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Tag: Grow Your Business

  • 5 Ways to Communicate More Effectively With Your Customers

    5 Ways to Communicate More Effectively With Your Customers

    Opinions expressed by Entrepreneur contributors are their own.

    Communicating effectively with customers is essential for the success of any organization. And in today’s connected world, consumers expect seamless and consistent experiences across all channels, from email and SMS text to social media and live chat. Omnichannel communications enable businesses to meet these expectations by providing a unified and integrated experience for their customers. This not only enhances the customer journey but also helps to build brand loyalty and trust.

    Reaching the customer on the right channel with just the right message at just the right time is key to improving customer satisfaction. My company’s recent survey found that more than two-thirds (68%) of leaders of small and medium-sized businesses surveyed said access to an omnichannel platform was vital to their business’ success in the next 12 months.

    Using an omnichannel platform allows a brand to capture all interactions with a customer and transition an exchange started on one platform to another. For example, a customer might reach out to a company’s support team on Twitter with a question about their account. The support team can respond to the customer’s tweet and provide them with the information they need immediately. If the customer needs further assistance, the support team can ask for the customer’s email address or phone number and continue the conversation through one of those channels. This allows the customer to choose the communication method that is most convenient for them, and it also allows the support team to provide a consistent, seamless experience across all channels.

    For businesses, using an omnichannel platform that captures all communications with a customer, regardless of the platform used, can provide a single source of truth that makes it easy to access the information they need and receive timely and personalized responses to their queries — and customer satisfaction is a leading factor in customer engagement. By using a variety of channels, businesses can reach out to customers in the way they prefer and encourage them to engage with the brand.

    Once you have the right technologies in place, however, how can you ensure that your content is resonating with customers? Here are five guidelines to keep in mind when creating content.

    Related: 13 Ways to Grow Omnichannel Customer Engagement

    1. Use clear and concise language

    As a rule, when communicating with anyone — whether a colleague, client, prospect or customer — it’s important to use clear and concise language. Avoid using jargon or technical terms that might be confusing or difficult to understand. Instead, use simple, straightforward language that can be easily understood by everyone. In other words, don’t call it “a meaningful statistical downturn,” call it what it is: a recession.

    2. Listen actively

    Again, this is an essential skill for any communication, but for customer-facing brands, it is of utmost importance. Active listeners pay attention to what the other person is saying, asking questions to clarify their points and providing feedback to demonstrate that they are listening.

    For brands, active listening can facilitate customer engagement and can potentially stave off a poor experience. Airlines and other travel brands are noted for their ability to address customer issues via social media. The use of social platforms, text and communication apps like SMS text and WhatsApp have become so prevalent in the industry that some have discontinued traditional phone support.

    3. Communicate frequently

    Regular communication is key to ensuring that your customers are engaged and up to speed on the latest products, services or special offers. Especially during busy or hectic periods — such as the run-up to the holidays for retailers or the summer travel season for the hospitality industry — it’s important to communicate freely to prevent misunderstandings, keep everyone informed and maintain customer satisfaction.

    Related: 6 Pitfalls of Common Customer Communication Tactics

    4. Use the right channels

    As we stated earlier, choosing the right communication channels is also important for effective customer communications. In today’s digital world, there are many options to choose from — email, instant messaging, video conferencing, social media, SMS text — so it’s important to leverage the channels preferred by your customers and that are the most appropriate for the situation and information you are relaying.

    5. Be open and transparent

    Transparency is also crucial for effective customer communication. When communicating with customers — especially when sharing potentially negative news — it’s important to be open and transparent about what you are doing, why you are doing it and what the expected outcomes are. This can help build trust and foster loyalty.

    Keeping the lines of communication open has never been more important for brands looking to maintain customer engagement and satisfaction. It also has never been easier. Customers and brands have a wide array of platforms on which to engage, depending on the situation and type of interaction. Regardless of the platform used, brands that communicate with customers clearly and frequently will reap the rewards through repeat business from loyal customers.

    Related: How Technology Has Changed Business Communication

    Sean Whitley

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  • Having Trouble Getting Verified on Social Media? Try These Steps

    Having Trouble Getting Verified on Social Media? Try These Steps

    Opinions expressed by Entrepreneur contributors are their own.

    Social media’s highly coveted and symbolic blue checkmark has become increasingly important for entrepreneurs. That little blue checkmark gives you instant credibility and massive authority in your space.

    Becoming a verified public figure can dramatically change your business by opening doors and opportunities for you that were previously unattainable. A verified profile will help you to expand your network, ensure your DMs get opened by other public figures and celebrities, establish yourself as a trustworthy brand and increase your audience reach. However, despite the misconceptions, you cannot buy it — well, unless it’s Twitter.

    I have been verified for over eight years and have helped many entrepreneurs get verified. Unfortunately, I have also seen many get denied because they pursue shortcuts and look for quick fixes. Verification is a privilege you must earn.

    Your brand identity is at the heart of the verification process. If you want to be a public figure, you have to present yourself as one. If you don’t have a brand identity worthy of verification, invest in the process now. Doing so will provide a return on investment far beyond the verification process. Implementing these strategies can help you build a brand identity that captures attention and leads to social media verification.

    Related: Twitter Launches Gold Check Mark With Relaunch of Subscription Program, Twitter Blue

    Secure professional photos

    Every public figure must do a high-quality, professional photoshoot regardless of industry. High-quality headshots and lifestyle images you can use for content give you a distinct advantage over your competitors because brand identity is visual. A headshot or profile image is often the first visual impression somebody has of you and your brand online.

    Invest in a photographer specializing in editorial photography to ensure you can use your images for social media content and in media publications. If your business is product based, be sure to capture images of your product in action. In addition, professional photography can strengthen your chances of getting covered by the media.

    Manage your online reputation

    Next, focus on establishing an aesthetically pleasing brand identity across all channels. How you present yourself is how others will see you, so it’s essential to be mindful when building a brand identity. Profile pictures should be professional. Whether you use your headshot or your brand’s logo, they should represent who you are and what you do. Your bio should clearly articulate why you are notable and include your website or brand tagline.

    Once you have established your profile images and bios, it is time to take inventory of your content. Archive or delete any content that will prevent your verification. Remove any comments or posts that are unprofessional or do not represent you in the best light. If your content or comments violate the community guidelines or would likely be censored, it will also prevent verification.

    Aligning social media content with a brand identity can help an entrepreneur establish credibility and authority on a given topic or niche because they provide value to their audience. Reputation management online can also help you reach a better target audience and quality of users and, therefore, secure better opportunities to drive your business goals.

    Related: Trying to Get Verified on Social Media? Here’s What You Need to Know.

    Press coverage

    One of the biggest misconceptions is that all press is good and that you can build it up over time. That is an outdated belief in general, but especially regarding verification. You need the media and the general public to talk about you. Therefore, press coverage must be current, relevant and from reputable and top-tier outlets.

    Many types of press and news coverage exist, but you need your name and photo in highly reputable and “big” publications and outlets to count toward the verification process. Getting this type of press coverage from respected media provides the third-party validation you need to establish credibility and nurture your brand identity. To maximize the benefits of this press coverage, focus your efforts on publications in your specific niche or industry.

    You can get featured in these top-tier publications in a few different ways. An excellent place to start is by introducing yourself to media contacts, submitting thought leadership articles or sending pitches accompanied by high-quality images of yourself and your business. If you’re having trouble getting into more prominent print publications, targeting niche podcasts, radio and local news outlets can help you gain the traction you need to secure coverage in more desirable outlets.

    Remember that regardless of the publication or outlet, you must provide value for the outlet’s audience to ensure coverage. Have a good story, be vulnerable and share actionable insights for others to learn from.

    Related: Hesitant to Use Social Media for Your Business? Here’s What You’re Missing Out On.

    Hire a public figure coach

    Hiring a coach can be one of the most impactful things you do for your business. The most successful celebrities and CEOs all have coaches and mentors they rely on. A public figure coach specializes in all aspects of your public persona across all channels, platforms and mediums.

    Working with a coach specializing in public figures provides you with a competitive advantage in navigating the verification process from building your social following, turning your followers into customers and creating the brand and brand awareness you need to become verified. In addition, a public figure coach can help you leverage your verified status to generate business and networking opportunities that will drive growth for your brand and revenue.

    From building your brand to creating value and authenticating yourself as a unique product, social media verification is key to unlocking endless opportunities that can help you succeed in your endeavors. If you include these steps in your strategy to become verified, you will see results. It may not happen overnight, but implementing these guidelines will help you strengthen your profile and build a following that engages with your business on and offline.

