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February 29, 2020 at 05:07AM

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5 Trends That Will Transform Social Media – Updated for 2020

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Social media has been evolving rapidly, breaking down barriers and becoming part of the routine all over the world. It is estimated that globally, 1.7 billion adults log on to Facebook every day. Considering that the global population sits at a hefty 7.8 billion people, this is a huge opportunity that you can make use of if you’re a brand.

The path of evolution when it comes to social media has been nothing short of incredible. It had humble beginnings as a portal to connect with friends and family across the globe. Now, it’s grown into a marketing juggernaut that puts most other methods of sales to shame.

The popularity of social media has been growing exponentially and has shown no signs of letting up. Brands have been using it to good effect and have come up with several innovative strategies that they’ve used to make their mark with their audience.

So, what are developments that people should look to in the next year? Well, why don’t we find out…

Social Networking Use Has Shot Up in Past Decade

Networking through this medium has seen a meteoric rise in the past decade. If forecasts are to be believed, it should grow even further in the coming years. Humans are social creatures and this push to connect has been the key to social media developing at this pace.

Distances have diminished and people are much more connected than ever today. The number of users will grow at 8% in 2017 to a heady 2.39 billion people! To put this into some sort of perspective – the combined population of India and China is about 2.6 billion. And updated for 2020, this number is now at 3.8 billion!

Having this sort of audience at the tap of a button makes social media a very attractive proposition for developing brand awareness and creating markets.

Employees Turn Into Beacons For Their Brand

If you are working for a company that considers itself “connected”, you might be encouraged to share business updates. This is because brands have now started turning to employees as brand ambassadors to further their brand image. In other words, using employee social advocacy programs has grown about 191% since 2013. And currently, 98% of employees use at least one social media site for personal use, of which 50% are already posting about their company. (Weber Shandwick)

What this has done is rather than increase social reach through scaling, it integrates elements (employees) that already have a connected audience. When you pull this off correctly, it can be much more effective at enticing engagement. Consider utilizing tools like Social Toaster and Social Noor to turn your team into a passionate group of social advocates.

‘Real’ Real-Time Engagement

Another key area that has grown through social media is the ability to run effective client support programs. Users expect that a brand needs to have a social team on their feed to answer questions and resolve issues. New 2020 Statistics from Brandwatch highlight this fact – 60% of Twitter users expect responses from brands they follow, within the hour. This is down from 72% in 2017.

In a domino-effect, this has caused brands to start investing heavily into cross-functional social media teams that can keep abreast with the increasing number of client pings every day. Eventually, most brands will have shifted client service entirely to their own social media accounts.

Driving Decisions Through Analytics

Much earlier, social media was more of a hit-or-miss when it came to marketing aspects and relied on “gut feeling” a lot. These days though, social media analytics has gotten more powerful, comprehensive and easier to use for the average Joe. Statistics will play an even more important role in the days to come.

There are a variety of different social analytics tools that can cater to several popular social media platforms like Buffer, Followerwonk, Iconosquare and Google Analytics to name a few. Most of them are free and can accommodate the needs of most SMBs. You can also find other enterprise-level solutions online.

Social Video Wins Again

It’s hard to miss, but perhaps you might have – in 2020 Snapchat has over 18 billion daily views on its video content. Let’s wait a moment for that number to sink in. This exceeds even YouTube, a website that is built on showcasing video content and straight double of their last year numbers.

The domination of social media over video content as well has been an eye-opener for many companies and it’s only set to increase even further. Brands have evidence that video content is effective and over 76% of B2Bs use them to good effect. Expect this to dominate brand marketing strategies going forward.

So in Conclusion

To be brutally honest, you don’t need to be a prophet to see where social media is going to end up next year. Right now, it has been a revelation on many fronts, news, content, and marketing to name a few. As people come up with more innovative types of content and methods of sharing them, social media will only get bigger.

Unlike other forms of media, social media is riding the evolution super-wave into the future. As people are becoming smarter and more aware, so has social media.

From being just a tool to share memes, to leading the charge when it comes to customer-centric engagements for big-brands. We’ve come a long, long way and still, the road ahead looks promising!

The post 5 Trends That Will Transform Social Media – Updated for 2020 appeared first on Social Media Explorer.

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February 28, 2020 at 11:07AM

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Best Credit Cards for Startups in 2020

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Getting a business credit card is one of the first things you should do when launching a startup.

In most cases, this credit card will be the primary method of paying company expenses. From daily purchases like ink or paper to flights, hotels, and your phone subscription, charging a credit card is your best option.

That’s because the best business credit cards offer exceptional benefits like cash back, rewards points, and travel miles.

Some company credit cards can provide purchase insurance as well as supplementary coverage for car rentals. You can even use a low-interest credit card to finance purchases if struggling to qualify for a small business loan.

With so many business credit cards to choose from, it can be tough to find the best option for your startup, which is what inspired me to create this guide.

The 8 Best Credit Cards For Startups in 2020

In a market flooded with hundreds of business credit cards, there are eight that I would recommend for startup companies.

• Chase Ink Business Cash
• Chase Ink Business Unlimited
• Capital One Spark Cash Select
• Capital One Spark Miles
• Capital One Spark Classic
• American Express Blue Business Plus
• American Express Blue Business Cash
• US Bank Business Platinum

I’ll highlight the top benefits, introductory offers, costs, and notable terms for each one as we continue below.

Best Startup Business Credit Card Reviews

Chase Ink Business Cash

Chase Ink Business Cash is the best overall credit card for startup companies. It has exceptional rewards, benefits, and an enticing sign up bonus.

• No annual fee
• $500 sign up bonus after spending $3,000 in first the three months

I like the Chase Ink Business Cash card because of the way its reward program is structured. You’ll get the most cash back for common startup expenses.

Chase gives you 5% cash back each year on office supplies, internet, phone services, and cable on the first $25,000 spent in those categories. You’ll also get 2% cash back at gas stations and restaurants on the first $25,000 in combined spending each year.

