Top 5 Small Business Trends from the 2011 IFA Convention
Source: ifa.org
- Small businesses are doing well. Although the Great Recession created a weak economy, small businesses have remained robust.
- Social media is a must. Using social media outlets to attract customers and candidates was a popular topic. Creative uses for location-based advertising, such as Foursquare, were prevalent in these discussions.
- Keywords, keywords, keywords. Search Engine Optimization (or SEO) is invaluable to a franchisee. Keywords, among other things, should be used on franchisor and franchisee websites, on LinkedIn accounts, in blog posts, etc. A high search engine ranking can translate into more business.
- Develop strategic partnerships. IFA is working on developing a relationship with Google in order to assist the franchising industry in marketing online.
- Intense competition for funding. Banks have funds to loan but there is intense competition in the market. Banks need to see franchisee plans, as well as franchisor history and financial information.
IFA Technology Summit
The IFA convention boasted several excellent speakers, including keynote addresses by Mitt Romney and Steve Forbes. Among the many smaller sessions, the Interstate All Battery Team found the Technology Summit to be the most valuable.
The Technology Summit was led by Ford Saeks, President and CEO of Prime Concepts Group, Inc. In addition to being an incredible businessman and speaker, Saeks discussed ways to improve sales and relationships through technologies such as SEO, social media, and marketing.
One key point our team noted from the summit is that people do not need more information. Having buttons such as “For More Information” on a site or brochure can immediately turn away customers or candidates. They don’t want more information – they’re already overloaded.
Instead, franchisees and franchisors should develop a relationship with consumers in social media. If you’re a dog sitting franchisee, ask them: “Where would your dog want to stay?” Or, “Want to get into business for yourself?” if you’re a franchisor looking for candidates.
Did you attend the IFA Convention? If so, what top trends did you take away?
To read more about the convention, visit the IFA Blog.
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Good post. Our business is always looking for trends in the industry to keep a leg up. I think that using social media to connect with your customers is huge in the day and age. We are certainly throwing our hat int he right, but we are always on the look out for ways to connect better.