Twiiter Helps Small Business Grow and Prosper

Canada it is said is one of the most connected countries in the world and in spite of paying some of the highest rates for internet and mobile phone, social networking is continuing to grow. If you run a business and have an online presence, chances are you have heard about the potential value that Twitter can have as a business tool.

The usefulness of Twitter and other social media for promotion, marketing, interacting with customers and building relationships has been promoted by a number of social media pundits and business professionals in a wide variety of industries. However social media has proven to be much more difficult for small business people to get a hold of and building an active presence on Twitter can me more difficult than expected. With and estimated 200 million tweets a day being sent simply sending off tweets won’t prove very useful nor will starting a twitter account and letting it lay dormant.
So in order to take advantage of what Twitter has to offer it requires having a strategy.

Here are some quick tips on how to start, build and maintain and active and effective Twitter persona for your business.
First step is to understand why you want to start a Twitter account for your business. It is important to have specific goals in mind when creating any channel and ensure they goals are reflected as you setup your profile for you and your business. It’s also important to understand how you will achieve these goals. For example if you are trying to find new customers, make sure what you will say and to whom to attract people to find you on Twitter, subscribe to your messages and eventually visit your store, website or blog.

Twitter takes some understanding to use it effectively. It’s important to understand that Twitter is pull technology and not a push approach to promoting. Traditionally you needed to force people to read your messages by buying some form of media or sending bulk emails to prospects. On Twitter, people need to follow you or opt in to read your messages therefore you need to make sure you saying something that is relevant or interesting to people vs. trying to achieve your goals.
Nobody is going to read a feed full of advertising. This media is called social media for reason as it puts the audience as part of the conversation. Most good case studies show that the most effective use of social media are those in which creative topics are created that are of interest to your potential audience. It’s therefore important to create creative ways to respond, reach out and respond to other individual messages too.

First of all, remember that Social Media can be used for more than just marketing. The key to any marketing program is understanding your customer, their likes, dislikes and interests. Once you have this profile, ensure that your Twitter messages are following these interests (for example, if you own a unique restaurant, tweet about food, preparation, recipes and equipment). Again, Twitter is an opt-in channel, so make sure what you say is something that your customer would want to read out of interest. Be as conversational as you can. In the restaurant example above, ask people what types of food they like and how they cook. Watch for the tweets of people you follow, and when they tweet about food, don't hesitate to reach out and share your thoughts in a friendly way.

Also, understand that tools are rarely effective in isolation. Mention Twitter in conversations, and link to it from your website. Perhaps even mention it in your other marketing materials.

Twitter can be a very effective marketing tool but needs to be used correctly. The key is get the conversation going, build credibility with your business approach or business focus, give information to your audience they want to read and be a source of inspiration and knowledge which will give you an advantage and help you build followers. Also look for key influencers in your industry and follow them on Twitter.

There following may also be your customer then you have a good chance of participating in a conversation with a variety of people that may also be interested in what it is you are saying. Remember, quality information, valuable knowledge, unique and key learning will help you grow your Twitter reputation and help others seek you out and develop a better understanding of what it is you do and what it is you have to offer.

Kensel Tracy is the Marketing Coach, Senior Partner for the Corporate Coachworkz and Managing Director of Stratejis, Results Based Marketing Solutions. He is also the President of Business over Breakfast Clubs in North America now opening up in every city in North America.

American Companies Invading Canada in Force, Who's Next?

Over the past few articles I have been explaining how Canada’s robust economy has been driving businesses in Canada and with our production tied to the high price of oil Canada becomes a place for business to thrive and prosper. Many brands are now expanding into Canada, the American brands that once seemed so exotic to Canadian shoppers have expanded north. Victoria's Secret and Crate and Barrel have opened flagship stores in Canadian malls in recent years.

In January, TJX Cos., which owns the discount clothing store Marshalls, and Tanger both announced northern expansion plans as well analysts predict that J. Crew, Macy's, Nordstrom, Kohl's and JC Penny are also on their way into Canada.

So the Canadian economy and the fact that 35 million new consumers are already attracted to American brands offers a unique expansion market for most American retailers. The biggest change however is with Target Stores. Target announced its purchase of 220 Zellers stores in a $1.8-billion deal with the American owner of the Hudson's Bay Co.

