Elie Kochman on Business and Networking

Jason Clegg is an entrepreneur with over 5 years of experience building business and marketing on the web. He manages a full service Internet Marketing firm and writes about entrepreneurship and business topics at www.JasonClegg.com.

If you know absolutely nothing or very little about marketing your business online, I’m here to help.  I’ve spent the past 6 years studying online marketing methods for small business owners and, frankly, I know what works.  The truth is lots of stuff works.  There are endless opportunities for bringing more people to your website.

Fortunately for you, I’m not going to waste your time in this guest post.  I am going to focus on just one tactic that you can start today and do absolutely free (or very cheaply) if you do it right.

As Elie has already pointed out on this blog, personal branding is absolutely critical for today’s small business owner.  In the online world, you create trust through one primary means – content.

Blogs are a testament to this fact.  Look around you.  Anyone and everyone is blogging.  Why?  It’s simple: Blogging helps you control your personal brand and builds more credibility with your existing and your potential clientèle.

But everybody’s blogging.  (I hope this includes you, of course!)

The strategy I want you to follow is sort of like blogging but, in some ways, even better.  It’s called article marketing.

Article marketing allows you to build a higher degree of trust and credibility by leveraging the already existing power and authority of very large content websites.

My absolute favorite is EzineArticles.com — this is the best of the best because they have a great relationship with Google and a very clear system for evaluating and publishing only the best content.

How to Start Article Marketing

In the steps that follow, I’m going to show you exactly how you can make use of EzineArticles.com to build your personal or business brand.  And here’s the good news — it’s not going to cost you a dime.

Step One – Setup Your Free Account

Go to EzineArticles.com and start your free account.  You don’t have to pay anything to submit content to their website.  You just have to follow the rules.

Step Two – Write an Article for Your Niche

If you’re selling dog training products, write an article about that.  If you’re a Public Relations expert, write an article about that.  Whatever it is that you do, create some content.  Just be sure that your article is 100% new and unique and is at least 400 words long.

Step Three – Publish Your Article at EZA

The process for submitting articles is easy.  Just login and click “Submit New Article.”  Then copy-and-paste your content into the fields.  Choose a category, add a brief summary, and voila!

Oh, just one more thing.  Be absolutely sure you make the most of that box they call the “Resource Box.”  This is where you’re going to include a little info about you and/or your business.  More importantly, this is where you get to include a link to your website.

Hit submit and you’re done.  The article reviewers will take a look at your submission and your article should be live within a few days.  If you have to make changes, they’ll let you know exactly what to change so you’re not left in the dark.

(NOTE: The *really* quick method for doing this is to hire someone to write your articles for you.  You can even pay a full service firm to submit too.)

Why Articles Are So Effective

Using EzineArticles.com is great because their articles rank high in Google.  These days it’s pretty tough to position a new website without using strategies like this to drive traffic.  In some cases, it’s basically impossible in the short-term.

But the greatest value you will take away from this process is an increased level of credibility.  By the time surfers click through to your website, they will have already established a relationship with you.  The chances of these visitors making a purchase or initiating contact on your website are much higher.

Give it a try.  I’m not saying article marketing is going to transform your business overnight, but it is without a doubt one of the fastest ways to get more exposure for yourself and your brand online!

Recently on LinkedIn I asked a question about business cards and etiquette – do you always reciprocate handing out a card? That is, if someone gives you their card, should you give that person one of yours? If you hand someone your card, should you request one in exchange?

Before going any further, one thing needs to be clarified. I was asking the original question for a particular reason, and it was not so that I could write this article. I’m planning on attending a speed networking event next week, in which participants are seated at tables with five other people and get two minutes to make an introduction. The last time I attended, before anyone spoke, I had 5 cards in front of me, one from each person. After the introductions, however, I only really saw value in 2 or 3 of the connections.

The second half of the issue is that I did, at that event, reciprocate the handing out of my card. I ended up on 3 distribution lists as a result, and it took a while to get taken off one of those. All three people who put me on their mailing lists had something in common – they were all mutual fund salesmen. The question I was trying to get answered was whether I could [politely] refuse to give my card to the mutual fund salesmen at the next event.

I got many answers to my question, some of which addressed my concerns, others which seemed to ignore that aspect of the question. However, I did learn a few things about such events, and the ramifications of sharing a card.

1. Speed networking events are of limited value, because, while they allow you to meet many people in rapid succession, they often do not allow you to establish a solid connection with any one person.
2. Given then I will be attending this event (although this may be my last such event), sharing my card is considered to be a necessity. That is, I cannot politely decline to share my card with any one person or group of people.
3. I can control when to share my card – I can wait until it’s my turn to introduce, thus linking my card to my introduction.
4. I can make mention that I do not wish to be placed on any distribution lists – while I welcome networking opportunities, please keep my e-mail off any type of mailing list you may have.
5. When receiving cards, make notes on the back regarding the person who gave me the card, and any other information that may be relevant.
6. You never know where your next successful connection will come from, so don’t try to guess. Instead, hand your care to anyone who will take it, but always include a brief summary of what it is you do, and what it is you’re looking for.