    Heidi Cortez

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  • 4 Things All Small Business Owners Should Know in 2023

    4 Things All Small Business Owners Should Know in 2023

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    3. Business owners are taking advantage of free educational resources

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

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

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

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

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

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

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

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

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

    Related: 7 Networking Groups Every Small Business Owner Should Join

    Sharon Miller

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  • Expanding to China? Don’t Do These 6 Things.

    Expanding to China? Don’t Do These 6 Things.

    Opinions expressed by Entrepreneur contributors are their own.

    According to the American Chamber of Commerce in South China’s 2022 report, foreign companies are quite optimistic about their China expansion plans. As many as 72% of the companies surveyed intended to expand their China operations over the next three years.

    However, even with a large number of companies interested, foreign investments in China were down by 2.1% in 2022. This can be attributed to restrictions imposed for Covid shutdowns, along with the complexity of expanding into a huge and complex market such as China for small and large enterprises alike.

    Not being aware of the laws of the land can result in serious complications along with loss of money and time. For instance, AstraZeneca, the global pharma giant, found out the hard way that it needed government permission to transfer citizens’ genetic material to third parties even within China’s borders, resulting in criminal arrests of the company’s employees.

    Avoid these six mistakes to ensure you don’t fall victim to a similar unfortunate incident when venturing into the Chinese market:

    Related: 6 Tips for Doing Business in China

    1. Not researching business registration laws

    Building a subsidiary in a new country, especially one as legally complex as China, is a massive undertaking both in terms of time and money. You can either choose to hire individual consultants and law firms to guide you in different steps or complete the entire process on your own.

    While the government incorporation costs to register a Wholly Foreign-Owned Enterprise or WFOE isn’t much, and you’d be tempted to do it yourself, a single mistake can set you back thousands of dollars in legal fees.

    For instance, when registering a WFOE, you need to ensure that the scope of your business is broadly defined in the application to accommodate future changes but specific enough to be approved by the authorities. Getting this crucial element wrong can create legal issues for your company down the road.

    On the other hand, Professional Employer Organization (PEO) services allow you to have a legally approved presence in the country without getting bogged down by protracted registration cycles. This is because a global PEO such as INS Global deals with legal compliance, payroll administration and other legal benefits globally on your behalf.

    2. Missing essential certificates and licenses

    China has strict laws regarding the products and services that can be sold within its borders. Multiple government departments require your products to be certified and licensed before distribution.

    Your business and products should also be compliant with the Foreign Investment Negative List, Market Access Negative List, and the Unreliable Entity List. Correctly completing these additional requirements is time-consuming. Thus, many companies partner with a local entity well-versed with all the necessary certificates and licenses to reduce these legal hassles.

    3. Not studying local tax regulations

    Tax laws for businesses in China can differ from those in many western countries. Enterprise income tax, business tax, import duties, value-added tax and more need to be closely studied before commencing operations in the country.

    Legal and tax advisors can help you assess the impact of all relevant taxes on your China operation. Hence, it’s essential to know them in-depth during the initial phase of your expansion.

    Related: 3 Steps to a Successful International Expansion

    4. Ignoring local labor laws

    Chinese labor laws can differ significantly from what you might be used to in your home country. Strict employment contracts are required by law, and they’re limited to only fixed-term, open-ended and project-based contracts.

    When hiring in China, additional clauses like a non-compete can also differ from, say, American contracts. For instance, compensation is required to be paid to an employee during the non-competition period.

    Severance pay calculation in China is also something you should be aware of. In short, companies owe employees one month’s salary for every completed year of service.

    Employment contracts can be tricky if you’re unfamiliar with China’s labor landscape. Leveraging the services of a local PEO can ease the process for you.

    5. Not having airtight dispute resolution contracts

    Dispute resolution clauses are heavily negotiated when doing business with Chinese entities. Companies need to get into airtight arbitration clauses when partnering with local vendors. The U.S. and China are both parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York” Convention).

    But the arbitration clause needs to be properly drafted: deciding which arbitration institution and rules to choose, the location of the arbitration, the language to be used and the governing law that’ll govern any disputes.

    Arbitration clauses have the potential to drag your company into years-long court cases and huge financial losses. Hence, it’s always better to consult with a trusted partner that knows the ins and outs of dispute resolution in the Chinese context.

    6. Not protecting your intellectual property

    China’s IP protection laws have improved drastically over the years, offering foreign companies much more legal protection to safeguard their IP. But the onus still lies on the company to obtain copyright protection before launching operations in the country. Global trademarks are not automatically protected in China, so you’ll need to register them again. And with the first-to-file trademark system, it needs to be done as soon as possible.

    China’s National Intelligence Law also affects how you manage your core IP. Moreover, China’s Cybersecurity Law determines how your organization can collect, store and transfer customer data.

    Related: Considering an Overseas Expansion? Avoid These 3 Mistakes.

    Flexibility and partnerships to unlock success in China

    Companies mulling expansion to China stand to unlock increased and sustainable growth in one of the largest economies on the globe. But diving headfirst without the necessary homework can quickly kill your expansion dreams and tarnish your brand for years to come.

    Besides legal compliance, it’s also incredibly important to take your time to study China’s cultural and socio-political landscape to be able to adapt your products effectively to the market. Chinese businesses also differ from their western counterparts in terms of corporate hierarchies, compensation structures, distribution channels, advertising laws and more. Being flexible and open to partnerships is the way to go if you want to tame the Chinese dragon.

    Wei Hsu

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  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: A Straightforward Guide To Effective B2B Lead Generation

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

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

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

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

    2. Does the same SDR deliver all touchpoints?

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

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

    3. Where is the client-facing team located?

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

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

    4. How experienced are the SDRs?

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

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

    5. How are the SDRs compensated?

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

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

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

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

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

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

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

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

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

    8. Does the lead generation company exhibit internal growth?

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

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

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

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

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

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

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

    10. Do you have a clear target market?

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

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

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

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

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

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

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

    Vito Vishnepolsky

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  • Why You Shouldn’t Stress About Bad Online Reviews

    Why You Shouldn’t Stress About Bad Online Reviews

    Opinions expressed by Entrepreneur contributors are their own.

    In the last few years, consumers have become increasingly aware of their purchasing power, and that shift has led to a rise in online reviews. Online reviews are now an important part of the buying process for many customers. But do they affect your business? Especially if some of those reviews aren’t glowing? Here’s what you should know.

    As a business owner, you know that reviews are critical to your success. They help potential customers make decisions about whether or not doing business with you is worth their time and money. They can also help you understand what products and services your current customers need from you.

    Reviews allow consumers to share information about their experiences with other people, creating a space where customers can build relationships and trust between each other. The more positive reviews your business has received from past clients, the more confident potential new clients will be in working with you.

    But the thing is when it comes to reviews, who wrote them and what website they were written on matters, too.

    Related: How To Use Reviews to Grow Your Business

    Reviewers and their criteria

    There are three main types of reviewers: customers/users, organizations and experts. Customers are the most common type of reviewer; they’re people who have actually used a product or service and want to share their experience with others.

    A lot of people don’t realize that the companies that review products and services for profit are biased. They have to be: They’re businesses, and they need to make money. It makes sense that a company that pays to review your product or service will want you to buy theirs as well — and if you don’t, they’ll lose money, so they’ll try anything to get you to buy, like filtering out good reviews or giving you an unfair rating.

    There are also people who don’t use the product but still feel compelled to comment on it — and sometimes these reviews can be just as powerful as those that come from actual users.

    It’s also not always clear whether or not a reviewer has actually used a specific item for its intended purpose. If you’re looking at reviews in order to decide whether or not a particular product is right for your needs, then it’s important to read between the lines and look at what reviewers are saying beyond their initial impressions.

    Whether your business is doing well or not, you’ll certainly find bad reviews from all sorts of people and review sites. If you find yourself trying to redeem your product from what seemed to be an unfair judgment, here’s what you should do.

    How to respond to bad reviews

    When responding to negative reviews from customers who have had an unfortunate experience (whether it’s with your product or service), there are some things that should always be kept in mind:

    • Be polite and respectful at all times. Good manners go both ways; when responding politely and courteously to bad reviews, other potential customers will notice how professional your company is and take their chances on doing business with you instead of taking theirs elsewhere.

    • Respond quickly! If someone leaves feedback about an issue they had while using one of your products/services online through social media channels like Twitter or Facebook, then reach out immediately to not only resolve any issues but also to avoid having additional problems such as further complaints being made against you because others might think there isn’t any way for someone else experiencing similar issues get help from those responsible for creating said product/service.

    Related: 5 Ways to Embrace Online Reviews — Good or Bad — and Win New Customers

    Pay attention to online reviews, but don’t let them overpower your business

    While you should pay attention to online reviews and respond accordingly, don’t let them overwhelm you or dictate how you run your business. There are a few reasons for this:

    • You can’t control what people say about you in their own words — and that’s okay! The fact is, even if someone had been disappointed with their experience at your restaurant or hotel or spa (or whatever), they still might leave positive feedback if they enjoyed themselves overall. While it’s certainly worth responding when any negative comments come up, remember that it’s not always necessary or possible to change someone’s opinion of an entire company based on one person’s experience at one location or event.

