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Tag: Business Process

  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shame in admitting it: Generating leads is exhausting. It drains your time, resources and patience. But despite its inherent pains, lead generation is integral to growth.

    Unfortunately, there is no metaphorical ibuprofen to make the process any less of a headache. Developing a winning lead generation strategy is all about weathering the droughts and downpours with perseverance. But you don’t always have to go it alone. You can accelerate your growth and avoid unnecessary roadblocks by partnering with an expert.

    Hiring a lead generation company can be a great way to expand your business and bring in new customers, but you have to ensure it’s the right move. To help you make the best decision for your company, here are the 10 questions you should ask before hiring a B2B lead generation company:

    Related: A Straightforward Guide To Effective B2B Lead Generation

    1. What is the company’s lead generation process?

    How leads are generated influences the quality and quantity of prospects in your pipeline. So, it’s important to understand each lead generation company’s process before making a hiring decision. Finding a lead generation company that aligns with your business goals and target audience comes down to the strategies and tactics they implement.

    For B2B, inbound marketing is a great long-term strategy, but if you are looking for more immediate results, outbound is the way to go. Still, you’ll want to avoid those who practice outdated lead generation processes such as single-channel marketing, mass-blast email campaigns and aggressive telemarketing. Modern outbound lead generation relies on precision targeting and multichannel outreach to drive brand awareness and interest to the right audience at the right time.

    Keep in mind that your lead generation partner will represent your brand’s first impression on potential clients. So, go ahead; be as picky as you like when choosing the right lead generation company. Not only will a stringent selection process protect your brand reputation, but you’ll end up with more high-quality leads to convert.

    2. Does the same SDR deliver all touchpoints?

    Lead generation is full of repetitive, time-consuming tasks, which is why many companies outsource this part of the sales process. Efficiency can be lost, however, if these activities are split among multiple sales development representatives (SDRs). Still, some lead generation companies practice the dissection of duties based on the touchpoint type. SDRs will be assigned based on a channel such as email, LinkedIn or phone calls. The trouble is this can cause miscommunication with potential clients, which makes your prospecting methods feel unprofessional.

    If you hire a lead generation company, you will most likely work with more than one SDR. Check how touchpoints are handled through the campaigns, and verify that each SDR has their own lead list to pursue. This will help your company maintain a professional appearance through every step of the prospecting process.

    3. Where is the client-facing team located?

    Outsourcing and offshoring are often synonymous, but when it comes to prospecting, the location of your client-facing team can really make a difference. B2B products and services often involve complex solutions that are difficult to sell. Sales development representatives (SDRs) must be able to communicate efficiently and effectively to build rapport with prospective clients.

    Look for a team based in the same location as your target market. If the SDRs and prospects share the same time zone and language, conversations will flow more smoothly. In turn, sales appointments booked will be beneficial and informative for both you and your prospective clients.

    4. How experienced are the SDRs?

    Chances are, if you are contemplating outsourcing, you are searching for experts to help you move the needle. However, retaining experienced salespeople is not easy. SDR burnout is high, with 50% churning within 12 months. Most lead generation companies control costs by hiring inexperienced workers to fulfill the tasks. As you may expect, such SDRs produce inconsistent results at best and numerous mistakes at worst. While lead generation teams often have a sales manager to keep performance in check, they do not handle the daily activities that directly impact your pipeline.

    Interviewing SDRs from the lead generation companies you are considering can help you get a feel for the experience your client-facing team would be bringing to the table. In addition, the SDRs’ LinkedIn profiles can provide you with the background information you need to verify they have what it takes to produce results.

    5. How are the SDRs compensated?

    As we’ve discussed, hiring SDRs new to the field is one way lead generation companies cut down on expenses. Some SDRs make as little as $500 a month, but these entry-level compensation rates can hurt morale and motivation.

    Take some time to discuss the SDR pay structure with the lead generation companies you are vetting. While you might not have much say over this aspect of the partnership, knowing the incentive model will help determine if you can expect a steady stream of quality leads.

    6. What types of leads does the company specialize in generating?

    Some partners are more general in their experience, but the truth is no two industries are the same when it comes to lead generation. If you hire a lead generation company will little to no background in your field, the ramp-up time and cost per lead will be comparable to running the campaigns in-house, if not more expensive.

    Companies that specialize in generating leads for specific types of businesses have proven strategies in place to streamline prospecting and shorten sales cycles. These experts also have a pulse on the industry, so they can adapt quickly when consumer purchasing behaviors change.

    Make sure the company you choose has experience generating leads that are relevant to your business. Ask for case studies, testimonials or references to see if past performance in related industries matches your expectations.

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

    Clear and transparent reporting will help you track the return on your investment and make informed decisions about the campaign’s success. When outsourcing lead generation, you need a partner willing to translate their results into metrics that measure progress toward your goals.

    Before hiring a lead generation company, ask how success is measured and what metrics are reported. Share your current sales goals and discuss how meeting those metrics will help your company close the gap. By setting expectations upfront, both parties can ensure that objectives and priorities are in harmony, leading to a more productive campaign.

    8. Does the lead generation company exhibit internal growth?

    The number one reason business leaders hire lead generation companies is to accelerate growth. So, it makes sense that one of the number one ways to validate a lead generation company’s capabilities is to assess its own ability to grow.

    However, this can be difficult, especially if the lead generation companies you are considering are not publicly traded. Luckily, platforms like LinkedIn make it easy to evaluate key metrics like employee headcount that provide insight into the company’s overall health. A significant dip in employees could be a sign of layoffs or internal disruption.

    When making your shortlist, look for lead generation companies with strong year-over-year growth. At a time when economic instability is shaking the foundations of businesses around the world, you’ll be more likely to stand firm with a lead generation partner rooted in proven success for both their clients and themselves.

    9. Do you have the resources to handle the additional leads?

    Partnering with a lead generation company will likely result in a significant increase in pipeline activity, so it’s important to have the resources (such as sales staff, marketing materials and customer service reps) in place to handle the additional volume.

    In most cases, lead generation partners handle the first four stages of the sales cycle: prospecting, contacting, qualifying and nurturing. Once an appointment is booked, the internal sales team guides prospective clients through the remaining purchasing process. So, lacking the resources needed to usher leads toward conversion could result in lots of lost opportunities. To maximize the ROI of your partnership, prepare your team to take on a full funnel of leads.

    Alternatively, you can seek out a full-service lead generation firm that offers support throughout the entire sales cycle, from prospecting to closing. Such partnerships can be more cost-effective than scaling your resources before you scale your revenue.

    10. Do you have a clear target market?

    A B2B lead generation company will be most effective if you understand your target market and can provide detailed information about the types of companies and individuals you want to reach.

    With a clear picture of your target market, a lead generation partner can develop ideal client profiles (ICPs) for each decision-maker. These ICPs guide every element of the lead generation process, including list building, content creation and objection handling. Using the demographic, firmographic and technographic data of each ICP, a team of experts can develop a custom campaign strategy designed to convert prospects quickly.

    However, if you are unsure about or have experienced trouble penetrating your target market, don’t hesitate to discuss your current challenges with potential lead generation partners. These specialists have a keen understanding of product-market fit and can walk you through the steps you need to take to identify your most profitable target market.

    Related: Lead Generation Best Practices That Help You Find New Customers

    How to know you’ve found the right lead generation company

    It’s essential to do your due diligence by researching the lead generation companies you are considering. Reviews and testimonials are helpful, but don’t be afraid to ask technical questions about processes, procedures and performance.

    There are hundreds of lead generation companies to choose from, all with their own unique purpose and place in the market. Ultimately, the right partner for you will be the one that most closely aligns with your business needs and goals.

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    Vito Vishnepolsky

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  • 5 Effective Ways to Prepare for the Unexpected

    5 Effective Ways to Prepare for the Unexpected

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    Opinions expressed by Entrepreneur contributors are their own.

    Let’s face the hard truth: We are never fully equipped with adequate information to predict — for sure — what will happen in the next couple of days. For businesses, this could be an interrupted cash flow when an investor pulls out of a deal. It could be a lockdown that stalls your plans to advertise your new brand at the next regional convention. Who knows?

    When unexpected events happen, a business must adapt quickly or risk going under. Interestingly, the fate of a business — especially a startup — lies mainly on the shoulders of the founders.

    How founders respond to unanticipated events varies. Some are reactive. Others are proactive. While the latter is better, we all have limits. Frequent exposure to the unknown can cause anxiety and other psychological strains that can be your business’s undoing.

    How many unexpected and unpleasant events can you endure, and how quickly can you navigate through them? That’s a difficult question to answer, I know. Here are five ways that you can prepare yourself.

    Related: How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback

    1. Assess your capabilities objectively

    As founders, you’ve had to wear many hats in your company. You’ve assumed the roles of HR, operations and even finance. You’ve developed skills you never knew you had the abilities for.

    All these experiences can spark the belief that you’re single-handedly capable of handling anything that comes your way. Although this confidence in your abilities is good for entrepreneurs, it could lead to the Dunning-Kruger Effect, which is defined as “a cognitive bias whereby people with limited knowledge or competence in a given intellectual or social domain greatly overestimate their own knowledge or competence in that domain relative to objective criteria or to the performance of their peers or of people in general.”

    Successful entrepreneurs have accurate knowledge of themselves and their capabilities. They also understand the people they work with and have great confidence in their abilities.

    By quickly realizing that your capabilities are not suited for an unanticipated event, you will be better disposed to seek help from those that are better suited for the situation at hand.

    2. Use “buffers”

    Running a business is all about making plans, setting deadlines and pursuing them. Things don’t often go to plan, and deadlines are missed. These are quite expected, but at times, things may spiral in the wrong direction, and chaos could ensue.

    To avoid chaos, founders need to keep their heads high and remain on top of the situation. One way to do this is to create buffers.

    You can start by surrounding yourself with social buffers — familiar individuals that make you feel very comfortable. These could be family members, buddies or close colleagues. Having them around when events take a wrong turn can reduce your chances of acting impulsively out of anxiety or fear.

    Time buffers are very helpful, too. When the unexpected happens, business operations are expected to continue. As you set deadlines, you should consider increasing the timeline of each milestone by about 20%. This will provide enough time to navigate unexpected events without threatening upcoming processes.

    Related: 4 Ways to Make Sure Your Business Survives the Unexpected

    3. Maintain a healthy network

    When quick, unpredicted market changes threaten business survival, founders often seek assistance from outside their organization. Most times, founders seek out other founders in similar situations to help themselves figure things out.

    Many M&A deals during the Dot Com bubble burst — one of the most challenging times in our recent economic history — happened between founders within the same network. The relationship between Elon Musk and Peter Thiel is a typical example.

    Your network may not be there for only M&A opportunities. Sometimes, you need to assess your direction against theirs from time to time. If your industry is volatile and moving in a new unforeseen direction, it will do you a lot of good to know how your colleagues are going about it.

    4. Always look at the big picture

    Founders must recognize that unexpected events can be a good thing. It brings opportunities. Paradoxically, being fazed by the challenges that come with the unexpected can blind you to those opportunities.

    It’s best to paint a big picture of your business. Clearly define your grand mission. And keep an open mind as to how that mission can be accomplished. Things don’t always have to work out the way you planned them. But they will work out.

    Just like road trips, a wrong turn of events can make you reconsider your route. It could take a little longer to reach the destination. As long as you have a clear big picture, you will be more likely to stay in control of the situation.

    Related: 4 Ways to Prepare Now so Your Business Survives the Unexpected Later

    5. Finally, practice willful acceptance

    Unpredicted changes in your business or industry may create new challenges. Sometimes, we are required to solve these challenges. But what can you do if you neither have the capabilities nor resources to solve them?

    You can simply accept the issue and commit to other things within your resources and capabilities. Studies have shown that acceptance and commitment can reduce your chances of acting anxiously when you’re fazed by a fortuitous event.

    Also, the challenges created by the occurrence of these events may not be yours to solve, even though you have the skills and resources. You have to accept this, too.

    Founders must learn to use resources efficiently. If there is an already existing solution that could be creatively used to solve a problem, you should try that out first before committing to creating a solution. This will save you lots of time and resources.

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    Judah Longgrear

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  • What to Know Before Signing a Commercial Lease

    What to Know Before Signing a Commercial Lease

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    Opinions expressed by Entrepreneur contributors are their own.

    When it is time to start looking for a commercial space to lease, there are many items to keep in mind. If this is the first time you have leased a commercial space, there are certain factors I recommend you know in advance before beginning your search.

    1. Zoning

    First and foremost, you must understand the concept of zoning. Zoning laws control what types of businesses may operate on any specific property — next, list cities where you are interested in opening your business.

    Once that list is created, you can either go online to the cities’ planning departments’ websites, call the planning departments or visit in person. I recommend you visit in person since it can expedite the process. When you speak to the person in planning, let them know the exact details of the business you will be opening.

    Remember that once you have an address of interest, you will need to check in again with the city. This time you will give the planning department the address and confirm that you can open your business at the address. Also, ask the planning department if your use is permitted by right or by permit. If it is by right then, you should be good to go regarding your use being allowed to operate. However, if the planning department mentions the use is allowed by permit, you will need to ask follow-up questions. The follow-up questions should include finding out what permits you will need, how long they will take to obtain and how much the permit cost.

    Related: 6 Overlooked Investment Opportunities in Commercial Real Estate

    2. Size

    Once you understand the zoning you are looking for, you need to know your ideal space size. If you need to know the square footage for your type of business, I recommend you research it before starting your search. You can quickly get an idea of the size space you need by using the internet and searching square footage and your use. I also recommend walking into similar businesses to get an understanding of space.

    Related: Criteria to Consider When Renting Commercial Space

    3. Customer demographics

    Next on the list is to know who your customers are through demographics. Age, average incomes and population are the key demographics you will want to keep in mind. For reference, in my markets of the Inland Empire and San Gabriel Valley regions of Southern California, most retailers seek sites with a minimum of 100,000 people within a three-mile radius.

    Additionally, you will want to know when your business will be the busiest. If you expect lunch to be critical, you will also want to know the daytime population numbers near the potential space you will be leasing.

    Knowing who your customers are will assist with understanding if visibility is vital to your business. Are you a destination tenant or an impulse tenant? If you are an impulse tenant, you need high visibility. Without high visibility, potential customers will have more difficulty seeing you and will not be able to visit your store.

    An excellent example of an impulse tenant is dessert. People often decide to have ice cream because they see it in a shopping center. Since prime street front space leases at a premium, you will have more leverage with landlords if visibility is not a significant concern for your business.

    Related: What to Do When Your Ideal Customer Isn’t Who You Expected

    4. Traffic counts

    If you need prime visibility, you will also want to pay attention to traffic counts. In commercial real estate, cars per day are examined. As a point of reference, 25,000 vehicles per day on the main street where the site is located is a minimum number many retailers are looking for when high-traffic areas are needed.

    5. Access

    Next to consider is access. It does not matter if you are an impulse or destination tenant. Access is a critical component in deciding on a space to lease. When figuring out the access for a potential site, make sure to drive all streets in all directions. Please pay attention to the road’s lines and whether they are broken. Also, pay attention to street medians and no U-turn signs. You want to make sure your customers will be able to access your business conveniently.

    Related: How to Make Your Product More Accessible to Customers

    6. Signage

    Signage can also be critical. Most centers have monument signs. Often tenants think that if they are leasing a space that had a monument sign prior, they will be able to take over that sign. That is not the case. You only have the right to use a monument sign if it is in your lease.

    When considering a center, I recommend you fully drive the entire center and take pictures of all the monument signs. In your offer, you must include these images of the monument signs and the specific panels you request rights to utilize.

    Related: 5 Major Leasing Deal Points to Know Before Signing a Lease

    It is essential to realize that there are basics in site selection. If your company has done its homework in advance, your site selection process will be simplified when looking for commercial space to lease. If you have an understanding of what you are looking for but also keep an open mind, the process of finding a location will run smoother.

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    Roxanne Klein

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  • 5 Surprising Ways to Increase the Conversion Rate of Your Emails

    5 Surprising Ways to Increase the Conversion Rate of Your Emails

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that 20% of a brand’s emails will never reach the customer at all? This, coupled with an email provider’s desire to provide the best user experience within the inbox, means that many more are going straight to spam or promotions.

    As email matures as a direct-to-consumer marketing channel, more and more businesses engage in the practice, meaning consumers are more overwhelmed with email marketing than ever before.

    As a natural result, consumers pay less attention to their emails.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    Marketers and brands work really hard and spend a lot of money to build their email lists, so it’s no big surprise they’re let down when they see open rates between 15% and 25%. Because owning a strong email list can be one of the most important assets for your business, we need to find ways to ensure that emails serve us well.

    Here are five surprising ways you can increase not only your open rates but the conversion rates of your marketing emails as well.

    1. Resend emails to unopens

    For an email to convert, it must first be opened, but most of the emails you send will never be opened.

    In the age of marketing automation, it’s really easy to set up your email sends and then simply let the software do its thing. However, one of the easiest ways to get more opens on your emails is to go in manually and resend them to anyone who didn’t open them at least 24 after the initial send.

    Think about why your email may have been overlooked. Was it sent at an inopportune time of day? Was the subject line less than appealing? Was the sender line too vague?

    The average consumer is inundated with emails spending roughly 5 hours a day in an inbox between work and personal accounts. With all that noise, a great subject line is the best way to capture their attention.

    Very simply, an effective subject line will be short, provide value, express urgency and steer clear of buzzwords. You may not be able to accomplish all this with just a few words, but keep these tips as your north star when crafting a subject line.

    This isn’t something you need to or should be doing for every email you send, but when used strategically, updating and resending your email campaigns will help you to reach more of your list.

    Related: Inbox Zero Is a Fantasy. I’m Trying for Calendar Zero Instead.

    2. Optimize for mobile

    Consumers spend more time on their phones than ever before, which means they’re doing many inbox check-ins on mobile devices. According to Hubspot, most email views (41%) come from mobile devices. Shockingly, 80% of emails being sent are not optimized for mobile.

    Most email providers have a quick and easy function that lets you see how your email will appear on mobile devices as you craft it. You can also send yourself a test email to be sure.

    Use these tools to ensure that your emails look good and load quickly on mobile before you send them.

    Related: 3 Steps to Maximize Your Mobile Email Marketing

    3. Clean your list

    There will come a point when your email list isn’t serving you anymore because a large portion of your audience is either fatigued by your emails or never getting them in the first place. You can expect your email list to depreciate by 22.5% per year.

    Two to four times a year, you should identify the people who never open your emails and remove them from your list to ensure that only those interested in hearing from you are receiving your communications.

    This will dramatically increase your deliverability, open rates and click-through rates. Bonus: It will decrease the cost of your email marketing software.

    4. Build your list

    Because the value of your list is decreasing over time, one of the best ways to increase your emails’ conversion rate is to actively bring in new, engaged leads.

    The most simple and effective way to do this is to create a strong offer, or lead magnet that you know is valuable to your target demographic. Start driving traffic to this offer through paid social ads, brand partnerships and even in-person events.

    Related: How To Start An Email List And Succeed From Day 1

    5. Ask your customers what they want

    As marketers and brand leaders, we often develop our content around what we think our customers should have instead of simply asking them what they want. One of the most simple and effective ways to get more opens and create conversions from your emails is to ask the right questions.

    In addition to asking what kinds of emails they’re most interested in, you can also ask what kind of new product they’d like to see, what their favorite social media platforms and podcasts are, or even what kind of sales they enjoy most.

    All these data points will help inform your product development and marketing strategy in a way that will make a huge difference in your business.

    You can make these customer surveys work for you even further by offering a coupon or discount to anyone who participates — and now you’ve got great data and incentivized your customer to make a new purchase.

    Email marketing has gotten more difficult over the years, but it’s far from ineffective. It’s 40x more effective than social media—and that’s a number no business today can afford to ignore.

    With the right strategies in place, you can use your emails to convert subscribers and generate more revenue for your business.

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    Shauna Armitage

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  • How to Outrank AI-Generated Content

    How to Outrank AI-Generated Content

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    Opinions expressed by Entrepreneur contributors are their own.

    ChatGPT, an AI-powered content creation tool, has gained widespread popularity. GPT stands for Generative Pre-training Transformer. It is a type of artificial intelligence (AI) that can generate human-like content by analyzing language patterns and a knowledge database. Marketers are using it to produce massive quantities of high-quality content, but it lacks credibility without a recognized author. That’s where you can leverage Google EAT and other tactics to outrank GPT spammers and your competition.

    What is Google EAT?

    EAT — or Expertise, Authoritativeness and Trustworthiness — is a ranking signal in Google’s algorithm. Real people called “quality raters” use it to determine the quality and relevance of search results based on Search Quality Rater Guidelines. This feedback helps train Google’s algorithm to deliver better results to users.

    • Expertise is the author’s depth of knowledge on the topic. You can demonstrate expertise through educational credentials, professional experience and published works.

    • Authority is the author’s reputation within an industry or community. You can demonstrate authority through media mentions, industry awards and speaking engagements.

    • Trustworthiness is the credibility and reliability of the content and its source. You can demonstrate trustworthiness through references and citations, transparent author bios and clear contact information.

    In general, websites with high EAT are more likely to appear higher on Google Search Engine Results Pages (SERPs) compared to other content where all other factors are equal. EAT is especially important for websites in industries where accurate and reliable information is critical, such as healthcare, finance and legal.

    Related: 7 Best SEO Tools to Help You Rank Higher in Google

    Why Google EAT matters during an explosion of machine-generated content

    As ChatGPT and other automated content creation tools become more popular, we can expect a surge in search engine spam. These tools can produce content quickly and inexpensively. Consequently, Google must adjust its algorithm to prioritize credible writers. A viable solution is to give more weight to the EAT ranking signal. They’ll continue to prioritize articles associated with trusted authors and fine-tune their algorithm to detect the legitimacy and quality of content attributed to them. Google must also score content according to the value of the information contained and stylistic attributes such as engagement and readability.

    I recently described how human writers have some advantages over AI on a podcast. People have imagination and can generate original data with surveys and experiments. We can then use data storytelling to make our content stand out in SERPs. We can also grow our audience on social media and drive traffic to our pages. This “social signal” can increase the legitimacy of our content.

    Related: Top 5 Ways AI Can Enhance Your Content-Creation Process

    What to do when you can’t demonstrate EAT on your own

    If you have a limited amount of influence, you can leverage the Expertise, Authority and Trustworthiness of established authors and influencers to grow your brand. Here’s how:

    1. Pay top influencers in your industry to write articles, record videos and create other content they agree not to publish elsewhere until after Google indexes your pages. Be sure to disclose payments when legally required to do so.

    2. Identify, quote and write about well-respected people in your industry. Then, contact them, or tag them in social posts that point back to your content. Some of these people will share your content with their audiences.

    3. Build genuine relationships with famous people in your industry. You can network with influencers at events, on LinkedIn and on other social platforms. Transform those relationships into mutually beneficial collaborations to grow your authority.

    Related: How Influencer Marketing Took Power, and What the Future Holds

    Machine-generated content will improve, and platforms will use it to deliver personalized content. Authors can use it for ideation, outlines and summaries. However, spammers will use it for gaming search engines. To future-proof yourself as a content creator, optimize for Google EAT, and create unique articles that only humans can initiate.

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    Dennis Consorte

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  • Marketing Agency vs. Business Owner: Who’s to Blame When Leads Don’t Convert to Customers?

    Marketing Agency vs. Business Owner: Who’s to Blame When Leads Don’t Convert to Customers?

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    Opinions expressed by Entrepreneur contributors are their own.

    When something doesn’t go exactly the way we want it to, it’s easy to point fingers at external factors. We are not usually inclined to admit that we ourselves may be responsible for the undesirable outcome. Business owners — like myself and the dentists I work with — can have a lot of pride and don’t always like to think that they may be the reason opportunities are not turning into customers (or patients in our case), and so they typically only focus on the source (i.e., the leads or opportunities) rather than reflect on their own internal processes.

    I know this because I have witnessed it and have done it myself in the past. As a marketing agency, my company’s entire purpose is to generate opportunities for the dental practices we serve to capture new business, and to a large extent, we are responsible for the types of opportunities that the practices receive. However, are we to blame when those opportunities don’t convert into new patients? Maybe, but also, maybe not.

    Related: Ask These 5 Questions Before You Blame Your Company’s Failures on the Marketing

    Collaboration is key

    Marketing agencies get blamed often for producing low-quality leads, and the same is true with a highly specialized agency like mine that works only with dental practices. In theory, however, the quality of the leads we produce for a practice mostly depends on how specific the parameters are for those leads, and that is information we get from the practice itself. Naturally, the more precisely we can define the types of leads they want to attract, the higher our chances of being able to target that demographic within the area. That doesn’t mean that every single lead generated will be perfect, but many of them will be, or close to it.

    I’ve said it before, and I’ll never stop saying it: Marketing is a collaborative effort between the agency and the client. The more you can work together and develop a synergy, the better the outcome will be. Dr. David Pearce, a highly respected New York dentist who has worked with my agency and now works consulting with practices on this very topic, agrees with me. In a recent article, he wrote, “The better the dentist is at understanding the marketing company, and vice versa, the more they can help each other.” He knows that to get the leads the practice wants, they need to work with the marketing agency to help them understand the practice’s needs.

    Now, of course, some businesses might find it difficult to define their ideal customer or lead, and that is perfectly understandable, especially if you’ve never taken the time to really break it down. But that is also where a marketing agency can be a great asset. Marketing professionals are experts at drilling down to get answers. The more a business owner is willing to participate in that process, the better leads they will receive and the less “weeding out” they will have to do to get bad ones out of the mix.

    Related: Don’t Blame The Marketing: Five Reasons Why Your Company May Actually Be Struggling

    Put your process to the test

    What about when you’re getting a good number of leads, but those leads are not turning into customers? Is the marketing agency to blame then? If those leads don’t meet the quality parameters that you established with the agency, then the agency bears some responsibility. However, if those leads are consistently good quality, meaning that they check most if not all of the boxes, then you may need to look internally to understand the disconnect.

    Let’s take an example from my experience marketing to dental practices. Say a dentist has gotten 100 good leads from a marketing agency, but only 15 of those leads converted (i.e., became patients that followed through with treatment). That is decidedly a low number. But is it because the leads are not good enough, or is it because there is some sort of breakdown in the practice’s sales process? Again, this is where the marketing agency can be an excellent partner. If the dentist is willing to let the marketing agency scrutinize the sales process from start to finish, it can identify any weaknesses that could be keeping leads from turning into patients.

    Dr. Pearce explained this in his article as well, adding, “While the marketing company cannot make the necessary changes, the best marketing companies have internal mechanisms to help each of their clients improve this process.” So, while the marketing agency may not be to blame for the low conversion rate, they can still help increase that rate to a more acceptable number, as long as the dentist is willing to work with them.

    That said, in my experience, quality leads do not always turn into quality patients right away. You can contact them and get them to book their first appointment, but that is not where the work should end. As Dr. Pearce says, “Quality patients don’t just walk into the office saying, ‘Doctor, where have you been all my life?’ The best dentists have a system that meets each new patient where they are in their journey to saying yes to optimal dentistry. From this starting point, the team will nurture and grow the patient’s understanding and value of optimal dental care.” The same holds true for any type of business. Luckily, if a business owner is not used to thinking about leads and customers in this way, they have help. The marketing agency can work with them to identify areas of opportunity and convert more leads into long-term, quality customers.

    Related: 5 Things to Look For When Hiring a Marketing Agency

    Rely on your partner, but also do your part

    If sales and marketing don’t come naturally to you or your team, then finding a good agency to partner with will make a big difference. However, for such a partnership to work, you must be open to the possibilities and ready to change how you approach and handle leads. Be sure to ask your marketing partner if they offer sales training or resources to improve your sales approach. Sometimes, they will at least have some materials you can use and distribute to your staff with some tips on how to handle incoming leads.

    My company offers resources on how to properly handle new, interested leads to teach the office staff how to properly handle phone calls and form submissions from all digital marketing efforts. You can also ask your marketing company to record phone calls to further give you insight into how your incoming calls are being handled. This is a good way to provide concrete examples of what is going well and where your sales process may need improvement. In short, the more you make yourself and your staff available, the more productive your partnership will be.

    It is also imperative that you be honest with your marketing partner. It’s not enough to just express your satisfaction or displeasure with the service. If you want to really capitalize on the partnership, give details. Take notes, and tell your marketing agency what exactly you are not pleased with and why. Provide real examples of what you see is not working to your expectations, especially when the relationship is new. When you give detailed feedback, your marketing partner is better able to fine-tune and target campaigns to suit your specific needs, and you will generate more quality leads together.

    Once things are humming along and you have found the “sweet spot,” be careful not to get complacent. It is easy to fall back into old habits when things are going well, and then your results start to nosedive. To avoid this, request that your marketing partner check in periodically (if they do not do that already) for a status report. These periodic calls will help you and your partner keep your marketing strategies top of mind, plus they are a good time to talk about what is working and what is not. Meeting regularly keeps your marketing partner informed and keeps you and your staff accountable.

    So, who is to blame when leads don’t work out? The business or the marketing agency? In my experience, it’s never entirely anyone’s fault, and also playing the blame game just doesn’t get you anywhere. Pointing the finger at the marketing agency for not generating quality leads or the business for dropping the ball with its sales process does not resolve anything. Real progress happens when the marketing agency and the business come together as partners to get better results.

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    Jackie Cullen

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  • 5 Goal-Setting Frameworks to Help You Live Your Dream

    5 Goal-Setting Frameworks to Help You Live Your Dream

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you an entrepreneur wanting to make your mark on the world but finding that it’s just not happening? Maybe you’ve come up with big ideas and taken action only for them to fizzle out, leaving you feeling demotivated and questioning if all of the work is even worth it.


    Klaus Vedfelt | Getty Images

    Don’t give up on living your dream life! We have 5 goal-setting frameworks that can help turn the tide. Take control over your goals, break them down into smaller chunks and use these techniques to see results fast. Read on if you’re ready to start making progress toward achieving success.

    Need a mentor to help you on your journey? Use Intro to connect with the perfect advisor.

    Stay focused, go after your dreams and keep moving toward your goals. — LL Cool J.

    1. SMART goals

    A framework suggesting setting goals that are Specific, Measurable, Attainable, Relevant, and Time-bound.

    • Specific – Write out clear, concise goals. What will be accomplished?
    • Measurable – The ability to track results quantitatively. What data will measure the goal?
    • Achievable – Make sure they are challenging but attainable. Is it doable? Do you have the skills/resources?
    • Relevant – Needs to be important and aligned with your priorities. Why is the result important?
    • Time-bound – Must have a target finished date. What is the time frame?

    2. OKRs (Objectives and Key Results)

    The founders of Zillow and Reddit are famous for their use of OKRs.

    Objectives are the “what.” They are very qualitative and describe the path forward, the place you want to be. When you are unlocking your inner Einstein during a journal session, gut-check your objectives with these prompts:

    • Are they meaningful?
    • Are they audacious?
    • Are they inspiring?

    Key Results are the “how.” Now, these are quantitative. They provide the roadmap for accomplishing your Objectives. Pressure test these key results by asking yourself:

    • Are they specific and time-bound?
    • Are they aggressive, yet realistic?
    • Are they measurable and verifiable?

    Input-related KRs are really all the rage. Jeff Bezos is famous for clearly defining the inputs at Amazon. Writer James Clear’s Atomic Habits is obsessed with inputs. The father of OKRs and former Intel CEO, Andy Grove, popularized OKRs with well-defined outputs.

    3. HARD goals

    If you’re trying to reach a goal, then it’s time to go HARD.

    HARD stands for Heartfelt, Animated, Required, and Difficult. It’s not just a catchy acronym; it’s a powerful way to set yourself up for success. HARD goals are the key to reaching your highest potential. Let’s break it down and look at each component of HARD goals:

    • Heartfelt – meaningful and important to you.
    • Animated – vivid in your mind. You can visualize.
    • Required – necessary for you to achieve your long-term vision and mission.
    • Difficult – stretch beyond your comfort zone.

    Related: Use the service to find the perfect mentor to help you achieve your goals

    4. The Wheel of Life

    When it comes to goal setting, the Wheel of Life framework can help us get out of our rut by creating a holistic plan that looks at all aspects of life. It’s a great way to jumpstart our motivation and get us headed in the direction we want. With this in mind, let’s take a look at the Wheel of Life and how it can help us create an effective goal-setting plan.

    The Wheel of Life is basically a framework that can be used to assess the different areas of our lives. We assess how satisfied we are in each area and use this assessment to identify areas that need improvement. This helps us identify which goals should be our priority.

    The most common subdivisions include:

    1. Health: Exercise, sleep, energy, and diet
    2. Environment: Think about relatives, colleagues, etc. Do they cause stress?
    3. Career: Are you satisfied?
    4. Relationships: Do you spend enough time with your family, partner, kids, and friends?
    5. Personal growth: Are you reading? Are you learning?
    6. Money: Are you good with your financial status?
    7. FUN: Do you have hobbies? What do you want to do?

    5. The Four Disciplines of Execution

    Welcome to the world of execution! The Four Disciplines of Execution (4DX) is a simple yet powerful system for helping teams stay focused and achieve results. 4DX is based on four key disciplines:

    1. Focus on the wildly important
    2. Act on lead and lag measures
    3. Keep a compelling scoreboard to track progress
    4. Create a cadence of accountability

    These four disciplines will help you and your team stay focused on the things that matter most and execute those initiatives with discipline.

    2023 is your year.

    The above frameworks are a surefire way to stay focused and achieve amazing results. If you need help along the way, don’t be bashful and book world-class experts and get 1-on-1 advice over a video call.

    Go get it!

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    Brad Klune

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  • 3 Marketing Trends You Need To Look Out For

    3 Marketing Trends You Need To Look Out For

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    Opinions expressed by Entrepreneur contributors are their own.

    The beginning of a new year is a great time to review business plans, reassess marketing strategies and finalize budgets. When it comes to marketing, there’s no shortage of ideas, trends and new tools. As a marketing leader with over 15 years of experience scaling marketing initiatives and teams, I’ve found that every business has its own success formula at the end of the day.

    To help you find your formula, here’s my take on three trends that I believe are critical for business growth this year and beyond.

    1. AI technology

    As customer expectations for personalized experiences continue to grow, businesses of all sizes are constantly looking for ways to provide a faster and better service and compete with audiences distracted by more content than ever before.

    From writing sales emails to answering customer questions to creating images for marketing campaigns, AI-based tools, such as ChatGPT and DALL-E, can help scale customer interactions, test marketing ideas, and grow business without increasing overhead costs.

    While you can’t completely outsource your marketing to AI (still need to check for accuracy, relevancy and brand alignment), AI platforms like ChatGPT — which can generate copy that closely resembles human-produced content and is capable of accurately interpreting highly customized requests — can help you get started on projects, maintain consistent customer outreach and save time.

    Instead of endlessly revising a blog post, spending all of your “marketing” time on social media, or skipping a holiday email because you don’t have enough time to write it, you can use AI tools to keep up with marketing outreach without feeling overwhelmed or losing sight of other parts of your business.

    AI’s potential in marketing is vast, and that by itself can be overwhelming. Start small — make a list of repeatable tasks you want to outsource and work from there.

    Related: Princeton Student Builds ChatGPT Detection App to Fight AI Plagiarism

    2. Digital accessibility

    As a marketing leader who built a career at leading tech companies in the United States, I rarely saw digital accessibility — or the practice of making websites, digital tools, and technologies accessible and usable for people with disabilities – prioritized in planning and developing websites.

    Until recently.

    As digital accessibility lawsuits skyrocketed and the Department of Justice (DOJ) cracked down on healthcare companies during the Covid-19 pandemic, businesses began to pay attention.

    Among the key reasons contributing to the increase in lawsuits and, more importantly, to a widely inaccessible internet (97%!) is the general lack of awareness and concerns around the cost of digital accessibility.

    Yet, by making your website more accessible, you can reach millions of Americans with disabilities who, according to the Return on Disability Report 2020, with their family and friends, control over 8 trillion dollars in disposable income in the United States.

    As more people search for products and services online, your website’s search ranking will continue to impact your business’s discoverability. Accessibility best practices, such as clear and descriptive headings and text descriptions for images, help people with disabilities navigate content and also make it easier for search engines to crawl and interpret websites.

    Accessible websites are also more discoverable to people who use voice search. A Google Mobile Voice Study found that 41% of US adults and 55% of teens use voice search daily.

    Here are a few steps you can take right now to make your website more accessible:

    1. Add alt text, or a written description, to all your images, which screen readers can read aloud for people with visual impairments, sensory processing disorders, or learning disorders.
    2. Use video captions and descriptions for people with hearing impairments. Make sure to review and correct any mistakes made by automated tools.
    3. Make your emails accessible – avoid using images as an entire email, underline inline links, and describe links accurately, so people who use screen readers know when text is linked and get a clear idea of where a link will take them.
    4. Use a color contrast ratio of at least 4.5:1. You can check your website and other digital content color contrast using a free color contrast checker.
    5. If you’re working with a digital agency, ask if they can provide you with a digital accessibility solution. If not, consider getting a solution that will continuously monitor your website for accessibility errors and fix at least the majority of common errors in real time, helping you maintain an accessible website without breaking the bank (manual audits and fixes are expensive).

    Related: Use These 5 Steps to Create a Marketing Plan

    3. Influencers

    Influencers come in different shapes and sizes: macro influencers, such as celebrities and bloggers with millions of followers on social media; micro-influencers with under 100K followers; and nano influencers — those with fewer than 10K followers.

    While macro and micro-influencers might be out of budget for you (unless they organically find your product and like it enough to start promoting it before making a deal with you), nano influencers might already be in your network — loyal customers, industry experts, your employees and partners with large social media following. Cultivating these relationships and organically tapping into influencers’ networks can help you get more exposure exponentially and build brand equity.

    To make the most of these organic influencer relationships, create opportunities for social sharing — events, product news, helpful content, etc. — that would benefit your brand and theirs.

    Related: Influencer Marketing 101: A Blueprint for Running a Successful Campaign

    AI technology, digital accessibility and influencers all share a common thread: customer experience. AI technology makes it easier for small businesses to consistently provide timely and personalized online experiences to their customers. Digital accessibility is critical in creating inclusive experiences and providing equal access to products and services for people with different abilities. And finally, outstanding customer experiences are key to building relationships with influencers and earning their and their followers’ trust in a brand.

    I hope you’ll find my take on marketing trends valuable as you decide where to invest your time and marketing dollars in 2023.

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    David Mazza

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  • How to Launch a Startup in Turbulent Times

    How to Launch a Startup in Turbulent Times

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    Opinions expressed by Entrepreneur contributors are their own.

    After 2022, the world will never be the same. Yes, let that sink in. However, business as we know it is not over. Turbulent times create opportunities, and while some things go down in flames, the new and often better creations rise like phoenixes from the ashes.

    In this article, you will find insights about what changes the startup market faces now, how it impacts business decisions and business processes, and what you should pay attention to if you want to launch your startup in the near future.

    Related: 4 Ways to Determine If Now Is the Right Time to Launch Your Business

    How has launching a startup changed in recent years?

    In 2022, the financial markets and inflation have posed multiple challenges for startups. Investors realized that many players that got funded earlier and made it to IPO lost their value. Besides, the startup funding in 2021 grew almost to a bubble that just had to burst. Those things combined have contributed to the slowed funding pace, and consequently, to a dramatic drop in the valuations.

    New factors have made startups a different game than in the good years. The VC investments by quarter are down about 50% in 2022 compared to 2021. There is no such thing as free capital now. Investors and angels keep their portfolios close to their chests, trying to wait out the turbulence and see what comes next. Here are several trends characterizing the situation in the startup market as of November:

    • From the funding that does go out, more goes to the active growth stage and early rounds. The seed stage is doing so-so, and the later pre-IPO is the least funded.

    • Companies double down on investments into geographical expansion and growth acceleration in lieu of product development.

    • Heightened valuations are no more. After loud scandals shaking the industry, investors will look more closely at other factors for valuation aside from the company’s revenue growth — namely profitability, vision, management potential and addressable market.

    How to launch a startup in turbulent times using new opportunities

    Though it may seem that this time can not be beneficial for anything, every crisis clears up the slate for new achievements.

    Turmoils create new challenges, which leaves people craving new solutions. Old-school brands like Jeep and Fanta emerged amidst war in reply to unexpected needs and limitations. Uber, Airbnb and WhatsApp are all babies of the recent economic recession and its challenges.

    How can you look for the new opportunities these tough times bring? The exact situation in your industry can vary, but there are several good rules:

    1. Do not pretend the times are not challenging. They are. You can be open about it and ask your customers how you can help to win their trust and build empathy.

    2. Focus on the timely needs. Uber started as a premium taxi service for business executives, but what made them skyrocket was allowing hundreds of thousands of laid-off workers to make a quick buck on the side.

    3. Experiment. No need to jump head-first into the muddy waters. Pick several directions you think may work, and test them. Run polls, bring up your ideas in podcast discussions, and see what makes the most sense for your audience.

    4. Explore untapped markets. In the toughest of times, certain groups of people keep their buying potential. Adjust your product or its positioning to target these groups.

    5. Try new things. Doing what everyone did in the good times and expecting the same results is faulty.

    Examples of startups that got seed funding in 2022

    • Financial and business risks management

    • AI-based healthcare

    • Green energy

    • Environmental consciousness apps

    • Startups that serve startups

    • Food/FMCG subscriptions

    • Climate-related risk-preventing apps

    Related: A Roller Coaster Ride: The Ups And Downs Of Building A Startup During Uncertain Times

    What should a startup founder keep in mind to attract money today?

    Calculated risks are the name of the game. Today, investors look for forethought with detailed predictions of all possible scenarios.

    Showcase your experience: Your website, MVP and appearance offline and online must look professional. Proper email setup is crucial as it immediately gives out valuable information about you. VCs are more likely to invest in second and third-time founders — so you may want to mention your previous endeavors in your fancy email signature.

    Foresee a lean digital environment: Scaling in times of crisis is tricky. Automation and digitalization are two proven shortcuts to efficiency in the possible bottlenecks. Also, the massive layoffs in the tech industry hint that outsourced teams will be sought after in the upcoming year.

    Track niches that get vacant: The competition for the buyers’ dollars is getting fierce, and players in the crowded markets are dying out. It is time to scoop the audience of bigger and slower companies. Putting your marketing money into growing organic traffic rather than buying crazy expensive paid ads can help you reach your top audience with better ROI.

    Put your bets on surging industries: Over the last nine months, many businesses have nosedived while others make their way to the top in days. So far, blockchain and fintech are on a sharp decline. Subscription services and social platforms are on snooze or leveled, though there are amusing newcomers in the field, like the food subscription platforms. The military and everything related is growing exponentially. And while there are established players with stable growth, like healthcare, legal tech, everything cloud and AI, there are also a bunch of new technologies winning over the VC minds. Agrotech, biotech and femtech, to name a few, are taking over the landscape for 2023.

    Related: 8 Practical Tips for Successfully Launching Your Startup

    Should you launch a startup in turbulent times? Even the direst and most unstable economic situations bring opportunities since they bring change. If you are launching a startup in 2023, be smart about it. Pick a fast-growing industry, develop a detailed risk management plan, and show investors your idea’s potential, not just its valuation. With the proper preparation, you can pave your way into decades ahead.

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    Andrei Kasyanau

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  • What Is Marketing Compliance and Why Should You Care?

    What Is Marketing Compliance and Why Should You Care?

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    Opinions expressed by Entrepreneur contributors are their own.

    Marketing compliance is a term used to describe the actions and practices of a company in order to ensure that it is compliant with marketing regulations. These regulations can vary depending on the industry, geography and other factors. Generally speaking, marketing compliance requires a company to exercise due diligence when creating and executing its marketing campaigns. This includes ensuring that all marketing materials are accurate and conform to local laws and regulations.

    Marketing compliance is an important issue for companies of all sizes, as violating these regulations can lead to significant fines and other penalties. In this article, we will explore the basics of marketing compliance and discuss some key considerations businesses should assess when creating their marketing plans.

    Related: An Entrepreneur’s Guide to Compliance

    What is marketing compliance?

    Marketing compliance is the process of making sure that your marketing, advertising and sales content abides by all rules and regulations designed to safeguard consumers and their information. One modern example of such regulation is the European Union’s General Data Protection Regulation, or GDPR. This regulation requires companies to obtain explicit consent from customers before using their data for marketing purposes and provides consumers with numerous rights related to their personal data.

    The goal of regulatory compliance is to protect consumers from deceptive and unfair practices while promoting fair competition within markets. Companies should always stay up-to-date with the latest regulations, such as GDPR and the California Consumer Privacy Act (CCPA), in order to ensure their marketing activities are compliant.

    Why should I be compliant?

    Marketing compliance is important for any business, regardless of size. It helps ensure that your company is following the rules and regulations set forth by regulators to protect consumers from deceptive or manipulative practices.

    Additionally, marketing compliance helps promote fair competition within markets, allowing companies of all sizes to compete. Furthermore, it can help keep your company out of legal trouble and protect your reputation.

    Finally, staying compliant can be beneficial for your customers because it ensures that they are getting accurate information about the products or services you offer.

    Different types of compliance

    There are several different types of marketing compliance laws, each with its own set of regulations. Below, I’ve highlighted a few of the most common forms of compliance:

    FTC:

    The Federal Trade Commission is a regulatory agency responsible for preventing unfair, deceptive or anticompetitive business practices within the United States. The FTC takes legal action against businesses engaged in such activity; collaborates with other government agencies both domestically and overseas; conducts policy research through hearings, workshops and conferences; and produces educational materials to share best practices with consumers and businesses alike.

    FDA:

    The FDA is an agency that regulates food and drugs in the U.S. It is responsible for ensuring that all food products, dietary supplements and medications are safe, effective and accurately labeled before being sold to consumers. The FDA also regulates the advertising of food and drug products to ensure that it follows its guidelines and does not mislead consumers. Following FDA guidelines is essential for all companies. If a company promotes off-label use, it could face legal penalties from different government entities. Additionally, many businesses still battle to create internal policies and procedures surrounding allowable off-label communications.

    FCC:

    The Federal Communications Commission, or FCC, is responsible for regulating all forms of communication in the U.S., including television, radio and telephone services, as well as internet access. The FCC works to protect consumers from fraud and other deceptive marketing practices by enforcing its rules regarding truth-in-advertising and consumer protection.

    ADA compliance:

    The Americans with Disabilities Act, or ADA, is a federal civil rights law that prohibits discrimination against individuals with disabilities. Companies must comply with the ADA when creating their marketing content by making sure it’s accessible to all users. This includes ensuring that images are descriptive and text can be read using assistive technologies such as screen readers.

    HIPAA:

    HIPAA marketing compliance means doing two key things at once. The first is protecting your patients’ protected health information, or PHI, whether it’s stored on paper or electronically. The second is understanding and carrying out your responsibilities under HIPAA. By doing so, you can be sure that your patients’ PHI is kept private and secure.

    In addition to HIPAA compliance, some states have additional laws that require companies to take extra measures when processing patient information. For example, California has a law known as the California Confidentiality of Medical Information Act (CMIA), which requires businesses to take additional steps to protect patient data.

    Related: Protect Your Business From Regulatory Pitfalls, With ‘Practical Compliance’

    Risks of being non-compliant

    The risks of being non-compliant with marketing regulations are high, and businesses stand to lose a lot if they fail to comply. Below, I have outlined a few marketing compliance risks businesses could face:

    Fines and penalties

    Strict adherence to laws and regulations is essential, as the repercussions of non-compliance can be detrimental. These range from financial penalties imposed by government entities. The following are some of the legal fines that have been enforced in recent years:

    • Fair Labor Standards Act: This act makes it mandatory for an employer to pay the federal minimum wage and overtime compensation when certain criteria are met. Moreover, any violations of this law may result in back pay and penalties (which can reach up to $10,000).

    • GDPR: The GDPR imposes administrative fines of up to €20 million or 4% of the company’s global annual revenue, whichever is higher.

    Loss of trust and brand reputation

    When customers discover that companies are not compliant with marketing regulations, they can lose trust in the brand and move their business elsewhere. This is especially true if businesses fail to comply with GDPR, as customers may hesitate to share their data with companies they don’t fully trust.

    Downtime

    Non-compliance can result in long periods of downtime. If companies fail to maintain compliance, they may be forced to take down their sites or services while they work to fix the issue. This could lead to significant losses in terms of revenue and customer loyalty.

    How to avoid marketing compliance violations

    Here is a brief marketing compliance checklist you can use to ensure you stay compliant:

    Terms of service

    It is critical for companies to be transparent about their terms and conditions in order to maintain customer satisfaction. In particular, SaaS businesses need to be clear about how their services work and what will happen with important factors.

    In the European Union, businesses cannot legally enforce unfair contract terms against consumers. When companies don’t fulfill their consumer rights obligations, they could lose customers and profit. For these reasons, it’s vital that marketing departments work with other areas of their business to make sure that their terms of service are always clear, up-to-date and fair.

    Product specifications and prices

    Businesses face a number of guidelines, both domestically and internationally, that they must follow when sharing product specifications in marketing materials. In the United States, for example, the Federal Trade Commission enforces laws related to truth-in-advertising, which demand businesses share accurate information that is backed up by evidence.

    There are also strict rules and regulations that businesses must follow when it comes to advertising on digital platforms, such as Amazon, Facebook and Google.

    Companies can face hefty fines or other penalties if these rules are not followed. This is where a strong marketing compliance strategy comes in handy.

    Data management

    Marketing compliance is also concerned with how businesses use and manage customer data. In the European Union, GDPR places a responsibility on companies to protect their customers’ personal data. This requires companies to store and securely process customer data and not share it with unauthorized third parties. Companies must also ensure that they are taking steps to comply with the “right to be forgotten” and other GDPR rights granted to customers.

    Marketing channels to monitor for violation

    Monitoring for marketing compliance violations is a crucial part of any successful risk management program.

    Businesses should keep an eye on platforms such as Amazon, Google Ads and Facebook Ads since these popular channels can be used to quickly reach large audiences. Aside from these, email marketing compliance should also be monitored closely, as companies must adhere to the CAN-SPAM Act when sending out promotional emails. Companies should also monitor their own website or app for compliance issues.

    This includes checking how customer data is collected and stored, as well as verifying that all terms and conditions are up to date. Companies should also review marketing material for any potential legal issues. Finally, businesses must ensure that they are regularly monitoring industry-specific regulations and laws to ensure they stay compliant. This involves staying on top of changes in legislation, such as GDPR and the California Consumer Privacy Act.

    Related: 3 Key Legal Issues Online Marketers Need to Know About

    Marketing and advertising compliance is a complex issue, with many laws and regulations that companies must adhere to in order to protect their customers’ data and ensure fair competition within markets. Companies should consider creating a comprehensive marketing compliance strategy that takes into account all applicable laws and regulations and ensure that their marketing practices are compliant with them.

    If doing things yourself would be too much of a burden, consider hiring compliance professionals or lawyers who are knowledgeable in this area. You could also take advantage of various marketing compliance software in the market. This can ensure that your business not only stays compliant but is also able to grow and expand without fear of legal repercussions.

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    Alex Quin

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  • 5 Crucial Predictions For Retail in 2023

    5 Crucial Predictions For Retail in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    With 2023 here, retailers geared up to make the most of the festive season with discount deals, slashed prices, free deliveries, bonus packages and more. That said, there’s an elephant in the room this season — and that’s the uncertainty about the consumer market. Recent headlines about inflation have changed most shoppers’ buying habits this year. Compared to 2021, one in four Americans (22%) is spending less on gifts this year. Conversations on social media around inflation relating to holiday shopping have increased by 35%.

    Further complicating the issue was the disruption of global supply chains caused by the pandemic. Increased demand for items led to skyrocketing prices. With customers now less willing to pay higher prices for goods, retailers face a potential decline in revenue, sales and profit margins. Retailers looking to minimize the impact of inflation, changing customer behaviors and an unstable market on their business must employ strategies to create an engaging and immersive shopping experience.

    Here are five predictions to help you meet your customers’ needs — and keep your business competitive.

    Related: How Compliance is Exposing the Fragility of the Global Supply Chain

    1. Increased adoption of an omnichannel approach

    A seamless shopping experience is quickly becoming the order of the day as customers want the flexibility of combining shopping on their phones with shopping at brick-and-mortar locations. The recent Shopify report proves this, with 54% of consumers saying they’re likely to look at a product online and buy it in-store — and vice-versa.

    Sephora is an excellent example of a company already adopting this approach. Customers can visit the brand’s website to add products to their carts and visit the store to try on their items before buying.

    To take advantage of the omnichannel experience, retailers should create a social presence that retains the brand identity across multiple channels. This includes messaging, services, pricing and overall customer service.

    Doing this well can make it easier to understand and predict customer behavior. You can tailor your consumers’ experiences to match your marketing and sales needs.

    Related: Future Of Retail Is Omnichannel

    2. Hyperpersonalization will skyrocket

    With shoppers now spending cautiously, typical personalization tactics are becoming ineffective in driving sales. Gone are the days of generic marketing emails with automated first-name snippets.

    Now, customers want purchases to fit their needs which requires brands to make customers feel more connected to the brand — which can increase loyalty and retention. According to a McKinsey survey, 71% of customers expect companies to personalize their experience, and 76% are frustrated when they don’t find it. Creating hyper-specific recommendations based on customers’ browsing history, past purchases, location, gender and age — increases the likelihood of making more sales and generating 40% more revenue.

    3. AI redefines the shopping experience

    The introduction of DALLE-2, LensAI and, most recently — ChatGPT — has sparked discussions around their use in retail. ChatGPT is an AI with nearly accurate responses to user queries—which can be used for conversational commerce. For example, in terms of personalized recommendations, AI can accurately recommend products using customer data. This helps the customer make an informed decision, driving sales.

    Regarding customer service across different channels, AI can easily give users the same experience by providing support and assistance at a far larger scale. While artificial intelligence is already in play in most parts of the retail industry, its adoption in 2023 will redefine the entire shopping experience.

    Related: Princeton Student Builds ChatGPT Detection App to Fight AI Plagiarism

    4. Data privacy laws will become stricter

    The debate on data privacy will likely become more heated in the next year, with the European Union proposing stricter regulations via GDPR. Under GDPR, user consent plays a big role in collecting sensitive and non-sensitive data. This means retailers and advertisers need to be transparent in using user’s personal data and offer consumers the option to delete or erase their data.

    The problem with the GDPR: Advertisers need user data to serve targeted ads. Retailers need advertisers to market their goods. Now, with laws becoming stricter in collecting this data, advertising prices are expected to increase.

    5. A switch to organic marketing

    The recent rise in advertising costs has pushed most retailers over the edge. Why? The current ad space price is double (with some triple) what it used to be. This means retailers are paying more to reach the same audience—with no estimated profitability, sales or even revenue guarantee.

    As a result, many brands are now moving toward organic marketing and capitalizing on its benefits. SEO, social media, content marketing and influencer partnerships are all tactics to ramp up in 2023. Using organic marketing in retail is a strategic approach that can help you build trust and maintain long-term customer relationships.

    Looking ahead, retailers are facing ups and downs in the market. Finding ways to appeal to customers’ needs is vital to staying afloat — and profitable. The strategies we’ve highlighted here will help you along the way while preparing you for what’s to come.

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    Jacob Loveless

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  • How to Grow Your Business and Maintain Your Independence

    How to Grow Your Business and Maintain Your Independence

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    Opinions expressed by Entrepreneur contributors are their own.

    In my last post, I shared some of the personal qualities that underlie entrepreneurial success, which I spoke about in a recent speech at my alma mater, Cornell. I’d now like to share some of the business advice that I gave in the same speech. Once you perfect the personal qualities of success, you still must understand the strategies that contribute to growing a successful company.


    Luis Alvarez | Getty Images

    Each of these strategies have something in common: They are focused on not just growth at any cost, but on sustainable growth that will maintain your independence. After all, most entrepreneurs get into the game because they want personal freedom and control over their own destiny. It’s important to never give that up.

    Related: 7 Steps to Finding Freedom in Your Business

    1. Don’t eat the free lunch

    That’s why the first strategy is to never eat the free lunch. In truth, nothing is free. The minute you accept someone else’s hospitality or gift, you take a subservient role.

    As a new entrepreneur, when I would go to a lunch or dinner, I aggressively fought to pick up the check, even when we didn’t have much money. The law of reciprocity holds true in business as well as life: If you are generous, people will be generous to you. If you live off the generosity of others, they will own you.

    This is why my company has never received any venture capital money, and I always recommend that other entrepreneurs resist the temptation as well. In many ways, you can’t be a pure founder if you take the easy money. As soon as you accept big bucks from the financiers, you work for them. You are limited in your ability to call shots.

    So, how do you avoid relying on venture capital or private equity? The key is to be thrifty and prioritize organic growth. If you don’t waste money, you don’t need to take other people’s money.

    Yes, capital is still required for many businesses. You might need some bank financing or money from friends and family. But a little bit of money is all it takes to test your idea and build proof of concept. And, of course, put as much of your own money in as you can.

    When I was able to pay my friends and family back for their investments in my company, it was one of the most rewarding things in my life. We got them their money back at 21x their original investment. It took us about 6 or 7 years, but rewarding the risk they took on our company was a form of success in itself. I’d always much rather reward friends and family than financiers who see you as just another cash cow — and treat you accordingly.

    2. Cultivate diverse revenue streams

    The second rule, and another crucial way to maintain independence, is to diversify your revenue streams. Diversity is good in all things, whether in the teams you hire or the revenue streams you create.

    A business built around a single cash source lacks resilience. I learned that the hard way during the pandemic. We were the largest online group hotel booking platform in the world. That’s a status you don’t want during a global pandemic when everyone’s locked down and not traveling in groups. We had to do a major pivot and switch from group to individual hotel sales. We set up a first-of-its-kind “gig economy” call center, where remote agents can answer inbound customer calls, which has resulted in much higher booking conversion rates for us compared to online. Now, we’re a much stronger company because we’ve built up an alternative revenue stream.

    Building a diverse business allows you to maintain your independence even when the going gets tough. The temptation to take venture capital or private equity money isn’t only strong in the beginning, it can also come up when you face hard times. That’s why it’s so important to plan ahead and maintain your rugged independence. Think of yourself like the Henry David Thoreau of your industry.

    Ultimately, taking the easy financing is a shortcut that leads to a trap. It’s like an athlete who takes steroids rather than putting in the work. Easy growth rarely leads to sustainable or enduring growth. There have been a lot of rewards for “blitz growth” in recent years, particularly in the tech industry. But that has changed in the last year with a big market correction. It’s best to put in the work, take the longer road and set yourself up for sustainable and lasting success.

    Related: 4 Ways To Achieve Sustainable Growth

    3. Be an expert — and act like one

    The final rule I’d like to highlight is the importance of developing your own expertise. This is also where people become tempted by dangerous shortcuts. It may seem appealing to hire someone else to be the resident expert in your industry, but then you risk forfeiting control over your business.

    Your clients or customers need you to be an expert. This requires putting in the work by constantly learning, meeting new people in your industry and staying on top of the latest innovations and trends. I like to tell aspiring entrepreneurs: You should always attend that industry conference or next event, no matter how tired you are. You can find time for sleep later.

    One of the reasons my company succeeded was by becoming the group hotel booking engine for sites like Priceline, Expedia and Hotels.com, and that came from being at every conference. The minute the big CEO walked in the room, I went up to them. I would reach out and say, “That was a great speech. I loved what you had to say. Oh, we work with your company” or “We would like to work with your company.” I probably did it to the point of being annoying, but it worked.

    If you’re a founder entrepreneur, nobody’s going to come up to you and introduce themselves — at least not at first. You’re going to have to open those doors yourself. That requires not being shy and going everywhere you possibly can.

    Of course, being an expert doesn’t mean developing expertise in every area. Hiring smart people and delegating is critical, as long as you don’t become lazy and outsource all of your company’s strategic thinking and hustle to others.

    At the end of the day, the only true way to be a leader is to be worthy of the respect of those who follow you. That requires being the expert — and acting like it. It doesn’t mean you are arrogant or a know-it-all; it simply means you have confidence in your own ability to identify trends, make decisions and lead your company forward.

    Related: 5 Essentials for Succeeding When You Become Your Own Boss

    By following each of these rules, you will not only grow your company but maintain full control, even in the face of hardship. You will preserve your rugged independence while still working effectively with others.

    If you are ever tempted to take the shortcut, just remember why you became an entrepreneur in the first place. You started a business to work for yourself and be the master of your own fate. Never give that up, no matter what.

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    Tim Hentschel

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  • 7 Tips to Start a Small Business as a Fresh College Graduate

    7 Tips to Start a Small Business as a Fresh College Graduate

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    Opinions expressed by Entrepreneur contributors are their own.

    As a recent college graduate, you have your degree and possibly some experience from an initial job or internship. But now, you’re interested in acting on your entrepreneurial ambitions and starting your own business.

    Starting a small business is an increasingly popular option for young people — 17% of college graduates run their own businesses while they’re still in college, and another 43% plan to do so shortly after graduating.

    Of course, starting your own business is a lot of work and comes with a huge learning curve. Let’s look at seven tips for starting your own small business as a college graduate.

    Related: 11 Steps to Starting a Successful Business in Your 20s

    1. Decide what kind of business you want to start

    Your first step should be to determine what kind of business you want to start and run. For instance, do you want to start a restaurant, offer a service-based business or do something else entirely?

    To determine the kind of business you want to start, think about business ideas you’ve had in the past, and consider the kind of work you like to do. You should also look for current opportunities in the market you can take advantage of. Above all else, consider what skills you have that might provide value to other people.

    2. Register your business

    Your next major step is to register your business. There’s a lot involved with this step, including:

    • Deciding on a business name: Your business name must be 100% unique to your state. For the best results, try to come up with a business name that sounds good, is easy to spell and won’t blend in with the crowd.

    • Apply for an EIN: An employer identification number (EIN) is a unique number assigned by the IRS to businesses operating in the U.S. You’ll need an EIN to open a business bank account and register your business.

    • Choose your business structure: Next, you’ll need to choose your business structure, like an LLC, corporation or sole proprietorship. The business structure you choose can affect what tax breaks you benefit from and how many employees you can hire.

    • Register your business: Finally, register with your state’s Secretary of State office. You’ll need to provide all the above information and pay some minor fees.

    3. Come up with a business plan

    Think of your business plan as the guiding document that outlines what your business is about, how it will achieve its goals and who it serves. A business plan helps guide your business, and it’s necessary if you want to receive financing from investors.

    Write a detailed business plan, including cash flow projections, target audience research and your expected marketing strategy. If you’re unsure where to start, you can use a free business plan template to get started.

    Related: The 3 Things College Taught Me About Being An Entrepreneur

    4. Identify your target audience

    At this stage, you need to determine your target audience. This is the group of people most likely to buy from your brand or subscribe to your services. You can do this by researching keywords, performing marketing research and doing competitor analysis.

    In any case, you need to know who your target audience is in terms of attributes like gender, age and buying habits. The better you know your target audience, the more effectively you can market directly to those prospective customers.

    5. Decide how you’ll finance the business

    No business can get off the ground without financing of some kind. Unless you have a nest egg you’ve saved up for this purpose, odds are you’ll need to seek out financing from other sources.

    You can do this in a few different ways:

    • Try applying for a business loan, either from a bank, credit union, the U.S. Small Business Administration or non-bank lender.

    • Appeal to venture capital firms and other investors by presenting them with a business plan and details about your company.

    • Ask friends and family members to pool money together, then promise to pay them back once you start turning a profit.

    Consider your finances and how you’ll acquire money before committing to any business idea.

    6. Keep your expenses low

    Even after acquiring funds, your business is unlikely to turn a profit for the first few years of operations. Therefore, it’s wise to keep your expenses low as you start your business. To cut down on costs, you can do things like:

    • Living with your parents, so you don’t have to pay rent.

    • Working a side job while diverting most of your effort toward your entrepreneurial endeavor.

    • Doing a lot of the hard work in your business yourself rather than hiring employees. This isn’t a great long-term strategy, but it may be necessary in the beginning.

    Related: Should Entrepreneurial College Students Go Big or Go Small After Graduation?

    7. Be ready to pivot

    Your initial business idea might not work out as you expect or hope, so you should always be ready to pivot or change your business plan. While it might be difficult or uncomfortable, navigating through hurdles and challenges will allow you to learn valuable lessons on how to run a business and identify mistakes to avoid in the future.

    For instance, let’s say you have an initial idea to provide one product to your target audience, but you discover that you can produce a better product for cheaper. It may make sense to switch your business plan and pivot toward the other product. Being flexible and adaptable are key attributes for all small business owners.

    There’s a lot that goes into starting a business, and almost half (47%) of all small businesses won’t last longer than five years. But by coming up with a plan and being strategic and flexible, you’ll increase your likelihood of success, and you can continue your entrepreneurial journey with the confidence to grow to greatness.

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    Joseph Camberato

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  • 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you struggling to keep up with the demands of digital marketing? You’re not alone. Small businesses and entrepreneurs are often so busy that they don’t have time to focus on their marketing efforts.

    Don’t worry, though! There are ways to automate your digital marketing so that it doesn’t take up all your time.

    As a digital entrepreneur and marketing coach, over the past ten years growing online businesses, I’ve learned precisely how to save 20 hours a week with automatic digital marketing processes, which I’m here to teach you. By implementing the three following automation strategies, you can free up valuable time to focus on other aspects of your business. Let’s get started!

    Related: How to Build on Your Digital Marketing Momentum in 2023

    1. Social media marketing automation

    Automating your social media marketing is one of the fastest and easiest ways to save time in digital marketing. There are many tools available that allow you to schedule posts, monitor engagement, and more.

    At the beginning of each month, create a calendar by planning 30 days worth of social media content ideas. For example, each day of the week, you should vary your content by type (i.e., educational, entertaining, inspiring, tips and tricks, behind-the-scenes, etc.). This will help keep your social media audiences engaged and interested in your posts while making it easier for you and your team to create the content.

    Similar to how manufacturing facilities streamline production processes by batching work, the same technique should be applied to your marketing efforts. Instead of creating marketing content from scratch and posting to social networks daily, batch your workload by producing content in one sitting and then schedule your posts for the rest of the week. This will make it easier for you and save you a lot of time so that you can move on to other areas of your business.

    When filming videos or shooting photos for social media, aim to capture a variety of content that can be reused and repurposed for various posts. This will cut down on the content creation time, as you’re utilizing one shoot for multiple pieces of content.

    You can also share UGC (user-generated content) featuring your company’s products or services (either by hired content creators or real customers), which shows social proof while giving you easy-to-post original content that doesn’t require extra work or effort on your part.

    In addition to these social media marketing tips to save time and energy, you can also reshare posts from several months ago. For example, if you had a popular post on Instagram from at least 3-months ago that got a lot of engagement, repost that with a slightly different caption now. This drastically cuts down on your content creation time, helping to attract a wider audience of potential new followers interested in your business.

    Related: Top 12 Questions About Facebook Ads That Every Entrepreneur Needs To Know

    2. Automating email marketing

    Automating your email marketing is a great way to save time and increase efficiency while staying in touch with your customers and prospects. You can use an email automation platform like Flodesk, Mailchimp or Constant Contact to create automated campaigns that send personalized emails to your subscribers based on their preferences and interests.

    For example, creating an email sequence workflow that automatically is scheduled to send to people who opt-in to your email list is the absolute best way to streamline your email marketing process. It’s also important to segment your audience lists so that you optimize your email workflows — this way, you know where each person is in the customer journey experience.

    For example, if someone opts into your email list by signing up for a lead magnet (such as a free ebook), then you’ll want to add them to a cold lead list (since they’re just learning about your business). That way, you start to warm them up through emails before selling them on your products or services.

    By comparison, if you set up an audience list of past customers, you can remarket to them by offering reward-based promotions (such as exclusive Thank You coupon codes) to encourage them to purchase again.

    As you can see, setting up audience lists makes it easier to create different types of automated emails that drive brand awareness, boost sales conversions and incentivize repeat purchases.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    3. Implementing content curation tools

    Content curation is another excellent way for entrepreneurs and small business owners to save time on digital marketing. Using a content curation tool, such as Buzzsumo or Curata, you can quickly find and share relevant content in your industry without spending hours researching articles and sources. Content curation tools allow you to easily search for the best content related to your target audience, save it for later use, and share it on social media.

    In addition to sharing industry-focused content, you can also share inspirational quotes that relate to your target audience’s mindset. For example, suppose you’re selling beauty products geared toward women. In that case, you might consider quickly creating a beauty image (even a stock photo will suffice) with a caption by an empowering female icon (such as Coco Chanel or Marilyn Monroe). Women are inspired by motivational messages from these figures and will often engage with this type of content on social media (by liking, commenting, and sharing it). This is an easy, effective way to create content that gets results quickly.

    These are just a few simple ways that automation will help you save time in digital marketing. Implementing these strategies will allow you to focus more energy on other important business areas while growing brand awareness for your company and acquiring new sales leads.

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    Christina-Lauren Pollack

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  • 9 Best Business Books for Entrepreneurs in 2023

    9 Best Business Books for Entrepreneurs in 2023

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    Many of the most successful business leaders, from Warren Buffett to Oprah Winfrey to Tory Burch, share a common thread: They are voracious readers. Books have the power to educate, inspire and give you a fresh perspective on what you can do to improve your business and personal growth.

    As 2023 begins, Entrepreneur‘s editors have hand-selected the following list of best-selling books that will give you a concrete roadmap for your entrepreneurial journey ahead. Whether you are launching a business, side hustling for the first time or looking to ramp up your existing business, this selection can be your blueprint for a successful and fulfilling year.

    Related: See what’s on sale now at the Entrepreneur Bookstore

    Now in its 8th edition, Start Your Own Business covers every detail of what entrepreneurs will face in their first three years of running a business. Okay, we know a lot of books profess to be a “one-stop shop” for everything you need to know, but this edition more than lives up to that claim. Experts from all industries chime in with clear, concise and easy-to-understand advice to get you on your way. It is an indispensable resource that you will find yourself returning to repeatedly as you progress. Simply put, it is the bible of startup business books. Buy now

    After 30 years of telling it like it is, we’ve collected legendary millionaire-maker Dan S. Kennedy’s best sales and marketing wisdom into one tome, The Best of No B.S. Kennedy’s frank and, well, no b.s. approach to educating readers is fresh, fun and most importantly, it works. Kennedy breaks down what really matters in your marketing, how not to get distracted by ego-centric goals that actually don’t add up to any monetary value and so much more. If you want realistic, straight-talking marketing advice, this is the book. Buy now

    This book is perfect for entrepreneurs who want to get started fast. The Ultimate Guide to Shopify shares all the inside tricks to getting the most out of Shopify’s low-cost, low-risk platform. It is packed with easy-to-digest and simple-to-implement advice on everything from product selection to targeting your ideal audience to managing your inventory. Many people who use Shopify leave its most powerful functions unused — this book will teach you how to leave no stone unturned and no tool unused to accomplish your goals. Buy now

    Related: A heartwarming and inspirational book for entrepreneurial kids

    Facing debilitating fatigue and depression, best-selling author Ben Angel set out on a 90-day mission to find and conquer the root of his issues. Enlisting the help of biohackers, neuroscientists, doctors and New York Times bestselling author Dave Asprey, Angel discovered a world of wellness and in Unstoppable shares tactics that have helped him reduce stress, increase focus, improve physical performance and eliminate fears. This is a compelling and useful guide to healthier, happier and more productive living. Buy now

    Based on interviews with hundreds of successful people, leadership and success coach Brian Tracy’s Million Dollar Habits shares insights from their habits that we can all use to work more effectively, make better decisions and ultimately boost our income. Tracy breaks down how getting into the right habits will give you a better handle on your finances, give you better physical health, strengthen relationships and help you turn your personal and financial dreams into reality. Buy now

    Related: Read the best-collected writings of influential entrepreneurs

    “Work less and make more money” sounds like a pipe dream, but Perry Marshall has a simple theory for marketing pros: You can save 80 percent of your time and money by zeroing in on the right 20 percent of your market. 80/20 Sales and Marketing outlines his process for identifying your precise customers, and the book comes with access to a powerful online tool that helps marketers track and improve positions on search engines, differentiate themselves from competitors and gain a foothold in the market. Buy now

    This comprehensive companion to Start Your Own Business is a deep-dive into what can be the most critical step to launching a successful business. Before you spend a penny on your idea, Write Your Business Plan will help you vet your concept, fine-tune it and give you advanced insights into where your advantages and pain points lie. Unfortunately, there are no crystal balls that will let you know with certainty if an idea will succeed, but having a solid plan is the next best thing. Buy now

    Social media seems so simple, but as anyone who has tried to get more than get a few likes on a great sunset photo knows, it can be confusing and frustrating. We pulled together a team of experts to create The Ultimate Guide to Social Media so that startup founders can learn efficient and effective brand-building techniques without having to become social media mavens. The book breaks down all of the best practices for the most well-known platforms and identifies what business owners can do on their own, and which initiatives they may want to farm out to save time and energy. Social media, it goes without saying, is the most powerful tool a brand can use to get its name out there — and using organic tactics, won’t cost you a penny. Buy now

    Serving as a compliment to the tactics outlined in Unstoppable, Ben Angel’s The Unstoppable Journal is a planner to help you structure your day and reach your goals more efficiently while helping you identify triggers that destroy your focus, zap your energy and bring on anxiety. The journal offers tips along the way, and we especially love that it forces you to put down your devices and be mindful about your journey. Buy now

    Check out the entire selection of the best business books to kickstart 2023 here.

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    Entrepreneur Staff

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  • 4 Commitments All Inclusive Leaders Must Follow

    4 Commitments All Inclusive Leaders Must Follow

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    Opinions expressed by Entrepreneur contributors are their own.

    2022 was the first year of Diversity, Equity and Inclusion accountability for inclusive leaders. Our future will be filled with increasing expectations from employees, customers and business partners, looking for us to step up and courageously respond to societal needs and problems across human differences. It won’t be easy, but it will be good.

    Let’s bring some substance into our learning of how to lead more inclusively. Here’s a deeper dive into four crucial concepts and skills for inclusive leaders in the coming year.

    1. Choose kindness over making others wrong

    I’m unsure when or why we permitted kindness to become a sign of fragility or ineffectiveness. We have a nauseating array of “leaders” who demonize people who disagree politically with them, call names, refuse to care and instead foment the pain of trans people. The examples of meanness and cruelty are simply too long to list. Kindness is often seen as a weakness in the workplace. There’s an epidemic of giving into the self-obsessed impulse to make ourselves right and make others wrong, almost for the insidious sport of it. That is a way to shred relationships. And we see massive malice on social media.

    Kindness is respecting another person’s dignity in ways that help them be happy, comforted, heard or whole.

    Inclusion can be defined in the same way. As an inclusive leader, how do you ensure that your colleagues know that you care about their psychological safety, day-to-day struggles and ambitions? Choose kindness and equip others to be alright, not wrong. Prioritize relationships.

    Related: Why Kindness Is A Crucial Quality For Leaders

    2. Commit to evidence-based decision making

    Inclusive leaders think critically, use credible data and make decisions on that basis. They include their teams and peers in decision-making. This is not an argument for cold-hearted objectivity — inclusive leaders take the complexity of human identities into account and seek to factor in the emotions of all involved. Evidence, facts, truth: whatever words you use, the idea is central for effective and inclusive leaders.

    Inclusive leaders must reject conspiracy-based opinions without evidence, excessively emotional pleas that are more about advocacy than the business you’re there to conduct or unending deliberations or analyses that claim to be ‘inclusive’ at the expense of actually making a good and timely decision.

    Diversity, equity and inclusion should be a source of rigor in your leadership work. Build a healthy definition of ‘evidence’ (and emotions are one kind of evidence), and stay in the game by making inclusive decisions.

    3. Center the future on realities from the past

    This is not a complicated point: we cannot prepare ourselves and our children for the future if we are afraid of our collective past. No committed inclusive leader will accept a law, a policy or a practice to censor history because it makes someone uncomfortable. We need to say this plainly: it’s pure fear and unproductive denial to pass laws that “protect white people from discomfort” when solving the ongoing impacts of racism or antisemitism, or homophobia.

    Such a stance stifles learning, refuses to prepare all our children for the multiracial and otherwise diverse reality of the world we already live in, and directly supports the forms of systemic bias that real patriots fight every day. Suppose your school district or government has passed such laws or policies as an inclusive leader. In that case, you should consider how to change such decisions with powerful education and insistent kindness.

    Related: Don’t Let Fear Conquer Your Greatness

    4. Champion demography as destiny

    The multicultural future has already arrived. Maybe even our families have evolved: babies of color have been the majority of children born for six years, and interracial marriages are now commonplace. Study the 2020 Census, and you will realize our population has been diversifying for generations. The identity mix of your customers and employees is completely profound right now. The way to learn about diversity is widening: neurodivergence, working across generations, navigating languages and cultures to grow globally, understanding the impact of spirituality and religious differences, etc.

    Demographics cause us to consider how our future is already here and coming close. And the elements of DEI will only expand ‘in the future.’ All this change is pushing on your business model: where you source product and talent, how you manage differences with customers and reach new ones, how you work with suppliers and regulators, how DEI equips you to measure what matters in your unit, why you invest in a market or a merger. Inclusive leaders engage demography, so we have the chance to thrive.

    These are some profound challenges for inclusive leaders in the coming years. I encourage you to pursue these Four C’s: choose kindness, commit to evidence-based decision-making, center a future on the realities of the past and champion demographics.

    And a final thought: leading with these challenges in view will help you mend and tend to family relationships during the holiday season and beyond. We can listen to build trust and practice inclusive leadership wherever we go.

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    Chuck H. Shelton

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  • 5 Lessons I Learned From Children That Helped Me Create an Apple Award-Winning Business

    5 Lessons I Learned From Children That Helped Me Create an Apple Award-Winning Business

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    Opinions expressed by Entrepreneur contributors are their own.

    When you spend most of your week with people from work, you tend to form a community. And with any community, you’ll find yourself facing many ups and downs along the way. During our years developing and pivoting mobile applications together, we’ve argued, laughed, broken up, and at times, cried.

    But during those trying moments, it’s often been the lessons I’ve learned from children that have helped me to keep going and ultimately led our team to create an app called Magic, which Apple chose as one of the best apps of 2017. Here are five insights I learned from children that helped us create this award-winning business:

    Related: 5 Ways Children Can Teach You How to Keep the Dream Alive

    1. Patience is a superpower

    “Are we there yet?” A common phrase uttered by a bored child on a long car ride. While this may be a tired trope, it’s no surprise that children are often impatient. To them, everything needs to happen instantly because they don’t understand the concept of time. So, whenever my twins would ask me this question, I would refrain from saying “no” and instead turn the conversation into an educational game.

    One of my business partners used to ask me every few weeks, “When will we become successful?” So, instead of answering his question, I used the same approach and tried to engage in conversations about our progress, how far we’ve come, brainstorm ideas on moving forward and what was still ahead. Instead of getting frustrated, this shift in my mindset reminded me of patience being a superpower — something that I had to develop if we were going to succeed.

    2. Make short-term goals

    LEGOs are one of the most popular toys among children because of how easy it is to be successful with them. All they have to do is follow the instructions, and each of their tiny pieces will eventually come together to form a larger construct in a matter of minutes, helping them to achieve their short-term goals faster. Combining small steps with instant results helps motivate children to keep going.

    This can be applied to business, as well. Instead of focusing on long-term goals, it’s essential to break them down into smaller chunks in order to keep the momentum going. For example, our team agreed to release evolutionary app updates every three months. Once we published the app’s new version, we would share it with the community, opinion makers and media to get feedback and improve the product.

    This strategy helped bring attention to our product, keep us motivated throughout the development process and helped us grow from a few thousand to a few million users. Overall, our team stays motivated when small successes arise from our short-term goals.

    Related: 3 Things My 5-Year-Old Cousin Taught Me About Entrepreneurship

    3. Don’t listen to what others say. Keep believing.

    My kids may use hammers to paint, kitchen appliances to play music or deodorant as a microphone to sing. At an early age, they had no established notional and social patterns of behavior. However, this allowed them to be creative and confident in their ideas, no matter what others said or thought.

    The same holds true in business — don’t listen to what others say, but keep believing and be confident in your ideas. When we first released Magic, many people said it would flop and never be a success. We didn’t let that stop us and kept pushing forward even through hard times, which paid off in the end. Whenever people around you doubt your ideas, keep in mind that Microsoft CEO, Steve Ballmer, laughed at the first iPhone model in 2007.

    4. Turn failure into motivation

    I’m always amazed at how stubborn kids can be when practicing what they love. For example, when I play soccer with my kids and fail to score a goal, my kids always cheer me on, saying, “Dad, don’t worry. Now you know what not to do. Just try again.”

    This lesson helped me realize that failure can be a great experience rather than something to feel embarrassed or ashamed about. This helped me to stay motivated even when hundreds of investors and journalists turned down our ideas. With every rejection, I worked to improve my pitch to make sure it was just right. Whenever we face setbacks or fail to reach expectations, I encourage our team to take those failures as an opportunity for learning, not only for ourselves but for the future of the company and how it could be improved.

    Related: 7 Things Entrepreneur Dads (and Moms) Can Learn From Kids

    5. Go through hard times together

    A child’s empathy is heartfelt and supportive. For example, when one of my twins falls down and starts crying, the other helps them get up, and they hug each other.

    This taught me the importance of team spirit and how support from your team can help you overcome any obstacle. Creating machine learning-based apps is based on a ton of research and development. Typically, only one of five hypotheses turns out to be true. I have been supporting our team members when they believed they tried all possible opinions, and within a few weeks, they usually found a solution that worked.

    By embracing kids’ spirit of creativity, confidence and teamwork, I’m able to stay positive even through hard times and use failure as an opportunity for learning, resulting in our team building an app with millions of users and even earning an Apple award.

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    Ashot Gabrelyanov

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  • 5 Types of Customer Loyalty Programs that Pay Off

    5 Types of Customer Loyalty Programs that Pay Off

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    Opinions expressed by Entrepreneur contributors are their own.

    According to ProfitWell, 80% of future profits come from just 20% of existing customers. So clearly, any effort to keep yours engaged is a worthy investment, and loyalty programs are one of the oldest and most popular ways to do that.

    Put simply, such programs retain existing customers by rewarding them for interacting with your brand — typically via points, discounts, perks or free products. Research from Yotpo in 2019 found that 67.8% of buyers equate brand loyalty with repeat purchasing. It’s not surprising, then, that brands have created associated programs to encourage repeat purchases.

    Here are some proven program categories:

    1. Points

    If you have a credit card, you’re likely familiar with points programs, in which you spend a certain amount to get a number of points. These are usually convertible to cash, or store credit in the case of retail brands. Starbucks has one of the most popular in the world: You use an app or card to pay for orders and earn points. In the U.S., customers can start redeeming rewards once they hit 25 points (or “Stars,” as the company terms them). The brand also runs yearly sticker-based points programs during the holidays in select countries, which encourage customers to collect a number of stickers to get a limited-edition Starbucks planner.

    Related: How Brands Can Turn Short-Term Rewards Into Long-Term Loyalty

    2. Premium

    Paid or premium programs encourage customers to pay a membership or subscription fee in exchange for benefits. Perhaps the most recognizable example in this category is the Amazon Prime subscription, which rewards members with a free membership in its streaming app, free shipping within the U.S. and other added value.

    Some retail brands like Barnes & Noble have membership programs that grant members discounts on items and early access during sales. To get customers to sign up for a paid loyalty program, the key is to offer something that’s perceived as valuable and useful, and among the highest-performing examples of associated apps were recently listed by AVADA.

    3. Tiered

    Tiered loyalty programs follow the same concept as points-based examples — the difference being members are given different rewards as they reach each tier, rather than everyone getting the same. Such programs present members with a specific status name each time they climb up a level.

    For example, most airlines have tiered loyalty programs measured by miles. Qatar Airways, the flag carrier of Qatar, has a Privilege Club for its frequent fliers. New members start on the lowest tier, called “Burgundy,” followed by “Silver,” “Gold” and “Platinum.” As members progress, they earn more privileges and perks. For example, once members hit the Silver level, they get lounge access, while one benefit of the Platinum tier is a no-charge allowance of 55 pounds of baggage every time they fly.

    Member programs in other industries might offer good student, safe driver or good credit discounts, along with referral rewards, VIP status and other perks.

    Related: 7 Ways Leading Companies Boost Repeat Sales

    4. Action-driven

    Action-driven loyalty programs encourage customers to interact with your brand beyond purchasing. For example, they might receive specific points on a first purchase, but to progress as a member they need to like and share your social media pages. To drive members to action, it’s best to also include tiers in these examples.

    A winning example in this category is Adidas’s action-based loyalty program called the adiClub, wherein members are encouraged to shop and post reviews, complete a profile on the website and sign up for a run. Members climb tiers and unlock more privileges and rewards as they earn points. In time, they become brand ambassadors — supporting the company on a more holistic scale.

