Connect with us

Entrepreneur

Want to Do a Public Relations Push? Focus on Social Media First.

Here’s why Twitter and LinkedIn are popular outlets for executives.

Published

on

Here’s why Twitter and LinkedIn are popular outlets for executives.

Free Book Preview Ultimate Guide to Facebook Advertising

Get a glimpse of how to use Facebook’s marketing resources to your business’s advantage.

February 10, 2021 5 min read

Opinions expressed by Entrepreneur contributors are their own.

As businesses increase their focus on digital marketing, many are turning to public relations (PR) to help boost their visibility and credibility. Of course, PR is one of the best ways to get your name out there and build thought leadership, but if you are one of the many companies considering media outreach as part of your digital marketing strategy, you can do some work ahead of time to increase your odds of success.

One element to consider as you lay the foundation for effective media outreach is social media. When a journalist gets intrigued about a business, one of the first things they may do is check it out on social media. Know what happens in many cases? It becomes apparent the company hasn’t been active on social media for some time.

Does it really matter if your brand is active on social media?

I turned to my journalist friends on Twitter and asked just this. “When you get ready to cover a company,” I sent out, “do you look to see if its website is up-to-date and if they’re active on social media? Or are those things meaningless?” Here are some of the responses I received:

  • “Definitely do … doesn’t mean I’ll totally nix the story right away, but if neither is updated, it makes me leery of doing the story (like are they really doing what I’m being pitched) and makes my job much harder if I do decide to pursue it still.”
  • “I always check. For features I’ve been assigned, I try to focus only on the interview. But for roundups and mentions, I consider keeping a fresh online presence to be critical if I’m implying you are a thought leader or best-of in my article.”
  • “I want as much background information as possible. Plus, I want to be able to tag them in my social media posts.”
  • “It’s nice when you see a company knows online presence and SEO are important.”

As you can see, it absolutely does matter to journalists if a brand is active on social media.

Research backs up these comments. In Muck Rack’s State of Journalism report, more than half (61%) of the journalists surveyed say they “usually” or “always” consult branded social media profiles when reporting on an organization.

If journalists feel it matters — and your goal is getting their attention — shouldn’t you invest some time in social media? (And while you’re at it, be sure your site is up-to-date. Add a press page if you haven’t yet.)

Is Twitter important?

Sometimes clients ask if Twitter needs to be part of their social media strategy. My answer is always yes, because that’s where journalists hang out. On that note, be sure to follow the reporters and media on whose radar you want to appear. It sounds so simple, but it’s an often-overlooked way to get them to take notice of you.

Start building the relationship before you need it. Like, share and comment on their posts. Don’t do it with an agenda, just start showing up in their feeds. Twitter works best, but you can also try this on Facebook, Instagram or LinkedIn — wherever that particular journalist seems to be the most active.

Should your CEO be present on social media?

What about your CEO and other C-suite executives? Should they be on social media? Again, the answer is yes.

Being present on social media increases trust with shareholders and employees. According to a Business Insider article, 65% of U.S. employees say it’s important for CEOs to actively communicate about their companies online, particularly during times of crisis. Further, 60% of employees say they would check an executive’s social media before joining a company.

On which platforms should executives choose to be active? LinkedIn and Twitter are the most popular with executives, while Facebook and Instagram are less so.

In a digital-first world, social media matters

Social media matters more than ever in our digital-first world. Yes, it’s vital for companies who want to start an earned media push. But beyond getting in front of journalists, social media also helps you reach:

  • Customers
  • Employees (and potential employees)
  • Shareholders
  • Fans and followers (who may become customers)

There is a method to the madness of being present on social media, particularly if you’re preparing to launch a PR push. Focus on that first for a greater chance that your earned media efforts will be a success.

As you can see, it absolutely does matter to journalists if a brand is active on social media.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/Tb7VbeDlDPI/357960

want-to-do-a-public-relations-push?-focus-on-social-media-first.

Entrepreneur

The Unbearably High Price of ‘Free’

Using the word ‘free’ in your marketing is a quick way to get attention, but it’s also a double-edged sword that has tripped up a lot of businesses.

