Increase Lead Generation by 126% through Effective Blogging

Increase Lead Generation by 126% through Effective Blogging

 

The ability to create share-worthy content on the web has revolutionized the way businesses market to customers. Who would have guessed the ‘weblog’, started roughly twenty years ago, would be the wonder we know today as ‘blogging’. Content creation and blogging have become the most popular marketing strategies for businesses across the globe, and with good reason.

You Can’t Beat the Statistics

 

Did you know that the businesses that blog get their monthly leads rise by 126% more than those who don’t?

Blogging may seem daunting and time-consuming, yes, but the benefits you’ll reap are definitely worth your efforts. The truth is, the only thing your blog will ever cost you is time. Blogging is cost effective and one of the leading Inbound Marketing strategies today. More and more people are using blogs as a trustworthy source of information. In 2014, blogs were rated the 5th most trusted source for accurate online information.

 

ONLINE SERVICES CONSUMERS MOST TRUST

  • News Sites 51%
  • Facebook 32%
  • Retail Sites 31%
  • YouTube 29%
  • Blogs 29%
  • Google+, Groups/Forums, Online Magazines, Brand Sites 21-26%
  • Twitter, Pinterest, LinkedIn, Instagram 4-15%

 

Today, experts believe the ranking is much higher and will continue moving in this direction.

Companies that blog receive 97% more links to their website.

That’s a pretty good reason to start blogging right now! Inbound links are key to optimizing growth and traffic to your website.

Marketers who prioritize blogging are 13x more likely to enjoy positive ROI. The more you blog, the more traffic you will get to your website. The more traffic you have to your website, the more leads you have and more potential sales. Win, win!

The average company that blogs generates 55% more website visitors and 434% more indexed pages. Wow! Another great reason to get started on your business blog.

Companies that blog receive 55% more traffic than companies that don’t. Over 50% more traffic because of a blog that does a lot of the work when you’re resting your head and not even working.

B2B marketers that blog on a regular basis receive 67% more leads than those who do not. Blogging on a constant basis will drive search engine traffic, bringing more traffic to your website and in turn resulting in more sales. New blog posts tend to rank higher in search engines over older posts, so keep your blog fresh and up to date!

Turn Challenges into Leads

 

According to HubSpot, 63% of marketers say generating leads and traffic is one of their greatest challenges. This is understandable as consumer habits change rapidly and part of successful marketing includes staying ahead of the curve, knowing what your customers are looking for and what they really want.

As a part of Inbound Marketing strategy, blogging and content creation is specifically designed to generate leads. The importance of generating leads is detrimental in business growth and success, because as we know low sales is one of the leading causes of small business failures. If you aren’t generating leads and driving traffic to your website, you will have low sales.

Content is Key

 

Blogging is not just a great way to reach potential customers, it’s also an opportunity to build relationships with current customers. If you’re putting out shareable content that your customers trust, you won’t just have returning customers, you’ll have ambassadors to your brand. Brand ambassadors are likely to share content on a regular basis and therefore your content will reach more people.

Online shoppers often research and visit a website several times before making a purchase. They want to know what content is on your website and they want to know they can trust not just what you’re selling, but also what you’re posting.

Consistency is also key and can drive even more traffic to your website if you’re blogging on a daily or weekly basis. You must also keep in mind the content itself is ultimately what’s important. Putting out relevant content when you can rather than half-decent content daily is much more important and will have a bigger impact on your audience.

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Please share them in the comments section below for us and our audience to read and benefit!

 

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Why do Small Businesses Fail: Top 10 Reasons and Best 50 Solutions

Why do Small Businesses Fail: Top 10 Reasons and Best 50 Solutions

Why do small businesses fail?

 

The sad truth is that most small businesses will fail.

In most countries (including the US and UK), more than half of newly created enterprises fail within the first five years (business failure statistics according to OECD Entrepreneurship at a Glance Report 2016 and Eurostat).

 

EU Business Survival Rate

One, three and five-year survival rates of enterprises in EU (2014) © Eurostat

 

New business failure rates are high.

Small businesses around the world are failing for the same set of reasons, even as you read this article.

We think you’ll agree: that sounds pretty frightening for every (soon-to-be) entrepreneur.

 

Or does it?

 

Well, as it turns out, knowing the major small business failure reasons in advance, or at least sufficiently early, can be life-changing.

 

This in fact can save your new business from failure.

 

And this is exactly the rationale behind this comprehensive article.

 

Here, we outline 10 major small business failure reasons, and provide 50 actionable solutions against potential failure.

 

And the best part?

 

Most of them are ready to implement, starting now!

 

Ready?

 

So, what are the primary causes of business failure and what can you do about them?

 

Let’s dive straight in.

 

Sections:

 

  1. Low Sales
  2. Lack of Experience
  3. Insufficient Capital
  4. Poor Location
  5. Poor Inventory Management
  6. Over-Investment in Fixed Assets
  7. Poor Credit Arrangement Management
  8. Personal Use of Business Funds
  9. Unexpected Growth
  10. Competition

1. Low Sales

 

This is a catch-all for many small business failures.

So what’s the problem?

Pretty straightforward: low sales is probably the shortest way to business failure.

Obviously, there are some reasons behind low sales volume.

Sometimes this can be a poor marketing strategy, not enough spent on advertising, a complicated process for customers to purchase the product, low production rate, and so on.

One of the classic reasons for low sales is not enough funds being allocated to marketing. Too many businesses fail to put sufficient funds to adequately promote their products or services.

Needless to say, to avoid issues of low sales all aspects of marketing and manufacturing will have to be considered.

 

Solution 1.1: Proper planning =  Higher chances.

 

Let’s be honest, most of the sucesfful businesses are built on meticulous planning. Very seldom spontaneous projects turn to profitable businesses.

You’ve probably heard the advice a million times, but proper planning is indeed critical.

This perfectly applies to your sales.

Before acquiring the loan to start your business, it is important to predict the necessary amount of sales needed to sustain the company once the loan becomes due.

A similar planning is also required when you start a business with your own money.

When the projection is made, it is important to tailor everything else to match it (your expected burn rate, marketing, finances, etc.).

Although it is impossible to predict the exact sales volume, it is still wise to be prepared for the worst scenario.

 

Solution 1.2: Reinforce your sales & marketing techniques.

 

Here’s the point:

Attracting enough sales depends on how you are marketing the product or service.

Successful businesses constantly seek to run their marketing at full speed and convert as many leads as possible, often at an increasing pace.

Business milieu rarely forgives any slack. You probably won’t survive if you fall behind.

Yes, it maybe a little sad.

But it’s true.

 

So do not lag behind!

 

Rethink your sales & marketing. Clear them up of all garbage.

Unnecessary stuff slows you down while you barely notice this.

Try to identify the weakest parts of your marketing & sales process, which are holding you back and providing none or very limited results.

Once you know what they are, immediately get rid of them.

You may later substitute those parts with entirely new practices, methods, tactics, and strategies.

 

The whole idea here is to:

1. clear things up;

2. keep testing with existing and new material;

3. leave only those things that bring tangiable results;

4. Repeat 2 and 3.

 

Pro tip: Never stop testing. Try to beat your best methods, tactics, and strategies with the new even more effective ones.

 

 

Solution 1.3: Get maximum sales on each customer (probability of sale as high as 70%!).

 

Here’s the thing.

You probably already know that a new customer costs significantly more than existing customers.

Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.

At the same time, according to Marketing Metrics there is only a 5-20% probability of selling to a new prospect, while chances of selling to an existing customer are between 60-70%.

 

Your existing customers are at least 3 time more likely to buy from you.

 

%

New Customer

%

Existing Customer

 

All you have to do is to take this chance.

We recommend starting with upselling and cross-selling to see if they work for you.

