PayPal Stories Archive

 

Business owners see it all! Each business is unique, and while owners may come from a variety of industries and experiences, together they form a true community of business experts who often face similar core challenges and opportunities. This winter, PayPal has collaborated with small business author and speaker, Barry Moltz, to provide advice to help answer your hot business questions. You asked and Barry listened! Find tips that business owners can apply in the Q&A below.

 

A:  I have no idea since, unfortunately, I am not a coffee drinker. This was a real problem when we got three coffee makers for our wedding and took all of them back.

 

Remember, customers are not just paying for the beverage. The first rule of sales is that people buy only when they are in pain and have money to solve it. Customers don’t pay $5 just for an expensive cup of coffee because of the taste; it’s the value they get for how it makes them feel. That’s why similar cups of coffee can cost from $1 to $10.

 

A: The first thing that needs to be reviewed is the current sources of traffic for your website and where they go once they get there. But, it’s not the volume of traffic that counts, it’s who actually comes and stays (and ultimately buys!) various online analytics tools. 

 

Remember, give them a reason to come, which is typically that you can help them with their problem.

One of the ways to get traffic is through referrals from other popular sites that mention your solution. Traffic can also be built through links from content on social media and the closing salutation in your email.

 

A: While it takes a long time, an inexpensive way to get an increase in reach for your website is through high organic search term rankings. This is can be accomplished through consistently updating content that covers the keywords that people are most looking for. Buying traffic through paid search ads (search engine marketing) can yield quicker results, but to be effective, a company needs to seek professional guidance which can push up the price. On social media, find out where conversations are happening that your company solves. Then show up every day to help answer questions about that problem. Do less selling and more sharing to build a strong social media following. Here are two PayPal resources to help turn your ecommerce and social media activity into real business.

 

A: You may not be asking the right question. Do you even want to reignite the passion? Maybe it’s time to move on to the next opportunity. Remember, this is not uncommon for entrepreneurs since typically we are great starters, but not always effective finishers.

 

When you lose your passion or your cash flow for your business, it may be time to sell or close your company. Some entrepreneurs are able to build a team and then an exciting culture that reignites their interest. Remember, in business, who you are doing it with is more important than what you are doing. Other entrepreneurs are able to pivot their company into additional areas that spark their passion all over again.