What steps to take to prevent being a victim of changing market conditions
According to the latest U.S. Bureau of Labor Statistics data, about two-thirds of startup businesses survive at least two years and about 50% make it to the five-year mark. After 10 years the survival rate drops to about 35%.
Even if successful at starting a small business, economic and market conditions and changes in trends can cause a temporary downturn and put a business in a precarious position. What’s a small company to do when its profitability is on the ropes?
According to the website Business Know-How, there are steps an entrepreneur can take when market conditions go south. Here are two methods to recharge your presence.
Rebrand your company: Take honest stock of your company’s strengths and weaknesses. What caused the loss of business? Have trends changed? How can you be competitive again by rebranding?
Don’t guess at what customers want and will pay for. Analyze your existing sales and talk to actual customers and prospects. Conduct an online survey to find out which of your products or services are most valued and will bring the greatest profit.
Another way to gauge your impact on customers is to conduct a focus group. Not only will a focus group tell you what you might be missing, it can also let you know why they are turning to a competitor.
Get social:Are you on all of the social media platforms that your customers use? Social media has become an important tool for all types of industries. The Pew Internet Social Media statistics for 2018 put an exclamation mark on the use of social media.
Facebook and YouTube dominate the social media landscape, as a majority of adults in the United States use each of these sites. At the same time, younger Americans are noted for embracing a variety of platforms and using them frequently.
About 78% of 18- to 24-year-olds use Snapchat, and a sizeable majority of those users (71%) visit the platform multiple times per day. Similarly, 71% of Americans in this age group now use Instagram and close to half (45%) are Twitter users.
Breaking that down even further, 68% of adults are Facebook users, with a majority of those reporting they access the site on a daily basis. The video-sharing website YouTube, although not a traditional social media platform, is used by nearly three-quarters of U.S. adults and 94% of 18- to 24-year-olds.
Roughly two-thirds of U.S. adults (68%) now report that they are Facebook users, and roughly three-quarters of those users access Facebook on a daily basis. With the exception of those 65 and older, a majority of Americans across a wide range of demographic groups now use Facebook.
But the social media story extends well beyond Facebook. The video-sharing site YouTube – which contains many social elements, even if it is not a traditional social media platform – is now used by nearly three-quarters of U.S. adults and 94% of 18- to 24-year-olds. And the typical (median) American reports that they use three of the eight major platforms that the Center measured in this survey.
Regularly posting on social media platforms can give your business a boost, but don’t overdo it. Y
It also may be time to look at your current advertising and add in marketing techniques like email blasts, pop-up marketing and guerilla marketing will make you stand out from your competition.
Both of these solutions, from rebranding to short and snappy videos to marketing techniques have been refined by M3 Group. We work on SWOT reports for our clients, analyzing strengths, weaknesses, opportunities and threats.
You don’t have the know-how or the time for social media? M3 Group can create effective social media posts and set up a social media schedule, posting at optimal intervals to keep your company in the minds of consumers.
M3 Group has had success in conducting online surveys, man-on-the-street evaluations and assembling focus groups to better learn what your customers want.
Those are just a few of M3 Group’s proven specialties. Call us at (517) 203-333 to discuss these services and more!
…and why you should jump at the chance to offer them!
Learning doesn’t have to stop the day you earn your degree. It is now more important than ever to diversify your skills, and when you work at an especially creative workplace it is imperative to stay at the top of your game.
M3 Group offers this benefit to staff and enjoys seeing them return from seminars and workshops feeling empowered, motivated and armed with new skills.
If you’re an employer who does not make opportunity for growth an option for your staff; here are a few things to consider.
Keeping up to date
If your key staff have been in the workforce for some time, chances are technology has changed. Offering them re-fresher courses and opportunities to learn new skills will help them catch up with the times.
Invest in your staff
Knowledge is power. By continuing to learn and grow – your staff will gain confidence. Show them you are invested in them, and they’ll invest in you in return. Their improved skill set will also help take your business to the next level.
According to schoolofpe.com, 87% of millennials have been reported as listing “professional or career growth and development opportunities” as an important factor when choosing to stay long-term with a company. It is also an attractive benefit to offer potential hires.
