Archive for the ‘Small Business’ Category

Join the Small Biz Celebration in NYC at Shustir's Holiday Party on Dec. 16th

KikScore’s friends over at the small business martketplace site, Shustir are having a holiday celebration in New York City.  Join them and many other small business friends on December 16, 2009 for an open bar at the Spur Tree at 76 Orchard Street, New York City between 7-9pm.  For more information and registration, click here.

For more information about the small business benefits offered at Shustir, check out our blog interview of Shustir from yesterday.

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Archive for the ‘Small Business’ Category

Look Who's Talking: Shustir.com, The Online Marketplace For Small Business

We here at KikScore are excited about teaming up with Shustir.com…a very unique marketplace and community for smaller and newer businesses.  After talking to the Shustir Team, it’s clear that their business is based on a passion to help everyone get online and connect.  As part of our effort to get to know what is important to the online and small business community, Shustir is letting us interview some of their members on a weekly basis — introducing their business and hear their take on what’s important to grow in the current economic environment.

Our first interview is with Shustir, to introduce them to our readers and readers at large (we’re targeting the literate demographic these days).  So, without further delay, we’re proud to introduce you to Shustir.com:

1. Tell us about Shustir.com and who it focuses on serving? Shustir.com is a social networking site that provides its members with top of the line e-commerce storefronts at an unbelievable rate. Imagine being able to start a store and sell anything you want to anyone in the whole world for a few dollars a month!

We also provide an excellent marketplace for consumers to come and browse businesses in their own neighborhoods and local businesses around the world.

2. Where is Shustir focusing most if its energy in 2010? Shustir is making its online marketplace into a vibrant community in 2010. Vendors and service providers from every neighborhood in the world can come together to participate in this virtual bazaar. The activity in the marketplace will give individual storefronts a new level of web visibility and dramatically increase their click-through traffic.

3. If you had 2 lessons learned from the start up experience that you could pass on to others, what would those be?

a. Establish who you are as a company early on and develop that personality. If you don’t have a strong company identity people will always have a hard time grasping exactly what it is you do.

b. Set clear goals that lead to actual monetization and achieve them. It’s fun to have a company but if you aren’t always moving towards making it a profittable one, you won’t be a company for long.

4. If Shustir could be any movie or movie character, what movie would it be and why? If Shustir were a movie character it would be the Fairy Godmother from Cinderella. With almost no effort at all Shustir can turn your humble business into a beautiful online storefront and give you the transportation to get to the internet ball where you can meet the handsome prince, your new customers! But unlike the Fairy, our magic doesn’t wear off at midnight.

5. If you could buy a potential customer a drink, what drink would it be? A Martini. Shustirred, not stirred.

6. While having that drink with the potential customer, what would you like to talk about with them? About how good that pun I just made was! Then I would talk to them about what they thought they did better than anyone else in the world. And then I would talk about how that thing could become a Shustir storefront in the next 15 minutes. Then I would ask if the wanted another Shutini.

7. If you could give that potential customer one CD from a 1980’s band, what CD would it be and why? Well first I would ask why we are using CDs for 80s band? Why not a cassette tape!? But if I could pick one album to give our customers from the 80s it would have to be Twisted Sister’s “We’re Not Gonna Take It”. Because Big Business has dominated American commerce for too long and now that we have the internet and wonderful tools like Shustir, we’re not gonna take it anymore!

8. Do you have any parting thoughts? Local businesses have been really suffering over the last decade. Main Street has given way to the Big Box and Mom and Pop have lost out to the Board Room. The democratizing power of the internet is going to change all of that and Shustir wants to be part of this movement. Come to Shustir.com and see what all the fuss is about.

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Archive for the ‘Small Business’ Category

Is your business a trail adventure?

