Author: Douglas Nelson

Marketer’s Mind Memo – Issue #59

The biggest & rarest marketing swipe file? Check out the 40-second video above…That’s over 10 years of physical mailings from the best of the best direct response marketers in the game…Kennedy, Abraham, Kern, Brunson, Agora Companies, you name it. I’ve saved every piece mailed for the past decade plus. (It pays to be a hoarder […]

Qualifying for a Mortgage: A Beginner’s Guide

Most people don’t have the cash to purchase a home outright. They need to take out a loan to do it. That’s where mortgages come in. Mortgages, also known as home loans, are different from other loan types because of the risk involved. These loans are typically worth hundreds of thousands of dollars, so lenders…

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Mass Layoffs or Hiring Boom? What's Actually Happening in the Jobs Market

Restaurants, hotels and hospitals are finally staffing up, more than making up for losses in tech and other sectors. “Knock on wood, things are running like they were before the pandemic,” said one restaurant executive.

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New comment by EarthshotEric in "Ask HN: Who is hiring? (December 2021)"

At Earthshot Labs, we’re building a dream team of world-class talent using AI to catalyze planetary land regeneration. All positions are 100% remote, though we meet every couple months for nature-filled intimate in-person retreats.

We are a well funded startup that is venture backed by Future Ventures. Competitive salary plus equity alongside health and 401k benefits.

Unity Engineer – https://bit.ly/3s47mXR
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We welcome introverts, weirdos, hippies, and anyone else with high emotional intelligence, passionate ecological commitment, and brilliant skillset that maybe don’t fulfill the usual societal norms. This isn’t just about inclusion or equity. We believe that the genius of diverse peoples and backgrounds is essential to create culture and technology that reflect the world we want to live in.

Visit https://earthshot.eco/work-with-us to see all available roles and feel free to email me at directly at eric@earthshot.eco

How to Choose the Best NAICS Code for Your Business

The Best NAICS Code for Your Business is Out There—and Within Reach

You may have heard of NAICS codes and SIC codes. And you may also have heard about how they can mark your business as low or high risk.

Today, let’s look at choosing the best NAICS code for you and how to do so easily. Since SIC codes are on their way out, we won’t look at them. But the principle is the same.

It’s a question of risk. More on that in a moment.

Some Background

The North American Industry Classification System has industry codes to define establishments based on what they do most of the time. The codes sort businesses to gather, analyze, and then publish statistical data on the US economy.

For example, if your company is a salon, the code might be 812112, which is for beauty salons. But that’s not quite right if you have a nail salon, which should use 812113 instead.

For salons, there are only a few possible codes, corresponding to various services. A salon offering services for hair, nails, and permanent makeup could choose from three codes.

Which Coding System do Banks and Business Credit Reporting Agencies Use?

Lenders, banks, insurance companies and business CRAs use SIC and NAICS codes. They want to see if your business is in a high-risk industry. So you could get a denial for a loan or a business credit card based on your business classification. Some codes can trigger automatic turn-downs or higher premiums. Or your business might receive reduced credit limits.

The IRS will use the code you pick, to see if your business tax returns are comparable to other businesses in your industry. If your tax deductions do not reasonably resemble other businesses in your industry, your business could be subject to an audit.

Furthermore, some companies get a high-risk label when they do not choose the right code. But if you get how the classification system works, then you can choose the right business NAICS code on your first try.

Avoiding High Risk Codes

The riskiest businesses tend to be cash-intensive. Or they can be businesses with a higher chance of personal injury or property damage.

The NAICS keeps a list of high-risk and high-cash industries. Industries on the list include casinos, pawn shops, and restaurants. Before you choose a code, look over the list.

But keep in mind, that list of high-risk and high-cash industries is from 2014 and may be incomplete or even out of date. Per the NAICS, there are no plans to update it at this time.

OSHA also requires injury and illness reports from certain high-risk industries.

None of three salon codes are on the list. But this doesn’t mean they shouldn’t be. After all, salons harbor any number of hazards. Wet floors from dripping towels can make a floor slippery. Curling irons and hair dryers are sometimes too close to wash basins. Shampoos, dyes, and nail polish remover can cause allergic reactions. And a rough masseur can injure a customer’s back.

