthy”) content. The best way to ensure your email will be read and shared within the social media channel is to include valuable content in virtually every email promotion. Giving your email recipients information they can use will build credibility and interest. Nothing improves your email campaign results more than your trustworthiness. So make sure you earn it every time with great content.

• Make it easy for your audience to share your content with their network. Your email subscriber wants their clients to read your latest enewsletter. You’ve won them over—your content is shareworthy! What now? Include SWYN (Share With Your Network) links on all the web pages your outbound emails link to (see our Share with Facebook and Tweet This links at the bottom of this article). Also, post a link to your newsletter content on your Facebook and Twitter pages. This is the best way to reach a subscriber too overwhelmed by the contents of their own inbox. Or, in case a prospect finds you on Facebook first, make sure you have an link on your Facebook page to your enewsletter sign-up form so they can subscribe from there.

• Let your customers convince your prospects to buy. Social media conversation can inform your email content in a revolutionary way. By inviting customer participation in polls, surveys, and ratings within your social media channels, you can get immediate access to customer feedback. Then leverage what you have learned from this process in your email campaigns by including customer ratings and testimonials for the products or services you are promoting. There is nothing more powerful to a prospect than your customer’s own voice! (Tip: Consider testing this technique with subscribers who have opened your emails, but not yet purchased from you.)

The above ideas will help lay the foundation for your successful integration of email and social media marketing. As you get started, remember that content is king. Content that is relevant, timely, and valuable to your audience. The first step in any marketing strategy is to build quality content. Once you have quality content, do not restrict its use between your email and social media campaigns.

Savvy marketers must leverage the strengths of each approach to compensate for their weaknesses. Email and social media complement each other quite well, and if used effectively, will transform your marketing strategy.

Let us know what you are doing with email marketing and social media.

Small Biz Bill Becomes Law

While we wait to see if the Bush-era tax cuts are allowed to expire here are a few points on the Small Business Job Act of 2010 which was signed into law on September 27, 2010. The legislation contains several provisions designed to ensure that small businesses have access to adequate credit. The Act also contains targeted short-term tax relief for small businesses.

A $30 billion credit facility for community banks, backed b y the Treasury, is designed to goose lending conditions, while teh muscle of the Small Business Administration is being augmented throught eh expansion of the SBA's loan limits. Investors were also targeted through the legislation, as a provision was put in place for the balance of 2010 that will eliminate all capital gains on "key small businesses" as long as the investments are held for five years or longer.

Regarding the SBA program, the caps on both 7(a) and 504 loans were permanently escalated to %5 million from $3 million, while manufacturing related loans were bumped uo to $5.5 million from $4 million. Moreover, SBA Express loans were temporarily boosted to $1 million from $350,000.

Other components of the bill included an initiative designed to augment state programs providing credit to small businesses, on top of multiple tax cuts, 16 in all, meant to spur investment.

Specific tax changes include:

Increased IRC Section 179 expense limits - effective for 2010 and 2011, the maximum amount that a business is able to expense under IRC Section 179 is increased to $500,000 (without the legislation, the expense limit would have been $250,000 for 2010 and $25,000 for 2011). The $500,000 limit is reduced if capital expenditures exceed $2 million. The Act also temporarily expands the application of Section 179 to up to $250,000 of certain real property (for example, qualified restaurant property).

First-year "bonus" depreciation extended - The Act extends the additional 50% first-year depreciation deduction that was in effect for 2008 and 2009 for one year, to qualified property acquired and placed in service during 2010.

Small business stock exclusion increased - The Act temporarily increases the exclusion percentage for qualified small business stock purchased by individuals to 100%, and does not treat the excluded gain as an alternative minimum tax preference item. Therefore, subject to certain limits, you'll pay no regular tax or alternative minimum tax on the sale of qualified small business stock acquired at original issue after September 27, 2010, and before January 1, 2011, provided you hold the stock for at least five years.

Small businesses get enhanced general business credit - Eligible small businesses (generally, non-publicly traded corporations, partnerships, or sole proprietorships with gross receipts averaging $50 million or less) will be able to carry back excess general business credits up to five years (instead of one) in 2010, and will be able to use the general business credit to offset both regular and alternative minimum tax liability.

Health insurance costs will reduce self-employment tax - If you're self-employed and pay health insurance premiums for you or your family, you get a break on your 2010 self-employment tax (the tax that you calculate on Form 1040, Schedule SE). That's because, for 2010 only, the deduction you get for the cost of health insurance for yourself and your family will apply in calculating your earnings for purposes of self-employment tax as well as in reducing your income for tax purposes.