To get off the ground, you can check how other businesses are already using upsell/cross-sell to increase their revenue.

Not grabbing the chance to sell more to your existing customers is missing an opportunity.

 

And opportunities shouldn’t be missed.

 

Remember: lost opportunity harms your business and contributes to failure.

So, it’s important to tap into every opportunity that your existing customer base provides you.

If you already have a client database in place, why not use it to increase sales?

Here are some tips to help you leverage customer data.

 

Solution 1.4: Effective Pricing.

 

Underpricing?

 

Overpricing?

 

Those are questions that haunt many entrepreneurs.

 

Picture this:

The influence of pricing strategy on sales volume is tremendous.

 

Before we go any further, just check this out:

 

 

Impressive?

You bet it is!

 

Pricing is art. Pricing is science.

Right pricing is hard.

 

But one thing’s for sure:

Pricing always deserves a focused approach.

 

The right pricing strategy can enhance sales volumes, laying the foundation for a business that will prosper.

Get it wrong, and you may end up with problems that will drag down everything you’ve built.

So, it’s probably a good idea to review your pricing strategy.

Try out different pricing methods and techniques that are available to you.

Stick to what brings you more profit.

 

Read these articles on pricing and pricing psychology for further guidance:

 

Solution 1.5: Do not squeeze your marketing budget, unnecessarily.

 

Marketing is something everyone wants, but no one wants to pay for.

The key is to approach this issue in a slightly smarter way. Understand this, slashing your marketing budget without good reason means cutting off opportunities.

 

Unnecessary cuts of the marketing budget means cutting off the opportunities. Click To Tweet

 

 

Which is not to say that rationalizing a budget isn’t a good idea. But it’s not the marketing budget that should be cut, it is individual toxic marketing elements that must be out of it.

Those are two entirely different concepts.

 

Solution 1.6: Collect customer feedback and use it to increase sales.

 

This cannot be over-emphasized, since customer feedback is globally accepted as critical for business.

Customer feedback can help you in many ways by providing actionable insights to create a better customer experience. Tangible data from customers can be used to make better business decisions.

If utilized effectively, customer feedback will help increase sales.

Consider this, for a second:

 

  • Dissatisfied customers 4%
  • Customers who do not voice complaints 96%
  • Customers who will never come back 91%

 

Customer feedback is essential.

The constant dialogue with people for whom you have designed all you efforts looks just natural.

If you do not know where to start, try the five easy ways of collecting customer feedback from Salesforce and see how you can increase your sales with the newly acquired data.

 

Solution 1.7: Overdeliver.

 

Overdelivering is a part of the more general concept of exceeding customer expectations.

This is a powerful way of stable sales growth and is backed by human psychology (“happiness = reality – expectations” principle).

 

Happiness = reality – expectations Click To Tweet

 

An incredible experiment has been done on this by Elliot Aronson (University of Minnesota) and is available here if you want to explore this phenomenon further.

 

One thing is pretty clear: people (a.k.a. customers) like it when you exceed their expectations.

 

People (aka customers) like when you exceed their expectations. Click To Tweet

 

This works, and many businesses have successfully proved it. So, when your sales are floundering, try overdelivering.

Here is an excellent guide by Shopify on this topic. Start implementing it right away.

2. Lack of Experience

 

This is a generalization of sorts, but not having the experience of managing the grind of a small business is one of the primary reasons for failure.

Those who have the relevant experience usually understand the daily challenges that a small business faces. More importantly, they are more likely to spot potential trouble in time to make course corrections.

Of the small businesses that succeed, many are run by people with previous business experience (including failed business attempts), whether it was their own venture or assisting someone else with a startup.

 

What it means is this:

The more business experience you have, especially with running the daily operations, the more likely you are to succeed.

 

Which is not to say that you can’t hit the bullseye with your first try.

 

Well, that’s fair enough, but…

 

What specific options are available, for you to start and run a business with no prior experience?

 

Let’s take a closer look.

 

 

Solution 2.1: The easy way – start a business in a field that you already know.

 

This is a no-brainer.

The good business idea is not always something red-hot. So, do not torture yourself trying to come up with a revolutionary business idea.

There are always some business opportunities out there in almost every field (including yours). Most of them are pretty straightforward and time-tested.

You might just pick the one that looks most promising and closely related to your unique experience.

The next step would usually be validating the idea, and once that is done you are ready to initiate the process of setting up your business.

Starting your new business in a field that you are already well versed in will provide you with a nice starting boost and probably a valuable competitive advantage.

If you want to make your life easier and the probability of failure lower, then it is an excellent idea to start a business that suits your expertise.

 

 

Tip:

In case you can’t find a business idea that appropriately matches your experience you can try asking yourself the following simple questions to find one:

  • What is my biggest knowledge that makes me different from others?
  • What skills I have developed that no one or very few people can have?
  • What other experience I have that no one else have?
  • Can I use those experiences to build something special for other people?

 

This may seem elementary at first glance, but it is a powerful technique to understand your unique experiences and discover specific business opportunities that are open to you.

 

Pro tip: Used in conjunction with our Business Idea Ranking Table, this strategy can bring you fantastic results.

(For full guidance on how to use the Business Idea Ranking Table read our Ultimate Guide on How To Start a Business)

 

 

Solution 2.2: Learn as much as possible.

 

If you have already started a business or decided to go with a business idea in an industry that you have no previous experience of, then the best solution might be to study things and learn as you go.

Educate yourself as much as possible. Education has a positive correlation with business success rates.

 

Education has a positive correlation with business success rates. Click To Tweet

 

Research all ins and outs of your particular business field and the industry it’s part of.

Meet as many people as you can and read/listen as much as you can about the industry to have a broad understanding of the field and get up to speed quickly.

Apart from industry-specific insight, you also need general business knowledge to compensate for the lack of experience.

As a quick yet effective solution, we recommend reading the Personal MBA by Josh Kaufman.

 

 

Solution 2.3: Find a mentor.

 

A good mentor is an invaluable asset in business. Even the most successful entrepreneurs have had a mentor.

You might do as well.

Try to find a mentor for free on SCORE (US) or Mentorsme (UK). Alternatively, contact your local small business organizations for mentoring if your business is located elsewhere.

 

SCORE - Free Small Business Advice

SCORE is a non-profit organization dedicated to helping small businesses through education and mentorship.

.

3. Insufficient Capital

 

Believe it or not, but…

Perhaps the most common mistake that people make when starting up their small business is not having enough money on hand.

All too often, the money used to start the business does not last long enough for the company to make any profit.

This is particularly true when a large loan is used to get the business started.

With no/poor business planning/management it’s easy to run out of cash before the business starts bringing in enough revenue to keep it alive.

When a business runs out of cash, it rarely survives.

 

Solution 3.1: Get at least 25% plus capital before you start.

 

Every small business/startup ought to have sufficient capital to get the business through the first six months, and often longer, depending on the overheads that need to be paid.

So, calculate how much you will need to pay over six months (or a year) and add extra 25% for unexpected expenses.

More is better here. Cash is the lifeblood of business.

 

Cash is a lifeblood of business. Click To Tweet

 

 

The larger the capital you have available, the more time your business will have to prove itself and start generating revenue.

 

Solution 3.2: Understand your finances.

 

Seriously, do it now.

If you have already started your business, the sooner you understand your finances the better your off business will be.

Along with sufficient start-up capital, it’s pretty important to know what you are doing.

Depending upon your approach, your capital may drain away quickly or last longer.

Master this part, starting today.

Reading the Personal MBA by Josh Kaufman, the business book we have mentioned above should be a good way to start. The book has a chapter dedicated to Finance, which outlines the finance fundamentals quite comprehensively. You can just start right away with that.

