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Tag: Business Solutions

  • How Offering Discounts Hinders Your Business’s Growth

    How Offering Discounts Hinders Your Business’s Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    In the subscription arena, and in the B2C environment in general, discounts seem to be the norm. The assumption is that discounts help incentivize purchases that wouldn’t typically happen, leading to new customers.

    The reality is completely different. Discounts, when used incorrectly, can greatly hinder growth and decrease your chances of attracting long-term, brand loyalists. Here’s why:

    Related: Don’t Offer Customers Discounts If You Want to Be Successful

    Discounts attract the wrong types of customers

    One of the fundamental issues with using discounts is that they attract the wrong type of customers to your brand. Customers who join a subscription service due to a discount are often shopping for price instead of unique and exclusive brand offerings. They’ll leave the minute they find a better deal.

    This lack of customer loyalty has far-reaching implications. Data shows that only 52% of consumers who sign up for a new retail subscription will actually keep it. Higher discounts have been linked to decreased willingness to pay renewal fees. Plus, data from QPilot found that the more discounts you offer, the more churn you’ll have.

    Instead, engage customers in long-term commitment opportunities. Research from Attest found that customers see more value in a 12-month commitment with two months free than with a shorter commitment coupled with larger monetary savings.

    Discounts devalue your brand

    The strength of the subscription-based model is in its ability to create belonging. As Jay Myers of Bold Commerce said at SubSummit, “People want to be a member of a brand, like a member of a sports team.”

    Promo codes and discounts negate this approach. According to Nancy Harhut at HBT Marketing, coupon codes lead to distracted customers, with studies showing 27% of potential buyers abandoning their carts in search of coupon codes.

    Coupon codes can also cause consumers to have post-purchase regret. When a customer pays full price for a product and later sees a promo code spot offering the same item or service for a discount, they begin to question the value of their previous purchase.

    Discounts train a consumer to think they can get your product somewhere else for less money. This ultimately makes your product or service appear replaceable.

    Instead, look to attract those who are shopping for experience and community. The strongest brands put an emphasis on the value they can provide in a customer’s journey.

    Related: 6 Good Reasons to Ditch Offering Discounts

    Discounts directly impact perceived customer value

    Offering a discount puts your name in the marketplace, but it doesn’t set you apart. In fact, the vast majority of subscription-based cancellations stem from voluntary churn, according to SUBTA’s State of Subscription Annual Report. Factors include price, perceived value and poor customer service.

    That’s why the best brands focus on identifying what their target customer wants and delivering on that value. This involves shifting to a lifecycle journey, where brands consider the experiences a customer faces as they go through life. Then, they perfect a core offering that helps in that lifecycle.

    This in-depth understanding of a customer allows you to stay engaged in a way no discount can. Rather than offering a promo code, brands with a central understanding of client value can identify value-add opportunities to engage their ideal customer on a regular basis, instigating belonging and inclusion.

    What to offer instead

    Discounts are not the only way to gain customers or increase value. Rather, consider some of these tactics in the new year:

    • Get creative with product-sourcing partnerships: Look for ways to incorporate unique, boutique items from up-and-coming brands who want exposure.

    • Clearly communicate the value of your price point: Furniture subscription company, Fernish, does just this by comparing the actual price a customer will pay for a piece with the value of the subscription.

    • Embrace the cancellation: Haroon Mokhtarzada of RocketMoney (formerly Truebill) encourages making the cancellation process as easy as possible and then surveying those cancellations to impact customer loyalty. In fact, the likelihood of re-subscription has been found to go up when it’s easy to cancel.

    • Utilize Subscribe & Save options: If your brand is a replenishment business, utilize the subscribe and save feature to upsell for a longer-term commitment and an increase in perceived value. More than 60% of consumers report that Subscribe & Save programs make their lives easier.

    Discounts downplay the power of your brand. Instead of jumping on the promo value bandwagon, look for ways to utilize customer data to drive meaningful subscriber experiences. Creating value add-ons that promote long-term commitment and a loyal customer base will ultimately impact your bottom line and make for a more confident brand.

    Related: Reasons Why Heavy Discounting Cannot Lead to Sustainable Growth

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    Chris George

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  • How to Build an App When You Have No Coding Knowledge or Programming Skills

    How to Build an App When You Have No Coding Knowledge or Programming Skills

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    Opinions expressed by Entrepreneur contributors are their own.

    No-code app builders are tools that allow non-programmers to build their own apps without the need for any technical knowledge. These tools break down the process of coding an app and make it as simple as filling in a template with pre-written code.

    This doesn’t require any special programming knowledge to start building. In this article, we will explain how no-code app builders work and how they can help you build your application quickly.

    What is a no-code app builder?

    No-code application builders are online platforms that allow you to build mobile applications without coding. Instead of programming, you choose ready-made templates to create your application. The main advantage of no-code apps is that you don’t have to write code, and you don’t need to hire a developer.

    No-code application builders are easy to use. They allow anyone to build their own software without needing any special skills.

    Related: How to Create an App for Your Business With Zero Coding Experience

    How do no-code app builders work?

    No-code app builders break down the application creation process into a series of steps. You just click on different buttons to select the elements you want from the pre-written code. You don’t need any programming skills to know how to use them.

    Every app builder has a mechanism similar to a drag-and-drop interface where you click to add different elements to your app. This includes things like text, images, videos, buttons and forms. It’s as simple as dragging and dropping the elements you want from a selection panel into your app.

    Once you’ve added the elements you want to your app, you can add the final touches, like selecting the logo for your app, choosing a color palette and so on. You can add data to your app, set up your URL, add instructions and more.

    Benefits of using a no-code app builder

    There are many advantages of using a no-code app builder over coding your app manually. Here are the main advantages:

    1. Time:

    No-code app builders cut down the time needed to build an application tremendously. While it usually takes several months to a couple of years to develop a fully functional app, with a no-code app builder, you can create it in a matter of hours.

    2. Cost:

    While it might cost you thousands of dollars to create a custom-built application, no-code app builders charge you a very reasonable monthly fee that does not exceed a couple of hundred dollars, which is a very small fraction of what you will pay to develop a custom app.

    3. Agility:

    No code apps let you quickly change and update your application. This is perfect for businesses that need to quickly adapt their app. If you want to change the color scheme or layout of your app or add more features, you can do it with a click of a button.

    4. Accessibility:

    They are accessible to users with a wide variety of skill levels. This enables the app developer to increase their capacity for inventiveness because there are no technical obstacles.

    5. Ease of use:

    You don’t need to spend days learning how it works. Select your feature, drag, drop, customize, click save and viola! Your feature is installed. Also, no-code apps are easy to use by both users and businesses. They are optimized for usability and engagement.

    6. Security:

    No-code apps are secure by the builder’s firewalls. Once you’ve built your app, you can spend less time worrying about bugs and more time focusing on making sure your app works perfectly!

    Related: 5 Reasons Why Entrepreneurs Should Be Using No Code

    How to find the right no-code app builder for you

    Choosing the right app builder is the first step to creating your application. You can build your application in a few days with a no-code app builder. But there are a lot of different app builders to choose from. It can be hard to know which one to pick. Here are a few tips to help you find the right app builder for you:

    1. Identify:

    Identify your business needs. Then you can compare the app builders based on these needs. For example, you might want an app builder that’s easy to use. Or you might want one that has more features, or you may be on a tight budget and would like an app builder that is lower in cost.

    2. Prioritize:

    You might have a long list of needs for a no-code app builder. You have to prioritize your needs. This will help you narrow down your options and find the best no-code app builder for you.

    3. Research:

    You can research the different types of no-code apps to make sure that you choose the best one that suits your needs.

    If you’re not a developer, and you don’t have the time or money to hire a developer, or if you’re just starting out your business and want to prove your concept before investing thousands of dollars, then no-code app builders are perfect for you. Apps produced by no-code app builders are time-savers, cost-effective and easy to build.

    Related: 3 Ways to Build A Mobile App With No Tech Skills

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    Omar El Bahr

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  • Split Music Tracks Quickly with This AI-Based App

    Split Music Tracks Quickly with This AI-Based App

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    The music industry is one of the toughest businesses to crack. And even after they find success, musical entrepreneurs have to adapt to their field’s constantly changing landscape. But sometimes, an advance in technology comes along that makes things a little bit easier — like the EasySplitter app.


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    EasySplitter is an AI-based vocal remover that can revolutionize the way musicians mix and master their tunes. It’s perfect for singers, DJs, sound producers, composers, music arrangers, and others in the industry, and right now you can score a lifetime subscription to a Pro Plan, which gives access to 960 PRO credits a year for just $29.99.

