Today I’m going to cover a topic that small business owners ask me almost on a daily basis. If you’ve done a quick search online, you’ll quickly discover that opinions are all over the map, ranging from celebratory at one end of the spectrum all the way to demonization at the other end.
So then, what’s the truth? Well, to add to the confusion, they both are! Running a daily coupon shouldn’t be a split second decision and you need to understand both the pros and the cons of making this commitment. Yes, you heard that right. Running a coupon is a commitment… it’s a commitment to your company, your employees and your customers in a huge way.
A few months ago, barely anyone even heard about Pinterest. Today, however, a very different picture has been painted. With a staggering growth of 261.6% in the last 3 months, Pinterest has been taking the social media nation by storm!
Having already reached 2.2 million daily active users and gaining the coveted rank of being the 59th most visited website in the world (16th most visited in the US), there are already rumors of Pinterest being considered as an acquisition target of social media industry leaders, Facebook and Twitter. Think the growth is about to wane? Actually, it’s the opposite… now that the site is getting to be known, it’s growth is about to explode at an exponential rate that hasn’t yet been witnessed to date!
While a website is vital to the long term success of any business, it’s not of much use if it’s not generating targeted traffic and converting valuable leads into customers.
Why can small businesses no longer just get by with a website? A website on its own won’t create customers, it needs to attract visitors! Furthermore, these visitors must be potential customers. If you own a comedy club in Ottawa, and the majority of your traffic is from the US, you can be certain that it’s not generating you additional customers. Even worse, if it’s not generating traffic at all then it serves no purpose whatsoever.
Welcome to the year 2002. Meet Company X. Company X is a manufacturer of one of the world’s most popular hardware devices. The market share of their products is a whopping 95%! They’re on top of the world and completely untouchable by any potential threat! Everyone who tries to stand up against them gets punished severely, ultimately suffering a humiliating and painful defeat.
Flash forward to 2007, essentially rinsing and repeating this story year after year. The story remains the same… until another company comes along, swoops down and over the next 2 years they even out the market. Suddenly it’s a 50/50 playing field, but the momentum seems irreversible and another threat enters the market.