Understanding the basics of finance before you actually start a business is essential.

It’s often not too late to catch up when you already have an operating business and it has not failed yet.

 

It is material to understand the basics of finance before you start a business. Click To Tweet

 

 

Solution 3.3: Watch your burn rate.

 

To get the most out of your available capital, it’s important to watch your burn rate.

Reliable and right accounting helps to effectively manage your finances and directly influences your use of funds.

The key is to reach a balanced rate of spending, according to a research paper titled Startup Survival and a Balanced ‘Burn Rate, co-authored by Wharton marketing professor Ron Berman and Pablo Hernandez.

To dig even deeper and get your burn rate balanced we recommend reading this.

 

Solution 3.4: Establish reliable accounting (bookkeeping) system.

 

Reliable and right accounting helps to effectively manage your finances and directly influences the usage of your funds.

No doubt about it.

Handling the accounting (bookkeeping) on your own (even for the first few months) might look like a great cost-saving idea, but it rarely is.

We believe that accounting (bookkeeping) can properly be managed only by professional accountants/bookkeepers.

Depending on your circumstances, you might hire an in-house accountant or outsource this. The point is, the accounting part of business needs to be consciously delegated.

With professionally managed accounting (bookkeeping), in the long run you’ll save time and money, and prevent ulcers.

Even more, you’ll make sure that finances flow in and out in a structured and transparent manner.

This is absolutely vital to help you make the right decisions.

For even more flawless accounting you can use accounting software.

Below are some, check them out:

Wave Accounting
QuickBooks Accounting Software
Xero Accounting Features
FreshBooks Cloud Accounting

 

Solution 3.5: Avoid bad and unfamiliar financial mechanisms.

 

Financial mechanisms look attractive. They lure business owners and seem to be a good option to solve any capital related troubles.

However, not all of them are innocuous.

Any money that has been provided in the form of a loan inevitably turns to debt.

The debt coupled with disadvantageous conditions may easily lead to disaster.

Bad and/or poorly arranged financial mechanisms must be avoided by all means.

The best solution is to refrain from the use of any financial mechanism unless you are 100% sure of what you are letting yourself in for.

 

4. Poor Location

 

Let’s face it.

Although this is not about all types of business, location is often something that makes or breaks your business.

 

Location is often something that makes or breaks your business. Click To Tweet

 

 

It’s all about the location, especially when your business caters to local customers.

You may have noticed that the good locations cost considerably more than out-of-the-way areas in your community.

This requires careful research on your part when it comes to choosing the right place for your business.

Prime real estate is expensive as it’s a key driver of foot traffic and sales.

If you have already chosen a not-so-good location or simply can’t afford a good one, then try to compensate for this weakness by adopting appropriate actions.

 

Solution 4.1: Choose the right location from the outset.

 

When choosing the location for your new business pay attention to the following factors:

  • Rental Cost
  • Foot Traffic
  • Convenience
  • Crime Rate in Neighborhood
  • Target Consumer

 

You need to be where your best customers can find you.

This means having an easily accessible location even during rush hour.

Plus, an area that generates a good amount of foot traffic and is considered safe by the public.

Falling in love with a particular place is easy. But do not get fooled by your emotions.

Ignoring the real world may lead to subsequent financial loss.

To avoid this scenario, we suggest using the simple ranking table.

People often overlook the power of ranking tables, whereas they are highly reliable bias filters. 🙂

Below is the very basic ranking table that you can use for the purpose of finding the best available location for your business:

 

Business Location Ranking Table

 

While using the table, it is mandatory to base your numbers on hard facts only.

Ignore your unfounded inner voice/opinion.

The solid facts and numbers are real.

Anything else that has no reasonable grounds is often just plain illusion.

Illusions do not interact with the real world.

 

Pro tip: To achieve the best results you can slightly modify the ranking table by including additional industry-specific criteria and/or sub-criteria.

 

 

Solution 4.2: Go online.

 

In a modern world online by default means great location. Having an awesome website/online presence in addition to your physical location is a beautiful thing.

 

Awesome online presence in addition to your physical business location is a beautiful thing. Click To Tweet

 

 

With each coming year, online matters more than anything that mattered before.

If your business suffers from poor location, going online can save you from probable failure.

Try to compensate (or complement) the drawbacks of your location with available online opportunities.

 

Want to know the best part?

According to a survey by Clutch, nearly half of small businesses in the US do not have a website!

Another research by Godaddy & Redshift Research shows that in Australia, Brazil, Canada, India, Turkey, United Kingdom, and United States 59% of small businesses don’t have a website. We assume that this number is somewhat equal or even higher in other countries.

Obviously, small businesses around the world aren’t fully utilizing the internet.

 

 Survey question: Does your company have a website?

  • Yes, since 2014 or earlier 41%
  • Yes, since 2015 13%
  • No, but plan to in 2016 17%
  • No, but likely in 2017 or later 7%
  • No, unlikely in future 12%
  • No, neither likely nor unlikely in future 10%

Data source: Clutch

Some of the respondents are your competitors.

Needless to say, even a basic website means a quick win over at least part of your competition.

The best thing you can do today is to create a website (if you still do not have one). The rest will follow.

Just make sure that you constantly keep working on your website/online presence and that you devote the time, effort and budget for this to start bringing results.

 

Solution 4.3: Maximize your signage.

 

According to International Sign Association – Your sign is your voice on the street.

Just imagine:

The powerful marketing tool working for you 24 hours a day, 7 days a week, 365 days a year.

 

Did you know that…

Only 1% of first-time customers come in because of your TV ad and 50% come in because of your sign?

 First-time customers coming in because of:

 

 

%

Sign

%

Word of mouth

%

Newspaper, Yellow Pages & Radio

%

TV ad

 

The number of exposures that a good signage can bring is insane.

What we also like about the signage is the durability. A one-time investment made in a proper signage that requires no further effort from your side can deliver years of non-stop marketing.

Do not underestimate the power of signage. Get the most out of it.

 

 

Create your signage based on the following:

  1. Compelling color
  2. Contrast for readability
  3. Size

 

 

For further guidance on signage and its economic value, see ISA and a handbook on how on-premise signs help small businesses tap into a hidden profit center by New York Small Business Development Center.

 

Solution 4.4: Understand if your location is indeed bad.

 

Sometimes, when your business is not performing well enough, you might see the location as the number one reason.

However, this might be a hasty conclusion.

Before making this kind of verdict, reanalyze your business performance.

First, try to push harder with your marketing channels and other available options to improve the business results.

Try to clear things up and see if your location is actually what is holding you back.

Nine times out of ten you will realize that there are untapped opportunities that you did not use previously.

It’s helpful to get customer feedback while running your marketing at full speed. Survey your existing clients to get to know what they think about your location.

In case it becomes apparent that your business location is doubtlessly wrong and there is nothing you can do about it – move to the Solution 4.5.

 

Solution 4.5: Change your location.

 

Sometimes, the business location is chosen so badly that spending extra energy on it makes no sense. So, if none of the methods listed above improve your business results – change your location.

Do not throw good money after bad, and do avoid a widespread escalation of commitment pattern.

5. Poor Inventory Management

 

Let us be brutally frank:

Too many businesses either overstock on products that do not sell or do not have the products that are selling.

The good news is, thanks to new methods of inventory management, you can significantly improve your systems and keep track of what you sell virtually in real time.

So let’s get down to it.

 

Solution 5.1: Set up your inventory tracking system at the outsetfrom the start, and check it daily to see what is moving and what isn’t.

 

By taking a few minutes out of your day to keep track of the inventory, you can increase your sales and stop wasting money on stocking items that sit on the shelves.

The successful businesses take inventory management seriously.

A properly set up and regularly monitored inventory management system positively influences the business.

