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Tag: Business Process

  • Want to Keep Your Customers? Keep It Simple — Here’s Why. | Entrepreneur

    Want to Keep Your Customers? Keep It Simple — Here’s Why. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s a common issue among businesses of all sizes, startups and franchises. It plagues the customer experience, strains sales teams, and overcomplicates or creates unnecessary billing. What may have started with simplicity in mind after staying on the core of your messaging has turned into expanded service offerings, sometimes without clear reasoning or need. An overcomplication of products or services, typically by adding too many, depleting servicing of the core offerings, and other complications arise, removing the ease of access and simplicity the core customer base has enjoyed. All can lead to a drop in sales, dissatisfaction, and, if prolonged, continued loss of market share.

    Related: Why Simplicity Matters in Product Development

    Why do businesses stray from simplifying their services?

    Too many startups and businesses get stuck in this ongoing trap of trying to match competitors or thinking that more products or services increase sales. Competing franchises commonly do this with benefits and even product or service naming. The constant pull to innovate, offer and announce something new, and be more top of mind to intended audiences can pull businesses into continuous change and unique offerings that distract from the excellent, existing services already offered. Additionally, efforts towards brand realignment or placing the entire brand into new messaging that aligns differently from the core audience regarding values, market segment, or need can cause significant disruption or even PR nightmares.

    What can be done to maintain a balanced service offering and customer experience?

    There will always be a need to innovate, better serve an existing customer base, and maintain market share in an ever-increasingly volatile market. Constant change will remain consistent. However, that does not mean that every brand’s reaction to change is a change of its own. Depending on the market segment, consistency may be the best, most profitable strategy to stand out in the loud noise of change from competitors.

    In business, and frankly, in life, there is sometimes nothing easier than reacting to change with more change. Change occurs for no reason, an impulse to change for the sake of change (without strategy), or change because someone (likely a competitor) is changing or revamping their offerings to the market. Just because someone else is embarking on change for the sake of change does not mean your business should also change. Best steps first — map or remap your customer experience strategy.

    Start with breaking down barriers for your current customer base. If a startup, a vital part of any customer experience strategy right after mapping how customers find you is how easy it is for those potential customers to purchase first, purchase well (best fit for their needs), and purchase again. Start to build key messaging around how your startup fills a need better than what is currently available and how your services are more accessible to utilize than anyone else. Part of that key messaging should include a commitment to consistency and reliability with systems that continuously offer simplistic processes. As a startup, you are taking market share from others for a reason. When growth happens, remember what first propelled that growth.

    For an existing business through the startup phase, the magic happens when simplicity can be maintained. New employees must be hired through launch and scale, and additional layers and systems are established. It is so easy to build layers that have added complications. With each layer, a founder or CEO must understand that it represents another wall between the customer base and revenue. While it is true that only some employees are customer-facing and even revenue-generating, their importance in keeping the business streamlined, simplistic, and consistent matters as much as hitting sales goals or keeping accounting up to date.

    Related: Here’s Why You Should Embrace Simplicity as a Strategy (and 3 Ways to Do It)

    Use simplicity as a sales strategy

    Stop trying to be everything to everybody. It is a phrase used often and commonly overlooked. If your startup or existing business is winning with clear key messaging, has a core audience that remains loyal and advocates for your brand, and scale looks like your brand continues to be a market leader for the solutions offered, do not let up on that core. Use it as a selling point in the sales strategy your brand incorporates. Too often, sales techniques and selling points sound more like an encyclopedia than bullet points of solutions. Or worse, service offerings are just repackaged solutions already offered that only add complexity and do not differentiate your brand from competitors.

    A simplified sales strategy — including the sales funnel, offerings, and ease of customer access and journey through the sales process and service after the sale — is rare. Think about the last time you needed assistance from a massive Fortune 500 call center or online support. If the customer journey experience your brand has developed is a better experience over rivals, use it in sales! Most have been dissatisfied with service from others in the past, and it is overlooked by many in sales as a selling point.

    Adam Horlock

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  • How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

    How Leaders Can Build and Cultivate a Sustainable Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The global business ecosystem is witnessing an unprecedented metamorphosis, pivoting from traditional models to ones that deeply embed sustainable entrepreneurship as a core ethos. This new paradigm weaves together the age-old, profit-centric motives of businesses with a renewed and impassioned commitment to the betterment of society and the nurturing of our environment. It’s not merely a passing trend or a superficial alignment with popular sentiment; it represents the dawning of a more conscious era of commerce.

    Exhaustive studies and surveys have repeatedly highlighted a discernible shift in both consumer preferences and investor priorities. A growing cohort now resonates more vibrantly with brands and corporations that reflect their own ethical, ecological and societal values, underscoring that the ‘business as usual’ model is outdated and potentially detrimental in the long run.

    Related: 5 Ways to Make Your Business More Sustainable

    My personal immersion into sustainable entrepreneurship wasn’t an impulsive leap but a meticulously thought-out transition kindled by a seminal Harvard Business Review article. This piece, lucid in its narrative and compelling in its arguments, accentuated the urgency and indispensability of synchronizing business strategies with conscious, purpose-driven goals. It was a moment of epiphany, underscoring that generating wealth and catalyzing societal progress aren’t mutually exclusive but can be harmoniously synergized.

    To put it succinctly, the evolving zeitgeist of the 21st-century business world demands a recalibration of objectives and methodologies. The compass is no longer pointing solely towards monetary profit. Instead, it indicates a more holistic destination: profit intertwined with purpose, fiscal growth in harmony with ecological sustainability and societal advancement.

    Catalysts driving sustainable entrepreneurship

    As I navigated the complex world of entrepreneurship, I was continually made aware of the evolving ethos of consumers. A comprehensive IPSOS report shed light on this sea change, highlighting that modern consumers increasingly align their brand loyalty with ethical and environmental values. As I’ve learned, integrating sustainability into one’s business ethos goes far beyond public relations. It is a formidable pillar that can solidify a brand’s market position, unveil operational efficiencies, and mitigate long-term risks. Moreover, with international policy frameworks pivoting toward environmental conservation, businesses have both a moral and economic incentive to adopt sustainable practices.

    Related: Are You Implementing the 3 Ps of Sustainability? Experts Say You Should.

    Personal hurdles, solutions and insights

    On my entrepreneurial path, I sought inspiration from vanguards in the sustainable business space. For instance, the ascent of Beyond Meat isn’t just a testament to its innovative plant-based products. It’s also emblematic of a broader societal shift towards eco-conscious consumption. These companies underscore the commercial potential and societal imperative of green technologies. Their success stories are a testament to the fact that with foresight, innovation and persistence, sustainable businesses can indeed thrive and lead the market.

    Like every entrepreneurial venture, my journey was punctuated with challenges and introspections. A recurrent query that often surfaced was the economic viability of wholeheartedly embracing sustainability. I turned to online educational platforms and discovered courses that seamlessly blended sustainability with business, reaffirming that an eco-conscious strategy can align seamlessly with profitability, provided it’s executed with authenticity and foresight.

    Related: Sustainability In the Supply Chain Is the Need Of the Hour

    Reflecting and looking ahead

    In reflection, the role of an entrepreneur in today’s complex and rapidly evolving socio-economic landscape goes beyond traditional definitions. Entrepreneurs are no longer just innovators or market leaders; they’ve become architects of change, embodying a vision that intertwines profit with purpose. At the core, we’re expected to wear multiple hats — that of business magnates, societal reformers, ethical watchdogs and even environmental stewards.

    This multifaceted role emerged sharply during my foray into sustainable entrepreneurship. Every challenge faced and every decision made underscores a deeper realization: Sustainability is not just a buzzword businesses should adopt for contemporary relevance. It’s a foundational principle, a beacon guiding every strategic decision, shaped equally by ethical mandates and forward-thinking business pragmatism.

    I’ve come to view sustainable entrepreneurship as a tapestry intricately woven with threads of ecological balance, social responsibility and economic viability. Each thread is as crucial as the other, and removing one would unravel the entire fabric. It is this delicate balance that drives the essence of modern entrepreneurship.

    However, it’s essential to acknowledge that adopting sustainability isn’t just about securing future market positions or hedging against potential regulatory shifts. It’s about genuine commitment. It’s about understanding that every product we create, every service we offer, and every market we enter has ramifications that ripple outwards, affecting communities, ecosystems and global paradigms.

    As we stand at this pivotal juncture, with the weight of impending climatic crises and socio-economic disparities bearing down upon us, the onus is on entrepreneurs to lead the charge. To pivot from traditional business models that prized profits above all else to holistic frameworks that value collective growth and shared prosperity.

    My message to fellow entrepreneurs is both an appeal and an exhortation: As we sculpt the businesses of tomorrow, let us engrain sustainability into our corporate DNA. Let every decision be a testament to a future that is not just economically robust but also socially equitable and environmentally resilient.

    Henri Al Helaly

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  • This Is What True Success Actually Looks Like | Entrepreneur

    This Is What True Success Actually Looks Like | Entrepreneur

    Because people often equate success with wealth and status, it’s easy to lose sight of what actual achievement looks like. In this episode of the Jeff Fenster Show, we discuss the importance of purpose, motivation, gratitude, and identity in attaining success.

    We begin by diving into the difference between your purpose and your passion.

    “Passion should be seen as the fuel, while purpose is the vehicle,” says guest Brian Boesche.

    He believes purpose goes beyond a mere reason for being; it is the guiding force that propels individuals towards their goals. While passion is a fleeting emotion that can waver over time, purpose holds steady, providing the necessary direction and focus to overcome obstacles.

    Taking vs. Giving

    Jeff Fenster, host of the show, emphasizes the significance of understanding the cycle of taking and giving. Building long-term relationships and success requires a balanced approach, where one contributes to others’ growth while receiving support. This symbiotic relationship fosters community and propels individuals towards their goals.

    As Gab Boesche, another guest on the show, highlights, motivation is derived from fulfillment. By helping others and witnessing the transformative impact of their actions, individuals find the drive to push forward. Through these acts of service, one discovers their true purpose and experiences a profound sense of fulfillment.

    Recognizing and celebrating small wins is crucial in the journey towards success. Whether securing a first client or achieving a personal goal, these milestones are stepping stones to greater accomplishments. Expressing gratitude towards team members and acknowledging their contributions fosters a positive work environment, boosting morale and encouraging continued growth.

    Making better decisions

    Making better decisions is another critical aspect of compressing time and multiplying the impact of one’s efforts. By recognizing and addressing patterns that hold us back, we can break free from self-imposed limitations and propel ourselves towards success.

    Seeking mentors is essential in navigating the path to success. Mentors provide guidance, wisdom, and support, helping individuals avoid common pitfalls and accelerate their progress. However, it is crucial to acknowledge the dangers of excessive privilege and ensure that mentorship is grounded in humility and a genuine desire to learn.

