By Robert Gloer The New Year can mean new goals, products, developments and much more for small and large businesses alike. For many businesses, growth leads back to innovation and how it is essential. Without staying current and developing creative approaches, many businesses find the New Year a not so happy one. This is where small businesses can learn from bigger businesses about not only sales tactics, but how to come up innovative ideas that could keep them a contender in their industry for years to come. Let’s look at 5 ways your business can innovate like big business.
Expand your Network of Ideas Many larger companies are starting to go outside their walls to find the next best thing, newest idea, or latest innovative approach to delivering a similar product or service. Consider expanding outside your walls to see what other smaller companies are working on and how a partnership or collaboration could be more beneficial than competing. Harness new innovations by looking beyond your business. Create an Atmosphere of Innovation It sounds obvious but does your business really foster an environment that promotes innovation? Many big companies are creating innovative “labs” or “programs” often called Accelerator teams tasked with developing new ideas, testing them out, and pitching the top ideas to the company. Start thinking about ways you can start to create small teams to create a new product, develop new ideas for marketing, or even ways to modify an existing service to make them more profitable. Test it out and if it renders good initial outcomes take it to market. Innovate from Within On the flip side of looking outside-look within. Ask for new ideas, discuss concepts with current team members, and research ways you can provide solutions to any problems. Many big businesses are learning more from the day-to-day employees and current teams on projects about various ways to stay above the technology fold. Look inward towards the employees you have on payroll to suggest and implement new ideas. Diversify What you Have Look at current products and find ways to expand and diversify that service. Offer it on new platforms and add new features as part of existing ones. If you sell sunglasses find ways to repackage, make small modifications, expand the line currently sold, or add new colors to your line. It is no surprise that this works… some companies add Emoji options to their platforms and call it the “next best thing.” Access to Training/Resources Digitally Are you accessing the most current training and trends in your field? If you are, how much time and money does that cost? Many companies are utilizing technology platforms to attend training online, developing training programs for employees to view, and even using in-house technology to expand messages to others without having to pay for costly travel expenses and meal reimbursement. Have staff take online courses from the office they work within. Many new companies are embracing the technology they used to develop their product to learn about ways to enhance it. Use technology to your travel and budget advantage. Big or small, businesses can all learn from one another. Learning ways to maximize the market and stay atop of the newest trends and consumer “wants lists” can help carry businesses longer and further. What ties the success together is not only the implementation of innovation, but continuing to to execute innovative ideas all year long. So whether big or small, implementing the above 5 methods in the workplace can make or break the coming New Year’s resolutions. Source:http://www.business2community.com/small-business/5-ways-small-business-can-innovate-like-big-business-01752415#8uYLlIUFA8vdUUrg.97 By Catherine Meredith 2016 was a good year for small-business owners — so good that 7,842 of them sold their companies. That's the most sales since online marketplace BizBuySell first started tracking data in 2007, according to the Washington Post.
A healthy business environment was the primary reason for the sales, BizBuySell's survey found. Good financials make a company more attractive, both for buyers and sellers. An aging population was the second reason. Baby Boomers are looking to retire and Millennial business owners are looking for opportunities. Another factor was low interest rates and a favorable financing environment — but a terrible savings environment. The result is people who would rather control their financial life than rely on the stock market or flat savings rates. [WaPo] Source:http://www.forbes.com/sites/gradsoflife/2016/12/15/how-employers-can-help-bridge-the-youth-access-gap/#342fa8841a0f By Megan Totka Small businesses today are competing with a lot of noise. Consumers are plowing through the clutter as they use DVRs to skip through commercials, install ad-blockers to browse the websites they love without ads interrupting, and customize what shows up in their social media news feeds.
This makes it imperative to find ways to make sure your small business isn’t ignored. Write messages that your target audience will want to see and read. Whether you are looking for topics for social media post inspiration or ideas to use to make your blog posts draw customers in, it’s essential to reevaluate the way you communicate with customers. Replace the sales pitch with helpful information and the consumers will start to open their eyes and ears. Market with the goal to make buyers see your brand as a valued information provider — not an interruption. This type of marketing is called content marketing. Content marketing focuses on communicating with the customer and creating and distributing information with the intent to engage a target audience and promote brand awareness. Information needs to be relevant and value-packed to help your small business attract and retain customers. Take a look at these 4 ways content marketing can drive results and increase your bottom line. Ways to Use Content MarketingBolster Brand AwarenessOne key to a successful content marketing strategy is consistency. Publish fresh content regularly to create multiple opportunities for your target market to see your company’s name. This is one of many ways to stand out from your competition, plus repetition makes your brand more familiar. Stay in the forefront of consumer’s minds so the next time they want or need the products or services you offer, they support you. Build a Reputation as an Industry LeaderIf there are eight electricians in town and only one provides helpful information to people in the community, this is the brand that will stand apart as the trusted expert. Take the necessary actions to demonstrate your expertise so prospective customers don’t question or research your skills. The small business that helps consumers, especially when they aren’t getting paid, will also earn a reputation of being trustworthy. Reel People In With Shareable ContentCreate a steady flow of new information on various topics to open doors and drive traffic to your website. You want to bring people in through search, traditional media, social media, and more. Marketing tactics such as pay-per-click advertising and digital banner ads don’t work as well if there is no content to promote. These vehicles need something to discuss and a place to link to. Publish relevant and current content so people have a reason to click and to encourage repeat visitors. These types of content also boost search engine ranking and increase the chances that potential customers will find your small business before they find your competition. Keep Your Website FreshToday’s consumer relies heavily on the web to find the information needed to make decisions. A website is often a consumer’s first impression of that business, so it’s crucial to make it a good one. A stale website will not impress your customers and gives off an unprofessional vibe. Consumers who are on the fence may look at a website or a social media page multiple times, so make sure to have new information to see to make their experience a better one. Content marketing is one of the most low-cost and effective ways you can drive traffic and build awareness for your small business. Work to create content that attracts, acquires and engages your target audience. It may take some time to see the results, but don’t give up. Stick with your content marketing strategy and continue to refine it and it will lead your small business to great success. Source:https://smallbiztrends.com/2017/01/ways-to-use-content-marketing.html By Annie Pilon Surefire Social is rebranding and becoming Surefire Local, a marketing technology platform with a strong focus on hyperlocal marketing. In addition, the company has acquired Atlanta-based Promio to strengthen its offering.
The company isn’t totally changing its direction though. Surefire Social already provided a number of different marketing services that could benefit local businesses, including those with a storefront and service providers that operate within a specific area. But now, the name and technology better reflects the goals and offering of the company behind it. Chris Marentis, Founder and CEO of Surefire Local told Small Business Trends, “The rebrand is basically calling attention to what we were already doing.” If your business is interested in taking advantage of all the different hyperlocal marketing options out there, here are some tips from Surefire Local that you might not have considered before. Hyperlocal Marketing IdeasDon’t Ignore Online MarketingEven if you build your business mainly through local referrals or word-of-mouth, you need some kind of online presence if for no other reason than to help those referral customers actually find you. Marentis says, “The local businesses that really embrace and understand the technology behind local marketing are going to become more visible than their competitors and they’ll end up with the lion’s share of the business and with better quality customers.” Focus on Mobile CompatibilityIn addition, many of those consumers who try to find your business or others like it online are likely to do so on mobile devices. When searching on mobile, you can greatly improve your chances of your business showing up high in search results and actually being helpful to consumers if your website is mobile friendly. Make Your Location Easily AccessibleOne of the most relevant pieces of information people will look for when researching local businesses online is location. They need to be able to find you if they’re going to buy from you. So make sure your full address is easily accessible on your website, Google and other online directories. Use Geolocation SignalsYou can also make it even easier for people to find your business if you use geolocational tools that can help people see how far away they are from your location and exactly how to get there. To take advantage of those tools, you can make sure your business is listed on mapping services like Google Maps and adding geolocational