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The Importance of Business Systems

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“If you can’t describe what you are doing as a process, you don’t know what you’re doing” – W. Edwards Deming (1900-1993)

What are business systems?

Business systems are documented procedures setting out how your organisation operates. They are processes, usually combining actions taken by people and some form of automated application, organised in such a way so as to meet a given set of business objectives. Such systems can generally take place without the business founder / owner’s direct action, over and over again, as efficiently as possible.

Examples of processes may include how your staff should answer the telephone, how they take and pass on messages; the procedure for raising, approving, placing and receiving orders; the process for generating, checking and sending out client invoices, as well as receiving payments and following up on outstanding bills etc.

Regardless of the size or type of your business, it is likely that you already have set procedures in place covering many functions within your organisation, which employees follow out of habit or as directed by their supervisor / manager.

Business systems are the manual for your business; the “know-how” of any business that many business founders / owners usually hold in their head, and have not got round to putting onto paper.

Why implement business systems?

There are many reasons and just as many benefits for having established and documented systems in your business, some of which include the following:

1. They provide a framework for your operations and an effective structure to support your business.

2. They improve consistency: production, delivery, customer service, after-sales care etc.

3. They improve results and/or productivity, because you and your employees don’t have to re-invent the wheel every time.

4. They provide a better work environment for your employees, as an effective system will contribute to clarifying roles and responsibilities as well as providing staff with some guidelines to refer to.

5. They ensure compliance with legislation, safety regulations or any other legal requirement specific to your type of business operations.

6. They give your business the ability to expand and they facilitate business growth, as they will make your business more attractive to any potential investor or buyer.

What system works best?

Although there are similarities across many functions, such as Accounts, Human Resources, Sales, Stores, Logistics etc., unfortunately there is no one perfect, one size fits all system that works for all companies. Any system will need to integrate the company’s business objectives, its people and the way it provides its products or services.

It is important to have a well-designed system, customised to your type of operation, and thought out by people at all levels within the organisation.

Such a system will be more likely to be followed by all employees, because they have been involved in its design, and they understand the value that having a system in place brings to the quality of their work and the service they provide to customers.

One point to keep in mind is that having great people working with poorly designed systems – or no systems – is likely to lead to an under-performing business. On the other hand, great systems without good people won’t work either, hence the additional benefit of involving employees in designing a system, or simply in documenting the processes they are following.

Equally so, employees who have been trained in your business systems should also feel empowered enough so that they don’t feel they just have to follow a given script without using their head.

For this reason, it is important to encourage feedback not just from your customers, but also from your employees and to use such comments to review and to continuously improve and develop your business systems.

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Source by Cecile Scaros

Views: 0

July 27, 2022
Trading and Profit and Loss Account

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Trading Account

As already discussed, first section of trading and profit and loss account is called trading account. The aim of preparing trading account is to find out gross profit or gross loss while that of second section is to find out net profit or net loss.

Preparation of Trading Account

Trading account is prepared mainly to know the profitability of the goods bought (or manufactured) sold by the businessman. The difference between selling price and cost of goods sold is the,5 earning of the businessman. Thus in order to calculate the gross earning, it is necessary to know:

(a) cost of goods sold.

(b) sales.

Total sales can be ascertained from the sales ledger. The cost of goods sold is, however, calculated. n order to calculate the cost of sales it is necessary to know its meaning. The ‘cost of goods’ includes the purchase price of the goods plus expenses relating to purchase of goods and brining the goods to the place of business. In order to calculate the cost of goods ” we should deduct from the total cost of goods purchased the cost of goods in hand. We can study this phenomenon with the help of following formula:

Opening stock + cost of purchases – closing stock = cost of sales

As already discussed that the purpose of preparing trading account is to calculate the gross profit of the business. It can be described as excess of amount of ‘Sales’ over ‘Cost of Sales’. This definition can be explained in terms of following equation:

Gross Profit = Sales-Cost of goods sold or (Sales + Closing Stock) -(Stock in the beginning + Purchases + Direct Expenses)

The opening stock and purchases along with buying and bringing expenses (direct exp.) are recorded the debit side whereas sales and closing stock is recorded on the credit side. If credit side is Jeater than the debit side the difference is written on the debit side as gross profit which is ultimately recorded on the credit side of profit and loss account. When the debit side exceeds the credit side, the difference is gross loss which is recorded at credit side and ultimately shown on the debit side of profit & loss account.