A favorite route - Apex Trail

Living in Colorado is refreshing and rewarding… and can force one to tackle adventures with a free spirit. The assumption is that if you live in Colorado, you are hitting the slopes every weekend. Well, I’m not a skier, but give me a good pair of trail running shoes, a crisp morning and a trail that winds up a mountain or hillside – now that’s what I call adventure! Will there be the unavoidable tree root to navigate or an elevation change that I wasn’t quite prepared for? Maybe encounter a snake or snow/ice which forces one to slow down and proceed with caution. Starting a business is a similar adventure in putting on those running shoes, climbing up the mountain, yet not certain what you may encounter along the way.

When launching a new business, we are forced to be selective of which trail to tackle first and more importantly to keep track of where we’ve been so as not to make repeat mistakes. The path of a new business needs to be able to react and learn from last weekend’s trail run and plan accordingly for next week’s adventure. My favorite poem, Robert Frost’s The road not takencan be interpreted many ways. In the success of business, we over analyze which can paralyze… How complex should your beta launch be? How are we going to support customer inquiries/issues in a timely manner? What enhancements should we concentrate on? How will we measure success? I can go on…

In trail running, I cannot be afraid to take that challenging trail and have an incredible story to share from my adventure. In starting a business, we need to be brave enough to take that less travelled road that can pave the way for others to follow, which will be our loyal customers.

When in doubt, run uphill! What twists and turns, and unexpected elevation changes have your business taken you on? Share your experience with us.

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Archive for the ‘Small Business’ Category

Small Business Grit & Social Media Buzz Turn Zhu Zhu into Holiday Bonanza

Have you purchased your Zhu Zhu?

I have to admit, I never heard about a Zhu Zhu until this past weekend.  I did not even know what the big holiday toy was this year.  Chalk it up to traveling, being busy, not having any kids (yet, my first is due in 4 weeks!), or being distracted by our last minute (before baby arrives) home renovation that my wife and I are undertaking (its being chronicled over at another blog).

That brings me to opening up the Saturday Washington Post and reading all about the Russell Hornsby who has had a family toy business for over 35 years.  He has spent a lifetime fighting the likes of Mattel and Hasbro who each have million dollar marketing and R&D budgets.  His story and the story of the family business that is behind this year’s holiday must have toy should bring a smile to any small business and inspire everyone. Zhu Zhu is this year’s Pokemon and Furby (my wife actually still has this must have gift of holiday past).

The Zhu Zhu Idea

In Spring of 2008, Hornsby and his daughter, who are employees in the family business named Cepia, literally put their thinking cap on and debated whether a hamster toy could sell.  As market research, he literally watched hours of YouTube clips of hamsters to learn their peculiarities, unpredictableness and just how they can be plain cute. From this research came the Zhu Zhu idea.  But not just the pet hamster, but a bunch of accessories such as a ramp, slide, skateboard and even a fun house.  So they had the idea, the product, accessories but how the heck did they plan on marketing the Zhu Zhu and all of the accompanying accessories?

Social Media Creates the Zhu Zhu Buzz

Most small businesses face the same challenge of a limited marketing budget, Hornsby and his company were no different.  This is where social media and some very thoughtful planning lead to a smashing small business success.

Mommy Party: Hornsby with the help of mommy marketer, BSM Media first, held 300 “mom mavens” parties where 10 moms and their children were invited to parties where they could play with the Zhu Zhu toys and all the accessories. Brilliantly, nothing was for sale at these parties, but the kids and the moms got hooked and went home thinking about Zhu Zhus.

Mommy Bloggers: Then the moms who went to these parties started blogging about how great the parties were. They also posted pictures on Flickr and uploaded videos to YouTube.

Zhu Zhu Twitter Party: Then they decided to have a party for moms and kids on Twitter to talk about…….Zhu Zhus.  According to the article, more than 1,000 people attended and there were over 8,700 tweets in a one hour period.

Buzz Sells!

All of this buzz helped start the Zhu Zhu craze.  From there it was word of mouth marketing and further coverage in the lead up to the holiday season.  The rest is truly history.  Hornsby’s Zhu Zhu has crushed anything comparable from the big guys of Hasboro and Mattel.

The Zhu Zhu story gives me hope that through a good idea, great execution via social media and word of mouth marketing, that any small business can recreate this success.  This type of glass half full optimism that we highlighted before is the fabric for small business success.