    For those seeking guidance and support in discovering their purpose, the Purpose Company stands ready to assist. By reaching out to their team, individuals can tap into a wealth of knowledge and resources to help them on their journey toward success.

    Ultimately, it is essential to remember that one’s purpose is one’s permission to pursue greatness. By embracing purpose, finding motivation through service, expressing gratitude, and making conscious decisions, individuals can unlock their full potential and achieve remarkable success.

    As Jeff Fenster concludes, “Successful people have coaches.” Embracing the power of purpose and seeking guidance from mentors and supportive communities can propel individuals toward their goals, enabling them to make a lasting impact on the world

    About The Jeff Fenster Show

    Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.

    Subscribe to The Jeff Fenster Show: Entrepreneur | Apple | Spotify | Google | Stitcher

    Entrepreneur Staff

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  • Data Breaches Cost $1 Million More When Remote Work Is Involved — Here Are 4 Steps to Protect Your Business. | Entrepreneur

    Data Breaches Cost $1 Million More When Remote Work Is Involved — Here Are 4 Steps to Protect Your Business. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Remote work is a double-edged sword: It provides your employees with the comforts of staying at home, but it also creates additional security risks as they are more likely to use unprotected devices and connect to unsecured public networks.

    At least 20% of businesses went through a data breach caused by remote workers. As reported by IBM, the average data breach cost is $1 million higher in companies where remote work is common. It also takes 58 days longer for such organizations to discover and contain data breaches.

    Related: Entrepreneurs Beware: Remote Work Can be Fertile Ground for Cybercriminals

    Step 1: Categorize your company’s data

    Your business holds vast data, from client credit card details to employee IDs. For effective security, categorize your information. We classify ours into three: critical, restricted and confidential data.

    Critical data is what, if leaked, would seriously damage the company’s reputation, making a return to normal operations almost impossible. It includes user credentials, card security codes, client order history and customer behavior data. I would also add source code for software companies.

    Restricted data, if leaked, could seriously threaten our business. It would undermine the company’s reputation, but it’d be possible to continue operating in a limited way. Such data contains emails, locations, device info, app usage insights and many other kinds of data from our customers.

    The last category, confidential data, includes the organization’s trade secrets. Such leaks would harm the company’s operations but would have a smaller impact on its reputation. It comprises the team members’ data, company policies and procedures, recruitment process details, source code, financial statements and more.

    Step 2: Calculate the cost of a breach and create policies

    We all hate bureaucracy— I know that. Yet for a business to work, its members must follow certain rules (i.e. policies). To create a good cybersecurity policy for remote workers, you need accurate data. I recommend calculating the cost of potential data breaches using real money.

    Be sure to take into account all types of losses. A company’s data breach results in direct expenses like investigation and compensation, indirect costs from recovery efforts and lost revenue and opportunity costs due to reputational damage and lost potential business.

    After calculating the costs of a data breach, design policies. Standard procedures usually include policies on how you label and share data, what security controls you must have and what training your workers must attend.

    Related: How Do You Manage Cybersecurity With Employees Across the Globe? Here’s Your Answer.

    Step 3: Reduce the risks of remote work

    First, ensure the security of your computers. Make it so your remote workers access corporate resources from corporate devices only. Have your helpdesk specialists configure all devices according to your information security standards. They’ll need special administration tools for the task like JAMF.

    Second, monitor the state of your corporate devices. Handle the installation of patches, security updates and the latest versions of OS and software. Use special monitoring tools like JAMF and encourage employees to keep their working stations up-to-date. Last, install an Endpoint Detection and Response (EDR) or Antivirus (AV) agent to track malicious activities on your corporate computers. An example of such a system would be CrowdStrike.

    Third, control the access to corporate resources. Remote workers should only have access to resources necessary for their work. Make it so they can interact with them only with the corporate VPN turned on. I recommend also enabling IPS or IDS on the VPN to look out for network anomalies.

    Don’t forget about multi-factor authentication. It’ll add one more layer of security to your company’s data and decrease the chance of unauthorized access, and you can use ready-made MFA solutions.

    Step 4: Encourage your remote workers to be responsible

    Truth bomb: The actions above aren’t enough to protect your business from security risks. About 60% of attacks succeed because average employees make mistakes. It’s your duty to help your employees understand the importance of cybersecurity.

    First, encourage them to use special apps that track whether their device is safe. They can be in the form of a security checklist, which dynamically checks various system indexes and is easy to understand.

    Second, motivate workers to keep the corporate VPN turned on. You can also make their lives a lot easier by making the VPN connect automatically when the system starts up. If you don’t have a business VPN, use a regular one from a trusted provider.

    Last, don’t forget about training. Encourage your workers to learn, but make it exciting. Monotonous video lectures won’t do — add gamification and interactivity. Your company’s security rests with your team; build a strong human firewall by instilling best practices and fostering vigilant behaviors.

    Related: How Safe Is Your Data While Working Remotely?

    Bonus step: What to do with your freelancers

    The problem with freelancers is that you can neither make them work on your corporate laptops nor install special security software on their devices. You can, however, manage their access to your company’s resources.

    Limit their access to essential company resources, using the least privilege principle. If feasible, avoid access altogether and establish secure data-sharing protocols. Always clarify collaboration terms in contracts and NDAs detailing data access and usage. Emphasize that violations may lead to legal consequences.

    Safeguarding your company in a remote work era is entirely achievable. Begin by discerning the types of data you possess and understanding the potential costs of breaches, tailoring security measures in response. Prioritize the integrity of your corporate devices and manage access to resources. Talk to your remote workers and implement the use of robust security tools like VPNs.

    Mykola Srebniuk

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  • If You Make This Customer Mistake, Prepare to Lose Business Fast | Entrepreneur

    If You Make This Customer Mistake, Prepare to Lose Business Fast | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Maybe your customer service is tip-top in important areas like empathy, efficiency, proper use of language and so forth. Maybe you’ve engaged in effective and ongoing customer service training — whether in person or via eLearning. All of this is absolutely wonderful and very important. Still, you may have a blind spot that is driving customers away.

    In other words, Beware of The Cliff of Dissatisfaction!

    What customers expect in terms of speed is growing more emphatic and extreme every day, accelerating apace with technological, communication and competitive development. Broadband internet, ubiquitous smartphones and tablets, intuitive search functions, always-on GPS, innovative delivery options and greater competitive choice have all influenced customers’ expectations for timeliness. The old business expression, “Quality, price or speed: pick two,” no longer rings true.

    Related: Don’t Get Defensive — Avoid These 7 Phrases When Talking With an Angry Person

    The “cliff of dissatisfaction” is a metaphorical edge where customers lose patience with your company due to slow service (as defined by the customer, not by you). Before reaching the precipice, this timeframe can fluctuate depending on various factors like business type, location and time of day. It’s an inherent risk in service industries and business relationships.

    Starbucks, for instance, has a good grasp of how long their average customer will wait, from when they are acknowledged to when they receive their customized drink. The company employs strategies like interesting decor to make the wait pleasant and proactive countermeasures like baristas taking orders from the line when wait times threaten to exceed the acceptable limit. Technological solutions like their highly successful mobile app also help manage wait times. These strategies guide Starbucks’ expansion plans; when data indicates that demand and resulting wait times negatively impact customer satisfaction, a new store is opened nearby.

    Related: Want Your Business to Succeed? Use These Tips to Understand Your Customer

    Casino management is another example where waiting times are meticulously managed. Some casinos know precisely how long the average gambler will wait for a complimentary drink before getting frustrated. They utilize data analysis and staff-tracking technology like RFID tags concealed in their servers’ uniforms to improve staffing decisions and workflow.

    However, recognizing that your company has a problem can be challenging when industry standards lag behind customer expectations. For instance, in the furniture sector, a 12-week delivery time may actually be considered (at least by the merchants) to be normal. But if all businesses in your industry are too slow, it’s time for you to revolutionize your field before an innovative competitor like Uber or Amazon does.

    Letting customers control the tempo of support

    In addition to improving your speed of service — for example, by reducing hold times, cutting down on in-person waiting and returning emails more quickly — there are creative ways to match the customer’s timetable. Extending your hours is an obvious one. Allowing appointments and doing so in a way that requires minimal effort for the customer is another. And in telephone support, even when you aren’t actually answering calls any quicker, you can still answer them more conveniently by taking a page out of some of the airlines’ playbook and offering a callback option: When a customer calling in would be faced with a long hold time, give them the alternative of having their call returned at a time of the customer’s own choosing.

    Related: Use This Secret Customer Service Technique to Boost Your Customer Retention and Loyalty

    In-app support can be a step even beyond real-time

    In-app support is another way to align yourself to the timetable of your customers. If a customer is using your app and comes across a bug or something else they need to bring to your attention, in-app support, such as that offered by Zendesk, provides your customers with a “Click to Chat’ button, allowing them to chat with one of your customer support agents right there within the app. Also impressive is that this in-app solution promises to give companies a complete picture of the customer so that customers don’t feel like they’re starting over every time they interact with your company.

    Even more futuristically, certain flavors of in-app support can be, in a sense, a step beyond real-time. (Or if that sounds like a nonsensical statement, think of it as a step toward proactive assistance, or pre-sistance, so to speak.) For instance, when your company deploys Apptentive’s in-app solution, here’s what happens when a customer using your mobile app experiences a crash: A note pops up right within the app with an apology and reassurance that the issue is being fixed — before they even have to take any steps to complain.

    Micah Solomon

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  • How to Combat Misinformation as a Small Business Owner | Entrepreneur

    How to Combat Misinformation as a Small Business Owner | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Technology has provided endless benefits to businesses across the globe and is vital to their growth. Today, data can be shared at breakneck speeds among companies, their leaders, vendors and customers, but this also allows inaccurate and false information to spread at the same rate, most recently by bots powered by artificial intelligence. It has metastasized in society broadly and the internet specifically — whether in the form of social media feeds/online forums, as well as in news articles and other traditional media. Much of it is intentional, including attempts to mislead consumers and gain a competitive advantage.

    While this often affects individuals personally, it can also cause severe damage to enterprises and entrepreneurs who rely upon their reputation and credibility. It’s critical, then, for them to understand the risks of misinformation, how to avoid participating in its spread and how to lessen the damage it can cause to a professional and personal brand.

    How misinformation negatively impacts small businesses

    Whether it comes in the form of rumors, hoaxes, fake news or misleading narratives, misinformation represents a particular danger to small companies: They often lack teams of marketing and public relations professionals to deal with such issues and so are more prone to resulting disruptions, loss of customers, negative press, reduced revenue and legal consequences.