    5. Cash-back

    Cash-back programs are similar to points programs but with more instant gratification. Many credit card companies offer them and typically reward members between .25% and 5% per eligible transaction. Most companies have partner merchants and a minimum-spend amount before cash-back is granted.

    Related: 3 Ways to Build the Rewards Program Customers Want

    The key takeaway is that instead of competing for attention in a crowded marketplace, it might be better to focus efforts on the audience you already have. For hundreds of brands spanning dozens of industries, customer loyalty programs have proven to be an effective strategy for retaining customers, boosting relations with them and increasing brand affinity.

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    Nick Brogden

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  • How to Use Predictive Analytics in Your Business

    How to Use Predictive Analytics in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Predictive analytics is a field of data analysis that uses past data to make future predictions. By understanding customer behavior, you can better anticipate what they want and need — and therefore create products and services that appeal to them. In this article, we outline seven simple steps for using predictive analytics in your business. We hope these will help you get started and that the insights generated will help you achieve your business goals. In this article, we’ll discuss:

    1. What is predictive analytics?

    2. Why is it important in business?

    3. How does predictive analytics work?

    4. The different types of data that can be used in predictive analytics

    5. Steps for using predictive analytics in your business

    Related: How Predictive Analytics Can Help Your Business See the Future (Infographic)

    1. What is predictive analytics?

    Predictive analytics is a method of using data to make predictions about future events or behavior. It can be used in a number of different fields, including marketing, sales and customer service.

    Predictive analytics can be used to predict how people will behave in the future based on their past behavior. This can help businesses plan their marketing campaigns or sales initiatives better by knowing which type of customer is likely to respond well to a particular product or service.

    It can also be used to predict how customers will respond to changes that are made to the company’s website or product offerings. By understanding where and how customers are clicking on the website, for example, you can make sure that all information is presented in an effective way.

    Finally, predictive analytics can be used in order to improve customer service by predicting which customers are likely to require more attention than others. This allows staff members to allocate their time accordingly so that everyone receives the care they need.

    2. Why is it important in business?

    Predictive analytics is a powerful tool that can help you make better decisions in your business. It’s used to predict future events and trends, which can then be used to influence decision-making throughout the organization.

    There are a number of reasons why predictive analytics is important in business. Some of them include:

    • It helps you optimize your operations.

    • It helps you identify and prevent risks before they become problems.

    • It allows you to make more informed decisions about pricing, marketing and product development.

    • It can help you improve customer retention and loyalty by understanding how customers behave and what motivates them.

    Related: Why Industry Leaders Are Turning Towards Predictive Analytics

    3. How does predictive analytics work?

    Predictive analytics is a method of predicting future outcomes based on past data. By understanding how people behave and what affects their behavior, you can make better decisions about the future. There are three different ways that predictive analytics can work:

    1. Predictive modeling: This is the most common type of predictive analytics, and it uses mathematical models to predict future outcomes. These models are usually powered by data sources like historical sales data or customer preferences.

    2. Predictive segmentation: This is used to identify specific groups of people who are more likely to behave in a certain way. For example, you might use predictive segmentation to know which segments of your customers are more likely to switch brands or spend more money.

    3. Predictive analysis: This is used to understand how various factors (like pricing, product design, etc.) affect overall customer behavior. It can also be used to improve performance by identifying problems early on and fixing them before they become major issues.

    4. The different types of data that can be used in predictive analytics

    There are many different types of data that can be used in predictive analytics, and each offers its own benefits. Here are the four types of data that can be used in predictive analytics:

    1. Demographic data: This includes information about people’s age, gender, location and other personal details. It is often used to predict who will buy a product or service, or to understand customer trends over time.

    2. Behavioral data: This includes information about how people behave, including their shopping habits and preferences. It is often used to target ads and content with the right audience.

    3. Social media data: This includes information about who is talking about what on social media and how this conversation is evolving over time. It is often used to understand which topics are being talked about most frequently and to identify potential marketing opportunities.

    4. Economic data: This includes information about economic trends such as inflation rates and GDP growth rates. It is often used to make business decisions based on predictions about future customer behavior.

    Related: 3 Steps to Building a Predictive Analytics System

    5. Steps for using predictive analytics in your business

    There are a lot of different ways to use predictive analytics in your business, so it can be hard to know where to start. Here are seven simple steps that will help you get started:

    1. Set your goals for using predictive analytics in your business. What do you want to achieve? What outcomes do you want to see?

    2. Define what you need to measure to accurately assess the results of your predictive analytics efforts. Are there any key indicators that will tell you whether your predictions were accurate?

    3. Develop a strategy for how you will use predictive analytics data in order to make informed decisions. How will you use it to improve your business operations?

    4. Train your staff on how to use the data and how it can be helpful in their work. Make sure they understand the data’s limitations and why predictive analytics is important for their work.

    5. Implement a process for monitoring and adjusting your strategy based on feedback from the data-collection process, analysis and decision-making processes. Are there any changes that need to be made? Do they warrant a new set of predictions?

    6. Use predictive analytics technology as part of an overall effort toward improving decision-making across all parts of your business operation, not just with respect to marketing or sales activities.

    In today’s digital world, where customer behavior is changing at a rapid pace, you can use predictive analytics to put out relevant products and services that keep customers happy and satisfied. You can also add other techniques to your arsenal as necessary. For instance, you may focus on customer satisfaction by tracking their emotional state while using your product or service. With such powerful tools at your fingertips, you can now be more confident and informed before making any major decisions!

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    Piyanka Jain

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  • 12 Questions About Facebook That Every Entrepreneur Needs To Know

    12 Questions About Facebook That Every Entrepreneur Needs To Know

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    Opinions expressed by Entrepreneur contributors are their own.

    Facebook Ads can be a great way to drive traffic to your website and increase sales conversions, but they can also be expensive and difficult to manage if you’re unfamiliar with the platform. By understanding how Facebook Ads work and what options are available to you, you can create a cost-effective ad campaign that meets your business’s needs.

    In this article, discover the top 12 questions and answers entrepreneurs and small business owners need to know about running Facebook ads for their companies.

    As an online entrepreneur and marketing coach who teaches business owners how to DIY their digital branding and marketing (while saving time, money and energy), Facebook advertising is one of my favorite subjects to consult on. It’s been one of the most cost-effective ways for my companies to reach a large audience of targeted customers while helping my businesses grow brand awareness faster and easier.

    That said, here are 12 common questions I hear from entrepreneurs.

    Related: The Complete Guide to Getting Started With Facebook Ads

    How do I promote my small business on Facebook?

    An effective way to promote your small business on Facebook is through targeted ad campaigns. With targeted campaigns, you can reach the right people with your message and increase the chances of garnering attention for your business. To start, take advantage of Facebook’s Audience Insights feature to gain insight into the demographics of your ideal customers.

    Related: The Complete Guide to Facebook Advertising

    Are Facebook Ads worth it in 2023?

    Facebook Ads can be a great way to promote your business over the next year. While there are all types of online advertising tools (such as Google ads, YouTube ads and more), the bottom line is that Facebook advertising is still one of the most cost-effective advertising methods on the internet.

    Unlike other platforms or systems, Facebook advertising allows you to create specific audiences that help narrow down who you are trying to reach. This information will help you create a targeted ad campaign that is more likely to be successful.

    How much does a Facebook ad cost?

    The cost of the ads varies, depending on how many people you want to see the ad, the period you plan to run it for and even other factors like the location and audience type you want to reach. In addition, since it’s a social network where your ads generate organic engagement (such as shares, likes and comments), it enables your content to go viral faster, expanding your ad’s reach without spending more budget toward impressions. You can get started running ads for a small amount, like just $5 per day, which is a great way to test creative content.

    How do I start a Facebook ad?

    A small business owner can start a Facebook ad campaign on the platform by first creating a business page and ad account. Start by defining the campaign objectives (such as brand awareness, traffic, etc.) and select an audience most likely to convert. After that, create an engaging ad with high-quality visuals and compelling copy. Make sure to include a call to action that encourages viewers to take the desired action.

    Related: Your 7-Step Guide to Getting Started With Facebook Ads

    How do Facebook Ads work?

    Facebook Ads target users based on their behaviors, interests and other demographic information. When a user clicks on an ad or interacts with it in any way (such as liking, commenting or sharing), they are adding to the ad’s reach — and driving more conversions. Once an ad is created, it will be displayed in various sections on Facebook, Instagram and affiliated platforms.

    How do Google Ads compare to Facebook Ads?

    Google and Facebook ads are two different ways to advertise your business online.

    With Google ads, you can target people actively searching on Google for keywords related to your business. By contrast, Facebook ads let you target people based on their interests and other demographic information, so visual ads are served to them while they’re spending time on social media.

    The benefit of Facebook (in comparison to Google) is that it enables you to be more selective about the type of person you are trying to reach with your ad. Whereas, with Google ads, it’s all based on the keywords people are searching for, so you might end up paying for clicks from people who aren’t your ideal customer.

    Do Facebook Ads work for small businesses?

    As an entrepreneur starting a business, you must be mindful of how you spend your financial resources. That’s why testing ads online can be a cost-effective way to see how people engage with your content while driving brand awareness for your startup.

    Tap into the power of targeted Facebook Ads to reach your ideal customers faster and easier. You can tailor your ads with precise segmentation to get the right people with relevant messages, helping them make more impactful connections and increase engagement rates! By paying attention to detail when setting up an ad campaign on Facebook, small businesses can maximize their efforts for maximum success.

    How long should I run a Facebook ad?

    You should run a Facebook ad for as long as it is effective. That means you should track how many people click on it, like it or share it. If it is ineffective, you should stop running the ad and try something else.

    In the social media marketing course I created for Inspiring Brands Academy, within a few short hours, I teach my students (who are small business owners and entrepreneurs) step-by-step strategies to create successful ads that drive results. Analyzing the data on which type of creative content is performing best helps you decide how long to run each ad.

    How do I find my target audience through Facebook ads?

    Using the platform’s powerful targeting capabilities, you can find your target audience through Facebook Ads. With the ability to target users based on their behaviors, interests, demographics, location, and more, small business owners can create highly tailored campaigns that reach the right people (which means you’ll spend less advertising budget to reach the customers who’d naturally be interested in your product or service). This allows for more effective engagement and conversion rates since the audience your ad is being delivered to is already interested in what you are offering.

    For example, if you run a beauty ecommerce business that sells anti-aging skincare, then most likely you’d want to target people over age 40, whose interests include beauty and skincare, and who follow pages like Allure and NewBeauty magazine, retailers (such as Sephora and Ulta) and popular skincare brands.

    How do I measure the success of my Facebook Ads?

    The success of your Facebook Ads depends on a variety of factors, including the quality of the creative content and how well they target your desired audience. However, the best way to measure the success of an ad campaign is by tracking its performance with analytics. Through Facebook’s Ads Manager, you can measure metrics such as impressions, clicks, conversions and more to determine which ads perform best and generate the most ROI.

    What is a good budget for running Facebook Ads?

    There is no one-size-fits-all answer to this question since it largely depends on the size of your business and the goals you want to achieve with your ad campaigns.

    Generally speaking, I recommend that entrepreneurs set aside a budget for testing their ads before allocating more money to successful campaigns generating results. But the good news is that you can start by testing ad content for just $5 per day over seven days to see results. I recommend trying various ad types (video, photos, different copy and CTAs) to see which performs best.

    Related: How to Increase Your Marketing Return On Investment Through Customization and Multiple Personas

    What is the average return on ad spend for a Facebook campaign?

    The average return on ad spend (ROAS) for a Facebook campaign can vary depending on your target audience and how well your ads perform. Generally, you should aim to get a ROAS of at least 1-5x — meaning that you’re earning back the amount you spent to run the campaigns.

    To calculate your ROAS, divide your total profit by the amount you spent on running the ad. For example, if your total profit is $100 and you spent $50 to run the ad, divide 100/50 = 2x ROAS. The higher the ROAS, the better it is for your business.

    As you can see, small business owners and entrepreneurs can benefit from running Facebook ad campaigns because they allow for highly targeted advertising that reaches people who are already interested in what you have to offer. Additionally, through analytics, businesses can measure the success of their ad campaigns and make necessary adjustments to ensure they are getting the most out of their investment. With a good budget and an understanding of targeting your audience, you can see a high return on investment from Facebook ad campaigns.

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    Christina-Lauren Pollack

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