According to James Burnes, in December 2008, every three seconds:
But hang on; that was back in 2008! So where are we now? Way past this! According to the Harvard Business School, the US e-commerce market is getting bigger and is already a significant US$200b as of December 2012. The market growth is driven by consumers becoming increasingly internet-connected and being more willing to purchase on-line.
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As Benjamin Franklin once said, "it takes many good deeds to build a good reputation, and only one bad one to lose it".
Today, maintaining a good reputation is more important to small business than ever. Small businesses owners need to be aware of what their customers are saying, and especially what prospective customers, clients, and even employees may be reading about them online. According to Nielsenover 80% of purchase decisions start with an online search, good news and reviews spread fast, but bad news and reviews spread faster, so what is your Online reputation? And how do you find out what people are saying about your business?
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Promoting a small business relies on more that populating the classifieds, although this is obviously essential, and free business advertising online (as an example) is now integral in how your customers find you.
Exceptional customer service will ensure repeat business from your existing customers, but finding new customers is also an essential aspect of organic growth. Of course, leveraging off existing customers by having them promote your goods and services (through your exceptional customer service) is one of the best referral methods, because it carries a high trust value.
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We all know that the internet has become a major medium for advertising, especially free business advertising, and it is predicted that this medium will outstrip traditional mediums such as radio, magazines, newspapers and television.
Of interest is that research carried out in the UK (Value Click and IAB) shows that a person's relationship with the internet will largely depend on the age at which they first started using it. Trends indicate that younger audiences (those growing up with online media) are more open to digital / online advertising and are therefore more likely to turn to this medium when looking for products, goods and services, as compared to older generations.
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According to a number of sources, with almost 7 in 10 businesses electing to have an online presence, it is critical that you are not left behind by your competitors. Equally important is keeping any online material up to date both in terms of content and technology.
According to the latest report published last week by Price Waterhouse Coopers commissioned by the IAB (Internet Advertising Bureau based in New York), digital advertising in the US (driven by growth in the display sectors) surged by 22% in 2011, now reaching a record $31billion. This is well over what were record being numbers in 2010. More significant is the fact that the last quarter increased by 15% on its own, growing by $9billion. Australia is likely to increase in growth and following this trend based on increases in the US in 2010/2011.
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