Tell us your thoughts on the Zhu Zhu success story.

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Archive for the ‘Small Business’ Category

Brett Favre and Business

I may be starting something I shouldn’t with this post, as most of us on the KikScore team are ardent professional football fans (except Raj, who likes the Cleveland Browns).  The first 20 minutes of our Monday meetings are consumed with rehashing Sunday games (we get a lot more done during baseball season).  This year my favorite team, the Minnesota Vikings, signed Brett Favre and, in turn, they are having a great season.  So, to the disgust of Mike Collins (my business partner and Green Bay fan), I’m going to write what Business lessons can learn from the Brett Favre acquisition.

Patience:

Everyone assumes that when you come out with a new product or service, it has to have immediate market success, as-is.  But as Nassim Nicholas Taleb makes clear in his book “The Black Swan”, one of the greatest strengths entrepreneurs have is the ability to tinker.  Tinkering with a concept until it suits the market is the whole point of business.  What’s the tie-in to Brett Favre?  Well, his first year in the NFL wasn’t notable.  He was a back-up quarterback for the Atlanta Falcons — and didn’t show any indications of being a future Hall of Famer that he is.  But over time, he changed his work-out methods, how he approached the game and now, at the age of 40, he’s having one of his best years ever (that’s after 20 years of tinkering).

Talent:

Last year, the Vikings had almost every member of the current team.  They lost in the first-round of the playoffs.  Now, who knows how it will end this year, but this year’s team is much different than last year.  The biggest difference is Brett Favre — his experience and talent.  The business lesson is pretty obvious.  You can have all the supporting pieces, but talented leadership (or lack of it) can raise or sink the level of everyone else around him/her.

Brains Over Brawn:

Somewhat related to patience, is the importance of experience/intelligence.  There are a lot of faster, younger players than Brett.  In fact, the Vikings have two younger/faster quarterbacks and they still chose to hire Mr. Favre at $14M/year.  When it comes to business, it may be tempting to promote the new HBS graduate — she knows all the cool Malcom Gladwell terminology and interned at some investment bank (that no longer exists).  But maybe you should look again at the company veteran, the one that knows your product and industry well.

This posting could go on and on…so out of interest of preserving my dignity, I’m going to now end my love-letter to Brett.  Feel free to send any jeers or life-sports lessons.

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Archive for the ‘Small Business’ Category

Small Business Funding: Tarp Banks, Goldman Sachs or Powerball?

We’ve posted earlier about funding a start-up, talking about whether to get venture or angel investment, or self fund.  So, if you go the self-funding route, small business owners face a question of dipping into their savings or seeking a small business loan.  But is that really a choice for small business owners?

A recent article examined small business lending by the banks that are the Top 22 TARP recipients — which just so happen to be the largest lenders to small businesses.  According to CNN, though TARP was intended to provide liquidity to small businesses as well as large, it’s just not happening.  The top TARP recipients have trimmed back lending to small business by over $8B.  Though the new administration required $15B be set aside for small business lending, that money has gone untouched.

So if a small business can’t get a loan, what about a charitable fund for small business?  Doesn’t exist, right?  Well, maybe not.  For 10,000 businesses, there is a chance for a cool $50k gift card…thanks to Goldman Sachs.  Goldman, with the encouragement Warren Buffet, has created a $500M fund to benefit 10,000 small businesses — providing access much needed liquidity.  Some media outlets are a bit cynical about Goldman’s motivations, but really what does it matter?  Goldman paid back its TARP funds and really didn’t have to create the small business fund. 

If your business can’t get a loan, and doesn’t luck out with the Goldman Sachs free money give-away, there is also the Powerball — with a 1:195M chance to win.  Or, you could do what KikScore is planning — a lemonade stand offering $100k organic lemonade.  It only takes one customer.

Let us know if your business has had any good or bad experience in obtaining a small business loan/credit line.