What do you think about sharing your card? What value can you find is such events?

While these two concepts don’t need to be at odds with one another, I’m curious to know how people perceive the difference between networking online versus in person. Most people do both, whether consciously or not, but what’s the difference between the two?

One answer is that our online networks tend to be a lot more widespread than our in person networks, including a lot more people. However, when we connect with someone in person, we tend to create a stronger link on an individual basis.

What do you think are some of the differences between online and face-to-face networking?

This post is a little different from my normal posts. All I’m going to do is ask a question, and I’m genuinely interested in your opinions on this.

Where and how do you network? Why do you network that way, and how could your existing networking be improved? What changes might you make to your networking activities, if you were able to?

To start, I will provide my answer:

I network primarily on a variety of websites, such as Facebook, Linked In, and Twitter. I try to participate in those communities, and interact with the people I’m connected with. I also have a regular networking meeting about once every 5 weeks with several people working in similar fields to my own. On occasion I will attend a business card exchange event. Ideally, I would like to spend more time in face-to-face networking, were time and distance not factors.

The Federal Trade Commission (U.S. agency for my non-American readers) released its official guide to those receiving goods or services in exchange for endorsements. According to the official title, it affects advertisers, bloggers, and celebrities endorsing a product (click here for the full report). The guidelines include, among other things, that the person making the endorsement disclose that they are being compensated for what they write. The details are a bit vague, but we can be sure that over time, the FTC will continue to refine this guide until it is a full-fledged regulation.

There are multiple potential impacts to this, some for good, others, not so much.

First, I held a debate a while back over whether or not bloggers should be disclosing that they are being compensated for the reviews they give (which is the basis of the FTC guidelines). The conclusion we reached was that while bloggers should be pointing out somewhere that they receive compensation for their reviews, they should not need to disclose this on each individual review they write. This lets their readers be aware that they may be biased on this account, and to value the review accordingly.

Second, there are tax considerations – when you receive compensation for work done, you have to report that as income. Robb Sutton pointed out to me in his article, published yesterday, that in the U.S. this reporting is only required if the paying company provides the appropriate paperwork. I find this to be a little odd, since in general, you have to report income regardless of whether or not the employer is filing his paperwork correctly, and I therefore suspect that it is only a matter of time before this ruling is changed to match.

Jeremy Schoemaker writes about this as well, and points out who was the cause of such regulation. The regulation is aimed to prevent a company from creating a fake blog where they review their own products. Since they would now have to report the compensation taking place, readers would then be aware that the site is merely a front for the company itself.

Except the regulation doesn’t quite pull that off. The company can now pay someone to set up a blog for them where they review the product and admit that the writer was paid for the review. This will cost them a small amount per review. Alternatively, they can risk running afoul of the FTC regulation by not admitting the bias, and be fined $10,000.00 [per violation]. However, this sum is not enough to stop a company from using fake blogs to advertise their products – such a site could easily generate $100,000.00 in profits from sales to its readers. Combined with the fact that the FTC will be unable to catch every violator makes this risk acceptable to some.

In summary, while the regulation in general is a good thing, it is not clear that the FTC has a road to its goal (namely, getting rid of fake blogs reviewing products and making outrageous claims). As the regulations and guidelines are refined, we’ll see if the FTC can figure out how to get where it’s going.

If you haven’t seen the site yet, check out http://knirl.com and let me know what you think. Hey, you can sign up for the newsletter and I’ll send you updates as they become available (and no, I won’t send you spam, and will let you remove yourself from the mailing list, and no, I won’t give away your e-mail address to anyone).

I’ve been working on an idea over the last few weeks to develop a new product along with several other people. As the instigator of this project, I have been learning a lot about how an idea moves from concept to production, from burning money to profitability, from unheard of to world famous.

I have also been reading several questions on a variety of sites posed by people in a similar situation to myself – they have an idea, but no money to bring it to fruition in the real world. The questions tend to focus on team building and raising capital. The questions also indicate a lack of information on the process by which many start-ups have become successful. I am fortunate to be working with a colleague who has past experience in this field, and has been guiding me as I develop my own idea into a profitable business.