All other purchases earn 1% cash back with no limit.

Additional features and benefits of the Chase Ink Business Cash card include:

• Fraud protection
• Free employee cards with individual spending limits
• Travel and emergency assistance services
• Extended warranty protection
• Zero liability for unauthorized charges
• Purchase protection (covers new purchases against theft or damage for 120 days)
• Auto rental collision waiver

Between these benefits, the cash back program, sign up bonus, and no annual fee, Chase Ink Business Cash should be a top consideration for any startup company.

Chase Ink Business Unlimited

Chase Ink Business Unlimited is nearly identical to the Ink Business Cash card. The card offers the exact same benefits from fraud protection to the auto rental collision waiver in the bullet list above.

• No annual fee
• $500 sign up bonus after spending $3,000 in the first three months

While the benefits and card terms are the same between these two cards, the rewards structure is not.

Instead of offering various cash back percentages for different categories, Chase Ink Business Unlimited gives you 1.5% cash on everything. This is a better option for those of you who don’t want limitations or restrictions on the amount of cash back you can earn.

It all depends on the type of business you have.

For example, let’s say you’re planning to use a credit card to purchase things like inventory or other expenses that don’t fall into the Ink Business Cash rewards categories. In this scenario, Chase Ink Business Unlimited would be a better option for you.

Capital One Spark Cash Select

Capital One Spark Cash Select is another great option for earning cash rewards for all of your business expenses. The card offers unlimited 1.5% cash back on everything you buy.

• No annual fee
• $200 sign up bonus after spending $3,000 in the first three months

The card is very similar to the Chase Ink Business Unlimited credit card. Chase does offer a better sign up bonus ($200 vs. $500) for spending the same amount in three months.

With that said, the Capital One Spark Cash Select card has its fair share of benefits.

• Dedicated business customer support
• Fraud alerts
• Free employee cards
• Payment flexibility (pick your monthly due date)
• Transaction details
• Itemized year-end summary
• Download purchase records into formats for QuickBooks and Quicken

For startup company credit cards, I typically lean towards cards with no annual fee.

But if you want more than 1.5% cash back, consider applying for the Capital One Spark Cash card instead. This gives you unlimited 2% cash back, but comes with a $95 annual fee (waived the first year).

Startups charging less money on their cards will be fine with the Spark Cash Select card.

Capital One Spark Miles

Some people would rather earn travel rewards instead of cash back. So if you’ll be traveling frequently for your startup company, Capital One Spark Miles is a top credit card to consider.

• $95 annual fee (waived the first year)
• 50,000 mile sign up bonus after spending $4,500 in first three months

As I mentioned earlier, I normally don’t recommend cards with annual fees to startup companies. But this one is easy to justify if you travel often.

50,000 miles is equal to $500 in travel. Considering that the annual fee is waived the first year, the sign up bonus alone makes up for the first six years using the card.

You’ll also earn unlimited 2x miles on all purchases. There are no blackout dates, seat restrictions, or minimums for redemption.

Other top benefits of the Capital One Spark Miles Card include:

• $100 credit for TSA PreCheck or Global Entry
• Earn 5x miles on hotels and car rentals booked through Capital One Travel
• $0 fraud liability
• No foreign transaction fees
• Card lock

If you’re launching a startup that requires lots of business travel, this is the best card for you.

Capital One Spark Classic

To qualify for the best business credit cards, you’ll need to have excellent credit. But that’s not reasonable for all small business owners.

If you have a low credit score but still want access to credit card rewards, the Capital One Spark Classic will be your best option.

• No annual fee
• Unlimited 1% cash back on all purchases

While the card doesn’t come with a sign up bonus or low interest rates, you’ll still have access to some of Capital One’s top card benefits.

• No foreign transaction fees
• Download purchase records to Quicken and QuickBooks formats
• Auto rental damage waiver
• Extended purchase protection (90 days for eligible items)
• Fraud coverage and alerts
• Free employee cards

Overall, this is a no-frills business credit card. But it’s a great way to build your credit by using the card responsibly. Plus, you’ll still get 1% cash back on everything.

I’d apply for the Capital One Spark Classic if you can’t get approved for other business credit cards.

American Express Blue Business Plus

American Express has one of the best reputations in the credit card industry. For both personal credit cards and business credit cards, Amex is known for exceptional customer service.

If you’re launching a startup, your company should consider the American Express Blue Business Plus card as a top option.

The Amex Blue Business Plus card is great for those of you who want to earn rewards points, as opposed to cash back or travel miles.

You’ll get 2x membership rewards points on purchases in any category for your first $50,000 spent each year. After that, you can earn unlimited 1x points.

Amex gives you expanded buying power, with the ability to make business purchases above your spending limits without a penalty, although restrictions apply.

The card comes with account alerts, online statements, a detailed year-end summary, free employee cards, and one of the best business credit card mobile apps on the market today.

American Express customer service and dispute resolution are second to none. So if you prioritize great customer support, this card is perfect for you.

American Express Blue Business Cash

If you prefer cash back instead of reward points, consider applying for the American Express Blue Business Cash credit card.

The card terms are basically identical to the Amex Blue Business Plus card. The rewards structure is the biggest difference between the two cards.

With the Amex Blue Business Cash card, you can earn 2% cash back on your first $50,000 in purchases per year. After that, you’ll receive unlimited 1% cash back on everything else.

Other top benefits include:

• Expanded buying power
• Car rental loss and damage insurance
• Global hotline assistance
• Free employee cards
• Account manager access
• Amex Business mobile app
• Account alerts
• Vender pay via Bill.com
• Extended warranty protection for eligible purchases
• Purchase protection for eligible purchases

Overall, the American Express Blue Business Cash card is arguably the best free cash back business credit card on the market today.

US Bank Business Platinum

Sometimes a startup company needs to get creative with financing purchases. Certain small business loans have restrictions for what you can spend the funds on.

