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Tag: Grow Your Business

  • Airbnb CEO Brian Chesky Is ‘Unhappy’ With Airbnb’s Growth | Entrepreneur

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    Airbnb’s growth has slowed in recent years, says the company’s CEO, Brian Chesky, but he has a plan to remedy the situation.

    In an interview on Tuesday at the Skift Global Forum conference, an event for the travel industry, Chesky noted that Airbnb experienced 40% growth in 2022, but that number declined to 18% in 2023 and then 12% in 2024. For the second quarter ending June 30, revenue growth was at 13%.

    “I’m not happy about where the growth rate is at the company,” Chesky said at the event. “I think Airbnb should be growing significantly faster. It should at least be growing in the teens, and I aspire to run the kind of company that’d be growing at more than 20% one day.”

    Related: Airbnb’s CEO Says He Personally Manages 40 to 50 Employees as Direct Reports: ‘A Lot of Work’

    The problem, Chesky explained, was that the company lacked the foundation for sustainable growth and needed to “rebuild” itself entirely earlier this year to open the doors to new businesses.

    “That’s what we’ve been doing,” Chesky said. “The final stage is now we reinvent ourselves.”

    In May, Airbnb redesigned its app to include a new feature that allows guests to book services (such as massages, photography services, spa treatments, personal training, private chefs, and beauty treatments) and experiences (such as watching a comedy show or going on a boat sightseeing tour with local hosts). Chesky said the company hopes to grow its core business, vacation rentals, while “layering on” these services and experiences.

    Chesky said on Tuesday that he believes Airbnb‘s new offerings will be “multi-billion-dollar businesses” at some point, per Business Insider.

    Airbnb CEO Brian Chesky. Photo by Myunggu Han/Getty Images for Airbnb

    He also stated in the interview that he believes Airbnb’s growth will accelerate next year, despite Airbnb’s history of “decelerating” growth, and reminisced about the company’s “hypergrowth,” when it was first founded in 2008.

    “We grew the company like a rocket ship,” Chesky stated at the event.

    Related: Airbnb Will Be the Place to Find Work After AI Takes Your Job, Says Its CEO: ‘Nobody Wants a Robot Answering the Door’

    Airbnb is also leaning into AI. In August, Chesky stated on an earnings call that Airbnb would become an “AI-first application” over the next few years. The company began using AI for customer service in April, which reduced human customer service interactions by 15%. AI now handles tasks at the company like canceling reservations and helping with travel plans. Airbnb plans to expand the agent this year and give it more advanced capabilities, like the ability to search through a reservation to find specific details.

    Airbnb had a market cap of over $76 billion at the time of writing. The company has over 5 million hosts.

    Airbnb’s growth has slowed in recent years, says the company’s CEO, Brian Chesky, but he has a plan to remedy the situation.

    In an interview on Tuesday at the Skift Global Forum conference, an event for the travel industry, Chesky noted that Airbnb experienced 40% growth in 2022, but that number declined to 18% in 2023 and then 12% in 2024. For the second quarter ending June 30, revenue growth was at 13%.

    “I’m not happy about where the growth rate is at the company,” Chesky said at the event. “I think Airbnb should be growing significantly faster. It should at least be growing in the teens, and I aspire to run the kind of company that’d be growing at more than 20% one day.”

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Sherin Shibu

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  • How Small Businesses Can Break Free From the ‘Efficiency Trap’ | Entrepreneur

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    After decades of working with small businesses, I’ve witnessed a troubling pattern: the harder entrepreneurs try to maximize efficiency, the less efficient they become. This efficiency paradox plagues businesses of all sizes, but it’s devastating for small companies where every resource counts.

    McKinsey research shows that small and medium businesses operate at 50% of the productivity of large firms — a gap that stems from misguided efficiency efforts. Understanding and resolving this paradox can transform how you operate.

    The two types of efficiency

    Here’s a concept from the Lean methodology that changed how I think about business operations. There are two approaches to efficiency: resource efficiency and flow efficiency.

    Resource efficiency focuses on maximizing the utilization of your resources. You build a queue of work to ensure your resources are busy. It’s like having a writer with articles to write, ensuring they’re productive for all eight hours of their workday.

    Flow efficiency optimizes for speed through your system. Instead of building queues, you focus on moving work through your process quickly. Using the writing example, you’d interview someone, have the writer create the article, review it and publish — no waiting, no queues.

    The healthcare system provides a stark illustration of this. In Canada, we optimize for resource efficiency. Specialists are fully booked, CT machines run at maximum capacity and patients wait months for diagnoses. I’ve seen cancer treatment systems operate differently — where patients can see specialists, get scans and receive diagnoses in one day. Their CT machines sit idle sometimes, but patients get answers immediately.

    Here’s the paradox: by trying to maximize resource utilization, we create inefficiencies that slow down our operation. You think you’re being efficient by keeping everyone busy, but your customers are waiting months for what could be done in days. The side effects can be devastating: lost customers, damaged relationships, missed opportunities and consequences that are incalculable.

    Related: 6 Ways to Make Your Business More Efficient

    The hidden cost of context switching

    This efficiency paradox doesn’t just happen at the system level — it shows up in how we structure our work. When we try to maximize resource utilization, we create what I call “efficiency theater” — looking busy while being less productive.

    Consider the hidden cost of context switching. According to research, context switching reduces productivity up to 40%. There’s a mental tax every time you switch between tasks. If you make 50 context switches in a day, you’ve paid that tax 50 times. But if you can organize your day to switch only five times, you’ve reduced that waste.

    This connects directly to those two types of efficiency, revealing the paradox. Resource efficiency minimizes context switching — you batch similar work and stay in your zone. Flow efficiency increases context switching when one person handles multiple steps in the process.

    Despite the context-switching penalty, flow efficiency delivers better results by eliminating other wastes: delays, queues and work sitting idle. The goal isn’t choosing between resource or flow efficiency; it’s identifying and eliminating whatever is hurting your business most. Sometimes that’s context switching. Sometimes it’s customer wait times. The art is knowing which matters more.

    This connects to what Paul Graham wrote in his essay on maker versus manager schedules. When you’re in maker mode, you need long, uninterrupted blocks of time. In manager mode, you’re switching contexts constantly. Most small business owners try to do both simultaneously, creating massive inefficiency.

    I’ve learned this the hard way. When I try to write code in the morning, handle customer calls at lunch, review financial reports in the afternoon and then jump back to coding, I accomplish far less than if I dedicated entire days to specific types of work.

    Identifying waste in your systems

    Understanding this paradox helps you spot waste in your systems. Ask yourself: Why is this taking so long? What unnecessary steps have we added?

    I discovered a major inefficiency in our software development process around branching. We were using long-running branches, working on it for weeks, then trying to merge everything back together. The longer these branches ran, the more problems we encountered. We were trying to be efficient by letting developers work uninterrupted, but we were creating waste.

    The solution was simple: shorter running branches with uncompleted features hidden by feature flags. Now, if a branch needs to run longer, we require daily rebasing. This policy change eliminated hours of integration headaches and reduced our bug count. It transformed our development from resource-efficient to flow-efficient.

    Related: Don’t Waste Money on Unnecessary Spending — Here’s How.

    Balancing improvement with stability

    Some business owners resist change, citing “if it’s not broken, don’t fix it.” This mindset can leave you vulnerable to competition. The key is adopting a continuous improvement mentality — not because something is broken, but to stay ahead.

    Think about computer processors. Intel doesn’t wait for its chips to fail before developing faster ones. They know competitors are innovating, so they must too. When Intel failed to keep pace with this philosophy — falling behind competitors like Apple’s M-series chips — we’re watching a once-dominant company struggle for relevance. The same applies to your business processes.

    However, you need the right people. Some team members thrive on improvement and change, while others prefer stability. Both have their place, but in competitive industries, you need people comfortable with evolution.

    The cost of partial work

    Another source of waste is unfinished work. Starting something and not completing it before moving to the next shiny object creates partial work waste. Unless you’re experimenting or researching, unfinished work represents time invested with no return.

    The efficiency paradox teaches us more isn’t always better. The most efficient path involves letting resources sit idle to maintain flow. Sometimes it means saying no to new initiatives to complete existing ones. It means being intentional about how you work.

    Start by examining your operations. Where are you optimizing for busy-ness instead of throughput? Where has context switching become a hidden tax on your productivity? How can you batch similar work together to improve flow?

    Efficiency isn’t about keeping everyone busy — it’s about delivering value quickly and consistently. Once you understand this paradox, you can build systems that serve your business and customers.

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    Alykhan Jetha

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  • Free Webinar | On-Demand: From Bottlenecks to Breakthroughs: 5 Barriers Stalling Entrepreneurs—and the System That Removes Them | Entrepreneur

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    Every founder eventually hits the same growth killers—isolation, decision fatigue, skill overload, stalled momentum, and a lack of real accountability. In this on-demand session you’ll see why these five barriers show up and why quick fixes rarely stick.

    You’ll also be introduced to The Boardroom, Entrepreneur Media’s new six-month mastermind that pairs you with a hand-picked peer group and expert mentors who turn those obstacles into weekly breakthroughs.

    Key takeaways:

    • Replace isolation with a curated advisory board

    • Slash decision fatigue using repeatable frameworks

    • Escape skill overload through expert playbooks

    • Restart stalled growth with high-leverage tactics

    • Close accountability gaps so goals become wins

    Register now for instant access and start mapping your path from bottleneck to breakthrough.

    About the Speakers:

    Jason Feifer is the editor in chief of Entrepreneur magazine and host of the podcast Problem Solvers. Outside of Entrepreneur, he writes the newsletter One Thing Better, which each week gives you one better way to build a career or company you love. He is also a startup advisor, keynote speaker, book author, and nonstop optimism machine.