signals to your website. Make Sure Your Business is Categorized as LocalWhen optimizing your website for search engines, you can also use schema markup, which is a form of microdata included on websites, to help search engines classify your business as local. An optimized name, address, phone number and location data can help search engines to classify your business as local so that it can pull some of that relevant information out to make it even easier for consumers to find when they search for your business. Have Accurate Information Across All DirectoriesYour business website is just one area where people can find information about your business. Sites like Facebook, Yelp and local business directories can also hold relevant information. But if your data is inconsistent across those platforms, it could confuse search engines and customers alike. Evaluate Search ResultsThe search terms that people use to find your business online are likely to vary depending on what your business offers and what the customers in your community are looking for. So one of the best things you can do is to regularly evaluate some of the popular search terms that bring people to your website and then create content or edit your online presence to better take advantage of those popular searches. Use Relevant LanguageTo do so, you’ll also need to use relevant language that your actual customers are likely to use to find your business or others like it. That means steering clear of jargon or terms that are mostly only popular within your industry. Seek Out ReviewsReviews on sites like Yelp can also help to bolster your local business’s reputation and online footprint. If you can provide a great experience for customers and encourage them to leave reviews on popular online platforms, you can potentially improve the chances of your business getting found and actually converting new local customers. Create New ContentSearch engines also prioritize recency when it comes to online content. So you shouldn’t just create a website early on and then never make any updates. If you regularly add blog posts of other content, you can increase your relevancy in search results. Optimize Local Search AdsYou can also use online search ads to drive local traffic to your business. But you need to make sure that those ads are actually optimized for local consumers. Marentis says, “Use Google Adwords with features like review extensions, local extension ads and local inventory ads to appear for local search ads.” Take Advantage of Micro-MomentsWhen potential customers are searching for a specific type of local business online, that means your business has to compete with every other similar business in your area. And if all they do is look at a quick Google search before making their decision, you only have a short amount of time and a limited amount of space to convince them to choose your business over others. So you have to monitor how your business appears in certain search pages and add information to your site data that can help you put your best face forward online. Add Credibility to Your BusinessCredibility is another important factor both for search engines and for actual decision-making customers. So you have to pay attention to how your online presence can come across to people searching for your business online and add any relevant information that might help to boost your credibility. Pay Attention to Your Presence on Other WebsitesPart of that is monitoring mentions of your business on other websites like Yelp or even Houzz or HomeAdvisor for home service providers or similar businesses. You can’t always control what others post about your business on other sites, but you can at least make sure the basic information is correct and work to create positive experiences so you can build that credibility. Include Testimonials on Your WebsiteYou can also include customer testimonials on your website as a way of building your local business’s credibility online. Ask satisfied customers to share their experiences and then include a few on your homepage or even create a whole page dedicated to those testimonials. Track Your InvestmentIf you’re spending money on your hyperlocal marketing efforts, then you need to have at least some idea of what you’re getting in return for your investment. So you should keep tabs on how much you spend on those efforts and constantly monitor any returns. And if you use a local marketing agency, require that they do the same and provide you with that information. Don’t Focus on Just One AreaSince there’s so much that goes into hyperlocal marketing, you can’t hope to make a big impact by just focusing on one or two areas. Don’t just build an optimized website or only focus on getting great reviews. You need to work on multiple areas in order to make the greatest impact. Manage Activities All in One PlaceOf course, it’s possible to find marketing agencies or tech services that help you with one of the areas at a time. But if you can manage and monitor all those different areas in one place, you can greatly improve your chances of a successful campaign. Marentis says, “Local marketing works best when it is done as a concerted effort. Have a staff member responsible for making your marketing work in sync, or choose a partner who has technology enabled services to partner with you.” Keep Up With TechnologyTechnology is constantly changing the landscape of hyperlocal marketing. So you need to keep up with the trends and updated tools in order to make the most of them. Or make sure that your partners do the same. Update Your Practices RegularlyWhether it’s because of changing technology or practices that simply aren’t working anymore, you are likely to need to change your hyperlocal marketing efforts at some point. So keep an eye on your analytics and changes in the industry and regularly reevaluate what the best path is going forward. Source:https://smallbiztrends.com/2017/01/hyperlocal-marketing-small-business.html By Annie Pilon You don’t need a fancy office to start a successful