Usual Items in a Trading Account:

A) Debit Side

1. Opening Stock. It is the stock which remained unsold at the end of previous year. It must have been brought into books with the help of opening entry; so it always appears inside the trial balance. Generally, it is shown as first item at the debit side of trading account. Of course, in the first year of a business there will be no opening stock.

2. Purchases. It is normally second item on the debit side of trading account. ‘Purchases’ mean total purchases i.e. cash plus credit purchases. Any return outwards (purchases return) should be deducted out of purchases to find out the net purchases. Sometimes goods are received before the relevant invoice from the supplier. In such a situation, on the date of preparing final accounts an entry should be passed to debit the purchases account and to credit the suppliers’ account with the cost of goods.

3. Buying Expenses. All expenses relating to purchase of goods are also debited in the trading account. These include-wages, carriage inwards freight, duty, clearing charges, dock charges, excise duty, octroi and import duty etc.

4. Manufacturing Expenses. Such expenses are incurred by businessmen to manufacture or to render the goods in saleable condition viz., motive power, gas fuel, stores, royalties, factory expenses, foreman and supervisor’s salary etc.

Though manufacturing expenses are strictly to be taken in the manufacturing account since we are preparing only trading account, expenses of this type may also be included in the trading account.

(B) Credit Side

1. Sales. Sales mean total sales i.e. cash plus credit sales. If there are any sales returns, these should be deducted from sales. So net sales are credited to trading account. If an asset of the firm has been sold, it should not be included in the sales.

2. Closing Stock. It is the value of stock lying unsold in the godown or shop on the last date of accounting period. Normally closing stock is given outside the trial balance in that case it is shown on the credit side of trading account. But if it is given inside the trial balance, it is not to be shown on the credit side of trading account but appears only in the balance sheet as asset. Closing stock should be valued at cost or market price whichever is less.

Valuation of Closing Stock

The ascertain the value of closing stock it is necessary to make a complete inventory or list of all the items in the god own together with quantities. On the basis of physical observation the stock lists are prepared and the value of total stock is calculated on the basis of unit value. Thus, it is clear that stock-taking entails (i) inventorying, (ii) pricing. Each item is priced at cost, unless the market price is lower. Pricing an inventory at cost is easy if cost remains fixed. But prices remain fluctuating; so the valuation of stock is done on the basis of one of many valuation methods.

The preparation of trading account helps the trade to know the relationship between the costs be incurred and the revenues earned and the level of efficiency with which operations have been conducted. The ratio of gross profit to sales is very significant: it is arrived at :

Gross Profit X 100 / Sales

With the help of G.P. ratio he can ascertain as to how efficiently he is running the business higher the ratio, better will be the efficiency.

Closing Entries pertaining to trading Account

For transferring various accounts relating to goods and buying expenses, following closing entries recorded:

(i) For opening Stock: Debit trading account and credit stock account

(ii) For purchases: Debit trading account and credit purchases account, the amount being the et amount after deducting purchases returns.

(iii) For purchases returns: Debit purchases return account and credit purchases account.

(iv) For returns inwards: Debit sales account and credit sales return account

(v) For direct expenses: Debit trading account and credit direct expenses accounts individually.

(vi) For sales: Debit sales account and credit trading account. We will find that all the accounts as mentioned above will be closed with the exception of trading account

(vii) For closing stock: Debit closing stock account and credit trading account After recording above entries the trading account will be balanced and difference of two sides ascertained. If credit side is more the result is gross profit for which following entry is recorded.

(viii) For gross profit: Debit trading account and credit profit and loss account If the result is gross loss the above entry is reversed.

Profit and Loss Account

The profit and loss account is opened by recording the gross profit (on credit side) or gross loss (debit side).

For earning net profit a businessman has to incur many more expenses in addition to the direct expenses. Those expenses are deducted from profit (or added to gross loss), the resultant figure will be net profit or net loss.

The expenses which are recorded in profit and loss account are ailed ‘indirect expenses’. These be classified as follows:

Selling and distribution expenses.