    Jacqueline “JJ” Jasionowski blends luxury-brand rigor with entrepreneurial speed. After 17 years at BMW Group leading growth, training, and CX initiatives, she launched Shift Awake Group to deploy tech-forward training that lifts customer satisfaction and revenue. A Certified Professional Coach and expert facilitator, JJ builds behavior-shifting systems—reducing friction and driving measurable outcomes.

    Every founder eventually hits the same growth killers—isolation, decision fatigue, skill overload, stalled momentum, and a lack of real accountability. In this on-demand session you’ll see why these five barriers show up and why quick fixes rarely stick.

    You’ll also be introduced to The Boardroom, Entrepreneur Media’s new six-month mastermind that pairs you with a hand-picked peer group and expert mentors who turn those obstacles into weekly breakthroughs.

    Key takeaways:

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    Entrepreneur Staff

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  • What I Learned After Selling My Company to Snapchat for $54 Million | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2014, Snapchat acquired our startup, Scan, for $54 million, back when QR codes were still relatively new.

    Most people hadn’t tried them, and phones didn’t support them natively. The technology was promising, but the experience wasn’t, so it sat behind a clunky UX. We removed that friction and made QR codes easier to create, scan and deploy, which led to quick adoption.

    The deal with Snapchat was seamless, not because of flashy decks or famous backers, but because they saw how we were focused on closing a real usage gap, how we moved fast and were aligned with their larger vision.

    For any founder hoping to build a lasting company or one day sell it, I’ve found that success boils down to a few core principles I’ve learned along the way.

    Related: What I Wish I Knew Before Selling My Company

    1. Build what people actually use

    Too many founders begin with presentations or investor outreach before proving their product. From day one, Scan was grounded in user need. We built it to let people easily scan and generate QR codes, nothing fancy, just functional and straightforward.

    Just like with any startup, we didn’t raise capital immediately. We did, however, start early, pay attention to all helpful comments, and make changes often. Shortly after, that strategy helped the app get more than 1 million downloads. By the end of 2012, Scan had more than 25 million apps installed. A couple of years later, we had more than 100 million copies of the product downloaded around the world.

    That user traction was more persuasive than any pitch deck could have ever been. It proved product-market fit, a signal investors and acquirers value above all else. When starting a business, ensure you have the end users in mind and iterate frequently, rather than investing energy in hypothetical demand. Remember that real usage always beats hypothetical value.

    From the start, my co-founders and I aligned on roles and equity. That early clarity, splitting equity equally and playing to our strengths, helped us stay focused and avoid internal friction, which kills many startups before they begin.

    2. Design with a buyer in mind

    By the time Snapchat reached out, Scan was already built for scale, fully localized, with creation tools that teams could use anywhere. The real alignment clicked when Snap wanted a scannable identity baked into a camera‑first experience.

    In Q1 of 2015, Snapcodes launched on top of Scan’s core stack. The integration worked seamlessly because we engineered for extensibility, tuned reliability to survive low-light and low-ink prints and planned use cases beyond our original app.

    Design for ecosystem fit from the start if you’re a founder hoping to get your business on an acquirer’s shortlist. Keep an eye on the metrics that are important to them, such as mistake rates, time-to-first-scan and activation. Next, look for integration abilities like compliance, dependability and APIs. The discussion swiftly moves from “What if?” to “How soon?” when strategy and culture are in sync.

    3. Know your numbers and what it’ll take to win the deal

    One detail that almost derailed the acquisition was the initial financial structure. Our seed investors had a liquidation preference that meant anything below $54 million wouldn’t deliver meaningful returns to founders or early backers.

    Snap’s first offer came in below that line. With guidance from our lead investor, we held firm. He reminded me: “You haven’t gotten a good deal until you’ve said no three times.” That mindset gave us leverage when it mattered most.

    We used speed as our lever and told Snap that if they met our number, we could start integration immediately. That clarity closed the gap, and we signed at the threshold we needed to reach.

    If you’re raising or preparing for an exit, know your cap table cold. Map the preference stack (seniority, multiples, and whether prefs are participating) plus option‑pool top‑ups and any SAFEs or notes. Define your walk‑away point. Keep in mind that leverage isn’t only about price; execution speed, a specialized team and defensible IP can all move the terms.

    Related: You Need to Make These 5 Moves Before Selling Your Business

    4. Every dollar must drive momentum

    After raising roughly $2 million in seed funding, we felt confident, but confidence can be a misleading indicator.

    Without a strict plan, we overhired, signed a high-end lease in downtown San Francisco, and delayed experimenting with monetization strategies. Cash was used too quickly, and we nearly ran out of runway within months.

    That near-crash taught me that funding isn’t in any way a safety net but a responsibility. Each dollar must contribute to measurable momentum. Hire deliberately, test revenue early and protect a six‑month cash buffer. Flashy growth comes and goes, but durable advantage comes from operational discipline with a focus on the work that actually moves the business. That kind of financial and strategic clarity is often a key signal that you’re ready to sell, when the business can operate independently, growth is consistent, and decisions are rooted in fundamentals rather than rapid changes.

    5. Build for freedom, not just an exit

    One thing I’d do differently is hold onto more gratitude. It’s easy to get caught up in momentum and miss the meaning, especially when building with friends.

    Selling the company gave us perspective and room to breathe. The real lesson wasn’t in the money, but in building with purpose, creating space where creative teams do their best work and shipping technology that supports human well-being.

    That’s the focus at my current company, at the intersection of AI, performance, and mental health. I’m applying those same lessons with more intention, clearer outcomes and steady, user-guided iteration.

    For founders, treat an acquisition as a checkpoint. Use it to recommit to the pain points worth solving, the people you want to scale with, and the impact you intend to leave. Execute with focus.

    In 2014, Snapchat acquired our startup, Scan, for $54 million, back when QR codes were still relatively new.

    Most people hadn’t tried them, and phones didn’t support them natively. The technology was promising, but the experience wasn’t, so it sat behind a clunky UX. We removed that friction and made QR codes easier to create, scan and deploy, which led to quick adoption.

    The deal with Snapchat was seamless, not because of flashy decks or famous backers, but because they saw how we were focused on closing a real usage gap, how we moved fast and were aligned with their larger vision.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Kirk Ouimet

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  • 8 Powerful Lessons from Robert Herjavec at Entrepreneur Level Up That Every Founder Needs to Hear | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    At the recent Entrepreneur Level Up Conference, entrepreneurs from across the country gathered to gain strategies, inspiration and practical insights from a lineup of well-known successful entrepreneurs. I was honored to host the conference and partner with Entrepreneur.

    One of the headliners, Robert Herjavec — investor, entrepreneur and star of Shark Tank — delivered a keynote packed with wisdom for founders navigating today’s unpredictable business landscape.

    Herjavec’s insights were not abstract theories. They were hard-earned lessons forged in the trenches of entrepreneurship — lessons that spoke directly to the challenges and aspirations of the audience.

    Here’s a breakdown of his most impactful takeaways.

    Related: Want to Be a Better Leader? Show Employees You Care.

    1. Every answer opens a door to opportunity

    Herjavec emphasized that opportunities rarely arrive neatly packaged. They often hide in conversations, questions or unexpected feedback.

    “Every answer opens a door to opportunity,” he said.

    The message was clear: curiosity is a growth engine. Entrepreneurs who remain curious — asking questions and seeking insights — often discover pathways others overlook. Instead of dismissing a “no” or a difficult response, Herjavec urged attendees to look for the opportunity behind it. Sometimes, the follow-up question or the willingness to listen more deeply is what transforms rejection into possibility.

    2. Evolution, not revolution

    The myth of entrepreneurship often celebrates the “big idea” that transforms an industry overnight. But Herjavec reminded the audience that this is rarely the case.

    “Most businesses evolve — they’re rarely revolutions.”

    He explained that while breakthrough innovations capture headlines, the majority of sustainable businesses are built on incremental improvements, better execution and adapting existing ideas to new markets.

    For entrepreneurs, this means it’s okay if your business doesn’t feel revolutionary from day one. What matters is staying committed to evolving, improving and listening to the market.

    3. Adaptability is non-negotiable

    If there was a central theme in Herjavec’s talk, it was adaptability. He described winning businesses as those that thrive on adaptability — not just to survive shocks, but to seize growth in changing conditions.

    “When knocked down, resilience plus adaptability equals survival.”

    He acknowledged that setbacks are inevitable in entrepreneurship. The real test isn’t whether you’ll face challenges, but how you respond to them. Entrepreneurs who can adapt — whether by shifting strategy, reinventing a product or rethinking how they serve customers — are the ones who endure.

    4. The founder sets the tone

    Herjavec didn’t shy away from a sobering reality: when businesses struggle, the root cause often lies with leadership.

    “Show me a business in trouble, and I’ll show you a founder who has lost their way.”

    He explained that when leaders lose focus, passion or clarity, the organization inevitably follows. A founder’s vision and energy cascade down into the culture, decision-making and execution. If leaders drift, so does the company.

    For entrepreneurs, this is a call to self-reflection. Protect your clarity of purpose. Revisit why you started. And remember that your team looks to you not just for direction, but for inspiration.

    5. Success is never accidental

    While luck can play a role in any journey, Herjavec stressed that sustainable success is never accidental.

    Behind every thriving business is intentionality — clear strategy, deliberate choices and consistent effort. He encouraged entrepreneurs to resist the temptation of shortcuts and quick wins, instead focusing on building systems and cultures that create lasting value.

    This doesn’t mean every decision will be perfect, but it does mean success comes to those who plan, prepare and execute with purpose.