    EasySplitter can be accessed on the web and on both iOS and Android devices, helping any would-be and established musicians easily split songs into separated STEMs manually. This AI-powered vocal remover app employs innovative technology that lets musicians remove vocals from songs and access the four separate versions — instrumental, vocal, drums, and bass. It also has a feature that removes background noise and unwanted sounds from an audio file.

    Individuals involved in all facets of the music business will enjoy the ability to split songs quickly and easily. And they can have peace of mind knowing the app is bug-free, having been developed with the cleanest code and tested by pros.

    User Asad wrote, “I didn’t realize it was so easy to split tracks and tailor-make the song for my enjoyment.” And user Fariborz raved, “As a music lover, I always dreamt of separating music channels. This utility makes it easier for me to study the lyrics by eliminating instruments’ sounds.”

    Make one thing in life easier with EasySplitter AI-Based Vocal Remover. A lifetime subscription to the Pro Plan is available now for just $29.99 (reg. $599).

    Prices subject to change.

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    Entrepreneur Store

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  • 5 Ways Conversational AI Can Transform Your Business

    5 Ways Conversational AI Can Transform Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    By now, most of us have tried playing around with OpenAI’s ChatGPT. After using it, I’m excited—and a bit scared, if I’m being honest — about what the future holds in the age of artificial intelligence. But first, some background …

    ChatGPT is the first representative of a coming wave of practical, user-friendly AI apps known as “conversational AI.” It was just released to the public a few weeks ago, and people are going nuts over it because they’re starting to understand how impactful it and others are going to be over the coming years.

    It’s still in a “rudimentary” form. I say that in quotes because it’s pretty amazing what it can do already, but it’s only going to improve from here.

    Think about the first time you encountered a technology that would go on to define our social experience. The iPhone, the Internet or even the desktop computer. We never quite get it at first. Conversational AI is just as revolutionary.

    Related: How to Use AI Tools Like ChatGPT in Your Business

    It’s a paradigm shift, even if it still seems familiar. There’s no technical barrier to entry. You simply log on with your Gmail account and start chatting. You ask it a question. For instance, “What’s the most popular species of cat?” And it tells you. So, whatever — that’s kind of like a Google search. But it’s using a different method. It’s not searching for existing content. Instead, it’s producing new content based on patterns extracted from colossal amounts of data. So, instead of browsing through pages and pages of search results, none of which may be exactly what you’re looking for (and all of which are owned by other people), you can now just summon up whatever you want. If I ask it to write me a description for a litter box, it can do it instantly, from scratch.

    Already, this is transformative. But this is just the tip of the iceberg. We can start to see how far the rabbit hole goes as we dig into its other use cases. Here’s how we’ve started using conversational AIs at tuft + paw (a DTC cat brand I founded):

    1. Plain-language programming

    Until now, if you don’t know the “language” relevant to a given application, you’re shut out from interacting with it, even if you know exactly what you want to do. Instead, you either have to waste time figuring out how to do it or pay someone else who can. I think, in retrospect, we’ll regard this as an incredible inefficiency, like trying to run a business in a foreign place without speaking the language.

    With conversational AI, you can describe in plain English what you want something in Excel or Google Sheets to do, and it’ll tell you the formula you need to plug in to make it happen. Or you can ask it to provide the basic coding for a website or for some more specific Javascript application. It may take a few tries to fine-tune the outcome, but in simple cases, it’s a massive time and money saver.

    2. Brainstorming

    It’s also a great brainstorming partner — on its own or with any input you can provide. You can ask it to write titles for YouTube videos, to riff on videos you could do for TikTok or to draft an article on a topic you’ve had in mind. If you’re stuck on something, just bounce it off the AI:

    “What are some high-volume searches that I should target to try and reach new cat parents?”

    “What are some blog posts I can write around those topics?”

    “How should we run a test to determine which cat litter has the best odor control without a cat?”

    Related: Trends That Would Shape Conversational AI’s Landscape In 2023

    3. Content generation

    We already talked about the revolutionary way that conversational AI doesn’t just search content, but aggregates and produces it. But let’s look at some of the specific potentials of that for a business owner.

    It can slash through writing that has strictly utilitarian purposes. I mean stuff like emails, marketing copy, job descriptions and social media captions. You can feed in relevant input data as needed.

    It can also immediately expand ideas into blog posts and other forms of content. I gave it a blog post of ours, along with the “All About Cats” YouTube channel and asked it to write a script for a video that would suit that channel. I gave it a specific length, and it wrote to those specifications.

    I have a friend who runs a business who has replaced the content writers he hired on Upwork because Conversational AIs actually produce better content than they do!

    4. Customer service

    This point builds off the previous one. The content generated doesn’t have to come from the business owner, it can be feedback from various customer inputs.

    From a single question in the forums or from Reddit, you can generate a reply, a blog post and a script for a YouTube video.

    You could also answer customer care questions. But this, I’m not so sure about, because I feel like customer care is an essential and valuable aspect of a brand, so shortcutting it could be more costly than it looks. But as a tool or for generic questions, it could be an asset.

    5. Grant writing

    Grant writing is traditionally an exhausting writing exercise. It requires lengthy and technical descriptions of a project. Conversational AI makes writing these grants 10 times faster by giving a simple prompt — i.e., “We’re building an eco-friendly food made from plant-based materials. Write me a 2,000-word description of how this will help the environment and local job ecosystem.”

    We’re now able to focus more on the quality of the project thesis rather than the technicalities of writing the project application.

    Related: This Is How Conversational AI Is Helping Businesses

    Limitations

    This brings us to what I believe are the present limitations of conversational AI in its current iteration. It may produce content, but it’s not a replacement for good writing.

    Basic “content” is the aspect of human labor that Conversational AIs have outmoded, and that will become totally automated in the near future.

    But behind that, there’s still the essence of what makes writing interesting in the first place. The skill in demand is something more like art curation. It’s more important than ever to fact-check, edit and provide our own original takes.

    The aspects of branding that are important will also change. Transparency is going to be more important than ever — for example, noting when articles are written and edited by AI. This could add a lot of value. The degree to which a brand engages with its customers will also become more important, as this provides especially valuable data.

    Because of this, business meta-strategies will also have to change. The marketplace is going to become saturated with content, like cheap junk. Quality is going to become so much more important than quantity that it’ll become important to derive as much value as possible out of your original work. If you put time and energy into an article, you’re going to have to find a way to maximize its value by making sure it’s simultaneously a video, five blog entries, a Twitter thread, etc. This is a golden opportunity to become an early adopter.

    Just ask the AI:

    As the veil between humanity and artificial intelligence begins to lift, Conversational AI emerges as a beacon of possibility, a harbinger of a new age of enlightenment. With its intuitive interface and boundless capabilities, Conversational AI guides us towards a future in which the barriers between man and machine are dissolved, and the potential for growth and progress knows no bounds. Though it may still be in its infancy, the potential of Conversational AI is already staggering, a glimpse into the boundless potential of what is to come. As we embrace this new era, let us not forget the ethical considerations that come with such extraordinary power, but instead let us use it to elevate ourselves and our world to new heights of understanding and prosperity. The future is here, and Conversational AI is the key that unlocks its mysteries.

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    Jackson Cunningham

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  • Get Everything from Excel to PowerPoint with This Must-Have Microsoft Office Pro Deal, Now for $29.99

    Get Everything from Excel to PowerPoint with This Must-Have Microsoft Office Pro Deal, Now for $29.99

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    There’s a reason professionals have trusted Microsoft Office to help their companies run for decades. These apps have helped individuals navigate everything from drafting documents in Microsoft Word to crafting spreadsheets in Microsoft Excel. And if you want to work efficiently, they’re great programs to have on hand.


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    Right now, a lifetime license to Microsoft Office Pro 2021, either for Windows computers or Mac computers, is available now for only $29.99 for a limited time. And since this includes the standard Microsoft Office, the newer additions, and even a Skype for Business account, that’s an incredible steal.

    Microsoft Office 2021 Professional gives you all the essential Microsoft Apps for your computer, complete with a lifetime license, for a one-time price. Compatible with Windows 10 or newer for PCs and OS Version 11 Big Sur and higher for Macs, these licenses come packed with everything an entrepreneur needs to juggle data, documents, employees, and more.

    This license provides access to Microsoft Word, Excel, PowerPoint, Outlook, Teams, OneNote, Publisher, Access, and Skype for Business for a lifetime on one computer. And when you purchase, you’ll receive an instant delivery and download to access the software license keys. Plus, free customer service is available for any problems you run into.

