Day: January 15, 2021
The US president-elect says the nationwide vaccine rollout so far has been “a dismal failure”.
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The decision forms a guide that can be used against civil rights activists, warns Alan Dershowitz.
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Her first bills in the new Congress would dilute ballot integrity and make D.C. a state.
When you hear the phrase corporate branding, you might think of industry titans—car companies, ubiquitous hotel chains, and fast food arches.
Despite this association, corporate branding applies to businesses of all sizes, not just the giants with unlimited marketing budgets.
To better understand the role corporate branding plays, I’ve broken down the impact of corporate branding to help you know how it can drive your business forward, no matter how big or small your business is.
What Is Corporate Branding and Why Is It Important?
Think of your favorite brand (or one you interact with regularly.) What comes to mind? Do you think of their tagline? The logo? The color palette? The chosen ambassador?
These assets, among many others, are what make up corporate branding. Corporate branding is the outward projection of a brand’s mission and culture in colors, logo, tone, and design.
A successful corporate brand encompasses an organization’s goals, mission, and ideology and appears across all mediums (website, packaging, copy, ads, etc.) to ensure visual consistency.
A strong corporate branding strategy focuses on a wide range of assets, from details as small font and color options and as large as building structure and slogan.
This element might seem too complicated to enact at your organization, but corporate branding is vital to all businesses, from small local businesses to massive ecommerce brands.
Emotions play a large role in marketing, and when a consumer relates to your brand’s values, they build an emotional connection with your brand. These emotional connections increase customer loyalty, not to mention profits and word-of-mouth advertising.
How Corporate Branding Increases Sales
Companies with robust corporate branding strategies attract and maintain new customers, increase community interest, and improve overall marketing strategy.
Companies with strong brand affiliation offer a 31% higher shareholder return than their contemporaries.
In addition to increasing shareholder return, corporate branding fosters employee engagement and encourages 3x faster profit growth than an organization without a strong branding strategy.
While this might feel unattainable to small businesses without huge marketing budgets, the truth is, your organization can increase growth through a strong corporate branding strategy.
Here are five ways corporate branding can change how your potential consumers view your brand—and drive profits.
Corporate Branding Conveys Brand Personality
Brand personality refers to the personification of your company’s mission. This personality is conveyed through the style, voice, and tone you use in your business’ communication.
Just like we tend to judge people based on first impressions, your brand’s personality impacts how consumers perceive your organization from the start.
When building your brand’s personality, include language and sentiments that ring true to your mission and resonate with prospective customers.
A strong brand personality will help:
- Distinguish you from competitors
- Increase immediate recognition
- Build an emotional connection
Corporate Branding Improves Customer Relationships
Building a strong customer relationship isn’t just good business; it costs less, too. The average company spends five times more to attract new customers rather than focusing on keeping more of the customers they already have.
Like any relationship, the bond between you and your customer needs to be nurtured to grow.
With a corporate branding strategy, interactions with prospective consumers become a comfortable exchange. By including your organization’s voice and mission in all of your content and customer experience, you establish a shared relationship with your customer.
These two strategies can help your further nurture that connection:
- Share success stories: Everyone likes to feel like they belong, so sharing user-generated success stories is an excellent way to encourage consumers to engage with your brand. The beauty of user-generated content is in its creation. Since it’s not coming directly from your business, it feels more trustworthy and intimate, helping to foster a sense of community.
- Personalize communication: Personalized marketing can increase customer engagement. Using first names and other pertinent information can further the bond between buyer and seller, making the relationship feel more organic rather than sales-based.
Corporate Branding Sets Your Brand Apart
The internet is home to roughly 3.17 billion active social media users. The majority of companies are well aware of this statistic and harness an average of five social mediums to connect with those users.
This fact means the average consumer sees hundreds of advertisements daily.
To help your business be heard and seen online, you need to be one of many scrolled-past advertisements—you need to stand out.
Corporate branding can help you share your brand’s story. That story serves as a hook to draw your audience in and make you more than a company, but a community they can relate to.
Corporate Branding Boosts Customer Loyalty
The Pareto Principle says 80% of revenue originates from 20% of your existing consumer base. That percentage quantifies just how important it is to ensure customers are loyal and return to your business again and again.
After you’ve worked to foster strong customer relationships, you want to ensure those relationships last.