    Related: 5 Strategies for Leaders to Future-Proof Their Workforce

    6. Rethinking sales

    As an entrepreneur who built and scaled a successful cybersecurity firm before becoming a television investor, Herjavec has lived through countless sales conversations. His perspective on sales was refreshingly straightforward.

    “Sales equals uncovering client needs plus communicating how you meet them.”

    He stressed that sales isn’t about pushing a product, talking endlessly or forcing a solution. It’s about understanding — truly listening to what clients need — and then clearly showing how your business delivers value.

    Equally important, he warned against the temptation to oversell.

    “Don’t oversell. Selling should feel natural: Am I providing value?”

    In Herjavec’s view, sales is not about persuasion, but about alignment. When entrepreneurs shift their mindset from “closing deals” to “creating value,” selling becomes easier, more authentic and ultimately more successful.

    7. Resilience is the entrepreneur’s superpower

    Beyond adaptability, Herjavec spoke passionately about resilience. Entrepreneurship, he reminded the audience, is a marathon, not a sprint. The journey is filled with failures, rejections and setbacks that would crush many people.

    But successful entrepreneurs are defined not by how often they fall, but by how quickly and effectively they get back up. Resilience isn’t just about surviving adversity — it’s about using it as fuel to keep moving forward.

    8. Putting it all together

    When woven together, Herjavec’s insights form a practical framework for entrepreneurs:

    • Stay curious. Every question or answer could unlock a new path.
    • Focus on evolution. Businesses rarely transform the world overnight; they grow through steady improvement.
    • Prioritize adaptability. Resilience plus the ability to adapt equals survival.
    • Lead with clarity. A founder’s vision shapes the trajectory of the business.
    • Be intentional. Success is the product of strategy, not accident.
    • Sell by serving. Sales is about listening, uncovering needs and providing genuine value.
    • Build resilience. Setbacks aren’t the end; they’re the training ground for growth.

    For the entrepreneurs in the audience, these weren’t just abstract principles. They were reminders that the entrepreneurial journey — while hard — is navigable with the right mindset and tools.

    Conclusion: The path forward

    Robert Herjavec’s keynote at the Entrepreneur Level Up Conference reinforced a timeless truth: entrepreneurship is not just about great ideas, but about great execution, resilience and human connection.

    His words served as both a challenge and an encouragement. The challenge: entrepreneurs must remain vigilant, adaptable and intentional in their leadership. The encouragement: success is within reach for those willing to evolve, listen and persist.

    For every founder wondering how to navigate uncertainty, Herjavec’s playbook is simple but powerful: stay curious, adapt relentlessly, lead with clarity and always create value.

    At the end of the day, business isn’t about luck or shortcuts — it’s about resilience, adaptability and the courage to keep showing up

    Don’t miss out next year — Click here to add your name to the Level Up waitlist and secure early access to tickets & updates.

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    Ramon Ray

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  • Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

    Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the business world, it often seems like startups go from idea to billion-dollar valuations in the blink of an eye. But these overnight success stories, while inspiring, often mask a crucial truth: Building a great, sustainable business takes time, often much more time than most founders, investors and observers expect.

    Nothing sells better than the idea of a rapid, meteoric rise to success, and we’ve all heard stories of the legends — Instagram went from launch to a $1 billion acquisition by Facebook in just 18 months, Uber achieved a $70 billion valuation in less than a decade, and the idea for Airbnb went from air mattresses on a living room floor to a global hospitality giant in a few short years. But these are exceptions rather than the rule, and they create a distorted view of how long success really takes.

    As a founder turned investor, I’ve built and funded startups that have been very successful. But they took a long time, in some cases over a decade, to get there. And there’s nothing wrong with that. The real secret to building and growing startups lies in the art of patience.

    Related: Overnight Success as a Startup Is Unrealistic — Embrace the Uncertainty and Try This Instead.

    Reality check: The true timeline of startup growth

    The reality for most successful startups is far less glamorous than the companies making headlines and much more time-consuming. When you’re forming a new company, these are the things that take the most time but that you need to prioritize to have a shot at success:

    • Product-market fit: Finding the right product that solves a real problem for a specific market can take years of iteration and pivoting. Take Slack, for example — it started as a gaming company before pivoting to become the workplace communication tool it is today.
    • Revenue generation: Developing a sustainable revenue model often requires multiple attempts and adjustments. Pinterest spent years fine-tuning its monetization strategy before achieving profitability.
    • Scaling: Growing from a small team to a larger organization while maintaining culture and efficiency is a slow, challenging process. Dropbox spent over a decade perfecting its product and scaling its operations before its successful IPO.
    • Market education: For truly innovative products, educating the market and changing consumer behavior takes time. Tesla spent years convincing the market of the viability of electric vehicles before achieving mainstream success.

    I spent eight years at the company I co-founded, Density, and we were hyper-focused on getting these areas of the business right. In the beginning, we tested our idea by manually counting people in a coffee shop and publishing the results online. We initially sold WiFi-based counting solutions to retail businesses, but after receiving feedback and interest from larger organizations, we decided to pivot and focus exclusively on commercial real estate (CRE).

    Along the way, we realized our product wasn’t accurate enough, so we rebuilt it from the ground up. We expanded into mid-market businesses and even found an unexpected use case with airport lounges — if you fly Delta, you’ll probably see one of our sensors above the lounge doors. Eventually, we shifted back to focusing on CRE and changed our business model from a per-sensor fee to a square footage-based software fee because it made the most sense for revenue generation.

    Since I left the company, that journey has continued. This timeline is much more representative of the typical startup experience.

    Related: How Saying ‘Yes’ to Every Opportunity Helped My Startup Make $1 Million in the First Year

    Maintaining momentum over the long haul

    Long timelines without significant milestones can certainly be demotivating to employees and leadership. But there are ways to maintain motivation and momentum for the long haul.

    Set intermediate goals by breaking down the long-term vision into shorter-term, achievable objectives. This will help your team understand that they are making progress even if it’s incremental. I also believe in celebrating small wins. Acknowledge and celebrate the little achievements along the way, no matter how insignificant they might seem.

    It can be difficult to do when you’re grinding hard to make your idea a reality but hear me out — it’s crucial to maintain some semblance of work-life balance. If everyone is working until 9 p.m. and on weekends, they’re going to burn out and be even less likely to stick it out for the long run. Encourage your team to take time off.

    Lastly, stay connected to the mission. Regularly revisit and reinforce the company’s core mission and values because it reminds people why they’re doing the work and why they should continue even when progress feels slow.

    How investors and founders can align on long-term visions

    Building a great startup takes time, and it’s not just you who needs to be patient — your investors have to be on board, too. From the get-go, make sure you’re having honest conversations with them about what the journey is going to look like. Talk about timelines, key milestones and what success really means for your startup.

    It’s crucial to find investors who not only get your industry but also share your long-term vision. It’s important to pursue capital from investors who share your ideology and have a vision for their fund that outlives your business — an investor can only be in it for the long haul if their fund model supports it.

    In general, try to find investors with good track records and some semblance of operating experience. They’ll often have more empathy for the ups and downs of finding market fit or unlocking revenue. Once you have those people in your corner, keep them in the loop with regular, open communication. And don’t just focus on today’s revenue or growth numbers; pay attention to leading indicators, like customer acquisition cost, monthly recurring revenue and user engagement metrics. These are the signs that show you’re on the right track for future success.

    Don’t be shy about asking your investors for help. They bring experience and connections that can be game-changers when things get tough or when you’re looking to scale faster. As a former founder, I try to be a mentor to the companies I invest in. I’m always willing to get into the nitty gritty with founders and help them with operations, brand work, product development and company culture. The more involved your investors are, the better off you’ll be.

    Embracing the long game

    Building a truly great, sustainable business is more a marathon than a sprint. It requires not just ambition and hard work, but also patience, resilience and a willingness to learn and adapt over time.

    For founders, this means setting realistic expectations from the start, both for themselves and for their teams. It means being prepared for the long haul, celebrating the small victories along the way and maintaining focus on the ultimate vision.

    For investors, it means looking beyond the allure of quick returns and being willing to support promising companies through the tumultuous startup journey.

    We also need a mindset shift for the whole industry. We need to celebrate not just the rapid rises, but also the steady, persistent builders who create value over time. By being patient, we can foster a more sustainable startup ecosystem — one where enduring companies create real value for society. The most impactful companies of our time weren’t built overnight. They were built day by day, with patience, persistence and an unwavering commitment to their vision.

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    Rob Grazioli

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  • How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For many new business owners, direct distribution may seem like the most cost-effective route to reach customers. Without any need for partnerships, third-party integrations or revenue splits, it has the lowest apparent cost. However, as businesses grow, a well-balanced mix of distribution channels becomes crucial to unlocking new growth opportunities. By strategically diversifying your distribution strategy, you can protect your brand, and build a more agile and resilient business model.

    Despite their higher costs, distribution partners not only ease operational burden but can significantly broaden market reach thanks to their established networks. That is certainly the case in the hospitality sector, where distribution has always been critical. Since the products can’t be moved, all of a hotel’s inventory is filled by smart distribution.

    Before the internet, the massive distribution power of hotel chains gave them a huge advantage over independent hotels. But since the early 2000s, hotels developed new ways to distribute through various online channels such as Expedia and Booking. In fact, 65% of all direct bookings now come from guests who first discover the property through an online travel agency (OTA).

    Across industries, distribution partners routinely prove their worth, but they are not quite a turnkey solution. To craft an effective distribution strategy, it is important to look beyond where your competition is showing up. Let’s explore how to diversify, innovate and potentially outperform them.

    Related: Innovating Your Product Distribution Is As Important As Innovating Your Marketing

    Balancing direct and partner distribution

    At its height in 2011, Toys “R” Us had revenue in excess of $13.9 billion. Just seven years later, the brand had filed for bankruptcy and shuttered all its U.S. stores, though it has since begun a revival under new ownership. CEO David Brandon linked the closeout to the company’s “inability to provide expedited shipping options” and a “lack of a subscription-based delivery service.”

