tv Your Business MSNBC October 14, 2012 7:30am-8:00am EDT
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hi there, everyone. i'm j.j. ramberg. welcome to "your business," the show dedicated to giving you tips and advice to helping your small business grow. in today's tech save ae world, new e-commerce sites are popping up every single day. but how do you make yours stand out from the rest in today rod kurts introduces us to content is king to brand new heights. ♪ ♪ >> i was walking down the streets of paris, and stumbled upon this tiny boutique in paris. bought a pair of shoes, not surprising. >> when former model and goldman
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sachs analyst returned from her trip, all of her friends were dying to get their hands on a pair of their own. but when they called the boutique, they were told the only way to get them was it visit the store in person. >> it boggled me that in the 21st century we didn't have a platform to purchase from paris, these shoes. >> so she built this on-line shopping. olga new this one store wouldn't be enough to make it successful. to make her site stand out from other sites, they knew she needed to be a supplier but also an analyst. >> trendy, what to shop, how to pair the stuff in. women shouldn't be double-guessing every purchase. we should be there to help them. the brand becoming their friend is the most important. shoptixues is the brand it
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identify the most exclusive brands. if you are not on it, people are not worthy, in a way. so people find us to make sure they are indeed kind of on that platform. it is almost like, being zagga rated. >> another push has been for original content that makes shoptixues your source for what's in. they launched an on-line magazine, "the edit" which is the scoop on what and how to wear the latest trends, putting together looks and boutique spots. >> the vision behind the edit was to create seamless editorial through immerse. we do this through personal style and inspiration. but everything is 100% shopable. >> with content posted everyday, it is how to get shoptixues products. >> you say, you have to share
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this, it'll help people out. >> women come here to shop but also to procrastinate. he want you to be on our site no matter what you are doing. then as you are reading, you are now clicking into the product and converting. >> you need to know what your audens, who your audience is, andcater to them. >> some are very price cons conscious, others are into color, others in other categoryes. so on the home page, click on edit navigation. that takes out to new editorial section of the site. >> the edit is the editorial platform. there are two or three new pieces of product coming out everyday. so women can come back everyday and find something new and fun to read. so if you follow us on facebook, you will see articles and fun things we are doing. give them things they actually care about and that will bring them back to the site.
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>> rod kurts ask here with us now and larry chang. his company invests in high growth boot strap companies. and jessica hairon is the founder and ceo of stella. a serial entrepreneur which had della and james which. >> thanks for having me. >> yes. you used to have editorials, magazines be a then sales and stores. now it is merging. >> it is an interesting trend. as you know i've been in the content business my whole career. i noticed a couple year back, the slow trend of entrepreneurs wading into the content waters. a lot started with a simple blog. then it became their own youtube channel. then as you on the piece, very sophisticated content operations. you want it keep people engage pepd draw them in. get them to procrastinate. i think the take away for entrepreneurs in the whole range
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is we are all in the content business now. >> this is exactly your world. how important is content to you? >> we think of it as providing a great customer experience. when we sell our accessories line, we are not trying to sell a product, we are trying to give someone an understanding of how to wear it, how do get the value out of that. we think the story telling, inspiration, and what to do with it afterwards is a part of actually what we provide. i think it is critical. >> then you have to hire a staff doing content. so it used to be that you have your sales staff. and now it is a lot of money. it is expensive to hire people who will do content as well. >> but it's critical. every brand has a direct connection with the customer, through the website. it is expected they create content. it used to be some brands are removed from their customers but now have you a one to one plan so you have to create a contact. >> there are so not many brands out there. customers want it align themselves with brands they
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know, braks they like. so if they say, i can't compete with wal-mart or whoever it may be. >> it is like thinking about off-line shopping and on-line shopping. the consumer is making a decision based on what they do in the physical world, on their mobile device, at home on their laptop. it is all blended. we like to think of its, in stelladot, we only have one service. here is content here and then people trying to sell stuff. we think of it is as, here is the customer, we want to delight them. let's give them education and then they will all shop. >> that's a great point. it it not ancillary any more to what you are trying to do. >> great. we will leave it at that. thank you so much. when ebay launched, it changed the world of on-line shopping. it continues to be a great place for people to sell products. here is a place pour merchant looking to create and sell product.