    Let’s explore a few effects in more detail:

    • Reputation damage: Entrepreneurs depend, of course, upon the honesty and integrity of their brands in the minds of customers, investors and partners. Misinformation can tarnish these assets, eroding the trust that’s been so hard to establish. This can be especially difficult for a small business to address since it likely can’t distance itself from an owner or other principal, for example, in a way that a large organization might be more capable of.
    • Poor decisions: Falling for false data/narratives regarding market trends or what’s happening with competitors could lead an entrepreneur to make a poor staffing, sales or customer service move, with potentially disastrous consequences.
    • Loss of customers: Incorrect/misleading information can drive away existing and potential customers, who, understandably, fear doing business with an enterprise or individual associated with it.
    • Legal ramifications: Deliberately disseminating misinformation about a business or individual can lead to defamation lawsuits, among other dangers.

    Related: AI Isn’t Evil — But Entrepreneurs Need to Keep Ethics in Mind As They Implement It

    How to combat it

    As a small business owner, you are likely solely responsible for addressing inaccurate information about your company, customers and suppliers, and having a strategy in place to do so can significantly reduce adverse effects. The correct response will depend on the type and severity of the misinformation being shared — each situation likely requires a customized solution.

    Remember, too, that some incidents may be nothing more than misunderstandings. For example, in the Battle of Constantinople in 1453, mysterious lights were seen over the city. Word quickly spread that they were a sign from the heavens that the Ottomans would be defeated in battle. It turns out what was witnessed was nothing more than St. Elmo’s Fire, a natural and harmless phenomenon in which ionized plasma looks like a bluish flame.

    If the misinformation you are dealing with is analogously harmless, you can address it by simply taking responsibility — issuing an apology or otherwise setting the record straight. Businesses that show accountability will almost always come out on top.

    Related: 7 Ways to Promote a Company Culture of Accountability

    In other cases, misinformation is intentionally malicious. Another historical example involves Benjamin Franklin, who in 1782 created a fake version of the Boston Independent Chronicle newspaper. Within, a false story claimed that the British had hired Native Americans to terrorize American soldiers and civilians across the frontier. Before long, it had been republished throughout the colonies, sparking increased hostility toward Native Americans.

    In severe cases, a business may need to go on the offensive to stay ahead of intentionally malicious storytelling. This might include launching a PR campaign or hiring an attorney.

    Of course, the best way to eliminate misinformation is to avoid it altogether. At the very least, you can minimize damage by catching it early. Here are some best practices that entrepreneurs can apply to do so:

    • Fact-checking and other verification: Before sharing information on websites, social media profiles or other media, entrepreneurs should be vigilant to carefully fact-check it, ideally from at least two reputable sources. It’s much easier to stop misinformation before it starts than to put the genie back in the bottle.
    • Build a solid reputation: Businesses known for being honest, trustworthy and ethical are less likely to be impacted by misinformation. Half the battle lies in the degree to which people are inclined to believe the negative thing they are presented with. If you run a shady operation, people are more likely to act upon something bad they heard, while those who know you run an upstanding enterprise will be more likely to come to your defense.
    • Monitor your online presence: A good practice for catching misinformation before it spirals out of control is to regularly monitor online mentions related to your business or you as a person. Consider setting up Google Alerts to be notified of such new content.

    Related: 7 Tips for Making Quality Business Decisions

    Nicholas Leighton

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  • Young Workers Don’t Want to Become Managers — and This Study Uncovers the Reason Why. | Entrepreneur

    Young Workers Don’t Want to Become Managers — and This Study Uncovers the Reason Why. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a young computer developer, I never had any aspirations of being a manager, let alone a CEO.

    When I started my career some 30 years ago, everybody in my field seemed to be following the so-called IBM model of climbing the corporate ladder — starting at the entry level for a few years and then hopping from rung to rung into more senior managerial roles. It wasn’t for me.

    Luckily for me, I worked for a progressive company that understood the need to create dual career paths. You could remain an individual contributor, sometimes leading technical projects, or you could be a manager. I chose the technical track, rising through my field until there was nowhere left to go but the C-suite. Now that I’m here, I see a huge problem.

    The average person has no interest in being a manager anymore.

    My company recently ran a survey of 1,000 full-time employees across the U.S. who are not already in a managerial position. A meager 38% said they were interested in becoming a people manager at their current company. This problem crosses industries and borders. We’re seeing clients in all lines of work struggling to fill frontline management positions.

    It’s becoming clear that companies have to adapt to fill these gaping voids, and the stakes couldn’t be higher. Picture a Jenga tower — there are only so many blocks you can remove from the middle before the top comes crashing down.

    Related: Some People Aren’t Cut Out to Be Managers — And That’s Okay. Here’s What You Can Do Instead.

    Why management roles have grown less attractive

    There was a time when the title manager meant prestige, respect, maybe even admiration — a chance to lead, a pathway to the top. But that dynamic has been shifting for decades and can now feel out-of-touch and out-of-date.

    This management backlash has roots in several places. For one, trust in leadership has eroded sharply. Only 21% of workers strongly agree that they trust the leadership in their company, and the number has been on the decline since the pandemic.

    At the same time, the “individual contributor” has enjoyed increasing status in many circles, especially in the tech community. A talented developer, for instance, can rise through the ranks of a company without managing people. Ultimately, their pay and perks may end up being comparable with senior people leaders, without ever having to wrestle with the challenges that go along with management.

    Meanwhile, the pressures on managers are only growing. Familiar challenges with delivering results and bottom-line value have been augmented in recent decades with mounting HR responsibilities. For many, the stress and time commitment of management simply outweigh any added benefits.

    Indeed, of all the insights gleaned from this survey, one stood out to me more than any other — people see managerial responsibilities as a non-starter for work-life balance. Among those we surveyed, 40% said their biggest worry with becoming a manager was increased stress, pressure and hours. When we asked people to identify their top ambition, 67% said spending more time with their friends and families and 64% said being more physically and mentally. The lowest priorities were becoming a C-suite executive (4%) and becoming a people manager (9%).

    Related: 10 Myths About Work-Life Balance and What to Do Instead

    How to fill the ‘missing middle’

    This management gap couldn’t come at a worse time. As companies struggle with disruptions from AI, increasing automation and a tight labor market, clear leadership is needed more than ever, but it’s getting hard to find.

    So how can companies fill the “missing middle” — and make management aspirational again?

    One important step is to redefine the meaning of manager. Partly, this is about reconceptualizing the role. The tech industry, for instance, has popularized “player-coaches:” employees who continue to contribute as individuals, while also leading small teams of trusted colleagues. While this balance can be challenging to strike, the upside is sustained engagement with your field and growth of new management skills.

    At the same time, companies are finding new ways to valorize management. When McKinsey asked middle managers what they wanted more of, the obvious answer was bonuses. In a competitive market, many companies are dishing out signing bonuses to attract talent into the pipeline. According to a 2021 survey, 43% of hiring managers were offering more paid time off and 40% were offering better job titles to win the war for talent. It’s not all about perks, however. Middle managers also said they wanted to be rewarded with increased autonomy and more responsibility.

    An equally critical step is to help managers handle those increased responsibilities with better technology — enabling them to extend spans of control while diminishing toil and grunt work. Take the challenge of handing out raises. Traditionally, this process required a manager to manually evaluate every employee and come up with a number and a rationale for each one. But new tools are taking the guesswork and paperwork out of the equation. We use a smart compensation tool to evaluate performance metrics and create a clear picture of what a person is paid relative to their peers, and relative to industry standards. This not only removes risk of bias but also cuts down on time. There are similar tools for goal-setting and skills-mapping, lessening the burden of regular performance reviews while making them more meaningful.

    Related: Here’s How Managers Can Role Model A Good Work-Life Balance For Their Teams

    Behind all these efforts lie advances in collecting and sharing people data. The better we can arm frontline managers with insights about their teams, the faster they can make the right decisions.

    In a world with fewer managers, these steps mean companies can increase spans of control while maintaining productivity, reducing stress and saving people time. In the end, it’s not just for retaining current managers, but recruiting new ones. Consider this: Deloitte found 73% of managers said they should be a model of well-being for their employees, but only 35% of employees could see that in their manager. Until we give them the time and resources to do their jobs effectively and happily, people will continue to have reservations about moving up in the ranks. The Jenga tower will continue to sway — if not collapse.

    Ryan Wong

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  • How a Bad Billing Descriptor Can Cost You | Entrepreneur

    How a Bad Billing Descriptor Can Cost You | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Do you know that line-item text that shows up on your debit or credit card statement that explains where each charge comes from? That’s commonly referred to as a billing descriptor. It’s a crucial piece of information that outlines the specifics of a transaction and the company associated with the charge.

    A merchant usually establishes the billing descriptor when they set up their bank account. Descriptors may be static or dynamic, meaning that they can change to reflect the specifics of the transaction in question.

    Think of billing descriptors as unique digital identifiers for each business. This numeric marker helps banks and credit institutions recognize the company while also helping buyers differentiate individual transactions.

    Unfortunately, inaccurate, confusing or unclear billing descriptors are a common problem. According to the 2023 Chargeback Field Report, one-third of cardholders say they often found billing descriptors on their bank statements to be confusing or unrecognizable.

    Additionally, nearly three-quarters of merchant respondents did not even know what their billing descriptor looked like. This suggests that merchants are not taking the problem of billing descriptor misidentification as seriously as they should. That’s a problem, as bad descriptors can directly cause chargeback.

    Related: How Banks and Businesses Can Fight Fraud and Chargebacks Should Regulation Fail

    Bad billing descriptors can cost you

    Billing descriptors directly impact a customer’s understanding of their credit card statement. As such, they play a vital role in a customer’s trust and satisfaction with a business. Poorly worded or confusing billing descriptors can pose significant issues for merchants, including:

    • Customer confusion: A vague or unrecognizable billing descriptor can leave customers perplexed. If customers can’t identify a descriptor on their statement, they might not be able to identify the source of the transaction.
    • Chargebacks & disputes: When customers don’t recognize a transaction, they often assume it’s fraud and dispute the charge. This can result in a chargeback to the merchant, which involves loss of revenue from the transaction, plus additional fees.
    • Damage to reputation: Ongoing issues with billing descriptors can harm a company’s reputation. If customers continually face confusion over their billing, they may develop a negative impression of the business, leading to lost future sales.

    Keep in mind the scale of this issue can vary widely. For a small business with a consistent client base, the issue might be manageable. But for a larger enterprise — especially one with a high volume of online sales or a diverse range of products or services — the problem can become substantial.

    Related: How AI and Machine Learning Are Improving Fraud Detection in Fintech

    Why is this a big deal?

    Around 27% of the merchants surveyed in the Chargeback Field Report had no idea where their billing descriptor could be located. A shocking 47% admitted that they’d never even checked their descriptor. For the reasons we listed in the above section, this is an issue that merchants can easily amend to protect their revenue.

    Merchants must keep their chargeback rate below the monthly thresholds established by Visa and Mastercard. Otherwise, they may be relegated to the higher fees and penalties associated with a “high-risk” merchant status. This is why billing descriptors are an essential part of this equation.

    Many customer queries begin with cardholders unable to identify a charge on their monthly bill. Fearing fraudulent activity, they tend to contact their bank, which often leads to a chargeback despite the transaction being valid.

    Ambiguous or seemingly unrelated billing descriptors are at the root of a substantial number of transaction disputes. In the same survey, one-third of cardholders responded with “Somewhat Often” or “Very Often” when asked about how frequently they encountered perplexing or unrecognizable billing descriptors. Interestingly, a small minority (only 6% of consumers) claimed they had never faced this issue.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Dynamic billing descriptors could be the answer

    Adjusting one’s billing descriptor to denote the source of each transaction clearly could save merchants a lot of time and money in the long run. This small step can profoundly impact a merchant’s chargeback ratio.

    Adopting dynamic billing descriptors, or otherwise adjusting to make descriptors more immediately identifiable, presents several benefits for merchants:

    • Reduction in chargebacks: A recognizable descriptor can significantly reduce the incidence of chargebacks. Customers can easily identify their purchases by providing specific information about each transaction (like the product purchased or service rendered), leading to fewer disputes and chargebacks.
    • Improved customer experience: Clear billing descriptors enhance the customer experience. Detailed transaction information can increase the customer’s and merchant’s transparency and trust. It eliminates confusion, ensuring customers fully understand their purchases.
    • Greater flexibility: Dynamic billing descriptors offer more flexibility. Merchants can tailor the descriptor to the specifics of each transaction, making it more descriptive and recognizable to customers. For example, each service type could have a unique descriptor for a multi-service business.
    • Enhanced brand recognition: Descriptors can also be a tool for enhancing brand recognition. By including a business name or a product-specific detail in the descriptor, merchants can make their brand more recognizable to their customers.
    • Fewer customer service queries: By providing clear and detailed transaction information, good descriptors can help reduce the volume of customer service inquiries related to unrecognized charges, freeing up resources to handle other aspects of customer service.

    Examining and optimizing one’s billing descriptor can be a vital strategic decision for many merchants. It can help improve operations and enhance customer satisfaction. At the same time, a bad descriptor could be a source of considerable revenue loss.

    Monica Eaton

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  • Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right. | Entrepreneur

    Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Succession planning in family businesses is a topic that often evokes mixed emotions. On one hand, it represents the continuation of a legacy, while on the other, it can be a source of anxiety and uncertainty. Anyone who has seen the HBO show Succession can attest to the roller coaster of emotions that takes place. Preparing your children for the next phase of your business is a complex process that requires careful consideration, communication and planning. In this article, we’ll explore the key steps involved in helping to ensure a smooth transition of your business to the next generation.

    One of the critical mistakes many family business owners make is waiting too long to initiate succession planning. Ideally, this process should begin years, if not decades, before you intend to step down. Early planning allows you to identify and address potential challenges, ensure your children are adequately prepared and create a transition that is as seamless as possible.

    Related: 1 in 10 Leaders Say Succession Planning Is Not Worth the Time and Money It Costs — Here’s Why They’re Wrong.

    Start with open and honest communication

    According to the Family Business Institute, only about 12% of family businesses survive into the third generation. One of the major reasons is lack of communication.

    Effective communication is the cornerstone of a successful succession plan. Begin by having open and honest conversations with your children about your intentions and expectations for the business. These discussions should be ongoing and involve all relevant family members, including those who may not be directly involved in the business but could still be affected by the transition.

    Encourage your children to express their own aspirations and concerns. Listen carefully to their input and be willing to adapt your plan based on their feedback. This collaborative approach can help build trust and ensure that everyone is on the same page.

    Identify and develop key skills

    Once you’ve established open communication, it’s essential to assess your children’s readiness to take over the business. This assessment should go beyond their desire to be involved and focus on their skills, knowledge and experience. Consider the following questions:

    1. Do they have the necessary education and training? Ensure that your children have the qualifications and capabilities required to run the business successfully. If not, provide opportunities for them to acquire the necessary skills.
    2. Have they gained relevant work experience? Working outside the family business can provide valuable insights and experience that can be beneficial when they eventually take the reins. A lot of family businesses require their children to work for other companies before they can join the family business. This gives the children a better perspective of working for others and also, they can gain industry knowledge to help the family business.
    3. Are they familiar with the industry? A deep understanding of your industry, market trends and competition is crucial. Encourage your children to stay informed and engaged in industry-related activities.
    4. Do they possess leadership qualities? Effective leadership is essential for running a business. Assess your children’s ability to lead and manage teams, make tough decisions and handle the challenges of business ownership.
    5. Are they financially responsible? Ensure that your children have a good understanding of financial management, including budgeting, financial forecasting and risk management.

    If your children lack certain skills or experience, consider providing them with mentorship, additional training or opportunities to work in different roles within the company to develop their capabilities gradually. Once you feel that they are ready for the next step, it’s time to create a plan of action.

    Related: 4 Lessons on Succession Planning for Entrepreneurs

    Create a clear succession plan

    A well-defined succession plan is a roadmap for the transition of your business. It should outline the specific steps and timeline for transferring ownership and leadership roles. Your plan should address key aspects such as:

    1. Leadership transition: Specify when and how leadership responsibilities will transfer from you to your children. Be clear about who will take on which roles and how decisions will be made during the transition period.
    2. Ownership transition: Determine how ownership shares will be transferred and at what price. This may involve discussions about equity distribution, buy-sell agreements and estate planning.
    3. Training and development: Outline a comprehensive plan for developing your children’s skills and knowledge in preparation for their new roles. Consider creating a structured training program or providing access to external resources.
    4. Conflict resolution: Anticipate potential conflicts that may arise during the transition and establish a process for resolving them. This can help prevent disputes from escalating and jeopardizing the business.
    5. Contingency plans: Prepare for unforeseen circumstances by developing contingency plans. What happens if one of your children decides not to join the business? How will you handle unexpected challenges or changes in the market?
    6. Legal and financial considerations: Consult with legal and financial advisors to ensure that your succession plan complies with all legal requirements and minimizes tax implications.

    Seek external advice

    While family businesses often benefit from maintaining control within the family, seeking external advice can be invaluable during the succession planning process. Consider involving professional advisors, such as lawyers, accountants, financial advisors and business consultants, who specialize in family business succession.

    These professionals can provide objective insights, help navigate complex legal and financial matters and offer guidance on best practices. Their advice can be particularly useful when dealing with sensitive issues like estate planning and tax implications.

    Gradual transition and mentorship

    A successful transition doesn’t happen overnight. It’s often best to implement a gradual shift of responsibilities and ownership over a period of time. This allows your children to gain practical experience and gradually assume greater leadership roles.

    Mentorship plays a crucial role in this process. As the current business owner, you can provide valuable guidance, share your knowledge and insights and help your children develop the confidence and skills necessary to lead effectively. Encourage them to take on increasing responsibilities and decision-making authority as they demonstrate their readiness.

    Related: Succession Planning: It’s Never Too Early to Start Thinking About the Future of Your Business

    Monitor progress and adapt

    Once the succession plan is in motion, it’s essential to regularly monitor progress and be willing to adapt as needed. Keep the lines of communication open with your children and other key stakeholders. Periodically review the plan to ensure it remains aligned with the evolving needs of the business and the capabilities of your children.

    Be prepared to make adjustments if unforeseen challenges arise or if your children’s interests and abilities change over time. Flexibility is a key factor in ensuring a successful transition.

    Preparing your children for the next phase of your business is a complex and multifaceted process. It requires early planning, open communication and a clear succession plan. By assessing your children’s skills, providing ongoing mentoring, seeking external advice and gradually transitioning leadership and ownership, you can increase the likelihood of a smooth and successful handover. Remember that a well-executed succession plan not only secures the future of your business but also helps to preserve the family legacy for generations to come.

    Mark Kravietz

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  • 10 Expert Principles For Designing Better CSAT Surveys | Entrepreneur

    10 Expert Principles For Designing Better CSAT Surveys | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a customer service consultant and customer service transformation expert, I’ve felt like cringing a few times (or more than a few!) when my client companies send out customer satisfaction (CSAT) surveys that are less accurate and customer-friendly than I’d want them to be.

    This is risky for any business, so I work with them immediately to make the needed improvements.

    Sending out poorly designed surveys can try the nerves of even your most loyal customers, mislead you with spurious results and waste the time of everyone involved — those who send it out and those who receive it. When designed and deployed correctly, however, surveys can reveal essential insights into how customers view their experience with your company and allow customers to vent!I encourage you to spend a few minutes with me learning the do’s and don’ts of designing and deploying customer surveys.

    Related: How to Measure Your Customers’ Happiness Score (and Why That Matters)

    1. Every survey question should be clearly worded and easy to answer

    It shouldn’t require your customer to do math or think too much about the inner workings of your company. Avoid anything like, “Compare this interaction with interactions you’ve had at similar departments at other fintech companies in our broadly competitive cohort.” Also, don’t ask questions you don’t care about and already know you’re not going to act on. (This seems obvious, but it happens all the time.)

    2. Don’t ask your customers to grade you on a scale of 1–10

    When you request their opinions on a scale of 1-10 (or 0-10), you’re confounding your customers at best. Why? You’re essentially asking your customers to determine the difference between a “six” and an “eight” or a similar nuanced gradation when choosing how to rank you. Provide your customer with no more than approximately five choices. (Why do I say approximately five? Well, I’d go with five, but I confess that there is an argument to be made for making it four or six: If you choose an even number like this, you take away an easy midpoint response, thus perhaps getting more reasoned answers.)

    Related: 4 Ways to Use Customer Feedback for Business Innovation

    3. The order in which you ask your questions matters

    The order matters because a prior question brings up images in a customer’s mind that will influence their answer to the next one. So, be sure to ask for your customer’s overall impression first. You don’t want to influence how a customer answers this central question by asking more nitpicky questions before you get to the most important, broad one.

    Asking several individual questions before asking for an overall rating will tend to color that overall rating, perhaps quite significantly. For example, if the question the customer encounters just before the big one asks about the cleanliness of your restrooms, which was just so-so, this will likely reduce your overall rating since you’ve left their mind in the toilets.

    Conversely, if they’ve just been asked about the availability of parking and parking was abundant, this is likely to artificially increase your overall rating since they are thinking about something positive (how easy it was to park).

    4. Include at least one open-ended question

    Doing this is valuable both to harvest customer insights and to let customers know you value and are curious about their thoughts and insights. For example, “Please share any thoughts you may have; we promise to read all of these!”

    The CEO of a major corporation told me that he transformed his entire level of customer service success by reading every one of these so-called “verbatims.” In these, he found a “staggering” level of nuance about his current operations and even some promising suggestions for innovations for the future.

    Related: You Need Consumer Insights To Ensure The Success Of Your Business. Here Are Five Ways To Find Them.

    5. Word choice matters

    I’m a fan of emotive rating options on surveys, such as “fantastic!” (for your top score), “meh” (for somewhere in the middle) and even “Are you sure you can handle the truth?!” (for your lowest). Only consider this approach if it conforms with your brand style! It wouldn’t be appropriate for a traditional jeweler or a business in a life-and-death industry like healthcare or mortuary services.

    6. Pay attention to the number of top ratings (5 on a scale of 5) that you receive

    While it’s nice to know how, on average, customers perceive you, It’s arguably more important to know the number of customers who give you a top (5 on a scale of 5) rating. This may be more important than your average score because the number of people who rate you as tops are the best representation of the number of truly loyal customers you have — or, at least, the number of customers well on their way to true loyalty. Of course, most important here is the trend: are you getting more loyalists than in the past, or is customer enthusiasm flagging?

    Related: Yes, the Rich Are Different — Here Are 5 Customer Service Secrets I Learned While Working With Wealthy Clients

    7. Don’t ask nosy questions

    Nosy questions include questions on income, sex or how old they are. First, you can never assume respondents will trust your privacy practices. Second, unless you’re a casino operator, cannabis dispenser or operate another type of business limited by law to serving adults, you don’t have a reason to ask for a complete birthdate. If you are trying to set yourself up to send out birthday cards or offers later, please at least stop asking for the year of birth. A complete birthdate is probably none of your business and makes identity theft all too easy in the event of a breach.

    8. Skim through your surveys right away, looking for any complaints or ultra-low scores

    Then respond personally and immediately to these upset customers. Don’t make them wait without a response, stewing in their own frustration, until such time as you’ve batched all your surveys for review.

    9. Put thought and attention into any preamble that accompanies your survey

    Your introductory note or cover letter, just like the survey itself, should be friendly, gracious and brand-appropriate. This way, whether or not the recipient chooses to respond, they’ll be left with a positive impression.

    10. Please don’t hound your customers if they don’t respond to your survey request(s)

    I would make one follow-up reminder the limit — or even zero. Once you’ve surveyed a particular customer, suppress future surveys of that same customer for at least 30 days.

    Micah Solomon

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  • 6 Obstacles of Expanding Your Company Internationally — and How to Overcome Them. | Entrepreneur

    6 Obstacles of Expanding Your Company Internationally — and How to Overcome Them. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Expanding a successful startup internationally can be exciting, but it’s not without its challenges. What works in one country might not necessarily translate smoothly to another. The world is a diverse tapestry of cultures, legal systems and market dynamics. Let’s explore the obstacles that startups should manage when venturing into the international arena, complete with real-life examples that shed light on the complexities of global entrepreneurship.

    Related: Successful Leaders Think Globally — How to Expand Your Business Abroad For Maximum Success

    Cultural challenges

    Culture is like a hidden iceberg that can sink your international business if not navigated carefully. Cultural challenges are often pivotal aspects of international business expansion. A profound understanding of local customs, values and preferences is indispensable for success.

    For instance, McDonald’s faced a significant cultural challenge when entering the Indian market, where vegetarianism is prevalent. To resonate with the predominantly vegetarian customer base, the company astutely adapted its menu. This transformation included the introduction of a variety of spicy sauces and condiments, along with local favorites like masala fries. This strategic move not only ensured the acceptance of the McDonald’s brand but also significantly boosted its popularity in India. This example underscores the vital role that cultural sensitivity plays in international expansion, as it can be a decisive factor in whether a business thrives or struggles in new markets. Understanding and respecting local cultures can turn challenges into opportunities and create lasting success.

    Team dynamics

    Managing a team spread across different countries can be a complex jigsaw puzzle. Critical decisions about staffing levels, choosing between local or international teams and HR processes weigh heavily on the success of international ventures. Recruiting and relocating foreign teams to specific countries often entail intricate processes, extending over several months. Consequently, meticulous and timely preparations become invaluable in alleviating stress and conserving significant resources.

    Related: 3 Steps to a Successful International Expansion

    Product adaptation

    Your product may be a hit at home, but it might need a makeover abroad. Nestlé’s experience in Japan is a classic example. They realized that their standard ice cream bars were too large for Japanese freezers. So, they downsized the product, ensuring a snug fit.
    Had Nestlé not recognized and addressed this issue promptly, it could have led to a series of potential losses and setbacks, including financial losses, reputation damage, market share erosion and missed opportunities. By adapting their product size to Japanese preferences, Nestlé not only prevented potential losses but also tapped into a market segment they might have otherwise missed. Small changes can make a big difference in product acceptance.

    Marketing mishaps

    Marketing is a minefield where a misstep can have serious consequences. Procter & Gamble (P&G) learned this the hard way during the mid-1970s when they ventured into the Japanese market with Pampers disposable diapers. In the United States, P&G’s diaper advertisements featuring storks struck a chord with parents eager to bid adieu to cloth diapers. However, this approach fell flat in Japan, where storks had no association with delivering babies. Instead, Japanese folklore featured giant peaches. A comprehensive understanding of local customs and traditions is essential for success in diverse global markets.

    Navigating legal landscapes

    Setting up a business internationally involves grappling with legal complexities. Airbnb, for example, had to adapt to varying regulations in different countries. Some places imposed restrictions on short-term rentals, while others required hosts to register. Adhering to local laws and regulations is essential to avoid legal troubles. Additionally, choosing the right legal structure for your business is crucial, considering ownership restrictions in some countries, such as specific limitations on foreign ownership and requirements for local shareholders or partners. Selecting the appropriate company type, appointing directors and securing the necessary permits are all fundamental steps in this intricate legal process.

    Related: 4 Tips for Expanding Your Business Globally

    Licensing, permits and intellectual property protection

    Securing the necessary licenses and permits for your business can vary significantly from one jurisdiction to another. Just because you have the required permits in one country doesn’t guarantee the same in another. This intricate process involves understanding and complying with diverse legal requirements. In addition to licenses and permits, safeguarding intellectual property (IP) rights is paramount. Apple’s protracted struggle with Chinese counterfeiters exemplifies the hurdles of protecting IP in a global marketplace. Your business must navigate these intricacies diligently to operate smoothly and safeguard your innovations and assets.

    Expanding internationally is a thrilling journey filled with opportunities and hurdles that test the mettle of startups. As exemplified by real-life cases like McDonald’s catering to Indian tastes and Nestlé’s ice cream adaptation in Japan, the ability to adapt, respect local norms and navigate the intricacies of diverse markets is the cornerstone of international success.

    Each obstacle conquered not only adds to a company’s expertise but also unlocks the potential for broader global reach and influence, creating a more resilient and adaptable organization. International expansion may not be a piece of cake, but with the right preparation, a keen mindset and an unwavering commitment to understanding and embracing global diversity, it can be an immensely rewarding adventure that propels businesses to new heights of success.

    Olga Fleming

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  • Insider Secrets That Will Help You Build a Thriving Startup | Entrepreneur

    Insider Secrets That Will Help You Build a Thriving Startup | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Launching a startup is no small feat; it’s a thrilling ride but also a bumpy one, and it takes more than a bright idea to navigate it successfully. Securing funds, putting together a dream team, setting appropriate goals and managing the daily hustle are all part of the gig.

    Over the years, not just working with startups but also founding one myself, I’ve seen firsthand that there’s no one-size-fits-all process. However, having the right mindset and a few solid strategies can take you a long way, and these strategies work across the board as success is usually dependent on your approach and commitment.

    Related: 8 Practical Tips for Successfully Launching Your Startup

    Time and resources

    Mastering time and resource management is a critical element in the formula for startup success. My entrepreneurial journey taught me that trying to juggle all balls at once can often lead to dropping them all; it’s important to remember that not every task demands your direct input and many could be managed more efficiently by others.

    However, this isn’t merely about shifting tasks; it’s about empowering your team, enhancing their skills and freeing up your schedule to focus on pivotal aspects. As a founder, your prime responsibility should be steering the strategic course, envisioning your venture’s future and tracking progress. Operational tasks, while vital, can and should be delegated.

    Executive leadership

    Teaching and guiding require effort, and this is where fractional executives step in. They handle crucial business areas for specific projects or durations, adding much-needed agility to your startup’s dynamic pace. A fractional Chief Operations Officer (COO) can optimize operations, while a Chief Human Resources Officer (CHRO) addresses talent issues, freeing you to strategize and drive results.

    It’s important to note that “fractional” doesn’t mean “disengaged.” In fact, these executives are deeply committed to your business’ success, providing expertise as needed. This gives you timely support without the commitment of a full-time role.

    Leveraging their rich knowledge, fractional executives can significantly elevate your operations and strategy. And before making any commitments, you have the opportunity to experience specific roles or individuals, which significantly reduces hiring risks. Also, their vast networks can introduce you to potential investors, partners, vendors and clients.

    I’ve personally witnessed fractional roles like COO, CHRO, CTO or CEO making significant positive impacts. The primary advantage? Cost-effectiveness. You receive top-tier expertise without the full-time executive cost.

    Funding

    One of the biggest mistakes I’ve seen startups make is chasing funds without a solid plan on how to manage them. After all, money has a sneaky way of slipping if you’re not keeping a close eye on it. Bringing in a finance wiz, like a fractional Chief Financial Officer (CFO), right from the get-go, may be one of the best things you can do. An experienced Fractional COO can help attach numbers and dates to your goals, helping put investors’ minds at ease when making the decision to invest.

    You may be thinking, “But I can do all this myself,” and if so, that’s great! However, if you spend all of your time worrying about budgets and timelines, you will have a harder time finding the bandwidth to strategize and work toward your company’s growth potential.

    Bringing someone on board helps you understand your burn rate and project revenues and helps you align expenses with growth plans, almost effortlessly. They can establish a robust financial plan that builds investor trust — the key ingredient needed to secure and sustain funding long-term — while allowing you to focus on your product, service or market.

    Related: 8 Bulletproof Ways of Turning a Startup Into a Thriving Business

    Systems and processes

    As your startup scales, your operational volume will increase rapidly. The capability to manage this surge without a corresponding hike in complexity, risk and cost is crucial for viability. A seasoned pro like a COO, with a resume spanning across industries and companies, can use their sixth sense to avoid unnecessary risk, spot inefficiencies and create processes to optimize growth.

    A good COO establishes scalable systems and workflows that evolve with your startup, ensuring smooth and effective operations throughout multiple growth stages and eliminating the need for constant process reevaluation.

    Technology

    In the fast-paced startup world, leveraging technology can fuel growth. Incorporating AI and machine learning can streamline complex processes, provide valuable customer insights and enable trend analysis and prediction, giving your startup a competitive edge, faster.

    However, it’s crucial to remember that technology is not a one-size-fits-all solution. It should strategically align with your startup’s unique needs and overarching business strategy.

