data

Should Your Business Consider Chatbots?

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The business community has benefited greatly from advancements in digital communication technologies. Today, there’s practically no end to the ways companies and brand representatives can engage with, troubleshoot for, market to or otherwise stay in touch with their fans and customers.

Chatbots are a relatively new addition to a bundle of tools that already included email, video chat, SMS, social networking and more. Chatbots are the next logical step in many ways when it comes to keeping businesses and customers in constant and easy contact. But they’re not for everybody. Below are some of the advantages of — plus one or two warnings about — chatbots to help you decide if it’s the right time and the right tool for your company.

What’s a Chatbot?

This word is one of those terms that pretty much gives it all away up front: A chatbot is an audio-based or text-based assistant that can autonomously help customers find answers to questions, troubleshoot problems or carry out other business-related tasks, such as ordering or re-ordering products, changing payment information, inquiring about or renewing subscriptions and memberships and much more.

Command-based chatbots are relatively rudimentary but still deceptively “intelligent.” They can respond to customer inquiries using heuristics that match replies with the most relevant topics or sub-menus for the customer.

On the other hand, AI-based chatbots are more sophisticated but also have a further way to go before they’re available to a wider array of businesses and more consistently able to reply accurately to any inquiry. But chatbots powered by AI are undoubtedly already showing their potential: Thanks to their use of natural language processing, they can reply “from scratch” instead of using canned responses. They can even become better over time at picking up meaning and intent from conversations with human callers.

With the different types of chatbots a little better understood, let’s move on to the main question, which is whether or not chatbots are worth the investment for your business. For a start, some industries are simply a likelier fit than others.

If Chatbots Make Sense for Your Industry

Chatbots are a relatively new concept, but they do already exist out in the wild. And there are several frontrunners when it comes to the types of industries that are well-suited to adopting chatbots. Some of them are:

  • Hospitality
  • Banking and financial services
  • Retail
  • Service-based companies

Based on polling, some 80 percent of business representatives would be interested in bringing chatbots into the fold at their company. But early popularity in the industries mentioned above already indicates which use-cases might yield the best results and return on investment. In hospitality, guests and travelers often require nearly instant solutions for checking into hotels and lodging, boarding airplanes and other conveyances, choosing venues, organizing transportation for meetings and conventions and a multitude of other tasks that have to happen at the speed of business.

In financial services, chatbots can help even regional banks and nonprofit credit unions provide members with account information or help them tailor their retirement or college savings. In retail and services environments, chatbots can pick up some of the slack during high-traffic times of the day or season by taking orders, pointing customers to what they’re looking for and more.

The point is, there might be use cases in your industry, and there might not be. Industries that depend on timely, accurate, always-available customer interactions appear to be early favorites, but as the technology improves, applications will undoubtedly continue to appear almost everywhere.

If You (and Your Customers) Value Time

On the customer and the company side of things, the first major advantage of chatbots is that they’re on standby 24 hours a day and don’t take a single day off during the year, provided there aren’t any technical snafus behind the scenes.

Allowing customers to have their questions answered on their own time is great already, but chatbots also save time for the company by providing an automated solution to the “problem” of answering common inquiries all day long. Both parties can breathe easier. Customers know they won’t have to try their luck calling back during business hours or trawling through a website for answers, and businesses know their employees are a little freer to respond to other, more urgent demands on their time.

There are one or two caveats when it comes to using chatbots in extremely customer-facing industries. Human beings know — or can be trained by locals — to respect cultural taboos and avoid words or phrases that might cause offense in another country or region.

The problem of maintaining cultural propriety during international affairs is not a new problem. But while it seems to make sense to turn chatbots into public liaisons in regions where you don’t have a strong employee presence to process customer calls, those chatbots had better have been developed with linguistic and cultural input from the region they’re intended to serve.

Being mindful of potential cultural frictions and even the subtleties of respectful political correctness is key to successfully using a chatbot to fill in your service gaps here and abroad.