Put a few guidelines in place. It’s wise to consider employee tenure and commitment when contemplating more expensive education plans. There are also many valuable and affordable options available that all staff should consider.
M3 Group is proud to be a company that invests in our employees. Just another step in our plans for world domination.
Here at M3 Group we feel more like a family than a collection of coworkers. Perhaps that’s because, as a fully integrated marketing and advertising firm, we often have graphics artists and copywriters working in tandem with photographers, videographers and account executives to achieve a single goal.
The entire staff participates in scheduled brainstorming sessions, where we collectively seek creative solutions for our clients to provide them with the very best and newest idea to get their message to their target markets.
We also emphasize that family feeling with internal events. Take our recent potluck for example – it kind of signifies the cohesion and collaboration of our talented and diversified staff.
It was a taco potluck. Some people provided seasoned meat for filling. Another brought a scrumptious guacamole, while another employee provided spicy salsa. Some contributed shredded cheese, while others brought taco shells and tortillas.
Pretty much everything on that list would be tasty on its own, but when the ingredients were placed together in a taco shell or tortilla they became not a collection of individual foods, but rather a cohesive group of flavors that tasted complete and wonderful.
It isn’t just gastronomical collaboration that we exhibit at M3 Group. Any occasion to be creative and fun is game. Take May 4th, for example. It was “Star Wars Day” – may the fourth be with you – and as such we celebrated as a team. One member of our creative team brought in several masks he had picked up on his way into work – some were very “Star Wars” specific, while others were … well, not so much, but still fun. Light sabers were present throughout the day as well.
And now M3 Group has a coed softball team participating in Lansing leagues. Enthusiasm for the team was high even before the first pitch had been thrown in competitive play. The one team practice yielded three participants, but it was still an example of teamwork, as are the discussions of who will play at what position. At the first game, every team member showed up ready to play. The outcome of the game was not as desired, but the team-building make everyone involved a winner. Those of us who are not taking part on the field will likely be perched somewhere beside the diamond rooting our teammates on.
That’s the type of collaboration M3 Group practices both on the field and during our brainstorm sessions in conference rooms. It’s that teamwork that enables us to develop a plan that hits it out of the park for our clients.
M3 Group is proud publisher of Capital Area Women’s LifeStyle Magazine (CAWLM). The magazine features mid-Michigan women in various profiles, including our ‘Local Woman’ column. Beyond the cover, careers for consideration, non-profit or business profiles – the local woman is someone who stands out as a woman who is inspiring in her own way.
The list of people featured in the Local Woman column runs a long and widespread gamut.
Some of the women we featured, such as Barbara Loyer, the Turner-Dodge House program and events manager, who was in our November 2017 edition. She is among those we shine the spotlight on who tend to work primarily behind the scenes.
Or she might be someone we often see, like Lisa Ballard. She’s a greeter at L.O. Eye Care, and was the subject of a March 2018 feature. Patients know her from her work, but learned even more about her in the Local Woman column.
The subject could be someone you see often and recognize, such as Fox 47 Anchor Sarah Swistak (February 2019) or Twyla Birdsong, a local gospel and blues singer who was the subject of a February 2018 write-up.
The purpose of our Local Woman column is to bring attention to people who have an impact on our community, or maybe they have had a positive affect on one person who took the time to nominate her. The writers at CAWLM are always able to find a story behind the individual and give readers an enjoyable look into their lives, what passions drive them and why they stick in the minds of people who nominate them.
Do you have a woman you think should have her story told in the pages of Capital Area Women’s LifeStyle Magazine? Has someone been spotted performing a random act of kindness? Or perhaps they spend every workday making people feel welcome at a business. We would love to hear about them and share their stories.You can nominate them by email at firstname.lastname@example.org.
That’s not a typo. Office Morale, or lack thereof, is something all businesses should keep their radar on.
Employees who have to drag themselves to work, consider their jobs more of a chore than an achievement and show a lack of teamwork could be a sign that morale is bottoming out. There are simple ways suggested by Inc.comto boost happiness in the office without breaking the bank.
