Tips Archives - Page 6 of 8 - Medallion Fulfillment & Logistics

January 15, 2020

QR Codes: The Future of Marketing

Make room for the next big thing — QR codes. What’s a QR code? It’s essentially a wacky looking, matrix barcode users scan with a camera-enabled smart phone. Scanning the QR code connects the user to a mobile-optimized web page, video or photographs or activates functions such as email, SMS and IM. The free QR codes are simple to produce, distribute and display.

QR codes, also known as Quick Response codes, were invented in 1994 by a Toyota subsidiary, Denson-Wave. QR codes are well known in Japan and South Korea. Recently, QR codes have created a buzz among US marketing specialists. In the US, well known companies such as Macy’s, Best Buy and Post Cereals use them to enhance their marketing campaigns.

The Nielsen Company forecasts, by the end of 2011, more than half of all US citizens will own a phone capable of scanning QR codes. The user just needs to add a phone app. QR codes are appearing in major print publications, on buildings and storefronts. In the US, the demystification of QR codes has a ways to go but it won’t be too long before they’re immediately recognized, understood and scanned by US consumers of all ages, shapes and sizes.

Ways Your Business can Take Advantage of QR Codes

Savvy marketers use QR codes to drive customers to a specific web page. Simply placing a QR code in a print add is not enough. Grab the consumers’ attention with an enticing call-to-action statement placed next to the QR code. For example “scan for a great offer” or “scan to enter to win a prize.” Don’t harm your brand with a disappointing offer or prize. If you do it right they’ll eagerly come back to your website. Something to think about: Why should the audience take the time to scan my code?

Americans like freebies. Entice consumers to complete your mobile-friendly survey with giveaways. What’s the objective? With their permission, gather their email addresses for additional marketing messages. Surveys can lead to sales.

Provide additional company and product information with Quick Response codes on product packages and literature.

Use QR codes in print ads to bring traffic to focused information on your website.

QR codes linked to videos can help bring your products to life.

It’s not common, but some companies design a QR code to automatically dial a predetermined telephone number. Before using this bold marketing technique, think about this: From the consumers’ perspective, what’s in it for me?

Linking a QR code to a desirable coupon entices users to scan the code. The coupon is automatically saved on the users’ mobile phone, providing the user an easy way to keep the coupon. They can also provide a copy to friends, aka other consumers.

Quick Response codes properly placed in retail stores make it easy for customers to sign up and become part of the store’s social community.

You can provide access to user manuals in an array of languages through a QR code link.

Where to Place QR Codes

QR codes can be printed on almost anything. Marketers incorporate QR codes with billboard ads, posters, in-store displays, business cards, contests, print ads, direct mail campaigns, coupons, email marketing etc.

For major events, put your QR codes on all your promotional material such as stickers, flyers, press kits, merchandise tags etc. Use a plug-and-play CMS to update the landing page throughout an event.

Create your own QR codes for free at websites such as at Kaywa.com and rasoftwarefactory.com. Learn how to make attention grabbing, attractive QR codes.

Analytics

Set up your QR code and the associated mobile webpage with analytics. Now you’ll be able to follow and optimize your campaign. You’ll learn how many scans a Quick Response code gained and how long the average user spends at your website. You can measure how advertisements containing QR codes are driving your sales.

Expand Your Social Media Audience

Design a QR code to connect directly to your company’s Twitter stream or Facebook page – it provides users the opportunity to “follow” or “like” your company.

Near Field Communication (NFC)

NFC is a wireless communication technology which lets devices exchange data over distances of about ten centimeters. Google uses a mobile payment system, relying on NFC. Google stated they’re “exploring new ways to enable customers to quickly and easily find information about local businesses from their mobile phones”. Some experts in the field suggest Google will someday push businesses to use NFC for some of their communications.

For now, the QR code is the hot marketing tool. When used effectively, QR codes gain the attention of customers and produce sales. They also help your company maintain a modern image.

January 8, 2020

Top Tips to Motivate Your Sales Force

Motivating your sales team is not merely a matter of reaching for your wallet and offering more money. In fact, money is one of the less effective predictors of employee success.

Instead, you can reach for a more lasting impact by considering the emotional and psychological factors that drive performance.

Maslow Has the Answer
At college, you may have studied Maslow’s hierarchy in Psych 101; this familiar, colorful triangle demonstrated the fundamental human needs beginning at its base (physiological needs — air, food and water, sleep) and ending at its point (self-actualization, or achieving wisdom).

