ReportWire

Tag: Growth Strategies

  • You Don’t Need a Crises to Pivot | Entrepreneur

    You Don’t Need a Crises to Pivot | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The ability to pivot is a valuable skill in any business toolbox. Fundamentally, it is about being able to change direction in order to provide a product or service that best meets the needs of your clients. And, as we know, they are not a constant.

    The whole concept of pivoting has been brought to the forefront in recent years thanks to the pandemic and all manner of reactions to the consistently changing landscape. It has been a means of surviving and thriving in tumultuous times.

    Yet, we don’t need a crisis or challenge to embrace these very principles and build an adaptable business.

    [ad_2]

    Joanna Swash

    Source link

  • Get This CompTIA and IT Bundle for $20 Through 10/23 | Entrepreneur

    Get This CompTIA and IT Bundle for $20 Through 10/23 | Entrepreneur

    [ad_1]

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

    It is one of the best times in history to embark on a career in tech because there are overwhelming demands for IT professionals across the country. Whether you’re interested in it for yourself or for gifting to an employee, colleague, or friend — it’s worth knowing that through October 23rd only, you can get The Exams Digest 2023 All-In-One CompTIA & IT Lifetime Training Bundle on sale for just $19.97 (reg. $120).

    This expansive course bundle features over 180 hours of content that the user can access at any time, from anywhere with an internet connection, for the rest of their life. Courses include questions and lessons that are designed to help users better perform on a CompTIA exam while also offering experience with Cisco labs, Cisco technologies, Python programming, and more.

    In addition to the course materials and lectures, users can take advantage of training opportunities included in the deal, like unlimited CompTIA labs and PBQs, unlimited Linux exercises, and unlimited Python exercises. It also comes with a $10 off coupon code on Exams Digest Marketplace.

    The creator and provider of this bundle is Exams Digest, which is considered a leading resource for IT training, certification prep, and CompTIA studying. Overall, the instructors from Exams Digest share an average rating of 4.1/5 stars.

    It’s never too late to start getting an education in IT. Entrepreneurs can inspire colleagues and employees with an affordable education available at a discount ahead of the holidays.

    The Exams Digest 2023 All-In-One CompTIA & IT Lifetime Training Bundle is on sale for just $19.97 (reg. $120) through October 23rd at 11:59 p.m. PT.

    Prices subject to change.

    [ad_2]

    Entrepreneur Store

    Source link

  • Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

    Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Have you considered how your successful business venture will end?

    It might seem counterintuitive, but planning your business exit strategy from the start can significantly improve your entrepreneurial journey. When you set out on a road trip, you don’t drive around aimlessly — you have a destination in mind. Similarly, as an entrepreneur, having a clear end goal in mind guides your decisions and actions, leading to a more satisfying outcome for all stakeholders.

    Let’s explore why looking at the end from the beginning is a strategy that pays off, how to consider various exit options and what steps to take in preparation for a fulfilling and profitable exit.

    What is an exit strategy and why do you need one?

    An exit strategy is like the GPS guiding your entrepreneurial journey. Often thought of as a way to end a business, its core purpose lies in propelling it closer to its long-term goals and facilitating a smooth transition into a new phase or venture.

    Envisioning your exit isn’t just about business but also about harmonizing your professional aspirations with your broader life objectives. Whether it’s financial independence, travel or creative fulfillment, your strategy should mirror these objectives. Additionally, proactive exit planning attracts, builds credibility with, and encourages the loyalty of stakeholders (investors, partners and employees) who share your vision.

    Even if an exit isn’t imminent, constructing your business with a future exit plan promotes a continuous drive to elevate operations and forecast potential exit valuations. Much like assessing a home’s value, getting an inspection, and making improvements before listing it for sale, an exit strategy applies similar principles to increase the value of your business. Gaining insights into its potential exit value provides a heightened market perspective, influencing your strategic choices and supporting your credibility.

    Crafting your exit strategy, you also project what comes next: What’s your next venture? Where can you put your wealth to protect it and ensure growth? A well-thought-out exit plan carries you effortlessly to your next entrepreneurial or personal endeavor.

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

    Exit options: Picking your path

    In defining your exit strategy, you have various options to consider. There are as many unique paths as there are entrepreneurs; however, here are the typical high-level approaches:

    • Selling outright: While not always the goal, selling might be strategically advantageous, especially if a business is declining. Exiting before financial troubles worsen can protect your investment and prevent further loss.
    • Keeping it in the family: Passing the business to heirs can create a meaningful legacy. It’s important to ensure they are prepared to take on this responsibility and have the necessary skills or management support required to operate a business.
    • Initial public offering (IPO): An IPO generates substantial funding and rapid visibility, advantageous for fast-growth firms.
    • Mergers and acquisitions: These deals involve another entity purchasing either a majority or all of your company’s assets, driven by strategic and financial objectives.
    • Private equity investment: This route involves private equity firms purchasing companies, granting capital inflows and specialized resources to maximize profits.

    In my business practice, in which I’ve sold several well-established companies, I’ve learned another thing to consider: How your financing impacts your exit strategy. Self-funding gives you more control over your exit strategy and may encourage you to remain independent. In contrast, outside equity can come with investor expectations for specific ongoing or exit outcomes.

    Before bringing in any partners or investors, consider how the additional stakes may influence your long-term objective. If you bring in capital partners, have an open discussion with them about what the possible exits could look like and what they can expect.

    Related: How to Prepare a Company to Go Public in a Volatile Market

    Preparing for the grand exit

    As you move closer to operation exit, careful preparation is essential. You’ll need to ensure the approach you’re considering is feasible for your organization and business model, and that all stakeholders share the same vision.

    Here are best practice steps to take:

    • Retain expert council: Bring in legal, strategic and tax advisors to ensure you’re making informed decisions. Hiring a business broker can also prove invaluable in finding the right buyers or investors who align with your goals.
    • Get your financials ready: Having organized financial records increases transparency and makes the due diligence process smoother for interested parties.
    • Optimizing revenue and expenses: To maximize your exit valuation, focus on optimizing your revenues and managing expenses.
    • Negotiate for the best terms: Effective negotiation ensures you get the best deal and your interests are protected. Aim for terms that align with your objectives and minimize economic risk.
    • Vet your buyer/investors: Ensure that whoever acquires your business will maintain your vision and treat your team well.
    • Determine post-acquisition management: Will you still be involved? What happens to your team? Clarify what the management structure will look like post-acquisition.

    In 20-plus years of founding and operating successful businesses that naturally scale up and lead to profitable exits and observing the wins and failures of peers and competitors, I’ve distilled a crucial principle that applies to all businesses: Innovation fuels efficiency, growth, credibility, and operational sustainability. This applies even more to dynamic industries subject to significant social, technological, regulatory, and economic change.

    Always being open to (and embracing where appropriate) innovation in tech, business models, production/fulfillment methods, marketing, compliance and other areas of operations helps you thrive in a competitive landscape, demonstrates your resilience and potential longevity, and supports the interest and trust of stakeholders.

    Diligence and advance planning ensures you’re taking the most strategic approach to transition into the next phase of your journey.

    Related: 10 Mistakes I Made While Selling My First Startup (and How You Can Avoid Them)

    Carving out your entrepreneurial legacy

    As you navigate business ownership, be mindful that a successful journey involves more than focusing on the present. Working backward and planning your exit strategy from the start enables you to create a roadmap that aligns your business endeavors with your personal, organizational, and financial goals. Consider where your path will lead and plan your exit strategy accordingly. In doing so, you’ll enhance your chances of success and ensure your entrepreneurial legacy endures.

    [ad_2]

    Robert Finlay

    Source link

  • Relying Solely on Your Gut to Make Big Business Decisions Could Cost Your Career | Entrepreneur

    Relying Solely on Your Gut to Make Big Business Decisions Could Cost Your Career | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    No matter your industry, Big Data and analytics are fundamentally changing how businesses operate and make decisions. Throw in a culture of rapid digital transformation, and the expectations for leadership roles are shifting at an unprecedented rate.

    It’s no longer sufficient for C-suite executives and senior leaders to simply excel in traditional management skills such as strategic vision and people management. Now, the currency of effective leadership also includes an intimate understanding of data analytics.

    Consider just a few of the ways that Big Data and analytics are driving decisions in the modern workplace:

    • Customer analysis to better understand customer needs, preferences and behaviors.
    • Predictive models to forecast future trends or performance.
    • Risk analysis to identify potential threats and opportunities.

    A recent survey proves the power of data analytics: 44% of executives consider data crucial for strategic decision-making, while 37% believe it offers deeper insights into their business.

    As a C-suite executive, an ability to interpret data-driven insights from these types of analyses can create a competitive advantage for climbing the corporate ladder. But how should you get started with data analytics?

    Related: Five Ways Big Data Can Help Your Business Succeed

    The evolving landscape of modern leadership

    There was a time when the primary expectations for senior leaders were aspects like visionary thinking, strategic planning and people management. While these skills remain vital, the technological revolution has introduced a new dimension to leadership: data literacy.

    The arrival of “Big Data” and the learning models that drive it have made data literacy increasingly crucial for executives. Data literacy involves reading, analyzing and communicating insights from vast volumes of data. It requires understanding statistics and techniques like machine learning and natural language processing (NLP).