small business. In fact, if the story of Apple Computers is any indication – you can start a very successful business right from your own garage. Though you might need to check your local zoning codes to see if a garage business is a possibility for you, there are plenty of different business options for entrepreneurs looking to start their own businesses from this type of space. Here are 50 businesses you can start right from your own garage. Garage Based Business IdeasCar Detailing Your garage can be the perfect place to start a business where you work on cars. And if you’re not a trained mechanic, you can still start a business where you clean and detail vehicles for clients. Auto MechanicBut if you are a trained mechanic, you can also run a repair shop out of your garage. Bicycle RepairFor those who want to work on smaller modes of transportation, a bicycle repair shop is another business you can start in your own garage. Computer RepairYou could also set up a computer workshop where you provide repair services to customers who could use some tech support. Smartphone RepairAs smartphones and other devices become more popular, more people are also in need of repair services for those gadgets as well. Tech RefurbishingOr you could take some of those tech devices that are older or don’t work anymore and refurbish them so that they’re ready for sale again. Laundry Service If you have laundry facilities in your garage, you could start your own service where you offer to wash and dry clothing and other items for customers. Pet GroomerFor those who want to spend time with furry friends, you could set up a grooming station in your garage and let pet owners bring their dogs and cats to you. Dog TrainerOr you could set up a business where you train dogs to do tricks or listen to certain commands. eCommerce ResellerIf you want to start an online business, you can use your garage as an office and a place to store goods that you sell on ecommerce sites like eBay or Amazon. eCommerce Fulfillment ServiceYou could also focus on providing fulfillment and shipping services for other ecommerce businesses, using your garage as a warehouse. Greeting Card DesignerIf you want to start a more creative business, you could set up a greeting card making station in your garage and then sell your goods online. Antique Seller Or you could use your garage as a place to store antiques that you purchase and then resell online or in person.
Assembly ServiceSince so many consumers have trouble assembling furniture, tech devices and other purchases, you could use your garage as a place where you provide assembly services for a variety of different products. Recycling ServiceYou could also start your own recycling service where you collect various recyclable goods and then organize them in your garage so that you can dispose of them properly. Craft ClassesIf you have a craft or trade that you’re skilled in, you could set up a teaching station in your garage and invite students to classes where you demonstrate your craft. TutorOr you could opt for one-on-one classes where you tutor students in various subjects. Online Course CreatorYou could also create your own classes and sell them online from an office in your garage. Virtual AssistantIf working online is your preference, you could also set up a garage office and work as a virtual assistant, helping business clients with various tasks. BookkeeperFor the financially minded entrepreneurs, you could also start an online bookkeeping or accounting business. BloggerIf your talents lie more in the realm of writing, you could start your own blog out of your garage office. Freelance WriterOr you could offer your writing talents to other blogs or businesses on a freelance basis. Social Media ManagerFor the social media conscious entrepreneurs, you can also start a business where you manage various social accounts for business clients. PhotographerThough you might need to leave your garage to actually capture photographs, you could set up an editing station in your garage and use it to build a photography business. Personal TrainerFor entrepreneurs who specialize in fitness, you could set up a workout space in your garage and then invite personal training clients to your space. Yoga InstructorOr you could offer Yoga classes where you invite even more fitness students to your garage space. Dance InstructorYou could also offer classes for children or adults where you teach various styles of dance out of your garage. Music TeacherOr you could offer private music lessons to those who want to learn an instrument or receive voice lessons. Furniture UpcyclerSkilled craftsmen could also use garage spaces for storing old furniture items and then giving them new life with new materials and updates. Web DesignerIf you are skilled in web design, you could also set up your own garage office where you design websites for business clients. Graphic DesignerOr you could start a business where you offer to design logos and other graphics for clients. Ebook AuthorIf you are interested in writing a book, you can easily set up your own garage space and write and publish your work online. Resume Writing ServiceYou could also offer to write or edit resumes or cover letters for job-seeking customers. Soap MakerFor those interested in making their own handmade products, a garage can be a great place to set up a soap making station. Candle MakerLikewise, you could set up a space where you make your own candles to sell online or in local stores. Jewelry DesignerYou could also create your own jewelry items in your garage and then sell those items through a number of different outlets. T-shirt DesignerOr you could upload your designs to online platforms like RedBubble and CafePress and then sell them on t-shirts and other items. Clothing DesignerYou could also get more in-depth and actually design and manufacture your own clothing line out of your garage. Toy MakerOr you could make handmade toys and sell them online or in local shops. Custom FramingYou could also create more of a custom service, where