By growing your corporate branding strategy and incorporating it into new mediums and platforms, you ensure your message is reaching and resonating with your current base.
Consider offering a loyalty deal to your most valuable consumers to further build loyalty.
When people feel valued, they are much more likely to purchase from the company providing value. Nearly 60% of loyal customers make more purchases with their preferred companies, so building and establishing trust and loyalty can impact your bottom line.
Building a Corporate Brand
Building a brand is a long, ongoing process, but there are seven simple steps you can enact today to begin your journey to a memorable brand.
Get to Know Your Intended Audience and Your Competitors
Before wedding yourself to any decisions about your brand, get to know both your ideal customers and direct competitors. You can learn more about the shape of the market by:
- Conducting a web search of your product
- Exploring social media accounts followed by your target audience
- Speaking with individuals in your target audience to learn what products they are purchasing
Use a tool like Ubersuggest to explore what your competitors are doing. Look at the colors, phrasing, and images they use to connect with their audience and consider if similar branding aligns with your mission. (Just make sure your branding is original!)
Create a Mission Statement
A mission statement is a summary of your company’s goals and values. Your mission is the driving force behind your brand and is vital to align your audience with your business.
When creating your mission statement, ask these questions:
- What’s the purpose of providing our services and products?
- What do we aim to change in our consumers’ lives?
- Why is this change significant?
- What drives us?
Use the answers to craft a statement that outlines who your audience is, what your brand contributes, and what makes your product or service different.
Identify Your Brand Personality
Brand personality helps customers connect with your brand and build customer confidence. When choosing what you want to embody, use these questions to get started:
- Who would be the spokesperson for the brand?
- Which adjectives are connected to the brand?
- What is your brand’s value proposition?
After you’ve established a value proposition, use it to create a positioning statement that clearly outlines your target market and how you want your brand to be perceived.
Write a Slogan (or Write a Bunch of Slogans!)
A slogan is a short, catchy phrase associated with your organization that shares your product or service’s driving benefit. Ideally, your slogan should become completely synonymous with your brand, like McDonald’s “I’m lovin it!” jingle.
However, creating a catchy slogan can be challenging—you have a lot to say in very few words. Here are six tips to help you create a catchy slogan that encapsulates your brand’s essence.
- Short and to the point: Most slogans are curt (think: ‘Just Do It’ or ‘America runs on Dunkin’’). You know what the essence of your organization is, so make sure you convey it to your consumer concisely.
- Remember your target consumers: Whether you’re a local brand shipping nationally or a company going global, be sure to keep your consumer in mind. A slogan that may delight New Jersey residents may have the opposite effect on those on the West Coast.
- Draw on what differentiates you: Build on what makes your business stand out from your competitors by highlighting your value proposition.
- Consistency is key: Corporate branding is all about consistency. This tenet applies to your slogan, as well. Ensure your slogan represents your brand’s personality and serves as a verbal and visual manifestation of your ideals.
- Ensure a long shelf life: You don’t want to come to the unfortunate realization your slogan has lost its relevance after just a year or two. Consider the longevity of your slogan and how it can persist even in a fast-changing industry.
- Be sure your slogan can stand alone: If a new customer encounters your logo, they should know what your organization offers and what your brand does. By ensuring your slogan can stand alone, you eliminate confusion about your brand’s identity.
Select the Visual Manifestation of Your Brand
Colors and typography guide how your audience views your brand, so you want to make sure you choose the right one. Here are a few factors to consider when choosing your brand’s colors:
- Choose a color palette that matches your brand’s personality. Consider how color psychology impacts how your brand is perceived.
- Choose typography that makes sense for your brand and audience.
- Create a brand style guide to ensure consistency across platforms and mediums.
Design Your Logo
Your logo is the face of your company, so it should represent your brand’s personality and be memorable enough to be recognized anywhere.
The good news is, you don’t have to drop thousands of dollars; there are plenty of free tools to help you create a professional logo.
As you design your logo, ask yourself these questions:
- What best represents the organization?
- Do you want to include a tagline in your logo?
- Do you prefer a text-based logo or an image-based logo or a hybrid?
Put Your Corporate Branding to Work
You’ve spent a lot of time and effort identifying your target consumers, developing your story and personality, and determining the right font and colors for your brand.
It’s time to put all of those pieces together and deploy your corporate branding strategy. Keep in mind a corporate brand should be incorporated everywhere.