    In other words, in a market dominated by online retailers like Amazon, their distribution strategy hadn’t evolved. Similarly, the mega-chain Blockbuster was wiped out by Netflix, and RadioShack was taken out by its limited ecommerce strategy. No matter how big your brand gets, maintaining a diverse distribution mix is essential.

    In practice, this means continuously monitoring the competition and proactively adapting to market changes. So, gather and analyze data from your distribution channels regularly. This will help you make quick, effective changes to optimize your sales and market position.

    Additionally, while brands shouldn’t rely on direct distribution alone, it is a crucial component of maintaining control over brand image, customer experience and pricing. Apple is an industry leader in this regard. While the company has many retail partners, it also invests heavily in its own retail stores and online direct-to-consumer channels, allowing it to maintain its market dominance.

    Finding innovative distribution channels

    In a competitive marketplace, the path of least resistance is identifying and mirroring the bigger players’ distribution channels. Ironically, this safety-first approach comes with risk. Instead of becoming commoditized, a better way may be to find niche markets. To do that, recognize that some channels have a stronger presence in certain markets than others. If you want to expand into a new region, for instance, identify channels that have access to demand in that particular area.

    In our industry, some Asian countries have specific OTAs that are widely used, so listing on these platforms can then attract new customers. While investing in specialized segments might not offer the same visibility as mainstream markets, a properly targeted niche strategy can lead to greater conversions and higher profitability. Red Bull, for example, carved out a $10 billion market in the energy drink industry by targeting extreme sports enthusiasts through special events and sponsorships.

    Catering to unmet needs means you can become the “go-to” solution in a small yet profitable market. The caveat is this niche approach can take months or even years to develop. While it is still important to leverage major players, don’t lose your unique value proposition in the process. The “be everywhere” strategy can work well if you are not trying to be everything to everyone.

    Marriott exemplifies this balanced approach. While guests can book any of its branded hotels through the company’s central booking system, Marriott uses both direct channels (website, mobile apps) and indirect channels (OTAs, travel agents) to reach different market segments. This allows Marriott to cater to various traveler preferences, from business-focused brands like Courtyard by Marriott to leisure-oriented properties like Sheraton.

    Related: 8 Ways to Be Certain You Are Selling Solutions Through the Right Channel

    Strategic expansion as things change

    Markets will always fluctuate. But if you listen to what customers say about where they are shopping, you will learn about new trends and new places to put your products. If your distribution strategy is well-mixed and you are not overly dependent on any single channel, you will be well-positioned to leverage changes in your favor.

    At least once a year, replace one or more of the channels generating the fewest sales to search for new customers. As a rule of thumb, when market demand drops, brands should increase the number of distribution options to cast. Conversely, when market demand is high, be more selective and focus on quality of audience, average prices, cost and ease of management. Successful brands often demonstrate this kind of adaptability.

    Perhaps the biggest name in graphic design, Adobe, even pivoted its entire revenue model when faced with the software industry moving towards cloud-based solutions. Although Adobe’s shift from licensing and upselling its creative suite of software to a SaaS model initially attracted criticism, it has proven a masterstroke — posting record revenue of $19.41 billion in the 2023 financial year.

    Related: 4 Must-Know Strategies for Selling Efficiently to Distributors

    Premium brands like Apple and Marriott are able to gain increasing market share despite their higher price points by continuously enhancing visibility and boosting engagement. As you prepare your distribution strategy, find ways to build in flexibility. By establishing metrics early on and recognizing the need to evolve as market conditions change, you will be well-positioned to test emerging platforms, explore new niches and balance a strategy that is capable of driving both immediate revenue and long-term growth.

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    Kevin King

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  • Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

    Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

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    Marc Randolph, the co-founder of Netflix, joins us for another episode of Ask Marc, a live Q&A series about starting and growing your business. The event will begin on Thursday, May 9th at 2:00 PM ET, streaming on our YouTube, LinkedIn, Facebook and X (formerly known as Twitter) channels.

    Where can I watch Ask Marc?

    Watch and stream: YouTube, LinkedIn, Facebook & X (formerly known as Twitter)

    You can watch on your phone, tablet or computer. Ask Marc will be shown in its entirety on YouTube, LinkedIn, Facebook and X (formerly known as Twitter).

    What time does Ask Marc start?

    Date: May 9th
    Time: 2:00 PM ET

    The episode kicks off at 2:00pm ET.

    Why should I watch Ask Marc?

    Get free business advice directly from the co-founder of Netflix, Marc Randolph. Marc loves helping founders and small business owners, and this your free opportunity to ask him any of your questions about topics like:

    • Starting a business
    • Growing a business
    • Raising money
    • Building marketing campaigns
    • Best practices
    • Anything you want to know!

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    Entrepreneur Staff

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  • How to Use Customer Feedback to Unlock Growth and Loyalty | Entrepreneur

    How to Use Customer Feedback to Unlock Growth and Loyalty | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s time to retire the “faster horses” quote, particularly if you want to stay competitive in 2024. The quote in question has been attributed to automobile mogul Henry Ford and goes something like this: “If I had asked people what they wanted, they would have said faster horses.” In essence, it’s a brush-off to customer sentiment and desire. It’s also completely off-mark in an era where buyers are getting exactly what they want from brands — and moving on if they don’t.

    According to research from McKinsey and Company, consumers want a collaborative exchange with brands. Nearly three-quarters are asking for personalization in their interactions with companies. They’re also being selective with their splurges, making it essential for businesses to listen to their needs and respond accordingly. Brands that remain in tune with shoppers will win their loyalty. Brands that don’t? Well, they’ll be as outdated as the Model T.

    In other words, marketers and customer service professionals have to put a premium on the importance of customer feedback. Customer feedback is one of the most valuable sources of information that any organization can glean. When you have real-time feedback from your buyers, you have the inside track to pivot rapidly. You can spot new sales opportunity ideas, chances for product or service improvement, better ways to keep in touch with purchasers and so much more.

    Your feedback won’t always be rosy, of course. That’s to be expected. Negative feedback and unhappy customers are a source of wonderful data, though. They’ll tell you right away what isn’t working and what may be hurting your relationship with them. As long as you act on the feedback they give, you may be able to restore the bond between your brand and a displeased buyer.

    How can you start implementing a customer feedback management program that will allow you to quickly identify customer-based problems and possibilities? Try putting a few steps in place to gather, parse and act upon different types of customer feedback.

    Related: How to Really Hear and Use Customer Feedback

    1. Set up feedback mechanisms throughout the customer journey

    If you don’t already have a systematic customer feedback process, you owe it to your team to pull one together. You can use a variety of vehicles to elicit feedback, from point-of-purchase polls to review requests. Remember that feedback can be organic, too, as in the case of social mentions on Facebook or X. Together, the feedback you receive needs to be funneled into your company so you can begin to evaluate it.

    Your goal shouldn’t just be to take in data, though. You need to reflect upon it and react appropriately. Gartner points out that 80% of growth-focused businesses use their customer experience information proactively. Therefore, you can assume that by taking the appropriate steps to learn about what your customers want (and delivering on those desires), you’re positioning your organization to get bigger. And better.

    Make sure you understand the actual problem and avoid simply gut-reacting to feedback. When a customer says they want a faster horse, take a step back and think about the real problem, which in this case is that they want to get from point A to point B faster. In one Alida survey, a whopping 75% of consumers said they didn’t think businesses used their feedback. Accordingly, be clear when you’re doing something in response to what your customers have told you. That way, they’ll realize that you’re not letting their input collect dust.

    2. Overlay quantitative data with qualitative data

    Chances are strong that you’ll use an AI-fueled system to collect and analyze customer feedback data. AI can be highly useful in finding the most common patterns around specific products and services within your customer service feedback. It can deliver fast customer retention metrics, too. That said, you can’t solely rely on AI to tell you all the opportunities that lie ahead.

    What’s the problem with allowing AI to guide your customer feedback reactions? It isn’t always able to “read between the lines.” Even predictive AI systems can’t tell you the “why?” That’s where qualitative data comes into play. Qualitative data teases out the nuances in quantitative data. It reveals the hidden “pain points” that might not be immediately apparent in the quantitative data. You can then use both types of data to plan out your strategy.

    Not sure which kind of qualitative data mechanism would give you the most comprehensive understanding of customer experiences, preferences and perceptions across your brand, products and services? Statista shows that 44% of organizations opt for in-person focus groups. Online focus groups nabbed 39%, coming in second. Sometimes, just getting people talking can answer how to make customers more likely to return, refer and review your brand.

    Related: This Is Why You Should Never Ignore Customer Feedback

    3. Aim for continuous improvement

    Just a generation ago, businesses’ customer feedback channels were far more limited than they are today. From social media to branded apps, you now have expanded ways to gather data about your buyers. Your job, therefore, is to keep your eye on trends in the customer feedback ecosystem. Those trends will help you remain on the leading edge when it comes to amassing a wealth of feedback.

    Case in point, personalization is a growing trend in the customer feedback world. As mentioned, McKinsey research has shown a desire across the buying population for personalized brand engagements. Today, software can allow customers to receive polls, surveys, etc., that are specifically designed around their purchasing journey. For example, Amazon leverages customer feedback to personalize recommendations and enhance the shopping experience by suggesting products that align closely with user preferences and past purchases.

    If you’re not continuously improving with your customer feedback, you won’t be able to give the best possible customer experience. Take a look at how you’re collecting and using feedback currently. Are there gaps you could close, such as the lead time for feedback to be perused and contemplated by your team? Addressing those gaps can move your customer feedback system forward and put your company in a leadership position.