Credit card financing has become an alternative solution for small business owners. But to consider this, you’ll need to find a card with low-interest rates.

That’s when the US Bank Business Platinum card comes in handy.

The card definitely lacks quality rewards benefits. So I’d only consider it as an alternative financing method.

How to Choose the Best Credit Card For Your Startup Business

There are certain factors that must be taken into consideration when you’re evaluating business credit cards for your startup. This is the methodology that we used to come up with this guide.

Annual Fee

Most startup companies should look for credit cards with no annual fee. It’s crucial to save money everywhere possible when you’re first starting a business.

Seven of the eight cards on the list above are free. The only one you have to pay for is the Capital One Spark Miles card. But the fee is just $95 per year, waived in year one, and easy to justify for frequent travelers.

Exclusive business credit card fees can range above $500. While you may consider those down the road, I’d steer clear of them in the early stages of your business.

Interest Rates

You should always aim to pay your credit card balance in-full each month. But sometimes cash is tight for startups, so you might have to finance a few purchases.

Look for a credit card offering 0% APR for purchases in your first year. Aim to pay those off before you start incurring additional interest fees.

A low-interest credit card might have cheaper rates than certain business loans. So take that into consideration before making large purchases.

Credit Score

When launching a startup, your personal credit score will be used when you apply for a credit card. That’s because new businesses don’t have any credit records on file.

A high score will give you access to better cards with lower interest rates and top rewards.

However, not everyone falls into this category. If your credit score is below average, there are certain cards that you should be applying for instead. The Capital One Spark Classic is a great example.

Rewards

Credit card rewards usually come in one of the following three formats:

• Cash back
• Membership points
• Miles

I’d recommend cash back rewards cards for most startup companies. The cards on this list range from 1% to 5%. Some have restrictions on how much cash back you can earn, while others are unlimited for all purchases.

A rewards program with miles is ideal if you need to travel often for business purposes. Otherwise, cash back is just fine.

Benefits

Every credit card has a wide range of perks and benefits.

From a sign up bonus to purchase protection and fraud alerts, the list varies by card type and card company. You’ll just have to figure out which benefits are best for your spending habits.

For example, no foreign transaction fees and auto rental waiver insurance shouldn’t win you over if you never rent a car and don’t make purchases in foreign currencies.

Conclusion

Startup companies have unique needs compared to well-established businesses. There are certain credit cards that are ideal for newer small businesses.

Here’s a recap of the top eight that I’d recommend.

• Chase Ink Business Cash
• Chase Ink Business Unlimited
• Capital One Spark Cash Select
• Capital One Spark Miles
• Capital One Spark Classic
• American Express Blue Business Plus
• American Express Blue Business Cash
• US Bank Business Platinum

All of these cards come with a wide range of benefits for different startup types and spending habits. I’m confident that you can find exactly what you’re looking for on this list.

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February 28, 2020 at 09:54AM

Best Online Business Banking for 2020

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What makes a great bank for business purposes?

In today’s day and age, your bank needs to have online banking capabilities. There are online-only banks as well as physical branches offering online banking services.

While most banks today have some type of online portal, not all of these are created equal.

The best business checking accounts have dozens of online features, like mobile deposits, digital bill pay, and fraud alerts.

You’ll also need to consider other banking products that you can access online. I’m referring to things like business savings accounts, merchant services, credit cards, and small business loans.

Whether you run a startup or a multi-million dollar well-established corporation, I’ll show you the best online business banking solutions to fit your needs.

Top 10 Online Business Banking Accounts For 2020

There are hundreds of different online business bank accounts on the market today. But these are the top ten that I recommend:

• Novo
• Axos Bank
• Chase Bank
• TIAA Bank
• US Bank
• Navy Federal Credit Union
• Azlo
• Radius Bank
• Citizens Bank
• First Internet Bank

I’ll highlight the type of online accounts offered, prices, benefits, and other online banking solutions for each one below.

The Best Online Business Banking Reviews

Novo

If you’re a small business owner, freelancer, or entrepreneur seeking an online-only business banking solution, look no further than Novo.

Novo is a modern and simple way to handle your business banking needs. Here’s an overview of top features and benefits of this online bank:

• No monthly service fees
• Refunds at all ATMs
• Free incoming and outgoing ACH transfers
• Free domestic and foreign wires
• Free mailed bank checks
• No minimum balance requirement

It takes less than ten minutes to apply for a Novo online business bank account. You need just $50 to open an account.

Novo has an outstanding mobile app that lets you handle all of your business banking needs on the go. It integrates with business tools that you’re already using, like Slack, Xero, and Zapier.

You’ll also benefit from discounts on business tools like HubSpot, Salesforce, Zendesk, Google Cloud, and Stripe.

Overall, Novo is a basic online-only bank for business owners seeking simplicity. But it does lack other banking tools beyond a checking account.

Axos Bank

Axos Bank is another top online-exclusive business bank. But unlike Novo, Axos features a suite of business banking solutions, including multiple account types and additional services.

• Basic Business Checking
• Business Interest Checking
• Business Premium Savings
• Business Money Market
• Business Savings
• Business Certificate of Deposit (CDs)
• Certificate of Deposit and Registry Service (CDARS)

Axos also offers treasury management solutions to streamline your payment processing. They provide additional merchant services like POS terminals, mobile commerce, and PCI compliance.

You’ll need at least $1,000 to open an Axos business checking account.

Your account comes with 200 free transactions per month. There are no monthly maintenance fees, and you’ll have access to a surcharge-free ATM network.

Axos has everything you’d expect from an online business banking solution, including a mobile app with remote check deposit capabilities.

But like any online-only bank, this isn’t for businesses that need to deposit cash.

Chase Bank

Chase Bank has some of the best business banking solutions on the market today. They have physical bank branches in addition to the online banking services.

Here’s an overview of the three different business checking accounts offered by Chase. All three of these can be opened and managed online.