In light of the information I now have, I thought I would put up a basic checklist of steps to go through when developing a new product or service:

1. You think of a new idea for a product or service, so you write it down. Talk it over with someone else (be careful about confidentiality, and have that person sign an NDA if you think it is warranted) to make sure that you get an objective opinion about your idea.
2. Write down a short description of your idea. Explain what it is, who wants it, and who will pay for it. Do some basic market research to figure out what alternatives are currently available, and how much they are charging. What are people saying about your [potential] competitors? Briefly describe the business model for your new business (how will your business generate revenue). The entire description as outlined here can be short, perhaps a mere page or two.
3. Figure out what it will take to build your product or develop your service. Determine what the bare minimum is that you will need. Remember that if you believe in your idea, you should be prepared to take a risk, in that you will not be getting paid until your idea earns money. You don’t need a fancy office, or top-of-the-line equipment from day 1. This can be ramped up later. Work from your home on the old Pentium 2 that you never bothered throwing out. Buy equipment used when you need to.
   You need to remember that anyone investing in your idea will expect you to be responsible with the money, to save it when you can, and shop around for the best prices. You need to keep accurate records of your expenses and revenues. If you need some expertise that you personally don’t have (i.e. to hire someone) see if you can trade them equity to help you with the work, or accept a deferred payment.
4. Start building the product. Start writing a business plan (this can take over 100 hours to complete, and you will need it if you look to borrow money from the bank, or talk to an angel investor).
5. When you reach the point at which you need outside funds (for example, you have a legal bill for $5000 to incorporate your business and to handle your copyrights and patents, plus a $25,000 bill for equipment that is absolutely required, plus a $15,000 bill for marketing about to be incurred), figure out how much money you absolutely need, and add 20% as a contingency. Then use the following guideline to figure out who to talk to:
   • $0 – $50K: Talk to your bank, family, friends. Can you get a loan, or a line of credit? This will likely be the easiest and most cost-effective way to raise these funds. Beware of mixing family and business when borrowing from friends and family, though. You will be really unpopular if you borrow money from a friend and then your business collapses.
   • $50K – $500K: Look for an angel investor. You will have to give up equity in your business for this, and be prepared to have someone looking over your shoulder constantly to see how you’re spending the money. Also remember that this is the first round of investing. If you give up too high a stake in your company at this stage, you may face difficulties later on when trying to raise more money.
   • $500K+: You have entered the world of venture capital, and will need to read more detailed information on how to work with a VC. There are many excellent resources available online for the uninitiated.
6. Now that you have the money you need, finish the development, launch your product or service, and market it. Initially, take the revenues earned (all of them) and use them to develop your idea further, to improve your product, to increase your visibility in the market. Once you have a steady revenue stream, you can then think about hiring yourself to do more work on the idea, paying out a divided (which implies profitability) or upgrading your public appearance with fancy offices. However, before you do that, if you owe money for a loan or line of credit, make sure you pay that back first.

By no means are these steps to be taken as a bible. However, you may find this useful if you are thinking about starting your own business, or have an idea that you think might be viable as a means of earning money.

This is the final installment of the social media series, which started with the post on August 7. There was to have been a post last Friday, but life sometimes gets in the way. I’m curious to know what you thought of the series – how might it have been improved, what additional topics should I have discussed, did I make some errors. Please comment and let me know.

I apologize in advance for what is about to happen. I’m going to be separated from the internet for about 10 days. So if you post a comment, it may take until I get back for me to respond. However, I will respond when I get back.

Recap

When I left off the series, our model business owner, Jane, had started a blog which she uses to hold directed conversations with her readers. She has also started a Twitter account which she uses to post news and links to her articles, and uses the account to see what topics are of interest to people, and then writing about those topics.

Facebook

The largest problem with blogging and Twitter is that conversations are generally one-sided. Jane acan pick a topic to discuss, and interact with her audience regarding those topics. Using Twitter, she can respond to short questions. What she cannot do (yet) is allow her audience to pose its own questions, to hold undirected conversations.

This is where the networking sites such as Facebook and Linked In become important. Both these sites allow groups to be created. The creator of the group can act as an administrator of the group, and encourage conversation and participation among the group’s members. However, each member can start a new conversation, a new discussion, on a variety of topics. They can ask questions.

This will put Jane back to the first stages of becoming involved in social media, in which she interacts directly with her audience, as a member of the audience, but now Jane is in control of the environment. She can market the sites to people who come to her store. She can start getting feedback from her customers on topics she didn’t realize were issues.

Conclusion

Social media is about personal interactions used as a means of promotion. The fundamental component of social media is interactions. Social media is built on socializing. In order to run a successful campaign, you must interact with your audience – respond to their questions and comments, start conversations, ask questions of your own. Everything else is merely a tool to help you interact.

This is the third article in a series of articles describing how social media can be used by businesses. The aim is to publish one article per week on this topic, the first being Friday, August 7. Each article will address a single topic, and build on material provided in the earlier articles. Through feedback provided on the articles, this may lead into another series after the conclusion of this series.

Note that any clients referred to in these articles are fictitious, unless I specifically indicate otherwise.