Near the top of the triangle are two more layers: social needs and esteem needs. Down much lower on the hierarchy comes money, as part of the “safety needs” that include job security and medical insurance.

What does Maslow have to do with closing sales? You can use the hierarchy to get a better handle on motivating your sales team. And because different people are driven by different needs, you will call upon your human resource and managerial skills to recognize the motivators among your staff in these categories:

Social needs include the drive to attain friends and belong to a social group. Sales people, who are typically outgoing and gregarious anyway, might respond well to small gestures you make — sending a thank-you card on behalf of the company, showing up with a birthday cake, or granting an invitation to join a new-business strategic team, task force or some other “exclusive” group.
Esteem needs are driven by the desire to gain recognition, status, attention and a sense of accomplishment. It’s easy to imagine many sales reps seeking such validation. You can fulfill esteem needs by publicizing a great sale, making promotions publicly known, by interviewing a top performer for the company newsletter or blog, or asking him or her to mentor new employees.
Finally, self-actualization refers to those motivated by such intangibles as truth, wisdom and meaning. Few people achieve and maintain this level of awareness in life, much less in business, but if you recognize such traits in a sales rep, you can foster it by enrolling her in special training to grow her skills, by giving him your most challenging customers (and letting him know why he was chosen), or by asking her to assess the entire organization’s sales tactics in pursuit of better results.

Does Money Talk?
So is there still a place for money as a motivator? Yes and no. A bonus or raise can prompt short-term performance, but money on its own is not a long-term motivator, even in a volatile job market. Once a sales rep reaches a comfortable living wage, he or she is less likely to see more money in the same desirable light as, for instance, more responsibility or more recognition.

Say It Right
In any recognition you offer, make your gestures sincere, specific and timely.

For instance, “You did a good job today” is a general compliment, while “Denise, you did a good job today addressing that unhappy customer” is specific.
Be aware of whether a sales rep desires public recognition — some people don’t. If they appear uncomfortable being the center of attention in a staff meeting, for example, save your praise for a one-on-one meeting.
Don’t wait to recognize accomplishment — make recognition a priority, not an afterthought.

December 25, 2019December 11, 2019

Startup Suicide? Don’t Drink the KoolAid

The business landscape in America has gone from the Age of Manufacturing to the Age of Information. Now we’ve moved into the Age of the Entrepreneur.

Each year, more individuals choose to forgo the secure paycheck but restrictive environment of the corporate world to strike out on their own. The American Dream has existed as long as our country has, but there’s never been a better time to pursue it.

Forbes says that a staggering 500,000+ new companies emerge each month. But you’ve probably also seen the dark underbelly of this shiny surface. According to Bloomburg, eight out of 10 startup businesses fail within the first 18 months. That stark reality can give even the most passionate entrepreneurs cold feet.

However, saying that these businesses “fail” may not be completely accurate. Inc. estimates that 90 percent of those that don’t survive actually commit suicide. The founder or founders get bored, neglects their homework or succumbs to self-doubt. For these and other reasons, their companies simply don’t go the distance.

Have you been nurturing a great idea or product that you’re ready to bring to life? As the saying goes, forewarned is forearmed. Knowing the odds of going under can help prevent you from becoming simply one of those statistics.

Before you drink the startup Kool-Aid, review this checklist for some valuable tips to help you become part of the two percent of success stories.