Cell phones no longer listed property - Effective 2010, cell phones are not considered listed property, significantly reducing the substantiation rules and depreciation limits that apply when cell phones are used for business purposes.

New reporting requirements for rental property expenses - With some exceptions, starting in 2011, if you receive rental income from real property, you'll be required to file an information return (Form 1099) when you make payments totaling $600 or more to a service provider (such as a plumber, painter, or accountant) for rental property expenses.

Portion of nonqualified annuity can be annuitized - Beginning in 2011, if you have a nonqualified annuity (an annuity that is held outside of a qualified retirement plan or IRA), you can annuitize only a portion of the annuity, provided the annuitization period is for 10 years or more, or is for the lives of one or more individuals. The portion of the annuity or contract that is annuitized will be treated as a separate contract, and the investment in the annuity will be allocated n a pro-rate basis.

For more details check with your CPA or tax planner.

Failure to Launch: Reasons Company Strategies Don’t Succeed

Today's post is written by David Mead of Mead Consulting. We couldn't agree more with what Dave has to say.

In 2008, I heard a presentation by Michael Canic of Bridgeway Leadership who discussed the reasons that strategies fail. He quoted statistics that over 65% of all strategies fail to reach expectations. Why do so many business strategies fail? Below are some key reasons. Knowing the barriers to successful planning and execution is the first step. Clients that follow our recommendations have been significantly outperformed the competition. We like to say, “A good plan, well executed, beats a great plan, poorly executed, every time.” Contact us if you would like more information.

1. No clear definition of success

Fuzzy goals lead to fuzzy outcomes. While it seems obvious, many organizations simply don’t articulate the specific goal of a business strategy. If the goal of your customer intimacy strategy is to form deeper customer relationships, that’s fuzzy. If the goal is to increase customer retention by 10 percent and increase annual revenue per customer by $10,000 and net profit by $1,000, that’s clear. Here, deeper customer relationships may be the mechanism to achieve the goal.

2. Too many goals

When everything is a priority, nothing gets accomplished. Many so-called strategic plans have too many goals, objectives, success drivers, strategies, initiatives and so on. Worse, it’s not clear how these various appendages are linked. Is it any surprise these plans sit on shelves and collect dust? Choose to do fewer things much better.

3. Metrics and Alignment - Either no metrics or vague metrics

Many plans are simply a brainstormed list of things to get done by unspecified people at indeterminate times. A plan with specifics outlines who will do what by when. It takes into account the sequencing and timing of tasks, activities and resources. Make certain that the goals of everyone in the organization are aligned to the few key objectives.

4. Visibility - Progress isn’t measured and managed

Ever notice how plans placed in the spotlight flourish while those left in the dark shrivel? Any plan worth executing is worth tracking. A monthly meeting with a tight agenda can quickly determine what actions have been taken; what progress has been made; what will be accomplished over the next month and by whom, and what, if any, challenges have emerged. This builds commitment, accountability and confidence in the process.

5. You lack the right people

Some of those nice people who work for you may not be the right people to get the job done. That statement makes you uncomfortable, doesn’t it? Many have been loyal, are committed to the culture, and may be friends and family. However, If you are truly committed to winning, or achieving success - however you define it - then at some point you have to take a long, hard, honest look at the capabilities of your people. Point them in the right direction, support them, develop them – give them a fair chance to succeed. But if they can’t get it done, then your responsibility is to get people who can.

6. Flexibility – Failure to update the plan to stay real

Reserve the right to do what makes sense. Plans are based on assumptions that can change over time. If they do change, then the plan may need to change. A quarterly “recalibration” meeting is a good forum to test your assumptions and determine which, if any, have changed. The meeting may result in either a revalidation or redesign of the plan. It ensures the plan stays real and relevant.

7. Reaction to Failure - Failure is met with indifference or an inquisition

Is your team serious about its definition of success? Your response to failure sends a clear message about your commitment to winning. Just as importantly, it sends a message about your credibility. Do you ignore a failed initiative and move on to the next big thing (which conveys that you really weren’t that committed and you shouldn’t be taken seriously)? Do you look for scapegoats (which communicates that you don’t take personal responsibility and can’t be trusted)? Or do you first look in the mirror, take responsibility, then publicly commit to getting it right, and effectively engage your people to make it happen? Your choice speaks volumes about who you are as a leader.

Let us know your thoughts.