Being systematic is important to ensure that the process is uninterrupted and under constant control.

 

Solution 5.2: Test and improve.

 

Even if you have some inventory management system in place, it’s still a requirement to maximize its efficiency by researching and testing new methods continually.

Some approaches may seem good at first glance, but they won’t necessarily work for you.

So, you basically need to try things out to see how they work for your business.

Find something that seems a likely fit, stick to it and keep improving it on a constant basis.

Once it has proved to be successful, try to automate the whole inventory management process.

To start, you can check these 3 popular inventory management techniques explained by Fishbowl:

 

 

…and this infographic from Tradegecko:

 

Inventory Management Techniques

 

Solution 5.3: Automate.

 

Once the successful systems have been created, try to automate them as much as possible.

This will provide you with many added benefits including speed, real-time analytics, low costs and fewer manual errors.

Automation can be successfully achieved with inventory management software, so let’s move to the next solution.

 

Solution 5.4: Use inventory management software.

 

Consider using inventory management software for automation, higher performance and faster growth.

If chosen carefully and correctly, good inventory management software can help you in many different ways including saving time, selling more and providing better control over the whole process.

There are many online inventory management solutions out there. Choosing the right one is again a matter of testing.

To start, you can check these online solutions to see if they work for you:

Tradegecko
Unleashed
Megaventory

Solution 5.5: Hire inventory control personnel.

 

If your business is too dependent on inventory management, then it can be a good idea to experiment with hiring specialized inventory control personnel.

This might look like an unnecessary cost at first glance, but investing in your inventory management team may prove itself in the long run.

 

Solution 5.6: Make inventory checks more frequent.

 

When you experience difficulties with inventory management, then it makes sense to make inventory checks more frequent.

This will help you to anticipate and detect problems faster and cure them accordingly.

6. Over-Investment in Fixed Assets

 

By investing too much in fixed assets, you lack the flexibility to make the necessary changes as your company grows.

Fixed assets need to be rigorously researched in terms of what is necessary to invest in and not spend anything more so that you do not overcommit.

There are many aspects of running a business that require having the funds available to make necessary changes. Putting too much into fixed assets compromises your control over your finances and exposes you to greater risk.

 

Solution 6.1: Understand your objectives.

 

Investment in fixed assets should be laser focused on your business goals.

Unnecessary purchases are not something that a truly promising business should tolerate.

Invest in a fixed asset only after you fully understand your objectives.

Make sure you have this matter covered in your business plan (this involves an in-depth research on the topic before you make the actual investment).

 

Solution 6.2: Get (expert) advice.

 

Refer this question to your business mentor if you have one, or alternatively try to speak to someone with practical industry experience.

In the real business world, lots of things cannot reasonably be foreseen or predicted before you actually dive in.

That is where people with relevant experience can help. They can provide you with helpful insights on industry-specific fixed assets.

It’s very easy and typical for a small business to fail for this reason. Thus, the external point of view on fixed assets is often critical for building a successful business. If done right this will save you from failure or at least mitigate the business failure risks.

Generally, the value of unbiased business advice is often discounted by business owners.

It’s a fact that you never know what kind of information you’ll get from others until you go and ask them.

Just take this as some sort of competitive advantage.

Go and ask what people know and think. Then simply use the information you get for the benefit of your business.

 

Pro tip: Filter any information you get from people, including your highly-trusted sources. Always distil the information through your innate common sense, intelligence, knowledge, and personal experience.

The business and industry knowledge that you’ve possibly managed to acquire already comes to your help here.

If have no proper or prior knowledge, then refer to the solutions provided in the first section of this article (Lack of Experience).

 

Pro tip 2: Do not limit your sources only to people you know in real life. Leverage the power of online communities. Ask questions on Reddit and Quora and get to know what a broader audience thinks.

 

Remember to be highly specific to get the useful feedback.

Include as many details as possible in your questions. Broad messages are likely to bring similarly vague and general comments that are usually not helpful.

 

Solution 6.3: Invest in innovative and latter-day assets.

 

Fixed assets can be different.

Time flies, and often the best thing that was out there a month ago, can be already outdated today.

So, try to come up with the most up-to-date, long-lasting, efficient and flexible fixed assets. Along with cost also look for durability, quality, liquidity and other relevant factors. Invest some extra resources now (such as more research and time) to realize long-term benefits.

Consider different alternatives and try to pick the best.

Every right decision you take today keeps saving you pennies in the long run.

The small things tend to accumulate over time.

So, this usually translates into higher winnings with the passage of time.

 

Small things tend to accumulate over time. Click To Tweet

 

Solution 6.4: Invest in liquid fixed assets.

 

You must admit the probability of things going wrong.

At some point, you might want to sell your fixed assets for any reason.

So, it makes sense to invest in the most liquid assets that are available on the market at the time of purchase.

This will make your life a lot easier if something goes wrong, and it can help to redeem your business from potential failure.

 

Solution 6.5: Stick to your business plan

 

A clear-cut business plan shall cover the fixed assets part.

If you don’t have a business plan, then read our article on How to Start a Business to write a good one.

Once you have a reliable business plan make sure you actually stick to it.

This will help you to stay within the reasonably defined investment limits.

7. Poor Credit Arrangement Management

 

This can manifest itself in different ways from not qualifying for additional loans, mismanaging funds, or failing to see the higher interest rate associated with poor credit.

For those who are starting up a small business and taking out loans, the interest rate will often be based on credit rating.

A single percentage point adds up to hundreds, if not thousands of dollars in extra expenses that do not go towards helping your business get off the ground.

The credit rating is the backbone of your loan acquisition efforts. It needs to be as strong as possible so that you can get the best interest rates. It helps if you can raise money from other sources to keep your borrowing down to a minimum.

In any event, the arrangement management you apply to your credit will play a significant role in the success of your small business efforts.

 

Solution 7.1: Do not handle credit arrangement on your own.

 

If you are not a financial professional then handling your credit arrangements on your own is not the best idea.

Credit mechanisms can be different and they are often hard to understand or manage.

Therefore, it’s highly recommended to seek advice from an external financial advisor or your mentor before taking any loans.

 

Solution 7.2: Try to avoid credit where possible.

 

Although credit gives you a nice boost, you still have to repay the money.

If you are not sure that you will effectively use the instant access to an increased purchasing power that credit entails, simply do not take it.

Don’t arrange any credit that you do not really need.

Even too much funding can harm your business.

Nine times out of ten you need less money to start your business than you might think.

Don’t make the mistake of borrowing money to fuel your business for the next five or ten years – usually you only really need enough money to make progress this year (plus 25% for unexpected expenses).

In other words, avoid credit where possible!

Building a business without getting involved in any sort of credit may take more time and effort, but running a self-sufficient business that does not need to pay anything out is a beautiful thing.

 

Self-sufficient business that does not need to pay anything out is a beautiful thing Click To Tweet

 

Solution 7.3: Consider other available financial mechanisms/tools.

 

Although the small business loan is probably the safest way of funding your business, there are still a few other financial mechanisms that might work even better.

In case you reasonably need extra capital don’t immediately go for a standard loan. Instead, research the other available funding options and go with something that matches your situation the best.

8. Personal Use of Business Funds

 

Admit it.

Too many business owners are tempted to take money out of their business accounts and spend them for their own use.

Given that the failure rate for small businesses is tied directly to how they spend their money, any of it that goes for personal use is taking away from the bottom line.

Tight management of the funds is crucial, especially in the first year of business. Therefore, there should not be any funds diverted for personal use during this critical time. Once the profits start rolling in and the loans have been paid, then you can reasonably reap the rewards of your efforts.

 

Solution 8.1: Make a clear distinction between you and your business.