One of the biggest things that can sink morale is when employees do not feel appreciated. Take time out not to just commend a worker on a job well done, but project that appreciation for that task to the whole office. Make sure people know their efforts are appreciated and recognized.
Often fun is lacking from an office. Here at M3 Group sudden and impromptu Nerf gun battles are not out of the norm of an otherwise ordinary day of business. Have some recreational activities in the break room, like a foosball table or a jigsaw puzzle. Plan a joke contest or go out of your way to tell a funny story that will have everyone chuckling (or, at the very least, rolling their eyes). Breaking the day up with a bit of fun can do wonders for morale.
Community service leave also can-do wonders for an office. Not only will your employees get away from their desks for a few hours, they will be helping a community nonprofit with volunteer time. Go assist Habitat for Humanity with building a home one afternoon. Or go to the local animal shelter and volunteer for the morning. Establish a policy for community time and give workers a set number of hours they can use to help their communities.
A huge morale-buster is having employees get into a rut. Following a routine is sometimes necessary, but if it is the everyday sort of thing, it can drag someone’s morale down. Inc.com recommends switching up lunch breaks, changing the way the office looks – on the exterior as well as the interior – and having impromptu company breaks.
Spread positivity by constantly being positive. Positive attitudes are contagious. Talk up the good work your employees are doing. Greet them with a smile as they arrive at work. Be careful not to overdo the positive outlook until it looks fake. If you are sincere, the positive attitude will spread throughout the workplace.
One last slice of advice: Listen. Nothing puts a damper on morale if employees don’t think they have a voice in the company. You can go from workspace to workspace asking employees what they think about the current workload or project. Team meetings every week, or a morning huddle every day, encourages employees to voice concerns or make suggestions that could benefit the entire office. Making the employees feel like an integral piece of the company does wonders for morale.
With all of the high-tech methods to get an advertiser’s product noticed, an old-school method of selling a brand is having its second wind.
Billboards, according to The Hustle, are back in vogue. They are classified as “out of home” ads and make up 66 percent of the out-of-home market, which includes ads on trucks, buses, at bus stops and placards covering a wall.
The Hustle reports there are about 370,000 billboards in active operation in the U.S., with 15,000 new ones added each year.
Billboards, along with digital advertising, is growing, while other traditional media advertising is in a tailspin. Add digital capability to a billboard and you have an easily customizable form of advertising that people pay attention to. Owners of the billboards also pay attention to drivers and can adjust the message accordingly.
An official from Lamar, one of the nation’s largest billboard owners, said if a coffee shop was advertising on a digital billboard and the weather was cold, the billboard would push hot drinks. If the weather was hot, the billboard would be changed to display cold drinks.
M3 Group works with clients to get their products noticed. That includes designing billboards. If you see a billboard featuring one of Gillespie Group’s downtown projects – the Stadium District, The Outfield, Prudden Place and the Marketplace, M3 Group worked with the developer to create these stunning and compelling billboard designs. There’s even one for the 600 Project, which will bring apartments, a new hotel and an urban market to downtown Lansing.
In short, we all notice billboards as we drive in Lansing, East Lansing and the entire Greater Lansing region. If you want your product noticed just give us a call.
Your logo is everything. It tells your brand’s story in just a glance through color, design and the statement it makes.
But trends change and keeping up with the times is important. The few companies that can get away with a classic logo usually can use it for years. Others need to make small adjustments with the times.
Those with an entirely too trendy logo, however, may be looking for something new.
Here are a few of the trends you can expect to see in 2019:
Wix.com says many companies are taking their brands a step further by creating a variety of visually diverse logos to be used interchangeably. This idea can work – as long as the logos are cohesive and reside under the umbrella of the same visual language.
Creativebloq.com states that simplification has been a popular trend for years now, with no sign of changing. Examples of this are the American Express logo and the Uber rebrand.
Gradients are back
According to medium.com, gradients and vivid and saturated logos are going to be big in 2019.
Designers are breaking the rules, and it’s working. “Overlapping styles tend to work best for logos that have a simple mark or lettering and that are contained to s specific part of the logo,” said designshack.net.