    Consumers are savvier than ever and have plenty of choices. In Ford’s day, they were limited in their options, allowing him to avoid the need to collect feedback. Rather than take an antiquated approach to your customers, treat them as a gold mine for the information that will take your brand from zero to 100 in no time.

    Related: Transforming Customer Feedback Into Actionable Business Outcomes: The How-To

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    Tiffany Edwards

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  • Free Webinar | January 11: The 2024 Social Media Trends to Get You More Followers & Sell More Products | Entrepreneur

    Free Webinar | January 11: The 2024 Social Media Trends to Get You More Followers & Sell More Products | Entrepreneur

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    Learn tricks and tactics to supercharge your social media by joining our free webinar “The 2024 Social Media Trends to Get You More Followers & Sell More Products.” This power-packed session will be led by Entrepreneur’s very own VP of Social Media, Sana Ali.

    On Thursday, January 11th Sana will dive into the latest strategies that will not only boost your online presence but also drive sales. From emerging trends in content creation to leveraging influencer marketing for maximum impact, we’ll guide you through the key elements that can propel your brand to new heights.

    You’ll gain insights on:

    • The biggest social media trends that will shape 2024

    • Optimizing your content to take full advantage of those trends

    • Navigating the nuances of influencer marketing

    • Measuring success by defining clear objectives and utilizing analytics tools

    • How to approach cultural sensitivity in campaigns

    Join us to unlock the social media strategies that will propel your brand to new heights in 2024!

    About the Speaker:

    Sana Ali is the VP of Social Media Marketing at Entrepreneur Magazine. Throughout her career, she has led global social media campaigns for notable brands, including MTV, iHeartRadio, BET, and WWE. Sana’s expertise lies in her ability to build social influencer products, create social monetization opportunities, and craft effective strategies. Her focus is on fostering audience engagement, delivering measurable results, and leveraging content trends in the ever-evolving social media landscape, particularly by tapping into multicultural audiences.

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    Entrepreneur Staff

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  • Creating This Type of Culture Helped Our Company Triple in Size | Entrepreneur

    Creating This Type of Culture Helped Our Company Triple in Size | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When I joined my company in a leadership role nine years ago, I had an outsider’s lens in more ways than one.

    Not only was I new to the organization and the people who ran it, but the industry of in-home healthcare was a big pivot from retail, where I had spent most of my corporate career.

    What struck me the most as I embarked on new terrain, was the genuine kindness I witnessed from our people who were servicing our clients with great compassion. Our business isn’t built on transactions — it’s built on trust. Our clients have to feel confident in our ability to support and care for their loved ones.

    As genuine as our approach was, it was also clear there were areas where our corporate culture needed reshaping. For example, I recall walking into our shared kitchen daily, only to find the sink overflowing with dirty dishes. In meetings, I would hear people blame other team members for performance issues — signs that discipline and self-responsibility weren’t being prioritized.

    At the time, we had roughly 40 franchise locations, primarily in Canada. It was a healthy achievement, but I knew if we wanted to grow and expand internationally, we had to transform our culture and people practices.

    Today, we have more than 300 franchise locations in four countries and have grown our revenue by more than 200%. We’ve also developed a culture where 60% of our people have grown into different roles, allowing them to build new skills and challenge themselves. Here’s how we’ve accelerated the growth of our company and developed our people by creating a culture of bold kindness.

    Related: Why Patience And Kindness Need To Be At The Center Of How You Run Your Business

    Defining a culture of bold kindness

    Bold kindness is more than exercising empathy on a client phone call — it’s about shifting from a culture of “nice” to one of accountability while creating an environment where people feel their personal wellbeing matters.

    Creating a culture of self-discipline and accountability doesn’t require instilling fear or pulling corporate rank — in fact, it’s quite the opposite. We’ve found when you empower your team at every level to play a significant role in decision-making, you can exercise kindness and care for their wellbeing. This inadvertently helps build intrinsic motivation where teammates are driven to take ownership over their own work.

    According to data from McKinsey employees who are intrinsically motivated are 32% more committed to their job, have nearly 50% higher job satisfaction and perform 16% better than other employees.

    Today, everyone in our company works towards the same vision — we call it our “painted picture.” We set bold goals, and each one of us is accountable for helping achieve them, but we also respect that every team member has their own process for getting there.

    This intentional shift towards balancing a culture of self-responsibility with care for our people shows up in every aspect of our teams’ performance. From putting their own dishes away in our now well-maintained shared kitchen to the increase in our Net Promoter Score from the low 50s to the high 70s — bold kindness has motivated our team to achieve exceptional results and to be proud of the work the team has done.

    Related: Compassion Will Boost Your Business: Making The Case For Showing More Kindness At Work

    Knowing the people behind your performance

    We recently had two people within our company become first-time dog owners. We celebrated these milestones similarly to how we would if a team member had a baby. We were flexible in allowing our new dog owners to work from home and allowed them to transition back to in-office hours on a schedule that worked for their unique situation.

    In both circumstances, we wanted the underlying message to be clear: We value you, and what you’re going through matters. Operating from a lens of bold kindness means taking the time to understand your talent as people first. By celebrating and supporting each team member’s journey, both personal and professional, you foster a sense of belonging and care within your workplace.

    New research shows that when employees feel a sense of belonging at work, they are five times more likely to want to stay at their company. On the other hand, employees who feel insecure about their place within an organization are less likely to collaborate, share their creativity or perform to their highest potential.

    In contrast to traditional corporate environments, when our people come to work, they aren’t expected to leave personal matters at the door. If we ask someone how their day is going and they sound off — we stop to check in. We want to know what is really going on with our teammates, whether it’s personal or professional.

    Encouraging people to show up as their whole selves to work isn’t a license to forgo professional duties when a personal matter arises; it’s acknowledging the circumstances they are facing and supporting them through it so that they can do their best despite the distraction.

    Related: How Your Company Culture Can Be a Force Multiplier (For the Good and the Bad)

    Showing up as a human-first leader

    As CEO, I’m not immune to personal challenges. Just as I encourage my people to show up as their authentic selves at work, I’m transparent about my life with my team. As a leader, I’m aware that how I show up at work sets a tone, and it’s my responsibility to shape an environment where everyone can thrive.

    When I walk in on a Monday, I take time to greet everyone and listen with genuine interest as I hear about their weekends. These personal connections have been essential to our team’s success.

    A global study by the International Social Survey Program, published by the Harvard Business Review, showed workplace relationships have a significant impact on job satisfaction. Not only that, but researchers at the Universities of Pennsylvania and Minnesota have confirmed close relationships at work increase productivity and result in higher levels of commitment, better communication and morale.

    I’ve worked in traditional business environments where orders are expected to be followed without question and where parts of my identity weren’t welcomed. I’ve experienced firsthand how that kind of culture kills morale and innovation, and it always comes from the top.

    Bold kindness isn’t taught in traditional business schools yet, but for us, it’s been a game changer. Not only has the shift in our culture helped us triple our company’s size and expand internationally, but it’s also created a work environment where I and everyone around me feels supported and inspired.

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    Cathy Thorpe

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  • Free Webinar | December 6: 5 Game-Changing Digital Marketing Trends to Watch for 2024 | Entrepreneur

    Free Webinar | December 6: 5 Game-Changing Digital Marketing Trends to Watch for 2024 | Entrepreneur

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    In a rapidly evolving digital landscape, entrepreneurs must adapt to new trends to enhance their businesses and connect effectively with their target audiences.

    On December 6th at 3 PM ET join our exclusive webinar, “5 Game-Changing Digital Marketing Trends to Watch for 2024”, led by marketing expert, Bianca B. King. Where she will explore the five pivotal trends that will shape digital marketing in 2024 and help you stay ahead of the competition.

    Key Takeaways:

    • Learn about the five essential trends to embrace in 2024 for a competitive edge.

    • Understand the potential implications and pitfalls associated with these trends.

    • Discover ethical ways to engage with emerging digital marketing trends.

    • Explore the pivotal roles played by AI, social listening, and more in shaping the future of digital marketing.

    • Gain practical applications to seamlessly incorporate these trends into your ongoing marketing activities, regardless of your current business stage.

    Whether you’re embarking on your entrepreneurial journey or looking to refine your existing marketing strategies, this webinar will equip you with actionable insights and practical tips to thrive in the ever-evolving digital marketing landscape of 2024.

    Secure your spot today and join us to unlock tomorrow’s digital success.

    About the Speaker:

    Bianca B. King is an entrepreneur and professional matchmaker on a mission to help women accelerate their success. As the CEO & Founder of the exclusive collective Pretty Damn Ambitious™, Bianca matches high-acheiving women with premier vetted and verified coaches so they can finally amplify their ambitions and achieve the personal growth and professional success they desire. Bianca is also the President and Creative Director of Seven5 Seven3 Marketing Group, a digital marketing agency that has served hundreds of entrepreneurs since 2008.

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    Entrepreneur Staff

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  • 5 Simple Ways SMBs Can Enter a New Global Market | Entrepreneur

    5 Simple Ways SMBs Can Enter a New Global Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a small or medium-sized business (SMB), do you have your sights set on expanding your reach to new customers by entering a new market … specifically a market overseas?

    As CEO of INS Global, I have seen firsthand how SMBs can expand effortlessly by studying the lessons of expanding multinational companies (MNCs). Here are five actionable ways to achieve new market entry without having to start from scratch.