    • Negative comments are likely outnumbered by positive ones! In fact, many people who write negative reviews never bother reviewing businesses again because they feel there’s no point — they assume all businesses will be terrible so why bother? Remembering this helps keep things in perspective: Even though one bad review may feel like the end of the world now (because we live and breathe our businesses), most businesses actually have dozens more fans than detractors out there!

    Related: Want a Successful Business? Focus on These 5 Things

    At the end of the day, it’s how you do your business that matters most. You can’t control what people say about you on social media, but you can control how you respond to it.

    If someone leaves a negative review, don’t try to argue with them or defend yourself. Instead, take what they say as an opportunity to improve your business for everyone — and offer an apology if appropriate.

    Remember: There are two sides to every story, and one person’s experience does not equal everyone else’s experience. People who leave negative reviews may not be satisfied with their purchase for any number of reasons — maybe they’re just having a bad day, or maybe they had unrealistic expectations from the beginning. By responding appropriately, you’ll show others that their experience is important, too.

    Roy Dekel

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  • Free Webinar | January 31: How to Raise Capital & Scale A Business

    Free Webinar | January 31: How to Raise Capital & Scale A Business

    Opinions expressed by Entrepreneur contributors are their own.

    As a groom in 2005, our next guest experienced first hand how difficult it was to find an online resource that would help him execute his wedding plans more efficiently. He vowed to build a tech-forward company that would make planning less stressful and frustrating for engaged couples. Since co-founding WeddingWire in 2007, Timothy Chi led the company from an internet start-up to a multimillion-dollar leader in the wedding planning industry. He also led the merger of WeddingWire with The Knot and its collective brands under one umbrella – The Knot Worldwide – the largest provider of wedding marketplaces, websites, planning tools and registry services in 16 countries across North America, Europe, Latin America and Asia.

    In the next Leadership Lessons episode, Chi will chat with series host Jason Nazar about the greatest lessons he learned from his 25+ year career. Topics include:

    • Entrepreneurship & co-founding companies

    • How to raise capital & scale a company

    • The future of work & workplace culture

    • Servant leadership

    Don’t miss out—register now!

    About The Speakers

    Timothy Chi is co-founder of WeddingWire and CEO of The Knot Worldwide, a leading global wedding planning company comprised of over 1,900 employees worldwide. Previously, he co-founded Blackboard Inc. where he helped the company grow to over 600 employees, raised $100M in capital with a valuation of $750M, and took the company public in 2004. Chi holds a B.S. degree in Operations Research/Industrial Engineering from Cornell University and a M.S. degree in Engineering Management from Tufts University. He is a member of the Young President’s Organization in Washington, D.C.

    Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. degree from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

    Jason Nazar

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  • 4 Ways Your Business Can Take Advantage of a Recession

    4 Ways Your Business Can Take Advantage of a Recession

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    1. Look for white space in the market

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

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

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

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

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

    2. Attract top talent

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

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

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

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

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    3. Take advantage of lower costs

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

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

    4. Deploy cost-optimization technologies

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

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

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

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

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

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

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

    Frederik Bussler

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  • How to Grow Your Business and Maintain Your Independence

    How to Grow Your Business and Maintain Your Independence

    Opinions expressed by Entrepreneur contributors are their own.

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


    Luis Alvarez | Getty Images

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

    Related: 7 Steps to Finding Freedom in Your Business

    1. Don’t eat the free lunch

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

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

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

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

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

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

    2. Cultivate diverse revenue streams

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

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

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

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

    Related: 4 Ways To Achieve Sustainable Growth

    3. Be an expert — and act like one

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

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

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

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

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

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

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

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

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

    Tim Hentschel

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    1. Patience is a superpower

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

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

    2. Make short-term goals

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

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

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

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

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

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

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

    4. Turn failure into motivation

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

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

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

    5. Go through hard times together

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

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

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

    Ashot Gabrelyanov

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  • How to Acquire Your First 100 Customers as a Fintech Startup

    How to Acquire Your First 100 Customers as a Fintech Startup

    Opinions expressed by Entrepreneur contributors are their own.

    In 2008, Kevin Kelly, the founding editor of Wired, proposed the 1,000 True Fans theory. Attract a thousand loyal fans to your Fintech startup or any other business – and you’ll make money. However, this might seem unrealistic for a Fintech startup.

    Li Jin, the co-founder of Variant Fund, lowered the initial goal to 100 loyal customers. In her opinion, businesses can succeed by giving their most loyal fans more value at a higher price. Although this number of clients sounds quite realistic, attracting 100 brand followers in a highly competitive environment is difficult. You can achieve this goal with a clear marketing strategy for Fintech startups. Let’s look at the most efficient ways to acquire your first 100 customers.

    Related: 7 Things to Consider Before Launching a Fintech Startup

    Typical problems Fintech startups face

    Recruiting the first 100 grateful clients is difficult. The market has strict requirements for newcomers:

    The industry has a low barrier to entry

    According to Statista, the number of startups in the U.S., EMEA, and Asia-Pacific has nearly tripled in the past 4 years. Consumers like mobile banking apps, so investment in Fintech companies is growing. Project ideas for the financial industry are more relevant than ever.

    Users don’t entrust sensitive data to unfamiliar apps.

    Users trust financial apps that have a large audience and positive reviews. Although the App Store and Google Play check each platform for safety and quality before publication, not all people buy new products.

    A startup should invent a brilliant Fintech marketing strategy to interest users and convert them into loyal customers.

    A business doesn’t know how to turn customers into leads.

    To make a product visible and demanded, startup initiators must understand their target audience and know how to convert one-time visitors into leads.

    An efficient working sales funnel will introduce a product to users and lead different clients to purchase. An advanced Fintech marketing strategy will help to build scenarios of interaction with each customer type to accompany them in sales until they buy a product.

    To acquire its first 100 customers, a business should use a proven Fintech marketing strategy. So, here are five ways to acquire new customers:

    1. Use personalization to communicate with your target audience

    According to Epsilon, 80% of users prefer brands that offer personalized services.

    Project initiators should remember that all customers are unique, adapt software solutions to specific purposes, and personalize marketing messages. Specialists interview users to find out their problems and segment them into groups.

    This division of the target audience will help build more personalized communication with customers. Augmenting Fintech startup marketing with AI will help you create targeted text messages and product/service recommendations.

    Related: Launching A Fintech Startup? Here’s How We Built Ours

    2. Convince customers with powerful words: Build a content promotion strategy

    When users are looking for software solutions for financial issues, they search on the internet. By entering keywords, they find relevant material. Marketers can use people’s desire to learn more information and compare apps to build a content promotion strategy.

    The main thing is to find keywords that will answer customers’ concerns and create useful content. Write an article comparing several services, and favorably disclose the advantages of your financial software. Create a top list of investment apps mentioning your product. Tell a post-story of a customer who solved a problem with your app, and describe its functionality.

    Various content will encourage potential customers to try a free version of the product, sign up for a demo or buy a discounted subscription.

    3. Take care of the visual component of a Fintech app

    Many studies confirm that product branding has a direct impact on the decision-making process. Navigation, colors, styles, and focus on customers’ values determine whether people buy a digital product.

    Everything is important: the message of the text, the font size, the distance between elements and the color of objects. The right combination of these encourages customers to take targeted actions.

    Involve experienced UX/UI designers with the knowledge of key psychological principles in creating a landing page. They will place priority buttons so that users can easily find and click them. An advertised object must point at a call-to-action element.

    4. Make gamification in financial software your trump card

    Gamification has attracted the attention of non-gaming app creators. According to Yu-kai Chou, customers feel successful when using apps. This mechanism works just like psychological triggers, making it easier to interact with serious financial programs.

    Gamification can become a lead magnet. Surely, customers would be interested in a Fintech platform integrated with a fitness tracker. A bank can give an interest rate of 3% for reaching a fitness goal of 10,000 steps. An offer of investment education in a simulated environment sounds enticing as well.

    By cleverly advertising financial product game features (avatars, quizzes, rewards, infographics, etc.), you’ll surprise customers and gain new ones.

    Related: 6 Great Content Marketing Examples for Fintech Startups

    5. Resort to referral Fintech marketing

    In 2012, Nielsen found that 92% of people trust word of mouth more than traditional advertising when making purchasing decisions. The situation has not changed yet: Nine out of 10 buyers trust reviews of their friends, acquaintances and other users.