But the other side of the risk coin is occupations which are cash intensive businesses. A pawn shop might not have much of a specific risk of injury at all. But the large amounts of cash normally associated with one mean that it’s a tempting target for thieves.

More Reasons a Business May Be High Risk

Experian in particular tends to mark certain industries as high risk when they aren’t cash-intensive. And they have no physical plant where anyone can get hurt (such as is the case with purely online businesses). So, what gives?

There are a few reasons.

  • Traditionally late-paying industries and/or a high risk of payment default. For example, single family home builders in the late 2000s were going bankrupt, and considered a high risk for extending credit.
  • Industries with a low barrier to entry. There may not be an education requirement, or maybe no licensing is necessary. There may not even be any regulations governing the industry. As a result, people go into these businesses who really don’t know what they’re doing. Hence they can go out of business just as easily as they go in. Think of the number of consultants and life coaches you see these days, maybe even among your friends. Often, those businesses don’t stick around. Even if they do, if the industry is so glutted, they might not make too much money.

Conducting an NAICS Code Search

Here’s how to get a code for your company:

  • Go to naics.com for the NAICS code list
  • Use the NAICS search function and their business activity code lookup
  • Select the NAICS number with the closest fit—if there is no good fit, expand your search. Also click on the code name to open it for more information

Can You Perform an NAICS Code Lookup by Company Name?

Yes, you actually can. Keep in mind, it’s not exactly a list of companies by NAICS code. Which makes sense, as the NAICS would probably prefer selling something like that. However, if you go to the NAICS Company Lookup Tool, you get a few options. 

You can look up a company if you have their name and ZIP code, or you have their name and D-U-N-S number, or their name and complete address.

As a result, I was able to look up Apple’s NAICS codes (their headquarters in Cupertino, California has a ZIP code of 95041. Hence if you were Tim Cook, and were asking, “What is my NAICS code?”—that would be how you would get it. But they won’t let you conduct more than one search without paying.

Choosing a Business Code: Back to Our Example for a Moment

For our salon example, it’s hard to say which code is best. Chance are they are all equally risky. Of course you want to be honest when picking a code. But if more than one code could apply, it’s okay to choose a code which will not get you denied by lenders.

If you make your own conditioner and the like, that may turn out to be a better code, 325620. That way, you may be able to still operate your real salon business without being considered risky.

A better code can be the difference between business funding—and no funding.

But Does Risk REALLY Matter That Much?

It matters less than you may think. If traditional lenders will say no, then it’s time for some internet sleuthing. A quick Google search for business loans for salons pulls up over seven million hits. You don’t have to get money from a traditional lender.

But check a few things, e.g.:

  • Do they lend to independent salons or just to larger franchises?
  • What does the Better Business Bureau say about them?
  • Is your local Chamber of Commerce and/or industry association familiar with them? If so, what do they say?

And then proceed as you wish. If you’ve found a reputable lender and they don’t care about SIC and/or NAICS codes, then the codes kind of don’t matter….

Codes and Fundability™

Your NAICS code is a part of the calculus of fundability™ of your business. Lower-risk codes will tend to be better. But if your business has several other positive fundability™ factors, the code matters less. A well setup business with $2 million in sales every month should be able to get money no matter what their code is.

The Best NAICS Code For Your Business: Takeaways

Choosing the wrong code could end up costing your business and get you labeled as high-risk. This could directly impact your insurance premiums. It could affect your financing ability, even your credit limit recommendations. This small error of selecting the incorrect code could have a big impact on your business in the future. Always do your research before choosing.

Here are some examples of industries considered high risk.

