MultiBriefs - Your source for industry specific News Briefs

7 common mistakes business owners make and how to avoid them

Roberta Matuson Business Management, Services & Risk Management

I've been in business for over 20 years and have seen my share of mistakes made by business owners — many that certainly could have been avoided. Here’s my list of common mistakes business owners make, along with advice on how to avoid following suit. For example, think about a job that you worked in that didn't work out. Was it because you didn't have the skills to do the job, or was it because your values did not align with the organization's?

How to improve Google Ads for your e-commerce business

Emma Fitzpatrick Marketing

Just like we were talking about recently, knowing the latest features of each digital marketing channel makes all the difference. That’s especially true on a platform where you’re paying for users' attention. When was the last time you did a deep dive into Google AdWords? The average small business spends between $100,000 and $120,000 a year on Google paid search campaigns, while giant retailers can spend up to $50 million dollars a year, according to WordStream data. Regardless of how much you spend, each retailer pays between $1 and $2 for a click in a Google Ad.

Why your subscription-based customers may be jumping ship

Terri Williams Marketing

Subscription-based services can provide a reliable source of revenue for your company. Netflix, Dollar Shave Club, Blue Apron, Shoe Dazzle, Graze and Birchbox are just some of the popular companies with a subscription business model. However, customers are likely to bolt at any moment, and according to subscription business expert, Robbie Kellman Baxter, author of “The Membership Economy: Find Your Superusers, Master the Forever Transaction, and Build Recurring Revenue,” they rarely leave because of pricing.

Credit this: Big banks step up loan approvals to small business owners

Seth Sandronsky Business Management, Services & Risk Management

Big banks, those with assets of $10 billion or more, are feeling the love for small businesses. Loan approval rates with large banks rose in February versus January, according to the Biz2Credit Small Business Lending Index. "Overall, the cost of capital is relatively low," said Biz2Credit CEO Rohit Arora, in a statement. "Small businesses are looking to secure funding, and for many companies, recent financial performances have made them creditworthy borrowers." Biz2Credit's monthly research comes from over 1,000 small business credit applications on the firm's online lending platform.

5 sales-boosting strategies you’ve never tried — but should

Lisa Mulcahy Retail

As a retailer, you want to keep your sales environment as fresh and as customer-friendly as possible — and the most surprising details can have a big positive impact in helping you do it. Want to give your sales a fast and easy boost? Science has you covered. Try the following research-proven tips to positively influence your customer base and move that merchandise like never before.

Are you being served? What about your customers?

Linda Popky Business Management, Services & Risk Management

Who do you know who would purposely understaff an airport rental car location at a major resort locale so customers are kept waiting for two hours for pre-reserved, prepaid rental cars? When would you set up an interactive voice-response system so confusing that customers are forced to spend long periods of time to navigate their way into the right queue — only to then be disconnected? Not many of us would ever want those things to happen to the customers of our businesses. And yet, much too often, they do.

How retailers can still thrive in an Amazon-led world

Linda Popky Retail

The daily news is full of retail stores that are cutting back their operations or closing shop completely. Toys R Us, Sears/Kmart, Gymboree, Abercrombie & Fitch, BCBG, Bon-Ton, Payless, Dollar Tree, and even Victoria’s Secret are on the recent list. Is it Amazon’s fault all these chains are struggling to the point that many have had to declare bankruptcy? Or is there more to it? E-commerce is certainly a major factor. But it’s not the only reason.

Decoupling and the customer experience

Catherine Iste Retail

It is a great time to be a consumer. On one hand, we can walk into a big-box store, find exactly the product we want, then find the least expensive option on our phone and have it delivered to our door. On the other hand, we do not have to leave the house to grocery shop, get a massage or visit the doctor. Technology has had an undeniable and, in many cases, unexpected impact on consumerism. This disruption of the traditional customer experience provides myriad threats and opportunities for all retail businesses.

5 reasons why you need to market better to millennials

Sam Radbil Marketing

The term "millennial" is probably driving you crazy by now, but this big population group should be an important part of your marketing plan. The consensus is that the millennial generation includes those born between 1981 and 1996, which makes them approximately 23-38 years old today. The important point here is that, while you need to market to all of the age ranges, there are five solid reasons not to neglect millennials.

After jumping into grocery game with Whole Foods, Amazon to debut new chain

Bambi Majumdar Food & Beverage

Once it shook up the online retail world, it was time for Amazon to do something different. Hence the acquisition of Whole Foods in 2017, a move that was diametrically opposite to going online. Then came Amazon Go stores, with their grab-and-go, no cashiers or checkout lines concept. Now, Amazon has just announced the launch of a new chain of grocery stores in the U.S. that will be a separate entity from Whole Foods. Shares of grocery giants like Costco, Kroger, and Walmart all dipped upon the news breaking.

Industries