    Use referral marketing to reach the target figure of 100 clients faster. It is a powerful mechanism for acquiring new customers. Ask your first users to share positive impressions about your brand with their acquaintances, and offer them a pleasant bonus for that (a cash reward, an individual discount, etc.).

    Engaged customers will tell a story of a product/service value better than a marketer will. They reveal the benefits of the brand from the user’s perspective. Conduct a quick survey to find out what rewards your clients want. Work with them until you gain the right number of loyal customers.

    It won’t be easy to get your first 100 clients, but we have pointed out five of the most effective major ways to do so. Start small, test ideas, and use different combinations of marketing Fintech activities. Through trial and error, you’ll discover a working formula for success.

    Alexandr Khomich

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  • 3 Smart Ways to Differentiate Your Ecommerce Business

    3 Smart Ways to Differentiate Your Ecommerce Business

    Opinions expressed by Entrepreneur contributors are their own.

    The ecommerce industry has been running on autopilot in recent years, regulated by a set of “best practices” that are supposed to help businesses increase their brand visibility and boost sales. However, these practices are what’s stopping businesses from reaching these goals. While these practices might create a frictionless commerce experience through an ecommerce website, they also produce an unoriginal and boring path to purchase for shoppers. Shopper expectations have evolved; therefore, it’s time for ecommerce businesses to do the same.

    What do shoppers want?

    Shoppers want something different and new. Sixty-four percent say it’s rare to see a website that feels unique or has unexpected functionality. This means that businesses need to develop a different brand and purchasing experience that helps them stand out from millions of other ecommerce businesses.

    So, how can businesses set themselves apart and gain the attention of shoppers? A good starting point for businesses should be to break up with two prevalent best practices to elevate the shopping experience and distinguish themselves from the competition.

    Related: Want To Grow Your Ecommerce Brand? Take Advice From This Industry Expert.

    Practice #1: Frictionless commerce = the best commerce

    The ecommerce industry has long held the practice of creating frictionless customer shopping experiences. Features like streamlined search, website navigation and checkout quickly guide shoppers from the landing page to the checkout screen. However, creating a frictionless experience only benefits infrequent or one-time shoppers. Frictionless commerce might bring in new customers, but it doesn’t create brand loyalty.

    Loyal customers form a core group that can drive up to 23% of annual sales for businesses, meaning that a key focus should be to build this core group. Sixty-two percent of shoppers say they expect personalization, suggesting that they aren’t likely to return to a business if there is no uniqueness to the purchasing experience.

    Businesses that want to break away from this practice should focus on creating a new and exciting experience over preserving the frictionless commerce model.

    Practice #2: The best way to reach shoppers is through a website

    Another long-held practice that the industry has held onto is that the best way to get shoppers and convert sales is through a website. However, more and more shoppers are purchasing through their mobile devices. By 2025, it’s projected that around 44% of retail sales in the US will occur on a mobile device.

    Many ecommerce websites are not optimized for mobile, meaning that a desktop-optimized website won’t be enough to compete with other businesses. Therefore, ecommerce businesses should be prepared to find alternative routes to reach shoppers.

    Related: How To Succeed in A Competitive Ecommerce Industry

    3 tips for breaking up with industry practices

    There are three key tips to keep in mind when breaking up with the industry’s best practices. These tips can help an ecommerce business re-evaluate its current strategies and prepare for the start of 2023.

    1. Create a strong visual brand identity: Businesses can create a strong visual brand identity through a highly visual experience, and by incorporating a multi-media approach to brand assets, brands can stand out from the crowd with a compelling brand feel and identity. These aspects, such as images, video, audio and interactive elements, should be highlighted throughout a website to make the brand stand out against the competition.

    2. Change your path to purchase: Businesses should be prepared to change their path to purchase for customers. In addition to running micro-enhancement tests on product images, button colors, element placement, etc., consider running macro-tests that explore unique layouts. For example, trying out new layouts and hierarchy structures can help an ecommerce website feel distinctive and new.

    3. Develop a VIP experience: By developing a VIP experience, shoppers will feel like they are receiving an exclusive experience tailored just to them. Providing VIP experiences has the added benefit of building brand loyalty because shoppers know they won’t be able to find the experience elsewhere. Some ways to develop this VIP experience include members-only exclusive content, special sales and perks. Businesses can also run loyalty and referral programs and inject novelty into their marketing and outreach efforts. Another way to develop a VIP experience is through a mobile app. Implementing features like advanced wish lists, product recommendations and customized push notifications within a mobile app can help establish brand loyalty and create an experience that shoppers can’t get elsewhere.

    Related: 5 Ways to Provide a Positive Customer Experience in Ecommerce

    It’s time for businesses to break up with the ecommerce industry’s best practices. Businesses that are willing to change their current approaches will increase brand visibility and boost sales. It may be easier to follow industry best practices, but it creates a predictable experience that may leave your brand lost in the crowd. Shoppers want a personalized and entertaining experience, and the businesses that provide that have a greater chance of success.

    Eric Netsch

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  • How to Beat Your Number One Competitor (It’s Not Who You Think)

    How to Beat Your Number One Competitor (It’s Not Who You Think)

    Opinions expressed by Entrepreneur contributors are their own.

    While studies such as CB Insight’s report on the top 13 reasons startups fail indicate that cash flow, no market need and internal dissent amongst founders are what leads to corporate closure, I argue that customer apathy is actually the root cause; those are simply the symptoms. Apathy is defined as a “lack of responsiveness to something that might normally excite interest or emotion.”

    In a fickle world stymied by a melee of advertising from deep-pocketed corporations and a plethora of products auditioning for our limited and desensitized attention span, it’s more than differentiation (that our business schools used to implore us to follow) that will unlock customers’ wallets. We need to be firing on all cylinders in order to build what our customers are begging for quietly and focus our attention solely on them more than our competition does.

    Related: 5 Ways to Dominate Your Competition

    Customer proximity is a competitive advantage

    Attentive, unbiased listening, feedback-driven product development and empathetic relationship-building are paramount in a transactionally driven, utilitarian and apathetic world.

    The crux of this design-thinking approach can credit its notoriety to the leading design and innovation firm, Ideo (Palo Alto, Calif.). Tim Brown, Executive Chair of Ideo, offers a simplified definition for us, “Design thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.”

    A key piece of the design-thinking model includes empathy — which, by definition, requires the designer (entrepreneur) to get as close to the user as possible to fully understand (empathize) their problems, identify their shared goals and design viable solutions that hit the mark (all within the limits of the business’ predefined constraints).

    Ideo’s design-thinking framework unpacks the technique further, “Thinking like a designer can transform the way organizations develop products, services, processes, and strategy. This approach, which is known as design thinking, brings together what is desirable from a human point of view with what is technologically feasible and economically viable. It also allows people who aren’t trained as designers to use creative tools to address a vast range of challenges.”

    Related: How Design Thinking Can Help You Ask the Right Questions (And Get the Right Answers)

    Knowing your customer’s fears, goals and challenges helps you design experiences that delight and spark joy

    The small restaurant owner that spends considerable time sitting down with clients to revise the menu and optimize for specific personas (groups of customers that hold shared beliefs — e.g., vegan, plant-based options, Kosher items, etc.) makes a lasting impression that builds transactional empathy which counters de facto market apathy. The coffee shop owner that launches a valued customer punch card that rewards patrons with a free cup of coffee every ten cups instills reciprocal goodwill that spurs future repeat business. The ecommerce shop that overnights that gift just in time for the party and waves the fee gets an A+ in the shopper’s mind and fills up their hearts with lasting, intangible goodwill.

    Related: 3 Super Simple Ways to Understand What Your Customer Wants

    Design thinking uncovers which emotions founders must build products and services around

    Great products and services connect on a deep, emotional level with their users. By focusing on your customer more than your competition does, you can win faster and far easier — and spend less time staring at your competition. This may sound trite, but I have seen it over and over in my consulting with small business owners and founders, whereby they spend the first few months focusing on understanding the market needs and then (post-launch) pivot completely away from a user-driven (design thinking) model and later shift into a market-driven model where they focus on beating the competition. This often leads to service mimicry, discounting (which erodes gross margins) and eventually downsizing or dissolution.

    While understanding where your competition is currently playing on a market matrix is helpful, it’s actually quite distracting for most entrepreneurs and pulls them further away from serving their customer base. In my opinion, the primary goal isn’t to beat the competition on market share — it’s to win customer loyalty, and you can only do that by paying more attention to them than your competition is willing to do. Market share is a byproduct of winning hearts and minds first.

    For the next 30 days, instead of worrying about what your competition is up to, try focusing intently on your own market leveraging a design thinking approach. Innovation, customer service and customer retention get supremely easier once you begin to listen more and design from your customer’s point of view.