    As a senior leader, your ability to understand and use this data boosts team effectiveness and positions you as a forward-thinking executive. Consider KPIs — the backbone of performance management. By interpreting the data, gain insights into team performance and areas for improvement.

    This enables you to make better decisions and have more informed conversations with your team members. Plus, understanding the basics of machine learning helps you identify opportunities for automation or optimization that may have been missed.

    Strategies for integrating data analytics into leadership

    If data literacy is a new skill that can boost your career, the question becomes: How can you cultivate this skill to help your resume rise up the ranks? For senior leaders interested in harnessing the power of data analytics for career growth, here are some strategies to consider:

    Develop a data-driven mindset

    Before diving into tools and techniques, developing a data-driven mindset is crucial. Start by asking data-based questions in meetings, challenging assumptions with empirical evidence, and encouraging your team to do the same. This helps to foster a culture of data-driven decision-making and sets the tone for deeper exploration later on.

    Proactively seek out opportunities to learn

    Data analytics is a broad field — from basic spreadsheet software to sophisticated machine learning algorithms. Identify which skills you need to learn to use data effectively, then look for sources such as online courses or internal training to build those competencies.

    Collaborate with data experts

    Don’t isolate yourself; instead, make it a point to collaborate with your organization’s data scientists (if you have any), analysts or other data professionals. They can provide insights that are not immediately apparent and guide you through the complexities of data interpretation.

    Plus, by adding a roster of skilled data advisors to your network, you can benefit from their expertise and experience.

    Implement data-driven projects in your current role

    Once you’re comfortable with the basics, initiate a data-driven project within your team or department.

    It could be anything from improving customer experience based on feedback data to optimizing supply chain logistics. Such projects provide practical experience and showcase your leadership in adapting to the new data-centric business environment.

    Track and showcase your success

    Nothing speaks louder than results. As you implement data-driven initiatives, track the outcomes meticulously. Be prepared to showcase these successes in performance reviews or when seeking a promotion, as they make a compelling case for your leadership capabilities in a data-driven era.

    Related: The Pivotal Role Of Big Data In E-Commerce

    Gain a competitive edge through data analytics

    If you’re going to compete, data analytics is no longer a luxury — it’s a necessity for senior leaders aspiring for career advancement. Mastering this skill set enhances your decision-making and differentiates you in the eyes of stakeholders and hiring committees.

    To stay ahead of the pack, you need to understand and interpret data trends proficiently. The more comfortable and confident you are with data-driven insights, the more likely you can capitalize on opportunities before others do.

    • Lead with data, not just instincts: Enrich your leadership instincts with empirical data for a more balanced and credible decision-making approach.
    • Collaborate with data experts: Build a network of data professionals within your organization to enhance your data literacy and garner insights.
    • Implement data-driven projects: Showcase your newfound skills by leading a data-centric project within your team or department.
    • Track and showcase success: Measure the outcomes of your data-driven initiatives and be prepared to present them in performance reviews or job interviews.
    • Make data analytics a leadership trait: Adopt data literacy as a core leadership trait, on par with qualities like strategic thinking and empathy.

    Start today by learning the basics of data analytics and how to use it in your decision-making process. And while you grow in your understanding and skill level, never forget to show the value of data-driven initiatives in your organization. Doing so will help you become a more influential leader that the world needs today.

    [ad_2]

    Tim Madden

    Source link

  • Are Your Webinars Actually Engaging? Here’s How to Find Out. | Entrepreneur

    Are Your Webinars Actually Engaging? Here’s How to Find Out. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In 2020, larger conferences and gatherings moved from being in person to being held on online forums like in the form of webinars. The popularity of webinars hasn’t slowed down since then — the number of webinars grew by 153.4% in 2020, and by 2025, the number of webinars will be 10x over the pre-pandemic level, according to Zoom.

    Also by 2025, the number of virtual/hybrid events will grow to 52% of all physical and online events hosted, up from less than 5% pre-Covid-19, Zoom reported. Webinars and virtual events also present a sizable growth opportunity: Zoom predicts the market will nearly triple in size by 2025, reaching $4.4 billion, compared to $1.57 billion in 2020.

    The benefit of being able to attend events half a world away at a fraction of the cost and without the hassle and exhaustion of travel is simply too appealing. For those running webinars, though, it can be difficult to gauge how effective their efforts really are. If you’re wondering how to measure attendee engagement, here are a few suggestions for measuring your webinar’s impact.

    Related: Why Webinars Should Be a Key Part of Your Business’s Online Strategy

    1. Use pre-webinar metrics for a baseline

    Before your webinar starts, you can review your registration numbers. This will offer insight into how well your audience received your concept before they experienced it live.

    While your number of registered attendees doesn’t determine how many will actually attend, it does show how many people were interested in your topic. This gives you a good baseline number that reflects initial interest.

    2. Use next-generation webinar software to track your live data

    Real-time insights features can help companies understand how well their viewers are engaging with their content during the webinar.

    Many data-driven webinar platforms are seeking to provide more insights into engagement through live webinar analysis and reporting to help give marketers the information they want. Out of the marketing managers polled about future webinar needs, webinar platform Hubilo found that 76% of respondents don’t feel like current webinar platforms facilitate engagement or conversions. Marketers want next-generation platforms that allow for more use of audience data and profiles.

    As a marketer using webinars, pay attention to the analytics features of the platform you’re using. Look for live features and post-event reporting that can help you track engagement and gain insights that can be used later to build connections with your prospects and customers.

    Related: 8 Ways To Attract a Large Webinar Audience

    3. Measure revenue and leads

    A pair of post-webinar metrics that are worth monitoring are revenue and leads. If you made a money-related call-to-action during the webinar — such as signing up for a course or buying a service — you can use the subsequent review to get an idea of how engaged and intrigued your audience was.

    Leads are similar. If you are selling something but you didn’t try to close during the presentation, consider how many people follow up with questions, sign up on your email list or otherwise express interest afterward.

    4. Pay attention to Q&A participation

    Q&A sessions are important because they enable you to interact with your audience. You can clarify points and demonstrate expertise. It is also an opportunity for your audience to direct questions, clarifications, compliments and criticisms toward you, the presenter. This doesn’t just lead to fascinating and powerful interactions. It also allows you to gauge how well your audience is resonating with your message.

    Keep in mind that this isn’t a hard, data-driven metric. Nevertheless, it can give you multiple takeaways.

    For instance, if you get a lot of clarification questions, that shows the topic is engaging, but your delivery needs improvement. If you don’t get many questions at all, that can mean the presentation felt boring. If you get questions that dig deeper, that’s the best sign, as it shows your audience grasped your original idea and wants to know more.

    5. Ask for feedback

    Finally, one of the most direct forms of measuring engagement in a webinar is to ask for feedback. For instance, you can ask attendees for their honest feedback in a follow-up email survey. You can even give them your email during the live event and request that they send any constructive feedback or thoughts to you directly.

    By doing this, you open the door to individual feedback from your audience. Don’t take any single criticism or compliment too seriously. However, enough feedback can show you trends and patterns, such as people saying it was too long or that you used overly complex words. Use this information to improve future engagement.

    Improving engagement with your webinars

    Webinars are a popular option right now. However, it’s difficult to understand how effective a webinar is.

    Use the metrics above to begin getting a better idea of how each webinar resonates with your target audience. Use things like registration, feedback and live analytics to understand your audience and tailor your presentations to meet their needs and encourage their engagement.

    [ad_2]

    Kimberly Zhang

    Source link

  • How to Build a Durable Business in a Down Economy | Entrepreneur

    How to Build a Durable Business in a Down Economy | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    How do I build a business that withstands the test of time? One that endures economic downturns, surges in innovation and workplace trends like the Great Resignation and September Surge? As leaders and founders, it’s a question that we spend hours strategizing and brainstorming around.

    I view it much like playing a video game, but not the kind where you drop a quarter in the arcade and win a quick prize. It’s more like the video games that have you glued to your chair, fist-pumping, with a combination of stress and satisfaction when you finally unlock the next level — and then another and another. Unlocking these levels — which are essentially the building blocks of a durable business – is a marathon, not a sprint. We need to plan appropriately, invest in the right areas, leverage market data to inform our decisions and learn from those who have already succeeded. What worked and what didn’t? Through my own journey of building a durable business, I’ve identified several patterns that can help other businesses withstand not only the test of time but also uncertain times.

    Related: Economic Downturns Don’t Last Forever — Here Are 5 Ways to Maintain Resilience During a Recession

    Building for durability isn’t for the faint of heart

    In reality, building for durability requires a commitment to decades of work. I call these the hard yards — and it always gets more difficult as you scale. At each stage, as you multiply your business in terms of revenue, people, and reach to market, there are new challenges to unlock, much like gaming levels. The experience will test your skills and not only demand an up-leveling of your commitment but will also require you to recommit with the passage of each year because it will be that challenging.

    Be disciplined and data-driven with growth decisions

    The types of challenges you will encounter will differ from business to business. For founders leading through the current economic downturn, many are facing the daunting question, “Can I still invest in the business?” The answer is yes. We just have to be very specific about how and where to invest. Take, for example, one study that followed 4,700 companies over the course of three recessionary periods and found that those that performed the strongest invested in tactics such as R&D, marketing and necessary business assets.