Target, which entices thousands of shoppers across the border, will finally cross the border itself. And Target's just the beginning. Like the War of 1812, the date of the last American invasion of Canada, a new invasion is happening only this time it’s an American retail invasion.

As U.S. retailers search for markets outside of their own stagnant economies, many set their sights on Canada. And that may mean trouble for home grown retailers. "Twenty years ago there were 20 U.S. retailers up here," says Toronto-based retail consultant Wendy Evans. "Today there are, soon to be, over 200." Canada is now in the midst of "a really big wave" of U.S. companies moving in, says Evans, and it should be enough to worry major Canadian retailers, such as Canadian Tire and Loblaw’s. "There is going to be a lot more competition," Evans says. "There are nine or 10 U.S. retailers right now that have announced plans to enter this market, or are actively looking. That's a lot." Evans predicts that 70% of the Canadian retail landscape will be foreign controlled by 2015, up from the about 50% that is foreign controlled today.

Many of the retailers now crossing the border have possibly contemplated the move for years, but it appears were finally pressed into action by the weak U.S. economy. Limited American opportunities in the medium term mean Canadian retailers will likely see competition increase steadily over the next five years, as their American counterparts turn to globalization for growth.

There was no real incentive for retailers to look beyond America's borders when its economy was thriving. The entire population of Canada is roughly the same as the population of California, points out retail consultant John C. Williams. While it makes sense for American companies to consider a Canadian move, a lot of U.S. companies, including Target, have been expanding in the States first.

The first proliferation of U.S. retailers really took off after NAFTA in 1994. That was the year Wal-Mart acquired 122 Woolco stores from Woolworth Canada, allowing it to open dozens of stores at once, in much the same manner Target is planning with its Zellers acquisition. The purchase allowed the company to move forward with its plans for international expansion, says Target spokesperson Amy Reilly."The timing is really about the excitement about this opportunity, which will allow us to open a meaningful number of stores in Canada," she says.

So it seems as if Canada is a viable market for American companies. Tim Horton’s the Canadian coffee icon is the reverse, with the Canadian market well saturated with its iconic brand of coffee and donut stores, their expansion is expected state-side over the next few years.

So it’s only a matter of time, Canadian shoppers interested in the unique American brand won’t have to make the trip across the border, fire up the internet or purchase online. Soon be a nice big American branded retail outlet will soon be found in your home town, just wonder who is going to be next?

Kensel Tracy is the Marketing Coach with the Corproate Coachworkz Inc., strategic advisors in the areas of marketing, leadership and business transformations.

Millionaires on the Rise in Canada

If all you ever thought about Canada is that it’s the land of ice, snow, oil, wood and hockey it’s time to think again about doing business in Canada. For example, number of millionaire households in Canada is set to surge 38% and total wealth will more than double, according to a new report.

A study carried out by the Deloitte Centre for Financial Services of 25 countries found that the number of millionaire households in Canada will jump from 1.74 million to 2.4 million in the next nine years according to a report on Global Wealth. This study also found that Canada’s total wealth will rise from $3.35 billion to $6.77 billion. This is great news for a population of some 35 million but still a drop in the bucket in comparison to the U.S.

For example, the total wealth projected in the millionaire households world-wide will grow from $92 Trillion in 2011 to $202 Trillion in 2020. For my American friends who think that their economy is still on the skids, they should be a whole lot more optimistic now because the study also found that the U.S. is likely to remain the world leader in terms of total wealth followed by Japan and Italy.

For example any American worried about the U.S. economy should be investing heavily in real estate, stocks and or bonds since the same study predicts that 43% of the world’s millionaire households are predicted to be in the United States and also the number of millionaire households in the United States is projected to increase from an estimated 10.5 million in 2011 to 20.6 million in 2020.

While this news is good for Canada right now, it’s projected that even with this impressive growth Canada is likely to slip in wealth status to 8th world-wide since China is expected to make huge gains in the next number of years and is currently in 12th place.

The study also showed that wealthy Canadians have the biggest portion of their money in cash and other categories, which accounts for 28% of their total holdings. Canadian millionaires also tend to hold equal shares in real estate and domestic stocks at about 21% and over 11% in foreign stocks.

Meanwhile with the bloom off American real estate in the short-term (except for those Canadians investing in warm climate states like Florida and California) the ownership of property still accounts for 51% of millionaire household assets in Italy, compared with 45% in Spain and 35% in Hong Kong.

This study also shows that Canada is still a safe haven to do business, start a new lifestyle or just continue doing what we have been doing since the economy is maintaining a steady growth and there is also strong projected future growth.

This is also a great message for my American friends who can now start to change their attitude slightly and view their economy as one of the best in the world and see that it’s time for America to start to rebuild its business base, its cities, its real estate and its stock market. Even with the current downturns the U.S. it is still the leader in the number of millionaires world-wide.

So even though you think that Canada is that northern white spot on the map north of the 49th parallel remember there are millions of dollars up here waiting for investors and new products and Canada represents a great market for any type of business.

Kensel Tracy is the Marketing Coach, Senior Partner with the Corporate Coachworkz Inc. and President of Business Over Breakfast Clubs currently opening in every city and town in North America.

Even with Rising Loonie, Canucks pay more than U.S. Counterparts

As luck would have it for the average Canadian consumer travelling to the United States, it still makes a lot of sense to spend more dollars state-side than in Canada. Having recently returned from a holiday in California I was quite happy to spend as many dollars as I could in the old U.S. of A since like me, many Canadian consumers are still paying more for goods and services at home even though the Canadian Dollar is now worth $1.04 U.S.

The Loonie ( as Canadians affectionately call the dollar) has now risen 30% from its levels just two years ago fuelled by investors seeking the stability of Canada’s financial system and booming demand for the nation’s commodities.

BMO Chief Economist Doug Porter says that it’s because of more moderate inflation performance vs. other countries overwhelmed by the surge in currency. As a result says Porter “the cost of a basket of goods, adjusted for today’s exchange rate, has bolted higher in Canada relative to the U.S”.

Having lived in Toronto growing up, it was not uncommon in the 60’s and 70’s to make the trip to Buffalo N.Y to shop and to pick up Lee Jeans, and Penny loafers ( once all proudly carrying the Made in USA sticker) and bring them back to Canada every chance you got. The U.S. dollar could be purchased for as little as $.70 cents Canadian and it made perfect sense to purchase goods at lower prices in the U.S. with higher Canadian dollars.

Over the years that has all changed. The Loonie fell behind the U.S. dollar and Free Trade had so much impact in that it became attractive to start to sell your goods in the U.S. at margins 25-40 percent higher due to the fact that the Canadian dollar was trading in the $.60-$.70 cent range for one U.S. dollar. The U.S. economy was booming and everything from lumber to pork bellies was in demand.

This helped Canada in the export market because goods bought with U.S. dollars gave manufacturers a comfortable margin just with the exchange rate. Now however, some companies have had to learn how to adapt to being more competitive in sales, quality, delivery and performance based on the rising Loonie.

Now another thing is happening with the a the rising Canadian dollar, consumers are still paying more for comparable products in Canada than our friends south of the boarder. For example, check out the price of Books and Food. The U.S. price is still lower for a book in comparison to Canada even if the book is printed in Canada and there are no shipping costs.

Running shoes in the U.S. can be had for a low buy one pair for $69.00 get the second pair at ½ price. In Canada the same shoes cost $147.99 Canadian for one pair. Golf balls have an 11% price difference in Canada than in the U.S. Gap Cargo shorts are 15% more expensive and an IPod Touch costs $249.00 in Canada and $200.89 in the U.S. The cost of gas and alcohol is also cheaper in the U.S. due to lower government taxes. For example a gallon of gas in Canada costs $5.62 cents (at $1.25 a liter) and a six pack of beer is around $10.99 plus deposit. I recently bought a case of 12 Becks beer in California for $11.99 and a dozen Budweiser’s for $6.99. The price of gasoline was less than $4.00 a gallon.

The BMO says that the lofty Loonie is here to stay so that it will appear that many more Canadians will be taking their vacations State-side this year and Canada will see less U.S. tourism based on the higher price of goods and services and the need to have a passport to cross the border.

This does not favour good long-term growth for tourism related industries or those exporters and those who ship the majority of their production to the U.S.
It should however give Canadian politicians some food for thought about reducing corporate taxes, reducing the taxes on gas and decreasing consumption taxes such as the HST and GST to make Canada more competitive with our friends to the south.