These comprise of following expenses:

(a) Salesmen’s salary and commission

(b) Commission to agents

(c) Freight & carriage on sales

(d) Sales tax

(e) Bad debts

(f) Advertising

(g) Packing expenses

(h) Export duty

Administrative Expenses.

These include:

(a) Office salaries & wages

(b) Insurance

(c) Legal expenses

(d) Trade expenses

(e) Rates & taxes

(f) Audit fees

(g) Insurance

(h) Rent

(i) Printing and stationery

(j) Postage and telegrams

(k) Bank charges

Financial Expenses

These comprise:

(a) Discount allowed

(b) Interest on Capital

(c) Interest on loan

(d) Discount Charges on bill discounted

Maintenance, depreciations and Provisions etc.

These include following expenses

(a) Repairs

(b) Depreciation on assets

(c) Provision or reserve for doubtful debts

(d) Reserve for discount on debtors.

Along with above indirect expenses the debit side of profit and loss account comprises of various business losses also.

On the credit side of profit and loss account the items recorded are:

(a) Discount received

(b) Commission received

(c) Rent received

(d) Interest received

(e) Income from investments

(f) Profit on sale of assets

(g) Bad debts recovered

(h) Dividend received

(i) Apprenticeship premium etc.

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Source by Anil Kumar Gupta

Views: 0

July 27, 2022
Discover How to Write Articles and Make Money Online Without a Website

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Welcome to the world of stress free profits using the famous but very little understood and less used secret of article writing.

Content writing is one of the cool ways to make money online without a website if you know the secrets. There are many ways you can make money online with this writing business. However, for you to make money online from the business, you must first understand that content writing is a business on its own and a lot of people make money online from it everyday.

It is one of the freelance jobs available on the Internet where you can make money online as there is hungry market for the business. The internet is all about offering information to people. The hundreds of millions of websites and blogs you see all over have written content in form of articles, reviews, sales copies and profiles

The objective of most websites and blog owners is to make money from their sites by selling products, services and pay for click programs. The good news for you as a good writer is that all the above mentioned money making means lies on article writing.

Therefore, going by the number of articles involved, it is quite obvious that websites and blog owners cannot write these articles all alone due to lack of time. In fact, they never dare writing the articles themselves otherwise they may not have time to attend to other important issues. All they do is to outsource article writing job to freelance writers who do the writing for them for a fee. This is why writing has become a means of generating unending income online.

Fortunately, you don’t even need to invest a dime in the business for you to make money online without a website. All you need to do is to spend few hours a day to help webmasters and blog owners write the articles they need to promote their sites.

The volume of job to do is limitless and ongoing. This implies that there is always market for you if you are hardworking and dedicated. For instance, a client alone can keep you busy for several months. Depending on how fast you are in article writing, you can earn $2,500 monthly.

The Approach

1. You can be hired by people to write articles for them

2. You can create free blog and add contents to the blog from time to time

3. You can write articles for submission to various article directories for money.

These are some of the ways you can make money as far as content writing business is concerned.

However, you must be ready to follow the rules of the game and make a move to make money in this business. Consequently, do not just fold your arms, dream and relax but try to actualize your dream by working hard. Be fond of discovering opportunities in problems and do not be one of those who see problems in opportunities.

You will be at the same spot you are for years if you fail to make a move. Hello! Wake up from your slumber now and start writing articles to make money online fast!

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Source by Oluseyi Sogaolu

Views: 0

July 27, 2022
How to Think Like a Marketer
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Many people say they hate marketing. That’s usually because they think marketing is all about advertising and sales.

Marketing is a process, not an event. It involves research, promotion, and distribution along with advertising and sales.

Maybe the most important and most overlooked aspect of marketing is having the right marketing attitude or marketing mindset. Think like a marketer.

When you have a marketing mindset, you ask how you can build brand awareness to help your target audience become familiar with your products and services, and you as well. Developing that know, like, and trust factor with your audience is key.