    Instead of taking their foot off the pedal, they buckled down and invested in areas that made sense for them. Today, leaders need to apply an added level of discipline around where to focus inside the business and how to approach their growth decisions. Rather than take on additional risk by investing in large long-term bets that may not work out, it’s better to double down on or reinvest in things that have proven successful based on experience. It sounds counterintuitive, but boosting spending can result in long-term success. A report from Analytic Partners noted that 60% of companies that increased their media spend during the last recession saw greater ROI compared with those that didn’t.

    To guide decision-making in uncertain times, my advice is to lean in. Study market and economic updates as a critical data set. One-third of my reading material these days is economic reports from advisors, geopolitical sources, economists, bankers and investor groups. The great news is that many of these materials are available to you for free, and when you and your executive team make it a shared responsibility to dig into the macroeconomics, you’ll have valuable data inputs to guide decision-making around what moves to make or what to change.

    A word of caution here, though: It’s critical that you don’t rely solely on data, or you may risk losing sight of the human element of leadership and decision-making. By merely focusing on the performance metrics and ignoring this vital human feedback, you could risk losing customer trust and satisfaction, which could ultimately impact your bottom line. Therefore, it’s essential to balance data-driven insights with an empathetic, human-centered approach.

    Don’t copy, but learn from predecessors

    Economic highs and lows are cyclical. When you take the time to build a durable model with intention and long-lead planning, there’s likely someone who’s a decade ahead of you who has seen and ridden similar waves. The goal is to study their moves. You may not build a replicate of Microsoft, Google or Atlassian because you don’t have their specific viewpoints or ability to repeat their success verbatim, but their experience provides an incredible opportunity to learn from their successes and failures, patterns and anti-patterns while discovering the things you’d like to emulate. As a tip, I recommend getting in touch with your peer groups at these companies to speak with them directly, ask questions and study their journey with firsthand information.

    5 patterns of successful long-standing businesses

    While your long game is unique to you and your business, there are five common patterns that successful multi-generational businesses follow:

    1. Building community

    Successful businesses that have been around for a long time, that have reinvented themselves and grown along the way, have built a community economy around themselves. These are philanthropic giving communities, user group communities and company communities. Microsoft, Atlassian, Salesforce -— these are all companies that have successfully built a community economy, and it has paid off for them in the long term. What they all have in common is that they are using the community to win the hearts and minds of people to wrap their business model around.

    2. Giving back

    The new DNA of a durable business is one that does good and in doing good, drives profit. In fact, a study from Harvard Business Review found that nearly 60% of businesses that had a strong and clear purpose that laddered back to supporting the broader community experienced 10% or more growth during a three-year period. But keep in mind this isn’t just about having a Corporate Social Responsibility (CSR) program and charter. Successful businesses go out and act with impact. They build this into their business model and start giving back from day one; donating their profits, product, equity and employee time. They do it for a long period of time, not seasonally or to make a statement. Companies can and should orient around giving back as a key factor in positioning for long-term success.

    3. Establishing a partnership economy

    Durable businesses look to find as many companies — small, medium and large — that will consider their business as a long-term viable partner. These partners can grow around, within and from you. Partners can take you deep into other verticals, help expand your Total Addressable Market (TAM), and even translate your documentation into local languages, making your offerings more accessible. This may mean reselling your goods and services, integrating their offerings with yours and/or building practice areas around you with education, installation and configuration, workshops and more.

    Leaders should always ask, “How well does this partner fit our culture?” and “What value does this partner bring to the organization?” Listen for answers that address how the partnership will support your long-term vision. You want to be sure that you can see yourself working and growing with them for the next 5-10 years. Misalignment, if overlooked, can be an expensive misstep in your journey towards growth.

    Related: 4 Ways To Sustain A Recession-Proof Business

    4. Building a jobs economy

    Successful long-standing businesses, like Microsoft, Atlassian, Oracle and Salesforce, have built a jobs economy around their products by offering product certifications to end users. For users, being certified in Atlassian means that your odds increase of getting another job that uses the Atlassian product stack. The skill becomes an advantage for career paths, and the likelihood increases that a new job for a past user will translate to a repeat sale of your products.

    5. Growing a marketplace economy

    Today, app marketplaces are a thriving ecosystem of software solutions. More than half of the top 100 SaaS platforms have them. Marketplaces have become the cornerstone of success for both SaaS platforms and their marketplace vendors. The marketplace enables SaaS platforms to extend their R&D capabilities through marketplace vendors who offer innovative extensions that help customers do more with the platform. App providers are able to compete with each other to deliver solutions to enhance the platform’s capabilities for the wide variety of knowledge workers using the platform.

    It’s important to acknowledge these patterns of success at a time when not a single business today can say that they are completely insulated from current macro and micro economic conditions. Getting back to the gameplay theme, durability is the power-up that helps long-standing businesses advance to the next level. Microsoft, for example, has seen three down economic cycles over three decades in its history. Atlassian has seen two. They all leverage extra capacity and output through the economies mentioned above to help them pull through, innovate and reinvent.

    At a minimum, leaders must study economic data (and history), hone their sights and suppress selfish decision-making that trades short-term results for long-term business longevity. Yes, time and vision are your allies, but stay nimble. Just like your gameplay character, sometimes your next move will surprise you.

    [ad_2]

    Randall Ward

    Source link

  • Does Mandatory Diversity Training Work? A DEI Expert Reveals The Pros and Cons. | Entrepreneur

    Does Mandatory Diversity Training Work? A DEI Expert Reveals The Pros and Cons. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As a diversity, equity, and inclusion (DEI) practitioner, I enjoy hosting and attending DEI trainings — or, as I like to call them, experiences — as much as the next person. Whether they touch on gender or racial equity or strategize on skills to build inclusion and belonging, there’s something energizing about being a part of such pivotal conversations.

    However, not everyone walks into DEI experiences as energized as I do. Some don’t know why an experience is mandatory, or they wish that it wasn’t. Perhaps they feel that because of their identity, they may be judged or attacked. Or they’re so triggered by the topics covered in the experience, that they wish they didn’t have to engage at all.

    Related: Your Employees Are Probably Feeling Triggered at Work

    While these are normal reactions to DEI experiences, I think it’s worth exploring some good reasons to make them mandatory and other reasons why it may not be such a great idea.

    Pro: When people know better, they do better

    One major benefit of mandatory DEI experiences is the informational aspect of them. Not everybody is well-versed in DEI, how to cultivate belonging and inclusion, or specific ways to show up as an ally for others. Until they know how to practice DEI principles, they may not know how to do better.

    However difficult the topics may be, giving everyone the foundational principles of DEI can help some people understand them, use them, and think critically about how to show up better in the workplace and beyond.

    Pro: DEI experiences are good for compliance

    For leaders who are constantly weighing how to cultivate safety and belonging in a diverse workforce, mandatory DEI experiences can set the stage for how we should treat each other in the workplace.

    For example, suppose your workplace has DEI protocols on how to be kind and respectful to LGBTQIA+ employees. In that case, all employees should have a baseline understanding of gender pronouns and basic interaction principles. An issue where an employee has crossed a line is much easier to identify and remedy when a DEI experience is mandatory, and the knowledge is shared with all parties. However, always keep in mind that compliance shouldn’t be the only reason for hosting a DEI experience but rather a good reason, among others.

    Related: Here’s What Your Diversity Training Might Be Missing

    Pro: DEI experiences set the foundation for a more diverse workforce and clientele

    If you know you’ll be growing your workforce or attracting more diverse clients in the future, set your business up for success by having a mandatory DEI experience on the docket.

    For example, suppose you know your business will begin to work with a more international clientele. In that case, it’s a good idea to train your employees to become more knowledgeable and competent in that particular culture. Preparing your workforce to interact with more diverse clients, fellow employees, and stakeholders can help create more fruitful and seamless interactions in the future.

    Con: People can feel forced to “think” a certain way

    Some people hesitate to engage in DEI experiences because they may view it as indoctrination. People come from different backgrounds, so requesting someone use a specific term or be mindful of behavior when engaging with certain groups can feel uncomfortable or forced for some people.

    DEI experiences shouldn’t make everyone think the same way or make someone feel ashamed of who they are or where they come from. The goal is to build a behavioral foundation where people from different backgrounds can coexist and respect one another under certain principles and best practices. There’s a good kind of discomfort that helps participants grow in certain situations, however, if a DEI experience begins to feel too confronting for certain groups, reconsider the agenda of that experience and try again with a new strategy or DEI practitioner.

    Related: From Faith to Politics: How to Navigate Difficult Conversations in the Workplace

    Con: Not all DEI practitioners operate the same

    While one group may love a certain DEI practitioner, another group may be completely turned off. If you make a DEI experience mandatory and the employees don’t enjoy it, it could have adverse ripple effects.

    Keep in mind that mandatory experiences with a practitioner that the group didn’t enjoy aren’t always the best way to get the message across. Delivery and style make a difference, so before choosing a DEI practitioner, be sure to do your research on their background and style so you can decide who would be best for the employees in your company. But be wary of asking practitioners to dilute content to avoid the good kind of discomfort we discussed earlier. Sometimes, what’s uncomfortable to hear is the best message a practitioner can deliver.