If You Want Additional Insight Into Your User Base

The average interaction between a human customer and a chatbot can yield a surprising amount of information about your user base — too much, potentially, for a human operator to take in all at once, much less record and pass on to interested parties.

A phone conversation is practically analog compared with a chatbot chat when it comes to the potential to take in information from your user base. When your customers interact with your chatbot, with just a couple of simple questions and basic analytics, you’ll come away with a greater understanding of how they use your products, where common sources of frustration are coming from and nitty-gritty details. These details include their location, the device type they’re using to contact you or interact with your services and other factors that might be of interest to your marketing team, your R&D team or both.

Chatbots are here already — and companies are figuring out how best to put them to work. By 2021, say industry experts, the chatbot “market” — including third-party cloud-based chatbot solutions — should reach a total value of $15.8 billion. That’s a ringing endorsement. Just remember that chatbots are a product like any other, and computing their probable ROI isn’t that much different, no matter what else you’re promised by a software vendor. In some cases, the human touch might just be the better choice for your business anyway — you’ll need to decide based on your unique circumstances.

Bio: Nathan Sykes is the editor of Finding an Outlet, a source for the latest in IT and business news and trends.

How #BigData Can Transform Your #Sales

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Big data, cloud computing, AI and machine learning are all popular buzzwords these days. Nearly everyone is talking about these technologies and how they can be leveraged to provide benefits to a variety of companies.

In a general sense, big data can absolutely transform your business operations for the better. It feeds into a concept you should know well, called business intelligence. Through the technology, an endless supply of information is generated about your business, employees, customers, products and impact on the world at large.

This data, when used appropriately, is the end-all be-all for achieving ultimate success and improving sales. Before that can happen, however, raw data coming in must be analyzed, processed and converted into a more usable format.

How Big Data Becomes Actionable

There are two types of data that a business has at its disposal, one of which is less useful. The first type is raw data, which comes unstructured and in its original form. The second type is processed or organized data that is actionable and ready for use.

A major difference between raw data and usable data is that the latter provides a great deal of insight into whatever process, party or component you are studying. A huge swath of customer performance data, before being processed, might show something more generalized and simple — people like a certain product best, for example. However, diving in closer and analyzing the trends or patterns within datasets can reveal so much more.

Suddenly, you understand who it is that likes said product, why and what they’re using it for. Also, you can break your audience down into niche segments to better understand what they’re after. It’s even possible to see how they react after receiving your products or services, and how that affects their future relations with your company.

Closer to the real world. Companies or teams that use quotas and sales targets to measure performance can benefit greatly from data analytics. Target-setting is not the same as forecasting, so it’s vital you get the numbers right. By looking at existing data, you can more accurately choose these goals, honing the process over time to find the best marketers or salespeople.

Of course, these are just a few examples. There’s a lot more you can learn from the right data. The point is just that customer data and insights can help you understand your audience better, allowing for more accurate and informed decision-making. It also leads to a greater opportunity for success.

Some of the enhancements data analytics offers include:

  • Segmented and accurate audience targeting
  • Location-based analytics that relate to a particular place or region
  • Dynamic pricing opportunities that take local events into account
  • A reduction in customer churn, boosting retention and loyalty
  • Enhanced customer relations through better understanding
  • New business and upsell opportunities
  • Guaranteed or successful marketing trends

Using Data to Unlock Opportunities

Spending on big data technologies had surpassed $57 billion by the end of 2017. By 2020, it is estimated that every person on Earth will generate 1.7 megabytes of data per second. That’s an insane amount of digital information being generated on a consistent basis.

It’s becoming more and more common for companies — across all industries — to leverage the kind of big data, cloud computing and AI platforms that offer huge returns in business intelligence. Digital information is constantly flowing, with or without your express attention. As people tap into local networks, apps, online experiences and digital platforms, these systems continue to collect a multitude of user data. It’s a byproduct of the digital age, and you can put all of it to use, provided you know how to understand it.