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Archive for the ‘Small Business’ Category

Is Cyber Monday the New Black Friday? And Will My Brother Get a New Coat?

An interesting phen0menon occurred during the kickoff of the holiday shopping season (two phenomenons, actually, if you count the fact that I found a sweater that doesn’t make me look fat).  With most of the focus on the bricks-and-mortar retail sales, which appear to be up very modestly, online sales on both “Black Friday” and “Cyber Monday” were very strong.  So there is a big question hanging out there (besides the question if 40 is really the new 30 — man, I hope so) — Is Cyber Monday the new Black Friday?

In terms of raw numbers, of course Cyber Monday hasn’t yet replaced the mall.  But in terms of predictiveness, which is more predictive?  Year over Year, offline sales for Black Friday were up 1.6%, with YOY online sales on Black Friday being up approximately 11%.  Then big event, Cyber Monday, showed a 5% increase from 2008 and is the biggest day of sales since tracking of this hallowed day began five years ago. 

So what gives? Are we going to have a flat or booming holiday season?  While the numbers cited above are interesting, there is only one way to handle this type of question in the blog world…anecdotal information!  My brother was in town and, according to my wife, his winter coat was from the 1980s.  While retro is good, you actually have to buy new clothes that look old…it just doesn’t work holding onto your old stuff. 

We hit the malls and it was busy, but according to the Nordstrom and Macy’s sales staff, the Black Friday crowd was similar to a normal Saturday crowd.  There’s not a lot of inventory for winter wear, so we head to REI.  We find the coat, but Dang! it’s pricey.  Being good shoppers, we use the time to find a jacket type my brother likes and my wife barely approves (he’s now moved up to the late 1990s). 

We then go home and hit the online sites for deals.  We find the coat on a great site, BackCountry.com, get 25% off with free shipping (you should check out their blog).  So the offline retail stores acted as a very expensive closet that then benefited the online site.  So, according to my exhaustive research, I think the initial numbers are misleading, and we will have a surprisingly good holiday season.

What are you seeing out there?  Also, is it time for you to update your winter wear?

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Archive for the ‘Small Business’ Category

Making the Grade

Our entire lives we are graded… from that first math test in elementary school through to cramming for the SAT/ACT’s… not to mention our parents own grade scale (in my house, aka the guilt trip) in determining if our behavior is worthy and success is likely as we venture out into the world. Even in Kindergarten I remember getting the U=Unsatisfactory in conduct because I couldn’t stop talking to my friend Beth during story hour. I remember my first B… It was 5th grade and I was convinced that my teacher was an idiot and I boycotted going back. Thankfully my mom (yes guilt trips can work wonders) convinced me otherwise.

The fact is, we are graded for everything and those ranges still apply to business… at KikScore, we’ve created our own range based upon the multitude of information being analyzed within our scoring model. The algorithm that keeps us math geeks going.  Yet, in the end, it’s still a ‘grade’… how does a consumer know that a site hasn’t hired a ‘front’ that is a false impersonator? Remember Making the Grade from 1984? Don’t be fooled!

I’ve shared below some guidelines to help with the comparison on what each KikScore range means. Merchants will strive for what works for them… but will it make the grade that brings customers??

Positive = KikScore Range 1000-600 (A’s-B’s)
• A merchant that openly shares information about the owners/managers of the company. This equates to full transparency and a desire to have their customers know them.
• A strong financial history shows that the merchant has made sound decisions, which promotes they can be trusted.
• The KikScore seal includes a Customer Feedback section. Merchants who consistently receive positive customer feedback display strong commitment to customer satisfaction.
• Pride in their website in establishing policies that protect consumers and provide highest levels of security

Average = KikScore Range 600-300 (Covers all the C‘s)
• Merchant that shares minimal information about the owners/managers of the company.
• Managers/Owners who have mid-range financial history may indicate that the merchant has made risky decisions over time. This promotes a sense of caution from a potential shopper.
• Minimal concern for consumer protection by establishing minimal policies and limited security within their website