    Con: DEI experiences aren’t everyone’s preferred way to learn

    While some people enjoy in-person experiences, others prefer to read or watch videos instead. Consider offering mandatory DEI experiences to those who enjoy in-person sessions, but leave room for those who prefer a different method to opt out in exchange for reading some material, taking a quiz or watching a film.

    As long as people are engaging with the work in their own way and absorbing critical information about what’s expected of them, it’s fine. The goal is to make sure best practices for building inclusion, belonging, and respect across differences are available to employees in whatever way they prefer.

    Final thoughts

    When it comes to DEI, there’s no one-size-fits-all approach. While mandatory experiences can bring people together and help them think through strategies for building community and cultivating respect across differences, others may not choose to spend their time that way or prefer to engage with the topic in another way. There’s nothing wrong with having multiple avenues for presenting DEI information — in fact, I recommend it. What’s most important is that people engage with the information and make a good-faith effort to show up kinder, more inclusive, and more respectful in the workplace and beyond.

    [ad_2]

    Nika White

    Source link

  • 6 Common Challenges Women Entrepreneurs Face (and How to Overcome Them) | Entrepreneur

    6 Common Challenges Women Entrepreneurs Face (and How to Overcome Them) | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Millions of new businesses are started by women every year, though they still hold the minority percentage compared to men. One report found only 39.9% of new businesses were created by women in 2022 compared to 60% created by men.

    Although the opportunities and expectations are starting to shift in favor of women, they still face challenges that affect their entrepreneurial goals. But with any hope, the future percentage will be more equitably distributed. Each entrepreneur faces their own hurdles. Here are a few common ones women experience most.

    Related: Women Entrepreneurs Face Unique Challenges. Here’s How to Thrive in the Face of Adversity.

    1. Surpassing social expectations

    Female entrepreneurs often face scrutiny regarding how they dress, speak, and interact with others. Especially in a professional setting, society has them toe the line between being too conservative and too casual and scaling back from appearing too aggressive versus the male-given adjective of assertive.

    However, being controlled by this see-saw way of thinking, for women to commandeer the spaces they’re in, it’s best to take the age-old advice to: be yourself. Listening with empathy and collaborating with others are often viewed as feminine traits, which can be combined with speaking up in meetings and leading presentations, which are automatically assumed by males.

    There doesn’t have to be an either/or approach to try to fit the idea of how women should feel they ought to dress and act. It comes down to personal comfort and confidence, both of which will outshine any stereotypes that are placed upon them.

    Related: These Are the Biggest Challenges Women Entrepreneurs Face (and What to Do)

    2. Creating professional connections

    The “boys club” excludes women entrepreneurs from important conversations and opportunities. Moreover, some women may feel the need to raise their competitiveness against other women, feeling a sense of scarcity from a lack of options. The truth is that there is room for everyone to succeed. This mentality can help female leaders form meaningful connections and future partnerships to support their business growth.

    Though women should welcome all networking opportunities, there are female-oriented spaces geared toward the specific challenges women entrepreneurs face. These can create a safe place to share similar concerns and welcome new solutions from others facing the same situations.

    Related: 4 Ways Women Can Leverage Network and Build Better Connections

    3. Finding a work-life balance

    Work-life balance has been a hot topic of conversation, fueled by the changes brought on by the pandemic in 2020. Entrepreneurs across all industries have shifted their priorities to make more room for “life” activities and moments.

    However, for women, in particular, caregiving falls squarely on their shoulders, with an estimated 62% of women providing more than 20 hours of weekly care compared to 38% of men. This imbalance contributes to other problems in maintaining work-life balance, including job and financial security and physical and mental health and well-being. Therefore, managing schedule flexibility to support self-care and/or familiar caregiving responsibilities has become a priority for women entrepreneurs, evolving past the previous “hustle culture” of the past.

    4. Celebrating their accomplishments

    Unknowingly, women often downplay their accomplishments rather than celebrate their wins. For many, sharing a win can feel like bragging or superficial. Others may know it’ll spark jealousy in others, which can lead to catty responses. However, women should be as proud as men for their accomplishments and not be afraid to speak up about them.

    This fade-into-the-background approach also aligns with how men and women differ regarding their resumes or applying for new opportunities. Men are confident, sometimes overly so, in talking about their qualifications. At the same time, women aren’t as likely to be forthcoming with their accolades forthright, even if they are factual and not inflated.

    5. Handling a fear of failure

    Insecurities are a big challenge holding women entrepreneurs back from taking the next big step. Having the courage to make and learn from mistakes is something every entrepreneur must have. The road isn’t always linear and full of plenty of setbacks, but failure often leads to bigger, better things.

    However, when women are given opportunities, they know there’s a lot of weight on them to not fail. It’s underserved pressure and unrealistic expectations as not every idea is going to be a winning one. Not every strategy or client is going to be the right fit. Understanding how to cope with the fear of failure and getting back up and trying again is a lesson every woman entrepreneur will learn time and time again and become stronger for.

    Related: Female Founders Need to Stop Self-Sabotaging

    6. Asking for help

    Whether it’s asking for virtual administrative assistance or capital funding from investors, women face the challenge of asking for help and delegating responsibilities. The perception of being able to handle everything alone is usually ingrained. But as business grows, it’s only practical to call on help when needed.

    Asking for help leaves space and energy to streamline efficiency to maximize efforts. A good way to identify areas where help is most impactful is to look at the list of to-dos and see which tasks can be delegated to someone else. This applies to both business and personal life. Social media, scheduling, onboarding, cooking, all of these types of tasks can be assigned as needed to free up time to concentrate on business goals.

    Building a business is hard enough without the additional challenges women entrepreneurs face that men don’t. As the workforce continues to shift and glass ceilings are broken, women can show up in professional spaces and receive the same opportunities and advantages. Until then, maintaining strong support through community and staying resilient are two attributes females have become all too much of an expert in.

    [ad_2]

    Kelly Hyman

    Source link

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

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

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

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

    In other words, Beware of The Cliff of Dissatisfaction!

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

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

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

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

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

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

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

    Letting customers control the tempo of support

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

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

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

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

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

    [ad_2]

    Micah Solomon

    Source link

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

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

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

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

    You need business and financial goals

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

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

    Your exit strategy should provide clarity

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

    Know who and when

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

    Related: Exit Strategy Through the Eyes of an Angel Investor

    Keep income statements and balance sheets updated

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

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

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

    Growth potential can entice buyers

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

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

    Cash flow is key to it all

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

    The bottom line on exit strategy

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

    [ad_2]

    Brady Frank

    Source link

  • 6 ‘Immeasurable’ Metrics That Define Business Success | Entrepreneur

    6 ‘Immeasurable’ Metrics That Define Business Success | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Listen, I get it. When you’re in the entrepreneurial game, it’s tempting to zero in on one number: ROI or Return on Investment. It’s the classic, the old reliable. But let’s get real for a second — focusing solely on ROI is like judging a movie solely by its box office earnings. You miss the nuances, the essence and — dare I say it — the soul of the business.

    Enough with the accounting textbooks already! ROI isn’t the end-all-be-all. There are more dimensions to business success than dollars and cents. Ever heard of customer satisfaction? Employee engagement? Social impact? Yes, I’m talking about those “soft metrics” you often sweep under the rug. Trust me, overlooking these can be the Achilles’ heel for your empire.

    Related: Defining Success: 4 Key Measurements That Go Beyond Revenue

    1. Employee happiness: The backbone of your business

    Let’s cut through the fluff: Your employees aren’t cogs in a machine; they’re the backbone of your business. Their happiness translates into productivity, which snowballs into everything you care about — customer satisfaction, ROI and your bottom line. Don’t just toss a survey their way once a year; dig deeper. Use tools like the eNPS (Employee Net Promoter Score), OKRs (Objectives and Key Results) and regular one-on-ones to get a temperature check. Remember, a happy employee is engaged, and engagement is a direct route to skyrocketing productivity.

    2. Customer satisfaction: The North Star of business metrics

    So, you’ve got a killer product. Great. But if your customers aren’t happy, all the ROI in the world won’t save you. Dive into metrics like Customer Lifetime Value (CLV) and Net Promoter Score (NPS) to get into your customer base’s psyche. And forget about faceless transactions; build relationships. Turn customers into raving fans, and watch how quickly your “immeasurable” metrics start adding zeroes to your ROI.

    3. Social impact: More than just a buzzword

    Think social impact doesn’t affect your bottom line? Think again. Millennials and Gen Z are voting with their wallets and want to invest in businesses that stand for something. Corporate Social Responsibility (CSR) isn’t just for show; it’s a necessity. Whether it’s sustainability or social justice, align your business with causes that matter and measure the impact. Trust me, “doing good” has never been better for business.

    4. Holistic success: The new gold standard

    If you’re still clinging to ROI as your sole success metric, you live in the past. We’re entering an era where holistic success is the gold standard. It’s not just about financial gain; it’s about creating a business that’s a force for good, that people love to work for and that customers rave about. It’s about a 360-degree view of success.

