Ten common mistakes people make when buying gold

Buying gold has long been touted as a terrific way to diversify your investment portfolio and protect yourself against downturns in global currency values and financial markets. At first glance, the process seems simple enough. You just find a couple of coins that look good, fork over your cash, and store your loot in a safe, right? Wrong. There's much more involved in gold investing than browsing through a coin catalog and picking out your favorites. Unfortunately a lot of people actually take that approach-and end up losing quite a bit of money while doing so. 

But you shouldn't let the fear of making mistakes prevent you from taking steps to solidify your financial standing. All you have to do is be aware of potential pitfalls so you can avoid them when the time comes to buy. Here are 10 of the most common mistakes to look out for prior to purchasing this precious metal. 

1. Lack of knowledge. There is no excuse for being uninformed. As long as you have access to the Internet, you should be able to find out all you need to know about the basic ins and outs of gold investing. You should start by reading a glossary of terms related to this activity before moving on to articles and other resources so you know exactly what the experts are talking about. 

2. Misunderstanding the value of gold. This mistake goes hand in hand with lack of knowledge. In order to invest wisely, you must understand how the metal-especially in coin form-derives its value based on things like history, scarcity, rarity, indestructibility, and global recognition as a desired commodity. 

3. Indecision about your investment amount. People who are new to buying gold frequently make the mistake of either ordering too much or too little of the metal. If you buy too much, it defeats the purpose of diversifying your portfolio. If you buy too little, you're not doing enough to protect your other assets. Most experts agree that your coin holdings should equal from 5 to 30 percent of the combined value of the stocks, bonds, and mutual funds in your portfolio. 

4. Expecting big short-term gains. Gold investing is not going to make you rich overnight, so if you're interested in short-term gains, you should check out other options. The point of putting your money into investment grade coins is to hold onto them for a long time while they appreciate in value. 

5. Linking gold markets to the stock market. Some would-be investors are under the mistaken impression that gold prices are somehow linked to the stock market, and that fluctuations in one will lead to corresponding reactions in the other. But it's important to understand that the two markets are largely independent of one another, so your purchasing decisions shouldn't be based on illusory cause-effect relationships. 

6. Substituting gold stock or ETFs for the physical metal. Buying gold to protect your assets against unstable market conditions, inflation, and other economic problems is a smart move-but only if you get the metal itself instead of stocks, exchange traded funds, or other unworthy substitutes. 

7. Skipping Rare Certified Gold in favor of bullion. Not all gold investments are created equal. Bullion, for example, will not appreciate in value based on age, rarity, or other variables. It will only be worth what the commodities market dictates. By contrast, Rare Certified Gold coins that are held for many years can end up being worth far more than what their weight would command on the commodities market, since their value is driven by supply and demand. 

8. Looking for cheap prices. Although getting a bargain is usually considered a good thing, that's not necessarily the case when it comes to buying gold. Abnormally cheap prices are typically an indication of inferior quality, and are therefore a clear sign to stay away-unless you don't mind getting stuck with something that you won't be able to resell when you need cash. 

9. Working with multiple dealers.Because of the large sums involved in gold investing, it would be worth the time and effort to seek out a reputable dealer and stick with that person for each transaction you make. You will get to know and trust each other a bit more after every deal, which will in turn pave the way for discounts on bulk purchases and similar goodwill gestures. 

10. Failure to understand premiums over spot. Buying gold coins always involves a dealer markup or premium. This is what you're expected to pay over the spot price, and varies from dealer to dealer. It's critical to have some knowledge of fair premiums over spot in order to be able to identify any good or bad deals that might come your way. 

In order to make sound decisions when buying gold, it is imperative that you first learn all you can about gold investing. There are lots of factors that impact each transaction, so the more you know, the better your chances of being successful. 
Courtesy : EzineArticles.com
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8 Mistakes To Avoid When Naming Your Business

Naming a business is a lot like laying the cornerstone of a building. Once it's in place, the entire foundation and structure is aligned to that original stone. If it's off, even just a bit, the rest of the building is off, and the misalignment becomes amplified. So if you have that gnawing sense that choosing a name for your new business is vitally important, you're right. With 18 years experience in the naming and branding business, I've witnessed the good, the bad and the really bad. To help you get off to a good start, read on to discoverthe top 8 mistakes I've found people make when it comes to choosing a name for their business:

Mistake #1: Getting the "committee" involved in your decision. We live in a democratic society, and it seems like the right thing to do--to involve everyone (your friends, family, employees and clients) in an important decision. This approach, however, presents a few problems. The first and most obvious fact is that you'll end up choosing only one name, so you risk alienating the very people you're trying to involve. Second, you often end up with a consensus decision, which results in a very safe, very vanilla name. A better method is to involve only the key decision-makers--the fewer the better--and select only the people you feel have the company's best interests at heart. The need for personal recognition can skew results, so you'll be best served by those who can park their egos at the door. Also make sure you have some right-brain types in the mix. Get too many left brains on board, and your name will most likely end up too literal and descriptive.

