Think-Big Tank: The Small-Business Idea Center

Three Innovations You Might Not Know About But Should

Business innovations come and go, and the way some companies hype their small and medium-sized business (SMB) solutions, you’d expect to see them featured in a late-night infomercial. True, certain technology innovations can change the way you conduct business but others, not so much. Below are three innovations that you should know about. How you use them to drum up new business or manage the business you currently have is completely up to you.

1) Smartphone applications: If you’ve seen the commercials that tout “there’s an app for that,” you know there are applications for just about everything. Some are just for entertainment, but others such as MobileCharge, TeleNav GPS Navigator, and Trackem can provide a productivity boost.

With MobileCharge, SMBs can process secure, real-time credit transactions from nearly anywhere through a BlackBerry wireless handset. You can even print credit card payment receipts in the field.

TeleNav GPS Navigator converts a mobile phone into a hand-held GPS navigator with step-by-step audio directions. Say goodbye to asking for directions, printing out online maps, or calling 411. And save money by eliminating the need for expensive in-car navigation systems.

Trackem is a mobile tracking application for BlackBerry smartphones and Windows Mobile that provides real-time GPS tracking. With Trackem, SMBs can track and locate their mobile fleets online, receive text messages when a physical boundary has been breached, receive speed alerts, and download travel reports complete with distance, number of stops, and speed.

In addition to keeping track of your fleet, the service can help to reduce fuel costs, aid in recovering stolen vehicles, and might even lower your insurance costs. Click here to learn more about wireless applications offered by Cincinnati Bell.

2) Social media: There is a lot of hype around social media applications, and it’s true that measuring ROI is still difficult in this environment. But social media sites such as Facebook, YouTube, and Twitter help SMBs connect with potential customers and build awareness of their products and services.

Social media may not be for everyone and there is a learning curve, but a huge marketing potential exists for those SMBs willing to get creative and try something new. If you’re unfamiliar with social media or not sure how to leverage the technology, a few resources can help you test the waters.

Dell created a series of “Social Media Guides” to help SMBs effectively use these tools to grow and better serve customers. More information on Dell’s Social Media Guides is available here. A recent Fortune Small Business article lends practical advice on how to tweet for profit in 140 characters or less. The New York Times recently published a great SMB Twitter success story that you should read.

Cincinnati Bell has created the special hashtag symbol #all4local for SMBs in order to help them network and get the word out about special promotions and offers.  Find out more about how Twitter hashtags work and how they can help you grow your business here.

3) Web analytics software: So you’re sending newsletters and e-mails to customers. Just because they haven’t opted out of receiving the communication, however, doesn’t mean they’re reading what you’re sending. And just because you have a Web site doesn’t mean customers are finding what they want. This is where Web analytics software can help.

Using Web analytics, SMB owners can track whether recipients are clicking to read the articles you’re sending in your newsletter. It can also help you optimize the information you are providing them. For example, your audience might want more product reviews, yet you’re sending case studies.

Similarly, Web analytics can measure the effectiveness of your Web site. It’s one thing to track Web site traffic, but do you know on which page potential customers are spending the most time, how many people are commenting about your site in cyberspace, or your share of voice among your competitors? Check out Fortune’s Small Business article, “Analytics 101: Valuable insights from cheap tools.” It’s a great primer on analytics, providing insights on specific tools.

Consider trying out one or more of these suggestions in your business and let us know how it works out.

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