Chase Total Business Checking

• $15 monthly service fee
• Unlimited electronic deposits
• $5,000 free cash deposits per billing cycle
• 100 free transactions per month

The $15 service fee is waived if you maintain a daily balance of $1,500. If you link a personal Chase checking account to your business account, the combined balance counts towards this minimum.

Chase Performance Business Checking

• $30 monthly service fee
• Unlimited incoming wires and electronic deposits
• 250 free transactions per month
• $20,000 free cash deposits per billing cycle
• Two free outgoing domestic wires per cycle

The $30 service fee is waived by maintaining a $35,000 minimum daily balance in qualifying business deposit accounts.

Chase Platinum Business Checking

• $95 monthly service fee
• 500 free transactions per month
• $25,000 free cash deposits per billing cycle
• Four free outgoing wires per cycle (your most expensive ones)

Chase will waive the $95 service fee if you maintain a daily balance of $100,000 or more between qualifying business deposit accounts.

As you can see, Chase has an online business checking account for businesses of all different shapes and sizes. It’s easy to determine which Chase business account is best for you based on the minimum balance requirements and free cash deposits per month.

In addition to checking accounts, Chase also has some of the best business credit cards on the market today. You’ll also benefit from merchant services and online business lending solutions if you need them.

TIAA Bank

TIAA Bank is a top option for those of you looking for an online-exclusive business banking solution. They offer checking accounts and treasury services for commercial businesses, small businesses, and nonprofit organizations.

If you’re a single-owner LLC or sole proprietor, you can get a high-yield small business checking account. As of February 2020, the intro APY rate is 1.21% for the first year.

Here’s a quick overview of the key features for each TIAA Business Checking account:

Business Checking

• $1,500 minimum to open
• 200 free transactions per month
• Ten free online bill payments per month
• $14.95 monthly maintenance fee (waived with $5,000 daily balance)

Small Business Checking

• $1,500 minimum to open
• No monthly maintenance fee
• Free ATM reimbursements up to $15 per month (unlimited with $5,000 daily balance)
• High yield on all balances

Nonprofit Checking

• $1,500 opening deposit minimum
• Interest-bearing checking
• Overdraft protection
• $14.95 monthly maintenance fee (waived with $5,000 minimum daily balance)

Analysis Checking

• Two different types of accounts available
• Interest-bearing checking
• $1,500 minimum opening deposit
• Offset fees with earnings credit rate

While TIAA Bank does offer a wide range of checking account types, I wish the nonprofit monthly maintenance fee was waived regardless of the balance.

The best account here is the high-interest checking account for sole proprietors and single-member LLCs.

US Bank

US Bank is a national chain with 3,000+ branches and more than 4,800 ATMs throughout the country. In addition its online banking solutions, you’ll be able to do some in-person banking if your business needs to make cash deposits.

There are four different business checking accounts offered by US Bank. All of which have online banking capabilities.

Silver

• No monthly fee
• $5 paper statement fee
• 125 free transactions per month ($0.50 per transaction after)
• 25 free units of cash deposits per month

The US Bank Silver business checking account is simple and made for startups and small businesses.

Gold

• $20 monthly fee (waived with qualified balances)
• Free paper statements
• 300 free transactions per month ($0.45 per transaction after)
• 100 free units of cash deposits per month
• Interest-bearing

The Gold business checking account is for small to mid-sized businesses with moderate transaction volumes.

Platinum

• $30 monthly fee (waived with qualified balances)
• 500 free transactions per month ($0.40 per transaction after)
• 200 free units of cash deposits per month

US Bank’s Platinum business checking account rewards business owners with higher balances.

Premium

The Premium account is unique. It’s an analyzed account; meaning fees can be offset by credits from your account activity. It’s unclear on the website what those fees, credits, and activity would be. But the account is made for larger organizations with high checking balances and lots of activity. You’ll need to contact US Bank directly for more information.

In addition to these four online checking accounts, US Bank also provides small business loans, credit cards, and merchant services. You’ll have access to everything you’d expect from a national bank.

Navy Federal Credit Union

Navy Federal is another national chain with physical branches in addition to online business banking. Business owners with ties to the US Armed Forces, National Guard, and DoD can open an online checking account with Navy Federal Credit Union.

They offer business checking, business savings, and CDs. Here’s an overview of Navy Federal’s three business checking accounts:

Business Checking

• Best for new businesses with limited cash flow activity
• No monthly maintenance fee
• Two signers
• 30 free non-electronic transactions per month ($0.25 per transaction after)

Business Plus Checking

• Best for growing businesses with multiple owners
• $8 monthly service fee (can’t be waived)
• Accommodates steady banking activity
• 50 free non-electronic transactions per month ($0.25 per transaction after)

Business Premium Checking

• Best for large businesses with high deposit balances
• $20 monthly fee (waived with average daily balance of $5,000)
• Great for large transaction volumes
• 100 free non-electronic transactions per month ($0.25 per transaction after)
• Up to 0.45% APY (based on balance)

I’d recommend Navy Federal online banking to business owners who are seeking a small business loan. Navy Federal has some of the best interest rates and approval rates on the market today. So you can get your checking account and loan from the same bank while managing everything online.

Azlo

If you’re a freelancer or launching a startup, Azlo is a top online-exclusive business bank to consider. It’s only a viable option if you’re not accepting cash.

Highlights of an Azlo business banking account include:

• No monthly fees
• No overdraft fees
• No minimum balance requirements
• Unlimited transactions
• No incoming wire fees

Azlo integrates with business tools like Square, Stripe, and QuickBooks.

You can deposit checks remotely with Azlo’s intuitive mobile app. You’ll also be able to create, send, and manage digital invoices to your clients through the Azlo platform. This is ideal for clients who want to pay via bank transfer.

If you’re looking for an online bank that offers loans, savings accounts, and other banking services, Azlo is not for you.