Kensel Tracy is the Marketing Coach and is Senior Partner with the Corporate Coachworkz in Chelsea, Quebec.

Canadian Companies Face Different Challenges than U.S. Counterparts.

I came across an interesting discussion this week online by Paul Ricketts where he put a question out on his blog about the differences that Canadian companies face in comparison to those starting up in United States.

Many of my American business friends and I discuss this on a regular basis especially now that the world is getting smaller every day and Canada’s small business environment is growing especially now that we have a solid economy, great standard of living and a highly educated workforce. Yes, in many parts of the country that goes with 6 months of winter, but Canada is still a great place to start a business.

However in spite of all the good things about doing business in Canada, Ricketts brief survey addressed some of the issues affecting Canadian start-ups. For one, Canada has a small domestic market which is further fragmented by inter-provincial barriers and regulations. This is especially true for tangible goods. Many products are regulated provincially forcing many Canadian companies to seek markets offshore or in the U.S. quicker than developing the Canadian market. For many start-ups this means that many companies are doing business in foreign markets quicker than their U.S. counterparts and this leads to increased costs and marketing issues as companies are forced to tackle markets outside of their home country.

Canada also has a much smaller VC market and angel capital pools are smaller. This means that investors are required to be less patient in there need for returns which forces a lot of smaller companies to grow much more quickly to satisfy investors forcing in some cases quicker expansion and higher risk taking. This is not all bad, however but if you have a product that requires good long term patient investment it can be difficult to find the right investors in Canada.

Because of the size of the market only 30 million people, there is a lack of diversity of industry clusters and sub-clusters and fewer companion companies within those clusters, so a lot of start-ups are forced to go alone or go a long way from home to find companion products and companies that can use their products. Canada also suffers from a lack of large major home grown companies and has limited national and global players with a major presence to act as catalysts for new ideas and to grow management talent. This does not mean there isn’t any real talent there is, just not enough.

Ricketts also thinks that Canadian business owners have a bad case of “ sell-out-itis “ which forces Canadian companies too often to take the big cheque sell out too early or plan a business with short-term or limited thinking where the entire business strategy is predicated on finding an exit.

With that being said, a stable economy, solid work force and a growing market Canada is still a great place to consider starting a business. There are a large number of government business incentives and safe environments. The only thing that we really need is a better climate in general, because sometimes you just don’t need 6 months of winter.

Kensel Tracy, The Marketing Coach is a Senior Partner with the Corporate Coachworkz Inc. located in Ottawa and Chelsea, Quebec and is also the President of Business over Breakfast Clubs of North America now opening in every City. If you have a story that you think on doing business in Canada, he can be reached at kenselt@sympatico.ca.

Canada's Cities Deemed Most Livable

As a Canadian and a business owner it was great to find out this week that based on research provided the by the Economist Intelligence Unit that three of the top-ten most livable cities in the world were in Canada and that Vancouver ranked as the number one most livable city in the world.

The Economist Intelligence Unit is the world's leading resource for economic and business research, forecasting and analysis. Like The Economist, it is an independent of all governing bodies and corporations, leaving it free to deliver accurate and impartial business intelligence. The report provided livability rankings for 140 cities. Each city was assigned a score for over 30 qualitative and quantitative factors across five broad categories which included, stability, health care, culture and environment, education and infrastructure.

Australia had four cities in the top ten and Vienna, Helsinki and Auckland New Zealand rounded out the top-ten group. A big disappointment for my American friends was that the highest ranked city was Pittsburgh at 29, and that Los Angles ranked at 44 and New York ranked at 56.

Why are these rankings so important? Well as a business owner, a highly livable city allows you the opportunity to define the best places to setup and run a business and it is important to know what cities have the greatest potential.

For Canada to have three cities, Vancouver ranked as number one and Toronto and Calgary as four and five respectively it’s quite an accomplishment. It shows that low interest rates, coupled with good government, limited risk, vision, stability, infrastructure and commitment are all important in growing an economy and a city. Canada has managed to build the infrastructure in order to make its major cities as appealing places to live and as such, great places to start and grow a business.