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one invest in visuals. multiple photos really do increase sales. two, provide more payment options. don't limit potential customers. people will go to another merchant if their credit card isn't accepted. update to google product search. it will create retraffic from potential customers. four, spruce up your ebay about us page. personalize it to show shoppers you are a reliable person to buy from. number five, go international. ebay has a very precise shipping calculator so you can tell how much to charge for certain items. expanding to an international market can increase sales by 16%. election day is approaching and things are heating up on the political front. now there are so many hot button issues being discussed. it seems like everyone want it
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share their opinion. however, our next guest says when it comes to talking politics in the workplace, the general rule of thumb should be mums the word. david baron is as attorney in houston. he focuses on labor and employment law. and larry and jessica are here with us once again for this conversation. great to see you. tell me, why do you say mum is the word? you shouldn't talk politics at work? >> yeah, i mean, look, we have people out there, employees, who want to get up on their soap box, maybe hand out literature at work and do their best to campaign for the particular candidate. they may not be the right approach for the workplace. a lot of employers want to can keep those things out of the workplace and they have have a right do it. >> so as an employer, do you make the announcement, no politics at work? or do you assume people should. >> well every employer is different. some want rallies in their parking lots. those are probably rare. most employers want it keep people focused on their jobs at work.
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i would say most employers, simply have a respect and act professional policy, and don't go out there becoming the politics police. they just expect employees to not cross the line into offensive types of statements. but i have a lot of clients and employers right now going and reminding people that look, this is a contentious election. we need to be respectful of other people's opinions and not get into heated arguments and fights. >> it sounds to make perfect sense in theory. but jessica, you run a small business and debates are happening and people watch them and they calm in and just talk about it. >> that's right. i think the key thing is to make sure that people respect people's opinions but it is too much to ask people not to be their authentic sefrls with their coworkers. if you want a great culture and people to be honest with each other a s to have a bond with what they do. we don't expect people to be mums the word, just be honest and respectful. >> when do you know when they
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are crossing the line, larry? >> well when the temperature rises, you know there is a lot-button issue and you know you should tone it down. there is not a lot of upside to get involved with the politics, there is a down side so just be careful of it. >> you are in a workplace with a lot of friends and for a lot of people this is how they talk about politics is they debate and it is exciting for them to debate. it may get heated but then they good out for lunch and everything is fine. >> as an employer, how do you know when somebody is overstepped that line? >> sure, that's a good question. obviously if someone clans, that's an issue. you also have to be careful for air yes, sir of discussion that get into protected legal classifications. things like race. it is one thing to talk about politics. it is another thing to start talking about the particular race after candidate or when you talk about controversial issues like immigration or religious issues. those can can turn into
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discussions where someone can say something that is offensive. especially a manager that will make a decision later about that particular employee. that's where you have to be careful that people don't cross the line. >> would you suggest, i know you here onset would maybe have a casual conversation but hey fwies, it is political season. people have different opinions, just make sure it doesn't get too heated? or be careful about what you talk about or don't say anything? >> i think a casual conversation like that makes sense. to let people know, every political discussion can be a land mine. just be respectful. >> i think if you bring it up in the workplace, having a workplace in northern california where it is very open dialogue, i don't think it is necessary within us. and you don't want to make it a bigger issue than it it. >> thank you. good luck over the next few weeks. thanks a lot. still to come, your clients want you po t.to pay in 90 days vendors want you to pay in 30.
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how body language can improve self confidence and help you make the sale. on every one of our cards there's a date. a reminder... that before this date, we have to exceed expectations. we have to find new ways to help make life easier, more convenient and more rewarding. it's the reason why we don't have costumers. we have members. american express. welcome in. okay, here is a great way to not really cost efficient. any time you buy something for
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your company, see if you can use it in multiple wayes. this comes from angela couple who started home aroma. for example, this is the packaging for the caviar eye cream. look at size. this is also a travel size for other product or o t.o. hand out samples. think about this with brochures, pamphlets or mailing material. make them generic enough that you can use them for multiple targets in multiple places. so tip number 145, make all of your marketing materials do triple duty. >> for the past couple of weeks here on the show, you've seen little clips like that last one from my new back, "it's your business." and i'm so excited to tell everyone that this week, the book is finally launching in stores. i was inspired it write this book with my co-authors, lisa and frank, because over the last six years, we've gotten the chance to go around the country and interview thousands of small business owners.