Radius Bank

Radius Bank has a wide range of online business banking solutions. Here’s a quick list of the online services you’ll have access to with a Radius business account:

• Four different business checking accounts
• Money market savings
• CDs and CDARS
• Statement savings accounts
• SBA loans
• Commercial real estate loans
• Equipment financing
• Credit cards
• Escrow services
• Nonprofit services

As you can see, Radius offers everything you could possibly need and more from an online business bank.

One standout is the Tailored Checking account, which is made for growing businesses. Tailored accounts come with:

• Unlimited transactions
• 0.75% APY for balances above $5,000
• Unlimited transactions
• $10 monthly fee (waived with balances over $5,000)
• No minimum balance requirements ($100 to open)
• Free ATM network worldwide

You can apply online in less than ten minutes without uploading any documents. Between the online services and mobile banking tools, Radius Bank is a top choice to consider.

Citizens Bank

Citizens Bank is a top choice for business owners that want access to lots of different online banking solutions. Furthermore, Citizens has 1,100+ branches and 3,100+ ATMs (mostly on the east coast). So it’s a good option for those of you with in-person banking needs as well.

Let’s take a closer look at the company’s business checking accounts:

Clearly Better Business Checking

• Best for small businesses with moderate account activity
• No monthly fee
• No minimum opening deposit
• 200 free transactions per billing cycle ($0.50 per transaction after)

Business Advisor Checking

• Best for businesses with higher account activity
• $25 monthly fee (waived with $10,000 average daily balance)
• No minimum opening deposit
• 500 free transactions per billing cycle ($0.30 per transaction after)

Citizens Analysis Business Checking

• Best for large businesses that need ACH, transfers, wires, and cash management
• $20 monthly fee (can’t be waived, but can be offset with earnings credits)
• No minimum opening deposit
• Custom transactions (must speak to a representative for details)

In addition to these checking accounts, Citizen offers credit cards, investing options, business benefits, healthcare banking, and a wide variety of business resources. Large organizations will have access to commercial banking solutions as well.

First Internet Bank

As the name implies, First Internet Bank is an online-only bank. There are three different types of banking solutions offered by this bank.

• Small business checking
• Commercial checking
• Business savings and CDs

Overall, the commercial checking accounts stand out the most.

Lots of online-only banks on the market today are geared towards startups and small business owners. But First Internet Bank has a wide range of banking services for large organizations and enterprises.

Businesses opening a commercial checking account will benefit from features like:

• Dedicated business banking experts
• Treasury management services
• Merchant services
• Sweep services
• Wire services
• Zero balance accounts

Contact First Internet Bank to ask about a custom business banking solution to meet the needs of your large organization.

How to Find the Best Online Business Bank Account For You

All of the online banks on our list won’t be a viable solution for your business. You’ll need to narrow down your options based on certain factors. This is the methodology that we use here at Quick Sprout to find the best online bank for you.

Business Type

You can start by narrowing down your choices based on the size and structure of your organization. Some online banking accounts are geared towards startups, sole proprietors, and freelancers. Others are designed for small businesses to mid-sized and larger organizations.

For example, if you have a small business with three locations and 30 employees, you can immediately eliminate the accounts designed for freelancers and single-member LLCs.

Fees

Lots of online business bank accounts come with monthly fees. Some banks do offer free banking, and others let you waive the monthly fee by maintaining a minimum daily balance.

Unlike personal checking accounts, business accounts typically come with monthly transaction limits. You might have to pay up to $0.50 per transaction once you exceed those limits.

Regardless of your situation, you can find a way to avoid these fees by finding an account that falls within your banking activity.

Checking Accounts and Banking Solutions

What do you want to get out of your online bank? You’ll need a checking account, at a minimum.

But the day might come when you’ll need access to other banking solutions.

• Business savings accounts
• Business CDs and CDARS
• Merchant services
• Business loans
• Business credit cards

It’s easier to get all of this under one roof, as opposed to searching for another bank at a later time.

In-Person Banking Availability

Online-exclusive banking isn’t for everyone. If you have physical store locations that accept cash, you’ll need the ability to deposit those funds at a branch.

Banks like Chase, US Bank, Citizens Bank, and Navy Federal Credit Union all have branches for in-person business banking. Just verify that there is a branch in your area.

Mobile Accessibility

Part of being a great online bank means having an excellent mobile app. The majority of your online banking activity can be done from the palm of your hand.

Mobile apps are used for things like remote check deposits. But you’ll want an app that goes beyond this basic feature. All of the banks on our list have modern and efficient mobile apps for your business banking needs.

Conclusion

Here’s a recap of the ten best online business banking solutions on the market today:

• Novo — Simple online-only business checking account with no hidden fees.
• Axos Bank — Online-exclusive bank with interest-bearing checking solutions.
• Chase Bank — Best online business checking accounts for businesses of all sizes.
• TIAA Bank — Best high-interest checking for sole proprietors and single member LLCs.
• US Bank — National bank with four online checking accounts and banking services.
• Navy Federal Credit Union — Best online banking for business owners with ties to the Armed Forces, National Guard, and DoD.
• Azlo — Best online-only business bank for freelancers.
• Radius Bank — Best online banking solution for growing businesses.
• Citizens Bank — No minimum balance requirements and free checking available.
• First Internet Bank — Best online commercial checking account for complex business banking needs and high transaction volumes.

I purposely included banks for all types of businesses on here. From freelancers to enterprises, and everything in between, I know you can find what you’re looking for on this list.

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February 28, 2020 at 09:36AM

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How to Rethink Your Way to Business Growth

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February 28, 2020 at 05:02AM

How to Rethink Your Way to Business Growth - 395

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Do you want to grow your business? Is it time to rethink the way you market and deliver experiences?

To explore how to grow your business via innovation, in this episode I interview Duncan Wardle. Duncan is the former head of innovation & creativity for Disney.

USEFUL INFORMATION:

Check out Social Media Marketing World 

We'd love you to review our show on Apple Podcasts.