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

    1. Look before you leap: Conduct market research

    Entering a new market that at first glance looks profitable and stable is an exciting proposition. However, take time to deeply understand the market you are about to enter. MNCs often conduct extensive research prior to entry, and SMBs can collect the same kind of information on a smaller scale. When car maker Toyota entered the U.S. market, it manufactured cars that were reliable, spacious and comfortable, as American consumers value these qualities. Its market research paid off, and Toyota is a leading automaker in the U.S. today. Be sure to analyze your target market prior to entry:

    • Collect data directly from the new market: This may come in the form of government reports, trade association communications and following thought leaders in the new market.

    • Identify your target market and research the competitors: What are their strengths and weaknesses, and where can you differentiate yourself from the competition?

    • Prevent potential roadblocks: Are there special regulations that apply to your industry or product category? What is the current and forecasted level of demand for your product or service?

    2. Set goals for small progress

    Don’t let planning become a form of procrastination. Your primary goal of expanding your business should stay front and center. Otherwise, you risk spending all your time focusing on “what if” instead of focusing on “what’s next.” Focus on taking small steps forward and adjusting as you go, making sure to get out of your own way.

    Starbucks has widely been hailed for finding success in China’s marketplace in a way that has been elusive to other MNCs. At first, Starbucks launched a single store in China to test receptivity. It did not wait until it had the perfect model, the perfect menu or the perfect long-range plan in place. The company started with a small step into the Chinese marketplace. Because it initially focused on optimizing one store, it was able to quickly make needed adjustments prior to full-blown expansion. As of 2023, Starbucks is now opening more than one store every day in China.

    3. Collaborate with other SMBs in your new market — even competitors

    By collaborating with other small businesses currently in the existing market or those looking to enter the same new market, you can lower the risk, share costs and gain access to shared resources. For example, in 2009, competing cell phone companies Vodafone and Telefónica formed together a strategic partnership to enter new European markets. As an SMB, consider partnering with a company that can help navigate a new business expansion. At INS Global, we help companies expand with success, by specializing in finding local candidates that are perfect to fill the job in your new location. The best part is our clients don’t need a legal entity in the new country. We hire and pay their employees legally as their representative.

    Related: Here’s How to Make Your Expansion Into New Markets a Success

    4. Stay visible and build your network

    You may be thinking to yourself, “I don’t have time to put out a newsletter, scroll through LinkedIn daily or post on social media.” Networking may seem like the first item to fall off of your to-do list, but if you don’t grow your company’s online visibility or fail to tailor your company’s value proposition to new markets, you could be missing out on access to new opportunities and increased brand awareness.

    Building relationships through intentional networking can help you gain access to new opportunities within new markets. You can also find another SMB that has successfully entered a new market (possibly even your new target market!) and seek their mentorship, guidance and coaching on business growth, the local market and cultural nuances.

    5. Avoid autopilot at all costs

    SMB entrepreneurs aren’t the only ones who suffer from hitting the “easy button” when entering a new market. As you look to enter a new global market, take time to learn from the mistakes of MNCs. It’s hard to imagine a multinational company like Target struggling to find success, but that’s exactly what happened when Target tried to simply duplicate its U.S. business model.

    The cultures and market seemed so similar, what could go wrong? Due to its lack of understanding the local Canadian market, the foreign exchange rates and Target’s inability to quickly adapt to such challenges, Target’s 2013 entry into the Canadian market was deemed a failure. Just two years later, the retailer closed all of its stores in Canada.

    Target’s failure does not mean you will inevitably fail if you enter a new market with the exact same product and business model that you are currently using. But by staying vigilant and adaptable, you can overcome any unforeseen challenges that you may not have originally considered.

    Entering new global markets can be a great way to expand your small business, even though it can be an intimidating journey to begin. By following the tips in this article, you can increase your chances of success and accelerate your growth.

    Related: Is Your Business Ready for International Expansion? Here’s What You Need to Know.

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    Wei Hsu

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  • Free Webinar | December 5: How to Capitalize On Your Good Ideas | Entrepreneur

    Free Webinar | December 5: How to Capitalize On Your Good Ideas | Entrepreneur

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    How often have you had a great idea and thought, I should do that, and then you don’t? To make it worse, you then see someone else do it successfully. Now you’re beating yourself up and frustrated at what could have been.

    Clinton Sparks has seen many great ideas never take off. But what Clinton does differently is he learned how to capitalize on his good ideas, and now he joins us on December 5th at 3:00 PM ET for a special webinar where he will talk about:

    • Taking Action Over Claiming Ideas

    • Three Steps to Transform Ideas into Brands

    • The Value of Recognizing Resources

    • Overcoming Self-Doubt and Excuses

    You’ve probably seen or used a product influenced by Clinton and his ability to put ideas to work. He’s worked with global icons like Eminem, Lady Gaga, Snoop Dogg, Pitbull, Diddy, and even launched the career of mega-platinum DJ Snake. In addition, he’s partnered with industry giants, including Ciroc, Build-a-Bear, Sirius, Red Bull, Faze Clan, MLB, NFL, and many others.

    What’s even more exciting is that Clinton is joining the Entrepreneur+ roster. Combining his decades of industry knowledge with his ability to spot trends before they happen, Clinton will create actionable content to help subscribers. Regardless of whether you are a CEO, college student, or aspiring entrepreneur — Clinton wants to give you an edge to help elevate you professionally.

    Sign Up Now

    About the Speaker:

    Clinton is a renowned entertainment mogul, author, speaker, entrepreneur, visionary brand builder, creative executive, and leading-edge innovator when it comes to integrating culture, collaboration, and cross-platform marketing with an outstanding track record of success, and background managing multiple products from ideation to market launch.

    He is also a Grammy-nominated, multi-platinum music producer, songwriter and DJ responsible for over 75 million records sold.

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    Entrepreneur Staff

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  • Every Entrepreneur Needs an Exit Strategy — Here’s Why | Entrepreneur

    Every Entrepreneur Needs an Exit Strategy — Here’s Why | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re an entrepreneur, you likely spend plenty of time thinking about how to grow your business, especially if it’s relatively new. There’s more to consider than just expansion, though. Every entrepreneur should have an exit strategy. You need a plan to ensure you can exit your company when you want to retire or explore other business ventures. Here’s why and how to go about it.

    You need business and financial goals

    Setting goals for your company is essential for long-term growth and success. A critical part of strategic planning for your business is creating an exit strategy. If you begin with the end in mind, it will be easier to determine the milestones you need to achieve to stay on track. Whether you want to grow your business for many decades or you’d like to attract buyers and exit as soon as possible, the key to getting what you want is planning well in advance.

    Related: When Should Business Owners Start Developing an Exit Plan? Here’s What You Need to Know.

    Your exit strategy should provide clarity

    An exit strategy also gives you the clarity you need for the next career phase. When you define your next steps and what it will take to accomplish them, you are more likely to succeed with your plans. Additionally, you’ll have the peace of mind needed to take action rather than stalling because you aren’t sure how to get started.

    Know who and when

    It may not be possible for you to set a definite date for exiting your business when you first create your strategy, and you don’t know the name of the buyer or the person taking over for you. But you can begin with an approximate timeline for when you’d like to transfer control and a profile of the ideal buyer. As time progresses, you can make more accurate decisions regarding the timeline.

    Related: Exit Strategy Through the Eyes of an Angel Investor

    Keep income statements and balance sheets updated

    Knowing what your business is worth is crucial to creating a solid exit strategy. Your income statements tell you a lot about the health of your business, and they’re going to tell the potential new owner a lot, too. It’s important to keep them updated and ready to go at all times. Not only does that help you better understand when the appropriate time is to exit the business, but it also gives you leverage when you negotiate with potential buyers or successors.

    In addition to your income statements, you’ll also want a potential buyer to see the balance sheet. That shows them what kind of money is coming in and going out, all in one place.

    Even though there’s a lot more to operating a business than money, cash flow is what matters when it comes down to it. Your exit strategy should include paying close attention to that cash flow to move on at the most reasonable time for your needs. There’s no reason to settle for less than you wanted to get for your company because you mistimed your exit.

    Growth potential can entice buyers

    Even if you are eager to exit your company, it’s important to time your departure in relation to its growth potential. Leaving prematurely could hinder your company’s growth. Depending on who is buying your company, they may want to buy your company on the condition that you are able to stick around for a few years before you leave for good. The opportunity for additional, even explosive, growth could encourage a substantial buyout in your favor.

    Related: 4 Go-To Moves to Help Start Your Exit Strategy Now

    Cash flow is key to it all

    Understand your cash flow and move when the time is suitable for the best chance at protecting yourself and your future. The buyer of the company will want to see strong cash flow to the business, and you’ll want to exit the company while it’s still strong and healthy to get the most significant benefit.

    The bottom line on exit strategy

    The most important concept to focus on when considering an exit strategy is what you want and need from it. Yes, you want to exit the business at a time that encourages someone else to buy or take over, but your needs are also important. With careful planning, you can find a great balance between your plans and goals for the future and exiting your business at a time when its value appeals to others.

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    Brady Frank

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  • 7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

    7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach the last quarter of 2023, businesses start assessing their performances, and many consider scaling and expanding their operations. With rapid changes in technology, consumer behavior and market dynamics, it’s crucial that businesses constantly adopt innovative strategies to remain competitive and achieve sustainable growth within their industries.

    So, businesses looking to bring themselves to the next level in this coming year have a few different strategies they can use to achieve long-term growth.

    Related: How to Scale Your Small Business in 8 Steps

    1. Embrace digital evolution

    In today’s fast-paced business landscape, embracing technology is not an option but a necessity. Small businesses can use it to their advantage to help streamline operations, enhance customer service experiences and even reach new markets. User-friendly ecommerce platforms, efficient inventory management systems and cloud-based drives are different examples of ways to help improve productivity and scalability.

    Also, businesses can use data-driven decision-making technology to help collect and analyze customer data. This can help provide insight into their customers’ preferences and behaviors to tailor marketing strategies, optimize product offerings and provide personalized customer experiences, ultimately driving growth through each quarter.