you offer to frame various items for customers in unique ways. Massage TherapyIf you’re trained in massage therapy, you could set up your own massage station in your garage. Clothing AlterationsOr you could have clients bring or send you their clothing items for tailoring or alterations. Data EntryFor those looking for a simple way to make money online, you could set up a garage office space and offer to perform data entry tasks for business clients. App DeveloperIf you’re knowledgeable about mobile technology, you could also start your own app development business where you create mobile apps for businesses or other clients. Software DeveloperOr you could develop more in-depth software programs for clients or to sell on your own. Business CoachYou could also use your business knowledge to help other entrepreneurs succeed by starting an online coaching business out of your garage. CarpenterIf you’re a skilled woodworker, you could also set up a workspace in your garage and use it to build wood items or work on custom projects for customers. BarberYou could also start your own barber or hairdresser business in your garage space. FloristOr you could use your garage as a place to create various floral designs to sell to customers. Car FlippingIf you have the capital to purchase vehicles for your business, you could also use your garage as a place to perform maintenance and updates so that you can later sell those cars at a profit. Source:https://smallbiztrends.com/2017/01/garage-based-business-ideas.html By Geri Stengel Prior to the Jumpstart Our Business Startups (JOBS) Act, advertising investment opportunities in private companies were banned. That all changed when the JOBS Act was signed into law but it required the Securities & Exchange Commission (SEC) to write the rules for three different ways private companies could raise money:
The floodgates haven’t exactly burst open for Reg CF. That’s been the case for all forms of crowdfunding but all are making slow and steady progress. “It will take education,” said Ron Miller, CEO of StartEngine, a crowdfunding platform, a website that allows companies to raise capital by exchanging capital for securities (equity or debt). People need to know about the opportunity, challenges and benefits of raising money through Reg CF and how to do it successfully. Having a social network and knowing how to market to it are key, noted Miller. Why Reg CF Long-time friends and colleagues Angela Lee and Jennifer Roe teamed to the tell the story of 12 people including Roe who lost on average 100 pounds each. The documentary was called ‘From Fat to Finish Line.’ Because the documentary went viral and they received lots of requests for resources, advice and support, Lee and Roe realized they could turn the momentum into a business. They decided to use a membership model. ReadMore:http://www.forbes.com/sites/geristengel/2017/01/18/how-your-small-business-can-raise-money-from-its-community/#20e692b95fed By Kwame Johnson Here are five really powerful books that I think can help anyone wanting to kick start 2017. How We Learn: The Surprising Truth About When, Where, and Why It Happens - Benedict Carey The book's promise is to help the reader understand how the mind learns, and share some practical tools and techniques, so that whether you are a student getting ready for the semester finals, or an adult trying to acquire a new skill, be it a physical or intellectual one, you can do it in a better way without beating yourself to death with not-very-efficient repetition and practice sessions. It achieves its goals: simple yet effective techniques that are the results of memory and learning research of the past hundred years are described in a very concrete manner. They are also contrasted with traditional approaches, often sprinkled with personal stories of the author during his school days. Any university or high school student can empathize with at least one of those personal stories, and this helps the book to have a strong connection with the reader. It is a very solid book with content whose principles can be applied to any business or are of life where one wants to create and have an iconic experience. I have to say that anyone looking for motivation need look into this book. Not motivation that comes in fancy fluff, but real motivation from accomplishing things by putting in the work. People who are not cleaners don't get it, but those who never put a name to it, will smile. Tim S. Grover's straightforward examples do not tell anyone what to do, but listening to the examples about the best, the unstoppable, the Cleaners, made me reevaluate my strategies. What he has crafted here is perfect. It is an encyclopedia of ideas one can use to add value and subtract weight from your life. It is two books in one as you read the literal piece and then read the metaphor within. This metaphor would have you reading a section on kettlebell swings as prescriptive for overcoming fear. In this way I think the Kindle version is essential for its search function. This is a great daily reader to remind leaders of important principles and ideals. I read this each morning at work and use it to provide a focus and goal for my leadership each day.Sometimes you just want to read the days ahead. Some of these pages are: Everyone influences someone (January 26) Passion increases willpower (July 23) Where people need patience from you (September 18) The power of collaboration (November 16) The title may imply that this is a blueprint for chronic busy-bodies, but what is at the core of the author's teaching is actually about removing roadblocks in order to have more open time for creativity and spontaneity. You aren't going to get a bunch of mystical and esoteric abstractions with this book. What you will get are concrete and testable actions that will help you get a handle on all of the things you want and need to do. This isn't just a book for business professionals or executives; literally anyone can apply these principles to their daily lives and see an improvement.