    5. Cultural capital: The underestimated asset

    Another critical dimension often overlooked is cultural capital. I’m not talking about office parties or casual Fridays. I mean the ethos, the core values, how your team interacts and the unspoken norms that govern your business environment. This cultural fabric isn’t just window dressing; it’s a strategic asset influencing everything from talent retention to your brand’s market perception.

    A strong, positive corporate culture can be a significant differentiator in competitive markets. It’s time we start putting a value on this intangible asset. Tools like cultural assessments or even deep-dive interviews with staff can unearth the layers of your company’s culture. Invest in this immeasurable asset because your competition probably isn’t; this could be your competitive edge.

    Related: Is Your Workplace Culture Where It Needs to Be?

    6. Intellectual property: Measuring the intangibles

    Ah, the mystical realm of intellectual property (IP) — an area of your balance sheet that isn’t often talked about yet holds immense value. Whether it’s a patent, a unique business process or even your brand equity, these intangibles contribute massively to your overall business worth. And guess what? They’re often missed when you’re glued to ROI. Establish methods to gauge the value and effectiveness of your IP; it’s not just legal mumbo-jumbo but an asset that can have an exponential payoff in the long run.

    The immeasurables are measurable: The tools you need

    Who says you can’t measure the immeasurables? With the advent of advanced analytics tools, you can quantify almost anything. Consider using sentiment analysis tools to gauge customer feelings or sophisticated survey methods to measure employee engagement. Go beyond Google Analytics; delve into customer behavior and trends with AI-powered insights. Take a closer look at your supply chain — there are hidden social impact indicators all along the way. The point? There’s a treasure trove of data if you’re willing to look.

    The action plan

    Talk is cheap; it’s time to act. Start by auditing your current metrics — what are you measuring and why? Then, identify the “immeasurable” metrics that align with your brand ethos. Once you’ve done that, put your money where your mouth is. Invest in the tools, the people and the time required to track these new metrics. It won’t happen overnight, but if you start now, you’ll be light years ahead of the competition, who are still stuck counting beans.

    Folks, we’re in the business of building legacies, not just bank accounts. Sure, ROI is important, but it’s not the only marker of success. So, let’s disrupt the conventional wisdom, shall we? Stop fixating solely on ROI, and broaden your lens to include the metrics that truly matter. Because at the end of the day, we’re really measuring the impact we’re making on the world. And isn’t that the ultimate success?

    Related: 5 Intangible Qualities That Hold the Key to Unparalleled Business Success

    [ad_2]

    Chris Kille

    Source link

  • The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We hoped we had weathered the storm, that the Great Resignation and the Great Reshuffle had passed us by, but the employment landscape is still suffering severe aftershocks. In the tech industry alone, 2023 has brought more layoffs than last year — over 240,000 tech employees have been laid off this year, a 47% increase from 2022, according to Layoffs.fyi.

    Some layoffs are happening despite companies seeing profits improve. LinkedIn, for example, has grown in revenue over the last four quarters but still announced in May that it would cut 716 jobs in sales, support and operations in an attempt to streamline its processes. Other industries are far from safe.

    Especially as we enter another season of unpredictable economic news and pervasive uncertainty, it will be crucial for companies in any sphere to strategize on how to keep top talent from leaving, how to measure employee satisfaction and how to navigate employee retention during a recession. Here’s my advice.

    Related: How to Attract and Retain Top Talent

    How can companies boost employee retention during a recession?

    The importance of retaining talented employees cannot be overstated. Employee turnover has a direct line to the overall health and well-being of your company. Similarly, employee retention can signal to others that your culture is strong and can make the rest of the team feel reassured and ready to face another day.

    There are many things that company leaders can do to stop the cycle of employee turnover and retain the best people — those most aligned with the company’s values and those most equipped to face its challenges. Most of these strategies involve improving the way you appreciate team members:

    1. Rethink what cost means for you

    Many CEOs balk at any extra cost at this time. After all, why would you shell out for a new program or initiative when you’re having to cut costs drastically elsewhere? It’s hard to commit to a cost you don’t know you’ll be able to sustain.

    However, it is well worth considering cost from different perspectives. The cost of losing employees to more caring or rewarding employers is a very real financial outlay. Consider the various costs involved in recruiting and training a new employee, the inevitable slowdown in productivity as they learn the ropes, not to mention the mental cost on team members who are in the midst of a crisis and seeing their co-workers depart. If you can’t afford to lose talent at this critical time, then you also can’t afford to treat your employees as just another cog in the machine.

    Just take Adobe, for instance. The digital giant is ranked No. 1 in employee satisfaction, and this appreciation for its employees extends to its minuscule turnover rate as well. In times of turmoil, it’s important to learn from the masters and invest in your employees today so they can be your top talent tomorrow.

    Related: Employee Retention: 4 Tips to Help Keep Your Top Talent

    2. Perform a care edit on your benefits package

    Fear of being laid off comes along with a myriad of mental health symptoms. From self-esteem damage to depression, living with the real or perceived threat of unemployment can lead to significant distress, which (in today’s climate) can become a long-term problem.

    These symptoms can be further exacerbated if an individual’s workplace doesn’t respond with kindness. Taking care of team members and finding ways to show employee appreciation are especially important during uncertain times. If you fail to respond to these anxieties with care, your company risks losing talented, core members of your team.

    Fortunately, there are many ways to show employee appreciation that goes far beyond higher salaries. For example, HubSpot offers its employees unlimited holidays, flexible work agreements and perks for additional mental and physical well-being. By supporting employees, HubSpot continues to boast solid employee retention, even during economic uncertainty.

    Fortunately, your business can enjoy this stability, too. Start by performing a care edit on your benefits package and getting rid of anything that doesn’t serve employees’ health and well-being. Then, add the things that will truly help your team right now. Health insurance, dental care, gym membership or yoga sessions, healthy snacks/meals at work and even therapy. All of these benefits could help you differentiate your place of work from competitors in the marketplace and make employees feel cared for and more apt to stay.

    Related: 14 Strategies For How To Retain Top Talent and Build Championship Teams

    3. Get to know people on a deeper level

    When you’re navigating an economic downturn, employees can quickly become numbers on a spreadsheet as you work out what you can afford. However, companies should never let this sensation become a reality. Lose touch with your employees and you’ll lose your top talent just as quickly.

    Consider Google, for instance. Companies often look to the search giant for examples of how to keep top talent from leaving, and for good reason. Leaders at Google are acutely aware of how important company culture and trust are to a successful company; that’s why they prioritize employee relations to ensure their brand culture remains cohesive and effective. Just like Google, it’s critical for your company to stay aligned with employees and ensure every employee feels like a part of the bigger picture.

    However, the process of getting to know people shouldn’t stop after onboarding; people’s needs and goals change as they grow within a role. Leaders who keep in touch with these changing selves and the many personal successes that come along the way will be able to better offer advice and support their team towards achieving their personal goals.

    For example, the greeting card experts at Hallmark regularly practice recognizing employees by sending personal birthday cards, anniversary cards, thank you cards or greetings just to say “job well done.” Other businesses can take a page from the experts in this regard as well — especially since employees who feel like their workplace celebrates their achievements and remembers their important dates will be more likely to stick around and grow their careers within the company.

    It may be a hard and unpredictable time for your company. With daily reports of layoffs peppering the news cycle, your employees may be feeling anxious and overwhelmed. But this is not a moment to cut back on caring for your team. Invest in supporting and appreciating the talent that makes your company what it is — this is how to keep top talent from leaving.

    [ad_2]

    Robbin Champaigne

    Source link

  • How to Build a Marketing Function During the Go-to-Market Stage of Your Startup | Entrepreneur

    How to Build a Marketing Function During the Go-to-Market Stage of Your Startup | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I talk to entrepreneurs all the time with a shiny new product or service and big marketing plans. Since I own a marketing agency, they’re probably not expecting to hear what I have to tell them:

    They don’t need my agency yet.

    In fact, they might not even need a full-time marketer on their team yet. At this stage, with a go-to-market plan the priority, there are certainly lots of boxes to check, but many of them have little to do with media.

    Let’s discuss how to approach marketing resources at the go-to-market stage: mistakes to avoid, priorities to address and how to move forward without curtailing future growth prospects.

    Related: How to Build a Marketing Function During the Early Stage of Your Startup

    Marketing mistakes in the go-to-market stage

    There are a couple of things founders can get very wrong about marketing at this stage: either they under-invest in things like branding and proving product-market fit, or they over-invest in resources they don’t need.

    I’ve seen plenty of founders bring on full-time CMOs or VPs of Marketing when the priorities should be block-and-tackle work and establishing product-market fit and a go-to-market plan. A better approach, and one that doesn’t represent a long-term salary commitment and/or equity shares, is a fractional expert who can help you develop your go-to-market strategy and find the right operational talent – which might be freelance – to carry it out.

    Another mistake founders make at this stage is thinking that any marketer can do the job and not trying to find – or pay for – a great fit. I had a conversation with a fellow agency founder the other day, and what he said about hiring – in general, but especially in the early days – really stuck with me: If you think hiring experts is expensive, try hiring novices.