As you develop a marketing mindset, ideas of how to meet marketing goals on a daily basis will come easily, but here are a few ways to get started:
- Know Your Product & Service Inside Out: This may sound obvious but think about how many times we, as customers, have walked away from buying something because the person helping us couldn’t answer a few basic questions about their product or service.
- Find Ways to Leverage Mistakes of Competitors: It’s easy to see what the competition is doing well but just as much (and sometimes even more) can be learned by observing what your competition is doing not so well. The Internet is saturated with career service companies, but what makes your career service better than your competitors? Do your homework. Where are they weak? What client needs are not being met and what can you do to step in and meet those needs?
- Point Clients In Your Direction: Solve client problems. Point them to one of your services or products and emphasize the benefits, value, and results they can gain from it-being a solution to their problem.
- The “Bottom Line” Isn’t Just About Money Coming In: Looking for ways to save is just as important as finding new revenue streams. Instead of just recording where the money is going, watch for places to save. When looking at those numbers is there a way that sales can be made more efficiently?
- Every Client Interaction Is a Networking Opportunity: The word “networking” makes some people uncomfortable. But it doesn’t have to be about schmoozing or closing a sale. It’s simply having a conversation in an effort to build new relationships or strengthen current ones.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”-Peter F. Drucker

In business, everything ties into marketing in one way or form-what you wear, how you communicate (verbally and non-verbally), and what you do to attract, retain, and maintain client relationships. All of it affects or contributes to the profitability and success of your business.

Thinking like a marketer is a way of ensuring your company’s longevity.

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Source by Maria Hebda

Views: 0
July 27, 2022
Sweden – Utopia For Multi Level Marketing (MLM) Business

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The general thought and notion of the Swede is for them to be reserved, quiet and maybe stick to themselves more then other more outspoken and spontaneous populations.

Is this really a good environment for a multi level marketing business to thrive and for its representatives to earn not only additional income but considerable salaries?

Well, that is not the truth about the Swede, so Yes.

Sweden is a great market for networking and MLM business.

The facts paints a completely different picture.

• Sweden is in the 6th nation in Europe in direct selling.

• Usually make-up, juices, cleaning supplies, nutrition etc

Federation of European Direct Selling Associations,

“European Direct Selling Statistics – 2010 Retail Sales”. 2010. Accessed Jan 28 2011.

Key Indicators

• Direct selling has increased with an average 10% per year over the last 5 years

• 95% is part time and 5% is full time within direct selling

• 95% is part time and 5% is full time with direct selling

• 75% women and 25% are men

Some of the products that through time have been most prominent in the Swedish market are:

• Cosmetic, Skin- and Body products

• Laundry – Cleaning Supplies and House-ware

• Groceries, Nutritional Products

• Books

• Child Clothes

Sweden is THE place to be for any multi-level marketing, direct selling or network marketing business that wants to go for the masses. To add on to the already existing growing population of marketers in Sweden, there is now an explosive demand for home based Internet companies with a low initial start up cost. For any Swede who wants to get serious and wants to get into the business, find yourself a good solid business, which fits your interest and market. Find a team within that business that you would like to work with, get excited, get going and never quit!

The general conception is that this type of business is only for the young and technology savvy individuals… The largest growing age segment on Facebook is the 60+. That means that all these baby-boomers, who are set to control the global markets over the next 20 years, are now connecting on Facebook. The marketers and companies who tap into that “network” will have a large potential lead pool.

With the changing population of participants in the online communities and with the statistics above, we show Sweden to be a fruitful direct selling market. If you know someone or have connections on the Swedish market. Go for it!

“European Direct Selling Statistics – 2010 Retail Sales”

http://www.fedsa.eu/index.php?option=com_content&view=article&id=14&Itemid=8

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Source by Jonas Carlsward

Views: 0

July 26, 2022
Why Sales Doesn’t Have to Be a Numbers Game

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Telling stories is a great teaching tool to use in many fields, especially sales. At one of our recent workshops on pain, a participant from a technology company shared a story about an experience he had at a big-box TV store. This person went in to the store to learn more about flat screen TVs, with no intention of buying. He just wanted more information so he could make an educated decision when it came time to buy a TV, and get the best deal online, not at a store.