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February 28, 2020 at 04:58AM

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10 Instagram Best Practices You Should Be Following in 2020

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Instagram best practices continue to change. As new advertising, creative, and sales tools come online, brands are discovering new ways to engage users. For breakout success in 2020, you’ll need to keep up with the latest trends and make full use of what Instagram has to offer.

Just consider what your brand is up against.

Last year, businesses spent roughly $20 billion to advertise on Instagram. That’s $5.1 billion more than YouTube earned in 2019. This year, competition for Instagram users’ attention and loyalty will only grow more intense. Instagram Stories alone is expected to earn $1.7 billion in sales in 2020—with 150% revenue growth year over year. 

If you currently use or plan to use Instagram for business, best practices should guide your efforts. These 10 best practices are key to improving your results in 2020.

Bonus: Download a free checklist that reveals the exact steps a lifestyle photographer used to grow from 0 to 600,000 followers on Instagram with no budget and no expensive gear.

10 best practices for Instagram

Instagram is the place to showcase your brand authority, personality, and heart using the latest and best tools and techniques. Generic won’t cut it on this platform. If your presence is lacking, you’ll forfeit opportunities to connect—and lose out to other brands.

Here are ten ways to take your Instagram presence to the next level.

1. Establish a business profile

Establishing a business profile on Instagram is a crucial first step. You’ll be able to build your brand image, following, and sales funnel in ways a personal profile won’t allow.

To switch from a personal profile to a professional account, follow these easy steps.

Once you’ve made the switch, you can: 

• Include convenient call-to-action buttons, which visitors and followers can tap to make contact or do business with you.
• Earn a verification badge from Instagram certifying your authenticity.
• Access real-time data you need to understand how well your organic content is working for you.
• Launch and track ad campaigns.

Soon, you’ll be able to see the impact you’re making and double down on what works to drive engagement, traffic, and sales. (We’ll explain in more detail below.)

2. Give your Instagram bio the attention it deserves

If you want your Instagram profile to appeal to users, you need curb appeal. With 150 characters or less and a photo or logo, you’ll need to capture the essence of your brand: who you are, what you offer, and why you’re different.

Whether they’re comfortably established or trying to generate interest, many brands keep their bios basic. SeatGeek and Patagonia use few words but convey big ideas.

Like Sabra and HelloFresh, you can use your bio to promote contests, deals, product launches, and more. 

If you’re an emerging brand, you’ll need to seem credible to earn trust. An Instagram verified badge can help with that. We recommend applying for Instagram verification. . 

3. Make it easy to do business with you

Shoppable content is a must for Instagram marketers. Although in-app checkout is not widely available (still in a closed beta in the U.S.), you can tag your products in photos, videos, and Instagram Stories and expose your products to as many as 200 million Instagram visitors daily through Explore. 

In the future, you may be able to run shopping posts as paid ads.

If you’re in the health and beauty, food and beverage, or ticketing business, you can now add an action button to your business profile so users can book an appointment, reserve a table, or buy tickets without leaving the platform. You’ll just need an existing account with one of Instagram’s action button partners to take advantage of this feature.

4. Don’t let your creative get stale

The creative possibilities on Instagram are limitless. By experimenting with post types, media options, and editing tools, you can easily shake up your content routine and refresh your image. 

• Try new content angles. Survey your followers, ask them to submit questions, or get their feedback on posts. Go behind the scenes, demo products, or walk users through step-by-step tutorials. Share your take on an important topic, or share your followers’ content. Tell stories that amaze or inspire. Do whatever suits your audience and brand.
• Experiment with color and visual effects. Use the Lux wand and filters to give your photos a distinct look and feel. Play around with video enhancement features like the Create interface in your Stories camera, which offers stickers, templates, GIFs, and more. Strive to make each post eye-catching and uniquely yours.
• Take advantage of the latest video features and tools. When you upload a new IGTV video, the first 15 seconds will be visible on your feed. For longer videos, you can post a 60-second preview in your feed along with an invite to watch the entire video. If your video is part of a series, viewers can tap on the name of the series to watch other episodes.   

5. Rock those Instagram Stories

Instagram Stories feature photos or short video loops that followers can view at the top of their app for 24 hours. Stories might contain text, links, and even GIFs. 

The new Stories Layout feature offers five new layout options with multiple frames. And of course, there are plenty of great Stories apps for iOS and Android.

Put to good use, Stories is a powerful engagement tool. With Stories, you can:

• Drive traffic to a new Instagram post or product page
• Use the “Ask me anything” feature to invite questions and share your responses
• Conduct a poll to create buzz around a new product or brand development

You can also include Story Highlights (which don’t expire) on your profile page. This is a great way to invite visitors to get to know your brand. 

Here are a few examples of how leading brands are using Instagram Stories.

Here, ThredUP is alerting users to some recent clothing finds.

Harry’s is kicking off a Q&A session.

Fender is giving a shout out to its brand community.

GE is taking users behind the scenes.

Instagram offers some valuable tips for making the most of Instagram Stories:

• Aim for the unconventional. Experiment with filters and drawing tools as well as video editing tools such as Boomerang (now with SloMo, Echo, and Duo effects) and Hyperlapse.
• Lean into that 24-hour limit. Make an offer or invite so irresistible, people will be afraid to miss out on it.
• Don’t neglect sound. Treat viewers to a multisensory experience.

Not sure how to get started with Instagram Stories? Here’s a step-by-step guide.

6.  When setting goals, consider short- and long-term value

Your Instagram posts and campaigns should be designed to appeal to your target audience based on their demographics and interests. To drive results over time, you’ll need to set S.M.A.R.T. goals (specific, measurable, attainable, relevant, and timely) and determine how you’ll measure success.

Based on our annual survey of more than 3,000 marketers for our Social Media Trends 2020 report, 44% indicated that “driving conversions” is the #1 aim of their social media efforts. 

While this is an important goal that can easily be measured against, conversions are short-term wins. Focusing on building brand equity and delighting existing customers could deliver far more value in the long run.

7.  Create a content calendar 

Spontaneous posts are fine when opportunity strikes. But steady progress requires marketing discipline. Use a content calendar to organize posts and schedule them in advance. 

