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Tag: Growth Strategies

  • 5 Tactical Tips to Grow Your Brand | Entrepreneur

    5 Tactical Tips to Grow Your Brand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I was obsessed with bullwhips as a kid. Who wouldn’t want to be Indiana Jones? Unfortunately, the first time I managed to get my hands on one, I accidentally whipped myself in the face. While a bullwhip might not be the best toy for kids, it is the perfect analogy for how your business structure and its functional groups should interact.

    Image credit: Jasmine Holmes

    Let’s dig into the mechanics of the whip

    Whips generate force using the momentum (energy) of a loop traveling along a tapered strip of leather. As it travels, the energy is focused on an ever-narrowing structure. This amplifies the energy to drive the tip to over 30x faster than the initial motion in the handle. That telltale “crack” of the whip is a small sonic boom. Isn’t it crazy that 2,000 years ago, man was able to break the sound barrier with just a strip of leather? Over 1,900 years passed before scientists could mechanically reproduce it!

    Image credit: Jasmine Holmes

    Related: 5 Marketing Strategies That Will Boost Your Business

    How does this relate to your marketing structure?

    In many organizations, marketing is the most operationally challenging division, containing many complex issues. The best marketing structures are smooth, sleek and have results that break the sound barrier, regardless of what season, campaign or product is being marketed. To understand how to achieve that satisfying crack in the market, let’s go back to the start … the hand.

    The hand of the brand steward holds the whip. Traditionally, the brand steward was the CMO, with a singular focus on marketing. In startups, it is usually the founder. However, in progressive organizations, it’s the Chief Growth Officer. A CGO is a catalyst for cross-functional collaboration and sustainable growth while the marketing whip acts as an extension of the brand itself. So, when the brand steward brandishes the whip, the brand’s power and influence travel through each section, guiding all strategy and movement in the same direction.

    The whip handle can be compared to the brand itself, where management, market equity and brand fundamentals are stored (including brand ideology, identity, market positioning and culture). This is where brands establish a market presence, cultivate consumer perception and attract their target audience. With just the slightest movement, the brand steward inputs energy into the handle, which travels down the whip, amplifies and creates a loud crack in the market.

    The functional groups are the body (or thong) of the whip, through which the brand’s energy flows, amplifying in speed and power while traveling from group to group. Like strands in the whip, the groups weave together to support each other, maintaining the perfect balance to allow for creativity and productivity. Most importantly, they strengthen the entire structure. If one strand breaks, there’s no chance of making a loud crack. These groups are teams like sales, finance, creative, communications, trade marketing or any team that contributes to your go-to-market. Like bullwhips, better materials (i.e., your team’s skillset), get better results.

    Image credit: Jasmine Holmes

    The hitch is where the body of the whip gets thinner — the motion getting faster and faster until product launch — and all the efforts of the functional groups get focused into sales tools. Logistically, this can be extremely complex and time-consuming, with trade marketing teams having the least amount of time to execute their work. If trade, event and digital marketing fail, all previous work done by the functional groups above is null and void. Without sales tools, the brand and its ambassadors are dead in the water.

    The fall is where all marketing has been delivered in the form of sales tools into the digital and brick-and-mortar marketplaces. It’s the thinnest part of the whip, traveling at the fastest speed, with the most urgency behind it. Sales tools are designed to attract and engage the target consumer, including things like sales promotions, social media, custom art, POP, signage, displays and more.

    The popper is the intended effect: converting the target consumer! For a consumer brand like Nike, it’s the sale of their new line of shoes. For a non-profit, it’s donations. Sales tools should guide consumers towards the product and ultimately win the sale, creating that loud crack in the market. Each successful whip-crack adds value to the brand, making the next one faster and louder.

    If you listen to the echoes (sonic boom) of the whip crack, it’ll provide an inordinate amount of data and feedback on what was successful and what wasn’t. Those holding the whip should learn something new each time that contributes to their next GTM cycle — otherwise, they’re destined to make the same mistakes over and over.

    After the crack, the hand of the brand steward needs to follow through with the motion, (so they don’t end up whipping themselves in the face). This means taking post-sale action on the consumer, operational data, issues and market feedback received from the product launch, thereby readying the whip for the start of the next cycle.

    Image credit: Jasmine Holmes

    Related: How Collaboration Makes All Departments Revenue Generators

    Tactical takeaways

    One: Ensure the person holding the whip has a holistic understanding of your organization, with the ability to align departments and create sustainable growth.

    Two: Be confident in your brand’s vision and values. Make sure the brand is at the core of every functional group so all teams pull in the same direction with easy cross-collaboration.

    Three: Maintain a balance of skill and technicality between functional groups. Backfill any weak teams with the correct talent, education and tools.

    Four: Overcome tricky logistics with automated, streamlined pipelines to avoid bottlenecks.

    Five: Observe, analyze and act upon all insights, feedback and market data gained from cracking the whip.

    The best structures have clearly organized operational data and a defined automated process that produces smooth pipelines. It’s clear that the future of marketing begins with a system designed to streamline cross-collaboration, glean optimized insights from embedded metadata and enable instantaneous decision-making with purpose-built tools. You want people to hear the “crack” from miles around, and the sound should increase in volume and travel a further distance every time you brandish the whip. Get crackin’!

    Related: Ditch Those Silos! 3 Ways to Embrace Cross-Departmental Relationships

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    Jamie Calon

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  • The Shortage of Tech Workers Can Be Solved By Hiring From This Region | Entrepreneur

    The Shortage of Tech Workers Can Be Solved By Hiring From This Region | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A peak in the tech job market is coming. The migration and technological adoption that almost all the US industrial sectors undertook due to the pandemic has overstretched the available STEM talent pool in the United States. Tech workers’ wages have skyrocketed for some time due to the labor shortage.