 

Your business and you are separate (often physical and legal) entities. So, the funds your business owns is not the money you own unless those funds are duly transferred to you (as to a legitimate business owner).

Although it’s slightly hard to make this distinction when you operate as a sole trader, it is still very important to understand this.

Your business is not you; it just operates for you.

If you mix things up, then chances are that you’ll hinder your business instead of helping it.

So, make a rule to take any money out of your business only when it is financially and strategically justified.

 

Pro tip: On the contrary, throwing too much money into your business for no reason can be another potential mistake. Do not subsidize your business for no solid reason. Avoid investing extra cash to diminish its deficiencies.

Your business must stand on its own feets and become self-sustaining.

Accurate business data is critical in making the necessary improvements.

Too much help may cause subsequent failure.

 

Solution 8.2: Keep separate accounts.

 

Keeping your personal and business accounts separate will help you to not mix things up.

Below is the video by Nina Kaufman explaining why mixing your money is not a good idea:

 

 

Solution 8.3: Follow your procedures.

If you have specific procedures or rules for taking money out of your business – follow them.

Even if there are no penalties for the violation.

In case you do not have any procedures, but feel like it might help you – create them.

No need to make something fancy here. Even the most basic and straightforward procedures/rules may work.

In the end, it’s not the procedure itself but the compliance that matters.

 

Solution 8.4: Make sure all transaction between you and your business are at arms-length.

 

As you have separated your own personality from your business, now all transactions between you as an individual and your business as a business entity must take effect at an arm’s length.

This is important to ensure that the big picture of your business is not irrationally distorted.

 

Solution 8.5: Pay yourself a reasonable salary.

 

Pay yourself a reasonable salary that suits your business position.

Take money out of your business in the form of dividends instead of a salary or vice versa depending on your tax and financial situation.

Make sure that in all cases your salary is rational.

%

Failure rate for the fastest-growing companies in the US

Unexpected growth can destroy your business.

Do not repeat the mistakes made by Starbucks, Krispy Kreme, Pets.comCrumbs Bake Shop, Wise Acre Frozen Treats and others.

While many small business owners would love to have the problem of too many people purchasing their products, it can create the unusual situation of not earning enough money to expand the business to cover the additional demand.

This is particularly true for manufacturing firms that must purchase new equipment and add new space to keep up with the sales.

This is more of a business model issue, in the sense that most planning revolves around projections for a steady growth in sales.

If the demand should spike unexpectedly, it puts the business in the unusual situation of not having enough capital to expand and meet the demand.

 

Solution 9.1: Define if the unexpected growth is temporary or long term.

 

It is best to simply work with what you have as long as possible to see if the spike is temporary or long term before making any decision.

If this is a temporary phase, then the necessary adaptation should also carry an interim character.

You have to be able to return quickly to your previous state without negative consequences.

 

 

Solution 9.2: Get prepared by educating yourself and educating/empowering employees.

 

If it’s clear that the growth is dependable, then you might consider investing more resources to adjust to it on a long-term basis.

Probably the best thing you can do is to educate yourself and your employees about the upcoming changes. This will save you from adverse effects that the adjustment can bring to your business.

Jumping into rapid growth without being well prepared, or even worse without really knowing what exactly you are doing can be fatal.

 

 

Solution 9.3: Go ahead with a growth strategy only.

 

It is highly important to have a clear plan before you enter into a phase of rapid growth. Combine the education part discussed above with creating a detailed strategy, and you’ll be safe in most cases.

 

 

Solution 9.4: Control costs and debt.

 

The riskiest part of unexpected rapid growth is the finances.

You do not want to fail when it comes to costs and debts.

Any financial mistake you make directly affects your cash (and the impact is even greater with higher growth rates).

As you already know, cash is the lifeblood of business.

If finances are poorly managed during the rapid growth phase, the chances are that the business will fail very quickly.

 

 

Solution 9.5: Beware that fast-growing businesses need to be managed much more carefully.

 

Keep in mind that fast-growing business should be managed in a more intense way. Be ready for this.

In case you are not sure that you can make it, simply don’t go for it.

Instead, focus on a slower but stable and safe growth strategy.

10. Competition

 

It can be quite difficult for small businesses that are just starting up to survive against established competition.

The most common failures happen when not enough research is done in the field to see if there is any room for a new business in that industry.

While it is true that several businesses in an industry is indicative of consumer demand, it is also often the case that the established businesses are already handling most, if not all of what customers want.

 

Solution 10.1: Defining the potential to sell.

 

Research is crucial to see if the demand is sufficient for a new business to enter the market.

After all, the key to running a successful business is not the effort to sell a product, but finding a product that sells.

 

Solution 10.2: Finding gaps. 

 

Consider the growth rate and location of the competition to see if there are areas in your community that are not being properly served.

 

Solution 10.3: Accepting the challenge.

 

Calm down and understand that competition is a part of business and it’s up to you to leverage this for your benefit.

Accept the challenge, and this will correctly change your mindset.

 

Solution 10.4: Competition as a part of business plan.

 

Dealing with competition must have been part of your business plan. If so, then stick to it.

However, if you have missed this part during the planning stage, then the first thing you want to do is not to take spontaneous decisions. Instead, research your competition and prepare a solid strategy to overcome it.

Here are a few quick tips to help you with your strategy.

Competition in the context of business planning is a relatively broad topic and obviously out of the scope of this article. For better results, we recommend researching this on an individual basis or simply moving to Solution 10.7.

 

Pro tip: The best way to research your competition is to become a customer. Buy from your competitors to identify their strengths and weaknesses.

 

Solution 10.5: Sharing with competition.

 

Realize there is plenty of business to go around for everyone, even in a saturated market.

While you want more and more of that market share, the fact is that you probably couldn’t handle one hundred percent of it. So be nice and share as long as you get enough to keep going.

This however does not mean that the business should stop competing at any point.

Business is a non-stop growth machine in essence. Once stopped it starts to go down.

 

Business is a non-stop growth machine. Once stopped it starts to go down. Click To Tweet

 

Pro tip: Implement a two-fold approach towards your competition.

  1. Identify the best and the worst things your competition does.
  2. Match this with what your business does.
  3. Adopt the best aspects of your competition that your business lacks and get rid of the worst ones.

If implemented correctly this strategy will help you to double win your competitors.

 

Solution 10.6: Focus on your business.

 

This is an alternative approach to dealing with competition.

The idea behind this is that the more you focus on your competition, the less your focus will be on your own business.

More time spent dealing with competition = less time spent improving your own business.

 

More time spent dealing with competition = less time spent improving your own business. Click To Tweet

 

 

Blackberry’s futile attempt to compete with Apple and Google meanwhile moving in quickly to capture the smartphone market is a good illustration of this formula.

When BlackBerry finally did launch a touchscreen device, it was seen as a poor imitation of the iPhone.

Too much focus on competition laid the ground for Blackberry’s subsequent failure.

In Q1 2009 BlackBerry owned 20.1 % of global smartphone OS market share.

This is how the market shares look as of January 2017:

  • Android 63.99%
  • iOS 32.03%
  • BlackBerry 0.49%
  • Other 3.49%

The universal solution: do not accept failure

 

In the end, anyone who starts up their own business will need to take all the major risks into account to have the best chance of success.

Preparation is one of the keys to success when starting a small business.

While you cannot take everything into account before you begin, by being prepared for the most common reasons of failure, you can improve the chances that your small business will be successful.

By focusing your efforts on running a tight business model, you can avoid many of the pitfalls that cause small businesses to fall apart.

As we see from the research above, all major reasons for new business failure are somehow interconnected, and almost all of them point to the same roots: poor planning, incompetence, lack of persistence.

The success of your small business will ride in large part on the effectiveness of your planning and research, and keeping overheads at levels that allow your products or services to be purchased by the public.