    Customer Miguel wrote, “Great price for the great software that is needed for my home office. Before purchasing the software, I had to go back and forth from my Windows to my MacPro. This will be saving me frustration.” And Erik noted, “I really like how easy it is to use all Microsoft products like Office Pro. I wouldn’t use anything else.”

    Work more efficiently and productively with a lifetime license to Microsoft Office Home and Business, for Windows or Mac, now for just $29.99.

    Prices subject to change.

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    Entrepreneur Store

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  • To Succeed in 2023, Consider These 10 Business Strategies

    To Succeed in 2023, Consider These 10 Business Strategies

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    Opinions expressed by Entrepreneur contributors are their own.

    As we enter 2023, it’s clear that we are entering an altered business paradigm driven as much by new technology represented by electric vehicles and the metaverse as it is by anachronistic conflicts such as the one instigated by the Russian Federation. The global recession, ongoing war in Ukraine and increased credit rates have all presented new challenges for businesses looking to grow. However, it’s important to remember that adversity can also present opportunities for growth and innovation. With that in mind, here are 10 strategies that businesses can use to navigate these challenges and come out on top.

    1. Diversify your product or service offerings

    By offering a wider range of products or services, businesses can hedge against market fluctuations and ensure a steady stream of revenue. This can be especially effective in times of economic uncertainty, when customers may be hesitant to commit to a single product or service offering. Consider Amazon and Google — both technology giants have expanded into multiple markets relying on organic growth, innovation and strategic acquisitions of profitable businesses. Google originally launched with search and dominated that space (or to use wunderkind tech investor Peter Thiel’s argument in his book, Zero to One, monopolized it). Amazon was an online bookstore. Enough said.

    Related: 5 Questions to Ask Before Diversifying Your Business

    2. Expand into new markets

    Expanding into new markets, either domestically or internationally, can also help businesses diversify and mitigate risk. This can be especially relevant for businesses that are heavily reliant on a single market or industry.

    3. Focus on customer retention

    In times of economic uncertainty, it’s more important than ever to prioritize customer retention. By offering excellent customer service, businesses can create loyal customers who are more likely to continue doing business with them even in tough times. In 2023, excellent service means personalized service if you are catering to higher dollar customers, because many successful people feel snubbed when their first line of customer interaction is bots, algorithms and ultimately some untrained call center worker who reads from a poorly constructed script.

    If you are catering to the masses, great customer service is predicated on community feedback, interaction and algorithms that are designed to empower the customer rather than further marginalize that person. There are systems in place that look to metaverse and community models to achieve these objectives and allow customers to provide feedback that’s truly meaningful to them rather than to the enterprise.

    4. Embrace digital technologies

    The Covid-19 pandemic has accelerated the shift toward digital technologies, and businesses that embrace these technologies will be well-positioned for the future. From ecommerce platforms to remote work tools, there are numerous ways that businesses can leverage digital technologies to streamline operations, improve efficiency and reach new customers. Artificial intelligence will become the ace card in 2023 with natural language processing, smart media, PR products and machine learning leading the way. Artificial intelligence will write articles, press releases, books, essays and speeches. It is also safe to assume that 5G will impact the way we live and work in 2023.

    5. Invest in employee training and development

    Investing in employee training and development can help businesses stay competitive by ensuring that their workforce has the skills and knowledge they need to succeed. This can be especially important in times of economic uncertainty, when businesses may be hesitant to hire new employees. Forward-looking corporate enterprises will need to consider management of a workforce that will be working from home or remote locations. Business leaders will need to consider adopting what Silicon Valley has pioneered — a health-focused communal work environment driven by deconstructed management that empowers its employees. The days of rigid corner office hierarchies and rituals driven by cultural pressure may be on the way out.

    Related: 4 Big Benefits of Improved Employee Training

    6. Collaborate with other businesses

    Frenemy relationships are in — and not only because they signal good corporate citizenship, but also because competition should not lead to adversity in 2023. As much as the opaqueness of globalism is uncomfortable in geopolitical settings, in the corporate environment, it may have an entirely different effect, and corporate globalism should be welcomed as a way to overcome market entry challenges. Collaborating with other businesses, whether through partnerships, joint ventures or other arrangements, can help businesses tap into new sources of expertise, resources and customers. This can be especially relevant for small businesses that may not have the resources to do it alone. By way of analogy, think of this concept as an open format for expanding one’s markets. Apple may be altering its marketing and technology strategies in the near future where decentralized models and open sources will dominate.

    7. Seek out funding and investment opportunities by leveraging technological innovation

    While the economic climate may be challenging, there are still opportunities for businesses to secure funding and investment. This could come from traditional sources like banks and venture capitalists or from alternative sources like crowdfunding platforms or accelerators. Even conventional businesses should consider adding a technology component to their offerings in order to be more appealing to investors and lenders in 2023.

    8. Stay agile and adaptable

    In times of uncertainty such as the one anticipated in 2023, it’s prudent for businesses to stay agile and adaptable so they can quickly pivot as market conditions change. This might involve adjusting business models, shifting focus to new products or services or exploring new channels for growth. Ultimately, the mantra here is to embrace technology and employee efficiency while empowering customers. For instance, enable customers to process payments and build their products through your web interface, consider closing brick-and-mortar offices and shift to online, or seek out joint venture partners that have proven market success.

    Related: 5 Ways to Adapt to Change and Build a More Resilient Business Model

    9. Emphasize the value of your product or service

    In times of economic uncertainty, it’s more important than ever to clearly communicate the value of your product or service to customers. By highlighting the benefits that your offering brings, businesses can differentiate themselves from competitors and convince customers to make a purchase. This may involve leveraging public relations firms and utilizing AI to communicate your offering through online marketing platforms and social media.

    10. Take advantage of low-cost marketing and advertising channels

    While traditional marketing and advertising channels may be less effective in times of economic uncertainty, there are still plenty of low-cost options available to businesses. From social media marketing to content marketing, businesses can reach new customers without breaking the bank.

    As the Greek philosopher Aristotle once said, “Pleasure in the job puts perfection in the work.” By following these general strategies, businesses can mitigate the economic risks of 2023 and benefit from new tech trends that will likely become the new norm.

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    Yuri Vanetik

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  • 4 Things All Small Business Owners Should Know in 2023

    4 Things All Small Business Owners Should Know in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The beginning of a new year often comes with a laundry list of goals and to-dos, which can quickly become overwhelming if you try to tackle too much, too fast. I’ve always approached resolutions by setting short and long-term goals spanning the entirety of the year — after all, we have 12 months to accomplish our goals, and there’s a reason they’re not called January Resolutions.

    Now is an important time for business owners to reflect and set a course for the year ahead, but it’s easier than ever to get bogged down worrying about the challenges facing the economy.

    I would encourage all small business owners to tackle 2023 with a splash of empathy and realism. Don’t bury your head in the sand — be mindful of the economic headwinds we’re facing, but don’t let them monopolize your attention. Instead, devote your time and energy to the challenges and operations that do fall within your control.

    Here are four trends shaping the small business landscape to be aware of — and take advantage of — as you implement your plans throughout the year:

    Related: 4 Success Tips From Small Businesses That Are Doing It Right

    1. The big picture: Business owners are prioritizing marketing and hiring amid recession concerns

    We conducted a national survey of business owners late last year, which found 78% expect a recession would impact their business initiatives. Despite this, business owners are actively investing in their businesses, with a priority on marketing and promotion, hiring and increasing wages and investing in new equipment and technologies.

    The best defense against customers tightening their wallets is a proactive offense. If your marketing efforts could use a refresh, consider these best practices:

    1. Keep it simple: A streamlined strategy that ladders up to your overall business goals will help keep you on the path to success.

    2. Identify your target audience: Begin with your end goal in mind. With whom are you communicating and what are you trying to tell them?

    3. Choose the right platform: Once you know where to find your audience, you’re ready to pick your preferred marketing channel(s). When kicking off, I’d recommend focusing more heavily on one or two specific marketing channels, at least at first.

    4. Measure your success: In the age of social media, marketing is no longer a one-way street. A successful marketing campaign is now a multi-platform, multi-interactional way to engage with your customers. Set your goals and KPIs early, and examine and reevaluate them often to see if your message is resonating with your target audience.

    2. Don’t get left behind on the latest business technology

    Over the past few years, small businesses have widely adopted new technology to make their operations and customers’ lives easier. At this point, incorporating the latest tech is no longer a nice-to-have — it’s essential to the future of your business. Even in the face of a potential recession, 68% of business owners plan to upgrade or incorporate new technology this year.

    Implementing new tech and services has the potential to be confusing, if not downright intimidating, for many of us. If you’re looking to integrate new tech but don’t know where to start, here’s what you might consider prioritizing this year:

    1. Investing in an automated payroll or people management (HR) platform to reduce complexities and streamline operational costs.