Source:http://www.builtincolorado.com/blog/5-books-i-recommend-every-startup-and-small-business-should-read By Dennis Schaal The global restaurant business is getting professionalized and wired-up in terms of its digital acumen and TripAdvisor is making a big move to further monetize its 4.2 million restaurant listings by launching a subscription service with added features for dining establishments. In so doing, TripAdvisor is taking a shot at what Yelp and Google, among others, are doing in their own efforts to wrangle advertising dollars out of restaurateurs. TripAdvisor already attracts plenty of restaurant advertising, which plays off free listings and 100 million reviews, but its latest foray, as distinguished from Yelp’s and Google’s, goes beyond a pay-per-click business model and offers restaurants extra services for a monthly or annual fee. TripAdvisor’s new restaurant subscription business, which was soft-launched in the U.S. and Spain in the fall but now goes global, supplements the dining reservation services provided by TripAdvisor’s The Fork and the Priceline Group’s OpenTable. At the same time, as Hotelmarketing.com reported 10 days ago, TripAdvisor added a new tier to its fee-based hotel Business Listings, launched in 2010, called TripAdvisor Business Advantage. The new service, with fees that are property-specific and based on volumes and market, is aimed at independent hotels. RESTAURANT AND HOTEL CONSUMERS HAVE DIFFERENT SHOPPING BEHAVIORSAlthough there are differences between the features and tools in the new subscription services for restaurants and hotels, both enable subscribers to pin the establishment’s favorite customer review of relatively recent vintage below the listing, and offer analytics about customers and trends. Business Advantage for hotels, available for an additional fee beyond the current annual charge, also enables properties to add a cover photo to their listing and gives added prominence on TripAdvisor to other management-provided photos. Restaurants will also soon get the ability to publish dynamic “storyboards” on TripAdvisor, a feature that could be especially useful on mobile, according to TripAdvisor officials. THE LOCALS DID ITHeather Leisman, vice president of industry marketing at TripAdvisor, says changing consumer behavior drove TripAdvisor to further monetize its restaurant listings, which will still be available for free, and also informs differences between the new subscription features for restaurants and hotels. “Restaurants snuck up on us,” Leisman says, as TripAdvisor saw engagement on its sites from both locals and travelers. Leisman says many consumers who search restaurants on TripAdvisor are ready to select an establishment or make a reservation so its subscription services have to foster rapid engagement and differentiation. “It has to happen in a much faster time in restaurants [compared with hotels],” she says. “On the mobile side, it is even more important.” That’s why the introduction of storyboards, which TripAdvisor characterizes as “a dynamic visual presentation that showcases a restaurant’s best features and delivers a powerful first impression,” will be coming soon, the company states. These features that TripAdvisor is rolling out globally don’t necessarily have much to do directly to do with TripAdvisor’s quest to become a hotel booking site because the company engages users at a variety of entry points, whether it is hotel or restaurant listings, destinations pages or metasearch. TripAdvisor has the ability to capture consumers at various junctures in their trip-planning and travel processes, from research to during-the-trip experience sharing, Leisman says. INCREMENTAL CHANGESThe various features in the new subscription services, as rolled out so far, aren’t game-changing but appear as incremental changes — and they seem especially suited to mobile.
