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Facebook Publishes New Report on the Impact of COVID-19 on Small Businesses

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facebook publishes new report on the impact of covid 19 on small businesses

Of all the sectors impacted by the COVID-19 pandemic, SMBs look set to be among the hardest hit. 

Small to medium businesses generally operate at very tight margins as it is, and they don’t have the same safety nets that larger corporations are able to fall back on. As a result, predictions suggest that up to 7.5 million small businesses in America are at risk of shuttering permanently in the coming months unless they’re able to find a way to recoup costs, and get back to some level of regular operation.

The expanded impacts of this – on employment, opportunity, local economies, etc. – are difficult to fully comprehend. But while the forecasts are dire, it’s likely of more value to get some sense of what’s actually happening on the ground. What are SMBs seeing at the moment, how are they dealing with the impacts of the pandemic, and how do they feel about their situations moving forward?

This week, Facebook has published a new report to shed some more light on this, incorporating responses from over 86,000 people who own, manage or work for a small to medium-sized business. The data also includes 9,000 operators of “personal” businesses (i.e. people who reported that they were “self-employed providing goods or services”).

The report provides a range of insights into SMB sentiment, and may also highlight rising areas of opportunity moving forward. You can read Facebook’s full report here, but below are some of the key points of note.

First off, Facebook’s report provides some scale as to how many businesses have actually been significantly impacted by the COVID-19 lockdowns, with a look at the percentage of SMBs in each sector that are currently unable to operate.

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Facebook COVID-19 SMB research

Many businesses, of course, have been able to shift to alternate operational models, like working from home or putting more focus on delivery. That makes it difficult to get a true sense of the full impacts of the current lockdowns – but this chart gets a little deeper into the actual reality of the situation. 

As per Facebook:

“According to the survey, 31% of small and medium-sized businesses have shut down [entirely] in the last three months. The situation is worse for personal business (52% of which report shutting down), hotels, cafes and restaurants (43%) and services like wellness, grooming, fitness or other professional services (41%).”

Most of these trends are as you would expect, with high exposure businesses going into forced hibernation. But it is interesting to note the scope of the impacts, with all sectors seeing at least some closures. The numbers also wrap some further context around the 36 million unemployment claims in the US over the past six weeks.

The question, then, is how many of these businesses expect to recover, and rebound once the lockdowns are lifted?

That’s obviously difficult to answer, as we don’t know how long it’s going to take to ‘snap back’ to our normal way of life, and the longer the forced closures remain in place, the worse the economic situation gets.

In general, however, the majority of SMBs remain cautiously optimistic. 

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Facebook SMB report

There are a lot of ‘maybe’s here, but most notably, there are very few ‘No’s. That reflects the pervading uncertainty, but also provides some hope of getting most people back into employment, and the economy back on track, at some stage.

In the report’s further notes, Facebook also provides some context as to current impacts on revenue, even for those businesses that have remained in operation.

Facebook COVID-19 SMB report

Unfortunately, for almost everybody, 2020 is essentially a write-off for growth plans.

But as noted, there are some indicators of future potential, in addition to enduring owner optimism/hope.

Facebook COVID-19 SMB report

More businesses are exploring online connection opportunities and digital payments, which are both progressive steps towards the next generation of consumption.

That may actually end up being the biggest long-term shift we see stemming from the COVID-19 shutdowns. With consumers forced to shop online, many will become more accustomed to the convenience of such, aided by the simplicity of digital payments. For those already working in the digital sector, that could lead to ongoing opportunities to help usher more businesses along this shift, with many, potentially, putting increased reliance on digital connection, and shifting their business models in line with what the next generation of consumers are growing to expect.

Indeed, while eCommerce accounted for only around 16% of total US retail sales in 2019, that figure is steadily inching upwards year after year, a trend that’s expected to continue.

Statista eCommerce shift

COVID-19 may exacerbate this shift – and while retail is only one of the sectors highlighted here, the trend may well be indicative, which could prompt more businesses to consider their options for digital operations, meeting consumers where they’re spending more and more of their time.

Essentially, the lockdowns have forced many businesses to look at their online opportunities, which could have benefits going forward, and could even help SMBs expand their reach into new markets in future. But the immediate path ahead remains tough and uncertain, at least until some sort of breakthrough is reached.

Hopefully, there are enough alternative revenue paths to keep most SMBs running as we navigate through the pandemic – but it may well be worth exploring digital options, where possible, to align with broader consumption shifts.

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You can read Facebook’s full, 36-page “State of Small Business Report”, which includes a heap of more specific insights and data, here.

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12 Proven Methods to Make Money Blogging in 2024

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Make money blogging

 

Make money bloggingThis is a contributed article.

The world of blogging continues to thrive in 2024, offering a compelling avenue for creative minds to share their knowledge, build an audience, and even turn their passion into profit. Whether you’re a seasoned blogger or just starting, there are numerous effective strategies to monetize your blog and achieve financial success. Here, we delve into 12 proven methods to make money blogging in 2024:

1. Embrace Niche Expertise:

Standing out in the vast blogosphere requires focus. Carving a niche allows you to cater to a specific audience with targeted content. This not only builds a loyal following but also positions you as an authority in your chosen field. Whether it’s gardening techniques, travel hacking tips, or the intricacies of cryptocurrency, delve deep into a subject you’re passionate and knowledgeable about. Targeted audiences are more receptive to monetization efforts, making them ideal for success.

2. Content is King (and Queen):

High-quality content remains the cornerstone of any successful blog. In 2024, readers crave informative, engaging, and well-written content that solves their problems, answers their questions, or entertains them. Invest time in crafting valuable blog posts, articles, or videos that resonate with your target audience.