When our participant entered the store, he was greeted right away by a sales person, and before he knew it, the sales person was telling him all about the great features and benefits of each widescreen TV. The sales person never asked a single question about why he was visiting the store, or if he’d even been there before. The sales person was nice but never uncovered any pain. All he did was say, “Can I help you?”, and then proceeded to “spill his candy all over the lobby”, and give our participant all the ammunition he needed to go get his best deal online. The sales person never had a chance to close the deal.

Far too often, salespeople try to spill their candy in the lobby for a living. They throw information and free advice and their own time and money and resources against a wall hoping some of it will stick. “If I go to enough networking events, if I make enough new prospecting calls, if I talk about my product enough, if I ask enough people if they need this for their business, and if I make enough cold calls, then I’ll be successful.”

The numbers game is one way you can approach your career, but it requires a lot of work, and it often wastes a lot of time. On the other hand, the Sandler System is all about working smarter, not harder. Furthermore, if you combine the same tenacity and work smartly to uncover a prospect’s pain, you will become a Robo-Salesperson. Armed with new, effective questioning strategies and proven sales techniques, you will discover the prospects’ problems and deep-seated emotional needs, pains, and desires to find solutions (ones that you can provide). This will result in dramatically increasing your sales and reducing your work time and stress that goes with it.

Another participant in our Sandler Sales program sells gauges to machine shops and other companies. This guy is very meticulous and had a phone prospecting system he followed diligently, but when he left messages, very few returned his calls. Sound familiar? Well, this guy enrolled in our advanced training program and he carefully tracked all his results. Here’s what he found:

After the first year of learning the Sandler Sales System, his market of selling to machine shops experienced a 5% decline, however, his personal sales went up 28.6%. Since he worked on a straight commission, his personal income went up an equal amount. So, his income went from $93,000 up to $119,598. Our sales guy attributed this to learning how to leave an effective voicemail message, encouraging his prospects to call back, and it worked. After his second year in the Sandler course, his sales went up another 32.3% and his income increased to $158,228. Why? He became more effective at closing deals. In the first two years in the training program, he had boosted his commissions by 70%. The bottom line, none of his success would have happened without learning to uncover his prospects’ pain.

By the way, if you’re one of those people who believe “you can’t teach on old dog new tricks,” check this out. This guy wasn’t a kid. He was about 50 years old when he started learning the Sandler way, and still made those drastic improvements. I’m happy to say that 14 years later, he continues to attend and take advantage of our President’s Club classes. This sales leader is committed to being at the forefront of his industry’s selling knowledge curve and providing for his family, himself, and his own retirement.

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Source by Greg Nanigian

Views: 0

July 26, 2022
Why Customer Concentration Impacts a Business Sale Transaction
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Few owners recognize the major impact that customer concentration has on the sale of their business. Customer concentration represents a significant obstacle and will affect the salability, valuation, and deal structure of a business-for-sale transaction. Not only will it create problems in qualifying buyers but it will impact the ability for any prospective purchaser to obtain third party financing to complete the acquisition. Determining if customer concentration is present in an enterprise is a critical element of the succession planning process.

Customer concentration is a situation when one customer represents a significant portion of revenues or when the business has a very small customer base. Based upon the expert one consults, the exact percentage for a concentration to exist varies. In most cases it is recognized when one customer represents more than 10% of sales or when the top five customers comprise greater than 25% of a company’s revenue. In either situation, a huge risk is created from the lack of diversification and steps to mitigate it should be taken years in advance of a planned business exit.

When evaluating a business sale it is important for an owner to recognize that their client base has a significant impact on the enterprise value of the company. A broad and diverse base of customers where there are a large number of clients contributing to the business’ revenue will achieve a higher transaction value as it reduces the risk that a sizable decrease in earnings will occur if any one customer is lost or a particular industry segment that the business serves encounters economic distress.

In addition to a lower sales price, businesses with customer concentration issues are more difficult to market for sale. For main street business transactions (those with adjusted earnings of less than $2mm) third party financing is used in the majority of cases. Businesses with high levels of customer concentration are very difficult to get financed. Lenders may provide only partial financing, offer sub-optimal terms, or decline the loan altogether. In situations where third party financing is not available, the pool of available buyers is significantly restricted and the terms of a deal could be heavily weighted on a contingent earn-out based on retaining the revenues derived by the largest customers. “Typically we want no customer concentration over a 10% level when considering financing an acquisition. Higher levels are possible with much more explanation and supporting documentation but remain a major concern” states Steve Mariani, President of Diamond Financial Services.

