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Michael Maguire
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Michael is the owner of MMC Business Management Solutions - a management consulting firm helping small business owners practically and profitably develop their business.
Michael is the owner of MMC Business Management Solutions - a management consulting firm helping small business owners practically and profitably develop their business.

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Part 3: So how do your Conversion Rates compare

with your industry?

Here we have a good analysis and consequential discussion of conversion rate optimization. We even have a free tool you can plug your conversion rate into to see how it ranks relative to your industry.

I'll cut right to a paraphrase of my favourite part: it doesn't matter how many leads you generate - if they're not qualified leads. Unqualified leads will eat your time wasting your most valuable resource.

So. Strive to reach the top 20% of sites in your competitive industry in qualified leads. Then you'll have something worthy of your well trained sales team.

#businessmanagementsolutions #websitemarketing
WordStream
WordStream
wordstream.com
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Part 2: Success isn't measured in site visitor numbers

Years ago a client told me that he didn't care how pretty his site was, his only interest was in how many leads it generated. He was dead on.

Making your site look fantastic and getting traffic to your site is great - but it's only the first step. There's little point in any of your effort if it doesn't generate leads for your business.

You can set up Google Analytics to measure your conversion rate or you can simply track phone, walk in and email traffic to measure the impact of your marketing efforts. Regardless of your method, it's critical that you monitor results. Why?

According to Wordstream statistics the median conversion rate of all accounts is 2.35% - but the top ten percent convert at more than 11%.

7 Conversion Rate Truths That Will Change Your Landing Page Strategy introduces techniques to improve the performance of your landing page.

#businessmanagementsolutions #websitemarketing
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Part 1: Landing Page Optimization

I've been working with a client attempting to optimize customer response to their landing page.

Initially interested in standard marketing metrics around conversion percentages, I came across this article by John Rampton in Forbes. The 9 points he reviews are well worth considering if you're interested in optimizing the impact of your landing page.

#businessmanagementsolutions #webmarketing
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Getting your business published

Word of mouth has always been the best way to develop business - but how do we get people we don't know to talk about our business, telling the story we would like them to tell?

Provide them a press kit.

Here's a quick introduction to putting together a press kit for your business.You can probably pull it together in an hour and develop it later.

To the ideas provided in the attached article, I suggest including the outline of a specific story idea - one that you'd update as new, or topical events occur.

#businessmanagement   #marketingtips   #businessmanagementsolutions  
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Sunset on Nipissing

#sunsetphotography   #sunsetphotos   #sunsetlovers  
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Great Source for Stock Images

The right picture will make your advertising; it'll draw attention to your posts - it can set a mood or evoke an emotion.

Here're twenty sites where you can find free images, both for personal and commercial use. Happy browsing.

#businessmanagementsolutions   #marketing   #photography  
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Manage Stress by Understanding Stress

Stress can be debilitating or it can be empowering. Here's an idea that can make the difference.

We generally respond to stress by trying to relax. Instead of meditating or starting any one of a number of relaxation techniques - consider your circumstance. Are you stressed about a meeting, a presentation, an assignment - than welcome the stress. It's a natural survival response bred in us.

Accept that a situation stresses you and use the enhanced power it gives you to excel. Once the situation's passed, so too will your stress.

On the other hand, if you can't immediately identify the source of your stress - consider a larger picture.

If you're still unable to identify your stressor it's time to take a look at your life's path. Relaxation techniques are like pain killers - they have their place but don't address the underlying problem.

Regardless of the source of your stress - stress is a good thing. It either physically and mentally prepares us for the task at hand, or it provides us an alarm when our lives head in an uncomfortable direction.

#businessmanagementsolutions   #stress #stressmanagement 

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Put Chrome to Work for You

I'm rarely one for top ten lists but here's a good one for entrepreneurs from the folks at Shopify that caught my eye. I think you'll find one or two that might be of interest.

#productivity   #businessmanagementsolutions   #chrome  

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Why managers tend toward the status quo

or why you might miss out on the next great thing.

"If you are a manager, if you commit a false positive, you are going to embarrass yourself, and potentially ruin your career.” Managers, he says, are terrified of committing false positives, meaning saying something will be a hit when in fact it will flop.

False negatives, by contrast, present little costs. “If you reject a great idea,” Grant said, “most of the time, no one will ever know. - Adam Grant as referenced in The Atlantic http://goo.gl/ncJwR5

If senior management created a vehicle that encouraged team members to present new ideas, they'd be more likely to bring them forward. Of course most companies already have something like this in place - the challenge is to hear new ideas with an unprejudiced ear.

#communication   #businessmanagementsolutions   #teammanagement  
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Understanding Margin

The first time I prepared a business plan, I didn't understand the difference between margin and markup. Unfortunately either my investors didn't understand it either - or they didn't read the business plan. We started a manufacturing company with a 35% markup thinking we'd sell enough items to more than cover our overhead. Wrong.

The difference between margin and markup is fairly simple but critical to understand. Margin is what you have left over after you've paid for your materials. Markup is the percentage you increase your cost of materials by. Most small businesses should be aiming at a margin of at least 50%.

Buying a product for $100 and selling it for $200 is a markup of 100% but a margin of only 50%. You then have some money for all of your overhead.

Alternatively you could make our mistake: buy a product for $100, mark it up 35%. You'll end up with about a 20% margin. Unless you're doing a bejelian dollars in sales that you don't need to spend any money to get, you're not going to have enough money left over to run your business.

Here's a brief article I wrote a couple years ago on the topic; one that describes in greater detail the costs that should be considered before setting your prices and opening a business: http://michaelmaguireconsulting.com/what-is-gross-profit/

#mmcbusinessmanagementsolutions   #grossprofit   #margin  
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