Business Diversification: Diversify your business or Die!
I was trying to think of some catchy phrase to talk about the importance of diversification and the importance of keeping a pulse on whatever industry you are in. The Internet is no exception.
Recently, a friend informed me that we was closing his brick and mortar business that had been part of a local community for roughly 20 years. I’ve got similar stories from other friends with brick and mortar or service related businesses.
Here’s a fact: Business is constantly evolving. You and I must evolve with business cycles.
One of the major technologies that has changed the way business is conducted is the Internet, but I’m amazed at some of my old-school friends and business associates that fail to take advantage of or evolve with the way their particular industry is changing.
Everyone knows that having a website for your business today is important, just as having a business card was a no-brainer.
For nearly everyone of my personal friends or business associates that has run into roadblocks with their brick and mortar or service business, some of those issues could have been avoided or minimized if they had diversified via their website. Selling products or services, up-sells, cross-marketing, etc.
How has your business been affected by the economy or technology changes? Did you diversify your business or did you miss the boat?
Share your story with our visitors below.
Recently, I’ve been bombarded with tools and software from different “gurus” that are being marketed as “lead generation” tools.
Some of the headlines read:
- Grab Red Hot Leads
- Grab Hungry Leads
- Grab Hot Leads By The Truck Load
- Powerful Lead Generation Tool
I was thinking about this over breakfast and catching up on some reading. Check out the Wikipedia definition of a “sales lead“. The true definition of a sales lead is a person or entity that has expressed an interest in your product or service.
Many of the tools and services being hyped or marketed online today are “prospecting tools”.
The line between a lead and a prospect has certainly become blurred and I’m not certain online marketers are making it any easier.
On a lighter note, I was amused this morning to find a post on a popular Internet marketing forum from a company in India that provides web development and Internet marketing services. They were asking for ideas on how to generate leads for their websites. Ironic that an online marketing company is asking for ideas on generating leads when they trying to help customers potentially do the same.
While many tools that are scraping data, compiling it as a “sales lead”, there are many services, companies, and software that by definition generate a qualified sales lead according the Wikipedia definition.
What are your thoughts? Has the line between true lead generation and prospecting become blurred? What are your thoughts on lead generation and prospecting online?
Prospecting Tools vs. Lead Generation
Is Credit Card Fraud Fact or Fiction?
Some might be wondering why I would have an article here with regard to credit card fraud. After processing credit card transactions for quite some time and helping clients in the past with commerce and payment processing service I have been exploring different payment options and services.
I’m doing some research on PCI compliance and getting back up to speed on credit card processing in general. I used to be an Authorize.net reseller, had an account for 10 years, plus a corporate paypal account for the same period. When I sold off / shut down an old company, neither paypal or authorize.net would allow me to just transfer to my new corporation…so essentially, I was starting all over again.
As I’m looking at some of the transaction fees, add-on fees it’s quite astonishing.
The whole PCI compliance issue is quite amazing to me. I’ve been trying to find articles on the web with regard to small businesses getting hacked, credit card information being stolen or abused. I have not found any yet.
The only articles I’ve found easily with regard to credit card fraud are banks and large financial institutions that have been hacked.
I’m skeptical just as many businesses are that this is a ruse the squeeze more dollars from small businesses and merchants.
In 10+ years of processing credit cards for web hosting and other web related services, I never had a charge back or report of fraud.
I’m interested in hearing stories from “anyone” that is aware of a small business being hacked or credit card information being stolen or misused. If you have a story that supports or refutes the claims of large financial institutions please comment below.
Credit Card Fraud and PCI Compliance
Getting started with PCI compliance? Try some of these resources: