Why?

Well it been found that owners and/or marketers who leverage data make better business decisions,  increase customer engagement and produce higher return on investment (ROI). How high? Well:

• A recent study shows that an incremental 241% ROI can be generated by applying data to business decisions.
• 91% of chief marketing officers (CMOs) believe that successful brands make data-driven decisions.
• However, only 11% of marketers use data to make business decisions today.

You might be thinking how unethical this is – sifting through the buying patterns of customers and prospects. This might rub some moral bone in your body the wrong way. But understand that your customers want you to do this. They want you to anticipate their buying signals. They really do.

There was a recent study by Accenture that profiled over 2,000 consumers across the United States and United Kingdom. In this study, it was found that most people are willing to have trusted retailers use some of their personal data in order to present personalized and targeted products, services, recommendations and offers.

In fact, according to the study:

• Despite the fact that 86 percent of those surveyed say they are concerned about websites tracking their online shopping behavior, 85 percent are aware that such tracking goes on – but they understand that tracking enables companies to present offers and content that matches their interests.
• Nearly half of all respondents – 49 percent – are receptive to their favorite stores or brands using their tracking data to inform their future purchases and make them aware of product availability.
• When asked to make a choice, 64 percent of total respondents say it is more important that companies present them with relevant offers against only 36 percent who say companies should stop tracking their website activity.
• At the same time, however, 88 percent strongly agree that companies should give them the flexibility to control how their personal information is used to tailor their shopping experience.

Your customers want relevant offers. And I think – and this is just me – that you should be giving it to them.

6 Data Tracking Services to Crunch Big Data

But small businesses have shied away from big data thinking it was too expensive. And unlike a Xerox, which collects “terabytes of data daily” they may feel they don’t have the resources to crunch the numbers. But the field is changing and many small businesses are now able to capitalize.

Below are 6 data tracking services any business owner can use to get the most out of big data:

Kaggle

A platform for predictive modelling where companies post their data and statisticians from all over the world compete to produce the best models. At the end of a competition, the competition host pays prize money in exchange for the intellectual property behind the winning model. It’s a crowdsourcing approach and it turns data science into a sport.

Custora

Helps online retailers know which of their customers are most valuable and suggests actions to keep them. Custora determines where the repeat customers are coming from and also recommends specific incentives the retailer can use to reclaim lost customers. The Custora software analyzes order logs and distinguishes between customers that simply haven’t ordered anything for a while and customers who have left the site.

RJ Metrics

Provides tools for database analysis, enabling its customers to extract data from their business and transform it into a more suitable format for analysis, providing them with the means to turn it into beautiful, actionable charts.

Size Up

The Sizeup tool is provided on the Small Business Administration (SBA) website, and also here at Small Business Trends (see Benchmark Tool). This shows all small businesses across the United States and can help decide where to locate your new business. For instance, you can search for where restaurants are located and see where there may be an opportunity to locate a new one.

Swipely

Sells payments, analytics and marketing tools to local merchants. Unlike Square, it shows things like what percentage of customers are new versus repeating, and how much each group tends to spend. Swipely can even tie in social media deals and weather reports into past sales so retailers can get an entire picture of what might have caused a surge or drop at any given time.

SumAll

A Web based, real-time e-commerce analytics tool that allows store owners to identify patterns in their data and better serve customers.

Data Photo via Shutterstock

The post 6 Data Tracking Services For Your Small Business appeared first on Small Business Trends.

Too many lawyers, chasing not enough work, and pressure  from clients to provide discounts have become a fact of life in the current market.

In fact, because of the high unemployment, law school applications are on pace to hit a 30-year low. Since the recession, the fraction of new J.D.s finding a full-time job requiring a state bar license dropped from 74 percent down to less than 60 percent, according to data compiled by the National Association for Legal Placement.

Now to be fair, this is not to say that ALL firms are sinking. Quite the contrary.

Still, the legal sector is undergoing major changes. And these changes are HUGE lessons for the smart business owner. So what can small business owners learn? Namely:

Cybercriminals Are Real, Defend Against Them

President Obama recently issued an executive order designed to get the government and private companies working more closely to protect the nation against cyber attacks. Cyber attacks on U.S. businesses have increased dramatically as hackers look to steal financial and intellectual assets from computer systems.

The smartest cyber criminals have even figured out that the best way to get what they want is to avoid the target corporation entirely and aim straight for their law firm. According to Mary Galligan, special agent in charge of cybersecurity for the FBI:

“We have hundreds of law firms that we see increasingly being targeted by hackers.”

Why? Well, the truth is, most law firms aren’t very technologically saavy. Most small businesses look at their business and say, “I’m small. No one wants to attack little ole’ me.”

But sophisticated hackers attack in either one of two ways:

• Attacking the business to siphon funds or data.
• Using the smaller business to get to larger business. Or in other words, use YOU to get to your customers, vendors, suppliers, or potential customers.

Bottom line, invest in your cyber security. Use:

• Encryption software.
• Educate your employees about phishing scams.
• Use better passwords.
• Strengthen your firewall
• Protect your smartphone.

People Want Accountability, Give It To Them

Because of the recession, many clients are fed up with the billable hour. Many experts agree the system itself is fundamentally flawed.

Why?

• It rewards people for being unproductive. If you can finish a job in less time, you’re penalized. But, if you can drag it out…cha ching!
• It’s unpredictable. Clients may not know if they’re being charged $1,000 or $10,000.

Some law firms are starting to see the value in simply offering flat fees. According to Kyle Westaway, a social enterprise attorney:

“There is a new model of the practice of law, and it’s about applying lean startup principles and challenging the old norms of the billable hour, command-and-control structure at a price that’s more approachable, lacking all the extra added bloat.”

It’s a smart move considering the amount of LPOs and other alternative legal service providers taking away clients. Your customers are smarter than they’ve ever been. Be real with them, be transparent and be accountable. They’ll reward you for it.

Your Competitor Is A Potential Partner, Befriend Them

Some law firms are outraged that LPO’s are taking away clients- even major U.S. law firms are scrambling. While most are outraged there are a few firms that are actually partnering with the LPO’s to win businesses. One Washington, D.C. firm is bringing in LPO representatives to pitch meetings to demonstrate how it can do the work at lower costs than other traditional firms.

Smart.

Truly smart business owners understand the power of strategic partnership. If the cost sharing and economies of scale work, if there’s up-selling or cross-selling potential, if both products or services complement each other and if there is a good non-disclosure and non-compete agreement in place – why not turn your foe into a partner?

If you can’t beat em. . .

There Are People Just As Capable As You, Develop Them

In a study by consulting firm Altman Weil Inc., it was found that most in the legal sector are slow to implement succession plans. Unfortunately, without that transition in place, firms could “face expertise gaps and ultimately could lose clients.”  This is even more significant as the study points out, 30 percent to 40 percent of practicing lawyers in the U.S. and Canada are starting to retire.

Succession planning often takes a backseat to the daily operations and hassles of running the business.

How much of a backseat?

According to a global survey of 1,300 companies by Korn/Ferry, though 98 percent of companies believe a CEO succession plan to be important, only 35 percent currently have one in place. And 49 percent haven’t had one in place for the last three years.

Yikes.

Don’t make the mistake of waiting too long. Find those “now” leaders (people who can take over immediately if need be) and make sure they’re not a carbon copy of you. Develop them to replace you. The time to do this is now.

Is there anything else we can learn from this changing industry?

The post 4 Lessons The Shifting Legal Sector Can Teach Small Business Owners appeared first on Small Business Trends.

This year is no different.

That mini computer you carry with you is a growing target for hackers. We use them to surf the Net, read email, watch news…not to mention they’re also being used as mobile wallets.

Heck. You’re probably reading this article from one now.

Smartphone Cyber Attacks: The Numbers

How serious is the risk?

• According to a study by Lookout Security 40% of mobile users (or 4 out of 10) clicked on unsafe links with their smartphone in 2012.
• According to RSA, the security division of EMC, mobile users are at least 3 times more likely to become victims of phishing attacks than desktop users.
• Mobile users are much less aware of mobile security options.
• Mobile users easily download games or look for an app they need without researching the developer or knowing what types of permissions they should suspect.
• According to AVG technologies, 89% are unaware that smartphone applications can transmit confidential payment information such as credit card details without the user’s knowledge or consent.
• 91% are unaware that financial applications for smartphones can be infected with specialized malware designed to steal credit card numbers and online banking credentials.
• 29% store credit and debit card information on their devices.
• 56% did not know that failing to properly log off from a social network app could allow an imposter to post malicious details or change personal settings without their knowledge

Scary, isn’t it?

But there’s good news too:

• The 13,000 different kinds of mobile malware found so far is nothing compared to the 90 million threats detected for PCs.
• Developers have learned from the long history of cyber-insecurity during the early PC era. As a result, smartphone operating systems are designed with much stronger security protections.
• Most companies are already gearing up for the coming tidal wave of security threats (i.e Samsung investing in mobile security firm Fixmo.) The investment is being used to:

“. . .advance research and development in the areas of mobile device integrity verification, data loss prevention (DLP), risk analytics and trusted mobile computing.”

Ways to Prevent a Smartphone Cyber Attack

Here are a couple of suggestions you can use NOW to safeguard yourself:

1. Get rid of your phone:  You could just go Enemy of the State and get rid of the thing. But who are we kidding? You’re not going to do that and I’m not doing that either. (I’m actually cracking up while writing this.) But the truth is, you won’t have to worry about security with that strategy.

2. Set a passcode:  Set a password on your mobile device so that if it is lost or stolen, your data is more difficult to access. One of the the biggest security risks is old fashioned carelessness. Data is most often taken from mobile phones when they’re lost or stolen and aren’t protected by a password. It’s an open invitation for thieves to go rummaging around.

3. Check your phone bill: Be on the lookout for unusual behaviors on your phone, which could be a sign that it is infected. These behaviors may include unusual text messages, suspicious charges to the phone bill, or suddenly decreased battery life.

4. Download from trusted sources:  Before downloading an app, conduct research to make sure the app is legit. This includes checking reviews, confirming the legitimacy of the app store and comparing the app sponsor’s official website with the app store link to confirm consistency. Many apps from untrusted sources contain malware that once installed – can steal information, install viruses, and cause harm to your phone’s contents.

5. Backup and secure your data: You should backup all of the data stored on your phone such as your contacts, documents and photos. These files can be stored on your computer, on a removal storage card, or in the Cloud. This allows you to restore the information to your phone should it be lost, stolen or otherwise erased.

6. Understand app permissions before accepting them: You should be cautious about granting applications access to personal information on your phone or otherwise letting the application have access to perform functions on your phone. Make sure to also check the privacy settings for each app before installing.

7. Wipe data on your old phone before you donate, resell or recycle it:  To protect your privacy, completely erase data off of your phone and reset the phone to its initial factory settings.

8. Make sure you have a security app: Download a mobile security app that scans every app you download for malware and spyware and can help you locate a lost or stolen device. Also, make sure the security app protects from unsafe websites.

9. Report stolen phones: If your phone is stolen, you should report the theft to your local law enforcement authorities and then register the stolen phone with your wireless provider. This provides notice to all the major wireless service providers that the phone has been stolen and will allow for remote “bricking” of the phone so that it cannot be activated on any wireless network without your permission.

10. Read the FCC’s Smart Phone Security Checker: The Commission released an online tool called the “Smartphone Security Checker” in December. It outlined a 10 step action plan mobile users can follow to prevent their personal data from being exposed. Experts believes it is one of the most comprehensive set of rules for safeguarding smartphones.

11. Watch out for pirated apps: Be careful of apps that offer a typically paid app for free or an app that claims to install or download other apps for you. Remember: you get what you pay for.

12. Never wire money to someone you don’t know: This goes without saying, doesn’t it?

Are there any other ways you can think of to protect your smartphone?

Cyber Photo via Shutterstock

The post 12 Ways to Protect Your Smartphone from Cyber Attacks appeared first on Small Business Trends.

The reason?

Many business users tended to outgrow the basic version too quickly and personal users were left waiting on updated features that had to become business ready before launching.  But even with the new price tag, Google remains a viable option for small business.

Below, I outline the top reasons your business needs to be on Google Apps:

1. The Cloud

2012 was the year of the cloud and 2013 is carrying the momentum. With that momentum, businesses see the opportunity that Google Apps presents. In fact, according to International Data Corporation analyst Melissa Webster, Google will gain momentum this year because there’ll be a lot of collaboration and content in the clouds.

Just to be clear, however, Microsoft does offer an updated set of Office Web Apps, accessible to individual users from their SkyDrive accounts, and to business users through Office 365 and SharePoint. Though the Microsoft Apps show promise, the Google Business Apps have a tad bit more functionality.

2. Price

Google Apps is less expensive than Microsoft Office 365. Whereas, Google costs only $50 each user per year while Office 365 costs $72 per user per year. It even has more features added since Google started offering the application to the public. Office 365 charges more if a user adds other options.

3. Google+

Google+ has been slowly making a name for itself. Though, it’s no where near Facebook, it’s nothing to sneeze at either. As of October 2012, the site attracted 105 million users compared to 65.3 million in October 2011, a 60.9% increase.

The main features small businesses can use to get the best out of Google+ is Integrated Google Hangouts.

4. Google Voice

Through 2013, all domestic calls made through Gmail will be free. It’s becoming a tradition just like at the end of 2011 and 2010.

Google Voice has already had video chat integrated into the service; this competes with video calls made through Skype, Yahoo Messenger, Windows Live Messenger, and other chat services. Adding free local and low-price international calls will be attractive to users who can easily launch a voice call from within Gmail if video isn’t an option.

5. Google Apps Vault

Vault is an easy-to-use and cost-effective solution for managing information critical to business and preserving important data. It helps in reducing the costs of litigation, regulatory investigation and compliance actions.

Since businesses of all size need to be prepared for the unexpected–using Vault to manage, archive and preserve your data is a big help. Litigation costs can really take a toll on a business and even minor lawsuits can run up to many thousands of dollars. Vault adds archiving, e-discovery, and information governance.

This service is optional and is an additional $5/user/month.

6. Google Consumer Survey

Now I have to say that this is NOT part of Google Apps per se, but it’s too useful to NOT include. Google takes free online surveys, that you can create through Google docs, and brings it one step further. With Consumer Surveys, site owners create online surveys to be shared with Google’s publisher network and pay as little as $.10 per response. To target a specific demographic, it would be $.50 per response.

With the data, Google will provide charts summarizing responses, insights and highlight interesting differences, which can be segmented by age, gender, location, etc.

7. Google Maps Coordinate

Again, like Google consumer survey, this is not part of Google Apps. But it’s useful so I had to include it. If your business has workers on the go, Google Maps Coordinate combines the power of Google’s mapping technologies with modern smartphones to help you improve communication with employees in the field.

The idea is that if you can visualize where your employees are at, you can better deploy them. Employees, in turn, can update the status of their jobs and watch for new assignments via the mobile app.This is extremely relevant as IDC estimates that there will be more than 1.3 billion mobile workers by 2015 (37.2% of the total workforce).

Can you understand why I had to include it?

What are additional reasons can you think of to switch over to Google Apps?

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