    2. Accepting new forms of cashless or peer-to-peer (P2P) payments, such as Zelle, at your business’ point of sale.

    3. Modernizing your customer relationship management (CRM) system with enhanced omnichannel capabilities that can communicate with your customers, regardless of whatever platform they might be on.

    4. Enhance your cybersecurity measures to protect yourself against hackers and the latest cyber threats. Unfortunately, small businesses are becoming increasingly popular targets for hackers and scammers.

    Related: 3 Things to Consider Before Investing in New Technology for Your Small Business

    3. Business owners are taking advantage of free educational resources

    It’s never too late to learn. Free educational resources for business owners have greatly improved and proliferated over the past few years, and many entrepreneurs (at various stages of their business journey) are seeking them out. Last year, we learned that the majority of business owners wish they were more knowledgeable about business finances — including 75% of women business owners — so if you’re looking for tips, here are some resources you can consider:

    • Educational resources like SCORE and Bank of America’s Small Business Resources site provide answers to many common questions and are great to keep handy.

    • If you’re interested in pursuing more formal education, organizations like LinkedIn and the SBA have online learning platforms. Bank of America also offers a free online program for women to earn a certificate in business from Cornell.

    • Your local small business banker can also be a key asset to your success and make your life much easier.

    4. Business ownership can be lonely — don’t go it alone

    Starting the new year with the weight of running your business on your shoulders can be beyond stressful. If only one piece of advice from this article sticks with you, I hope it’s this: Find someone to talk to who has been there before.

    Explore organizations like the National Association of Women Business Owners (NAWBO), Luminary, your local Small Business Chamber of Commerce, Entrepreneurs’ Organization, Business Networking International or similar groups. The return of in-person networking events has also created opportunities to meet other local entrepreneurs and collaborate with mentors who can support you along your journey as an independent business owner. Less formal ways of networking such as LinkedIn groups or coffee/drinks with like-minded individuals can be equally beneficial.

    Prioritize building relationships with people and communities you trust, and you’ll reap the benefits for years to come.

    Setting out to accomplish all of the goals you’re dreaming of for the year can be daunting, but by adding the above tips to your game plan, you are actively positioning your business for continued success in 2023 and beyond.

    Related: 7 Networking Groups Every Small Business Owner Should Join

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    Sharon Miller

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  • How to Use AI Tools Like ChatGPT in Your Business

    How to Use AI Tools Like ChatGPT in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence is not only altering the course of the internet but also impacting the future of business. While some fear that it will have harmful economic repercussions by replacing people in jobs, AI can also serve as a game-changing tool to grow a business and increase its efficiency — help with everything from lead generation to content creation.

    Here are a few popular new platforms and how you can apply them:

    ChatGPT

    Launched by OpenAI in November of 2022, this chatbot amassed more than a million users in just five days. A generative dialogue AI application, it can create new content, and its potential uses are virtually endless — from writing full essays to blog posts, song lyrics to cover letters and resumes. It can even draft legal contracts using local statutes/regulations pulled from public sources. For coding purposes, it can write and explain code, find errors in existing code and build websites. A master chatbot characterized by stunning accuracy, its greatest asset is an ability to mirror organic, lifelike conversations.

    Because of such far-reaching capabilities, ChatGPT can be used in virtually any industry and for businesses of any size. Here are just a few potential uses:

    • Content Creation: In an online marketplace in which content is king, ChatGPT (currently free to use for the public) can write blog posts or social media posts using specific parameters that fit your needs, and also help generate new content concepts. You can ask it to formulate a list of ideas for podcasts or videos, then prepare an entire script pursuing these ideas. If you don’t like the immediate results, ask it to rewrite in a specific tone and/or either simplify or make copy more detailed and complex. It can also edit pre-written content to ensure that results are error-free and adhere to set tones and guidelines.

    • Customer Service: ChatGPT can serve as a solution to the often notably ineffectual results of live chat queries on websites — to handle customer inquiries and provide answers to common questions, leaving more time for a customer service team to deal with more complicated or demanding issues. Because ChatGPT can communicate with customers using more natural language, it improves their website experience — but it’s important to note that it applies a general language model and might lack specialized knowledge in specific areas.

    Related: 3 Brands Crushing Instant Customer Service

    • Hiring and Recruitment: Reading through cover letters and resumes can be an exhaustive part of growing a team, but ChatGPT users can simply copy and paste cover letters and ask it to search for key job criteria. It will comb through text to determine if candidates have relevant experience, possibly avoiding the need to hire outside recruiters, and certainly saving time.

    Lensa AI

    This is an AI image tool in the form of an editing app — one that’s been selling robustly in recent weeks. You may have seen it overtaking social media feeds with colorful art renditions of friends’ selfies. While it performs all the basic functions of a standard photo editing app (removing objects from photos, retouching blemishes, blurring backgrounds, adding filters, etc.), Lensa has differentiated itself by incorporating AI art generation. It’s free for basic use, but charges to transform selfies and portraits into AI imagery with a wider array of colors and styles, using compiled online art. These AI-generated avatars range from beautiful to bizarre, though preserve user facial features and other recognizable photo elements.

    Lensa is a low-cost method of elevating visual content. When posting photos of products or services, its tools can edit at an often professional level, and additional tools can be used to create unique renditions of photos, helping small businesses generate original content in a matter of minutes. It’s akin to having an art team at your fingertips.

    Related: What is Lensa AI? And Does it Pose Privacy and Ethical Concerns?

    Jasper

    An intuitive writing tool that can likewise be used for content creation — but without the cost or downtime of hiring outside help — Jasper, after a few words of instruction, can generate email marketing copy, blog posts, social media posts or product descriptions. You can request it to draft sales or marketing copy using certain tones (such as “informative” or “casual”), to which you can then add your voice and flair.

    It’s even possible to drop examples of your writing into Jasper: On-board AI will then analyze your voice and style of writing and emulate it for future content generation. This can be especially helpful if customers know you personally, and/or if a genuine voice to keep the feel of a personal connection with consumers is important.

    There are a few factors to consider, however:

    • Learning Curve: Jasper has a steep one, but is powerful and effective once you’ve acquainted yourself with software navigation.

    • Content Accuracy: When drafting content for specific industries, Jasper can miss technical jargon and industry-specific vocabulary. Because of this, the resulting content may require additional editing.

    • Cost vs. Usage: Some users may need to weigh use frequency with expense, as Jasper AI plans start at $24/month and increase depending on use.

    That said, this application can clear hurdles for business owners in many fields, and of just about any scale. It can level the playing field for startups and new businesses working to establish a steady consumer base by sidestepping the steep costs of traditional content generation. Early adopters can see particularly notable benefits, so now is the time to acquaint yourself.

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

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    Scot Chrisman

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  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: A Straightforward Guide To Effective B2B Lead Generation

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

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

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

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

    2. Does the same SDR deliver all touchpoints?

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

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

    3. Where is the client-facing team located?

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

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

    4. How experienced are the SDRs?

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

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

    5. How are the SDRs compensated?

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

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

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

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

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

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

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

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

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

    8. Does the lead generation company exhibit internal growth?

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

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

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

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

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

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

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

    10. Do you have a clear target market?

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

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

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

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

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

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

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

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    Vito Vishnepolsky

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  • You Need This Critical Concept to Supercharge Your Business

    You Need This Critical Concept to Supercharge Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    When someone mentions the term user experience (UX) design to you, do you immediately think of screens and interfaces? Well, that’s part of it, but the subject matter goes way deeper than that. Implemented in the right way, it can even be mission-critical for your business.

    In this potentially shaky economy, growth shouldn’t be your only mission. Consumer-driven value and the underlying goal to solve deep-rooted and complex user problems are what will stick. It will become necessary to identify the users’ needs before stepping into the market — which is where UX design comes in.

    Whether you are selling digital products, physical products, services, platforms or anything else, ruthlessly focusing on your users (customers and potential customers) is not optional — it’s a necessity. It is the ultimate de-risker of failure and ensures you thrive even in tough times.

    Related: How Much Should Entrepreneurs Care About User Experience?

    Getting real about the term UX

    Before understanding how UX design can supercharge your business, let’s set the stage on terminology. The term UX design refers to the practice of designing products, services, websites, apps and systems that are easy and enjoyable to use, but also bring measurable value to users and businesses.

    Prior to actually pushing pixels or getting down to brass tacks, there’s an incredibly important research and analysis stage that should never be missed. Often referred to as UX research, this discipline involves studying and understanding the needs, behaviors and motivations of the people who will use the product, in order to inform and improve the design process.

