The other day I heard that Spanish small business owners are growing at an incredible rate.
Bank of America recently conducted a survey of Hispanic Business Owners… 394 of them to be exact. These were from all over the country.
It showed some remarkable and eye-opening statistics. And we all love statistics. Take a look at their confidence numbers:
88% think that the Hispanic small business environment will get stronger over the next 10 years.
77% have plans to grow their businesses over the next 5 years.
71% have expectations of increased revenue this year. Almost 40% of them plan to hire and close to 30% plan to apply for expansion loans.
65% of them think that Hispanic small business owners have challenges that others don’t. However, most of them feel their culture has been an advantage.
60% see local economic growth over the next year or two and most of them think the national economy is moving in the right direction.
Pretty enlightening isn’t it? I love seeing those numbers. I’ve always felt that the Spanish community is under-served and under-estimated.
Now for some more enlightening statistics, which go hand-in-hand with my last article about Social Media.
Most Hispanic Small Business Owners utilize social media in a big way, including all digital business tools.
93% use digital tools every day, like online banking. This is compared with a 74% national average, across all cultures in America.
76% use social media to help run their businesses, compared with only 41% national average. Most concentrate in three areas. (Marketing, Networking, and Communicating with Customers) Plus, over half of those polled used social media for hiring.
53% said that social media has been good for their business, much higher than the national average.
It’s no wonder that Google recognizes Hispanic Small Business owners as being more in tune with technology than many others.
Perhaps the business community should embrace this growing trend.
April 4, 2018 | Marketing Guru
Build a Local Referral Network
Why build a local referral network? Every salesperson and business owner dreams of a simple way to generate a steady flow of potential customers. Many turn to advertising, spending thousands of dollars, in hopes of making the phone ring or the customers coming in. There are many available options offered to business owners, some effective and some ineffective. Many expensive options are largely ineffective, which seams counter-intuitive. You’d think spending a bunch of money on advertising would bring in lots of business. However, often times it will simply drain your budget.
Much like building a local referral network, the most effective business generation strategies actually take some planning and work to implement. In fact, there may be a correlation between the effort required and the effectiveness because most people won’t do it. Have you ever heard the saying, “To have what others don’t have, you must do what others are unwilling to do” ? It makes sense. If most people take the easy way out, spending a bunch of money or using the mass email passive approach, then those methods will be saturated in the marketplace. If most people don’t go door to door, or spend time developing strategic partnerships, then those methods will be mostly unsaturated and will have lower competition. Get it?
The dawn of the internet and email brought attractive marketing methods with which business owners could broadcast their advertising to thousands of people. But, as more and more people adopt these passive methods, they become less and less effective. This breathes new life to the old-school methods of business promotion. Working smart requires experience and being faithful to time-tested marketing strategies.
As a young salesman, I learned that it’s better to spend time developing lead sources than single leads.
Eventually I met with a mentor and learned about a method of developing a whole group of lead sources, a local referral network. It involves networking with other business owners in a particular area, helping each other promote their businesses. Working as a team is always more effective than trying to “recreate the wheel” individually.
TopLocal.org was created as a small business marketing platform, with which every business owner can develop a group in their zip code. This group will not allow competing businesses within the zip code, so everyone can feel free to give their all to promote the group and not worry about promoting a competitor. TopLocal offers a printable zip code business guide that each member prints and distributes monthly. This guide features your business on the cover and the rest of the group inside, so you’ll want to pass them out to your customers.
Other business networking groups rely on each member actively recommending other businesses to their customers. But, who has that kind of time? Not me! TopLocal solves this problem by providing a way to promote your group and benefit your own business in the process. Plus, at only $20/month it’s cheap to lock down your exclusive category in your zip code.
Building a local referral network is very rewarding. Actively promoting the group to other non-competing businesses helps you get more and more advertising. With consistent effort you could have a hundred businesses in your group, providing you with an increasing number of guides distributed in your local area each month. Thousands of local consumers will see your business over and over again. In very little time, you will be effectively competing with those “big box” stores and their million dollar advertising budgets.
Now, let’s get building!
November 4, 2017 | Marketing Guru