  • Focus on evergreen content: Create content that remains relevant for a long time, attracting consistent traffic and boosting your earning potential.
  • Incorporate multimedia: Spice up your content with captivating images, infographics, or even videos to enhance reader engagement and improve SEO.
  • Maintain consistency: Develop a regular publishing schedule to build anticipation and keep your audience coming back for more.

3. The Power of SEO:

Search Engine Optimization (SEO) ensures your blog ranks high in search engine results for relevant keywords. This increases organic traffic, the lifeblood of any monetization strategy.

  • Keyword research: Use keyword research tools to identify terms your target audience searches for. Strategically incorporate these keywords into your content naturally.
  • Technical SEO: Optimize your blog’s loading speed, mobile responsiveness, and overall technical aspects to improve search engine ranking.
  • Backlink building: Encourage other websites to link back to your content, boosting your blog’s authority in the eyes of search engines.

4. Monetization Magic: Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting other companies’ products or services. When a reader clicks on your affiliate link and makes a purchase, you get a commission.

  • Choose relevant affiliates: Promote products or services that align with your niche and resonate with your audience.
  • Transparency is key: Disclose your affiliate relationships clearly to your readers and build trust.
  • Integrate strategically: Don’t just bombard readers with links. Weave affiliate promotions naturally into your content, highlighting the value proposition.

5. Display Advertising: A Classic Approach

Display advertising involves placing banner ads, text ads, or other visual elements on your blog. When a reader clicks on an ad, you earn revenue.

  • Choose reputable ad networks: Partner with established ad networks that offer competitive rates and relevant ads for your audience.
  • Strategic ad placement: Place ads thoughtfully, avoiding an overwhelming experience for readers.
  • Track your performance: Monitor ad clicks and conversions to measure the effectiveness of your ad placements and optimize for better results.

6. Offer Premium Content:

Providing exclusive, in-depth content behind a paywall can generate additional income. This could be premium blog posts, ebooks, online courses, or webinars.

  • Deliver exceptional value: Ensure your premium content offers significant value that justifies the price tag.
  • Multiple pricing options: Consider offering tiered subscription plans to cater to different audience needs and budgets.
  • Promote effectively: Highlight the benefits of your premium content and encourage readers to subscribe.

7. Coaching and Consulting:

Leverage your expertise by offering coaching or consulting services related to your niche. Readers who find your content valuable may be interested in personalized guidance.

  • Position yourself as an expert: Showcase your qualifications, experience, and client testimonials to build trust and establish your credibility.
  • Offer free consultations: Provide a limited free consultation to potential clients, allowing them to experience your expertise firsthand.
  • Develop clear packages: Outline different coaching or consulting packages with varying time commitments and pricing structures.

8. The Power of Community: Online Events and Webinars

Host online events or webinars related to your niche. These events offer valuable content while also providing an opportunity to promote other monetization avenues.

  • Interactive and engaging: Structure your online events to be interactive with polls, Q&A sessions, or live chats. Click here to learn more about image marketing with Q&A sessions and live chats.

9. Embrace the Power of Email Marketing:

Building an email list allows you to foster stronger relationships with your audience and promote your content and offerings directly.

  • Offer valuable incentives: Encourage readers to subscribe by offering exclusive content, discounts, or early access to new products.
  • Segmentation is key: Segment your email list based on reader interests to send targeted campaigns that resonate more effectively.
  • Regular communication: Maintain consistent communication with your subscribers through engaging newsletters or updates.

10. Sell Your Own Products:

Take your expertise to the next level by creating and selling your own products. This could be physical merchandise, digital downloads, or even printables related to your niche.

  • Identify audience needs: Develop products that address the specific needs and desires of your target audience.
  • High-quality offerings: Invest in creating high-quality products that offer exceptional value and user experience.
  • Utilize multiple platforms: Sell your products through your blog, online marketplaces, or even social media platforms.

11. Sponsorships and Brand Collaborations:

Partner with brands or businesses relevant to your niche for sponsored content or collaborations. This can be a lucrative way to leverage your audience and generate income.

  • Maintain editorial control: While working with sponsors, ensure you retain editorial control to maintain your blog’s authenticity and audience trust.
  • Disclosures are essential: Clearly disclose sponsored content to readers, upholding transparency and ethical practices.
  • Align with your niche: Partner with brands that complement your content and resonate with your audience.

12. Freelancing and Paid Writing Opportunities:

Your blog can serve as a springboard for freelance writing opportunities. Showcase your writing skills and expertise through your blog content, attracting potential clients.

  • Target relevant publications: Identify online publications, websites, or magazines related to your niche and pitch your writing services.
  • High-quality samples: Include high-quality blog posts from your site as writing samples when pitching to potential clients.
  • Develop strong writing skills: Continuously hone your writing skills and stay updated on current trends in your niche to deliver exceptional work.

Conclusion:

Building a successful blog that generates income requires dedication, strategic planning, and high-quality content. In today’s digital age, there are numerous opportunities to make money online through blogging. By utilizing a combination of methods such as affiliate marketing, sponsored content, and selling digital products or services, you can leverage your blog’s potential and achieve financial success.

Remember, consistency in posting, engaging with your audience, and staying adaptable to trends are key to thriving in the ever-evolving blogosphere. Embrace new strategies, refine your approaches, and always keep your readers at the forefront of your content creation journey. With dedication and the right approach, your blog has the potential to become a valuable source of income and a platform for sharing your knowledge and passion with the world, making money online while doing what you love.

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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