These include pinned reviews and cover photos for hotel listings that emphasize what management wants to show consumers as a first impression in the restaurant or hotels’ appearance on TripAdvisor. These might provide improved marketing capabilities for restaurants and hotels but it is hard to see how these services improve anything for TripAdvisor’s consumers. Examples of restaurants that are new subscribers include Burger Shot Beer in Manhattan, Agust Gastrobar in Barcelona, and Fork and Flask at Nage in Rehoboth Beach, Delaware in the U.S. Hotel subscribers of the Business Advantage service range from Hotel Las Americas Torre del Mar in Cartagena, Colombia to Hotel Weber Ambassador Capri in Capri, Italy, and Amertha Bali Villas in Indonesia. TRIPADVISOR SUBSCRIPTION BUSINESS WILL GET EVEN BIGGERSubscriptions are already a big business for TripAdvisor. In its financial results, TripAdvisor lumps TripAdvisor-branded display advertising with subscriptions and together they are a $200 million annual business. In the third quarter of 2016, this business line accounted for $73 million in revenue, or around 17.3 percent of the company’s total revenue. That $73 million in the third quarter isn’t far behind TripAdvisor’s non-hotel category, including restaurant advertising and reservations (but not subscriptions), vacation rentals, and tours and activities. TripAdvisor’s LaFourchette, or The Fork, currently has about 38,000 bookable restaurants in 12 countries, mostly in Europe. TripAdvisor also uses OpenTable for restaurant reservations and this gives TripAdvisor a lot more coverage. TripAdvisor officials say its restaurant business, which counts 4.2 million listings and some 100 million reviews, is bigger than Yelp’s overall. With the addition of restaurant subscriptions, plus a premium service for hotel subscriptions, you can expect TripAdvisor’s subscription business to grow. How much remains to be seen. Leisman concedes that the analytics feature that TripAdvisor provided to hotel subscribers in the past didn’t necessarily meet their needs. The analytics and data for hotel subscribers couldn’t be downloaded, were static and and was “like hooking them up to a firehose and expecting them to be able to drink,” she says. The enhanced analytics suite that comes with the premium hotel subscription is more dynamic and includes “trending data,” Leisman says. TripAdvisor is making the argument to restaurant and hotel marketers that scale begets scale when using TripAdvisor’s services. “In simple terms, a network effect occurs when a product or a service becomes more beneficial to its users as more people use it. In other words, it is a virtuous circle of growth: supply drives demand, which creates more supply and so on, and all the while the product or service becomes increasingly beneficial and integral to the lives of its users,” TripAdvisor states. These new subscription services for restaurants and hotels are geared toward smaller companies, many of whom are often cash-strapped and don’t have big marketing budgets. They’ll have to determine whether they have the bandwidth and find the services useful enough to hop on board. ReadMore:https://skift.com/2016/11/23/how-the-founder-of-hearken-is-disrupting-the-field-of-journalism/ By Greg Sterling TripAdvisor is enhancing its suite of tools and subscription-based ad products for both hotels and restaurants. The two programs are “Business Advantage” for hotels and “TripAdvisor Premium for Restaurants.” Both offerings give hospitality and restaurant marketers new capabilities and greater control over their listings. Effectively, they’re enhanced listings. Basic listings remain free. The Business Advantage program enables hotels to feature a “favorite review” near the top of the profile page. The hotel also gets the ability to present their “best photos” and present “cover photos” for each album on the hotel profile page. There’s also a beefed-up analytics suite “with extensive traveler, engagement and competitor data.” TripAdvisor Premium for Restaurants offers some similar capabilities. Restaurants get to post a favorite review near the top of the page. They also receive an enhanced analytics package and live phone support. A coming-soon feature is called “Storyboard,” essentially a photo carousel. TripAdvisor says Storyboard “will enable restaurants to turn their static photos and reviews into a dynamic visual presentation that showcases a restaurant’s best features and delivers a powerful first impression to new customers, as well as a reminder for why past customers should dine again.” The pricing for these enhanced listings products is fee-based (although there’s a quasi-performance formula for the restaurant offering based on traffic). TripAdvisor offers both PPC and subscription-based advertising. The company claims more than four million restaurant listings and 100 million reviews on the site. In the third quarter of 2016, TripAdvisor announced revenues of $421 million, roughly 17 percent of which is based on subscriptions. Total revenue for 2015 was $1.5 billion. The company originally drove leads to hotel sites but has recently added direct hotel booking and has been aggressively building out non-hotel content. Globally, the site claims nearly 400 million monthly uniques Search Engine Land's SMX West is returning to San Jose in 2017! We're celebrating 10 years of providing proven tactics, networking, industry-leading vendor solutions and demos, and top notch conference amenities to hard core SEOs and SEMs. If you're looking to feed your obsession with SEO and SEM, then make it a priority to attend SMX West in March. We guarantee your investment will be worth it. Past attendees rave about SMX West, and so will you! Register today!
Source:http://marketingland.com/tripadvisor-adds-new-enhanced-listings-features-hotels-restaurants-203695 |
Marcus Guiliano
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March 2020
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