The more work you do before launching your small business, the better chances you have of enjoying success.

The sole reason for business success is the entrepreneurs themselves.

If you refuse to fail, you won’t fail.

As Adeo Ressi (The Founder Institute) puts this into words: there is only one reason why the business fails – it’s when the entrepreneur gives up.

That’s it.

Period.

We’ll be glad to hear your thoughts!
Please share them in the comments section below.

The Small Business Social Media Cheat Sheet – [INFOGRAPHIC]

The Small Business Social Media Cheat Sheet – [INFOGRAPHIC]

Small Business Social Media Cheat Sheet - Infographic

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THE SMALL BUSINESS SOCIAL MEDIA CHEAT SHEET

[Transcript]

SOCIAL MEDIA PLATFORMS OVERVIEW

PROS/CONS

 

TWITTER

  • Microblogging service and social network that allows users to send short messages of up to 140 characters called “tweets”.

PROS

  • If you want to quickly get some recognition for your business or brand, there’s no better way than Twitter.

CONS

  • Users growth is stalling, compared to other social networks.

 

FACEBOOK

  • The world’s most popular social network.
  • People use Facebook to connect with high school friends, co-workers, and other people in their network.


PROS

  • Facebook is a very simple and straightforward way to begin driving online sales.

CONS

  • Page owners are subject to the whims of news feed algorithm.
  • Organic reach has fallen dramatically during last few years.
  • It’s now a pay-to-play platform for businesses.

 

YOUTUBE

  • The biggest video-sharing site that reaches millions of users across the globe.
  • YouTube is wholly owned by Google.

PROS

  • One third of all online activity is spent watching video.
  • YouTube is a great platform for small businesses to start getting attention.

CONS

  • Traffic is hard to redirect from YouTube to primary website.
  • Users often prefer to stay on YouTube and watch more videos.

 

Related: 100 Surprising Video Marketing Statistics

 

GOOGLE+

  • Social network owned and operated by Google with profiles, status updates, circles, communities and hangouts.

PROS

  • Easy integration with other Google products.
  • Great way to interact with clients and customers.

CONS

  • Complicated interface and administration.

 

TUMBLR

  • Another large microblogging service.
  • Unlike Twitter, Tumblr has no limits on character count.
  • It allows users to publish text, images, video, and share everything via reblogging.

PROS

  • Great platform for reaching a younger audience.
  • If your business has a relatively young audience, Tumblr is one of the best ways to reach them.

CONS

  • Not everyone is on Tumblr.
  • Limited features for a “blogging platform”.

 

DIGG

  • News aggregator with a curated front page.
  • Users are allowed to recommend news stories, pictures, video and other content that people might be interested in.

PROS

  • Easy to set up.
  • Helps to get a decent amount exposure with right content.

CONS

  • Not designed for customer interaction.
  • Not as important as it used to be before.

 

PINTEREST

  • Social network based on image sharing.
  • Allows users to collect and share all sort of images found on the web.

PROS

  • Images on Pinboards are hyperlinked to their original source.

CONS

  • Pinterest is used primarily by women.

 

INSTAGRAM

  • Photo and video sharing mobile app.
  • Also, available on desktops.

PROS

  • Effective hashtag system.
  • Helps to extend the organic reach.

CONS

  • Doesn’t allow businesses to use clickable links in posts.
  • Limited organic reach.
  • Pay-to-play platform.

 

REDDIT

  • User-generated news links and text posts.
  • Votes promote stories to the front page.

PROS

  • Incredibly simple to use.
  • Effective vote-based ranking system.
  • Diverse, active and engaged audience.

CONS

  • Overflowing with content, making it hard to get above the noise.
  • Content can easily get downvoted and never rank high enough to get the attention.

 

HOW TO BEGIN / LEARN THE LINGO

 

TWITTER

  1. Pick a short handle that is easy to remember and descriptive of you.
  2. Follow other users that are in your niche: influencers, partners, clients and customers. Favorite and retweet their tweets.
  3. Let your current fans and followers know that you are now also on Twitter.
  4. Join the conversations. Talk to people. Build relationships.

LINGO

  • @ Reply: Use this to address a public message to a user.
  • RT Retweet: This indicates a posting is a retweet from another user.
  • DM Direct Message: You can only send a direct message to someone who is following you.
  • # Hashtag: Used to categorize tweets and keeps tweets grouped together.

 

FACEBOOK

  1. You need to have a personal profile to create a Facebook business page.
  2. So, set up a personal profile if you do not have one. Then simply create your business page and start adding your business information (address, contacts, services etc.) and content (photos, videos, upcoming events, and links back to your website).
  3. Join to relevant Facebook groups and be part of the community.

LINGO

  • LIKE: This allows other users to know if you appreciate a particular post.
  • POKE: A way to interact with friends and has flirting connotations. Avoid in business matters.
  • STATUS: A microblogging feature to inform other users of your actions and thoughts.
  • TAG: Marks a photo or video with text to identify a person.

 

YOUTUBE

  1. Before you start with YouTube, decide if it is worth it. Video marketing is a big deal now and it can work for you as well.
  2. Set up your YouTube account. Your account will be linked with other Google products that you are currently using.
  3. Once your first video is live, share it on the other social media platforms.
  4. Network with other YouTube Vloggers and users.

LINGO

  • LIKE: YouTube users have the ability to vote videos up or down with the like or unlike buttons.
  • VIEW: Usually refers to viewer count, which keeps a record of the number of views a video receives.

 

GOOGLE+

  1. Follow Google guidelines and set up your Google+ business profile.
  2. Organize your Google+ page by adding your customers, partners, team members and others to Google+ Circles.
  3. Circles make it easy to interact separately with different groups of people.
  4. Connect your page to your website and verify your ownership.
  5. Add links to your website and your other social media profiles in the links section.
  6. Start sharing content and participating in the community.

LINGO

  • CIRCLE: A categorization system for friends and followers.
  • GREEN: When a post is marked with a green button it is public.
  • BLUE: When a post is marked with a blue button, it is only for people in your circles.
  • HANGOUT: A group video chat feature for users in your circle.

 

TUMBLR

  1. Tumblr requires a bit more work than the other social media sites.
  2. To start just create an account on Tumblr and choose a theme for your profile.
  3. Start posting. Try to use images in your posts. Great images tend to get more reblogs and likes on Tumblr.
  4. You can instantly share your Tumblr posts with your Twitter and Facebook audience.
  5. Follow other blogs and become a part of the community.

LINGO

  • DASH: Short for dashboard, it is the main news feed of Tumblr blogs you follow.
  • HEART: Users can like posts by clicking on the heart below the post in their dash.
  • TAG: Categorization system for posts that allows users to find new blogs.
  • REBLOG: Users can reblog posts they enjoy to their own blog.

 

DIGG

  1. Digg is a social bookmarking site where you can submit links for other users to “digg” them.
  2. Try to create exceptional headlines and submit a high quality content that other Digg members may find valuable and make it go viral.
  3. Post your Digg link to your other social media channels to encourage traffic to the posts.

LINGO

  • DIGG: Thumbs-up — a positive vote — for a story that means you want other people to see it.
  • HOME: The main page of Digg that shows the best stories on Digg.

 

PINTEREST

  1. Pinterest is about setting a strategy. Pin strategically by considering your objectives before you begin.
  2. Install the Pin It button on your website and give every page and blog post a featured image that can be pinned automatically.
  3. Drive traffic to your website by offering free items such as e-books, podcasts and white papers to a pin’s description.
  4. Verify your website in the settings page to get access to the Pinterest Web Analytics feature.