Restricted Industries (automatic decline):

  • Ammunition or Weapons Manufacturing; wholesale and retail.
  • Finance: Federal Reserve Banks, foreign banks, banks, bank holding companies
  • Gaming or Gambling Activities
  • Pawn shops
  • Political campaigns, candidates, or committees
  • X-rated products or entertainment

High-Risk Industries (subject to stricter underwriting guidelines):

  • Computer and software related services.
  • Dry cleaners
  • Entertainment (adult entertainment is considered restricted).
  • General contractors
  • Gasoline stations or convenience stores (also known as c-stores)
  • Healthcare: specifically nursing homes, assisted living facilities, and continuing care retirement centers.
  • Hotels or motels

More High-Risk Industries

  • Jewelry, precious stones, and metals; wholesale and retail
  • Limousine services
  • Long distance or “over-the-road” trucking.
  • Real estate agents/brokers
  • Real estate developers or land sub-dividers
  • Restaurants or drinking establishments.
  • Travel agencies

The post How to Choose the Best NAICS Code for Your Business appeared first on Credit Suite.

New comment by zacharyrockwell in "Ask HN: Who is hiring? (August 2021)"

RepTrak | Boston, Spain, Argentina | REMOTE OK | https://www.reptrak.com/careers/

Greetings!

I am VP of Engineering at The RepTrak Company and am currently hiring engineering talent at all levels (Principal, Senior). RepTrak has its headquarters in Boston with engineers across the globe. We do support sponsorship and have remote work options.

Reptrak is a profitable company investing in a digital product transformation – seeking to help companies prove that saying and doing the right thing is good for business.

If you are interested in shaping an engineering culture while pushing technology, please message me or apply at the following links.

Senior Software Engineer (https://boards.greenhouse.io/reptrak/jobs/4519526003)
Principal Software Engineer (https://boards.greenhouse.io/reptrak/jobs/4520127003)

Facebook Marketing: A Comprehensive Guide for Beginners

With over 2.74 billion monthly active users, Facebook is the world’s most popular social media platform. From a marketing perspective, there are many opportunities to engage with new audiences and expand your company’s reach.  

How do you capitalize on these opportunities? By devising a Facebook marketing strategy. 

For beginners, this can all seem a little daunting but don’t worry. If you’re new to Facebook marketing, let me walk you through using the tools available to your advantage.   

What Is Facebook Marketing?

Facebook marketing is a catch-all term for the different ways you can market your business on Facebook. It includes: 

  • Facebook Ads
  • Business Pages
  • Facebook Marketplace
  • Facebook Groups 

There’s a marketing strategy for every budget, whether you’re looking for a free social media marketing solution or you want to set aside a regular sum for paid Facebook Ads. 

Why Should You Use Facebook Marketing?

Firstly, over 90 million businesses are already on Facebook. Around 1.88 billion users access Facebook at least once per day, and at least 17 percent of users join Facebook to connect with brands and products.

In other words, businesses are actively pursuing customers across this social media platform, so it makes sense to build your own presence there. 

What’s more, 45 percent of internet users across the globe turn to platforms like Facebook to find out more about products they want to buy. You can help them discover your brand by advertising effectively on Facebook.

Types of Facebook Ads

Facebook lets you choose from four main ad types. 

Image Ads

Static image ads are ideal for driving traffic to your website. 

They must be in JPG or PNG format, and the headline shouldn’t exceed 40 characters. Since you only have 125 characters for the main message, they’re best for clear and concise calls to action (CTAs).  

Video Ads

With video ads, you can showcase a product, promote customer testimonials, or boost your brand. Video posts, in general, have a 6.09 percent engagement rate on Facebook, which is impressive, but you’ll lose viewers if it’s a poor-quality video with an unclear message.  

Carousel Ads

With carousel ads, people can scroll through a host of images to see the same product from multiple angles. 

While this is great for e-commerce, carousel ads aren’t ideal for showcasing different products or listings e.g., properties in real estate marketing.  

Collection Ads

Image collections are great for showing products in your e-commerce store, but as with image ads, you’re limited to a short headline and a 125-character primary message, so they’re not suited for conveying much information. 

The ad type you choose depends largely on your campaign goal. For example, an image is great for driving home a visually compelling CTA, whereas videos are useful for engaging audiences. 

There’s no set cost for Facebook Ads, either. Since you bid on ad slots across the platform, how much the ad costs depends on how much you’re willing to pay to secure the slot you want.  

Steps to Start Facebook Marketing

To use Facebook Ads, it’s best if you set up a Facebook Page for your business if you don’t already have one. Set one up by heading here.

Access Ads Manager

First, you need to access Ads Manager. 

Ads Manager is the “hub” to create, manage, and track Facebook Ad campaigns. You can log in here.  

Choose Your Ad Objective

Next, determine what you want from your campaign by setting your ad objective. There are three categories to choose from:

1. Awareness Goals

  • brand awareness
  • reach

2. Consideration Goals

  • traffic
  • engagement
  • app installs
  • video views
  • lead generation
  • messages

3. Conversion Goals 

  • conversions
  • catalog sales
  • store traffic

Click the green “Create” button and choose your goal:

How to Start Facebook Marketing - Conversion goals

Name Your Campaign

A name helps you keep track of the campaign within Ads Manager. 

Once you’ve chosen a name, confirm if you want to test different versions of the same ad against each other using A/B testing. This is optional, and you can change your mind later. 

Move on to the next screen.

Set Your Budget and Schedule 

First, choose which Page to promote. This is probably your company’s Page.

Then, set either a monthly or daily budget for your Facebook Ad campaign, and determine when you want your campaign to start. You can set an end date, too.  

If you want, you can schedule your ad based on time zones to ensure your target audience is most likely to see it. For example, if you’re targeting a U.S. audience, you can run your ads during U.S. daytime hours, and so on:

How to Start Facebook Marketing - Set Your Budget and Schedule

Choose Your Audience

Build your target audience based on gender, age, location, and language. Once you’ve got a broad sense of your ad reach, you can customize your audience based on user behaviors and interests to improve your chances of reaching the right people. 

If you’re happy with your ad reach, move on.  

Select Your Ad Placements

Decide where your ad should appear. For beginners, you might be best choosing “Automatic Placements” so Facebook can determine where you’re likely to get the best traction.

If you’re more knowledgeable, you can customize placement based on, for example, device type, social media platform (Facebook or Instagram), and operating system:

How to Start Facebook Marketing - Select Your Ad Placements

Determine Your Brand Safety Controls

You can specify content you don’t want your ad to appear alongside, such as violent, sensitive, or offensive content. 

From this screen, you can also customize your bidding strategy a little more. For beginners, though, it’s a good idea to stick with the default options at first and make changes later if required.

Create Your Facebook Ad

Finally, choose your ad format, type in the ad copy, and enter your images or videos. Once you’re happy with the ad, click the “Publish” button to go live.   

Congratulations, you’ve created your first Facebook Ad!

Tips for Creating Great Facebook Ads

To get the most from your Facebook Ads, here are some tips to bear in mind. 

  • First impressions matter, so use quality, high-resolution images for every ad. 
  • Highlight your value proposition clearly and avoid overly busy, cluttered graphics.  
  • Keep your CTA highly visible and compelling to grab a user’s attention.
  • Bring your products to life by showing people using them in your video ads.   
  • Include user-generated content where appropriate to build a sense of community.
  • Make your videos and images vertical, so they display properly on mobile devices. 
  • Monitor which version of an ad works best by deploying A/B testing.

Examples of Great Facebook Marketing Campaigns

Want to see how businesses just like yours are making Facebook advertising work? Here are two companies putting some of the tips I’ve just outlined into action.      

The Teaching Company

To advertise its one-month free trial, The Teaching Company, a college-level course provider, ran a variety of image ads to appeal to different demographics:

Examples of Great Facebook Marketing Campaigns - The Teaching Company

The value proposition is clear, the CTA is unmistakable, and the company makes it easy for customers to sign up for the trial. As a result, the campaign generated 15,540 new subscriptions, which was 10 times more than its average monthly subscription numbers. 

The takeaway? Keep your ad fresh by switching out the images regularly, and always include a clear CTA.  

GoPro

To build hype around its HERO9 camera, GoPro ran a contest called the “Million Dollar Challenge.” In exchange for sending in raw GoPro footage from a HERO9 camera, people entered a contest to win a share of the $1-million prize pot. 

Twenty-nine thousand people entered the contest, over 668,000 Facebook users viewed the video, and 56 winners took home nearly $18,000 each. 

The lesson? Use video ads to bring your audience closer to your brand and reach diverse new demographics. 