Lastly, customer concentration will have a direct impact on the deal structure for the business sale transaction. Buyers will strive to bridge the customer concentration risk through a variety of delayed ‘performance based’ financing methods. For example: Assume both parties agree on a transaction price of $900,000 based upon $300,000 of adjusted earnings (a 3x multiple). If the key account in question represents $75,000 of the $300,000 this would represent $225,000 of the transaction price. A buyer will strive to isolate the $225,000 component to ensure that revenue is maintained post sale. After a period of 12 months, if the customer and income are still in place the seller would receive the funds. If the identified client and corresponding revenue was lost during this period, a pricing adjustment would be made.

In situations where the buyer is unable to obtain transaction financing due to customer concentration issues, the seller might have to accept a “contingent earn-out” for the revenues derived from the largest customers, or worse, they may also have to finance a major portion of the “non-contingent purchase price” negotiated with buyers.

Contingent payouts could be structured in a variety of methods:

Earn-Out:

Earmark part of the purchase price with payments made over a period of time contingent upon the retention of specific customers or achieving specific revenue targets.

Escrow:

A percentage of the acquisition price will be held in an escrow account for a specified time.

Seller-Financing:

The seller would be responsible for financing a major portion of the purchase price through a seller note. The seller note could be structured with contingencies for revenues derived from the largest customers.

With any of these deal structuring techniques, the seller cannot be expected to guarantee the revenue in perpetuity and if the transaction price is based upon retaining one or more key customers, the seller may require more active involvement in maintaining the client relationship during the term of the agreement. Obviously, this brings an additional complexity to the transaction.

In most cases, buyers will look to discount the amount they are willing to pay for a business (with high customer concentration) unless they receive assurances that the risk is low. While the obvious strategy to reduce customer concentration risk is to diversify and increase the business customer base, there are a number of situations where customer concentration either does not pose a significant risk or could be mitigated.

Customer Contracts:

Having a contract in place will not eliminate all of the risk of losing a key customer, but it will provide the buyer with security that the revenue and profits will continue after a change in ownership takes place. When customer contracts are involved, the ability to assign or transfer will be important to understand. In many cases, a stock sale vs. asset sale is elected to preserve these contracts.

Barriers to Entry or Exit:

Businesses could have intellectual property, product expertise, or patents that create competitive advantages barring competition. Others are located in geographically remote areas where the supply benefits discourage customers from changing the relationship. Lastly, there could be significant capital requirements for manufacturing and tooling or agency approvals (pharmaceutical or government contracting industry) that creates a barrier to entry from potential competitors.

Providing a Variety of Products and/or Services:

Having a broad relationship with a key customer where the relationship is not based solely on one product, one location, and one individual decreases the risk that a singular change will fundamentally impact the future revenue stream and continuity of the account.

Economies of Scale or Synergies:

The acquisition may be pursued by a strategic buyer where they are bringing new products/services to the enterprise, a broader geographic distribution footprint, or economies of scale in production. Any of these elements would assist in reducing the concentration of revenue risk that an identified key client would represent to the future organization.

Summary

Businesses which have high levels of customer concentration are inherently risky and it is important for the owner to appreciate this concern from the perspective of a potential acquirer. Ultimately, the buyer seeks only to retain the customers which have contributed to the success of the business and are factored in the valuation and transaction price. From the position of a buyer a few logical questions and concerns would be:
1. How does the value of the company change if a customer representing 10% or more of revenue and/or profits is lost in the first year?
2. How easy would it be for the client representing the customer concentration concern to leave the business?
3. What unique situations exist within the business to preserve the customer relationship in the years ahead?
4. What are the logical steps and corresponding costs to mitigate the customer concentration risk?
5. How do I achieve a win-win transaction? Protecting me, the buyer, against the risk of a near term revenue loss while providing the seller with the proper remuneration for the fair market value of their business?
While the risk may not be able to be totally eliminated, there are a number of situations where customer concentration is more palatable and a proper explanation should be provided to the buyer at the earliest opportunity. Getting out in front of this potential challenge is critical to achieve a win-win deal. When good communication exists, and two fair and reasonable parties are at the table, there are a number of structuring options available, when necessary, to mitigate the risk and negotiate a fair and reasonable transaction price. Obviously, the best approach for a prospective business seller would be to develop and implement plans to reduce any customer concentration elements years in advance of a business exit. Eliminating this type of risk is just sound advice for any small business owner regardless of whether a sale is contemplated.