Since that information is already flowing, it’s equal parts easy and convenient to access and extract more insights from it — this is the ultimate goal of business intelligence.

How You Leverage the Data Is Crucial

It’s not about how much customer information and data you’re collecting, because today it will essentially be coming from everywhere. It’s especially helpful that people carry a smartphone on their person at all times, resulting in even more intel-gathering opportunities.

Instead, it’s all about how you process and leverage the data you have. You could be collecting huge swarms, but it’s not lucrative in the least if you don’t know how to put it to use. You’re just going to be wasting a lot of time and resources.

It’s not a question of whether or not data can transform industries, specifically modern business. It’s more the question of how. Learn to process and understand it efficiently and you’ll be well on your way to improved revenue and better customer experiences. Big data can — and will — transform sales in many ways, providing better opportunities for your employees and improved experiences for your customers.

Bio: Nathan Sykes is the editor of Finding an Outlet, a source for the latest in IT and business news and trends.

Rating Data and Local SEO: Turning Reviews Sites Helping You Further

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Buying online products or services is always intimidating for me. And not just me, consumers mind get flipped with the following sort of questions:

  • Is the seller legitimate?
  • Is the product reputable?
  • Could I get this item at a lower price elsewhere?
  • Am I likely to be scammed or dissatisfied with my experience?

You faced it somewhere while contemplating a deal. Didn’t you?

To most of us, the next logical step is to look around what others are saying about the seller and the product. Of course, we Google that.

Statistics:

  1. 72% of buyers don’t commit purchases until they have gone through reviews –Insights from Testimonial Engine.
  2. 93%of local buyers consider online reviews to make their opinion about a company –BrightLocal 2017 report.

If you Google “flooring companies Vancouver bc”; Yelp will be the first search result.

It’s just one query; there are a lot. Every industry keyword with every location – Google loves to rank Yelp at the first page.

Embracing Yelp

Yelp comes as the first name that’s so much synchronized with local ratings and reviews. With an average of 138M site visitors every month, its 206th most popular website globally according to Alexa.

While the site has nearly 4.7M visitors daily, it results in 200K calls daily to businesses. Statistics say that 98 percent of Yelp users made a purchase from a business they found on Yelp.

Well, Sites like Yelp, YP, Hotfrog or CanPages do have an impact on businesses. And these rating websites seem a good thing for your business, right? Leaders like Stigan Media suggest retailers go for Digital Ads this holiday season. They should bring more foot traffic and page views on your website.

Do a check.

Here’s the deal with rating and review sites.

Yelp, YP, or Angielist are more of competitive battlefields,and they use to stack businesses right there among each other making it easyfor buyers to comparison suppliers. A couple of bad Yelp reviews can easilymake Yelp users move to another store. If your listing does maintain a highrating, competition is still fierce.

Data Proof: Studies have concluded that only one five star difference on Yelpcan influence the user’s decision to choose one service provider over another.
Let’s consider an example to understand the behavior of Yelp’s Sphere.Let’s say the agency, DC web design Ottawa paid for a potential buyer to click on a search ad, and the paid click can get user’s attention on another competitor on Yelp. You can feel the risk. It’s just areal barrier local service providers handle.

They pour efforts, time and their money into beating out the competitors to get their advertisements in the top-ranked pages with the sole intention of getting valuable clicks, and ideally converting them into customers.

But that’s not enough.

Savvy online buyers land on a service provider’s website. Then they’ll move to Google Places, or Yelp or Angie’s List where they can verify that whether business and services are credible. They’ll compare reviews, prices and customer services with other competitors before finally making the decision to purchase.

Wait. Is this thing a solution?

What’ll be the outcome if visitors referred from paid clicks don’t have to leave your website to see what others are saying about your services? Can a strategic stream of ratings or reviews embedded on your website make the difference? Yes, it will work. Many businesses enforce this thing in their UI design. It would surely enhance users’ experience, put your credibility easily visible and further help visitors making their decision to purchase.