    You need to tackle a few initiatives at this point:

    1. Establish your brand

    By “branding,” I don’t mean spending a bunch of money on commercials and programmatic campaigns to build brand awareness. I’m talking about building the essentials: a name, logo, visual identity and messaging that speaks to the brand’s positioning, differentiation and target market. This branding should carry over into optimizing owned media: a website, social media profiles and profiles on any free directories that might be referenced by your target audience.

    Related: Creating a Brand: How To Build a Brand From Scratch

    2. Find a channel-product fit

    The quickest way to assess the right advertising channels for your offering is to choose one or two advertising channels (usually Google and Facebook) and methodically test messaging, creatives, and audiences to see what features and differentiators resonate and with whom. You’re likely convinced you have a great product that can improve your ICP’s life, but paid media offers a quick way to establish proof of concept outside of your echo chamber.

    Even with paid media on the table, you’re probably still too early for an agency; if you go that route, you’ll get a B team and a retainer you don’t need. When you scale up, it’s time to evaluate in-housing or hiring an agency. In the meantime, I highly recommend freelancers or consultants with expertise in these channels. If you try to do it yourself or make it worthwhile with existing resources who don’t have the chops, you’ll never know if it was the channel that didn’t work or just a lack of operational skill that led to failure. Carefully vetted freelancers are great for point-and-shoot projects, and this is an imperative one.

    Related: You’ve Got to Rethink Product-Market Fit to Stand Out

    3. Build a community of evangelists

    Your immediate network should help provide you with a seed group of folks who can test your product and speak publicly about why they’re using it. Those folks will provide some significant early benefits: social proof and a source of referrals to establish a revenue base and force you to build your customer service processes.

    How to plan for responsible growth

    The important things to avoid at this point have a theme: commitments that will extend beyond their usefulness. This often boils down to hiring and equity, but it can also incorporate initiatives like PR and media campaigns that don’t have a product-market fit to convey.

    Concentrate on initiatives that will pay off for years to come: positioning, audience understanding, competitive research and your place in the market. Look for experts who can help you tackle each of these, but leave yourself room to bring on the next wave of experts as your business matures and your needs evolve.

    When you move into the next phase of your business – early-stage growth – you’ll have more resources on hand and a broader range of possible initiatives to tackle, including building an actual marketing team. I’ll break down the challenges and considerations of this stage in my next post.

    [ad_2]

    Bryan Karas

    Source link

  • Free Webinar: How Company Wikis Facilitate Growth and Expansion | Entrepreneur

    Free Webinar: How Company Wikis Facilitate Growth and Expansion | Entrepreneur

    [ad_1]

    In this session, we will explore how a well-structured and organized company wiki can be a crucial asset for your business’s scalability and adaptability. Learn how to alleviate growing pains by implementing knowledge structures that can evolve along with your organization.

    By the end of the webinar, you’ll have a solid understanding of how to use a company wiki as a tool for growth and expansion, allowing you to make informed decisions for your organization.

    Register Now

    Key Takeaways:

    • Importance of Scalability: Understand why a scalable knowledge base is vital for a growing business.
    • Organizational Structure: Learn how a well-organized wiki can streamline internal communication and facilitate information sharing.
    • Adaptability: Discover how wikis can be easily updated and adapted to meet the changing needs of your organization.
    • Knowledge Management: Gain insights into how a wiki can serve as a centralized repository for crucial company information, saving time and reducing redundancy.
    • Case Studies: Get real-world examples of companies that have successfully integrated wikis to facilitate growth and expansion.
    • Best Practices: Learn actionable tips for setting up and maintaining an effective company wiki.

    Register Now

    [ad_2]

    Entrepreneur Staff

    Source link

  • A Costco Gold Star Membership and $30 Digital Costco Shop Card for $60 | Entrepreneur

    A Costco Gold Star Membership and $30 Digital Costco Shop Card for $60 | Entrepreneur

    [ad_1]

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

    Entrepreneurs need to consider their budgets around every corner. Whether you’re figuring out household expenses or office expenses, it’s worth considering the value and savings you can incur by shopping wholesale. To help get you started, consider this one-year Costco Gold Star Membership and $30 Digital Costco Shop Card*, which altogether costs just $60.

    Costco is home to thousands of brand-name products and a breadth of merchandise designed to suit the needs of the everyday shopper. This offer is valid and available to new members and for members whose memberships have been expired for over 18 months.

    The Gold Star Membership allows you to shop at:

    • Costco Business Centers
    • Costco warehouses around the world
    • Costco Travel
    • Costco.com
    • Costco Gas Stations
    • Costco Hearing Aid Centers
    • Costco Optical
    • Costco Pharmacy

    The Costco Gold Star Membership can also get you in touch with all of the Kirkland Signature™ products available throughout Costco. And Costco is rated an impressive average of 4.8/5 stars by verified purchasers.

    Get this one-year Costco Gold Star Membership and a $30 Digital Costco Shop Card for just $60.

    Prices subject to change. *Services are provided to Costco members by third parties. *To receive a Digital Costco Shop Card, you must provide a valid email address at the time of sign-up. If you elect not to provide a valid email address, a Digital Costco Shop Card will not be emailed. Valid only for nonmembers for their first year of membership. Limit one per household. Nontransferable and may not be combined with any other promotion. New members will receive their Digital Costco Shop Card by email within 2 weeks of sign-up. Costco Shop Cards are not redeemable for cash, except as required by law. Digital Costco Shop Cards are not accepted at Gas Stations, Car Washes, or Food Court Kiosks. A Costco membership is $60 a year. An Executive Membership is an additional $60 upgrade fee a year. Each membership includes one free Household Card. May be subject to sales tax. Costco accepts all Visa cards, as well as cash, checks, debit/ATM cards, EBT and Costco Shop Cards. Departments and product selection may vary.

    [ad_2]

    Entrepreneur Store

    Source link

  • Fake News is Destroying Business — How Do We Beat It? | Entrepreneur

    Fake News is Destroying Business — How Do We Beat It? | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    “Fake news” is not just a buzzword. Beyond conspicuously ridiculous conspiracy theories and sensationalist headlines, fake news threatens the very foundations of our information ecosystem. The damage is real indeed: reputations are tarnished, businesses suffer devastating losses, and the line between truth and lie is blurred.

    But how do we even start solving the fake news problem? In the U.S., where legal constraints prevent false information from being removed from the internet, it seems like damage control and public calls for stricter regulations are society’s best shots at tackling the issue.

    The illusion of credibility

    The most troubling aspect of fake news is its uncanny ability to blend with genuine news content. False stories often mimic the format and style of reputable news outlets. Do you remember the story about Pope Francis allegedly endorsing Trump as a candidate for the presidency? While the piece originated on a satirical website, it spiraled out of control too quickly.

    When it comes to social media, the lines between truth and falsehood blur further. Anonymous blogs and vague communities are a fertile breeding ground for fake news. From QAnon conspiracies to unfounded health claims, misinformation finds refuge in the shadowy recesses of the internet, threatening to go viral.

    Related: How the ‘Death’ of Journalism Means More Accurate News

    The damage

    Fake news is often associated with dirty political games, but not just politicians are thrown under the bus of misinformation. Fake news has become a weapon of business competition where rivals use fabricated stories to sabotage competitors and take their spot under the sun. In most cases, however, it’s simply impossible to know who started a fake story – was it a rival or a random internet user?

    Once the news is out, it doesn’t matter anyway. From the false rumors about Lululemon’s see-through yoga pants causing stock troubles to the outrageous Pizzagate scandal that led to gun violence, fake news has shown it can cause real harm to both businesses and people.

    Related: Why Elon Musk and Other Tech Experts Are Worried About Artificial Intelligence

    The legal hiccup

    Addressing fake news within a legal framework is a challenge of its own. The First Amendment protects the freedom of speech and expression in the United States, and that covers the right to disseminate false or controversial information. Outlawing fake news could tread dangerously close to censorship and raise concerns about infringing on this fundamental right.

    On top of that, Section 230 of the Communications Decency Act provides immunity to internet platforms such as Google, Facebook and Twitter. In other words, these digital giants are protected from being treated as publishers of the information users provide, safeguarding them from lawsuits. This unique legal landscape in the U.S. allows social media and search engines to essentially ignore their role in spreading fake news and avoid legal repercussions.

    What does it mean for individuals and businesses that have suffered from fake news? In short – you don’t have many strings to pull. Often, fake stories come from anonymous sources, meaning there’s no one to file a defamation lawsuit against. When a defamatory post or article lacks clear authorship, pursuing legal action resembles chasing a ghost. In such cases, the targets of misinformation may try to sue the platform or outlet for negligence. However, these lawsuits can drag on for years, draining both the victim’s energy and pockets. All the while, reputations continue to erode, and businesses suffer.

    In the context of today’s cancel culture era, when people quickly turn against controversial brands and figures, fake news can seriously damage a person’s or a company’s reputation. Once your image is stained, it’s tough to bounce back, and it takes a lot of effort to recover from it.

    Related: 10 Hacks That Will Explode Your Brand

    PR in the fight against fake news

    Against the background of the legal hiccup with fake news, P.R. is probably the only asset businesses and public figures have at their disposal. P.R. experts help the misinformation victims craft well-thought-out response strategies to tackle fake news head-on. A good damage control P.R. campaign addresses misinformation with facts, data and transparency. It’s not just about mitigating the backlash – P.R. efforts build credibility over time, fostering trust among a brand’s customers and audiences.