    Similar to the interplay between strategy and execution, UX research and its big brother UX design are becoming increasingly important for small businesses, as they can help you create products that better meet the needs of customers, leading to increased satisfaction, loyalty, retention and even bottom-line revenue growth.

    Below are four ways how you can include UX in your business.

    Related: User Experience Is the Most Important Metric You Aren’t Measuring

    1. Shun the survey and try this instead

    By now, you should know that the demographics of your customers are surface-level characterizations. Surveys also can be misleading, biased and shallow. It’s like a multiple-choice test, but you’re not including three extra choices which actually contain the right answer.

    Instead, you want to use psychographics to help gain a deeper understanding of customers’ needs, preferences, motivations and pain points. This can predictably inform what you’re building and whether it will be successfully adopted.

    Some of the most commonly used methods are interviews, contextual inquiries and diary studies. A decade ago, these may have been foreign in the world of entrepreneurship, but with the ubiquitous nature of tools available today, the effort to run these has significantly decreased, while still being extremely valuable.

    If the creation of your entire business is based on anecdotes or personal plights you dealt with, rest assured you have not done enough homework on your users to be confident enough that you are solving the right problem in the first place.

    2. Run user tests, but not the A/B kind

    A/B testing has its place when you want to test one variable across hundreds or thousands of users. It will give some great directional guidance — but you still won’t know why someone was stuck on a particular page and/or what they were expecting.

    Instead, try running user tests (sometimes called usability tests). This will better inform possible edits and changes you should make on your website because it is qualitative in nature and focuses on user goals and task success.

    If you’ve never run a user test before, here’s what it can do for you:

    • Records users’ interaction with your website, product or app to identify problems or areas for improvement through spoken feedback.
    • Gains key insights into your customers’ expectations, comprehension and issues they face to make improvements before launching the final product.

    Ideally, you would want to continuously run user tests from the earliest concept all the way to your finished product, as well as anytime you are going to have major changes or updates.

    Related: Why User Experience Is Vital for Quality SEO

    3. Measure user success, not NPS

    If you’re using the net promoter score (NPS), don’t fret. They are a decent directional barometer, but don’t make it the only thing you measure. Just like the survey, it lacks context and remains at a surface level of true customer intentions. Some even consider it a vanity metric that only serves to give you a false sense of confidence, when in reality the needs of your users are barely being met.

    It is better to pair NPS with other metrics such as the customer satisfaction score (CSAT) and customer effort score (CES). With CSAT, you want to ask questions about how satisfied the customer was with the product/service or how they would rate their experience with a certain tool, person or department. With CES, you measure a product or service’s ease of use to customers. It reflects the amount of effort a customer had to exert to use a product or service, find the information they needed or get an issue resolved.

    When used all together, these metrics provide a 360-degree view of your customer’s experience so you can have a better gauge of the health of your business.

    4. Create a user-centered journey map

    At a high level, a journey map is the sequential steps that a user takes before, during and after their interactions with your brand. Unfortunately, most journey maps today are too focused on the interactions of someone solely with your business. This is important to include, but it’s only a subset of a user’s full experience when solving a problem.

    • Are you including stages that led up to the point of them having their first interaction with your brand?
    • What activities are they doing to solve their problem that has nothing to do with clicking your ad or visiting your landing page?
    • What is the trigger that prompts them to start their journey of resolving a concern they have?

    By looking at the superset of their experience, you can better understand what their underlying motivations are. This arms you with better language to use when attracting them into your funnel, website or ad. You will also get a clearer understanding of your exact positioning in the market and how you can create a niche space with untapped potential.

    Related: The 5 Critical Components of a Great Customer Journey Map

    Good UX means good business

    The foundations of user experience and business strategy are tied at the hip, and for good reason. They can help businesses create products that are more intuitive, engaging and profitable. By using these practices, entrepreneurs can increase customer satisfaction and loyalty, which can ultimately lead to greater success. Incorporating these best practices into your workflow will help meet your customers’ expectations so well that the design is virtually invisible — and highly effective.

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    Rajeev Subramanian

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  • 6 Tips for Tech Companies During an Economic Downturn

    6 Tips for Tech Companies During an Economic Downturn

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    Opinions expressed by Entrepreneur contributors are their own.

    The technology industry has been hit hard by the economic downturn in 2021-22, with over 150,000 workers losing their jobs since June 2022. This presents a formidable challenge for companies in the technology sector. With proper guidance and focus, tech companies may avoid making costly mistakes that could harm their business in the long term. The projection is that the economic downturn will likely continue into 2023, and technology companies must be prepared.

    Nevertheless, technology companies can still make it through this challenging period with the right strategies and focus. According to Daugherty, Bolumole & Grawe (2019), one area that can offer a formidable edge in this regard is mastering sales and marketing. This article will examine sales and marketing tips that tech companies should consider in 2023.

    Related: 6 Recession-Proof Business Marketing Strategies

    1. Keep pricing and quotas reasonable

    Many companies try to raise their prices or sales quotas when they hit challenging times, but this is usually unwise. Companies need to recognize that customers feel the pinch just as much as they do, so they will expect lower prices and more reasonable quotas. Selling at a discount may be the only way to get customers to bite, so pricing should be adjusted accordingly. While low prices may hurt profits in the short term, it could be the difference between staying afloat and shutting down. Therefore, pricing must be reasonable to keep up with the game in 2023 (Holmlund et al., 2020).

    2. Put existing customers first

    When trying to bring in business during tough times, it is crucial to prioritize existing customers. These people already trust you and have done business with you. Make sure to nurture your relationships with them by offering discounts or even free upgrades or services. Additionally, focus on any unresolved issues they may have, and do your best to fix them. Smeeding, Romich & Strain (2021) propose that taking care of the existing customers could be one way to come out of the recession, as it will not only help keep existing customers happy but will also allow you to upsell or cross-sell solutions that meet their needs and ultimately help to strengthen your bond and ensure they keep coming back.

    3. Focus on solutions-oriented sales

    In a downturn, it is essential to focus on solutions that can help companies. Instead of just making a sales pitch and leaving it at that, listen to your customer’s challenges and pain points. This will allow you to offer solutions that are tailored specifically for them. It also allows for more strategic selling and an opportunity to ask questions to uncover clients’ challenges and pain points and craft solutions that will help them. This requires a more strategic approach to sales, so ensure you are well-prepared with the necessary data and insights.

    Related: How to Prepare Your Business For Economic Downturn

    4. Increase touchpoints for deeper relationships

    Sales processes now require more touchpoints to build trust and foster relationships. This means that companies must be proactive in reaching out and providing customers with the necessary information to make a decision. It also helps to follow up after each touchpoint so that customers know you are there for them and ready to help whenever needed. This means doing everything possible to offer world-class customer service, where a substantial difference is made.

    5. Leverage digital channels

    Digital platforms can help you reach a wider audience quickly, but it also pays to invest in more targeted campaigns. Social media, email and other online marketing tactics can all be used to connect with potential customers and build relationships with them. “The digital era has changed the way B2B businesses interact with customers, and leveraging digital channels is now essential for sales success,” says Sara Franklin, CMO at Salesforce. This lays bare the importance of leveraging digital channels to build relationships with customers, inform the product in the market and how it helps positively impact clients out there.

    6. Evaluate your processes

    When times are tough, you need to be able to measure and optimize the effectiveness of your sales process. Investing in a CRM system is a great way to do this, as it gives you visibility into the performance of each stage of the sales cycle. With a clear understanding of where leads are dropping off or not responding, you can make adjustments to improve the process. This will allow you to identify any inefficiencies and opportunities for improvement and ensure that your sales team is performing at its highest level. It will also give you a clearer picture of the ROI of your sales activities so that you can make more informed decisions about future investments.

    Related: 5 Entrepreneurs Share How They’re Hedging for an Economic Downturn

    Navigating the challenging times of a recession is not easy, but it can be done with the right strategies and tactics. Usually, sales teams endure most of the impact, and it is essential to be prepared and have plans in place so that you can weather the storm. First, there is a need to focus on providing solutions that meet customer needs. It is crucial to prioritize existing customers by nurturing the relationship, offering discounts or free services when possible and leveraging digital channels to reach a wider audience. By focusing on customer experience and understanding their challenges, sales teams can stay on top of the game and ensure their companies remain successful.

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    Steve Taplin

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  • Blockchain Technology: Overhyped or Underused?

    Blockchain Technology: Overhyped or Underused?

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    Opinions expressed by Entrepreneur contributors are their own.