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and so many of them had these really clever incredibly practical tips about how to run a business better. so we put the best of them together in "it's your business." but this is just the beginning. please me know your best tips so i can continue to share them with our audience. and if you try anything out from the book, please let me know how it goes. i would love to hear your feedback. send e-mail to yo yourbusiness@msnbc.com. and tip number 40, improve your business by standing differently. ♪ ♪ >> a lot of judgments being made of you are not only based on the words coming out of your mouth but in sort of the disposition you are projecting. >> isn't that crazy? you spend so much time making your power point and getting all of your materials and perfecting what you are going to say. and really, i could ruin it all in the first couple of minutes
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if i'm standing the wrong way? >> yeah. i definitely think it goes against conventional wisdom about how to prepare for a speech. >> when you go into the room, i think that you know, for women, this is a posture that is fine. so basically, postures that signal strength and confidence are expansive. you are opening your body. as opposed to doing this kind of thing. crossing your feet, crossing your arms, touching your body. or doing something like this. >> i do often find i don't know where to put my hands. >> yeah. >> and when you get self conscious, you say as default, put them on your hips. >> it is more about avoiding contraction associated with low power, in humans and nonhumans. don't make yourself smaller. don't hunch shoulders. don't have limbs touching your torso. >> that is a what you do when you are feeling not so confident. >> exactly right.
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>> what about before you go into a meeting? you say there are things can you do to prepare yourself? >> exactly. we really focus on what nonverbals you want to use before you go into the meeting to get yourself basically to optimally configure your brain and deal with a stressful situation. we advises that expansive poses associated with power, you practice in your office, in the hallway, wherever you can find privacy, make yourself as big as can you. stretch your arms out. spread your legs out. and what is happening when you do that, is that you are increasing testosterone, the dominance hormone, and decreasing cortisol, which helps you with situations better. >> i would be looking silly if i was about to go into business meeting and waving my arms around. being expansive, right? >> that's right. >> but two minutes of doing this, will make me better -- a better performer in the meeting? >> exactly. two minutes of having people pose in these expansive versus the contracted poses, lead it
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these hormonal changes. one of our favorites is what we call the ceo pose, where you sit down and put your legs up on the table. cross your ankles. >> i know one. >> that's right. >> so here you have, you know, you've got this real expansiveness. and this seems to be very effective at increasing testosterone and decreasing cortisol. >> it is time now to answer some of your business questions. larry and jessica are with us once again. the first one is about getting funding. >> when a business owner or venture capitalist is considering a major financial outlay, do you tend to go more with your gut or more with the data? which one do you lead off with? >> this is what you do, larry. so your gut or data? >> it start with my gut. if i'm interested in the company after a first meeting, i don't have much data to go off of. but it is something you have seen that gets you interested. but to get invested into the company, there is a lot of data. so it start with gut, ends with
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data. >> and also starts with relationship. you've gotten funding a lot of times. >> yes. i agree with larry. it also depends on the stage of the business. if it is new, you are backing the person. the data you have will change. you have to rely on your gut level people instincts. as the business proves out, it is about looking at the key metrics to look in the next level, put in the next round of funding, and that's very much in looking at the numbers and combining this that with your gut. >> when you look for funding and if you are lucky, you have a few people who want to give you money, where do you go with your gut or data? how do you choose? >> your gut. because it is about the relationship that you will have, especially if that person is going it take a board said. make sure your vision is aligned on the exit strategy. >> you are signing up for a marriage. it is absolutely your gut. >> let's move on to the next one. what do do when your client, major corporation won't pay you for 60 to 90 days. >> i find it a tremendous
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challenge to manage the cash flow when my vendors want to be paid in 15 or 30. and i'm looking for answers on what i can do to better meet the cash flow crunch. >> i hear this problem a a lot. when you are a small business you often don't have the power to force people to pay you. >> there's traditional ways, getting a line of credit. it's a traditional thing you can do. you want to have cushion in your business. you need cash to survive. think about how to stay lean and mean and build up the cushion so you can float yourself or go out and get a line of credit. >> what about providing incentives? does that work? >> it's going to be hard for a large corporation. there are factoring companies where you can sell your receivable for 95% of the value of it. then when you collect it, give it to the company. that's an option for companies out there. >> let's move on to the next one
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from a woman who owns a limousine company. >> how do you grow your business when you are small in a male-dominated profession. >> don't think of it as a male-dominated profession. >> don't see your differences as a disadvantage. if you want to grow your business, there's one answer, get more customers. however you market that, do it. don't see your gender as a reason why you won't succeed. >> we see people that get no capital and get to $100 million in revenue. it can be done. >> market yourself as a woman on business. a lot of women customers want to support that. >> it's fun to get a female driver. sb absolutely. >> it might be nice to have. this is an e-mail from kevin. a business colleague and i went to register an llc with the most favorable small business tax benefit. what state should we consider?