    Reagan Pollack

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  • 5 Reasons to Add Texts to Your Customer Communications Mix

    5 Reasons to Add Texts to Your Customer Communications Mix

    Opinions expressed by Entrepreneur contributors are their own.

    Text messaging has become more and more pervasive in business, not just for marketing, but for all types of communications. Text Request, the business text messaging platform, recently released their 2023 State of Business Texting Report, which studies how consumers want to interact with businesses, how businesses are meeting those demands, and how to bridge gaps that may exist. Here are five key takeaways for business leaders to consider. Disclaimer: I work for Text Request and was part of this study, but that is as promotional as this article gets.

    1. Eighty-eight of consumers want to receive texts about appointments

    Appointments are the lifeblood of many businesses, and it’s clear that texting can help you set and keep more of them. Texting may also help you save time and overhead. Consumers are not answering phone calls, and they’re not listening to voicemails. However, 70% say that texting is the fastest way to reach them.

    Instead of calling customers to confirm appointments, send a text. You can send one at a time manually to each person, send a mass message for each day’s or each week’s appointments or connect texting to your existing systems to automate notifications. In any case, texting is more effective and more efficient than individually calling about each appointment. This will also help you keep more appointments on the books since the leading reason people miss appointments is that they forget.

    To set more appointments, and make more money by extension, text customers who are due for their next appointment or service. Text around annual renewals, for seasonal check-ins or whichever period makes sense for you. For example, the dealership where I got my last vehicle texts me every three months about an oil change and tune-up since that’s about how long it takes to drive 3,000 miles.

    Related: 5 Ways to Use Texting to Grow Your Sales and Marketing

    2. People want more SMS promotions (yes, really!)

    Fifty-two percent of survey respondents said they want to receive texts for promotions and discounts, yet only 29% said their businesses are currently sending these texts. There’s a big opportunity here, and it’s important to think of promotions outside the realm of retail. The report lists several examples, including:

    • Prompting customers to schedule appointments or services

    • Telling customers about new services or other offers

    • Fundraising for nonprofits and schools

    • Sharing important reminders

    • Providing discounts or incentives

    These can each be used to drive revenue for your business while creating great customer experiences.

    3. Texting works for B2B businesses, too

    The report notes that texting is sometimes thought of as a great channel for business-to-consumer (B2C) businesses, but not so great for businesses that sell to other businesses (B2B). However, business buyers are still consumers everywhere else they go.

    Eighty percent of people have texted with a business before, and as people have these experiences with consumer services, they begin to expect them from business services, too. Easy applications of texting for B2B businesses include:

    • Touching base during the sales process

    • Finding a few minutes to chat on the phone

    • Appointment scheduling and reminders

    • Customer service and support

    • Promotions about new products and services

    Texting helps you grab people’s attention and get responses. That can have a big impact, no matter who you serve.

    Related: 5 Steps Every 1-Person Sales and Marketing Team Should Follow

    4. The biggest expected trend in 2023 is texting for payments

    This is perhaps the biggest gap the report found between consumers and businesses. It’s also the area that’s expected to see the highest increase in traction over the next year. Sixty-nine percent of people want to receive texts for payment reminders, and 45% want to pay their bills directly through text, yet only 30% of businesses are texting for anything related to payments.

    This is important because taking in revenue is a critical function. If you can’t collect revenue — especially revenue you’re already owed — your business will struggle. Even small delays in collecting payments or having to spend more money to collect those payments can have a noticeable negative impact.

    This is an easy need to solve for, though, because PDF invoices and payment links can be shared through text messages. If nothing else, businesses can begin texting payment reminders to any client with an outstanding balance and include invoices as needed.

    5. Consumers are already comfortable texting with businesses

    Eighty percent of people have texted with a business before, and 58% text with a business at least monthly. Meanwhile, 90% of consumers say they want to text with businesses and other organizations. People are comfortable texting for business purposes, and they’re beginning to expect these kinds of experiences. That poses both a challenge and an opportunity.

    In order to meet customers where they are in 2023, businesses are going to have to add texting into their communications mix. The report notes it will be important to enable text conversations, not just one-way automations because customers want to use texting to reach a business on their terms. In fact, 77% say they want to text a business for customer service and support.

    For many businesses, adding texting as a customer communications channel will be a new effort. However, those who do not take advantage of it to meet customer demand risk losing out to competitors who do.

    Related: 5 Steps to Create Successful Marketing Campaigns

    What should you do with this information?

    There are several clear opportunities for businesses to increase revenue, save on costs and improve customer experiences through text messaging. As with anything in business, the sooner you take action, the sooner you’ll be able to see the fruits of those efforts. But you do not need to run out and overhaul your entire strategy all at once.

    Pick one thing that’s a relatively low lift, that you’ll be able to commit to, and implement it — like replacing appointment confirmation phone calls with text messages. As you and your team get comfortable with that change and can track any improvements, then look for the next opportunity, and repeat.

    Kenneth Burke

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  • Here’s What Really Builds Customer Loyalty in the B2B Industry

    Here’s What Really Builds Customer Loyalty in the B2B Industry

    Opinions expressed by Entrepreneur contributors are their own.

    During the past couple of years, we’ve all had a front-row seat at the B2B digital transformation, and it has become clear that great B2B ecommerce buying experiences don’t just happen. They require a strategic investment of time and money — and an understanding of the psychological drivers that create experience loyalty in business buyers.

    While experience loyalty has been around the B2C world for decades, the B2B industry is now catching on that delighting customers doesn’t build loyalty. Instead, reducing buyer effort, or the work a buyer must do to get their problems solved, does. For today’s B2B customers, the “problem” that needs to be solved starts with the first purchase: Is it easy to start doing business with your company?

    Related: The Convergence of B2B and B2C: How to Create Epic Experiences in an Experience-driven Economy

    Over half of B2B buyers have switched all suppliers in one year

    Most B2B companies earn a large share of their revenue from ongoing sales to existing customers, making customer retention an important B2B business priority. As human encounters are replaced with digital ones, sellers are challenged to find new ways to keep clients sticky when the competition is just a click away.

    In 2021, 55% of US-based respondents in a global survey said they had switched suppliers for all business purchases in the 12 months preceding the survey. Another 41% said they had switched some suppliers for some business purchases. With nine of 10 respondents switching vendors, one can only conclude that great B2B buying experiences are not happening and likely falling further behind as the digital age progresses. Only a year earlier, in 2020, the comparable percentages were 20% for all purchases and 43% for some purchases.

    Although 2022 numbers aren’t out yet, it’s safe to assume that B2B buyers continue to have rising expectations based on their B2C ecommerce habits. That’s why B2B leaders need to understand that today’s key differentiator is their company’s ability to deliver the best possible B2B customer experience.

    Customer effort matters much more than delight

    Gartner has extensively studied experience loyalty, evaluating whether customer satisfaction can accurately predict future loyalty. Although counterintuitive, their conclusion is “no.” The data revealed that 20% of customers who reported that they were “satisfied” also expressed an intention to buy from someone else. And the delight strategy fares no better: “There was virtually no difference between the loyalty of customers whose expectations were exceeded and those whose expectations were simply met,” the report states. Instead, the true driver of customer loyalty is the amount of effort customers must use to resolve a problem: 96% of customers who had a high-effort experience reported being disloyal compared with 9% with low-effort experiences.

    As business leaders, we don’t want our customers to have problems with our products or services. But it doesn’t take a “big” problem to give a customer the feeling that a company is hard to do business with. Gartner identifies the key sources of customer effort as:

    It’s more likely that a “simple” customer request can reveal whether it’s genuinely easy to do business with your company.

    Related: 12 Golden Rules for Customer Experience Strategy

    B2B payments are complex, but the buying experience can be simple

    In evaluating today’s B2B customer journey, many B2B buyers find the purchase process complicated and time-consuming. It can be hard to select a supplier, and once chosen, the onboarding process can take days (or even weeks, in some industries) adding immense friction at the very beginning of the customer experience. This segment of the customer journey has historically been a manual and paper-based system. In my experience, many companies “digitize” payments by adding online forms, which does not improve or accelerate the manual underpinnings.

    Today’s buyers have much higher expectations and expect B2B ecommerce to be fully automated, instantly responsive and mobile-friendly. Furthermore, corporate customers increasingly want more self-service account options, which require robust portals or apps that allow them to access invoices, make payments, manage disputes and more in just a few clicks.

    Better B2B payments can remove a majority of the friction

    Today, business growth will likely include new digital channels, such as ecommerce, marketplaces and more. And although B2B customers enjoy these new channels, they want to continue purchasing the way they always have, with contracts, purchase orders (POs) and invoices. Why? Because contracts often include special pricing and other negotiated terms, and the POs and invoices are required to manage enterprise expenses.