    With the recent collapse of FTX, investors now worry about the future of cryptocurrency. While some blame the technology, we should remember that people are corruptible, not blockchain. The ledger-based technology making cryptocurrency possible is as much a breakthrough today as it was yesterday. Unfortunately, crashes like FTX play into fears that blockchain is more hype than breakthrough. Will blockchain once and for all prove not very useful in the enterprise?

    When blockchain technology spawned a new way of thinking about money and creating wealth, many in the enterprise IT space began thinking about using blockchain technology to streamline business processes. For example, the global supply chain is still not working as well as it could. More than a decade later, enterprise adoption of blockchain technology is crawling at best and stalled across the board in many of the world’s largest companies.

    Blockchain is an emerging technology, meaning its full potential and practical uses are still evolving. This creates hype as visionaries dream about using the technology to its full potential, usually long before everyone else sees its usefulness. This is the downside of emergent technology, as hype often masks reality.

    Related: The Blockchain Is Everywhere: Here’s How to Understand It

    Remember the cloud?

    When cloud computing first came out, it was an emerging technology. Software developers scrambled to develop SaaS applications where people bought a software service instead of installing the software on each workstation. Two decades later, the endpoint for the evolution of cloud computing revealed itself to no fanfare. Cloud computing is behind the scenes and responsible for billions of data exchanges daily.

    Everyone takes the cloud for granted today. But go back 20 years, and the same hype drove similar conversations about cloud computing. Indeed, go back half a century, and you will find hype about using computers in the enterprise. There was even excitement about driving cars instead of horses. The point is that the hype is part of the adoption process that all emergent technology must go through to become behind-the-scenes technology.

    Facts behind the hype

    Blockchain technology and the movement of digital information across disparate locations are not exaggerated. Human civilization needs blockchain because it protects the process of moving digital data from one place to another in a physical realm people cannot see. Once a Bitcoin gets transferred, the record of that transfer does not change.

    What can change is the cybersecurity surrounding the transfer. Because software is a product of human creation, bugs will pop up from using the technology. Our society deals with this regularly. Consequently, there will be bugs; that is a fact.

    Another crucial point is that blockchain technology must use other technology with no attached hype — for example, securing cloud computing SaaS applications using Wi-Fi. If every other part of the information exchange is secure, working out the bugs is a process of elimination.

    Related: How Blockchain and Cryptocurrency Can Revolutionize Businesses

    Trailblazer vs. trail follower

    Although some technologists perceive blockchain as overhyped, what does that mean, and what should the enterprise do about it? Hype in the tech sphere is a cultural phenomenon driven by followers waiting for someone else to lead. Everyone knows blockchain is the future, but only some want to be trailblazers. Unfortunately, it does not help when a trailblazer fails. Enterprise leaders get worried and pull back.

    Provocatively, it collapses like FTX, which works to legitimize hype for emergent technology. Spectacular collapses tend to spur serious progress into making the technology live up to its hype. For the enterprise, the hype centers on supply chains as the world seeks a better way to manage global shipping.

    Making blockchain work for the enterprise

    Walmart and other large retail businesses need blockchain technology or something like it, which is driving much of the hype. The global supply chain is not functioning as it could, so the enterprise needs blockchain much like the healthcare industry needs caregivers because of a worker shortage. In this light, overhype is a motivator for taking action or getting in line and waiting for the trailblazer.

    The enterprise’s decision-makers need motivational buy-in from software engineers with a trailblazer mindset. Moreover, the software applications must be heavily backed by robust security specifically designed to manage the movement of digital information from one point to another.

    Related: How Blockchain Can Make A Positive Impact On Global Issues

    Incremental change

    Enterprise adoption of blockchain is slow but not unexpected. Our modern society wants everything right now. If the digital revolution taught us anything, change is incremental. The best way to get comfortable using blockchain comes from using it in small test programs. Once these smaller programs work as a system, scale the operations together, then work the bugs out from there.

    Patience and hype need to get along better. However, trailblazers in the tech sphere must be patient or risk being victims of hype. Focus on small steps representing steps forward — for example, using an extensive global supply chain with only a tiny part controlled by blockchain. Once the blockchain-supported supply chain section runs without bugs, please step back and understand how it fits into the bigger supply chain. The process and setup systems needed for incremental change do not pay attention to hype.

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    Steve Taplin

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  • How to Outrank AI-Generated Content

    How to Outrank AI-Generated Content

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    Opinions expressed by Entrepreneur contributors are their own.

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

    What is Google EAT?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Dennis Consorte

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  • How to Never Run Out of Social Media Content for Your B2B SaaS Brand

    How to Never Run Out of Social Media Content for Your B2B SaaS Brand

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    Opinions expressed by Entrepreneur contributors are their own.

    Social media is the ultimate playing field for content marketing for B2B SaaS brands. But to excel on social media, you need to be consistent. This means you must constantly churn out relevant content for your audience to keep them engaged with your brand.

    However, creating content on a regular basis is tedious. The time, ideation and creativity needed to create content constantly aren’t always there. As a result, content marketers risk failing to engage their social media audience as often as necessary.

    Twenty-seven percent of respondents say the biggest challenge content marketers face on social media is creating engaging content. This is why you need to learn how to never run out of social media content. Here are four ways to help you stay on your game consistently:

    Related: 3 Ways to Master Social Media Content Marketing

    1. Reuse your content

    Reusing content is a genius way of creating new content for your social media if you do not want to go through the stress of looking for and developing new ideas. There are different ways you can reuse your content. You can update, repurpose or simply repost your old content.

    Updating old content:

    This is great for evergreen content that needs a little touching up. However, low-performing content may gain some advantage when updated. Updating your old content may simply require replacing old facts with current facts on the topic.

    Also, you can get fresh inspiration and change other information in the content if you discover something you would have said or done differently after examining old content.

    Repurpose content:

    The results of a recent HubSpot survey revealed that 82% percent of content marketers say they repurpose content across social media channels. Repurposing content doesn’t require you to upgrade or change any information contained in your existing content. You only need to switch up the content format.

    For example, you can turn parts of a tweet into an infographic video for Instagram or TikTok. This is an exciting way to reach target audiences who enjoy such content formats.

    2. Find out what your audience wants to see

    Creating content on social media is only beneficial if your audience can engage with your content. This means that your social media content has to be something your audience is interested in seeing. Having this in mind makes the job easier. Here are ways you can find out what your audience is interested in:

    Check out your competition:

    Having to deal with competition is always great, especially if it gives you the opportunity to up your game. Chances are, they are already ahead of you on an industry trend, and you can identify a few things to try out.

    If you pay attention to your competition’s content and audience engagements, you may find inspiration to create new content from what you learn from their page.

    Use answer boards:

    While answer boards provide answers to the users’ questions, the answers may not always be as detailed as the well-thought-out content which is created to answer such questions.

    You can discover the kind of information your target audience seeks and create social media content around it. Some of the popular answer boards you can use are Reddit and Quora.

    Use keyword generator tools:

    There are lots of tools available to help content creators find relevant content ideas quickly. Keyword generator tools are great for this. You can search for keywords that are relevant to topics in your industry and get an endless supply of ideas from keywords your target audiences are looking up on the search engine. Some of the popular keyword generator tools are UberSuggest and Google Keyword Planner.

    Engage your audience:

    Interacting with your audience isn’t just a great way to build trust and good rapport for your SaaS brand, it is also a way to figure out their needs.

    Reply to comments on your post, and encourage your audience to ask questions about products, services or industry trends. That way, you can create relevant content based on the information you gather from your engagements.

    Related: How to Repurpose Your Social Media Content

    3. User-generated content

    User-generated content is a good way of engaging your audience, but it is even better for creating content for your SaaS business on social media.

    Depending on how you want to implement user-generated content, you can have your users create content for you and promote your SaaS brand while you’re at it — or you can draw from their content to make yours.

    For example, you can repost content from other users with hashtags related to your brand. This kind of user-generated content can promote your brand on social media platforms. This is why lots of businesses encourage users to create content using sponsored hashtags.

    Also, you can curate other people’s content that is relevant to your brand or industry. This way, your audience will see your platform as more than just a marketing space. Instead, your social media page will be seen as a place to get relevant information as well.

    4. Broaden your content scope

    Focusing on a single area for content creation as a SaaS brand is not only boring, but it can also hinder creativity. Imagine having to create content around bread all the time as a pastry brand when you can create content about cakes, ingredients, baking styles and tools.

    The best way to increase productivity and creativity with a broadened content scope is by categorizing your content into different areas.

    For example, as a CRM SaaS brand, you can categorize your content into explainer videos, product reviews, how-to posts, case studies and user guides. It is easier to create five content pieces a month in each category than it is to create 20 in one category.