Mistake #2: Employing the "train wreck" method of creating a name.When forced to come up with a catchy name, many aspiring entrepreneurs simply take part of an adjective and weld it onto a noun, essentially colliding the two words head on to create a new word. The results are names that have a certain twisted rationale to them, but look and sound awful. Someone starting a high-end, service franchise becomes QualiServe. Someone starting a classy day spa becomes TranquiSpa. It's a bit like mixing chocolate syrup with ketchup--there's nothing wrong with either ingredient, but they just don't go together. Other common truncations include Ameri, Tech, Corp and Tron. The problem with this approach is that it's simply forced--and it sounds that way.

Mistake #3: Using words so plain they'll never stand out in a crowd.The first company in a category can get away with this one. Hence you have General Motors, General Electric and so on. But once you have competition, it requires differentiation. Imagine if Yahoo! had come out as GeneralInternetDirectory.com? The name would be much more descriptive but hardly memorable. And with the onslaught of new media and advertising channels, it's more important than ever to carve out your niche by displaying your uniqueness. Nothing does that better than a well conceived name.

Mistake #4: Taking the atlas approach and using a map to name your company. In the zeal to start a new company, many businesses choose to use their city, state or region as part of their company name. While this may actually help in the beginning, it often becomes a hindrance as a company grows. One client came to me with complaints that he was serving more of the market than his name implied. He had aptly called his business St. Pete Plumbing since he hailed from St. Petersburg, Florida. But Yellow Page shoppers assumed that was also his entire service area. With a little creative tinkering, we changed the image of St. Pete from a city to St. Peter himself, complete with wings and a plumber's wrench. The new tagline? "We work miracles!"

Many other companies have struggled with the same issue. Minnesota Manufacturing and Mining was growing beyond their industry and their state. To avoid limiting their growth, they became 3M, a company now known for innovation. Kentucky Fried Chicken is now KFC, de-emphasizing the regional nature of the original name. Both of these companies made strategic moves to avoid stifling their growth. Learn from them, and you can avoid this potential bottleneck from the beginning.

Mistake #5: Turning your name into a cliche. Once past the literal, descriptive word choices, your thought process will most likely turn to metaphors. These can be great if they're not overly used to the point of being trite. For example, since many companies think of themselves as the top in their industry, the world is full of names like Summit, Apex, Pinnacle, Peak and so on. While there's nothing inherently wrong with these names, they're overworked. Instead, look for combinations of positive words and metaphors, and you'll be much better served. A good example is the data storage company Iron Mountain, a name that conveys strength and security without sounding commonplace.

Mistake #6: Making your business name so obscure, customers will never know what it means. It's great for a name to have a special meaning or significance--it's sets up a story that can be used to tell the company message. But if the reference is too obscure or too hard to spell and pronounce, you may never have the opportunity to speak to that customer because they'll simply pass you by as irrelevant.

So resist the urge to name your company after the mythical Greek god of fast service or the Latin phrase for "We're number one!" If a name has a natural, intuitive sound and a special meaning, it can work. If it's too complex and puzzling, it will remain a mystery to your customers. This is especially true if you're reaching out to a mass audience.

I pushed the envelope a little on this one myself, naming my branding firm Tungsten after the metal that Thomas Edison used to create light. But because my clients consist of knowledgeable professionals who appreciate a good metaphor and expect a branding firm to have a story behind its name, I knew it would work. It's also a way to differentiate my services--illuminated, bright, and brilliant. But while something different might work for a branding firm, it wouldn't work as well for more common businesses, like an ice cream parlor or an auto body shop.

Mistake #7: Taking the Campbell's soup approach to selecting a name.Driven by the need for a matching domain name, many companies have resorted to awkwardly constructed or purposefully misspelled names. The results are company names that sound more like prescription drugs than real life businesses. Mistake #2 sometimes gets combined with this one and results in a name like KwaliTronix. It's amazing how good some names begin to sound after searching for available domain names all night. But resist the urge. Avoid using a "K" in place of a "Q" or a "Ph" in place of an "F". This makes spelling the name--and locating you on the internet--all that much harder.

And it's not that coined or invented names can't work--they often do. Take, for example, Xerox or Kodak. But keep it mind that names like these have no intrinsic or linguistic meaning, so they rely heavily on advertising to convey their meaning--and that gets expensive. Many of the companies that successfully use this approach were either first in their category or have large marketing budgets. Verizon, for instance, spent millions on their rebranding effort. So did Accenture. So check your pocketbook before you check into these types of names.

Mistake #8: Choosing the wrong name and then refusing to change it.Many business owners know they have a problem with their name and just hope it will somehow magically resolve itself. The original company name of one of my clients, for instance, was "Portables", which reminded some people of port-a-potties or portable classrooms--neither was accurate nor something the business owner wanted to be associated with. This added to the confusion when sales reps tried to explain their new concept of moving and storage. After some careful tweaking, we came up with the name PODS, an acronym for Portable On Demand Storage. The rest is quickly becoming history as they expand both nationally and internationally.