• Identify themes. They can be seasonal, reflect current events or trends, or play on your target audience’s lifestyle and/or values. Choose themes that lend themselves to your brand personality and products.
• Choose the right formats. Would Stories, a photo carousel, a video series, or some other post or ad type best deliver your intended message? 
• Don’t wait to write captions. You should always be ready to post, even if your publishing schedule gets thrown.
• Pay attention to timing. Schedule posts based on how much time you’ll need for content creation and the most appropriate time(s) to publish.
• Establish workflows. Carve out a dedicated block of Instagram time, or determine a daily post quantity—whatever suits your team and business interests.

Not sure what your content calendar should look like? Get up and running fast with this handy template.

8.  Expand your reach with hashtags and geotags 

Instagram users search for content using hashtags (#). They can also follow hashtags. 

By including relevant hashtags (even daily ones) in your bio and your post captions, you’re exposing a lot of potential new followers to your brand and products.

Bonus: Download a free checklist that reveals the exact steps a lifestyle photographer used to grow from 0 to 600,000 followers on Instagram with no budget and no expensive gear.

Get the free checklist right now!

If you’re a brick-and-mortar business trying to reach users in your area, using geotags can help you make those local connections.

9. Use Insights to track engagement and conversions

Your Insights page, which you can access through your profile, offers a detailed view of how your content is performing. Insights for Stories are available for up to 14 days after Stories appear.

• Content: This tab reveals your brand’s most popular posts (as measured by total impressions). You can also see metrics for individual posts including total impressions and users reached.
• Activity:Here, you’ll find profile visits, website clicks, and information about where and how users are finding your content. 
• Audience – This tab offers data about your followers (if you have at least 100). You’ll know their gender, age, and location; when they’re most active on Instagram; and how fast your brand community is growing. 

As the insights begin to flow, pay attention to trends and look for outlier posts. Both high and low performers can help you fine-tune your messaging and design. You can even cannibalize winning posts for future content or turn them into paid ads to maximize your ROI on the platform (see below). 

Read more about how to use Instagram Insights to its full potential.

10.  Turn awesome organic posts into marketing gold 

If an organic post is seeing heavy engagement, it could be worth promoting. To get started, just follow these simple steps:

• Click the “promote” button below the post.
• Choose a business objective and a call to action (“Learn More,” “Watch More,” “Shop Now,” “Book Now,” “Sign Up,” or “Contact Us”).
• Choose your audience (let Instagram do it, or create your own).
• Choose a budget and campaign duration (you’ll see estimated reach next to your entries).
• Review your order, including method of pay.
• Once your promotion is approved, Insights will appear in your notifications tab.

Branded content, a relatively new Instagram feature, allows you to partner with individual creators of organic branded content (even Facebook content) and promote their posts as Instagram feed or Stories ads. What a great way to make a splash, grow your reach, and maximize your resources in 2020.

Save time managing your Instagram presence using Hootsuite. From a single dashboard you can schedule and publish posts directly to Instagram, engage the audience, measure performance, and run all your other social media profiles. Try it free today.

Get Started

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February 27, 2020 at 01:37PM

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The Role of Social Media in the Legal Industry

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Social media has been growing by leaps and bounds over the past few years. Now, it seems like everyone has multiple platforms on which they have a profile. This has become an important part of the legal industry as well. Social media presents numerous opportunities for those who work in the modern business world, including the legal industry. As a lawyer, social media can serve as a way for practices to develop their business while establishing a positive reputation among potential clients. In many ways, social media can act as a gateway to career advancement, creating ways for lawyers to connect with colleagues and local practices in the area. Some of the most important platforms in the legal industry include Twitter, Facebook, LinkedIn, and Google +. When these platforms are used correctly, social media can generate huge returns that make the effort worth it. There are a few social media strategies that attorneys can put to use.

First, social media works well when it comes to amplifying blogs, articles, and opinions. When someone posts a new article on his or her legal website, it can be a good idea to share this article on social media platforms. Lawyers can tweet a link to the article or post in on Facebook to generate more traffic to the article itself. In this manner, social media can help lawyers amplify the writing they produce, helping them increase their visibility. It is important for people to be patient as they try to increase the number of followers they have. It is a good idea for attorneys to correspond with each other through these platforms in an effort to increase their online presence.

Why is this important? This matters because prospective clients might come across the hard work of attorneys who work in personal injury, wrongful death, and more. Clients want to see that their attorney has a positive reputation throughout the local community. If they have a large number of followers and regularly post high-quality content, this can go a long way toward building this presence. If clients have a positive view of an attorney’s work, they are more likely to hire that attorney to represent them.

In order for attorneys to get the most out of social media, there are a few key tips to keep in mind. First, it is critical to keep the professional profile separate from the personal one. Mixing work and personal lives are never a good idea. Then, make sure to post content on the professional profile on a regular basis. Once a week is probably good; however, posting multiple times a day can make it seem like the content is spam. This can drive people away. Finally, post content that is relevant to that specific practice area. Try not to go outside of one’s area of expertise. This can lead to problems. When used correctly social media can play a major role in the growth of a legal practice.

The post The Role of Social Media in the Legal Industry appeared first on Social Media Explorer.

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February 27, 2020 at 04:24AM

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Twitter opens its ‘Hide Replies’ feature to developers

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Last November, Twitter rolled out its Hide Replies feature to all users worldwide. The feature, largely designed to lessen the power of online trolls to disrupt conversations, lets users decide which replies to their tweets are placed behind an extra click. Today, Twitter is making Hide Replies available to its developer community, allowing for the creation of tools that help people hide the replies to their tweets faster and more efficiently, says Twitter.

These sorts of tools will be of particular interest to businesses and brands who maintain a Twitter presence, but whose accounts often get too many replies to tweets to properly manage on an individual basis. With Hide Replies now available as a new API endpoint, developers can create tools that automatically hide disruptive tweets based on factors important to their customers — like tweets that include certain prohibited keywords or those that score high for being toxic, for example.