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Source by Michael Fekkes

Views: 0
July 25, 2022
4 Little Known Secrets to Becoming a Profitable Affiliate Marketer

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Affiliate marketing business has gotten a lot of buzz in recent times due to advances in internet technologies and upsurge of social media channels like Facebook, Twitter, LinkedIn etc.

However, some affiliate marketers especially beginners struggle to earn profitably because they do not thoroughly understand the business.

WHAT REALLY IS AFFILIATE MARKETING?

Affiliate Marketing is the process of earning online commissions by promoting products and services. Your commissions are earned each time you get a lead (Potential customer) or sell products online.The interesting aspect of affiliate marketing business is that you can make a ton of money with a little monetary investment.

Furthermore, you can start the business without products or services of your own, work from home and earn passive income even while sleeping if you have an effective system in place.

HOW DOES AFFILIATE MARKETING WORK

Register under the affiliate program of reputable companies that have valuable products and services.

Decide on the niche products to focus on.

Get your custom affiliate tracking link for each product you decide to promote online.

Select the right traffic source to use in promoting the product.

Decide on the marketing strategy to use i.e Blogging, video or social media marketing.

4 MAJOR WINNING STRATEGIES TO INCREASE YOUR PROFITS ONLINE

Focus on a single niche at a time

You should choose a niche that you are both knowledgeable and passionate about. For example, Weight loss, Supplements, Nutrition, Pet training etc. This enables you to easily persuade your customers to buy your products. Also, this will allow you to learn and acquire new selling strategies that will increase your sales and multiply your profits.

Select traffic sources

It is recommended to focus on 2 traffic sources at a time. I will recommend focusing on one search engine and one social media traffic at a time. This enables you to properly track and optimize campaigns launched on each platform thereby maximizing your profits per product.The secret of super affiliates is their ability to focus on a traffic source, testing and tracking campaigns optimally.

Test marketing strategy to use

You can never know if either blogging, social media or video marketing will be most profitable until you test marketing strategies such as:

Blogging: You can write a blog post using well research keywords for search engine optimization. This attracts your clients to your blog and causes them to make a decision.

Video marketing; You can make a video describing the features of the product then you upload it on YouTube for people to watch.

Social Media Marketing: This is the commonest and the easiest method especially for beginners. Facebook is a very good platform because it has lots of groups/forums where you can find people who are interested in your product and service. You can easily send them a friend request and pitch your products to them.

Track the data/results gotten from each of the methods then you focus on the method that produces the greatest profit.

Select the traffic type

The traffic type can either be free or paid traffic.

Free traffic involves search engine optimization, social media groups, and article marketing. The drawback of this method is that it does not allow you to target your client based on their interests and demographics.

Paid traffic involves using Pay per click or Pay per view advertising on search engine and social media platforms. This method is faster, associated with increased conversion and profits because it allows you to target your clients specifically based on interests and other features.

Finally, affiliate marketing business is very lucrative and you can start becoming profitable today once you implement the strategies above.

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Source by Christopher Ugo Oseh

Views: 0

July 25, 2022
ChatBot Marketing With Aritificial Intelligence

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ChatBot Digital Marketing which makes use of Artificial Intelligence technologies can be used a key component in any company’s marketing strategy in terms of guiding customers through a marketing sales funnel. The marketing funnel that would be programmed into the AI ChatBot would be defined in relation to the products and services being offered into the market place from the company in question. Implementation of the particular social media digital marketing strategy may well be devised by a full service digital marketing agency.

When it comes to effective digital marketing strategy development and subsequent execution that requires marketing research, strategy formulation, content planning, linking strategy and the publication of the content in question. In addition to the above, careful posting on relevant content portals and blogs in necessary in order to expand the digital marketing footprint of the company as well as developing the equity of the brand.

