Many young entrepreneurs struggle to create their online presence. As the fierce world of competition extends to the internet, building an audience and sustaining virtual communities can be a great challenge. Yet, these business amateurs have no option but to try. We have passed the time when social media is only one of the go-to options for marketing, a good addition to the tool box. Now, social media is a must-go-to, a necessity for success.
It’s not even just start-ups who struggle to maintain their online presence. Many already established companies spend millions of dollars for online marketing campaigns, even engaging with their clients through these platforms. Online advertising is already one of the biggest expenditure of both start-up and established companies, and in which ample amount of budget is allocated.
In an international seminar event attended by Axis Capital Group Business Funding, one of the sources of credit loans for small business owners across America, Sophia Clark, Marketing Operations Manager, has given some pointers for aspiring new entrepreneurs who attended the event in Kota, Jakarta, Indonesia. Based on the panel discussion with her, here are some of her emphasis on Social Media and how it can be overcome:
1. Know which Strategy to Use
Going into the business with innate knowledge of how the product is being produced is not enough to compete. It takes a lot of time, effort and more studying. It is the same for using social media. The worst that can happen for a company is to take whatever platform is available and cram it with whatever contents. You have to pattern your social media usage to the business you are doing, the people who mostly use the social media network and the image you are targeting. Diversity of usage is what is important. You can connect to more professionals through LinkedIn, give out in depth information through Twitter and show the company’s culture through Facebook.
2. Use SM for feedback
Social Media is one of the greatest tools to know what the audience wants the most, their dislikes, and their preferences. You can see negative and positive reviews and suggestions, their complaints and their opinions with brands. There are ample amount of things to be learned from them from which you can outline the best possible technique to use.
3. Content is King
Always and always, people, no matter if they are minimalist or not, will look into the content. This is the most basic rule in building an online presence. People would know who you are on the way you market yourself. They can read between the lines and know if it seems like a scam. After all, content is what people are looking into these platforms.
An excellent and solid FICO credit history can help you a lot. It can save you tens and thousands of dollars in mortgage interest and lower you auto premium insurance among many things. However though, there are still a lot of mysteries clouding the credit world. Take time to review the following things Axis Capital Business Funding, a direct source of business funding based in America, has prepared for you:
1. Equifax, TransUnion and Experian are the three major credit bureaus. Each of these tools tracks your information and how you use your credit. Based on the information, each credit bureau maintains FICO Credit Score for its consumer in its database. As a result, you have the credit reports from each bureau. The FICO credit score generated from each bureau and tends to vary significantly.
2. Not everybody has a credit history. If you have never applied for and used credit, you will not have a credit history in three main bureaus. Without a credit history, you would not have a FICO credit score. And yes, the same rules apply to credit ratings in developing cities like Singapore, Jakarta, Indonesia and Kuala Lumpur, Malaysia.
3. Many people have complaints that they cannot be approved of a loan because the result of their different is different from their scores. Take note: credit reports and scores are different. While your FICO credit score is generated based on information in your credit report, it’s important to understand the difference between the two. Your credit report shows your history of using credit, including the accounts you have (both opened and closed), your payment history, credit limits, and amounts owed. Your FICO credit score is generated based on this information, and generally ranges from a low of 300 to a high of 850.
4. This is one of the major confusion of individuals: Not all credit scores are FICO scores. The FICO credit score is not the only credit scoring formula available. Each of the three major credit bureaus, for example, has developed their own scoring models. And there are even multiple FICO score calculations. The key is that if you want access to your FICO credit score, make sure the service you use will provide your FICO score, and not a credit score based on some other formula.
5. Getting your report does not hurt your score: You can check your own credit report and score without affecting your FICO credit score. While inquiries by creditors with whom you have applied for credit can lower your score, checking your own score will have no effect on your credit file.
Credit score is not an immediate result. Big names in credit scoring like FICO take into account years of past behavior, not just your present actions. In addition, you also have to be consistent to push your score in the right direction.
Here are some tips from Axis Capital Business Funding Group, a credit source helping small business owners for their loans in more than 10 states in United States in America, to help you improve your credit score:
1. Review your Credit Balance
One of the major factors in your credit score is how much revolving credit you have versus how much you're actually using. The smaller that percentage is, the better it is for your credit rating.
The optimum: 30 percent or lower. So pay down your balances and keep your balances low. A good example who consistently has their credit percentage low are people from Jakarta, Indonesia since they are not used to using Credit cards for their daily lives.
2. Eliminate 'nuisance balances'
“A good way to improve your score is to eliminate nuisance balances," says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax. Those are the small balances you have on a number of credit cards.
The reason this strategy can help your score: One of the items your score considers is just how many of your cards have balances, says Ulzheimer.
3. Leave (good) old debt on your report
Some people erroneously believe that old debt on their credit report is bad. The minute they get their home or car paid off, they're on the phone trying to get it removed from their credit report, he says.
Good debt -- debt that you've handled well and paid as agreed -- is good for your credit. The longer your history of good debt is, the better it is for your score.
4. Always pay bills on time
If you're planning a big purchase (like a home or a car), you might be scrambling to assemble one big chunk of cash.
While you're juggling bills, you don't want to start sending bills late and end up with a complaint and a trial. Even if you're sitting on a pile of savings, a drop in your score could scuttle that dream deal.
One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments.
Saving money for a big purchase is smart. Just don't slight the regular bills -- or pay them late -- to do it.