    2. Expand online presence

    In a post-pandemic world, the importance of a strong online presence cannot be emphasized enough. Consumers are increasingly turning to the internet to discover, research and purchase products and services. Focusing on optimizing your website for search engines (SEO) can vastly improve visibility and drive organic traffic.

    Social media platforms remain a huge player in reaching broader audiences. Developing a robust social media strategy that engages customers, encourages sharing and builds brand loyalty is essential to any business. By being consistent and posting relevant content, small businesses can easily connect with their target audience and build a loyal customer base.

    3. Diversify revenue streams

    Overreliance on a single product or service can become a significant risk to small businesses. If a business can diversify its revenue streams with new offerings, it can help build the business up and give room for scaling. This offering can be a complementary product line or a service that aligns with your core product. This not only provides added value to existing customers but also opens up new markets and revenue opportunities.

    Additionally, strategic partnerships or collaborations with other businesses in the industry are super helpful. These alliances lead to shared resources, increased visibility and access to new customer bases, which ultimately drives growth without a substantial capital investment that not many small businesses have.

    4. Focus on customer engagement and retention

    Acquiring new customers is an essential element for growth, but retaining existing customers is equally vital. Small businesses should try to prioritize customer engagement and retention strategies. By implementing loyalty programs, offering personalized recommendations and providing exceptional customer support, businesses can create a positive customer experience that will keep them loyal.

    With that, businesses should regularly seek honest feedback from customers and use it to make improvements to their products or services. Happy customers are more likely to become brand advocates and refer new business, further fueling growth efforts.

    Related: 3 Crucial Strategies for Sustaining Growth in a Competitive Market

    5. Invest in employee development

    Your team is the backbone of your business, and their growth and development directly impact your company’s success. Investing in training and development programs to build your employees’ skills will empower them to take on new responsibilities as the business expands. A skilled and motivated workforce is essential for maintaining the quality of the products or services as the business scales.

    Additionally, fostering a positive workplace culture can lead to higher employee satisfaction and retention rates. When your employees feel valued and aligned with your company’s mission, they become more motivated to contribute to the business’s success.

    6. Secure financing wisely

    Scaling a small business often requires some sort of capital investment for expansion, marketing and infrastructure development. Securing this type of financing can be challenging, especially for newer businesses. However, there are many different financing options businesses can explore, including traditional bank loans, Small Business Administration (SBA) loans, working capital loans, accounts receivable loans and so much more.

    Before a business even starts seeking financing, they need to ensure they have a well-defined business plan and financial projection that can show the potential for profitability and growth. Also, it’s crucial to assess the terms and conditions of each financing option, considering the impact on your business’s financial health and long-term sustainability.

    7. Monitor and adapt to market trends

    The business landscape is ever-evolving, and staying attuned to market trends is essential for small businesses. Monitoring industry developments and keeping an eye on emerging technologies can help businesses adapt strategies accordingly. This allows them to grow as well as be open to pivoting their business model if market conditions change or new opportunities arise.

    Regular competitive analyses can also help businesses understand their competitors’ strengths and weaknesses. In turn, this helps identify gaps in the market that the business can fill and helps refine products, services and marketing strategies.

    Related: 15 Ways to Scale Your Business and Make More Money

    Scaling a small business today requires a combination of innovative thinking, strategic planning and adaptability. Embracing technology, expanding your online presence, diversifying your offerings, focusing on customer engagement, investing in employee development, securing financing wisely and monitoring market trends are all essential strategies for success.

    These components can help small businesses thrive in today’s competitive business landscape. By continually assessing and adjusting their approaches, businesses can position themselves for sustainable growth and long-term success.

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    Erica Dushey Sarway

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  • Free Webinar | October 24: Grow Your Local Business With These Low-Cost Marketing Tricks | Entrepreneur

    Free Webinar | October 24: Grow Your Local Business With These Low-Cost Marketing Tricks | Entrepreneur

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    Small businesses often have small marketing budgets — but that shouldn’t hold back your marketing efforts!! Join us for an exclusive webinar led by Yelp’s small business expert, Emily Washcovick.

    In this session, you’ll learn how to reach your audience on a shoestring — by harnessing the power of local culture, trends, and events.

    During this webinar, Emily will share:

    • The art of localized marketing and how to tap into culture, trends, and local events for maximum impact.

    • Strategies to leverage even the smallest local events, to connect with your audience and boost your business.

    • How to seize opportunities during nationwide events that also have a local component, effectively crowd-sourcing customers for your business.

    • Real-world examples of successful localized marketing.

    • Insights from Yelp’s recent coverage of the impact of the “Beyonce bump,” and how local businesses can thrive off of large events.

    Don’t miss this chance to learn from Yelp and gain the knowledge and strategies you need to master localized marketing. Whether you’re a small business owner, marketer, or entrepreneur, this webinar will equip you with the tools to connect with your community, boost engagement, and drive revenue. Join us on October 24th at 3:00 PM ET and elevate your business’s local marketing game to the next level!

    Register now to secure your spot!

    About the Speaker:

    As Yelp’s Small Business Expert, Emily Washcovick is meticulously focused on helping local business owners succeed and grow. Her expertise lies in customer engagement, reputation management, and all things digital marketing. Through speaking engagements and thought leadership, Emily shares industry insights that entrepreneurs in any business category can leverage for the growth and well-being of their businesses. She is also the host of Behind the Review, a podcast from Yelp and Entrepreneur Media, where each episode features conversations with a business owner and a reviewer about the story and lessons behind their interactions.

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    Entrepreneur Staff

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  • How to Steal Customers Away From Your Competition | Entrepreneur

    How to Steal Customers Away From Your Competition | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Many people often worry that their competitors are out-spending them with their online advertising campaigns and leaving them in the dust as a result. Instead of worrying about how much your competitors are actually spending, the technique below will get your competitors’ budgets working for you instead. The entire premise of this technique has to do with this one single concept.

    While your competitors are spending large ad budgets to bring awareness to their companies, these competitors are also bringing far more general awareness of the category of products/services you sell as well. Since the people that click on your competitors’ ads now won’t typically from them buy the same day they come to their sites, you can actually follow up with these competitor prospects directly after they leave their sites and pick up a ton of easy sales from them once you do.

    Here’s how to do it.

    Related: 4 Things You Should Never Do When Dealing With Competitors

    1. Steal away your competitor’s repeat customers

    The first key thing you want to figure out is how much you can pay to acquire one of your competitors’ customers at your company as a whole. The more you can offer to get one of your competitors’ customers, the higher percentage of your competitors’ customers you will be able to acquire for your company overall.

    Here is an example of how this worked for a luxury day spa with whom I worked. We knew we had over $1,500 in customer lifetime value from spa-goers in that market, and we knew we could offer our competitors’ customers an entirely free initial stay at our spa in order to get them as a customer there.

    Once we understood that we could offer our competitors’ customers a free stay to get them as clients, we advertised this free voucher offer everywhere we could think for them to take advantage of it. This included on Google itself, on banner ads that show up for them across the web and on Facebook (if they followed one of our major spa competitors there as well).

    To cement this strategy, we told our new customers that we would give them an extra 50% off their second and third visits with us to form a buying habit. This made sure the customers who redeemed our free offer would stick around long term (more than 65% of the time) after they used the free voucher. To prevent the same people from reusing the offer over and over again, we forced customers to show us their past spa receipts to redeem the offer, as well as show their photo IDs. This makes sure people wouldn’t abuse our offer, as well as make sure that the promotion is being offered to the right customers to begin with.

    Coupons in general are a great marketing tool. According to recent data from the National Consumer Panel, 67% of consumers have made an unplanned purchase because they had a coupon, even higher-end consumers like we had with our luxury day spa above.

    Now that you know how to steal your competition’s best repeat customers away from them, here’s how to steal your away your competitors’ new prospects from them as well.

    Related: Win-Win: Strategically Partner With Your Top Competitors

    2. Stealing your competitors’ new first and one-time customers

    The below method shows you how to steal new prospects away from your competitors, who are still mulling over their potential purchases with them. Generating customers this way will come at a far cheaper cost than going after cold prospects in your market by yourself that you know nothing about.

    More than 80% of the buyers that buy from your competitors won’t actually buy from them during the first visit to their sites. In fact, a new study showed that 92% of consumers visit a website for the first time without making a purchase. This itself gives you a tremendous opportunity to sell to your competitors’ prospects just after leaving their sites for the first time.

    You can easily have your ads show up for your competitor prospects immediately after leaving your competitors’ sites and stay with them up until the day they buy (or do not buy) by using your Google and Facebook advertising accounts by themselves.

    The complete list of places you can advertise on these platforms to stay with your competitor prospects up until the day they decide to purchase is as follows:

    1. On Google (targeting competitor-related searches)
    2. On Google Display Network (using “custom intent audiences” — this gets you in front of people who leave your competitor’s site as they browse the web, news sites, gaming sites, etc.)
    3. On Facebook (by targeting users who follow your competitors there)
    4. On YouTube (also with “custom intent audiences” — this also gets you in front of people who leave your competitors’ sites while they are on YouTube)

    Using these four above advertising sources will ensure you get in front of 99% of the competitors’ prospects in your market as soon as they leave their sites — and as a result, have the capability to get many to switch over to your company.

    Now that you know you have a surefire way to get in front of all of your market’s best prospects (your competitors’ prospects), you are ready to craft your message to woo these prospects over to your site to get them to purchase from you next.

    Related: Is Your Competition Killing You? Here’s the One Thing You Need to Try

    What do you say to your competitor’s prospects who are currently debating their purchase decision with them?

