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I often speak to groups of small business owners and I keep hearing the same comment over and over again with many of them saying that marketers don’t matter or marketing doesn’t matter anymore.There are many reasons I’ve heard as to why marketing doesn’t matter: “all my business comes by referral,” “I never spent money on marketing and my business grew,” “marketing is a waste of money,” “I see no value in marketing,” “marketing is all luck so why spend money on it,” and so on.Oh, how they are so very wrong! Below are the top 3 reasons why:1. Their definition of marketing is wrongWhen business owners tell me that marketing doesn’t matter, they usually have a totally different understanding of what marketing is than those who recognise how marketing contributes to business goals where it enables you to charge the most money you can for your services and products.Marketing is first about spending time building a solid foundation based on strategy before proposing a series of tactics aimed at lifting sales. Until the business finds a way to change the context of how their ideal customer views what they do, and then becomes become the obvious choice provider, they’ll find that their marketing efforts never seem to build momentum or gain any return on investment.You must be able to enter the conversation taking place in the head of your customers. Or, to look at it in a different way, to be able to address the number one question on your customer’s mind at exactly the right time.So, how do you do this? The conversation that is taking place in every prospective customer’s mind revolves around two major points. There is a problem they have, and that they don’t want… and there is a result that they want, and they don’t have.Those who often misunderstand marketing believe that it is only about advertising campaigns, brochures, flyers, website, email marketing, SEO, tradeshows, social media, copy, etc. These are the tactics – the way you implement your marketing. I’d argue that marketing is essentially the core of business strategy because it is about understanding the current customer, tapping into their fears, their goals and their aspirations and then creating products and services that the ideal customer is willing to buy from a brand they now they know, like and trust.2. They believe either they or their co-worker can do itSometimes in the “do it all yourself” world of small business (or even big business when it comes to it), it’s difficult to identify the areas that require outside help. A business may be able to set up their newsletter, add plugins to WordPress, write a Facebook or LinkedIn post, and clumsily create header graphics, but you need somebody who is trained, practiced, and skilled at looking strategically and holistically at the marketplace, understanding the customer, and then creating unique opportunities based on this understanding.Just think about it for a minute; just because you have a calculator and excel does that mean you are an accountant? If you have a ruler, pencil and have watched some episodes of Grand Designs – does that make you an architect? If you post regularly to your friends on Facebook and Instagram – does that mean you are a social media expert?So why do small businesses believe that by buying a Mac and some software they will become a designer, marketer and communications expert?It needs to be led by a strategic marketer who can then develop an integrated marketing approach. Can you or your co-worker do this? In some cases, you can. But those who can are most likely to either come from marketing or consulting backgrounds where they have transferable skills and experience defining AND delivering against a growth strategy.If you are a small business, you need somebody who will have a very solid, process, streamlined, consistent, repeatable approach. First, they will research and learn about your company in great depth, the dynamics of the marketplace and identify shifts, trends, and changes. From there, the strategic marketer will be able to present the different elements of your marketing plan in logical order of how you should construct them, update them, or revise them; and identify the key areas you should be focusing on – be it generating leads, converting leads, increasing transactions right down to changing prices.3. They hire the wrong marketing helpThere is a huge misunderstanding around marketing strategy, marketing tactics, and marketing execution.There is a difference between being strategically capable, creatively capable and executionally capable.Small business owners don’t hire a strategic marketing coach/firm to develop creative graphics and headers; nor should you hire an advertising/graphic design agency to handle marketing strategy. A small business doesn’t need to hire a consultant or a firm who is a strong marketing executor when their biggest need is a strategy for sustainable growth. You may get more attention, but not the best results.

When you need quick cash, what could be more convenient than taking out a same-day payday loan that is deposited directly into your bank account? On your next payday – a week or two later – the loan is automatically repaid because the creditor has your bank information. Sure, there is a fee, but there’s no credit check, no collateral, and no lengthy application process like there is for a personal loan. You just walk into the payday loan office or go online, fill out a few forms proving that you have a steady job and a checking account, and you get up to $2,000 the same day.It sounds easy, but it may not be such a good deal. Payday loans are defined as short-term loans with an interest rate above 36%. That sounds like a high rate, doesn’t it? After all, you see new car loans advertised for zero percent, and home mortgages for 6%. Personal loans from banks are generally between 10% and 15%. Even credit card cash advances can be cheaper. A $300 cash advance on the average credit card, repaid in one month, would incur a finance charge of $13.99 at an APR of 57%.To make it sound less expensive, payday loan providers don’t advertise their annual percentage rate (APR) the same way credit card and personal loan providers do. They state the interest in terms of a fee per $100 loaned. Here’s a typical example.How the Fee Translates to APR You walk into the payday loan office or apply online. You need to borrow $500 until your next payday, which is in seven days. The fee for your loan is $15 per $100 borrowed. You think, “That’s not so bad, it’s 15%, isn’t it”? You agree to the loan terms and you give the lender a check in the amount of $575, dated in seven days.When your loan is due to be repaid in seven days the creditor will cash the check or debit your checking account. If you have $575 in your account, then you are finished and the transaction is completed.You will have paid $75 for your loan. That translates into an annual percentage rate (APR) of 780%. It’s very high, but that’s because calculating the APR is complex and involves not only the loan amount and the fee, but the period of the loan-how long until you pay it back.The big danger is that many customers can’t pay back the loan on time. Think about it – a customer who does not have $500 in his or her bank account this week is unlikely to have $575 in their account next week. Many customers “roll over” their loans. They cannot pay on the due date, so the creditor charges the $75 fee and agrees to collect on the next payday.Are You the Average Payday Loan Customer?According to the Consumer Federation of America, from a single lender each year the average payday loan customer takes eight to thirteen payday loans or loan renewals. So if you are the average customer, let’s say you roll over or renew your $500 loan 10 times in one year. To borrow $500 for 10 weeks, you will pay a total of $750 in finance charges plus repay the amount borrowed. Your $500 payday loan will end up costing you $1,250.There are additional risks and fees. To get a payday loan you are required to give the creditor a personal check as repayment. If your check bounces, your bank will charge you a fee – often as high as $40. You can lose your bank account or have difficulty opening a new bank account if you develop a record of bouncing checks used to get payday loans.Before you take out a payday loan, carefully consider the real cost – and ask yourself if it’s worth it.

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.