The point being made is that publishing content on its own is not enough; there has to be a key focus on that of promoting the company and that of building the business’s brand. If the company chooses to take care of the content marketing in house as opposed to making use of a digital marketing agency then all of the necessary software and keyword analysis tools will need to be purchased and subscribed to in order to be able to determine the correct direction that needs to be taken for maximum social media marketing effectiveness.

So bearing in mind that the content itself is not the main issue per se, we can turn our attention to the strategic use of how companies are using chatbots for marketing – the content will be created and published strategically on portals, blogs, websites and via social media channels then in turn users make their way to the company website where they interact with the artificial intelligence chatbots in order to implement the business’ digital marketing strategies.

From the various social media marketing channels that may be used to publish related company content; along with the [say] the company blog and other authority blogs. Remembering that there will be associated links within each piece of content – in turn users are directed to the company website which will lead to the strategic AI chatbot with all of the associated calls to action coming into play.

The activation of the AI ChatBot and interaction with the customer and associated data that will be collected will in turn provide valuable marketing intelligence for the company in question. This could be in the form of questions asked by the ChatBot which carefully guides prospects through a defined marketing or customer support process.

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Source by Stephen C Campbell

Views: 0

July 25, 2022
ACN Multi Level Marketing Business: An Inside Look

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If you are thinking about beginning your personal ACN Multi Level Marketing business then take a few minutes to read this article as you are going to find it valuable.

Starting your own home business could possibly be just what you and your family need to finally take control of your time and finances. But if done incorrectly it could also be a full waste time, energy and cash.

So what exactly are those things that tends to make such a difference? What do you need to know to guarantee you may make a considerable income using the ACN multilevel marketing model. Let's take a closer look.

An Evaluation of the Company

The ACN business model is not totally distinct from other network marketing systems. The company delivers a wide range of well-liked consumable products that the majority of ordinary people use each day.

All you have to do earn commissions is promote these products to people you know and others you identify as wanting or are in need of them. To build a strong business you will want to go on and recruit a team of other people from whose sales you will also earn commissions.

As a company the ACN multi level marketing business is doing very nicely. ACN (American Communication Network) sells internet services, telecommunications services, wireless, and utilities. It is also rated in the list of the top 20 direct marketing companies in the United states by the Direct Promoting Association.

ACN was founded in 1992 by Robert Stevanovski, Greg Provenzano and two twin brothers Mike and Tony Cupisz. The network marketing side of the business was officially launched in 1993 with 20 founding front line distributors. It has because grown to serve 23 countries ranging from North America, Europe, Asia along with the Pacific.

This doesn't necessarily mean that this business opportunity is appropriate for you.

The Business Plan Revealed

Even if you only realize the basic fundamentals of business you understand that in order to get a business to make money, they should sell products. In order for an independent distributor to earn income and make a living you will have to do exactly the same – sell products.

Have you thought about how you will go about promoting ACN's particularly specialized menu of services? Keep in mind, in order to create an excellent living you are going to need to sell a lot of them!

Behind each and every network marketing opportunity is the promise of earning a long-term residual income by creating a sizable team of distributors. From this team you, will earn a little commission off of their time and work.

The concept is that each team member will do a bit of work which will altogether add up as a large volume of sales. This sounds excellent in theory, nevertheless, does this realistically happen?

Promoting your Opportunity

Most people who get involved in MLM do not make their initial investment back. The reason for this is not because the business, services or compensation plans are flawed.

The main reason is not obtaining the sales or marketing training to effectively promote and convert to sales. This lack of training can hold you back because simply put MLM (multi level marketing) is really a direct marketing business.

To combat this problem once you join MLM companies advise you to make a list of all the people you know – family, friends, co-workers, associates, colleagues, etc. You will then need to contact the people on your list to introduce the products, services and business opportunity.

This tends to make sense. But what happens once you run out of the people on your list? Now what?

Learning the best way to market properly and effectively may be the crucial to creating a lucrative ACN multi level marketing business. When burn through your list of family friends and colleagues you need to have a plan in place to consistently obtain new people to introduce your business to.

Not planning to do this can cause failure in your business and shattering your dreams. Fail to plan and you plan to fail.

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Source by Merv Stevens

Views: 0

July 25, 2022