    Simply put, the best way you convince your competitors’ prospects to buy from you instead of them is to state how much better you are than your competitor’s product/service in your ads.

    Example: Users start out interested solely in competitor product A. Your ad shows up explaining why your company’s product B is better than your competitor’s product A. The user clicks your ad and you take them to a dedicated page explaining why exactly your product B is better than your competitors’ product A, as well as offer a direct way to buy your product.

    Example ad messaging: “Product B offers 3X the power for half the price as Competitor Product A!” or “Before you buy Product A, check out its independent review first!”

    I cannot stress enough that you do not want to use the same message for all the different items/services that your competitors sell. Your competitors’ prospects will only be engaged enough to buy if you are sharing info about the exact item or service they were originally looking at inside of your ads here.

    Done correctly, the prospect will be thrilled that they found your ad and therefore purchase from you afterward as a result.

    Related: How to Learn About Customers Who Browse But Don’t Buy Your Products

    Summary

    In general, customers that you can acquire through your competitors’ prospects will generally be cheaper than other online advertising methods you use to acquire new customers right now, by a factor of two or more.

    With the cost to acquire a customer here being so cheap, it would be a crime not to use this method for your business. If you haven’t been advertising online recently as it hasn’t been profitable for you in the past, then this is the one thing that should finally make it work for your business. These competitor prospecting methods I just shared have routinely been producing a 500%+ ROI for the dozens of businesses I currently manage.

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    Corey Zieman

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  • Business Growth Stems From Getting the Right Customer Feedback. Here’s How to Get It. | Entrepreneur

    Business Growth Stems From Getting the Right Customer Feedback. Here’s How to Get It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you seeking to foster growth and achieve better results for your business this year? In a world where customer expectations are rapidly evolving, the importance of creating a customer-centric culture cannot be overstated. One of the most effective strategies in this pursuit is the implementation of a Voice of Customer (VoC) program. However, it’s not just about launching a program; it’s about using it smartly to drive growth rather than just incurring costs.

    What is a Voice of Customer program?

    At its core, a Voice of Customer program is a vehicle through which customers provide their valuable feedback, insights and opinions about their experiences, needs, wants and expectations in relation to your products and services. It serves as a direct line of communication between your business and your customers, enabling you to tap into their thoughts and feelings to inform and enhance your strategies.

    Related: 5 Counterintuitive Ways to Transform Your Customer Care Experience

    The pitfalls of ineffective VoC programs

    Despite the popularity of VoC programs, many of them fail to deliver the intended benefits. CEOs often struggle to justify the ongoing expenses associated with these programs due to a lack of discernible return on investment. What should be a robust tool for insights and growth often turns into a one-dimensional process that merely yields scores and basic insights. So, why do these programs fall short?

    The number one reason for the ineffectiveness of many VoC programs is the failure to ask the right questions in the right manner. A successful VoC program — backed by our global experience over two decades — recognizes that customers are diverse and their interactions with your brand are unique. Therefore, a personalized approach to gathering feedback is essential. Rather than asking every customer the same questions, tailor the questions to each customer’s experience. Keep the feedback process concise, interactive and relevant, allowing for real-time adjustments. Aim to uncover the “why” and the behavioral aspects behind their feedback. Leveraging technology, such as text, audio and video responses, can enhance the depth of insights.

    Take continuous action over passive insights

    To derive value from a VoC program, it’s crucial to prioritize taking action over merely collecting insights. While measuring customer attributes and tracking loyalty drivers are important, they shouldn’t be the end goal. Instead, focus on identifying the most pressing customer-led priorities and addressing them promptly. By honing in on a single priority, it becomes easier to transition from data collection to impactful actions. Measure success based on individual and team improvements, aligning these improvements with sales growth and customer retention. By translating enhanced customer experiences into tangible business outcomes, the program’s value becomes undeniable.

    The role of program leadership

    A successful VoC program isn’t a set-it-and-forget-it endeavor. It necessitates robust program leadership and engagement. Collaboration with experienced partners is key to tailoring the program to your business, from setup to implementation and ongoing management. Software systems alone are insufficient to drive the program’s success; customization is essential to align the program with your specific business needs. A holistic approach, including ongoing management of the customer journey, actionable results and integration with sales KPIs, is the recipe for meaningful change.

    Related: Customer Centricity: What It Is, Why It Matters and How to Improve Yours

    Feedback ASAP: Driving real change

    In the quest for growth through a customer-centric culture, the “Feedback ASAP” program — getting feedback as soon as possible — stands out as a testament to the power of a well-executed VoC strategy. Rather than relying on generic solutions, this program capitalizes on personalization, actionable insights and robust program leadership to deliver tangible results. By identifying missed sales opportunities and offering real-time solutions, it empowers teams to improve their skills and capabilities through targeted eLearning.

    This integrated approach aligns changes with overarching strategic goals, making the entire business ecosystem work in harmony toward growth.

    The road to growth in today’s business landscape is paved with customer-centric strategies, and at the forefront of these strategies is the Voice of Customer program. While its popularity has grown, so has the realization that the key to success lies in asking the right questions, taking continuous action and having strong program leadership. The paradigm has shifted from collecting insights to driving results and the Feedback ASAP program exemplifies this shift. The time has come to embrace a customer-centric culture and unleash the true potential of your business through the power of your customer’s voice.

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    Phil Prosser

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  • How to Successfully Navigate Rapid Business Growth | Entrepreneur

    How to Successfully Navigate Rapid Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the frenetic world of business, where every entrepreneur dreams of explosive growth, few comprehend the nuanced dance of scaling gracefully. As Bill Gates once mused, “Your most unhappy customers are your greatest source of learning.” Rapid growth often magnifies both the strengths and weaknesses of a business. But how can entrepreneurs turn those lessons into long-term success?

    Most companies’ fantasy is a surging demand, but this dream can quickly turn nightmarish without forethought. Proactive planning is the antidote to such potential chaos. By implementing measures such as a higher minimum engagement fee and strategically declining misaligned opportunities, businesses can manage high demand. This has worked well for my core business, Entire Productions. Understanding future demand and scaling the team accordingly ensures that businesses don’t just react but proactively shape their growth trajectory.

    Related: Avoid the ‘Too Fast, Too Furious’ Approach to Scaling a Startup

    Ensuring your growth doesn’t outpace your vision

    The backbone of any business, big or small, lies in its supply chain. The corporate event production niche, for instance, is comprised of entertainers and experiential activations, and its malleability determines success. Tapping into different markets, leveraging diverse resources and staying nimble can spell the difference between graceful scaling and overextension.

    A business’s values are so important as well. As Indra Nooyi, former CEO of PepsiCo, has remarked, “You cannot deliver value unless you anchor the company’s values. Values make an unsinkable ship.” When a business maintains its adaptability without compromising its values, it remains buoyant even in turbulent growth phases. Our values at Entire Productions are Excellence, Growth-Minded, Collaboration, and Own-It.

    Key hires play a monumental role in this scaling journey. Their impact goes beyond their functional roles — they often act as cultural and strategic touchstones, guiding and steadying the ship. Our account executives and production managers, among others, ensure that commitments aren’t merely met but exceeded. And as Richard Branson has emphasized time and again, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” The heart of scaling lies in a team that is not just competent but passionate and well-taken care of. One of the best ways to take care of your employees is to tell them they’ve done an excellent job in front of the company and NOT speak to their weaknesses publicly.

    One of the most delicate balances to strike while scaling is expanding horizons without diluting the brand essence. Businesses might evolve, diversify and adapt, but they must do so without sacrificing their foundational values. Authenticity is the bridge between growth and brand integrity. It’s a sentiment echoed by Howard Schultz, Starbucks’ Chairman, when he said, “If people believe they share values with a company, they will stay loyal to the brand.” By nurturing genuine, grounded relationships with clients and stakeholders, businesses can expand their audience without losing their essence. It’s a delicate balance that needs to be adjusted throughout all growth cycles.

    An often-underestimated facet of scaling is the art of nurturing existing relationships to boost customer lifetime value. It’s not just about the breadth of relationships but their depth. Instead of a transactional dynamic, a bond based on genuine value, trust and consistent delivery stands the test of time. As Jeff Bezos, founder of Amazon, puts it: “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” By fostering authentic conversations and delivering exceptional value, businesses can transform one-time clients into lifelong advocates.

    Related: The Human Side of Business Scaling — Why Employee Well-Being, Team Cohesion and Company Values Must Be Prioritized

    Strategy, passion and perseverance

    Venturing into new territories and seizing fresh opportunities are the hallmarks of entrepreneurial vigor. Yet, doing so while ensuring that the core of the business remains undisturbed is a skill in itself. Visionary leaders focus on strategy and growth, while their dedicated teams ensure smooth operations. This synergy ensures that while businesses may pivot or expand, their foundational pillars remain robust. In the words of Jack Welch, former CEO of General Electric: “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

    Yet, growth isn’t without its pitfalls. The exhilarating pace of scaling can sometimes lead to oversight, especially in hiring. Recognizing such missteps and refining processes ensures that the team is harmoniously aligned with the business’s mission and vision. Reflecting on this, Sheryl Sandberg, COO of Facebook, noted: “We cannot change what we are not aware of, and once we are aware, we cannot help but change.”

    The journey of rapid growth, with all its ups and downs, brings forth a mosaic of opportunities, lessons and transformations. It’s a journey that demands grit, tenacity and an unwavering commitment to a vision. As business leaders walk this path, they must remember the wisdom of Simon Sinek: “Working hard for something we don’t care about is called stress; working hard for something we love is called passion.”

    With the right blend of strategy, passion and perseverance, scaling becomes not just an exercise in growth but an art form in its own right.

    Related: 5 Pitfalls to Avoid When Growing (or Scaling) a Business

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    Natasha Miller

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