Advice From The Shark Tank
When I was growing up we always had a lot of fun walking downtown and shopping. You came to know the owners of these small shops. It was more customer oriented and you built relationships. One of these dress shops would call my mother when her size dress came in so she could be the first to try it on. That’s service!
Then came the big malls. It was sad to see many of these businesses close shop. Some of them just couldn’t compete.
My parents were entrepreneurs. You could say they were also a “Mom & Pop” business. They weren’t affected by the malls but others were.
Things have changed for the better. Specifically because of the internet. Companies can now be seen and heard by a huge global audience.
The Census Bureau of the Department of Commerce announced today that the estimate of U.S. retail e-commerce sales for the third quarter of 2012, adjusted for seasonal variation, but not for price changes, was $57.0 billion, an increase of 3.7 percent (±1.1 %) from the second quarter of 2012. Total retail sales for the third quarter of 2012 were estimated at $1,092.2 billion, an increase of 1.4 percent (±0.4 %) from the second quarter of 2012. The third quarter 2012 e-commerce estimate increased 17.3 percent (±1.9 %) from the third quarter of 2011 while total retail sales increased 4.6 percent (±0.7 %) in the same period. E- commerce sales in the third quarter of 2012 accounted for 5.2 percent of total sales.
If you are not a figures person what all this means is progress.
If you’ve ever watched the show “Shark Tank” you know there are many “Mom & Pop” entrepreneurs.
Recently I’ve seen these couples take their ideas and turn them into a business. All they need is the help of the Shark Tank for their connections. These entrepreneurs are seeking to increase their online visibility.
Not long ago one of the episodes of Shark Tank had two young women who had this fabulous tasting ice cream. Everyone who had the opportunity to to taste this creamy goodness instantly became a fan. One of the best features about their offering was that you could make whatever kind of ice cream you wanted, name it for a particular person and have it mailed to them! Talk about personalization! They had the process of sending ice cream on dry ice down pat. These women entrepreneurs knew they had a great tasting product and wanted to package it in a unique way. These specialty ice creams were to be not only created by you the consumer but were then presented as a “gift”. A unique “gift” at that.
Although I don’t believe they got backing from the Shark Tank they did get valuable advice.
That advice was to close up their retail shop and make all their sales online. They had already proven that the money was in online sales not their retail store. By closing their brick and mortar store this would free more cash for them to use for their online business.
What can we learn from this advice? That’s it’s not necessary to have a brick and mortar store to work out of.
Increased online visibility means more traffic to their site and more sales.
What has been called “Mom & Pop” businesses are true entrepreneurs we can learn from.
Local businesses are now incorporating the use of the Internet in their business to increase sales.
Gaining online visibility is one of the major issues businesses face. Businesses need this exposure but how do they go about it effectively without breaking the bank?
Next week we’ll discuss the topic of Online Visibility and how you can increase your online exposure.
Have you learned anything from watching Shark Tank? Share your comment below.
Be Savvy & Successful!
Toni Nelson – Author, Online Visibility Strategist, Award Winning Photographer & Videographer