Applying the Concepts

The client described in the first post in this series can make good use of the previous article as she develops her strategy. Social Media is built around interactions, so Jane must decide what kind of interactions she would like to foster. She must also look at how each platform is constructed, so that she can play to its strengths.

The Blog

The first step for most businesses starting with social media is to write a blog. If the client is technically adept, they can follow the instructions here on how to set up a WordPress blog on their own site. If not, they can hire someone to set up the site for them. (If you are looking for someone to set up a blog for you, please contact me directly and I can refer you to a reputable company that does this for a minimal fee.)

Before going live with the blog, there are a few things Jane needs to do.

1. Choose a topic for the blog. As the owner of a hardware store, she may feel comfortable writing articles about how to fix some common problems around the house on a tight budget. The title and sub-line for the blog should reflect the topic chosen.
2. Set a schedule for posting. More important than posting frequently is to post on a regular schedule. It is tempting to post each article as soon as it is written, but that may end up causing the blog to die quickly, as the speed of your writing drops. My usual recommendation is to start with one article per week, posted in the afternoon of Tuesday or Thursday. As the number of viewers of the blog grows, the frequency of publishing can be increased to twice a week, then three times a week.
3. Prepare some articles. While Jane has selected a topic that she feels confident she can write about, she does not know how much time she will have available for writing. She should prepare about 3 months of articles (if she’s publishing once per week, that works out to 12-15 articles) and upload them to the site in draft mode.

At this point, Jane can launch her blog. Some companies (including the one I recommend) can do some preliminary advertising for her to increase the number of viewers quickly. Other plugins for Search Engine Optimization (SEO) can be installed so that new posts are automatically submitted to various search engines. Certain types of content will result in Google scanning the page earlier. A reputable company will help to explain and set up these components.

Jane should also be sure to monitor the number of viewers to the site, and respond to comments on her posts. Writing the article is only the first step – interacting with her readers is more important. While it may take time to convert a reader to a client, if she does not interact at all with her readers, then her blog is merely another form of traditional media.

Jane must also remember to tell people about her blog, and ask for feedback. A sign in her store can drive her existing customers to the site, and they can tell her, in person, what they like and don’t like about the blog. She can ask them for ideas for articles and for suggestions on how to improve her existing articles. They may tell their family and friends about the site. If Jane can establish her credibility as an expert on the blog, then people will be more inclined to come to her store when they need something, or need advice on her area of expertise.

Tweets – Part 1

Now that Jane has her blog up and running, she may want to create her first Twitter account. With this account, she can post links to articles on her blog, talk about those articles, and create an additional community of people interested in those topics. Using various tools discussed in a future article, she can analyze what people are talking about, and write relevant articles on those topics. With this Twitter account, Jane is trying to attract more readers to her blog, to increase the amount of attention on her writing.

What’s Next

In the next article, I will be discussing other uses of Twitter beyond driving traffic to a blog, and the benefits to creating a page on a social media platform such as Facebook.

This is the second article in a series of articles describing how social media can be used by businesses. The aim is to publish one article per week on this topic, the first being Friday, August 7. Each article will address a single topic, and build on material provided in the earlier articles. Through feedback provided on the articles, this may lead into another series after the conclusion of this series.

Note that any clients referred to in these articles are fictitious, unless I specifically indicate otherwise.

The Tools of Social Media

Social media requires, as a fundamental component, the ability for people to interact. Therefore, any tool claiming to be a part of the world of social media must include interactions between the provider and the audience. Each tool will therefore include one or more of the following components:

1. Comments – the ability for the audience to publicly reply to some statement
2. Forums – the ability for the audience to create a statement and then provide feedback
3. Messaging – the ability for people to communicate in real time

Looking at some of the common tools of social media, it is easy to see how they are making use of at least one of these components.

Blogs

Blogs, such as this one, allow their audience to provide feedback on any given article. In this manner, the provider can post a message of arbitrary length, and the audience can then provide feedback.

The distribution of information is weighed strongly in favor of the provider, as they usually retain the ability to edit or select responses to be posted. (As an aside, I do not edit comments to this blog, and only refuse to post those comments which can clearly be seen to be spam.) The provider can control the topic of discussion to some extent, and can choose to incorporate the opinions of the audience in future posts.

Twitter

A form of micro-blogging in which each post is limited to 140 character, Twitter allows its users to post short messages. Conversations can be held by tagging posts, or marking a post as a reply to another user (via the # and @ tags).

Facebook (and other social networking sites)

A page can be created on a social networking site, providing an online location for people with a common interest to congregate. Interactions are usually via a message board, although private messaging is usually available as well. In the example of Facebook, targeted conversations can be created as well using forums.

What’s Next

In the next article, I will be providing an explanation of how the sample client, Jane, can make use of each of these tools to promote her business, and what some of the other tools she may want to make use of to facilitate her use of these forms of social media.