LINGO

  • BOARD: A posting page or area for pinners to post and re-pin images.
  • PIN OR PINNING: The act of posting, uploading or adding a picture to the user’s Pinterest board.
  • RE-PIN or RE-PINNING: The action in which another Pinterest user is interested in a particular image on your board.
  • PINNERS: The collective term for Pinterest users.
  • PIN IT: Allows you to easily pin things you see on websites and blogs.
  • FOLLOW: When you follow someone, their pins show up in your Pinterest home feed.
  • HOME FEED: This is your collection of pins from pinners and boards you follow.

 

INSTAGRAM

  1. Set up for an Instagram account and choose a username that clearly represents your brand.
  2. Add a profile photo, a biography and a link to your website in bio section (the only place where the links are clickable).
  3. Link your account to Facebook and other third-party sharing sites where you have an account.
  4. Use and search tags to connect with your audience.

LINGO

  • @HANDLE: A method of referring to another user within a comment.
  • COMMENT: Feedback on another user’s post.
  • FEED: The stream of images and videos that appear on your homepage.
  • # HASHTAG: Used to categorize your content and make easier to discover you.
  • LIKE: This allows other users to know if you appreciate a particular post.
  • STORIES: Photos and videos in a slideshow format which automatically disappears after 24 hours.

 

REDDIT

  1. Create your Reddit account.
  2. Get involved with the community and subscribe to the relevant subreddits.
  3. Read threads, leave comments, post things you find interesting and start upvoting/downvoting.
  4. Wait for a few weeks/months and try to increase your karma before you start marketing on Reddit.
  5. Post links to your best content only.
  6. Remove unsuccessful postings.

LINGO

 

  • SUBREDDIT – Part/section of Reddit with specific focus on certain topic.
  • KARMA – If people upvote on of your posts you get link-karma, if they upvote one of your comments you get comment-karma. The opposite when they downvote.
  • REDDIQUETTE – rules of Reddit, including rules of a specific subreddit and unwritten guidelines of conduct.
  • REDDITOR – Reddit user

SOCIAL MEDIA AUDIENCE SIZE

TWITTER: 320 MILLION
FACEBOOK: 1,590 MILLION
GOOGLE+: 540 MILLION
YOUTUBE: 1,000 MILLION
TUMBLR: 555 MILLION
DIGG: 8 MILLION
PINTEREST: 100 MILLION
INSTAGRAM: 400 MILLION
REDDIT: 234 MILLION

 

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How Many Websites are There Around the World?

How Many Websites are There Around the World?

How Many Websites are There?

 

You may have wondered just how many websites are there on the internet today. While the exact number keeps growing every second, there are well over 1 billion sites on the world wide web.

The milestone of 1 billion websites was reached in September, 2014 and the number continues to move upwards even as you read this article.

The number of websites has been confirmed by NetCraft and was published in its September, 2014 Web Server Survey.

However, it should be noted that websites are added and subtracted on a regular basis.

So, for a time the number fluctuated above and below the 1 billion mark.

For example, in August, 2012 a full 40 million hostnames were removed from only 242 IP addresses. This considerably reduced the number of websites for a period of time.

By March, 2016, the number of websites no longer went below a billion.

It is amazing to consider the sheer growth of the internet which started with 1 website in 1991 to over a billion today.

Websites are now actively used by businesses, organizations, and individuals all around the world.

 

Are All Websites Active?

 

It should be noted that a website as considered by the official count are those that have a hostname that is unique.

In other words, they have a specific IP address, use a name server, and have a name (domain name) which can be found through a search on the web.

However, it should also be noted that a full 75% of websites today are not active. Instead, most of them are parked domains or have a similar function.

This means that only one-quarter of all the websites are active and being used in some fashion.

Also consider that a big portion of the websites is not updated in a timely manner. This means that the actual number of active, working sites may be a much smaller fraction.

 

The Reasons for Growth

 

All things considered, the growth of websites has been quite remarkable thanks in large part to a decision on April 30th, 1993 by CERN. This decision made the world wide web available on a basis that was free of royalties.

In essence, it became a public domain which allowed people around the world to create their own websites.

It is interesting to note that the growth of the internet started in the 1970s and continued on a limited basis until the early 1990s. However, the world wide web itself is credited to Tim Berners-Lee, who began it in March, 1989 and introduced the first server, browser, and editor along with HTTP and HTML.

 

Tim-Berners-Lee-CERN

Sir Tim Berners-Lee invented the WWW in 1989 © CERN

 

While the growth of the web has been explosive, one of the biggest jumps occurred in 2013 when the number of websites grew by almost a third.

Today, Apache together with nginx currently hosts just over half the websites that exist. However, Microsoft is closing fast and they are expected to get a bigger market share soon.

It is also expected that the number of websites will continue to grow for the foreseeable future.

 

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100 Video Marketing Statistics 2017

100 Video Marketing Statistics 2017

Updated July 2017

100 Surprising Video Marketing Statistics 2017

 

Are you aware of the recent video marketing statistics?

It’s just mind-blowing!

Video marketing has become a big part of marketing.

During last few years video marketing and video as a format developed on a light speed. Video marketing now takes market shares away from traditional TV and other adjacent marketing channels.

Obviously, it becomes more important with each coming day.

Businesses of all sizes cannot afford to ignore this marketing channel anymore. Consider leveraging this opportunity for the benefit of your business.

 

Here are 100 most surprising statistics about video marketing to shed more light on it for you.

 

General (Shocking) Video Marketing Statistics

 

 

1.  Globally 25% of people watching online video every day. (Click to Tweet)

 

2.  One third of all online activity is spent watching video. (Click to Tweet)

 

3.  65% of users watch more than 3/4 of a video.

 

4.  YouTube has over a billion users. This is almost a third of all Internet users. On top of that, Youtube is the second largest search engine on the web. (Click to Tweet)

 

5.  Video content uploaded in a single month is more than all three main U.S. TV networks combined have created in 30 years.

 

6.  400 hours of video is uploaded to YouTube every single minute. (Click to Tweet)

 

7.  YouTube reaches more 18-34 and 18-49 year-olds than any cable network in the U.S.

 

8.  45.5% of all internet users watch at least one online video per month. (Click to Tweet)

 

9.  The average internet user is exposed to an average of 32.2 videos within a month. (Click to Tweet)

 

10.  YouTube users watch more than 6 billion hours of video per month. (Click to Tweet)

 

11.  45% of viewers will stop watching a video after 1 minute. (Click to Tweet)

 

12.  60% by 2 minutes.

 

13.  4 out of 5 users won’t wait and will click away if video doesn’t load immediately. (Click to Tweet)

 

14.  87% of internet users in U.S. watches online videos. (Click to Tweet)

 

15.  80% of views on YouTube are from outside of the U.S.

 

 

Mobile Video Marketing Statistics

 

 

16.  Mobile video consumption increases 100% every year. (Click to Tweet)

 

17.  More than 50% of all YouTube views come from mobile devices. (Click to Tweet)

 

18.  The average mobile viewing session on YouTube is more than 40 minutes. (Click to Tweet)

 

19.  Mobile video views grew 6x faster than desktop views in 2015.

 

20.  Only 18% of users watch video through browsers. (Click to Tweet)

 

21.  48% of mobile users watch video using mobile apps. (Click to Tweet)

 

22.  62% of mobile users discover videos through YouTube.

 

23.  33% through social media.

 

24.  20% search results.

 

25.  And only 14% through advertising.

 

26.  Mobile video budgets are rapidly rising (18% for 2014 – 2015).

 

 

Video Marketing Statistics for Marketers

 

 

27.  60 seconds of video equals to 1.8 million words according to Forrester researcher Dr. James McQuivey.

 

28.  80% of users will watch a video and only 20% will read your content in full. (Click to Tweet)

 

29.  Videos tend to increase user’s understanding of product or service by 74%. (Click to Tweet)

 

30.  90% of internet users consider a video about product or service helpful in making a decision.