Other Ways to Use Facebook Marketing to Grow Your Brand

As I explained earlier, Facebook Ads are definitely not the only way to grow your brand through the platform. If you’re looking to make the most of your Facebook presence, here are some other strategies to try out. 

Start a Facebook Group

Give your customers a place to interact by setting up a Facebook Group for your business. 

You can use Groups to:

  • build hype around products.
  • promote brand events 
  • start conversations about your business 
  • engage with your followers

It’s free to start a Facebook Group. 

Join the Facebook Marketplace 

If you sell products online, check out the Facebook Marketplace. The Marketplace lets you quickly connect with potential customers who are already primed to buy, and you can also reach local buyers more effectively through highly targeted listings.

It’s free to list on the Marketplace, too. 

Use Your Business Page

Your Facebook Page is essentially a free marketing tool. 

At the most basic level, you can use it to share content and engage audiences. However, depending on your business type, you can also use it to:

  • set up appointments 
  • answer questions
  • share promotions
  • nurture people to download an app.    

What’s more, you can link to your Marketplace listings to help turn Page visitors into loyal paying customers. 

How to Track the Success of Your Facebook Marketing Campaign

When you run a Facebook marketing campaign, you want to track metrics such as:
– ad impressions
– ad frequency
– click-through rate (CTR)
– conversion rate
– cost per conversion

Facebook offers three main tools for tracking metrics like these: Ads Manager, Events Manager, and Facebook Business Suite. 

  1. Ads Manager

    The Ads Manager “reporting” feature lets you view, at a glance, how your ads are performing. From video ad views to website conversions attributed to a Facebook Ad, you can view all the relevant stats by creating a report. 

    To create a report, simply open Ads Manager, go to “Analyze and Report,” click “Ads Reporting,” then select the data you want to report on:
    facebook marketing guide ads manager

  2. Events Manager

    With the Events Manager tool, you can set up a pixel to analyze what actions people take on your website. 
    For example, whenever someone adds an item to their cart or completes a sale, the pixel records this as an action or “event.” You can view this data in a report and then target these users with customized ads in the future. 
    Access Events Manager here.  

  3. Facebook Business Suite

    The Facebook Business Suite lets you quickly view key data about your Facebook account, including:
    -audience demographics  
    -post and content engagement
    -paid ad performance

    What’s more, if you have an Instagram account, you can access key insights through the Facebook Business Suite, which helps you unify your social media metrics tracking. 

    You can also use alternative tools like Google Analytics to measure ad performance and conversions if you prefer.

More Facebook Marketing Resources

Need some extra help with your Facebook marketing? Here are some other resources to read. 

  • Facebook Business Help Center: The Help Center has a range of guides and troubleshooting articles to help you navigate the platform.
  • Facebook Blueprint: Facebook Blueprint offers online courses and training programs to help you build effective campaigns.   
  • Shopify Blog: Do you run an e-commerce store? This Shopify post can help you tweak your e-commerce ads most effectively.  

For even more help, check out my personalized consulting services. 

Frequently Asked Questions About Facebook Marketing

What Is Facebook Marketing?

Facebook marketing offers a variety of ways for businesses to reach customers and advertise their products across Facebook. From ads to Facebook groups, you can choose which tools you want to use based on your digital marketing objectives.

How Do I Start Using Facebook Marketing?

Open a Facebook Business Page then access Ads Manager. Choose your objective, name your campaign, set your schedule, pick your ad placement, and you’re good to go. 

Is Facebook Marketing Free?

It’s free to set up things like a Facebook Page or Group for your business. You need to pay to use Facebook Ads, though. The cost is generally calculated per click or impression, depending on the type of ad you select.

How Can I Create Great Facebook Ads?

Less is often more. Keep images and videos clear and uncluttered, and make sure you highlight your CTA and value proposition. Choose the right ad type for your objectives by figuring out your goals beforehand. 

Facebook Marketing Conclusion

If your audience is on Facebook, then you should really try out Facebook marketing for your business. Try a variety of Facebook Ads and measure your progress regularly to ensure you’re getting the most from your campaigns. 

Got a limited budget? You can still utilize Facebook Pages and Groups to draw traffic, nurture leads, and ultimately increase sales long term. 

Are you ready to give Facebook marketing a try?