Perhaps one of the perks of working a 9 to 5 job is the guaranteed income at the end of the month. I know this is one reason holding many back from starting their own business. Why endure the stress and hassle when they could do less and still get paid? This is the case of my branding agency owner friend. Her business was doing well for a couple of months, and the next not so much as everyone was away on holiday.
Business can come and go and as a start-up entrepreneur one of the biggest issues you will face is growing your business and expanding your marketing efforts when you do not have a large budget.
Here is some advice on how to turn those slower periods to your advantage:
Firstly, keep your marketing efforts focused, starting by getting to know who your customers are and what they are tuned in to. Put yourself in their shoes. If you personally know some customers, assess what media or social media they tune into the most, where they find out about the latest products, and how they go about sharing interesting content. This will all be helpful for your marketing efforts as you can then reach out directly to them. The great thing here is that because many potential customers are now focused on social media, marketing to them will not cost as much as advertising on a traditional media platform such as TV or a magazine. Done well, your marketing campaign could offer a better return on investment. Next, be one step ahead of your customer by sharing interesting content. For instance, summer could be a month away, but you could start talking about wardrobe essentials now.
Do not make it about you, but rather about them. While time can be an issue when generating content for social media pages and agencies that do this on your behalf can be costly, there are cheaper options. These include hiring bloggers for a fairly low cost. You can also prepare content in advance and simply upload the photo/post on the day. Alternatively, if you are travelling or too tied up to upload posts or email newsletters at peak times, then automate the process. Tools such as SocialOomph, or Buffer are great for generating social media in advance.
Finally, remember you do not always have to look for new customers to build your business, you can leverage existing ones. Ways to do this include:
• Providing special discounts/benefits to those who refer a friend to your brand.
• Asking loyal customers for feedback/suggestions. The reason they are loyal to your brand is because they love it, and showing your appreciation by asking for their opinion could go a long away. For those who regularly take part or do so thoroughly, a simple thank-you gift, personal letter, or special discount would not only be memorable, but would also encourage similar behaviour in the future. You could also provide them with something that is “social media post”-worthy. A simple note with “We hope you like it. Please share with us @XYZ” could not only land you a mention on their social media pages, but also introduce new clients to your business
• Ensuring you provide personal care and attention at all times: from sending out thank-you emails when they shop with you to a nice card and a special discount on their birthday or bespoke perks and benefits for those who are consistently loyal.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi. Twitter: @manar_alhinai.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
UAE currency: the story behind the money in your pockets
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
SPECS
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Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
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AIR
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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