You can also expect to see continued use of negative space, vivid colors, illustrative substitutes for a letter, simple geometric shapes and in general, more cheerful designs.
Creating your company’s logo can be a daunting task best left to the professionals. M3 Group is here to help!
M3 Group recently held a book drive to benefit the Davies Project, which offers rides for families with children who have special health needs. These free rides mean fewer missed appointments and healthier kids.
In fact, according to the Davies Project, “In Greater Lansing, where 70 percent of the children who rely on the local subspecialty clinics are on Medicaid, poor transportation options contribute to a 64 percent missed appointment rate for children with serious illnesses.”
The Davies Project also extends these rides to pregnant women and for parents with a baby in the neonatal intensive care unit if no car is available.
When we told the Davies Project about our staff sponsoring a charitable venture for the holidays and asked what they needed, we were presented with the idea of books for the children. Our staff brought in new or very gently used books, and we received some support from the general public as well.
In all, M3 Group donated nearly 100 books to the Davies Project, and the gratitude from the staff there was heartwarming.
Officials from the Davies Project told us about Mary Jane, a 4-year old with leukemia who needed to start treatment right away. It was critical for Mary Jane to keep her appointments on schedule. Her grandmother wrote to the Davies Project to share her wonderful experience with the volunteer drivers who were professional and friendly.
Those stories are heard frequently when it comes to the Davies Project, as they provide a gift that has a priceless value.
“Thank you for providing more than just a ride for Mary Jane and her grandma,” said Pam Miklavcic, founder and executive director of the Davies Project “Thank you for driving change for the 250 children and families that are healthier and a little less anxious.”
But we thank YOU Davies Project, for serving the needs to so many families. Yours is the gift that should be recognized.
Sometimes the aesthetics around the workplace are as important as the space itself. How does your workspace speak to you? Is it warm and inviting, cold and sterile, or hip and fun?
All of these options can work depending on your job and the end goal. But believe it or not, poor design can get in the way.
For example, walled in cubicles don’t exactly promote connectivity between staff. It can also foster lazyness.
Here in Michigan, a space without window light can leave employees lethargic. The list goes on and on.
You may not be able to move, add a new wing on to your building or take down cubicles, but there are plenty of things you can do to promote productivity, good health and a positive workplace.
Color – Consider painting your walls in a color that promotes calmness, positivity or creativity.
Make use of empty space – Have empty rooms in the building? Designate them for breaks, fun or just a different place to work so that employees can step away from their desks.
Add life – Bring in live plants, a fish tank and other decor that livens the place up.
Here at M3 Group, we’re lucky to have a large space with lots of natural light coming in. Creative colors, and lots of alternative work space to foster creativity. We call it our mini – google! Breaks here can be quiet, or our staff can work on a puzzle or take a phone call in the bean bag room. We have a small workout room, kitchen and our newly acquired foosball table proves we’re anything but dull.
As the 4thquarter comes to a close, many businesses wrap up and prepare to start a new year. They reduce prices to sell inventory and make room for new. They start new programs and efforts. Many also see a bit of respite as the busy holiday season winds down and a slower winter period begins.
But it’s a little different for an agency like ours.
What does that mean? It means the end of the year doesn’t signal a break for our publications. We’re already working laying out future issues of Greater Lansing Business Monthly and Capital Area Women’s Lifestyle Magazine.
We’re well into planning events like the upcoming Greater Lansing Business Monthly Entrepreneurial Awards. We’re excited to meet John Latella from McClure Pickles, our keynote speaker. We’re also proud to welcome Tony Willis as co-host of this year’s awards.
Then, there’s the CAWLM Lady Classic Golf Outing on our events calendar for the Fall of 2019, where work has already begun.
Our marketing staff enjoyed the holiday with their families, but they are back at work helping our clients with their #BrandForward plans for 2019. Our graphic arts, video, photography and communications departments are back; Humming like a well-oiled machine.
We really never stop. And that’s a good thing, because it means we’ve had another successful year that is blending seamlessly into the new one. For that, we are grateful. We humbly thank our clients for their patronage, our staff for their efforts, our readers for their support.
We wish all of you peace, good health and prosperity in the new year.