Don’t forget to include your branding strategy in your:
- Email signature
- Social media presence
- Physical items, like corporate swag
- Office design (if applicable)
Using your corporate brand everywhere your customers interact with your brand ensures consistency, which builds trust and increases engagement.
As you craft your corporate brand, keep your customer and your mission statement at the center to ensure your branding resonates and connects with your ideal customer.
What is the most effective corporate branding strategy you’ve used?
The post How Corporate Branding Translates Into Actual Sales appeared first on Neil Patel.
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Whether you are thinking of starting a business in recession chaos or during economic Shangri-La, an SBA startup loan could be just what you need to get up and going.
All You Need to Know About Getting an SBA Startup Loan, and Other Options for Right Now
The Small Business Administration is in the news big time right now in relation to COVID-19 relief for businesses. However, if you are looking to start a business, their SBA startup loan programs are still available.
SBA Startup Loans: Why SBA Loans?
SBA loans are small-business loans guaranteed by the Small Business Administration. The loans are issued by participating lenders, mostly banks. The guarantee can go up to 85% of a loan of $150,000 or less, and loans that are more than $150,000 they will guarantee up to 75%.
Find out why so many companies use our proven methods to get business loans, even during a recession.
Who Qualifies for an SBA Startup Loan?
To be eligible for SBA Loans, you must meet certain qualifications. These include:
- Your business must be for profit.
- Your business must be inside the US.
- Business owners must invest equity.
- You must have exhausted all other financing options.
- Your business must qualify as a small business.
- Your business must be in an eligible industry.
Repaying an SBA Startup Loan
One perk of an SBA loan is that you get more time to pay it back than you would otherwise. According to the SBA, the terms depend on how you intend to use the funds.
For example, working capital loans, or funds you intend to use for daily operation, have a repayment term of seven years. However, funds for new equipment purchase have a term of 10 years, and real estate loan terms extend even longer to 25 years. Of course, the longer the term the lower the interest, which means lower regular payments.
How to Apply for an SBA Startup Loan
One of the downsides to SBA government loans is that they have a lengthy and somewhat complicated application process. There is a lot of red tape involved, but understandably so considering it is the federal government and they are guaranteeing a huge chunk of the loan.
Get Your Eggs in a Row
The first thing you have to do is gather the information you will need. This includes:
- The SBA borrower loan information form
- Statement of personal history
- Personal financial statement
- Personal income tax returns for the previous 3 years
- Tax returns for the business for the previous 3 years
- Business certificate or license
- Business lease
- Loan application history
This list, along with links to forms and templates, is available at SBA.gov. Once you have this information, you can start looking for a lender.
There may be more requirements based on your specific lender and what they deem necessary for your individual case. However, this is a general list to get you started.
Find out why so many companies use our proven methods to get business loans, even during a recession.
Find an SBA Partner Lender
There is more than one way to go about this. The first way is to contact your SBA district office. You can find contact information through the website. Another option is to use the SBA lender match option on the website.
All you have to do is enter some basic information about your business and how you plan to use the funds. The tool then matches you with a list of potential lenders that could meet your needs.
Which Program Works Best for an SBA Startup Loan
Not all SBA loan programs work for startups. These are your best options.
SBA Startup Loan: 7(a) Loans
This is a cornerstone program for the SBA. It offers federally funded term loans of up to $5 million. Funds can be used for expansion, purchasing equipment, and working capital in addition to startup. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.
The minimum credit score to qualify is 680. There is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. If you are a startup, business experience equivalent to two years will serve this purpose.
SBA Startup Loan: 504 Loans
These loans are also available up to $5 million. Funds can be used to purchase machinery, facilities, or land. They are generally used for expansion. Private sector lenders or nonprofits process and disburse funds. They work well for commercial real estate purchases especially.
Terms for 504 Loans range from 10 to 20 years, and funding can take from 30 to 90 days. They require a minimum credit score of 680. Collateral is the asset the funds are financing. There is also a down payment requirement of 10%, which can increase to 15% for a new business.
There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup.
SBA Startup Loan: Microloans
Microloans are available in amounts up to $50,000. They work for starting a business purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries, with financing coming directly from the Small Business Administration.
Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. They can take upwards of 90 days to fund. The minimum credit score is 640, and the collateral and down payment requirements vary by lender.