Ahead of today’s launch, Twitter worked with a small number of developers who are now releasing tools that take advantage of the added functionality.

Jigsaw, an Alphabet-owned company tackling the worst of the web, has integrated Twitter’s new endpoint with its Perspective API, which uses A.I. to score tweets based on their toxicity. The integration will automatically hide replies that exceed a certain toxic threshold (.94), freeing up the time it would otherwise take to comb through replies manually.

A scripting platform for business workflows, reshuffle, has used the endpoint to develop scripts that detect and hide replies based on keywords or even by user.

Dara Oladosu, the creator of the popular app QuotedReplies, also used the endpoint to build a new app called Hide Unwanted Replies. The app today automatically hides replies by keywords or Twitter handles. Soon, it will add support for hiding replies from likely troll or bot accounts — including tweets from user accounts created too recently or from accounts with few followers.

Hide Replies has been one of Twitter’s more controversial launches to date, as it could potentially allow users to silence critics or stifle dissent even when warranted — such as in the case of refuting misinformation or propaganda, for example. Others argue it’s not really helping address online abuse; the abuse still occurs, but in the shadows. One organization even recently leveraged Hidden Replies for a clever online campaign about how domestic violence goes unseen which further illustrates this problem.

Nevertheless, adoption of Hide Replies is growing, with organizations like the CIA even leveraging it on some tweets.

The new Twitter API endpoint for Hide Replies is available today to all developers in a production-ready form, Twitter says, initially through Twitter Developer Labs. This program launched last year to serve as a way for developers to try out Twitter’s latest APIs ahead of their wider release and offer feedback. Participation in Twitter Developer Labs is free, but interested developers have to sign up using an approved developer account. Twitter is also inviting developers building with the new endpoint to collaborate with the company by way of the community forums.

Based on early feedback from the first testers, Twitter says it’s already making a few changes to the endpoint including support to unhide replies via the endpoint, a higher rate limit to support high-volume use cases, and a way to retrieve a list of replies that indicate if they’re hidden or not.

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February 26, 2020 at 01:38PM

5 Mistakes Brands Make Trying to Sell on Social

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Especially for young people, social media is today’s town square. Users log in for gossip and news, but they also go there to shop.

Just as with real town squares, though, it takes a crier to get attention on social. Although 64% of consumers want brands to connect with them, according to Sprout Social’s 2019 #BrandsGetReal report, precious few are proactive about it. A stunning 96% of people who discuss brands on social media don’t follow them. 

Social media may be full of sales opportunities, but tapping them takes more than a branded Facebook page. You need a team of town criers, each trained and ready to talk you up.

Where Social Sellers Go Wrong

Too many companies sic their salespeople or influencers on social media without setting them up for success. The following mistakes are sure ways to fail with social selling:

1. Not establishing brand standards
Whether you tap your own team members or rely on external influencers, you can’t expect them to know exactly how you should be mentioned online. Although social platforms do differ in terms of content format and audience, standards should apply no matter where a conversation occurs.

Structure your standards in terms of actions, particularly if your sellers aren’t part of your core team. Nu Skin’s social media guidelines provide its independent consultants with specific dos and don’ts around its product and earnings claims. For visual learners, the beauty and wellness brand includes screenshots to show what brand-appropriate and (-inappropriate) posts look like online.

2. Leaving multimedia out of the mix
Low-effort content doesn’t catch eyeballs on social media. Although text posts have their place, consumers want to see proof: How does the product work? Where does it fit into their life? Are their friends using it? Data-driven video tactics help social sellers answer those questions quickly and in audience-specific ways.

Visual content doesn’t need to be an enormous production, either. If you don’t have the budget to hire a video marketing agency, think about alternatives. Beauty brand VerveGirl gained 1,400 user-submitted videos in two weeks simply by holding a makeup tutorial competition. For infographics, consider contest sites like 99designs, which lets you choose a winner among hundreds of entries. 

3. Putting quantity over quality
Social selling might sound like a matter of breadth, but there’s a reason brands should choose micro-influencers over their mega-influencing peers: Nearly two-thirds of consumers prefer small-scale interactions online.

Although you might have enough marketers and salespeople on your team to cover your core social media platforms, ask yourself whether they’re too close to your company. For some campaigns, such as selling B2B services on LinkedIn, you might need the internal knowledge and credibility. In consumer spaces like fashion, that distance is desirable because it creates a sense of authenticity. 

4. Taking an all-platform approach

Instagram and YouTube may be the top two platforms in terms of influencer marketing investment, but that doesn’t mean they’re the right choice for every brand. Both platforms attract young audiences, for one, making them poor places to reach middle-aged adults or seniors.

Before sending out your social army, consider who uses each social media platform. Pick a primary and, if the budget allows, a secondary site. If you can only afford one and have a general audience, Facebook has the broadest appeal in terms of age, race, and gender. 

5. Neglecting nurturingWhat happens after a user spots your content on social media? If you’re lucky and you’ve established a clear click path, you might score a sale. More likely, you’ll have generated awareness. What you do with it dictates whether that initial interest becomes something more.

Include a link to your site in each social post. At that link’s destination, use a lead capture tool. Although whitepaper content works best in the B2B space, B2C companies can also pair social posts with on-site assets. REI’s #ForceOfNature campaign maps nicely to its blog and infographic content. To comment or sign up for REI’s newsletter, visitors have to share their email address, giving the outdoor brand a chance to close a sale.

Turning attention online into actual revenue is easier said than done. You might make a few new friends with those artful Facebook posts, but there’s more to the story if you want to sell. In both yesterday’s town squares and on today’s social platforms, the secret is the setup. Reaching the right people on the right platforms with the right messaging is how social selling works.

The post 5 Mistakes Brands Make Trying to Sell on Social appeared first on Social Media Explorer.

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February 26, 2020 at 11:48AM