Do what you love. If you put money ahead of personal satisfaction, sooner or later it’s going to show through as a lack of sincerity. You’re going to put in an incredible amount of time and effort. Why would you want to do that for something you’re not really invested in? For example, a tech startup may sound exciting and lucrative, but if computers bore you to tears, you’ll be doomed.
Have a business plan. Yes, you’ve heard the stories of the hotshots like Mark Zuckerberg and Steve Jobs who just jumped right in and made it up as they went along. That’s still the exception, not the rule. You don’t need a comprehensive document that crosses every “t” and dots every “i”. What you do need is a financial blueprint that outlines factors including estimated costs, revenue projections and a break-even point.
Know what sets your product or service apart from others. Have you ever watched Shark Tank, the TV show where budding entrepreneurs make their pitch to potential investors? One of the first questions that always comes up is, “What’s different about your company?” The number of businesses entering the marketplace means that competition is tougher than ever. You have to know exactly what need, want or problem your product or service will solve for a customer.
Be flexible. Conditions in today’s business world change almost daily. Don’t be so in love with your own vision that you can’t adapt in order to satisfy your customer base or take advantage of a new opportunity.
Underpromise and overdeliver. New business owners often get this backwards. They’re so anxious to get those first customers that they promise the moon and get in over their head. If you make modest but solid promises and extend yourself to go the extra mile, you’ll look like a hero.
No man (or woman) is an island. Whether due to lack of funds or excess ego, many entrepreneurs try to do everything themselves. No matter how intelligent and capable you are, you’re going to have areas of weakness. Don’t be so proud that you won’t get help where and when it’s needed. You might satisfy your self-esteem, but your startup will pay the price.
Don’t be paralyzed by mistakes. Everyone makes them. You will too. What’s important is that you learn from them, readjust your course and keep going. Too many people end up throwing in the towel. Strive for perfection, but don’t give up when you hit those speed bumps.

You can join the ranks of entrepreneurs who make it past that 18-month deadline to build a successful company. Balance your enthusiasm and passion with a clear-eyed sense of reality and you’ll join that two percent.

December 18, 2019December 4, 2019

Top Ten Tips for Business Start-Ups

The days of retiring from a company after 40 years with a pension and a gold watch are dead and buried. Today’s worker will likely spend his career with several different companies in pursuit of upward mobility. More significant, though, is the number of people who choose to strike out on their own.

Entrepreneurship in this country has never been stronger. More than 11.5 million Americans are currently working for themselves with more than 500,000 companies being launched each month. While this independence has long been considered a major component of the American dream, it’s possible that the economic uncertainty of the last few years has resulted in more people choosing their own employment, either out of choice or necessity.

Are you one of these adventurous spirits who has taken the plunge? Perhaps you’re in the process of weighing your options or looking to move to the next level. Whether you venture into manufacturing, technology or service, there are basic elements that all businesses have in common. Running a start-up is difficult enough, so manage some of the stress by learning from those who have traveled this road before you.

Here are 10 commandments, if you will, for business start-ups. Take these tips and apply them to your situation and blaze your own trail.

1. Do what you love. There’s a good reason this simple but powerful concept is first on the list. If your business isn’t personally meaningful to you, your focus will wane no matter how lucrative it might be. We’ve all heard the stories of people giving up six-figure incomes to teach or do volunteer work. Be sure you’re sacrificing your time and energy for something you enjoy.

2. Cultivate a network of other entrepreneurs. Water seeks its own level. If you associate with people who are skeptical and negative, eventually you will be too. There are numerous professional organizations you can join, both industry-specific and general. You’ll find that veteran business owners are supportive of newcomers and generous with their wisdom.

3. Allow your employees to let their lights shine. Everyone has their own strengths and weaknesses. Encourage your employees to contribute based on their unique talents rather than forcing them into a slot. For instance, successful salespeople are often put into management where they end up languishing. Not every skill set translates to every position. People will be happier and more productive when they enjoy what they’re doing.

4. Be honest about your weaknesses. A successful businessperson will freely admit he doesn’t have all the answers. What sets him above the unsuccessful ones is the savvy to hire people who fill in the blanks. You won’t get anywhere by bringing in clones of yourself. Put your ego aside and focus on what’s best for your business.

5. Get everything in writing. While this is vitally important for the legal nuts-and-bolts of your company’s structure, it should apply to everything from employment agreements to meeting notes. You don’t want the operation of your start-up to rise or fall on one person’s faulty memory, especially your own.

6. Take on a partner only when it’s absolutely necessary. In the first blush of excitement during a start-up, it may seem like a great idea to bring in your friends and family. But when the cold light of reality sets in, you’ll realize how counterproductive this is. You’re running a business, not a social club. Leave emotions out of decision-making.

7. Don’t neglect your health. Yes, there’s no getting around the fact that there are going to be plenty of long hours and fast-food involved, especially in the beginning. But you won’t do yourself any favors by getting so run-down that you can’t function. If you can’t get to a gym, you can certainly squeeze in a 15 to 20 minute walk. Keep a mini-fridge on hand to stock with fruits, veggies and other healthy foods. Limit the coffee and drink water instead.