    That’s why digital channels designed to offer a great B2B customer experience must include all the complexity required by buyers and their organizations. The key is that the complicated plumbing must sit behind a sleek, easy checkout experience.

    The good news is that the days of building these digital solutions in-house are long gone. Instead, B2B merchants can choose to join an existing B2B payments and invoicing network that is purpose-built to reduce many of the challenges organizations encounter as they strive to enhance experience loyalty. These proven B2B payments providers can provide:

    • Real-time trade credit decisioning in moments, not days, that keep prospective buyers engaged when they have decided to purchase

    • Right-sized corporate trade credit accounts

    • Automated accounts receivable to support new customer acquisition and onboarding

    • Digital invoices in formats that are easy for enterprise systems to digest

    • Fraud detection and mitigation during trade credit decisioning

    Related: The Ultimate Secret of Building a Loyal Customer Base

    A modern B2B payment process can create experience loyalty

    It’s the new reality: Most B2B buyers don’t want help during “the sales process” unless they ask for it. Instead of relying on salespeople to build sticky relationships, companies must grow customer loyalty in other ways. Investing in an easier payments experience is an excellent place to start.

    Many companies view their online payment experience as merely mechanical — it either works or not — and in the past, they were largely correct. But like it or not, today’s digital world is very different. With a world of merchants at their fingertips, buyers know they have choices and are quick to take their business elsewhere. That’s why suppliers that create a customer-centric checkout, designed to give B2B buyers an experience that is neither complicated nor time-consuming, can gain a significant competitive edge. According to McKinsey, B2B companies that transformed their customer experiences saw 10 to 15% revenue growth, higher client satisfaction scores, improved employee satisfaction and a 10-20% reduction in operational costs.

    Companies of all sizes can use this type of technology to their strategic advantage where loyalty-building B2B payments experiences are just a few APIs away. A comprehensive payments solution can significantly reduce the friction that new buyers encounter. Investing in a low-effort onboarding process can create a memorable relationship starter, build experience loyalty and differentiate your company — all the result of strategically investing time and money to create a great B2B ecommerce experience.

    Brandon Spear

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  • How to Create a Work Culture That Will Survive Anything

    How to Create a Work Culture That Will Survive Anything

    Opinions expressed by Entrepreneur contributors are their own.

    In the age of the Great Resignation, executives are in a near-constant battle to attract and retain talent. Paramount to this issue is the importance of company culture. In fact, studies have found that a toxic corporate environment is over 10 times more impactful than compensation when it comes to an employee leaving their job.

    Forward-thinking companies must put the focus back on building and maintaining an engaging, rewarding company culture, to which employees feel empowered to contribute, strengthen, and support for the long haul — especially in times of challenge or change. Such is the definition of “regenerative” — to renew, restore and continuously come back stronger.

    But achieving this means maintaining a people-first mindset and nurturing your employees to be your number one advocates for each other and the company. Here are four fundamentals for building a regenerative workplace culture.

    Related: Your Employees Want Purpose — Not Ping Pong Tables. Here’s How to Thrive Through the Great Resignation.

    Align your employees with company values

    Successful organizations energize employees around core values, referring back to them in times of uncertainty and modeling them for clients, consumers, and the greater good. Establish your values early and explicitly, such that employees can understand them, act on them and identify them in others.

    A consistent and shared appreciation of company values allows your employees to engage with the organization on a deeper level, fostering a professional and personal investment that promotes greater ownership, agency and motivation toward company goals.

    One way to align your team around company values is to acknowledge and uplift them at every opportunity. It’s important to both recognize staff who exemplify company values and create incentives for those who uphold them. Another way is to ensure your company policies both reflect and reinforce your beliefs, thereby giving back to employees and demonstrating your sincerity.

    At NINE dot ARTS, we host regular arts-oriented social activities to lean into our “authentic” and “creative” values, as well as offer ongoing DEIB training and professional development opportunities so employees can embrace our “ethical” and “educational” values.

    When your company’s core tenets help to ground your team in the face of obstacles, guide shared decision-making and galvanize collective action, you will experience the kind of continued growth and affirmation necessary for a regenerative culture.

    Related: 5 Lessons for Early-Stage Entrepreneurs I Wish I Knew

    Focus on human connection

    Values alignment is critical for organizations because it also helps promote employee connection. Thus, it’s essential to create opportunities for your staff to recognize, celebrate and support one another around core beliefs and business goals. And given that approximately 50% of leaders are asking employees to return to an in-office environment, such connections may be easier than you think.

    In fact, despite the rise of office perks like ping pong tables or deluxe coffee drinks, new research by Enboarder found that 60% of respondents feel the most valuable element of working in an office is the opportunity for spontaneous interactions with coworkers. Other top activities from which employees derived the strongest feelings of connection were team meetings, one-on-ones and skill sharing with peers.

    Such findings mean good news for employers because these activities aren’t anything new. There’s no need for special events or unique “connection-building” programs. Instead, incentivizing staff to collaborate in person through simple meetings, coffee dates and even serendipitous interactions may be just the key to strengthening overall connections.

    And when the connection is strong, the research found, employee productivity, satisfaction and retention are strong , too — all contributing to a regenerative culture.

    Related: Here’s the Secret to Improving Employee Engagement That Every Company Can Afford

    Promote employee agency

    As a longtime entrepreneur and business leader, I truly believe that diverse, hard-working individuals who unite around shared values can produce new innovations and outstanding results.

    This begins in the hiring process. One of the greatest lessons learned in my career is to hire for your deficits. After all, even the best leaders have blind spots. Bringing together fresh perspectives, diverse life experiences and a range of expertise can make your organization stronger as a whole, helping to prevent siloed thinking, promote ingenuity and hold everyone accountable. And when diverse specialists share common values and feel connected to one another and your mission, the potential is endless.

    Further, knowing you have committed, specialized team members who balance each other out can allow you to delegate with trust and confidence, giving employees the agency they (and you) need to improve your organization.

    For instance, our employees create topical task forces around our core principles, presenting recommendations to leadership about policy changes in these areas — from sustainability measures to artist advocacy efforts. Meanwhile, with the support of leadership, employees are emboldened to take initiative on operational innovations, creating efficiencies and improvements that benefit our business success.

    Such employee agency is critical for seeing the kind of sustained problem-solving and improvements necessary for regenerative workplace culture.

    Related: Investing in Your Employees Is the Smartest Business Decision You Can Make

    Emphasize education

    Lastly, don’t forget to further your employees’ aspirations — both personal and professional. Oftentimes, employees who seek to enhance a certain skill set, passion or area of expertise will contribute their newfound strengths to your organization in meaningful ways.

    Start by including education in your staff training. For example, at NINE dot ARTS, all new team members complete three Courageous Allyship trainings and each year we have a company-wide session for all employees. This workshop gives our team a shared understanding and language around diversity, equity, inclusion and belonging — a core component of our ethos across every department.

    Additionally, provide continuing education stipends to fund workshops, lectures, conferences or other educational endeavors. And let your employees present their learnings from such opportunities to the company as a whole. Promoting your staff’s continuous advancement inspires each individual to have a growth-oriented mindset for themselves and the organization.

    Related: Is Your Employee Engagement Program Up to Snuff?

    Move beyond material perks

    In today’s hiring and retention landscape, we can’t underestimate the impact of workplace culture. Gone are the days when a mini fridge, coffee machine, branded merch or gym membership could entice talent to your organization. Instead, leaders need to focus on the foundational aspects of culture, like values alignment and human connection. Once these are solidified, empower employees to feel ownership, agency and a sense of purpose around their work — and provide educational opportunities to further that purpose. These are the building blocks of a regenerative culture — one that is adaptive, resilient and always improving on what’s been done before.

    Martha Weidmann

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  • The Ultimate Guide to Succeeding With Marketing Analytics

    The Ultimate Guide to Succeeding With Marketing Analytics

    Opinions expressed by Entrepreneur contributors are their own.

    There is no one-size-fits-all answer to the question of how to succeed in marketing analytics, as the field is constantly evolving, and the best practices for success are always changing. However, some essential tips can help you get started on the right foot and set you up for success in this exciting and ever-changing field. In this ultimate guide, we’ll define marketing analytics, review the different types of marketing analytics, discuss how to use marketing analytics to improve your business, explain what data/tools you need to succeed, and ultimately, learn how to use marketing analytics effectively.

    So, what is marketing analytics? The process consists of measuring, managing and analyzing marketing performance to optimize marketing campaigns and improve ROI. Marketing analytics can track any marketing metric, including brand awareness, website traffic, conversion rates, lead generation and sales. To succeed in marketing analytics, you must have a strong understanding of data analysis and interpretation. You also need to be able to use data-driven insights to improve your marketing strategy.

