As an entrepreneur it is your job to find creative ways to keep your dream alive. This has always remained a problem for business. Ben Horowitz, a prominent Silicon Valley venture capitalist, notes in his book “The Art of the Struggle” that these low points can happen because the economy slows, you’re struggling with new ideas, your competitors get tougher, it’s time for a change in your plan, or any other number of reasons.This holds true whether your store is brick and mortar, e-commerce, or a combination of both as so many companies are now.
There are plenty of old ways for dealing with these problems. Of course, those ways may not work so well, for if they did, wouldn’t the problem be solved? Instead, let’s focus here on the entrepreneur problem of selling items without their profit being eaten up by marketing costs.
The old ways
When e-commerce was new, companies created online stores with online shopping carts. Individuals could list their own wares on places like eBay, Etsy, or any number of other places. Then, they would invest a lot of money in marketing to get people to go to the online shop and visit.
This worked for a while, and really well too. Search engines would pick up the occasional item, but for the most part it was email marketing, word-of-mouth referrals, and online ads. But the only certainty in life is change, and that change came quickly with the advent of social media marketing.
The new ways
It didn’t take long for marketers to start using social media tools to get people to go shopping at the online stores. Word-of-mouth referrals took on a new life with social media, special deals for friends and followers would garner new attention, and social media marketing really took on a life of its own.
But then the hubbub started to die down, and it just became another thing in your social media feeds to pass over. From this, a new problem arose for the entrepreneur: How do you get your items seen for less?
The new age
Now, with PayStand, you can sell things right in your social media profiles. Solopreneurs can say, “Look what I just made!” and link to the listing with a few clicks. Bigger companies can say, “Look at our new line of products!” in exactly the same way. The newest change, though, is being able to buy it right there in the social media stream.
This has a substantial chance of lowering the marketing budget, which increases the profit margins. And that is something all entrepreneurs want to be able to take advantage of. So, what’s the cost?
PayStand is a tool that you’ll pay a flat monthly fee for, the price is based on the tier you choose. The prices range from $24 a month for the “payments only” plan to the $299 a month for the awesome “professional plan”. You can compare the features of the packages here, but I can tell you from a marketing standpoint you want to go with the Standard package. The variants in that package will delight the customer (who doesn’t like choice), and the integration into e-commerce will make your life much easier.
Granted, if you’re on a budget, you can squeak by on the Basic or Payments plan for a good start. We are hoping to integrate the payments into our online media schedule when we create a new line of products, but we haven’t started yet. Reason? Our money is slated for a different marketing tool this quarter.
This means you get to help US with our research.Â
If you think this is something that is right up your alley? Sign up for their wait list here: PayStand Wait List Signup. Once you’re accepted to the programme, come back here and write a guest post about how you’re using PayStand and how it working out for you.
Feature image courtesy of clarita on MorgueFile.