    P.R. also comes in handy when cultivating strong, enduring relationships with stakeholders. These relationships serve as a shield against the corrosive effects of fake news. By maintaining open lines of communication with industry leaders, experts and influencers, a brand can quickly and organically rally support and credibility in the face of fake news, ensuring that trusted voices can vouch for the accuracy and integrity of their messaging.

    While PR doesn’t make people and companies bulletproof against misinformation and fake narratives, it equips them with the tools and strategies to effectively combat and mitigate the damage caused by this phenomenon.

    Related: How to Avoid the Danger Fake News Could Pose to Your Brand

    The call for stricter regulation

    Needless to say, legal adjustments to the current digital media reality should be made and made quickly. It is essential to protect freedom of speech and expression, but a balance must be struck to prevent the unchecked dissemination of fake news. Stricter regulations could compel social media platforms and search engines to take a more proactive role in curbing the spread of false narratives.

    How do we do it without compromising the fundamental principles of free speech? This is the question better addressed to the legal minds. In the meantime, we must remain vigilant and proactive, promoting media literacy, fact-checking and responsible online behavior as part of our collective effort to combat the scourge of misinformation.

    [ad_2]

    Irina Proskurina

    Source link

  • How to Use Data-Driven Marketing Strategies to Maximize Your Investments | Entrepreneur

    How to Use Data-Driven Marketing Strategies to Maximize Your Investments | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Explore the dynamic landscape of data-driven marketing and its transformative impact on businesses of all sizes and industries. From harnessing consumer insights to optimizing ad spend and driving engagement, this article delves into the strategies and technologies that empower modern marketers to thrive in the digital era. Discover how data-driven campaigns, including programmatic advertising, are revolutionizing the way brands connect with their audiences and achieve remarkable results.

    What is data-driven marketing?

    Data-driven marketing puts data at the heart of all marketing decisions with the goal of making every marketing effort relevant to a brand’s audiences, interests and behaviors. Consumer data determines which creatives will be used, which marketing channels the brand will select, and how those creatives will be presented.

    As opposed to listening to input from in-house teams such as finance or product development, data-driven marketers prioritize insights gained from actual customers. Their goal is to optimize each aspect of their strategy for consumer connection.

    Related: 10 Elements of a Successful Data-Driven Marketing Strategy

    The impact of data-driven marketing

    Leading brands have been using data-driven marketing for a few years to great effect. Just five years ago, those brands were in the minority. A 2018 study by Boston Consulting Group (BCG) found only 2% of businesses qualified as ‘best-in-class’ at data-driven marketing. However, these few were rewarded with up to 20% more revenue and 30% more cost savings compared to their competitors.

    Since then, the pandemic disrupted virtually every industry. As customer behaviors changed rapidly, older data-driven models were no longer working. As a result, some brands reverted to mass marketing while others doubled down on targeting and tried an even more precise approach, according to marketing specialists at McKinsey & Co.

    Over the past two years, consumer behavior has shifted, retaining some of the pandemic-induced changes but also starting to become more predictable once again. Consequently, brands are adapting their marketing strategies.

    A 2023 survey by Hubspot showed that far more brands are now using a data-driven approach. 36% of marketers confirmed that data was essential for understanding customers. 32% believed that investing in data gathering boosted ROI.

    Related: Your Data-Driven Marketing Is Harmful. I Should Know: I Ran Marketing at Google and Instagram

    Harnessing consumer insights

    So, how can brands use data to maximize ROI?

    Harnessing consumer insights to inform campaign planning and implementation is one of the most effective ways to increase ROI. Brands can gain those insights by analyzing consumers’ behaviors, opinions and thoughts and encouraging consumers to share real experiences with a brand.

    Encouraging customers to share online reviews, distributing surveys or analyzing social media comments can all be part of a brand’s approach to data collection. While not all feedback may be positive, each piece of information gives the brand team a concrete insight into the consumer’s mind.

    These insights remove any guesswork from decisions relating to marketing campaigns, prioritizing one product over another and targeting the most promising audiences with campaigns.

    Driving consumer engagement

    Before digital marketing channels revolutionized how brands connect to their audiences, marketing could be seen as a one-way street of brands talking to audiences. Today, consumer engagement has become one of the essential ingredients of successful marketing.

    Social media platforms are ideal for real-time consumer engagement. They give brands unparalleled access to consumers in a natural environment instead of a focus group, for example. The most successful brands in this area understand what type of content drives engagement the most and deliver this type of content to their audience.

    Related: 9 Cool Ways You Can Use Data-Driven Marketing to Gain Customers

    Optimizing ad spend with programmatic advertising

    Maximizing ROI from digital ads is another item high on the priority list of marketing teams. Effective media buying is one of the keys to this, but it is also a strategy that has traditionally been time-consuming, involving requests for proposals, tenders, negotiations and quotations.

    Programmatic advertising is starting to change this. In simple terms, programmatic advertising uses automation and algorithms to streamline media buying. Software takes over instead of a human buyer choosing or bidding on digital advertising space. Website and social media traffic data, information about consumer behavior, demographics and other contextual data support the software’s purchase decisions.

    Using this procedure, brands can target their audiences more precisely and cost-efficiently. The success of this approach is reflected in the growing programmatic advertising spending across the United States. Experts believe that spending is set to increase from $127 billion in 2023 to $168 billion in 2024.

    Brands can use this approach to optimize their campaigns in real-time based on the feedback received by the software. It is an excellent opportunity to enhance a campaign’s ROI.

    Applying programmatic advertising in practice

    If that sounds a little too technical, here are two examples to bring programmatic advertising to life.

    1. Dynamic Creative Optimization. Even if you have not heard of dynamic creative optimization, it has almost certainly targeted you. Assuming you searched for flights to a tropical island. A resort chain on that island then uses DCO to present personalized accommodation adverts in that destination. As you continue browsing, you see more of their adverts. The content changes dynamically, displaying updated prices and limited offers to convince you to book a vacation.
    2. Retargeting Abandoned Shopping Carts. Potential customers abandoning orders can be a significant problem for eCommerce businesses. Programmatic advertising allows those businesses to place adverts in front of you, reminding you to complete your purchase. Sometimes, brands may even offer incentives to persuade consumers to pick up where they left off.

    Conclusion

    Data-driven marketing allows brands to target consumers more precisely than ever before. As digital marketing and advertising platforms continue to evolve, data collection and analysis must adapt to new environments and circumstances. One thing is clear: few brands, if any, will thrive without solid data-driven marketing practices. Start putting yours in place now!

    [ad_2]

    Jessica Wong

    Source link

  • How Pivoting Saved My First Business From Failing | Entrepreneur

    How Pivoting Saved My First Business From Failing | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is like setting sail into uncharted waters, and the initial excitement can often be met with unforeseen storms. I relate my experiences as an entrepreneur who, teetering on the edge of adversity, made a critical decision to pivot.

    From grappling with market dynamics and culture to reimagining the very essence of my business model, this journey stands as a testament to the vital role that adaptability plays in the challenging world of business.

    Related: The Pivoting Playbook: How To Successfully Turn Adversity Into Opportunity

    Our business model

    In 2016, I started a venture in the UAE, together with my co-founder. Our experience in education and educational management totaled around 50+ years in the Middle East, and we were adamant about reshaping the tutoring landscape in Saudi Arabia. We came up with the idea to centralize the tutoring landscape, as it was, at the time, scattered. Every traffic light you would stop at would have dozens of pieces of paper stuck onto it with the names of teachers, their phone numbers, subjects taught and hourly rate.

    So, we created an app that allowed parents to “order” their teacher and slot in a session at their convenience. The teacher would then be “delivered” to the home of the customer using the Uber model, and the session would then be delivered and paid for after completion. We decided to start with B2C, create a buzz, and then on the back of that, enter the B2B market.

    Marketing

    Our sales team traveled around the country, hitting the malls, educational institutions and pretty much anywhere people would gather in order to show the concept, get feedback and close clients. The campaigns were moderately successful, and we managed to close several clients on the spot, collect feedback and make small amendments to our services accordingly. This not only gave us proof of concept, but it also helped us identify any issues that we might have overlooked in terms of the practicality of our business model.

    The launch

    After we had generated interest through our presence, not only on the ground but also through our online marketing efforts, we were ready to officially launch our project. The expectations were high based on the legwork we had put in and the results it generated for us. However, despite all our initial efforts, when we officially launched … crickets!

    My co-founder and I were utterly baffled; how could it be that despite our data telling us that we were clearly onto something, the market didn’t react as we had expected it to? The answer was … culture!

    Related: 5 Ways Your Brand Can Pivot to Thrive in Uncertain Times

    The problem

    2016 was right before the online app surge in Saudi Arabia, and although people were very interested in the idea during our marketing campaigns, and many clients signed up on the spot, the idea of having a stranger come to your home and teach was met with apprehension by the people at the time (now, in 2023, this has changed dramatically).