    Related: 5 of the Easiest Ways to Make Data an Integral Part of Your Business’ Digital Marketing

    The different types of marketing analytics

    There are many different types of marketing analytics, each with its advantages and disadvantages. Here is a brief overview of some of the most commonly used types:

    1. Descriptive analytics: This type of analytics focuses on understanding what has happened in the past. It can be used to identify trends and patterns and to understand why certain events occurred. However, it cannot be used to predict future events.

    2. Predictive analytics: This type of analytics uses past data to predict future events. It can identify potential risks and opportunities and decide where to allocate resources.

    3. Prescriptive analytics: This type of analytics goes beyond prediction and prescribes actions that should be taken to achieve specific goals. It can be used to optimize marketing campaigns and automate decision-making processes.

    4. Social media analytics: This type of analytics analyzes social media data to understand customer sentiment and behavior. It can be used to improve customer service and to create targeted marketing campaigns.

    5. Web analytics: This type of analytics analyzes website data to understand how users interact. It can be used to improve website design and to identify which marketing campaigns are most effective.

    How to use marketing analytics to improve your business

    Marketing analytics can help you understand how your customers respond to your marketing campaigns and identify areas where you need to adjust your strategy. It can also help you track the progress of your marketing efforts over time to see whether they’re achieving their goals. There are a few things that you need to take into account when using marketing analytics:

    • It’s best to understand your customers’ needs and wants clearly.

    • You need to know what kind of message will most likely reach them and why.

    • You’ll want to track which elements of your campaign are working best and which ones aren’t.

    • You need to determine what changes (if any) you should make to improve results.

    • You need to be able to act on the findings promptly so that you don’t lose momentum or hit a plateau in your campaign.

    Overall, marketing analytics is essential for any business looking to improve its performance. Using this information, you can better target your marketing campaigns and boost sales figures accordingly.

    Related: 5 Analytics Tools to Supercharge Your Marketing Strategy

    Types of data you need to track in order to succeed with marketing analytics

    Before you can start tracking your marketing data, you need to know what kind of data you need to collect. There are a few different types of data that are essential for effective marketing analytics:

    • Demographic data: This includes information about your customers’ age, sex, income, etc. Understanding your target audience and creating tailored campaigns that appeal to them is essential.

    • Qualitative data: Qualitative research captures user feedback and opinion to better understand customer attitudes and preferences. This information is especially useful in creating new products or services.

    • Quantitative data: Quantitative research measures the performance of your campaigns using numerical measurements like clicks or conversions. This information can improve your campaigns and help you make informed decisions about the best ones.

    You can track this data in several ways, but the most reliable method is using a tool like Google Analytics or Mixpanel. These tools allow you to easily collect and store all your data in one place to access it whenever you need it.

    The tools and software that can help you achieve your goals with marketing analytics

    If you’re new to marketing analytics, the first step is to determine your needs. Are you looking for insights into how your campaigns are performing? Do you want to track customer behavior over time? Are you looking for ways to optimize your content or advertising? Once you know what you need, the next step is to find the right tool or software for the job. There are several different options available, and choosing the one that will fit your specific needs is essential.

    Some popular marketing analytics tools include reporting tools like Google Analytics and ClickStream, web tracking tools like CrazyEgg, social media analysis platforms like Mixpanel and email tracking tools like GetResponse. There’s also a wealth of software specifically designed for marketing professionals, such as Salesforce Marketing Cloud and HubSpot CRM. However, it’s important to note that not all of these programs are perfect for every business; testing out different options is essential to see which one suits your needs best.

    Related: To Better Understand Your Users, Learn About These 4 Categories of Marketing Analytics Tools

    Tips for using marketing analytics effectively

    Here are a few tips for using marketing analytics effectively:

    • Measure everything: Start by measuring the most important things to you, and then add more metrics as you realize how valuable they are. By tracking multiple channels and data points, you’ll get a complete picture of how your campaigns are performing.

    • Use data visualization tools: Seeing data in a way that’s easy to understand will help you make better decisions about where to focus your efforts. Some popular data visualization tools include Tableau Public and Google Sheets.

    • Compare and contrast results: Once you’ve gathered some data, it’s essential to compare it against previous versions of the same campaign or product. This will help you identify any changes or improvements you may have made and areas where further improvement is needed.

    • Don’t be afraid to experiment: If a marketing strategy isn’t working as intended, don’t be scared to try something new. However, ensure that you test the new approach in a limited way to monitor its performance closely.

    Marketing is one of the most important aspects of running a business, and if done right, can lead to exponential growth for your business. Once you better understand the field and its needs, you can put your best foot forward and optimize marketing campaigns to boost ROI.

    Piyanka Jain

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  • A Simple Guide to Software Integration for Startups

    A Simple Guide to Software Integration for Startups

    Opinions expressed by Entrepreneur contributors are their own.

    Your product is your company’s primary selling point, but it doesn’t have to be the only feature. In fact, when companies open up their products to integrations with third-party software, they unlock an entire world of possibilities. In the years since releasing our flagship product, the smart video intercom, the ButterflyMX team and I have made a pointed effort to expand our reach by integrating our software with third-party products.

    For example, just this year, we partnered with RemoteLock so that our unified access control solutions now connect to more than 80 smart locks to seamlessly provide building and apartment unit access from our mobile app. This has significantly expanded our products’ capabilities without the time, energy and financial investment of launching an entirely new product, which has helped grow our business substantially.

    If you’re at the helm of a startup looking to expand your product’s reach, consider integrating with other software.

    Related: Challenges that Companies Face in Software Integration

    What are the benefits of integrating your product with other software?

    No matter what product or service you offer, by integrating with other software, you combine various platforms into one unified software architecture. And by creating a large, integrated system, you increase functionality and convenience for consumers.

    Further, integrating your product with other software expands your product’s capabilities without the need to develop new products. Software integrations allow you to advance and expand your product faster because you exponentially increase its capabilities. Software integrations also offer an easy way to advance professional relationships with other companies in the industry.

    Why are partnerships important?

    When you’re building a company from the ground up, you must develop partnerships. Across all industries, the leading companies boast multiple integrations. In fact, the average SaaS (software-as-a-service) company has 15 integrations. However, some SaaS companies boast upwards of 500 integrations. By partnering with another company in your industry, you become a part of their growth. Then, when their product succeeds, so does yours, and vice versa.

    One of the biggest advantages of establishing integration partners is enhanced company growth by expanding your user base. Not only are you giving your customers a new tool or feature — leading to higher customer retention — but you’re also opening your business up to an entirely new customer base. With a partnership in place, you can expand your customer base and add new users with ease.

    Overall, developing deep business partnerships and software integrations will grow your business short- and long-term. In fact, you can think of new integrations as a new sales channel. You’re adding your products and services to an entirely new marketplace.

    Because your software integrations should be with companies in your industry or a related one, you’ll be selling to new customers with a similar customer profile. This means your product will inherently address their needs.

    How to approach partnerships as a startup

    So, you’ve decided it’s time to grow your company by enabling third-party software integrations. But how do you go about finding worthwhile partners? First, you need to look for companies whose customers match your ICP, or ideal customer profile. An ideal customer profile is a detailed outline of your company’s ideal client. The ICP is used to adjust marketing and lead generation tactics.

    By working with companies whose ICP matches yours, you increase the likelihood that their customers will find value in your product and vice versa. But remember, software integration isn’t a completely smooth process. The more integrations you enable, the more maintenance you’ll perform. Additionally, when changes are necessary, you must obtain approval from teams at both companies rather than just your own.

    So, ensure you have an internal team who can dedicate their time primarily to building the integration from the ground up and maintaining it post-launch to address and solve problems.

    Related: How to Use Strategic Partnerships for More Explosive Growth

    How to integrate your product with other services

    While software integration presents a unique and valuable opportunity for your business, partnerships aren’t guaranteed to succeed without hard work. In addition to a relevant and high-quality software integration, you need a robust strategic outline.

    Make sure you put your customers’ needs above all else. When building your software integrations, consider which products your customers already use, what kind of systems they may want to integrate with and how a specific integration can improve their experience with your product.

    Further, ensure that your integration has longevity by creating a strong foundation for your partnership. Integrations aren’t a quick hack to multiply your customer base. Instead, you should develop integrations with long-term business goals in mind. Then, with each new iteration of your integration, take into account customer feedback to improve the integration and your product overall.

    Cyrus Claffey

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  • How to Build the Infrastructure Needed to Scale Your Company

    How to Build the Infrastructure Needed to Scale Your Company

    Opinions expressed by Entrepreneur contributors are their own.

    Scaling your business might sound like a dream come true. But without the proper infrastructure in place, it can quickly turn into an absolute nightmare. Trying to grow when you haven’t put solid building blocks in place is like throwing up a tent on quicksand. It won’t be long before you sink — and at that point, getting out might not be an option.