Poor = 300 and below (D on down… or ‘U’ – Ouch)
• None or very little information is shared on the owners/managers of the company
• If information is shared, there is negative financial history (or minimal overall) which may indicate the merchant has made bad decisions over time and a potential indication that they could be shady.
• Negative feedback posted from previous customers indicates that the merchant hasn’t worked to make changes to remedy such customer concerns.
• No policies or security within their website indicates no concern for consumer protection and they are only out to make a profit

It is a Buyer Beware world as Raj shared in a recent post Cyber Monday. With KikScore we strive to provide avenues for merchants to succeed in selling online… but it’s their decision in the end on what to focus on and pave the way for their customer’s experience. Oh, and that B I got back in 5th grade… well, I studied harder and finished the year with an A.

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Archive for the ‘Small Business’ Category

Why Online Stores Should Blog

We get the question a lot these days about whether small businesses and in particular online stores should have blogs?  Often, the question is asked why should a store owner spend their precious time blogging.  Here are some reasons that an online store should blog:

1. SEO Value: It is no secret that Google and other search engines really like and prefer fresh website content.  A blog is a quick, easy way to continually provide new and fresh content related to your store and your website.  The more posts that you create and publish and then syndicate to various blog search engines like Technorati, MyVenturePad and SocialMedian the better.  Also when you incorporate relevant keywords into posts, that content is spidered by Google and other search engines, and that then helps your overall search results for those keywords.  That is because you are creating more relevant content and website pages related to those keywords for your store.

2.Humanizing Your Store: Shoppers and people in general like to shop and interact with businesses that they can relate to and like.  Use your blog to educate your customers, prospects, the community and the industry on who your business is, your business culture and ideals and the personality of your business.  There are many ways to do that including using videos on your blog to introduce employees as we described previously.  Giving shoppers and your customers a more in depth look at your brand and your business allows customers to create a bond with your business.  This can help drive word of mouth marketing of your store by these customers and shoppers.

3. Another Channel to Feature Products:  Online stores can use a blog to describe and introduce new products or product lines to your customers and the market.  You can also have blog posts that describe a special discount on a product.  Some stores even use their blog to outline special features of their products that may not be obvious.  You can even use a blog to create  your own Frequently Asked Questions for your products which can help reduce your customer service calls and call drivers.

4. Way to Engage Your Customers: Having a blog is a great way to interact with your customers.  Your customers and the greater community can visit your blog, read the posts and then comment on those posts.  When they do, it gives you and your store and opportunity to have a conversation with your customers.  This also has the benefit of giving your customers a forum to discuss your products.  That is a great alternative to your customers not having a forum and then posting negative feedback on a third party website that you do not control.

5.  Linking And Traffic Benefits: If you have a blog, it gives you a great opportunity to link to third party websites. BUT, it also allows other websites to link to your posts and your store.  If you can combine this, with an affirmative strategy on your own where you go out and post comments to other blogs, those bloggers will eventually return the favor and post comments on your store’s blog. For some more context, here is a good post from blogging experts on getting more blog comments. If you are active with other blogs,  those bloggers will often also add links to your site and in some cases they will feature your products and store on their blog.  All of this taken together can really help increase the visibility of your store and drive new traffic. It all begins with your blog!

Now let us note that, having a blog is just one step in your overall marketing, social media and branding strategy.  Combine your blog use with a strategy that uses Twitter and Facebook like we outlined previously here and here and you can really begin to extend the reach of your store to new communities, customers and industry experts that your business never would have reached before.

Let us know if you have any tips for using a blog for your online store.

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Archive for the ‘Small Business’ Category

5 Must Read Tips for Safe Shopping on Cyber Monday and Beyond

I was sitting around the dinner table this Thanksgiving telling friends and family about KikScore and a recurring story kept being told by different people. Multiple friends and family relayed horror stories of bad online shopping experiences.  These were just a few of the issues that they experienced:

• incorrect credit card charges that were never fixed by the retailer;
• others complained about never receiving their products that they bought from an online store;
• still others talked about bad experiences with returning products that they purchased; and
• there were complaints about having no contact information for the online stores so these shoppers had no way of contacting the store when there was an issue with the product.