Published

on

Using the word ‘free’ in your marketing is a quick way to get attention, but it’s also a double-edged sword that has tripped up a lot of businesses.

Free Book Preview: Brand Renegades

Discover how two entrepreneurs used unconventional business strategies to turn their startup into a multimillion-dollar company.

June 13, 2021 5 min read

Opinions expressed by Entrepreneur contributors are their own.

One of the most powerful words in the English language is the term “free.” Do any of these phrases sound familiar?

  • “Buy one get one free.”
  • “Get a free gift with purchase, valued at $499.”
  • “Get a free eye examination.”
  • “Try our membership for FREE.”
  • “Get FREE delivery”

It seems like just about every company uses some kind of “free offer” in their marketing. So why is the term “free” used so liberally?

Because, frankly, it works — by appealing to our basic human emotion of greed.

The word “free” has appeared in more advertisements than there are grains of sand on a beach. And it goes way back to the genesis of advertising when giving free samples was the best (and only) new way to get customers. So what makes “free” work so well?”

Free gets attention. It makes people feel like they are getting a great deal. On a subconscious level, it works in reverse, too — you feel like you’re missing out if you don’t take advantage of something for free.

But using the word “free” in your marketing can be a double-edged sword, especially if you don’t use it correctly.

Related content: The 5 Triggers of Psychological Pricing

Is there a wrong way to use the term “free” in your marketing?

Absolutely. There are thousands of ways that using the term “free” in your marketing can trip you up, reduce your product or service value, and do irreparable damage to your brand.

Let me give you a real example. One of our clients was in the business of producing extremely high-end Italian-made leather shoes and bags for men. Their most famous pair of boots retailed for $3,500. Their most popular bag, a messenger-style laptop bag, retailed for $950. The company’s previous marketing agency advised them that the best way to double their boot sales would be to offer the messenger bag for free.

As far as irresistible offers go, that’s a pretty good one, and it did in fact, increase sales of the boots — in the short term. But it was a strategic disaster in the long term because now they had conditioned their clients to expect the messenger bag for free.

In other words, by offering it for free, they had completely devalued that product (remember it was the company’s top-selling bag.) Even worse, by offering something of high perceived value for free, they had also damaged their own luxury brand. Why would people ever pay full price again?

The good news is that people have a short attention span, and with the right strategic pivot and messaging, you can erase the damage of using “free.” But it takes time.

The same dangers apply when you start using discounts in your business. If you discount your products, why would people ever pay full price? They just wait for them to go on sale. When our Italian client came to us, they had a branding and sales disaster on their hands through no fault of their own. Fortunately, we were able to get them out of their pickle by repositioning their products and reinventing their brand — a move that resulted in them being purchased eighteen months later by a competitor.

Moral of the story: Using a free offer can be a slippery slope and must be used sparingly and carefully.

Related: The Price Is Right: How to Price Your Product for Long-Term Success

Before using “free” in your business, ask yourself:

  • Does this have a real value that we depend on for revenue?
  • By offering this item or service for free, will this adversely impact another related service or product (for example, if you offer the first consult for free, and expect to be paid for all future consults)?
  • Why are we considering offering something for free? What else could we offer that would help us achieve the same result?
  • What if it’s not your business using “free”, but your competitors?

    Now, if you’re on the other side of the fence and your competitor is offering something for free that you are charging for, it’s time to put your marketing into high gear.

    Just because there is no money exchanged doesn’t mean that it’s not paid for in other ways — for example, in lost time, huge frustration or poor quality.

    Think of the experience and quality of “free” healthcare versus a private plan. Draw these analogies in your marketing to establish your value in the minds of your clients.

    “Free” is still a mighty word used to grab attention in marketing. But handle with extreme caution, and don’t be lured into using it to stimulate short-term sales at the expense of long-term growth.

    Related: 3 Lessons About Setting Your Price Learned From a Vegas Prostitute

    It seems like just about every company uses some kind of “free offer” in their marketing. So why is the term “free” used so liberally?

    Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/-ft2fOOD5wI/372155

    the-unbearably-high-price-of-'free'

    Continue Reading

    Entrepreneur

    Have You Stashed Too Much Money in Your Emergency Fund?

    Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

    Published

    on

    Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

    Free Book Preview Money-Smart Solopreneur

    This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.

    June 10, 2021 6 min read

    This story originally appeared on MarketBeat

    Last year heralded the case for a robust emergency fund. As people lost jobs left and right due to the COVID-19 pandemic, you probably checked and double-checked your emergency fund (I know I did).

    However, have you ever thought about how so much of a good thing can be just that — too much? Your emergency fund could end up way too plump.

    Where People Usually Put Their Emergency Funds

    Where do most people stash money in order for it to remain truly accessible? Most people put their funds in one of the following categories:

    • High-yield savings accounts: You usually find high-yield savings accounts at online banks, not at brick-and-mortar banking institutions. (They don’t have much overhead due to their status as online banks, so they can offer higher returns.) High-yield savings accounts usually earn around 0.50% annual percentage yield (APY).
    • Money market accounts: A money market account, also called a money market deposit account, offers a deposit account that pays you interest based on current interest rates in the money markets. You can find money market accounts at local banks. Money market accounts often come with a debit card and check-writing capabilities.
    • Checking or savings accounts: You won’t earn much interest with checking or savings accounts at a brick-and-mortar bank. Earnings for both of these types of accounts can range from 0.03% to 0.04%. However, you can access your money at any time, which means that these accounts offer major liquidity.

    Any of these options make sense because you can easily get your money out when you need it. However, if you put too much money into any one of these, you could risk a lack of growth and put yourself at a disadvantage, tax-wise.

    Before you choose the right vehicle for you, check rates, fees and withdrawal rules.

    Too Much of a Good Thing Can Be Too Much

    Emergency savings offers so many great things — to a point. Let’s take a look at the downsides to putting an overly large amount in your emergency fund.

    Downside 1: Your money may not grow.

    Where do people usually park an emergency fund?

    Somewhere liquid and highly accessible, like a money market account or a high-yield savings account, right? You want to have access to that money the second your boss says, “Sorry, but I have some bad news…”

    Here’s the deal. Let’s say you save $1,000 at 0.01% APY. After a year, you’ll end up with just $1,000.10. If you put the same $1,000 in a retirement account that earns 6%, you would earn $1,062 after a year. See how you could lose out?

    Most accounts that offer a safe haven for your money often don’t offer ample returns.

    The average stock market return hovers around 7%, three times higher than any high-yield savings account rate offered anywhere today.

    Downside 2: You could lose out on the tax front.

    When you focus on saving in your emergency fund too much, you may neglect your tax-advantaged retirement accounts, which could include 401(k) plans, IRAs, 457 plans or 403(b) accounts.

    Let’s say you have the opportunity to contribute $6,000 into a traditional IRA. Your contributions get deducted from your taxable income. You would only pay taxes on the remaining balance.

    Let’s say you make $60,000 per year. Your taxable income automatically gets reduced $6,000 to $54,000 from your traditional IRA tax deduction.

    What happens when you save your money in a high-yield savings account instead of a tax-advantaged account? You miss out on that reduced taxed income.

    Downside 3: You may not clear out your debt.

    You may hear so much about the importance of emergency funds that you ignore the fact that you still need to pay off debt. That begs the question: What kind of debt do you have? Credit card debt? Student loan debt? You may want to pay down those debts first and then tackle your emergency fund. Or you can save $1,000 for emergencies to start out and then tackle any outstanding debt.

    Downside 4: You may sacrifice other goals.

    When you don’t contribute to your kids’ savings accounts, to your own retirement or maybe even save for a down payment on a house, stop and ask yourself why.

    A gargantuan emergency savings might not mean much when you’re stuck putting a vacation on a credit card or forgoing a child’s college savings account altogether.

    So… How Much Should Go in Your Emergency Fund?

    Obviously, this answer depends on a few factors, including your current income amount. Many financial experts advise saving three to six months’ worth of living expenses.