    Many companies, especially newer ones, overlook the importance of infrastructure in business. Unfortunately, their oversight can often lead them to fail when they try to gain steam. A 2022 CB Insights study of failed startups revealed the top dozen reasons that can lead to an organization’s demise. Three of those reasons are related to a lack of proper infrastructure: a flawed business model (19%), a poorly hired team (14%) and stakeholder disharmony (7%).

    You might want to think of constructing your infrastructure like planning a vacation. Most vacationers don’t put their families in the car and take off for the week without prior planning. They create a general road map based on their goals, their budget, the number of people and maybe some very personalized factors such as preferred types of restaurants or lodging. The road map would need to be flexible enough to handle pivots but sturdy enough to provide a definitive guide, perhaps with a few guardrails.

    The same is true for business. When you’ve invested in a framework for scaling up, you reward yourself with a higher likelihood of seeing your business scaling strategy come to fruition. You also make scaling less stressful because everyone is working toward the same objectives rather than moving toward cross-purposes.

    A solid infrastructure is a crucial building block to ultimately see growth and scalability in your business. Keep the following suggestions in mind to assemble your ideal infrastructure:

    Related: Serve Your Employees With a Better Infrastructure

    1. Make sure you have the right internal team in place

    It will be challenging for your business to keep getting bigger if you have several skills and knowledge gaps in your team. The same is true if your staff is working at (or beyond) full capacity and you don’t plan on bringing in any help. If your employees feel overwhelmed or unprepared as you scale up, you’ll see your growth opportunities fall apart at the seams.

    It is imperative to make sure you have the right people in place that have digital DNA and ensure your term is cross-functional with a high-level understanding of how to serve across all functions. For example, a technical person who knows how to create proper onsite functionality and work with the proper tracking tools such as pixels and tag manager will create results that are significantly more beneficial to the company.

    You can start measuring your team’s strength by developing two organizational charts. The first should show your organization as it is today, and the second should show it as it needs to be for your company to scale. Be sure to pick out any places where team members will require training to participate fully. Then figure out how to deliver that training so you can remain competitive throughout the business’s rapid growth.

    A recent Capterra survey indicates that nearly half of all companies asked said they were putting more funds into upskilling. Doing likewise makes sense because your employees will then be able to exhibit the confidence to master scaling, thanks to their education and the company’s reorganization.

    Related: 4 Mistakes to Avoid While Scaling Up Your Infrastructure

    2. Refine your marketing machine

    If your marketing efforts aren’t producing impressive returns now, they won’t suddenly start working great just because you scale. You could even end up wasting dollars on poorly designed marketing campaigns that don’t reach the right audiences or deliver the data you need. As one study found, around one-quarter of all marketing budget funds could end up going down the drain for myriad reasons.

    Marketing is a critical component because it sets the stage for you to bring in the leads you need to scale. Without more leads, you can’t grow — case closed. So, before you get into growth mode, you need to refine your marketing, from PPC to SEO and all the acronyms in between. Start by determining which marketing tactics are driving the most qualified prospects into the top or middle of your sales funnel. You want to hone those tactics, so start testing ways to make them produce leads on a reliable basis.

    Don’t be afraid to take on a partner to outsource your marketing. Trying to do everything in-house can be both costly and challenging, particularly as your marketing becomes more complex (hint: It will!). The benefits of a partnership with an agency or provider that understands your business are widespread. You’ll have access to expertise, advanced tools and innovative strategies that you don’t usually have in-house. Even if you do have in-house marketing, the team might not be familiar with what works best in an ever-changing digital age. In contrast, an agency with multiple clients is more commonly on the cutting edge of innovation.

    Plus, with an agency, you won’t have to lean so heavily on your capital expenditures and employees to deploy campaigns, track data, create content or generate and interpret reports. Most importantly, a great agency will not only increase your chances to grow successfully but also help you achieve your goals faster with less effort and total investment.

    3. Be certain your product works

    This might sound like a no-brainer, but you’d be surprised how many companies go all out before making sure they’ve addressed glaring flaws in the items they sell. Even if you’re in a service industry, you must ensure all customer-facing experiences, features, assets and the like are ready for prime time.

    Trying to gain steam when you’re not selling something worth buying makes zero sense and often creates unnecessary friction between buyers and sellers. Nonetheless, companies routinely spend about 20% of their sales income on poor-quality products that haven’t been adequately addressed. Not only will your sales and customer support representatives end up fielding unhappy calls all the time, but your brand reputation could take a terrible hit, too. As part of your infrastructure planning, be honest about any design snags in your offerings. Then spend time correcting them.

    Don’t forget that processes might also deserve some tweaks. Let’s say your customers constantly complain about your time to ship. Those complaints aren’t going to evaporate when you get larger. Smoothing them out makes a lot of sense, especially during the beginning stages of growth.

    Related: Moving Beyond Startup Mode: 5 Tips for Building a Solid Infrastructure

    Scaling might be on your mind in the near future. Don’t rev the motor just yet, though. Make sure your infrastructure roadmap includes everything you need to make your scale adventure an unmitigated success.

    Ross Denny

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  • Build Strong Relationships With Media to Build Your Brand, Too

    Build Strong Relationships With Media to Build Your Brand, Too

    Opinions expressed by Entrepreneur contributors are their own.

    Why do some businesses succeed while others fail? Many factors contribute to a business’s success, but one of them is brand building. Your brand is what sets you apart from your competition and tells your customers who you are and what you’re all about. Creating a positive brand can help you attract new customers and keep them coming back for more.

    But how do you go about building a successful brand? There are many different methods, but one of the most important is developing relationships with key members of the media. This is where public relations comes in — an essential aspect of any successful branding strategy. PR can help you build relationships with key media outlets and promote your story to the public. This can help increase your brand’s awareness and create positive customer sentiment.

    Here are three tips for using PR to build your brand and create success.

    Related: Break Through the Noise: 5 Hacks to Boost Your Public Relations Efforts in a Noisy Digital World

    1. Develop a compelling story

    Every business has a story to tell, but not every business knows how to tell that story in a way that will captivate its audience. If you want the media to sit up and take notice of your business, you need to learn how to develop a compelling story. Here are three tips to help you get started:

    1. Find the hook

    What is it about your business that makes it unique? There’s always something — you just have to find it. Once you’ve found your hook, use it to drive your story. Build on it and make it the central focus of your narrative. Everything else should support that hook.

    2. Know your audience

    Who are you trying to reach with your story? What kind of tone do they respond to? What topics are they interested in? Keep your audience in mind as you’re developing your story so that you can craft something that will resonate with them.

    3. Be concise

    The media is always looking for stories that can be told quickly and easily. They don’t have time for long, drawn-out tales. So, keep your story concise and to the point. Tell them what they need to know and nothing more. If you can do that, you’ll have a much better chance of getting their attention.

    Related: 10 Tips for Creating a Compelling Business Story

    2. Build relationships with key media outlets

    It is important to get your story out there. But simply having a great story isn’t enough — you also need to make sure that it’s being seen by the right people. That’s why it’s so important to do your research and identify which media outlets would be the best fit for your story. Once you’ve done that, you can start building relationships with the journalists, editors or producers who work there. The better your relationship with them, the more likely they are to want to cover your story.

    The first step is to research which media outlets would be the best fit for your story. Look at their previous coverage and see if they’ve covered stories similar to yours in the past. If they have, that’s a good sign they’ll be interested in what you have to say. Once you’ve narrowed down your list, it’s time to start reaching out to the people who work there.

    The best way to do this is by offering them something of value, whether it’s an exclusive scoop on a story or just some useful information that you think would be helpful to them. Whatever it is, make sure that it’s something that will make their job easier. Once you’ve established yourself as a valuable resource, you’ll be well on your way to building strong relationships with key media outlets.

    Related: The 5 Foolproof Steps to Pitching Your Story to the Media

    3. Be consistent

    Building a brand takes time and dedication. There are a million different things to think about, and it’s easy to get overwhelmed. It’s important to remember that all of your hard work will pay off if you stay consistent in your approach.

    Brand building is a long-term game. You won’t see results overnight, but if you keep at it, eventually, people will start to take notice. The key is to be consistent in everything you do. Promote your brand regularly and try to come up with new and innovative ways to get people interested. Develop a press release strategy and have a compelling press kit ready.

    Building a brand can be challenging, but it’s also incredibly rewarding. If you’re willing to put in the hard work and stay consistent, you’ll eventually see results. The key is to focus on your audience and develop a story that will resonate with them. Don’t forget to reach out to key media outlets and build relationships with the journalists, editors or producers who work there. By doing so, you’ll increase your chances of getting your story covered. Brand building takes time and dedication — but if you stick with it, you’ll be successful.

    Sim Aulakh

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