These complaints do not even include the biggest fears of online shopping which often are worries about identify theft or compromised credit cards.  The common theme in these complaints is that shoppers wished they had more information before the bought from an online retailer.  Armed with that additional information, the shopper thought they would have been able to make a better choice of where to buy from at that time. This is especially the case when you are buying from small businesses that often offer better pricing than the larger retail chains that have online stores but often lack any significant information about the small business.

So with today being Cyber Monday (and I learned it is also the start of hunting season in my wife’s home state of PA so especially for folks in PA your safe tip for today is stay off the streets and on your computer to avoid being caught in the crossfire), here are some online shopping tips I gave friends and family. These tips will allow you, just prior to an online purchase, to quickly help gather key pieces of information so you can make a more informed shopping decision on Cyber Monday and in the future.

1. Contact Information: Make sure that the online store has contact information and preferably a phone number and/or email address so if there is an issue/question that arises post transaction you can contact the store.  Generally this information is under the “Contact Us” tab of a store’s websiste.  Remember phone numbers are generally better than email addresses and email addresses are better than no contact information at all.

2. Return Policy: Look for information regarding the store’s return policy.  This is important for you so you can understand what, if any, policy the store has about handling returns.  Be careful of stores that do not list a return policy or at least acknowledge that returns are accepted.

3. Management/Owner Information:  Look for information about who is the owner of the store.  An online store should provide information about who owns the online store, including their names and ideally some background information on that manager/owner.  I call it their story.  Here is a good example of a store at 17thandRiggs.com that provides information about the owners of the online store. This information gives shoppers comfort that there is a real person behind this store and it is not a fraud site. Some sites even have online videos that introduce the management to shoppers.  This is a good prior post on the use of videos to build credibility for your online store.

4. Trust and Validation Marks/Seals: When you go to a site, there should be some type of third party validation and trust mark that a store can provide a shopper.  These trust and validation marks run the gamut, but check them out and click on them before you buy. They provide different types of information about the store such as whether customer information is stored securely, whether the store’s website is scanned for vulnerabilities, where the store is located, and whether there are privacy and customer service policies.  The stores that have trust and validations marks that provide the greatest amount of information often are considered credible and reliable stores.  A few seals even provide much of the information that is covered in this post through just one seal that resides on an online store’s website. Look for those seals.

5. Customer Feedback: The online store that you are about to buy from should have some customer feedback.  Stores today thrive on this feedback.  Now, buyer beware there are ways to game customer feedback.  Its not hard to have friends or even the store’s owners themselves submit fake feedback.  So be wary of all positive feedback for a site.  With that caveat, online stores should have some feedback mechanism that you should be able to review to see what other purchasers experienced when buying from that store.

6. Bonus Tip – Your Own Internet Search: Use tools such as Domain Tools to quickly research the history of a website.  This is helpful because if the store says its been around for 20 years and you see that the store’s website was just registered last year then that should be a red flag. Also Domain Tools will tell you if that site you are just about to buy from is actually based in Nigeria when they claim they are in the beautiful, Buckeye State of Ohio. Again, this is a quick way to do your own diligence.

Next  do a quick Google search of the store’s entire website name (i.e. www.ClevelandSportsChampionshipTshirts.com) and the management’s name and see what comes up in Google. You can find out a lot about a store from an online search including their Twitter postings, Facebook etc.  Why is this important?  Because it will give you comfort that this is a legitimate store and that there are multiple avenues for you to communicate with the store, if something goes wrong. Also you may come across blog postings about the store which will give you even more feedback about the store.

Lastly, if you have concerns on whether the site is legitimate you can always check out a great tool at Compete.com that will allow you to review the traffic history for an online store.  If there is little to no traffic to the site and the store claims that thousands of people buy every day from the store, then that should be a red flag for you as well.

Start using these tips and hopefully you will have a safe and happy holiday shopping experience online.  Feel free to share if you have any additional safe shopping tips.

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