Canada has also weathered the economic downturn quite nicely.Our business growth is strong and emerging and our banking system is also strong. Although we take a lot of flak from our neighbors to the south and sometimes throughout the world in regards to Canada’s commitment to national health care and high taxes which are in some cases perceived as detrimental, Canada continues to lead all of the G8 countries in economic growth. Combine that with high livability rankings and you have a country that is well positioned in regards to providing opportunities for business for the future.

This study also shows that if quality of life can be sustained then businesses can also grow and prosper in these environments. An educated work force and a highly livable city are usually tied into a strong economy and significant business growth.

As a Canadian I am proud of the fact that Canada is the land of opportunity. Yes it may have cold weather, 15% of the population that speaks French, higher personal and business taxes, the HST (sales taxes) and higher municipal taxes, but now Canada should have no inferiority complex on both the world stage and in the business world.

Lowering our national debt and continuing to provide lower corporate taxes, rebuilding our education system and ensuring a high standard of living will ensure that Canada is a good place to invest and build a business. These are the things that hopefully we can teach the world. Combine that with mutual respect for our fellow humans throughout the planet and you have a winning formula for business success.

For more information on the study and to register free for additional information checkout http://www.eiu.com/ at the Economist Intelligence Unit.

Kensel Tracy is The Marketing Coach and Senior Partner with The Corporate Coachworkz Inc. and a Senior Consultant with the Centre of Excellence for Public Sector Marketing in Ottawa. He is also the President of Business Over Breakfast Clubs now opening in every city in North America. If you have something of interest he can be contacted at kenselt@sympatico.ca

Aboriginal People in Canada Getting into Clean Energy Business

As part of a an ongoing profile of unique business opportunities in Canada I came across this story.

In this age where virtually every country is looking for cleaner sources of energy Aboriginal organizations are getting involved in the clean energy business in Canada. Canada like other countries in the world are discovering that run-of-river hydro projects can offer more than clean energy and they also have the potential to generate significant, long-term economic benefits for the country’s Aboriginal people.

As the push to develop more clean energy has increased, independent power producers are approaching individual First Nations in Canada on a regular basis with proposals for small hydro development. Under Canadian law, most Aboriginal peoples have certain rights with regard to resource development on their traditional territories.
Aboriginal corporations that provide business financing and support services to First Nations in British Columbia and the Tribal Resource Investment Corporation (TRICORP) and the Tale'awtxw Aboriginal Capital Corporation are taking a major stake in various projects throughout Canada. They also created the First Nation
Regeneration Fund specifically to provide financing to enable First Nations to purchase equity positions in power projects.

“Run-of-river hydro power generation is one area where First Nations clearly have a competitive advantage,” says Peter Lantin, TRICORP’s Chief Operating Officer. “Our traditional territories, especially on the coast, have an abundance of clean energy. In fact, the first project we are helping to finance is a two-megawatt run-of-river hydro project owned by the Taku River Tlingit First Nation near Atlin in northern British Columbia.”

With $2 million from each of the Aboriginal corporations, and a $3 million contribution from Canada’s Department of Indian and Northern Affairs, the First Nation Regeneration Fund now has a total endowment of $7 million. It’s administered by Ecotrust Canada Capital, a subsidiary of Ecotrust Canada.
Loans made available through the Regeneration Fund are repaid by the First Nation through dividends and royalties from the run-of-river power project and possibly other sources. Once the loan is repaid, the dividends and royalties become long-term discretionary income that can be used by First Nations for economic or social development.

“The Regeneration Fund is going to provide access to much needed capital for First Nations,” says Sandy Wong, General Manager of the Tale’awtxw Aboriginal Capital Corporation. “It will help First Nations finance equity in independent power projects in British Columbia, and grow Aboriginal ownership in this critical sector of our economy. At the same time, these green energy projects are a natural fit with the social and cultural principles we support.”

It is these types of unique partnerships that are helping to position Canada and it various group as leaders in the area of sustainable development and growth in the area of developing the clean energy business.

Kensel Tracy is The Marketing Coach and is a Senior Partner in the Corporate Coachworkz located in Chelsea, Quebec and offices in Ottawa Ontario.. If you have a unique story on business in Canada, he can be reached at kenselt@sympatico.ca