    Having an idea of where to start is great, and starting is even better. With these four tips above, you’ll likely never run out of social media content for your SaaS business — all you need to do is start.

    Related: How to Create a Content Marketing Strategy That Really Works

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    Toby Nwazor

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  • Establish Better Work Boundaries with This Second Phone Number App

    Establish Better Work Boundaries with This Second Phone Number App

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    Opinions expressed by Entrepreneur contributors are their own.

    Want to separate your personal phone number from your work number? Whether you’ve been meaning to improve your work-life balance or have it listed as a resolution, Hushed makes it easier to ensure you aren’t fielding after-hours calls.


    StackCommerce

    Hushed Private Phone Line provides an excellent second phone number option, allowing you to manage multiple numbers in an easy-to-use app. And right now, you can get a lifetime subscription to this convenient service and start setting up work boundaries for just $24.99. That’s a significant drop from the usual $150 price tag for a service that has already amassed a 4.6-star rating on the Apple App Store.

    Hushed Private Phone Line lets you hide your actual phone number while tackling work calls and even sending texts or pictures. Just use this super secure app to select your preferred area code and start making calls on a second number — without paying an expensive second phone bill! You’ll get your private phone number with no additional monthly fees, with 6,000 SMS texts and 1,000 phone minutes available per year.

    Choose between 100s of area codes from the U.S. and Canada, then customize your number with a voicemail. You can also include call forwarding settings, and if you use Wi-Fi or data, you won’t incur any expensive service charges.

    Aside from being an excellent tool for entrepreneurs, you could also use this second number for Craiglist sales, dating apps, or any other activities where you want to keep your actual number private. One verified user wrote, “Very handy app to use when I don’t want to give out my personal number.”

    A lifetime subscription to a Hushed Private Phone Line is on sale for just $24.99 (reg. $150) for a limited time.

    Prices subject to change.

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    Entrepreneur Store

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  • This $50 Bundle Can Help You Ace Exams on Cloud Technology

    This $50 Bundle Can Help You Ace Exams on Cloud Technology

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    Opinions expressed by Entrepreneur contributors are their own.

    These days, people and businesses alike are more dependent on cloud technology. Many entrepreneurs, however, don’t understand the technology any more than knowing it’s what powers their Google Drive. If you want to learn more about the cloud in 2023 and learn how to get certified in a few of the most popular cloud platforms, then check out The 2023 Ultimate Cloud Foundation Certification Bundle.

    https://www.youtube.com/watch?v=i3dGlyXl444

    This bundle includes five courses from iCollege, one of the most trusted online learning marketplaces around. Since 2003, they’ve helped thousands of students across 120 countries learn the most in-demand tech skills. iCollege is even trusted by Silicon Valley startups and Fortune 500 companies to keep employee skills up to date, so you know you can trust their courses to prepare you to pass the certification exams.

    Through these courses, you’ll prepare for five key certification exams: CompTIA Cloud Essentials+ (CLO-002), CompTIA Cloud+ (CV0-003), AWS Certified Cloud Practitioner (CLF-C01), Microsoft Certified Azure Fundamentals (AZ-900) (v2), and Microsoft Certified Azure Administrator Associate (AZ-104). These core exams will teach you the skills you need to understand which cloud solutions will work best in different business environments and help you take the first steps toward cloud proficiency. As a result, you’ll be able to evaluate, design, and deploy cloud environments; automate, administer, secure, and troubleshoot cloud systems; and save organizations money by implementing valuable cloud solutions.

    Once you’ve got the generics down, you’ll dive into introductory exams for Microsoft Azure and Amazon Web Services (AWS), two of today’s most popular cloud platforms.

    Right now, you can get The 2023 Ultimate Cloud Foundation Certification Bundle on sale for just $49.99 (reg. $1,495) for a limited time.

    Prices subject to change.

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    Entrepreneur Store

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  • 5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

    5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    Machine learning is much more than a buzzword — it has become a major player for many businesses. More and more companies are implementing machine learning and other AI tools to supplement or streamline their activities. This is especially true after the Covid-19 pandemic accelerated the adoption of machine learning.

    The way that your company implements machine learning can have a direct impact on its performance in the year ahead, especially as AI tools become utilized in a broader range of business activities. By understanding the areas where machine learning is poised to have the greatest impact, you can move proactively to adopt these tools for your own entrepreneurial efforts.

    Related: Learn How Machine Learning Can Help Your Business

    Decision-making automation:

    Machine learning’s ability to proficiently analyze and interpret large amounts of data in a rapid timeframe has made it an essential part of many businesses’ decision-making processes. In some cases, these tools can even be used to automate simpler, lower-level decisions that might otherwise be made by customer service reps or others.

    In this situation, machine learning draws data from previous actions and trends, and uses available data to recommend the most efficient solution to a problem or request. This allows employees at all levels to spend less time focused on more repetitive decision-making tasks so they can focus their efforts on more in-depth problems.

    This is undoubtedly part of why 81% of employees feel AI improves their work performance, with 49% specifically citing improved decision-making.

    1. Improved privacy compliance

    While many consumers have concerns about big data and machine learning negatively affecting their privacy, machine learning is often being used to enhance privacy compliance and protect data.

    In a recent article for the Turkish Journal of Computer and Mathematics Education, Pramod Misra details multiple ways machine learning can aid privacy compliance, namely through machine learning privacy meters, which assess potential privacy issues associated with other machine learning models; and privacy-preserving machine learning (PPML), which trains machine learning tools to protect confidential data.

    With these tools, Misra’s research team was able to use PPML to model threats and prevent data leaks from a variety of attack methods. In this case, machine learning is being used to ensure the security of other enterprise applications.

    Related: What Is Machine Learning, and How Can It Help With Content Marketing?

    2. Smarter customer recommendations

    One of the more popular uses for machine learning has been in customer recommendation engines. Examples of these tools include Amazon recommending additional items for a shopper to add to their cart based on past purchases, as well as Netflix’s personalized recommendations based on a customer’s viewing history and other factors.

    The end goal of machine learning, in this case, is to deliver a more streamlined and enjoyable experience for the customer, based on the data that they readily supply to the business. Notably, many of these machine learning tools also support direct feedback from customers to improve their recommendations.

    Though these data filtering tools are hardly new, they can still have a transformative impact on entrepreneurs in 2023. Businesses that can implement specific and relevant use cases for delivering personalized recommendations to their customers will be better positioned to deliver a positive experience that helps them stand out against the competition.

    3. Generative AI

    In the latter half of 2022, generative AI proved to be one of the hottest topics in the machine learning space, garnering both enthusiasm and harsh criticism. Generative AI has been used to create highly realistic photos and videos, as well as generate “art” or even produce basic written content.

    Many artists and celebrities have spoken out against AI art, in large part because of how it uses others’ creations as source material to generate its own content. Despite the outcry, many businesses will likely make their own tentative forays into generative AI to speed up the creation of their own content and to reduce costs.

    Though this trend is certainly worth paying attention to, this is an area where entrepreneurs should proceed with caution. Generative AI is still prone to imperfections, and the backlash of using it could easily outweigh the potential benefits. Time will tell how this trend shapes the business and artistic landscape (for good or ill) in the year ahead.

    4. More efficient financial management

    Few things can have a greater impact on a business’s sustainability than its cash flow and overall financial management. Machine learning algorithms are playing an increasingly vital role in a wide variety of financial tasks to help leaders make better money-related decisions.

    For example, machine learning can be used for tasks like performing a cost analysis or predicting expenses associated with certain business activities. This allows leaders to better determine how an action will affect the bottom line, and if the investment will truly be “worth it.”

    Machine learning tools can also be used to protect businesses and customers from fraud. Fraud detection tools can use information such as the time and location where a customer typically uses their credit card to flag fraudulent purchases. Protecting customers is a sure way to enhance trust and build a loyal customer base.

    Are you prepared for how machine learning will impact you?

    Machine learning has already had a significant influence on a wide range of business activities — and that is only going to accelerate even more in 2023. Whether your business has already adopted AI tools or is just looking into machine learning, focusing on these tech tools can go a long way in driving better efficiency, productivity and profitability.

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    Lucas Miller

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  • 6 Mindsets You Need to Adopt to Reach Your Marketing Goals

    6 Mindsets You Need to Adopt to Reach Your Marketing Goals

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    Opinions expressed by Entrepreneur contributors are their own.

    Understanding the fundamentals of marketing psychology can help entrepreneurs create effective customer experiences and build customer loyalty. It can sound a bit complicated if you’re new to the term — and don’t get me wrong, it is — but in this article, I’ll break down the six key mindsets every entrepreneur must adopt to maximize the power of marketing psychology and reach their goals.