Possibly, this can help you build credibility and trust with the many visitors came from social platforms or paid clicks. This would remove any chances of getting land your paid visitors to your competitor’s listings.

Encourage more and more of your existing customers to leave you feedback on Google maps, Facebook Page, Yelp, Angie List, YP and elsewhere.

Some tips to get it done in a well manner:

  • Don’t do it manually. When data is less, you can put it manually. But in the case when you’ve bulk data to upload, it becomes time taking. Embrace marketing automation applications that enable webmasters to smoothly integrate ratings into the website and update them as soon as you get new reviews.

  • Don’t try to do all reviews five out of five. Feed some average ratings between the perfect fives, so you appear more authentic and trustworthy; rather than looking like a manipulative guy with customers’ reviews.

  • Some clients do reviews their own even before you ask them. Either they are extremely happy with your work or they have complaints to show to others. Try to get the ratio of pleasant reviews/angry notes as high as possible.

An average user goes through seven reviews to buildhis mindset about a company. Google seems to give a decent weight to reviews inlocal rankings. It’s one of the major ranking factors when an agency like SVPruns a local campaign. What are your thoughts on it?

Aggregately, users go through seven online reviews before building an opinion about a provider. Google also seems to allocate an immense weight toreviews when it comes to ranking local web pages. They consider it as one oft he intrinsic factors when an agency like SVP runs a localized search campaign.


Written by Shyam Bhardwaj, blogger and SEO analyst.

How To Keep Customer And Client Data Secure

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Small business owners will have to collect a lot of client and customer data. If you don’t keep that information secure, there is a chance your company could get into trouble. There is also a chance you might develop an adverse reputation if your brand appears in the newspapers alongside a story about hackers who stole money from consumers bank accounts. So, use the advice from this post.

Use cloud storage services

If you take a moment to check out the infographic at the bottom of this page; you should learn more about data and how you will need to use it in the coming years. Whatever information you collect, make sure you choose the most secure storage solution. That is usually the cloud.

Encrypt all private details

Companies that collect customer names, addresses and bank account details will need to make sure they encrypt all that data the moment they receive it. Failure to do that could mean a hacker breaks into your system and steals everything. That is not something you want to happen.

Hire an IT support specialist

IT support experts know how to test your system for vulnerabilities and then provide some advice designed to counteract the issues. Make sure you hire a professional and use their services if you want to guarantee you’re not missing anything vital.

Use the info from this page to make sure you never fall victim to a hacking attack that will ruin the reputation of your brand. Also, take a look at the infographic to learn more about some of the challenges your business will face in the future.


Graphic by USC Online

The Long Game And Short-Term Concerns: The Ways To Help Minimize Business Weakness

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It is an ongoing process, understanding your weaknesses. It can be quite eye-opening to discover what you once thought was a strength, but is actually a weakness in the grand scheme of things. Because running a business requires you, in essence, to clear new paths, to push new boundaries, and to continually explore the horizons, it’s these processes that leave you open for attack. This is why so many young companies refuse to take the risk, either because of financial implications, or they believe that playing it safe will translate to a better version of the long game. But, it is vital, during the infancy of your business, to have a spring clean of sorts, to find out what the best ways are to go about this, and how can you fix yourself up and move on?

The SWOT Analysis

It’s a very simple way to start out. A SWOT analysis (short for strengths, weaknesses, opportunities, and threats) is a structure that can easily help you to break down the problems. Put simply, you are able to find out what you do really well first, and what you don’t do well second. The overriding idea of taking this structure is to gain an overall appreciation of your business, not just internally, but how you fit under the larger business industry magnifying glass. This is quite a task, but as soon as you start to break down issues such as business mergers, supplier problems, as well as the pesky technology developments, then you can begin to come up with an action plan to ensure your business does better. It certainly sounds like a big task, because it is. But by putting yourself and your business through the wringer, and going through every detail with a fine tooth comb, there are going to be some harsh realities to face up to.