    For example, let’s say you generally spend about $4,000 per month on general expenditures, such as your mortgage payment, utilities, food, health care premiums and other items. You should save between $12,000 and $24,000.

    However, you may want to adopt the 3/6/9 rule instead, depending on your job situation. In other words, you may want to:

    • Save three months of expenses if you have a steady paycheck, have no mortgage or dependents.
    • Save six months of expenses if you have a steady paycheck, have a mortgage or dependents.
    • Save nine months of expenses if you have irregular income or if you are the only one in your family who earns money.

    How Much Equals Too Much in Your Emergency Fund?

    As you can see, it’s easy to have too much in your emergency fund. If you find that you’ve stashed more than six months’ worth of emergency money in your account and have a steady paycheck, no mortgage or dependents, ease up.

    Carefully consider whether you have too much in your account based on the stability of your income and the number of people depending on you. You may also consider the level of support you receive from others. (Your parents might love it if your family moved in if it came down to it!)

    When you do decide on the right amount, automate transfers so they occur each and every week or month. That way, you don’t have to think about saving — it just happens.

    Featured Article: What is an overbought condition?

    Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/YHuKBmQ-q-o/374198

    have-you-stashed-too-much-money-in-your-emergency-fund?

    Continue Reading

    Entrepreneur

    How to give good feedback to your collaborators?

    The feedback process must be close and continuous.

    Published

    on

    The feedback process must be close and continuous.

    Free Book Preview: Unstoppable

    Get a glimpse of how to overcome the mental and physical fatigue that is standing between you and your full potential.

    June 8, 2021 1 min read

    This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

    This story originally appeared on Querido Dinero

    Feedback is the analysis of a person from different perspectives to show what they do very well and accelerate their professional career, but also what they need to improve because it slows their growth.

    The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

    We tell you how to make it a natural practice in your company:

    The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

    Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ZMAaeXpe1Pg/373943

    how-to-give-good-feedback-to-your-collaborators?

    Continue Reading

    Title

    ZDNET5 hours ago

    Apple releases emergency update for older iPhones and iPads

    If you're running iOS 12, this is an update for you.

    Crunchbase8 hours ago

    Macrometa Locks Down $20M To Be The Amazon Prime Of Edge Computing

    Palo Alto, California-based edge compute company Macrometa closed a $20 million Series A less than eight months after announcing its...

    Cointelegraph10 hours ago

    Crypto miners eye cheap power in Texas, but fears aired over impact on the grid

    Can Texas meet the electricity demands of migrating Chinese Bitcoin miners?

    Coinpedia21 hours ago

    Bitcoin Cash Price Prediction, Will BCH Hit Incredible Surges At $1000?

    According to Coinpedia's formulated Bitcoin Cash price prediction, the coin's price may strike a maximum of $1417.33 by the year...

    Blockchain news1 day ago

    US Space Force Makes its Foray into the NFT Metaverse

    The United States Space Force is launching an NFT series named after Neil Armstrong.

    Reuters1 day ago

    EXCLUSIVE Galp to hold off on LNG investment until Mozambique ensures security

    Portugal's Galp Energia (GALP.LS), a partner in an Exxon Mobil-led gas consortium in Mozambique, will not invest in onshore plants...

    Techcrunch1 day ago

    Golden Gate Ventures forecasts a record number of exits in Southeast Asia – TechCrunch

    Despite the pandemic’s economic impact, Southeast Asia’s startup ecosystem has proven to be very resilient. In fact, a new report...

    Bioengineer1 day ago

    Physical activity reduces cardiovascular risk in rheumatic patients

    People with diseases such as rheumatoid arthritis and lupus are more likely to have heart attacks, angina, and strokes. A

    Bioengineer2 days ago

    An atlas of HIV’s favorite targets in the blood of infected individuals

    Gladstone researchers have identified the blood cells most likely to be targeted by HIV during a real-life infectionCredit: Photo: Gladstone

    ZDNET2 days ago

    SSD market to reach $51.5 billion in revenue by 2025: IDC

    The IDC is predicting that SSD unit shipments will increase with a CAGR of 7.8% in coming years.

    Review

      Select language

      Trending