8. Follow a schedule. While freedom is part of the appeal of running your own business, that doesn’t mean you can abandon professional habits. Set regular working hours and plan an agenda for each day.

9. Know where your money is going. It’s fine to hire an expert to handle the finances, but that doesn’t mean you wash your hands of that aspect. Losing track of your funds is a sure route to losing control of your business.

10. Keep your moral compass pointed in the right direction. Stories of people who have sacrificed their souls in pursuit of cash are the stuff of legends, or at least big-budget movies. If you cut corners and compromise your morals, you’ll never truly enjoy your success. Make sure you’re able to sleep soundly when your head hits the pillow.

When your business stocking and shipping needs move to needing more than your basement it’s time to think about hiring a fulfillment service. Medallion Fulfillment and Logistics is here to help you make the transition to the next level. We invite you to visit our website to find out more about how we can help your business grow.

December 11, 2019December 4, 2019

Top Ten Questions a Startup Should Ask an Accountant

When you’re starting up a new company, the temptation is to wear all the hats. After all, it’s your baby and no one understands it like you do. Of course, there’s also the matter of that pesky budget. It stretches a lot further when you’re employing a staff of one.

Of course, the reality is that you can’t do everything yourself. And speaking of budgets, the one area where you truly need some help is your finances. It would be so much simpler if business accounting was just a matter of addition and subtraction. But it’s a complex minefield that takes experience to navigate.

It’s too important of a position to leave to chance. In other words, don’t Google “accountant” and select the first one that pops up. Shop around for a financial expert just like you would for inventory, supplies and equipment. He’ll be working for you, so he should meet the qualifications that you’re looking for.

You don’t have to meet with a prospective accountant in person, but don’t rely on email. If you can’t meet, use Skype or the telephone. Hearing an actual voice helps you get a better sense of a person. Is he confident and well-spoken? Does he hem and haw while searching for answers? This could be the first step in an ongoing relationship, so start it on the right foot.

Be sure you do your homework before your meeting. Here is a checklist of questions that will provide much of the information you’ll need to make an assessment.

How long have you been in business? A fledgling firm may not yet be experienced enough to handle your concerns. On the other hand, an accountant who’s been in business for many years may be on the verge of retirement. Find out what the plans of succession are so you’re not left hanging.
Will I be assigned to one person? Some accounting firms operate on a call center basis, with associates taking calls on a rotating basis. If your account is specifically assigned to an accountant, the two of you will be able to develop a relationship and he’ll get to know your particular business much better.
What services do you offer? There are several subcategories under the heading of finance. Are you looking for tax preparation help? Do you want someone to handle budgeting and cash flow management or strategic planning?
How often will we be in contact, and by what means? You want to be on the same page with this issue. If you want to be able to consult on a weekly basis, you don’t want to find out afterwards that he’s available only once a month. Just as with your initial meeting, you should also be able to have personal contact, at least for the major meetings.
Are you available year-round? Some accounting firms are open only during tax season when demand for their services is at its peak. However, as a new business you’ll need advice during the rest of the year as well.
What types of businesses do you work with? Restaurants have a different financial agenda than contractors, who in turn are different from graphic artists. It helps to find an accountant who’s familiar with the type of business you’ll be operating.
How do you bill for your services, and what’s included in your fee? Some accountants bill by the hour while others charge a flat rate. You might want to consider the former if you’ll be handling most of your finances in-house and consulting only on major issues. Find out exactly what’s covered in the rates so you don’t end up getting nickel-and-dimed on services that turn out to be an extra charge.
Do you follow a conservative or aggressive approach? Nearly all financial matters come with risk, and business finances are no exception. For example, some accountants will beat the bushes to write off every possible penny. Others are reluctant to put a client in a position of possibly being red-flagged for an audit. Determine where you fall on this continuum so you find an accountant whose views are compatible with yours.
How will I be informed of relevant changes in my industry? A good accountant should keep you abreast of current news and events pertinent to your business, particularly changes in tax regulations.
What type of accounting software do you use? If it’s not the same as yours, ask how information and data will be exchanged.

This list can be supplemented or modified based on the needs of your specific business. Overall, it gives you a solid platform to find an accountant who will work as hard for your company as you do.

At Medallion Fulfillment and Logistics we make it easy for startups and new businesses to grow with thoughtful services and flexible order fulfillment options. Call us today to get a free price quote so you can focus on growing your business and leave the shipping to us.