    The pivot

    So, because we had our product ready, our teams in place and our consultants ready to commence, we adapted our business model and turned to the corporate sector. I put on my work boots, went completely old-school and started knocking on doors. With my laptop in hand, I was selling our services to anyone who cared to listen. I approached the larger corporations in the MENA region, and it turned out to be an immediate success!

    In no time, we had training contracts with the likes of IKEA, STC, The Ritz Carlton, and even Souq.com (now acquired by Amazon). And before long, we were able to close country-wide long-term agreements with several of them.

    Related: The 4 Secrets to a Successful Pivot

    Lessons learned

    The reason we were able to turn our B2C model into a B2B success was that the corporate landscape was already used to bringing in consultants for various corporate training sessions, which made entry to this market a breeze for us. Now that we were generating income, we utilized the customer base of the larger corporations to offer our B2C services through employee-loyalty programs they had with their customers. This helped us overcome the cultural barrier, as we were now not “a stranger” coming to the client’s home, but a legit partner of the brand they already trusted.

    As entrepreneurs, once we think that we have an idea that can be revolutionary in a certain market, we often go all-in expecting the market to respond as we would like it to. In my case, we were able to pivot and turn it around by hitting the B2B market first, then reverse engineer and turn to then still be able to enter the B2C market and be successful. However, I am sure that there are many situations where an entrepreneur was not able to pivot and had their brilliant idea go bust. So, make sure that in your business model, you leave room for the possibility to pivot, giving your business idea a second chance to survive.

    [ad_2]

    Serge Antonie

    Source link

  • How a Bad Billing Descriptor Can Cost You | Entrepreneur

    How a Bad Billing Descriptor Can Cost You | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

    Bad billing descriptors can cost you

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

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

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

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

    Why is this a big deal?

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

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

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

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

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

    Dynamic billing descriptors could be the answer

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

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

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

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

    [ad_2]

    Monica Eaton

    Source link

  • Goldbelly’s Founders Bet on Foodies, And It Paid Off Big Time | Entrepreneur

    Goldbelly’s Founders Bet on Foodies, And It Paid Off Big Time | Entrepreneur

    [ad_1]

    Goldbelly co-founder and chief product officer Vanessa Ariel grew up in Venezuela and moved to the U.S. when she was 18, so she’s well-acquainted with “food nostalgia” — the hankering for a favorite dish that can’t be found where you are. In Venezuela, “Our no. 1 comfort food is an arepa,” Ariel tells Entrepreneur. “An arepa is so comforting that you eat it for breakfast, lunch and dinner. You can stuff it with meat, you can stuff it with veggies, you can stuff it with cheese, it doesn’t matter. You can eat this at 3 a.m. — you can eat it at 3 p.m. And it is incredible.”

    Her husband and co-founder, Joe Ariel, was familiar with food nostalgia too, in a different way. Born and raised in New York, he attended college in Nashville, and when he returned to his home state, he couldn’t find the Southern cuisine he’d come to love. “We were dating at the time,” Ariel recalls, “and he would always talk about these foods and how he would pay anything to get these foods here so that I could try them. So it went from this beautiful, What if we could do this? to making it into a reality.”

    “It felt like a very ambitious idea,” Ariel adds, “but also like the future.” The duo was confident a platform of its kind would exist one day — so why not be the ones to make it happen?

    Back then, in 2012, Ariel didn’t necessarily make the connection between her and Joe’s experiences of missing their favorite foods. But more than a decade after they and co-founders Joel Gillman and Trevor Stow began building the business that would grow into a food-delivery platform with nationwide reach and millions of customers, she acknowledges the parallel — and sometimes finds it hard to believe that their big dream turned into an even bigger success. To date, Goldbelly has raised $133 million and boasts more than 1,000 restaurants on its site.

    Related: 15 Strategies for Quickly Expanding Your Business | Entrepreneur

    One restaurant on the platform that hits particularly close to home is Doggi’s Arepa Bar based in Miami, Florida. “There’s never a time that I have an arepa that I don’t cry,” Ariel says. “One hundred percent of the time, I cry. It reminds me of my home, of my parents, of my grandmother who made me arepas every single day. And so, for the first time, I was able to experience this food nostalgia just through one of my own foods that I grew up eating, which I never had the opportunity to do until now.”

    It’s Hispanic Heritage Month (September 15-October 15), and Goldbelly is celebrating with a collection featuring acclaimed Hispanic chefs and food makers “shipping unforgettable restaurant experiences to your door” — now and year around. Food Network star Aarón Sánchez of New Orleans-based Johnny Sanchez, Chef Arnaldo Richards of Houston-based Picos Mexican Restaurant and Fany Gerson of Brooklyn-based La Newyorkina are among some of those highlighted.

    “I got a lot of inspiration from the fashion industry, which photographs items in such a beautiful, aspirational way.”

    Goldbelly’s road to success wasn’t always smooth, but the business got an early break when it was accepted into Y Combinator in 2013. Goldbelly had already gained some traction, “but Y Combinator [created a] support system for us,” Ariel says. “It made it feel less lonely to be entrepreneurs. We were paired with other people that were building companies in different industries that were facing similar challenges. So we got to learn from conversations that we were having with our peers.”

    The funding from Y Combinator allowed Ariel to quit her job and work on the startup full-time. With a background in UI/UX design, branding and ecommerce, she had a clear vision for a marketplace where people could order the best foods to be shipped nationwide. But she also recognized a significant problem from the start: To work, the platform “needed to be a visual experience” — yet most restaurants didn’t have photography fit for Goldbelly’s purposes.

    Related: 7 Ways to Improve Online Engagement With Visual Content

    “Most restaurants had photos of their dishes that just came out of the oven, that were styled at their restaurants, that had all of this dishware, or stuff that was not really polished or aspirational,” Ariel explains. “But I got a lot of inspiration from the fashion industry, which photographs items in such a beautiful, aspirational way. They show you how to wear it. They show you how to include it in your daily life.”

    Image Credit: Courtesy of Goldbelly. Testing photography in the early days.

    It took a couple of years to strike the perfect balance and “tell the right story,” which gave people an accurate picture of what they’d receive, didn’t make Goldbelly look like a recipe site and kept everything aspirational. At the time, it was challenging to depict assembly (but not cooking), though the practice is common within the growing meal-kit industry today, Ariel says.

    “We weren’t the most convenient. We weren’t the cheapest. But what we are and have always been is the best.”

    When the co-founders returned to New York, another hurdle awaited them: pitching investors. With the vast array of cuisines available in the city, it was difficult for some of them to see the value in Goldbelly’s offering. The company doesn’t limit food options based on location and reduces the friction and complexity of ordering out of state.

    “Our sweet spot is focusing on the foods people love the most,” Ariel says. With just a few clicks, customers can order pizza from Lou Malnati’s in Chicago or smoked brisket from Terry Black’s Barbecue in Austin and find them at their doorstep courtesy of FedEx or UPS in a matter of days. But the service isn’t inexpensive either; the Terry Black’s offering comes with four to five pounds of brisket and costs about $250.

    Image Credit: Courtesy of Goldbelly. Bartolini’s Pizza.

    Related: Are You Reducing Friction For Your Sales Team? If Not, Here’s Why.

    “[New York investors] thought about it as a commodity business,” Ariel explains. “They were thinking about food delivery, like how to get [it] to you. The nearest, fastest [delivery] to your office or home. And we were so the opposite of that: We weren’t the most convenient. We weren’t the cheapest. But what we are and have always been is the best.”

    Goldbelly’s growth over the years has proven its model, but perhaps the greatest testament to its necessity and success came during the pandemic when customers craved the comfort their favorite foods could provide and restaurants struggled to maintain revenue. At the time, Goldbelly “was bursting at the seams on the customer side and the merchant side,” Ariel recalls. The company gained a million new customers in 2020 and saw annual sales jump 300% compared to 2019.

    “We want to help you discover a dish that you never knew existed, through something else that you already love and that you’ve been in your entire life.”

    Next up? Goldbelly plans to use AI to recommend foods and help people find new favorites, taking inspiration from music streaming services like Spotify.

    “Music and food are very similar in the sense that it’s through food and music you can relive a moment, celebrate something, that you can [create] a mood, show someone affection,” Ariel explains. “Music streaming services have [broken open] the discovery experience. That is something that can be directly applied to food. So we are experimenting with AI to help people find foods from their past. We want to help you discover a dish you never knew existed through something else you already love and have your entire life.”

    Related: JPMorgan’s Jamie Dimon Says AI Leads to 3.5-Day Work Week

    Image Credit: Courtesy of Goldbelly.

    And once people reconnect with foods from their past, Goldbelly’s there to make them easy to enjoy. Just consider Ariel’s beloved arepas: They’re delicious, but putting them together can be “intimidating,” she says — and it’s “the combination of ingredients that makes an arepa special.”

    “The fact that I can go to Goldbelly and get a kit that gives me the exact kind of meat that is shredded the way it needs to be, that is seasoned the way it needs to be, the exact kind of cheese, the exact kind of beans that my grandmother [made], the fact that I can get this in a kit, I cry every single time,” Ariel says. “And I know this kit wouldn’t exist had we not come up with this company.”

    [ad_2]

    Amanda Breen

    Source link