Analyze The Data

After a SWOT analysis has been completed, it’s time to look at the results you gathered. It all depends on how you go about completing this analysis; you may want to open it up to your employees, so they can give you their true opinions from the ground floor. Beware with this, depending on the ship you run, people may not feel inclined to come forward. If you are encouraging honesty, you had best be prepared for a wakeup call. It’s one of those issues that can be incredibly thorny because it can result in a lot of repressed emotions bubbling up to the surface. In going about this approach, what one person views as a strength, the other might view as a weakness, and this is absolutely fine, because it really lays bare what your employees think about the business and how it operates. Pleasing your employees can be a difficult task, but sometimes, these issues can boil down to something that is easily fixable. Technology issues or poor organization are two things that can be fixed with an action plan, as well as a proper information technology security policy. Luckily, there are various resources available now that covers both issues, if you were to visit www.bswllc.com you can see one example of an organization that implements various plans of attack to save a business, from the productivity aspect, to the technological issues. Analyzing the data is one of the difficult approaches to undertake, because to do it properly requires time, effort, and money. And if you are concerned that it is going to be a major investment, it is far better for you to implement it one bit at a time. Doing it this way will help keep up your employees’ morale, because nobody likes major change, but it’s important to keep your eye on the bigger picture. Sometimes, analyzing your weaknesses can bring up results that are a little too close to home…

Look In The Mirror…

Sometimes, fault can lie with us and us alone. And this is a very devastating thing to admit to ourselves. There are many entrepreneurs that feel that, in order for the business to fly, that they have to exercise total control over every single aspect. But this does one of two things, firstly it doesn’t help you in times of emergency, because you are the fundamental card in the proverbial house of cards, and so the business will fall apart, but secondly, it communicates to your employees and your deputies, that you don’t trust them. So how can you get past this? If you look on www.tonyrobbins.com there is the story of Usha Patel who took the opportunity to identify her own individual strengths and use these to benefit the business. Essentially, it’s taking the SWOT analysis structure and turning it on yourself. But if this feels like an incredibly psychoanalytical approach, you are heading in the right direction. In any business, whether you are running a store, a factory, or a trendy startup, the problem can sometimes live with you and your own attitudes, not just to motivation, but to the business as a whole. We are all guilty of feeling overprotective over our babies, and this is something we all need to learn how to relinquish. It can take some time, but if you are the weak cog in the business, it’s far better for you to fess up and make positive steps in the right direction. It’s not pretty, but it’s essential.

We can view our business in terms of a month to month progress, or we can look at it as the long game. The long game is a far more productive mindset to embed, not just in your employees, but in yourself. And so, when it comes to addressing potential weaknesses, as well as the very tangible ones, it creates an attitude within the company to do well. Emotional investment is something that can yield positive and negative results, and whether you are doing a SWOT analysis, or you are ready to hear from your employees what they really think of the business and how it is run, consider it to be a stepping stone to a much better environment and a far more positive business.

 

 

 

 

 

eCommerce Metrics You’re not Looking at but Should be

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Nowadays, there are various ecommerce stores available to online consumers. What’s more, there are countless new ecommerce businesses being opened each day. With such a strong competition on the market, it’s difficult for businesses to truly stand out and ensure that their target audience will pick their store to do business with. That’s why many ecommerce stores are tracking their business performance, in order to determine if their store is managing to grow and develop further.

After all, the primary goal of every ecommerce business is an increase in sales and for that you need customers. However, when tracking business metrics, a lot of ecommerce stores tend to track metrics that don’t portray business performance the right way. That way, when profits start to decline, business owners are unable to understand the reason behind such a decline. Therefore, here are a few ecommerce metrics you’re not looking at but should be.