    Having a technology expert well-versed in the startup landscape, such as a fractional COO, CIO (Chief Information Officer) or CTO (Chief Technology Officer), can provide support tailored to your needs. They can implement suitable technologies, create growth plans and offer insights on tech options that complement your mission, preserving the human touch amid the automation race.

    Networking and strategic partnerships

    Through my experiences, I’ve come to recognize something important: The most valuable opportunities and lessons often emerge when we least expect them, and only by keeping an open, adaptable and receptive mindset can we truly seize such opportunities.

    We can sometimes fall into the illusion of having all the solutions, but truth be told, we don’t, and it’s important to acknowledge our limitations. In fact, when we become immersed in our business bubble, we can develop blind spots that limit our ability to think outside the box and explore new possibilities. In comes networking.

    Networking goes beyond expanding your business connections — it can not only enhance existing strategies but also uncover innovative ideas, foster collaborations and ultimately drive your startup toward its next breakthrough in the most efficient way possible. So, I encourage you to step outside of your comfort zone, collect new perspectives and use your interactions to enhance the way you operate.

    There’s incredible strength in acknowledging that you shouldn’t do it all alone. In fact, the secret to a thriving startup lies in your ability to recognize and admit when you need assistance. So, surround yourself with experts who can contribute to your growth, and remind yourself that asking for help isn’t a sign of weakness, but rather a cornerstone to success.

    Related: 5 Must-Haves for Entrepreneurs and Their Startups to be Successful

    Adi Vaxman

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  • If You Cancel a Meeting With the Boss At This Company, Something Odd Happens | Entrepreneur

    If You Cancel a Meeting With the Boss At This Company, Something Odd Happens | Entrepreneur

    At the company I lead, anyone can opt out of any meeting, at any time, for any reason — even if it’s with me. Zero judgment. Zero repercussions.

    The way I see it, meetings are more than just gatherings of people; they are structures to build healthy respect for people’s time and talents. I want those ideals to be core to my company.

    Also, let’s face it: Most meetings suck.

    Sarah Kellogg Neff

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  • 5 Steps for Consistent Lean Operations | Entrepreneur

    5 Steps for Consistent Lean Operations | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Lean principles have proved incredibly effective for future-proofing organizations from wasting resources. Though the philosophy originated in manufacturing, its adaptability has made it essential for any modern business leader looking to eliminate resource waste, improve quality, reduce variations in customer service and increase productivity.

    Lean management principles can be applied to many essential parts of a company, including production, supply chain management, customer service and administrative processes — all to meet customer expectations while improving productivity consistently.

    Over 70% of lean implementations fail — so what are the critical differentiating factors for those who can succeed? If executed correctly, lean management improves both customer service and employee satisfaction while reducing overall costs via productivity gain continually.

    It’s easy for leaders to talk about optimizing processes, but a successful lean systematic approach requires a deep understanding of key customers’ critical needs and a well-integrated yet simple execution plan. Most importantly, it requires an energized community of employees dedicated to continuous improvement with unwavering support from the CEO and the executive team.

    These five steps are paramount for business leaders hoping to implement lean principles to deliver consistent results meaningfully.

    Related: How to Apply Lean Principles to Your Startup’s Productivity and Time Management

    1. Understand your key customers

    At the end of the day, business is about people. With all the pressure to innovate in today’s world, it can be all too easy to lose sight of what a company’s true customers actually want and need. Lean principles are centered around the “North Star” of any business: the pain points and opportunities within a company’s target audience.

    To eliminate excess and non-value-added activities, one must first identify those that best serve the customer’s needs and listen directly to customers to understand better how these desires are (or are not) being met. This concept is at the heart of the Lean pull system and just-in-time manufacturing, which urge companies to carry out work only when there is a demand for it rather than creating products based on forecasts.

    2. Diversify perspectives

    Lean principles seek to overcome four core challenges: drag (the resistance from sluggish markets or enterprise-wide misalignment of strategies); inertia (resistance to change, including functional siloes); friction (products or services not in sync with customer expectations); and waste (resulting from outdated KPIs, failure to evolve and disengaged leadership).

    Bringing key customer needs into a company can help align company practices, culture and products/services to combat these challenges quickly and effectively. Fresh eyes, especially those with a cross-functional team approach, are crucial for mapping out and augmenting processes within the company that deliver the right products and solutions to customers and can directly combat the static mindset of companies that may otherwise be resistant to necessary change.

    Related: 5 Reasons Not to Follow the Lean Startup Process for Your Next Idea

    3. Establish metrics for progress and success

    Knowing how to measure both progress and success helps businesses implement the lean philosophy as a long-term company strategy rather than just a project. These metrics/KPIs may take various forms — including visual tools or techniques that make information and work progress more visible, as transparency helps cross-functional teams monitor and manage work more effectively and in real-time.

    Moreover, all ideals related to progress and success must be fortified by direct engagement and leadership from the C-suite. Leaders must live the mindset expected of their employees; this can be done through a regular cadence of meetings where this commitment to constant adaptation and sustainable growth can be demonstrated and nurtured. High-potential employees are thoughtfully placed in Lean assignments throughout the company. Likewise, training on continuous improvement must be made regularly for all managers and employees, with rewards and compensation tied to the delivery of lean results.

    4. Organize collaborative, cross-functional teams to streamline processes

    If done right, lean management allows companies to achieve more with less instead of doing more with less. Establishing a smoother, uninterrupted flow of work or materials via the value stream will minimize delays, waste and bottlenecks. To achieve this level of synchronization, siloes must be broken down to make way for a holistic evaluation of all internal operations.

    With engaged participation from various functions, the sequence of activities and processes required to deliver the right product or service to the customer can be assessed and solidified. This holistic perspective is crucial for optimizing value streams, sharing best practices, regular checks and adjustments and future-forward planning. Collaboration across functions also allows for a holistic understanding of company obstacles, methodologies and goals so that employees across the business are aligned on a united, go-forward strategy.

    Related: 5 Ways Lean Teams Can Work Smarter and Get More Done

    5. Foster a culture of continuous improvement and respect

    Continuous improvement is not a fad; it is an ongoing and integral element of operations, depending entirely on the business’s human element. While various technologies are helping to modernize, restructure and simplify processes, we must not take for granted the human touch that is embedded into the nature of all work. Lean principles emphasize respecting and valuing individual employee contributions and engagement and building a culture of continuous improvement through human interaction.

    By encouraging employees to be involved in decision-making, training and support, leaders lay the foundation for a community of people who are personally connected to the customers and their teams and are personally invested in the company’s future.

    Likewise, by fostering a culture of teamwork, empowerment and accountability, leaders can recognize and harness underutilized employee skills for greater success — all of which have been proven to improve retention rates.

    Jack Truong

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  • 5 Entrepreneurial Mindset Principles That Empower Financial Literacy | Entrepreneur

    5 Entrepreneurial Mindset Principles That Empower Financial Literacy | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    An entrepreneurial mindset encourages individuals to view their personal finances as an opportunity for wealth creation and growth. This mindset emphasizes the importance of investing, whether in stocks, real estate, or other assets, to generate passive income and build wealth over time. That being said, developing your own foundational belief systems around your relationship with money is just as important as the financial vehicles themselves.

    One should remember that financial literacy is a journey, and it requires consistent effort, practice and application of these foundational principles to enhance your understanding and improve your financial wellbeing. When it comes to money, adopting certain mindset philosophies can help shape your relationship with wealth creation and guide your decision-making. Here are five imperative viewpoints to consider:

    1. View money as you would view a current

    While the term “currency” is derived from the Latin word “currere,” which means “to run” or “to flow,” the concept of money flowing like a current is metaphorical rather than a literal representation. The term “currency” primarily refers to a system of money that is used as a medium of exchange for goods and services.

    However, the metaphor of money flowing like a current can be used to describe the dynamic nature of money and its movement within an economy. Money circulates through various transactions, changing hands from one individual or entity to another. It flows through the economy, enabling economic activity and facilitating trade.

    Similar to a current in a river, money is constantly in motion, connecting different participants in the economy. It can be earned, spent, invested, and transferred, creating a continuous cycle of transactions and economic interactions.

    This metaphor highlights the importance of understanding and managing the flow of money. Just as currents in a river can be strong or weak, money can fluctuate in terms of its availability, value, and the speed at which it circulates. By being aware of this flow and managing their finances effectively, individuals and businesses can navigate the economic currents and make the most of their financial resources.

    Related: We Need a Real Commitment to Mental Health at Work. Here’s How (and Why).

    2- Don’t allow the limits of your past to have any bearing on your future

    Embracing an abundance mindset involves believing that there are plentiful opportunities for wealth and success. It is about focusing on possibilities rather than limitations. With this mindset, you approach money with a positive and optimistic outlook, recognizing that there is enough for everyone and that your financial situation can improve through hard work, smart choices and abundance mindset-based actions.

    Many emerging thought leaders have recently endorsed the ideology of “mindset monetization.” With these new, but logical shifts, countless case studies across the nation validate that financial empowerment begins with shifting your paradigm. And thus, by challenging the rigid, conservative “work, spend, save” 9-5 mindset and evolving from thinking like an entrepreneur rather than an employee, one can drastically uplevel their monetary milestones.

    3. Pivot — don’t pause

    The philosophy of financial independence centers around achieving freedom and control over your finances. It involves building a solid financial foundation that allows you to support yourself and pursue your desired lifestyle without being reliant on others. This mindset encourages you to take ownership of your financial situation, prioritize saving and investing, and develop multiple streams of income.

    Take the pandemic, for example; leaders who adopted remote skills, studied macroeconomics and understood what sectors were poised for growth not only weathered the pandemic but significantly improved their business and personal growth.

    4. Continuous learning to stay updated on the latest financial trends

    An entrepreneurial mindset prioritizes continuous learning and improvement. When it comes to financial literacy, this means actively seeking out resources, courses, and information to enhance your understanding of financial concepts, investment strategies and personal finance management. The post-Covid era has democratized online certifications from individual subject matter experts to academic institutions, so there is now a level playing field regardless of your geographical standpoint. Engaging in lifelong learning allows you to stay updated with the latest financial trends and adapt your financial strategies accordingly.

    The philosophy of delayed gratification, in tandem with a commitment to learning, involves prioritizing long-term goals over immediate satisfaction. It requires resisting impulsive spending and prioritizing saving and investing for future financial security and goals. By delaying gratification, you can make wiser financial choices, avoid unnecessary debt, and accumulate wealth over time.

    Related: The Financial Literacy Basics Entrepreneurs Need to Know

    5. Practice mindful spending and asset allocation

    Mindful spending involves being intentional and conscious about how you allocate your financial resources. It means aligning your spending with your values and priorities as well as the emerging, lucrative sectors that require attention. With this mindset, you take the time to evaluate your needs versus wants, track your expenses, and make deliberate decisions that reflect your financial goals. Mindful spending helps you avoid impulsive purchases, stay within your budget and make more conscious choices with your money.

    Ben Sever

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  • How to Use Artificial Intelligence to Improve Customer Experiences | Entrepreneur

    How to Use Artificial Intelligence to Improve Customer Experiences | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Delivering an exceptional customer experience is paramount for success. Within the past decade, companies that integrate artificial intelligence (AI) into their operations have emerged as the leading choice for businesses due to their convenience and scalability. The advanced technology that we are now adapting to has taken customer and marketing experiences to new heights.

    Let’s discuss how AI-driven features and methodologies are redefining the world of marketing and the B2B user experience.

    Why you need artificial intelligence

    It’s not news that AI has a wide range of advantages and applications. Just look at how ChatGPT has revolutionized the way marketers create and distribute content, giving them key language and providing them with suggested social posting timelines and strategies. AI allows companies to automate tedious, repetitive processes, freeing up vital time and money. It quickly and accurately evaluates large volumes of data, finds patterns and makes predictions thanks to machine learning algorithms. Meanwhile, automation of duties boosts operational effectiveness, allowing marketing teams to concentrate on more strategic and valuable tasks that promote productivity and innovation.

    AI provides brands with insightful data and forecasting abilities, even finding hidden patterns and trends that most people would find difficult to spot while manually examining massive data sets. These insights allow companies to plan for customer behavior, enhance processes and make data-driven decisions.

    For instance, AI-powered analytics offers useful information about their brand’s marketing objectives, enabling brands to customize their products and make the most of their marketing initiatives. As an example, Eulerity allows brands to cut out the multivariate possibilities of creatives, media channels and audiences that are often not optimized or looked at on an ongoing basis — especially with modest marketing budgets — by using machine learning to automatically detect where the performance pockets are and make optimization decisions in real-time.

    Related: Innovation or Extinction — Why Complacency Is the Real Business Killer (and How to Foster an Innovative Culture)

    AI-powered personalized recommendations

    Personalized suggestions and a tailored customer experience have never been more vital. Artificial intelligence systems comprehend unique preferences and behavior patterns by evaluating enormous amounts of user data. Automation allows for individualized recommendations that are in line with each client’s particular demands, resulting in a more relevant and personalized experience.

    Some platforms use AI to make product recommendations based on a customer’s browsing history, buying patterns and demographic data. These clever suggestions not only help customers save time but also increase the likelihood of upselling and cross-selling, which boosts client pleasure and generates income. Isn’t that what it’s all about anyway?

    Related: Exploring the Future of Artificial Intelligence — 8 Trends and Predictions for the Next Decade

    Predictive analytics for improving customer churn

    Predictive analytics helps identify potential customer churn indicators, enabling companies to intervene and offer personalized incentives to retain at-risk customers. For brands that may be worried about losing customers, they could offer a loyalty-incentive program or contest to those consumer segments.

    A brand might use predictive analytics to monitor the usage patterns of our own customers — thereby helping to understand where marketing performance can be improved through human connection and strategic support, resulting in improved satisfaction and long-term loyalty.

    To really gain a competitive edge, your brand must be committed to continuously improving and enhancing your customer experience through predictive analytics. By closely monitoring the usage patterns of your customers, you can proactively identify any potential pain points or areas where your services can be optimized.

    This data-driven approach allows you not only to address issues promptly but also to engage in meaningful interactions with your clients. For example, we use data, customer insights and suggestions to provide tailored support and solutions that resonate with their unique needs. There have been multiple product features added to our platform that were driven by customer insights and needs. This proactive strategy not only enhances customer satisfaction but also fosters long-term loyalty and trust, which is the most important aspect of a partnership.

    Final thoughts

    Artificial intelligence has become a game-changer in every single industry and continues to revolutionize the way customers interact with software applications. From personalized recommendations to intelligent chatbots and predictive analytics, AI-driven features are enhancing customer experience, leading to improved satisfaction, increased loyalty and higher retention rates.

    By leveraging AI in such a careful and effective manner, brands have the potential to deliver exceptional customer experiences, giving businesses a competitive edge in the evolving digital landscape.

    Adam Chandler

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  • How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

    How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Imagine if 10-30% of all the items you gifted this holiday season came back to you because the recipient didn’t want them. What would you do? Recycle them? Regift them? Trash them?

    Retailers face this 365 days a year. In-store purchases have an average return rate of 8-10%, while ecommerce averages can reach 30% or more. If a retailer struggles to manage returns processing efficiently, high volumes can drain money and resources, as well as burden the environment with extra packaging waste and transportation emissions.

    Returns management doesn’t have to be expensive, difficult or wasteful. Supply chain technology has significantly matured to address reverse logistics processes. Rather than returns driven by manual tasks, today’s tech-driven returns bring big gains in efficiency, profitability and customer satisfaction.

    Related: The Secret to Long-Term Customer Loyalty Is an Easy Return Policy

    Returns conundrum: A burden turned opportunity

    When a return is made, it’s usually seen as a negative experience for both the customer and the retailer. But technology can change this perception by making returns an opportunity to re-engage and delight the buyer.

    Customers expect an online customer portal for initiating returns, but intelligent returns technology can take it a step further: It can automatically refund the customer if certain conditions are met or even incentivize them to make the return at the nearest store rather than ship it.

    At the warehouse, returns technology automates tasks and helps the team process the return faster, which gets the customer their refund, credit or exchange sooner. Tech-driven returns are a win-win for all parties.

    The impact of inefficient returns

    A ReverseLogix study of eCommerce retailers found that 80% of respondents said the cost of managing returns is “significant to severe.” Returns also have a staggering impact on the planet: In the U.S., return shipping transportation creates the equivalent emissions of +3 million cars annually, according to Gartner.

    Return rates are growing faster than revenue rates for 91% of retailers, as reported by Appriss Retail. We’re at the point where returns are either a threat to the bottom line and customer loyalty or a positive differentiator that keeps costs low and buyer happiness high. Technology will decide the difference.

    Related: 4 Things to Know About Ecommerce Returns to Minimize Lost Profits and Keep Customers Happy

    Rise of tech-driven returns

    Retailers are already using technology to optimize warehousing, order management, transportation and every other part of the supply chain. Using tech to drive returns management, however, has mostly been overlooked. But with skyrocketing return volumes and customer demands for fast and easy (and free!) returns, new technology has burst onto the scene to address these specific issues.

    When a product arrives at the store or warehouse, the team member scans in the return. A product image appears on the screen with important identifying details like the serial number, which is important for verifying it isn’t a fraudulent return.

    Depending on the item’s condition, the software auto-routes the product to the store location with the highest predicted resale value. If it’s gently used or damaged, it can be sent to a re-commerce site to recoup some of the value. The customer is automatically notified about the status of their return, eliminating the need for calls and emails about their refund, credit or exchange.

    A fast and frictionless returns process is a game-changer for a retailer’s operations and for turning a frustrating customer experience into one that builds loyalty.

    Sustainable returns: A win-win for retailers and the environment

    Returns technology addresses the huge environmental impact of returns. If a customer lives within five miles of a store, for instance, they can be incentivized to return the item there rather than through the mail and learn how this saves emissions and packaging. Returns technology can direct a damaged item to be recycled rather than landfilled or a gently used item to go to a secondhand re-commerce site.

    Practical tips for retailers

    Adopting returns technology can be challenging because returns don’t usually fall under a single leader or pyramid. Instead, it’s a patchwork of facility teams, supply chain leaders and customer experience leaders. So, if you’re considering a returns technology project, form a team or name an individual to champion it. Ideally, organizations with high return volumes would create a Chief Returns Officer role to head this essential part of the supply chain.

    Work with your returns technology partner to identify your business goals. Do you want to create an easier process for customers? Do you need more automation because of workforce constraints? Do you need to support corporate sustainability goals? Identifying goals will help you choose the right returns technology and ensure it has features that address your needs.

    Understand your existing tech stack: What supply chain systems do you currently have? How easily can returns technology integrate with them?

    Returns technology has a customer-centric advantage but also one that team members will adopt. It must be easy to train on and quick to learn, ultimately making their work faster and easier.

    Related: 5 Easy Strategies to Prevent Costly Retail Returns

    The future of tech-driven returns

    As the challenges of returns management mount, the features and capabilities of technology are accelerating to anticipate what’s next. AI is playing a big role in this.

    Virtual dressing rooms help consumers make informed buying decisions so they can avoid buying many sizes and colors (only to return most of their orders). AI-powered return policies can be flexible based on the customer profile, such as giving high-value customers more return options or a more lenient returns policy.

    For more sustainable returns, AI can compare a return’s condition against geography, seasonality and other factors to determine the best location for routing the return and capturing the highest resale value.

    The future of tech-driven returns is AI, and AI is happening now. Retailers that use returns technology are capitalizing on faster returns processing, lower costs, happier team members and customers who are delighted at every phase.

    Gaurav Saran

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  • 4 Viral Campaigns That Can Teach Us About Going Viral | Entrepreneur

    4 Viral Campaigns That Can Teach Us About Going Viral | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In this digital age, where content overflows and battles are for a sliver of attention, the power of virality is unmatched. I’ve seen and analyzed countless marketing campaigns, but only a few can shake the web and etch themselves in our collective memory.

    What is it that propels a campaign to such stellar heights?

    The elements of a viral campaign

    It’s not just the magnitude of reach but the depth of connection it forms with its audience. Relatability is the cornerstone; people rally around what resonates with them. Building an emotional bridge is paramount, too; it’s not about how many see it but how many feel it.

    Then comes shareability, then innovation — will your audience proudly become your brand’s ambassadors? These are the golden pillars of marketing in our times. And as we dive into iconic campaigns that exemplify these principles, let’s unravel the magic behind their success.

    Related: We Are Disillusioned and in an Influencer Overdrive — Here’s How to Find Authentic Guidance via Social Media Influencers

    ALS Ice Bucket Challenge — (2014)

    Speaking of resonating campaigns, let’s cast our minds back to 2014. A year where a simple act of pouring icy water over oneself became a global phenomenon: The ALS Ice Bucket Challenge.

    ALS (Amyotrophic Lateral Sclerosis) is a severe nerve disease, often leading to muscle weakness and impairment. The pressing need for research and funding gave birth to this campaign, urging the public to empathize and act.

    How did the challenge work? It was brilliantly straightforward. Pour a bucket of icy water over your head, record it, nominate others and encourage donations for ALS research. The challenge’s beauty lies in its simplicity and the ripple effect of nominations.

    This seemingly fun challenge caught wildfire. Not only did everyday folks participate, but celebrities from Bill Gates to Oprah Winfrey joined in, catapulting its visibility.

    The results were staggering. Over $115 million was raised in the U.S. alone, which changed the trajectory of ALS research. The Ice Bucket Challenge is a testament to the potential of community-driven initiatives. It underscored that it becomes unstoppable when a campaign leans on relatability, emotional connection and a purpose bigger than any brand or product.