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>> i don't think it comes from where you register. it's where the business is headquartered. if you are in nevada, florida, texas where there are favorable tax treatments, that's great. where you register, it doesn't matter. >> that's right. as you continue to grow your business, you will think about where to put different businesses. so you might have one office someone. distribution might be set up somewhere else and negotiate about tax credits, bringing jobs to the area. tax is something you want to have experts involved in and look at every aspect of your business. >> that was my next question, how do you figure this out? >> a tax expert. it's very complex. >> thank you both so much. this is fantastic advice. if you have a question for our experts, all you have to do is go to our website. it's openforum.com/yourbusiness. once you get there, hit the ask the show link to submit a question. again, it's
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openforum.com/yourbusiness. or, if you would rather send an e-mail, it's yourbusiness@msnbc.com. larry and jessica had really helpful advice about how to improve your business. let's get great ideas from small business owners like you. >> i have been dealing with rejection a lot. i have learned that when people have something to say about the product you need to, yes, take it with a grain of salt, look where it's coming from. is this person jealous? is this person in competition if you or is this person really trying to give you some criticism or constructive advice. >> i reck mmd any women owned business or minority owned business to get certified. it's helped grow my business and take it to the next level. it's opened up a world of opportunities we wouldn't have access to if we were not
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certified. >> whatever your business is, you want to make money. go to the chamber of commerce and find out what they have to offer, whether it's certifications or workshops and networking. introducing yourself to different organizations and rubbing elbows with the shakers and movers. how is it that one service can get tons of free users but fail at converting them into paid subscriptions while another business is successful at creating customer loyalty? how to get repeat buyers. john jantsch is author of the brand-new book "the commitment engine." congratulations on the book. this is a big issue, creating customer loyalty. keeping a customer is cheaper
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than getting a brand-new one. let's dive in. you talk about teaching your customers. how does that have to do with loyalty? >> somebody buys something and they expect a result, they promise a result. we do everything we say to deliver on the product or service, but then, for whatever reason, they don't get the result. i think sometimes we underestimate somebody buys, i think you used software as a great example and they only use 10% of it. we want to continue to educate them to get the most out of it. as you mentioned, the greatest form of league generation is a happy customer. a happy customer is one using and getting the full results of whatever it is we promised. >> i have to say, in my own experience, when customers have been unhappy, it's because they don't understand something, something that we are offering. they get confused. >> we sell products online and we survey our customers immediately afterwards.
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i can't tell you how many times we had a customer unhappy because they lost their password or something silly like that. once we were able to reconnect them to the product, they were thrilled. having that follow up to make sure everything went well is certainly a necessary piece of it, i think. >> is that what you mean by reviewing results? >> yeah. it's one of my favorite, as well. i think every company needs to have a results review. a process where you go back 60, 90 days and make sure the client got what was promised. i think three things are going happen. they are either going to say gosh, no we didn't really and now you get to fix it or they are going to tell you that yes, we love it, we are thrilled, couldn't be happen ner. that's a place for you to get a case study, testimonial or referral. >> adding more value, is this a
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free gift with purchase that somebody doesn't expect? >> i suppose that could be one element. i think one of the greatest ways for us to be more valuable is to actually become a resource for them. so, if we sell one product or service, we know that they have eight, ten, i don't know, 50 other needs in order to get what they want out of their business or life. what i advise people to do is build a team of providers for all the products and service that is you know your customers are going to need at some point and make a habit of introducing and referring those people. when you are seen as the provider i go to when i have a challenge, you really develop some tremendous customer loyalty. >> then you develop good relationships with people in your industry who can help you and refer people to you. finally, surprise them. surprise your customers, how? >> that might be the free gift
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that you are alluding to more. i think we all -- one of the things about creating customer loyalty, creating referrals is that we have to do something that makes people talk. i think so often in our business transactions, maybe in life, we are disappointed when we buy things. so, i think if you become the company that overdelivers, you do overnight shipping when they thought they were going to get it in three to five days. i bought a bunch of shoes and they threw in a bunch of socks. it was over and above and here i am talking about it on tv. >> it doesn't have to be anything huge. a small gesture goes a long way. the commitment engine, making work worth it. great to see you, hope to see you soon. >> thanks. >> to learn more about today's show click on our website, openforum.com/yourbusiness. you'll find all of today's segments plus web exclusive to
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help your business grow. follow us on twitter @msnbcyour biz. next week, we head to the digital world expo in las vegas to get tips from the leading experts on how to grow your business using technology. from search engine to analytics, we have the scoop on everything you as a small business owner should have on your radar. until then, i'm j.j. ramberg. remember, we make "your business" our business. we make a simple thing. a thing that helps you buy other things. but plenty of companies do that. so we make something else. we help make life a little easier, more convenient, more rewarding,
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