Conversion rate

Many ecommerce businesses neglect conversion rate as a primary metric that should be tracked. The goal of this metric is to show you just how many people are actually converting into customers. With that in mind, you should have a clear picture about whether or not your marketing campaigns and other efforts are actually efficient in driving business goals. As you already know, the purpose of marketing is to engage your audience in different ways and eventually encourage them to make a purchase at your store.

If your marketing efforts aren’t able to do that, then you’re simply wasting time and resources on an ineffective marketing campaign. That’s why conversion rate is such a valuable metric to look at. If your conversion rates aren’t as good as you need them to be, then it’s time to re-think your approach and improve your marketing efforts.

Cart abandonment

Cart abandonment rate is a metric that many ecommerce businesses forget to track. Still, this is one of the most important metrics you should be looking at. As a matter of fact, cart abandonment rate has reached 75.6% for ecommerce stores globally. That’s 75% of lost sales. The main reason you must track this metric is that it shows you if there’s an outstanding issue your customers have with your check out process, which makes them abandon the cart altogether.

In most cases, these issues can be high shipment costs, additional fees customers weren’t aware of, lack of security measures on the check out and so on. All of these issues force your customers to abandon their purchases, which can have a significant negative impact on your sales and revenue. Tracking shopping cart abandonment metric allows you to identify the main issues your customers are having and fix those problems. That way, you can remind customers of abandoned shopping carts, as well as inform them that the issues have been resolved.

Website traffic

Another important metric that’s oftentimes neglected is the website traffic. Website traffic shows you how many visitors you have on your ecommerce store. It also shows how good your efforts are at driving leads to your website from various media channels. The more website traffic you have the more chances of you making a sale. However, the number of website visitors itself is not as important as the origin of the website traffic.

For instance, if you’re using services, such as a Shopify agency, to endorse your ecommerce store, you’d want to know how your website visitors are finding your store. Moreover, you want to know which sources the visitors are originating from. This will show you which marketing channels are best suited for your business. Understanding your website traffic will allow you to focus your efforts on strategies and channels that will yield more qualified leads for your ecommerce store.

Customer acquisition and lifetime value

For ecommerce stores, the one of the most important factors in business success is sales. However, there are expenses you must be aware of to ensure that you’re actually making a profit. For example, if a single customer made a purchase totaling of $200 at your store, it means you made a sale and revenue. But, if it cost a $300 on average to acquire a customer, then you haven’t really made any profits yet.

That’s why it’s important to track customer acquisition cost (CAC) and customer lifetime value (CLV) metrics. Customer acquisition cost shows how much it costs your company to acquire a single new customer, while customer lifetime value shows you how much revenue your ecommerce store generates from that customer during their entire lifetime as a customer. If your CAC is higher than CLV metric, you won’t be making many profits. That means you must work on customer retention strategies to ensure that customers are actually bringing in more value than it costs you to convince them to make a purchase.

There are plenty of metrics that businesses can track in order to assess the overall performance of their company. However, it’s difficult to decide which metric will actually show viable results. That being said, metrics that are most commonly overlooked by ecommerce stores often turn out to be the important ones. That’s why it’s important to understand which metric will actually bring value to your ecommerce store and track it regularly, in order to ensure business success.

Guest author, Raul Harman, is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying football and great food, you can find him on Technivorz.com

Think Outside the Box to Secure Funding For Your Small Business

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Once you have a great idea to start a new small business or expand one that already exists, the next all-important step in the process is to secure funding for it. After all, without financial resources, the business you envision stays trapped in your imagination. Try these approaches to getting the funding you need.

1.  Approach Family Members

A 2016 survey from Bank of America polled 1,000 entrepreneurs in the United States and found over one-third received funding from friends or family members via loans or gifts. You might hesitate to ask your parents for help, especially if they assisted with financing your education not long ago, but it could be a smart move if they’re in a position to help you.

Think about asking others who may be able to help too, such as cousins or grandparents. If those people are business owners or fully on board with your efforts, that’s even better.