    Related: How the Ice Bucket Challenge Exemplifies Viral-Marketing Serendipity

    Dove’s Real Beauty Sketches — (2013)

    Picking up from the theme of emotional resonance, 2013 brought us another campaign that touched the hearts of millions. Dove, a brand synonymous with gentle skincare, took on a much broader mission: challenging and redefining societal beauty standards.

    The campaign’s core concept was a profound one. Dove invited several women to describe themselves to a forensic artist, shielded from his view. Then, strangers described these same women to the same artist.

    The result?

    Two contrasting sketches for each woman – one based on self-perception and the other on a stranger’s perspective. The sketches unveiled a universal truth: women often see themselves more critically than others do. This revelation wasn’t just an “aha” moment for the participants but resonated with women worldwide.

    The video quickly became one of the most-watched online, garnering more than 114 million total views. The campaign didn’t just promote a product. It addressed a deep-seated issue, encouraging women everywhere to see their genuine beauty. The campaign’s magic lay in its authenticity, tapping into a global shared experience and feeling among women.

    The takeaway? Genuine, heartfelt content that speaks to universal truths can break the internet, transcending mere advertising to spark meaningful conversations.

    Share a Coke — (2011-2014)

    From heartfelt campaigns that spark meaningful conversations, we transition to another equally influential campaign, but this time, it’s all about personalization.

    Remember the thrill of spotting a Coke bottle with your name on it? That was the genius of Coca-Cola’s “Share a Coke” campaign.

    Taking a step away from its usual global branding, Coca-Cola decided to add a personal touch, quite literally. They started replacing their iconic logo with popular first names on bottles and cans.

    The idea? Encourage people to find bottles with the names of their loved ones and share a Coke. This seemingly simple shift transformed Coca-Cola’s interaction with consumers. Suddenly, buying a Coke wasn’t just a thirst quencher but a personalized experience and an Instagrammable moment. The ripple effect was enormous.

    Social media platforms were flooded with people sharing their personalized Coke bottles, connecting the brand with moments of joy and camaraderie. The numbers spoke for themselves. After years of decline, Coca-Cola reported a significant boost in sales, marking the campaign’s undeniable success.

    So, what’s the lesson from Coca-Cola’s playbook? Personalization isn’t just a marketing buzzword. It can be a game-changer, making consumers feel seen and valued. And when brands can achieve that, they don’t just sell products; they create memories.

    Related: Storytelling Could Bring Your Brand to Life and Strengthen Your Marketing Impact

    Old Spice’s “The man your man could smell like” – (2010)

    In the wake of such personal connections made by Coca-Cola, another brand was crafting its unique magic, not through personalization, but with a splash of humor and surprise.

    In 2010, a charismatic man on horseback, Isaiah Mustafa, transformed our screens with the campaign “The Man Your Man Could Smell Like.” Once seen as an older-generation’s brand, Old Spice needed rejuvenation.

    Waiting to shake off the “old-brand” image and appeal to a younger audience, they unleashed their secret weapon: Isaiah Mustafa and his undeniably captivating charisma.

    Using a blend of wit, rapid scene changes and the consistent character of Mustafa, the ads were nothing short of entertaining. “Look at your man, now back to me,” he quipped, a line that soon became part of the pop culture lexicon.

    The result? A rejuvenated brand image. The commercials didn’t just get laughs; they breathed new life into Old Spice, making it trendy and relevant once again.

    The lesson? Well-executed humor isn’t just catchy; it embeds your message in viewers’ minds.

    Conclusion

    Navigating these iconic campaigns, we see vitality’s heart: authentic connection. From Coca-Cola’s personal touch to Old Spice’s humor, genuine resonance wins — it’s not about big budgets but touching hearts.

    Learn, innovate, and you might just craft the next web-shaking campaign.

    Mohamed Elhawary

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  • 9 Tips for Navigating the Upcoming 2024 Marketing Landscape | Entrepreneur

    9 Tips for Navigating the Upcoming 2024 Marketing Landscape | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    2024 is right around the corner, and the world’s marketing landscape has changed a lot in this year alone! So, what’s changed in this time? As the internet grows, there are more people selling services and products than ever before. It’s saturated out there. To make an impact, you need to take the status quo and put your own unique twist on it. Think big.

    Marketing isn’t just about selling your product, service or idea. It IS your product, service or idea. This is where the game-changer is at. You create your brand through your marketing, not by your marketing. Marketing is where you get to tell your brand’s story to the world. Think about it: If you had the chance to tell the world about your brand (and could do it in any way you choose), how would you do it? Let me go through some tips that might inspire your answer by the end of this article.

    Related: You’re Not Just Selling a Product or Service — You’re Selling Your Brand Story. Here Are 3 Steps To Ensure It Sells.

    1. The “Think Big” mindset — go big or go home

    First things first. We’re not here to play it safe; we’re here to disrupt. You’ve got a product or service that’s the bee’s knees? Awesome. Now let’s make sure the world knows it, not with a whisper but with a roar. The “Think Big” mindset is all about doing things differently. Go big or go home!

    So, you’ve got the next “it” product or service? Don’t whisper it to the world — shout it! Example: You’ve got a new energy drink? Don’t just send out free samples; sponsor a major sports event. Light that baby up with fireworks, and get influencers to live-stream it. Make it a “can’t-miss” spectacle. Most importantly: Believe in yourself and your brand.

    2. Understand the audience, but don’t be limited by them

    Everyone’s telling you to know your audience. For sure, do that. But don’t let that box you in. Your audience today isn’t necessarily your audience tomorrow. Stay flexible. Adapt. Pivot if you have to. Just because you sold snowboards last season doesn’t mean you can’t sell beach gear this summer.

    Sure, you’ve got to know your audience. But don’t let that put you in a box. Sold snowboards last winter? Pivot to skateboards this summer. Be the brand that says, “Hey, we get you, no matter the season.”

    3. The power of storytelling

    People don’t buy what you do; they buy WHY you do it. If you can tell a story that connects, you’re gold. Your campaign needs a narrative, a hook, something more than just “Buy Now” slapped on a billboard. This is your brand’s blockbuster movie, and you’re the director. Action!

    Your campaign needs a story so compelling it could win an Oscar. If you’re selling organic food, don’t just say it’s healthy — tell a story of how your company is saving local farms and promoting sustainable living. That’s your Oscar-winning narrative right there.

    4. Video content: The king of the jungle

    If content is king, video content is the king of the jungle. By 2024, if you’re not into video, you’re basically communicating via smoke signals. You’ve got to get on platforms like YouTube, TikTok or whatever the next big thing is. Short-form, long-form, behind-the-scenes, vlogs — mix it up and keep it fresh.

    If you aren’t leveraging video content by now, get onto it! For instance, if you’re a fashion brand, YouTube tutorials showing how to rock your collection in multiple ways are a hit. TikTok challenges? Even better. Be the Spielberg of your brand’s story through different video formats.

    Related: 10 Pointers To Keep In Mind When Using Video To Grow Your Business

    5. Harness the power of social proof

    Look, in a world where everyone’s shouting, sometimes it’s best to let others do the talking for you. Testimonials, user-generated content, influencer collaborations — this is the stuff that social proof is made of. Leverage it. Your audience trusts their peers more than they trust your brand commercials.

    Social proof is like the cool kid in school vouching for you. So, get influencers to showcase your product, but also spotlight reviews and testimonials from everyday users. Have a tech gadget? Get it in the hands of industry experts for an unboxing video that their followers will devour.

    6. Data-driven decisions

    You can’t manage what you can’t measure. That’s why you need a dashboard that gives you real-time insights. I’m talking Google Analytics, SEO tracking, social media metrics — everything that tells you who’s engaging and how. But remember, data isn’t the be-all and end-all. It’s a tool, not a strategy.

    Install dashboards that monitor everything from website traffic to how long someone stared at a product on your mobile app. Let’s say, for instance, your camping gear is getting tons of clicks but no buys — maybe you need a flash sale to tip those browsers into buyers.

    7. Omni-channel or bust

    Your audience is everywhere, so you need to be too. Omni-channel marketing is the name of the game. You’ve got to be where they are, whether that’s on social media, their email inboxes, Google search or even old-school print and billboards.

    The consumer of today lives on Instagram, shops on Amazon, and judges purchasing decisions based on Google’s reviews. You need to be everywhere. Your campaign should span from social media ads to email marketing to even classic radio spots if that’s where your audience hangs.

    8. Disruptive innovation

    Remember the “Think Big” mindset? Well, here it comes into play again. If your campaign looks like everyone else’s, you’ve already lost. Do something bold. Do something innovative. Do something so jaw-dropping that people can’t help but stop and pay attention.

    Remember: Disrupt or be disrupted! Be the first to use emerging platforms or technologies in your field. Augmented reality try-ons for your fashion brand, anyone? You want people screenshotting your campaign and saying, “Look at what THESE guys did!”

    Related: 3 Ways to Stand Out from Competitors

    9. Relationships over transactions

    Last but not least, remember that at the core of every successful campaign is a relationship. Your audience isn’t just a sales number; they’re people who will become brand advocates if you treat them right. Provide value, communicate authentically, and aim to build a community around your brand.

    Instead of just selling, why not form a tribe? Create content that adds value. Got a fitness brand? Run a monthly “Fitness Challenge” where your community participates, bonds, and yes, uses your products. It’s about creating a lasting relationship, not just a one-off with your customer’s wallet.

    You’ve made it to the end, and hopefully, you’ve absorbed these key principles like a sponge. Remember that question I asked at the start? I’m sure by now you’re charged up, ready to shout your brand from a megaphone! Now, it’s not just about having this information; it’s about applying it diligently.

    So, what’s next? Action. You need to take these tips and implement them. This is more than just a campaign; it’s a way to build long-lasting relationships that can transform your brand. Remember: Think big. Take 2024 by storm. You’ve got this!

    Mikey Lucas

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  • 15 Strategies to Help Leaders Overcome Resistance to Change | Entrepreneur

    15 Strategies to Help Leaders Overcome Resistance to Change | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the ever-evolving landscape of the business world, change is an immutable force, one that is indispensable for fostering growth and adaptation. However, the inevitability of change doesn’t negate the fact that even the most well-conceived and well-intentioned transformations often encounter formidable resistance from employees and stakeholders alike. As a change leader, your proficiency in skillfully navigating and surmounting this resistance is not just a valuable asset but an absolute necessity for the triumph of any transformational endeavor.

    This article delves into the intricate dynamics of resistance to change, dissecting the underlying factors that fuel this resistance, and it serves as a compass to guide change leaders toward effective strategies to quell such opposition. From understanding the psychology of fear of the unknown to addressing concerns of job security, we will equip you with actionable insights and proven tactics to foster not just compliance but genuine enthusiasm among your team and stakeholders during times of change.

    Related: The 5 Most Important Aspects of Leading Others in Times of Change

    Taiwo Sotikare

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