Mike Harper of Huntington Beach, California, bought a 30-year old janitorial and building maintenance company named Regency. We both agreed it sounded more like a downtown movie theatre than a progressive facilities management firm. After a thorough naming search, we developed the name Spruce Facilities Management. Spruce not only conveyed the environmentally friendly image of a spruce tree, something important to the client, it also meant "to clean up." The new tagline fell right in place: Spruce..."The Everclean Company."

It's only a matter of time before Southwest Airlines, Burlington Coat Factory and others who have successfully outgrown their original markets begin to question their positioning. Much like 3M and KFC, they may need to make a change to keep pace with their growth and image.

In the fever to start your new business or expand a current one, take time to think through some of these issues. By tapping into your creativity and avoiding these potential pitfalls, you'll be able to create a name that works for both the short and long term. Like the original cornerstone of a building, it will support upward expansion as your company reaches new heights.

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Phil Davis founded and ran a full-service ad agency for over 17 years before launching his business naming and branding consulting company in Asheville, North Carolina. His work can be viewed at http://PureTungsten.com.

http://www.entrepreneur.com/startingabusiness/startupbasics/namingyourbusiness/article76958.html

5 Common Mistakes Businesses Make Online

Welcome to web 2.0 — a world where consumers are online looking for your business.

Most brands realize the importance of engaging online consumers. The companies recognize the buying power online customers represent, but most brands continue to make the same mistakes when engaging online. So what are these mistakes and how can you keep from making them as well?

The Business Doesn’t Invest In Their Website

The most common mistake is the lack of investment in an inviting website. Finding a talented designer may be expensive but when considering the potential ROI, a professional investment can be a smart investment.

Regardless, most companies disregard design best practices and attempt to build a site on their own. These self-created sites tend to suffer from major design flaws: broken flow, ambiguous navigation, and a general lack of professionalism.

Businesses should consider their websites an online store. Would you build a store without first consulting with an architect? Is this the first impression you want your consumers to get?

Consumers are searching online for more information about businesses, looking to a company website before making any buying decisions. Make sure these consumers see a professional website, one that invites them to do business with you.

The Online Marketing Team Doesn’t Have The Right People

Companies often include the wrong people when creating an online marketing team. A successful team will be staffed with web developers, marketers, and content creators; creating a mix of technical ability and marketing understanding.

Online marketing teams require a great deal of autonomy, creating an atmosphere where concepts can be tested and optimized.

Building a team comprised of tech savvy personnel from other departments ensures the department understands the corporate culture as well as the company work flow. Understanding company culture is important because online consumers want to feel connected to the brand. An online strategy should convey the company culture, something a new employee may not fully accept.

Your online marketing team will be your support group. Invest in smart people that are willing to try new things. Internet marketing changes quickly and your team must be agile and flexible enough to stay one step ahead.

Traditional Marketers Dictate Online Marketing Strategy

Although the end goal is the same, traditional marketing and online marketing are two very different beasts. Understanding and employing pull versus push marketing can be difficult for some traditional marketers. A marketing team led by staunch traditional marketers may have a hard time succeeding online.

Online marketing strategies need to be created by someone with either experience in online marketing or a deep understanding of the online culture. Taking advantage of social media marketing requires a paradigm shift in thinking. If your team doesn’t understand the online culture, your online consumers won’t understand you.

Nothing On The Website Is Tested or Optimized

One of the greatest advantages of online marketing is the ability to gather huge amounts of data. We can track and test almost everything and yet most businesses don’t care enough to do it.

Want to know if that button should be green or red or blue? Well with testing you’re able to know which drives the most sales.

Taking advantage of this instant feedback and testing is a corner stone of online marketing. Optimization is taken to new heights when you’re able to collect so much information.

I recommend three tools to help you better understand a site’s visitors: Google Analytics, Google Website Optimizer, and CrazyEgg. You can use Google Website Optimizer’s documentation to better understand how easy it is to test almost any element online.

Moderating Negative Comments

Online consumers demand transparency from brands online. Businesses forget that consumers have become more intelligent and outspoken. If a consumer dislikes something a brand has done, they will say something.

Businesses that remove negative comments or reviews tend to create public relations nightmares for themselves. Consumers like to know that their comments count and that they can trust the brand.

Instead of moderating negative reviews, companies should respond to the consumer and ask how to better their experience. Each review is a customer service opportunity and brands should leverage them to create a better consumer experience.

Conclusion

Businesses can make a number of mistakes when starting with online marketing. Making sure you understand online culture and building a strong support group is in place can help shorten the learning curve.

What are you doing to make sure you don’t make the mistakes others have already? How are you building upon the experiences of other marketers? How are you leveraging your staff and support groups to create an online marketing strategy?

http://samirbalwani.com/social-media-marketing/5-common-mistakes-businesses-online/