2. Pawn Your High-End Luxury Items for Quick Cash

An emerging trend shows an increase in wealthy people going to high-end pawn shops and parting with their luxury items in exchange for fast cash flow to make their business ideas become realities.

Maybe you got a Rolex watch as a gift from a late wealthy relative, and it’s collecting dust in a drawer because you only wear it once a year. If the person who gave it to you always urged you to follow your dreams, you could take that as encouragement to pawn the watch for cash.

Or, maybe you’ve inherited a rare fine art piece that’s undoubtedly beautiful and high-quality but doesn’t match the décor in your home.

These examples show that even if you don’t have a house full of expensive possessions, a few well-chosen ones could help you bring in money quickly. That could be important if, for example, you’re trying to close on a deal for property related to your business and don’t have time to go through the processes required for slower funding methods.

3. Collect the Necessary Documents for a Bank Loan

If you’re an entrepreneur who prefers to fly by the seat of your pants when seeking funding, that approach, unfortunately, won’t work when applying for a loan from a bank. Financial institutions require specific things from you. The representatives there will ask for a polished business plan, a succinct description of how you’ll use the money, your businesses’ financial information and more.

Once you gather those things, organize them neatly in a folder. Then, when it’s time to speak to the loan specialist and make a good impression, you won’t feel or appear flustered.

Even if you don’t think now is the right time to apply for a loan, get all those documents together anyway. Then, when or if you’re ready, you won’t have to scramble around looking for them as your stress level rises.

4. Use Data to Prove Your Point

When approaching people who may invest in your venture, it’s crucial to back up your claims with data. For example, instead of merely explaining why your business idea will succeed in the marketplace, provide hard statistics that show an existing gap you can fill or some other problem your company addresses.

EducationSuperHighway is a nonprofit organization dedicated to improving internet speeds in K-12 schools so that students can take advantage of digital advancements. It’s working with nearly two dozen state governors and has achieved a reach of 22 million students.

Before it got to this point, though, the group wisely used data to prove that internet connectivity problems existed and even to hold themselves accountable to early investors. In short, if the organization couldn’t show it was doing worthy work through data, they emphasized that investors shouldn’t feel obligated to give them another cent.

Research ways to compile data that convinces potential investors why your idea is different than what already exists and that there’s a genuine need for it. Taking that step strengthens your case rather than making it seem like you have little more than a firmly held opinion.

5. Look for Microgrant Opportunities

Perhaps you’re in a situation where you only need a small amount of funding for your small business that you’ll use for better office furniture or to invest in a printer that doesn’t break down more often than it works.

Those scenarios are excellent for microgrants. As you might realize from the name, they involve community members or professional investors collectively giving small amounts of money to successful candidates.

The Awesome Foundation funded over 3,400 projects and operates in more than 16 countries. Grant recipients get chosen monthly and receive $1,000 for their projects.

A more localized effort in Charlottesville, VA is called Charlottesville SOUP. It provides microgrants for arts-based projects. Past recipients include a graphic novelist and a fashion designer.

Grant candidates stand in front of audience members who have each paid $10 to hear about the projects while eating a soup dinner. The spectators’ entry fees also act as votes. At the end of the night, the funding seeker with the most ballot box dominance immediately receives a crowd-funded amount for their project.

These dinners occur monthly, and the first one was held in January 2013. So far, the initiative has awarded more than $20,000 to people in the community who needed funding for their efforts.

Creativity Could Take You Further Than Expected

You’ve undoubtedly had to use creativity to develop your business idea. So, why shouldn’t you try to ignite that creative spark when looking for funding? When possible, it’s ideal to take a diverse approach by looking for traditional sources of money for your business such as bank loans but also thinking outside the box and exploring the lesser-known opportunities.

Bio: Nathan Sykes is the editor of Finding an Outlet, a source for the latest in IT and business news and trends.