 

31.  Videos increase landing page conversions up to 80%. (Click to Tweet)

 

32.  Replacing an image with a video on a landing page increases conversions by 12.62%. (Click to Tweet)

 

33.  Marketers using video grow revenue 49% faster than others. (Click to Tweet)

 

34.  82% of marketers confirmed that video marketing had a positive impact on their business.

 

35.  65% of U.S. marketers consider increasing their mobile video ad budgets.

 

36.  Video within an email doubles or triples the Click-Through Rates (CTR). (Click to Tweet)

 

37.  Video makes Email Marketing Campaigns 51% more effective. (Click to Tweet)

 

38.  Video on homepage can boost conversion rates by 20% or even more. (Click to Tweet)

 

39.  Every month an average internet user watches 16 minutes 49 seconds of video ads. (Click to Tweet)

 

40.  80% of users recall the video ads they have seen in the past 30 days. (Click to Tweet)

 

41.  26% of users will look for additional information after watching a video ad. (Click to Tweet)

 

42.  22% of them will visit the link provided or website mentioned in a video ad.

 

43.  And 12% Of users will actually buy the particular product featured in the video ad.

 

44.  The probability of making the online sale is 64% higher when your users watch video(s). (Click to Tweet)

 

45.  75% of executives at least once a week watch work-related videos on business websites. (Click to Tweet)

 

46.  65% of them visit the website.

 

47.  And 39% call a vendor after viewing the video.

 

48.  59% of executives prefer to watch video instead of reading text. (Click to Tweet)

 

49.  36% of users trust video ads.

 

50.  At least some sort of action is taken by 46% of users after viewing a video ad. (Click to Tweet)

 

51.  96% of B2B organizations use video to some extent in their marketing campaigns. (Click to Tweet)

 

52.  73% of them report positive changes in ROI.

 

53.  25% of consumers lose interest in a company if it doesn’t use videos. (Click to Tweet)

 

54.  56% of them believe that if a company has a website, it should have also videos.

 

55.  Usually the average internet user spends 88% more time on a site with video. (Click to Tweet)

 

56.  Marketers who use video receive 41% more web traffic from search than others.

 

57.  The average CTR of video ads is 1.84%. This is the highest CRT among all digital ad formats. (Click to Tweet)

 

58.  52% of marketing professionals globally consider video as the type of content with the best ROI. (Click to Tweet)

 

59.  64% of consumers prefer visual content over customer service. (Click to Tweet)

 

60.  25% of shoppers admitted that they’ve used YouTube to search for a video related to a product they’re considering in-store.

 

61.  62% of consumers are more likely to have a negative perception of a brand that published a poor-quality video experience.

 

62.  50% of marketers are shifting budgets from TV to digital video. (Click to Tweet)

 

63.  The word “video” in an email subject line increases open rates by 19%. (Click to Tweet)

 

64.  Boosts CTR by 65%.

 

65.  And reduces unsubscribes by 26%.

 

66.  35% of total online ad budget is spend on video ads. (Click to Tweet)

 

67.  Explainer videos boost conversion rates by 20%. (Click to Tweet)

 

68.  22% of all U.S. small businesses are planning to post a video within next 12 months.

 

 

Video Marketing Statistics and Social Media

 

 

69.  92% of mobile video consumers share videos with others.

 

70.  16% of videos on YouTube are linked, shared, embedded on Tuesdays between 11am and 1pm.

 

71.  15 seconds or shorter videos are shared 37% more often than those between 30 and 60 seconds. (Click to Tweet)

 

72.  Awesome video ads driving excitement increase purchase intent by 97%.

 

73.  And brand awareness by 139%.

 

74.  The most popular form of online video content among all users is comedy at 39%.

 

75.  The second is news at 33%.

 

76.  Followed by music at 31%.

 

77.  Around 100 million hours of video watched every day on Facebook.

 

78.  Facebook users generate 8 billion video views per day.

 

79.  90% of Twitter video views are on mobile devices. (Click to Tweet)

 

80.  82% of Twitter users watch video content on Twitter.

 

81.  85% of Facebook video is watched on mute mode.

 

82.  Snapchat users watch 10 billion videos per day.

 

83.  Every month on average 200 million video ads are shown on Instagram.

 

84.  9 out of 10 Instagram shares happen on Facebook.

 

 

Future of Video Marketing

 

 

85.  It will take over 5,000,000 years to watch every video that crosses global IP networks in a single month in 2020.

 

86.  Internet video to TV grew 50% in 2015. It will continue to grow, increasing 3.6-fold by 2020. (Click to Tweet)

 

87.  79% of all global consumer web traffic will come from video by 2018. (Click to Tweet)

 

88.  In 2020, video will constitute 23.2% of marketing spend, compared to 17.7% in 2015. (Click to Tweet)

 

89.  Mobile video will increase 11x between 2015 and 2020. (Click to Tweet)

 

90.  By 2020, over 75% of global mobile data traffic will be video content. (Click to Tweet)

 

91.  7 trillion video clips will be uploaded in 2020 – 2.5 daily video clips for every person. (Click to Tweet)

 

 

Additional Statistics On Video Marketing

 

 

92.  Real estate listings including a video tend to get 403% more inquiries. (Click to Tweet)

 

93.  IPad users tend to watch a video up to 5 minutes long.

 

94.  42% of videos on UK Newspaper Sites are ads. (Click to Tweet)

 

95.  An average male spent 40.6 hours watching online videos, double the 19.0 hours a female spent watching online videos in the UK.

 

96.  67% of Millennials can find a YouTube video on everything they want to learn. (Click to Tweet)

 

97.  Vimeo tracks 715 million video views on average per month.

 

98.  Mobile video views exceeded desktop views first time during Q4 2015.

 

99.  33% of users watch one hour of video every day on their tablets.

 

100. Video on social media generates 1200% more shares than text and images.

 

Are you still asking yourself whether using video marketing channel is a good idea for your business? 😉

Sources

http://images.forbes.com/forbesinsights/StudyPDFs/Video_in_the_CSuite.pdf

http://www.marketwired.com/press-release/a-minute-of-video-is-worth-18-million-words-according-to-forrester-research-1900666.htm

http://www.reelseo.com/2013-video-marketing-business-survey-trends-report/

http://www.marketingpilgrim.com/2014/12/in-the-next-60-seconds-300-hours-of-video-will-be-uploaded-to-youtube.html

http://expandedramblings.com/index.php/youtube-statistics/

http://www.prnewswire.com/news-releases/animoto-survey-consumers-want-more-video-marketing-on-web-social-and-email-300079377.html

https://techcrunch.com/2016/01/27/facebook-earnings-q4-2015/

https://www.izideo.com/blog/accurate-video-statistics-according-studies/

http://www.cisco.com/c/dam/en/us/solutions/collateral/service-provider/visual-networking-index-vni/complete-white-paper-c11-481360.pdf

https://blog.twitter.com/2015/new-research-twitter-users-love-to-watch-discover-and-engage-with-video

https://www.thinkwithgoogle.com

http://www.businessinsider.com/digital-video-advertising-growth-trends-2014-5

https://vwo.com/blog/replacing-image-video-landing-page-increases-conversions/

http://go.brightcove.com/en-highcostoffree

http://www.insivia.com/50-must-know-stats-about-video-marketing-2016/

http://www.statista.com/statistics/259477/hours-of-video-uploaded-to-youtube-every-minute/

http://www.business2community.com/infographics/23-reasons-to-use-video-marketing-in-2015-infographics-01305360#3fwKvMwlGjdQKQ34.97

http://www.tnsglobal.com/press-release/connected-life-tv-press-release

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