What If an SBA Startup Loan will Not Work?
What if, for some reason, an SBA startup loan will not work. Maybe you need collateral and do not have it? Perhaps you would rather not deal with down payment requirements. What if you need more funding? Here are some other options.
These are loans that come through private lenders rather than banks. Most of these lenders operate online. The process is fast and simple. Typically, borrowers fill out an application online. Generally, they receive approval in as little as a few hours. Once approved, funds are often in the borrower’s account in as little as a day or two.
This fast, easy process makes these alternative loans attractive for business funding.
Is There a Catch to Alternative Small Business Loans?
If these alternative loans are so fast and easy, why even bother with traditional loans or even an SBA startup loan? There has to be some catch, right?. The catch is, interest rates and terms are considerably less favorable than those you may get with a traditional lender.
That’s because, in an effort to extend credit to those that do not qualify with a bank, alternative lenders have to be a little more relaxed with their eligibility requirements. As a result, they are taking on significantly more risk with their loans. To make up for this, they increase interest rates and loan terms to balance things out.
How do I Choose the Right Alternative Loan for Me?
Once you know you are in a position to need alternative small business loans, you can start looking for the right one for your situation. How do you do this? The key is to research, research, research. Extensive research is absolutely necessary to ensure you find the best fit for your business.
While many of them function the same with similar requirements, there are some vastly different and innovative platforms for these types of loans as well. Read all the reviews, but don’t forget to look at the actual lender websites too. Only you know your specific situation. Your credit score, how long you have been in business, and how much debt you can handle is information that you have at your disposal to help you make an informed decision..
How to Start Finding the Right Alternative Small Business Loans
Start by determining your eligibility factors. You may not be able to anticipate what every single lender will require. However, there are a few things that most lenders will want to know before approving a loan. Things such as credit score, annual revenue, and length of time in business are pretty common.
If you know your score and what your annual revenue is before you begin looking for alternative small business loans, you will be able to weed out the ones you do not qualify for from the beginning. There are so many that you will definitely see the need to do this.
Find out why so many companies use our proven methods to get business loans, even during a recession.
Credit Line Hybrid
What if there were an option that allowed you to have an even better interest rate than a secured loan, and yet get the money faster and easier than any type of traditional funding. What if you could get business funding without having to supply any bank statements or credit stubs? Imagine that you could get funding in a few days rather than weeks without supplying any collateral or documents? This is exactly the credit line hybrid allows you to do.
What is a Credit Line Hybrid?
A credit line hybrid is basically revolving, unsecured financing. It allows you to fund your business without putting up collateral, and you only pay back what you use.
What are the Qualifications?
How hard is it to qualify? Not as hard as you may think. You do need good personal credit. That is, your personal credit score should be at least 685. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.
If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.
What are the Benefits of a Credit Line Hybrid?
There are many benefits to using a credit line hybrid. First, it is unsecured, meaning you do not have to have any collateral to put up. Next, the funding is “no-doc.” This means you do not have to provide any bank statements or financials.
Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.
The process is pretty fast, especially with a qualified expert to walk you through it. One other benefit is this. With the approval for multiple credit cards, competition is created. This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months.
Make Sure You’re Eligible for SBA Startup Loans and All Other Financing Options
The key to ensuring you can get the funding you need for your business when you need it is to make sure your business is fundable. Most people think of credit score when they think of fundability, but there is so much more to it than that. Fundability is made of many pieces, and they all have to be in place for things to work the way you need them too. If your fundability is in order, getting an SBA startup loan, or any other kind of loan, will likely never be a problem.
CGEn | Data Scientist | COVID-19 research | Canada (remote or onsite). https://academicpositions.com/ad/university-of-toronto/2020/… CGEn leads a nation-wide Host Genome Sequencing Initiative to sequence genomes of 10,000 Canadians to help understand the genomic architecture of the host response to SARS-CoV-2. Several roles are being considered. The skills required for these roles include any subset of the …
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OpenPhone | Front-end, Back-end, and Mobile Software Engineers | San Francisco & Remote (only US/CA)
We are a well funded startup with a very strong engineering and product culture going after a legacy space with an innovative product and ambitious goals. We are growing very fast and if you join now, you will have an outsized impact on the future.
We also offer very competitive salaries and benefits. Apply here: https://jobs.lever.co/openphone
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