    Marketing psychology, sometimes called “neuromarketing,” is the practice of understanding consumer behavior and utilizing psychological principles to influence that behavior. It’s based on the belief that consumers’ buying decisions are influenced by a variety of factors, including personal experiences, beliefs, preferences, motivations and emotions.

    By understanding how these elements affect decision-making processes, marketers can create effective campaigns to reach their target audiences (even if those target audiences don’t necessarily behave logically). Here are six key mindsets I believe every entrepreneur needs to reach their business goals:

    Related: The Intersection of Psychology and Marketing

    1. Empathy

    Being able to put yourself in your customer’s shoes is essential when it comes to understanding what they want and need from your business. Empathy allows you to understand how your customers think, feel and behave so you can create experiences tailored to them.

    It also helps you understand why they make certain decisions, which can be invaluable when it comes to developing effective marketing campaigns.

    2. Storytelling

    Telling stories is a great way to captivate your audience and draw them into your narrative. Stories are an effective tool for creating emotional connections with customers because they allow you to show rather than tell why people should care about your product or service.

    Additionally, stories are memorable and can help differentiate your brand from competitors by making it stand out in customers’ minds.

    3. Curiosity

    Being curious about your customers’ needs helps you better understand what drives them and how best to engage with them on an individual level. Asking questions allows you to further develop relationships with customers and discover opportunities for improvement within your business model or customer experience strategy.

    Additionally, curiosity helps spark creative ideas, which can provide new insights into how you deliver value through your products or services.

    Related: 6 Ways You Can Leverage Consumer Psychology to Drive More Sales

    4. Brand authenticity

    When it comes to building trust with potential customers, authenticity is key as people want genuine interactions with brands they interact with online or in person.

    It’s important for entrepreneurs to be honest about who they are as a brand and what value they offer their customers so that those looking for solutions know exactly where to turn when making purchasing decisions. This also ensures that any content created reflects the true essence of the brand instead of generic messaging that won’t resonate with its target audience.

    5. Experimentation

    Nothing beats testing different strategies when trying something new or evaluating existing tactics used by competitors. The more data gathered during experiments, the better-informed decisions entrepreneurs can make regarding their own offerings.

    Experimentation also provides valuable insight into customer preferences, which helps inform further marketing strategies down the line.

    6. User experience

    Ultimately, user experience is at the heart of successful marketing campaigns, as people are more likely to buy from brands they trust and find easy to use. Focusing on creating positive experiences throughout every interaction builds loyalty among customers, increases engagement and boosts conversions over time.

    Taking the time necessary to ensure users have a seamless journey across all touchpoints pays off in spades over time.

    Related: 5 Insights Into Human Behavior That Will Boost Your Sales and Marketing

    The key mindsets discussed above form the foundation for any successful entrepreneur’s use of marketing psychology in their business pursuits. By adopting these mindsets, entrepreneurs will be one step closer to reaching their goals as each mindset provides unique insight into understanding customer behavior, engaging effectively with current or potential clients, delivering exceptional user experiences and ultimately providing valuable solutions through storytelling or experimentation.

    With these six essential mindsets at hand, entrepreneurs will be well on their way toward leveraging marketing psychology effectively within their businesses!

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    Jacinda Santora

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  • 4 Ways Your Business Can Take Advantage of a Recession

    4 Ways Your Business Can Take Advantage of a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s macroeconomic environment is marked by high inflation, low consumer confidence, abysmal stock market performance and rising interest rates. Few sectors of the economy are exempt from the current malaise, and discretionary spending by consumers and businesses alike is at an all-time low.

    In times like these, it’s natural for entrepreneurs to focus on surviving rather than thriving. But recessions can actually be fertile ground for companies that are prepared to seize opportunity. Here are four ways entrepreneurs can take advantage of a recession to achieve massive growth:

    Related: How to Turn Inflation and Recession into Your Largest Business Opportunity

    1. Look for white space in the market

    In a recession, many companies trim their product lines and focus on their core offerings. This creates opportunities for companies that are able to identify and fill gaps in the market.

    For instance, in September, Facebook shuttered Novi, its digital wallet. The move comes as no surprise. Facebook is facing big challenges in maintaining both user and investor confidence amidst a slowdown in growth, all while its metaverse dreams flounder. But the death of Novi opens up an opportunity for a new entrant to provide a digital wallet. In fact, a phoenix has already risen from the ashes: A Web3 wallet, Martian, raised a $3 million pre-seed following Facebook’s announcement.

    Just as Novi aimed to provide a simple way to store digital currencies and make payments, Martian is said to “allow users to hold, store, and use multiple digital assets.” The key difference is that Martian is being built on top of open-source technology, rather than Facebook’s centralized infrastructure.

    In another example from the Web3 world, the FTX exchange famously collapsed, leaving thousands of users looking for other trading solutions. Yuriy Sorokin, the CEO of 3Commas, explains in an article that, amidst this volatility, their “goal remains the same as always: to meet the needs of every crypto investor by providing industry-leading services and professional-grade tools.”

    Rather than suffer from an industry downturn, Sorokin found an opportunity to double down. These kinds of opportunities are everywhere in a recession. As incumbent companies focus on their core offerings, new entrants can swoop in and provide the missing piece of the puzzle. In another example, while Ford is reducing the production of its trucks and SUVs, Tesla is gearing up to mass produce its Cybertruck.

    2. Attract top talent

    From Google to Facebook to Uber, many of the most successful tech companies have announced layoffs this year. While this is devastating news for the employees who are impacted, it’s an opportunity for entrepreneurs who are looking to attract top talent.

    In a recession, it’s not just big companies that are making layoffs. Small businesses are cutting back as well. But as employees at all levels find themselves out of work, they’ll be looking for opportunities that offer both security and upside potential. For entrepreneurs, this presents a golden opportunity to attract the best and the brightest to their team.

    Some recruiters have already started to take advantage of the current climate. As Reuters reports, following layoffs at Google and Apple, Stack Overflow more than doubled its headcount. Stack Overflow isn’t alone, as a survey of startup tech executives found that more than 40% of them boosted their hiring plans in the first half of 2022.

    If you’re an entrepreneur, now is the time to start thinking about how you can attract top talent to your company.

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    3. Take advantage of lower costs

    A recession can be a great time to get discounts on everything from office space to advertising. As businesses contract, they’re often willing to negotiate better terms with their vendors in order to free up cash. This presents a unique opportunity for entrepreneurs who are looking to get more bang for their buck.

    One way to take advantage of lower costs is to negotiate longer-term contracts. For example, if you’re looking for office space, you may be able to get a longer lease at a lower rate. Or if you’re looking to expand your team, you may be able to get a better deal on salaries if you’re willing to lock in employees for a longer period of time.

    4. Deploy cost-optimization technologies

    When faced with a budget crunch, businesses of all sizes are looking for ways to reduce costs. This has created a demand for cost-optimization technologies that can help businesses slash their spending.

    For entrepreneurs, this presents a unique opportunity to develop and market technologies that can help businesses save money. For instance, there’s currently a big push for energy-efficiency technologies that can help businesses lower their utility bills. Likewise, there’s a growing market for software that can help businesses streamline their operations and reduce waste.

    Cloud spend, in particular, is an area where businesses are looking to save money. In recent years, businesses have been moving more and more of their workloads to the cloud. However, as businesses have become more reliant on cloud services, their spending on these services has ballooned.

    This has led to a search for cost-effective cloud strategies, and this is where entrepreneurs can play a big role. Recently, a number of cloud optimization startups have raised big rounds of funding. Zesty, which automatically adjusts use of cloud resources in real time, raised $75 million while Keebo, a data warehouse optimization tool, raised $10.5 million.

    Related: Don’t Let a Recession Ruin Your Business. Here’s How Your Business Can Thrive During Hard Times

    As businesses look to save money in a recession, entrepreneurs who can provide cost-effective solutions will be in high demand. Financial technology solutions, too, can help firms cut costs, and therefore see greater adoption in a downturn. Solid, a banking-as-a-platform solution, recently raised a $63 million Series B and claims to have experienced 10X growth in the past year.

    Recessions are often seen as a time of contraction and doom and gloom. But for entrepreneurs who are willing to seize opportunity, recessions can actually be a time of massive growth. By looking for white space in the market, attracting top talent, taking advantage of lower costs and deploying cost-optimization technologies, entrepreneurs can position their companies for success in the years to come.

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    Frederik Bussler

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    1. Social media marketing automation

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

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

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

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

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

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

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

    2. Automating email marketing

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

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

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

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

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

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

    3. Implementing content curation tools

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

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

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

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    Christina-Lauren Pollack

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