    A close, competitive, and viable ally

    Reports and articles abound confirming growth in demand for STEM jobs linked to the industrial digitization goals of US companies. According to the U.S. Bureau of Labor Statistics, occupations such as Data Scientists, Information Security Analysts, Statisticians, or Web Developers are among the five fastest-growing jobs for the next decade (2021-2031). But domestic talent is not sufficiently available, and employing foreign workers can generate a significant administrative burden for companies. So, hiring engineers and data scientists based in Latin America can be a much simpler, more viable and more profitable alternative than importing talent from other parts of the world.

    First, the geographical factor is important since Latin American countries have time zones similar to the US, which can improve the coordination of work teams. Also, Latino engineers who graduated from regional STEM faculties are of top-notch quality. According to the 2022 QS World University Ranking list, the University of Chile, the Pontificia Universidad Católica de Chile, the UNAM in Mexico, and the University of São Paulo in Brazil are all producing high-caliber talent.

    Although there is no accurate census, according to data consulted from Brazil, Mexico, Chile, Argentina, and Colombia, an estimated 165,000 to 220,000 engineers graduate annually from these universities.

    Related: Why Entrepreneurs Are Looking Towards Latin America for Nearshoring Opportunities

    How to access that talent?

    The impact of COVID-19 in all industrial sectors revealed opportunities in the labor dynamics of which teleworking is here to stay—85% of IT divisions consulted by Deloitte plan to be hybrid or fully remote. However, 82% of US companies could not complete digital transformation projects in the past year due to a lack of resources and skills.

    The pandemic positively impacted the modernization of remote contracting and payroll administration platforms. Although there are specificities for different countries, there are generally three viable options for hiring remote talent: As an independent contractor, through a local employer (EOR), or via opening a company subsidiary in a specific country.

    Some platforms specialized in accelerating these processes are strategically located in Mexico, Brazil, Argentina, or Peru, such as Skills.tech, Revel or Baires. Those companies and others offer candidate filtering services, skills verification, team management, recruitment laboratories and continued talent education, among other features.

    Related: 4 Tips for Hiring Employees No Matter Where They’re Located

    Two potential drawbacks

    Firstly, companies seeking to outsource talent (of any kind) should include Diversity, Equity, and Inclusion (DEI) policies in their work culture. This concept is critical because Latino workers might quickly leave their employers if they do not feel represented or included. This often happens regardless of the team they work with or the professional challenges they face.

    Another factor to consider is language. Latin America is not particularly known for having the best English literacy in the world. According to the English Proficiency Index de EF (EPI), only Argentina is listed as having at least a “high” English proficiency among Latin American countries.

    The good news is that there is a direct correlation between work experience and the level of English. Better yet, the same EPI recognizes that, as a result of the pandemic, English in Latin America seems to have improved exponentially compared to the rest of the world. The scores show an increase of 16 points compared to the average increase of 3 points for the rest of the world.

    Related: Interested in Starting a Business Overseas? Keep These 5 Things in Mind

    Conclusion

    Having the most qualified people is key to competitiveness and growth for most businesses. Hence, US companies have been competing to attract and retain IT professionals. The current demand and shortage of professionals pose a unique and timely opportunity for Latin America, and several startups are starting to capitalize on this opportunity.

    While directly hiring foreign workers is an option for some companies, leveraging remote talent via service providers can present a simpler and more profitable alternative. The time zones of the USA are similar to those of Latin American countries, and the population of engineers is motivated and well-educated.

    With special attention to remote and DEI policies, Latin American talent can provide an unparalleled competitive advantage for US companies seeking tech workers.

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    Roland Polzin

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  • Why Prioritizing Soft Skills in New Hires Is Crucial In The Modern Workplace | Entrepreneur

    Why Prioritizing Soft Skills in New Hires Is Crucial In The Modern Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Soft skills are the personal qualities that enable an individual to communicate effectively, work well in a team, and adapt to changing situations. In today’s modern workplace, soft skills have become increasingly important, not just for individual success but also for the organization’s overall success.

    Soft skills like adaptability and problem-solving are particularly important in today’s fast-paced, constantly changing work environment. Strong soft skills can also enhance an individual’s career prospects, leading to greater success in their chosen field.

    This article will discuss the importance of soft skills in the modern workplace, both for profitability and company culture.

    Related: Attracting and Retaining Customers and Employees Comes Down to These Two Skills

    What are soft skills?

    Soft skills are the personal attributes and traits that allow one to effectively communicate and connect with colleagues, friends and coworkers. These skills include emotional intelligence, leadership, communication, problem-solving, adaptability, time management, teamwork and conflict resolution. Soft skills are essential to succeed in today’s modern workplace, where collaboration and communication are increasingly important.

    Related: How to Acquire Soft Skills and Measure Them Successfully

    Why are soft skills important in the modern workplace?

    Soft skills are essential in the modern workplace and play a significant role in the organization’s success. Here are a few reasons why soft skills are important:

    1. Improved teamwork and collaboration. One of the primary reasons why soft skills are essential in the modern workplace is that they improve teamwork and collaboration. Effective communication and collaboration are critical for the success of any organization. Employees with strong soft skills can communicate and work well with others, leading to better collaboration and teamwork.
    2. Increased productivity. Soft skills can also lead to increased productivity. Employees with strong time management skills can manage their workload more effectively, leading to higher productivity levels. Effective problem-solving skills can also lead to faster resolution of issues, allowing employees to focus on other tasks.
    3. Better customer service. Soft skills are essential in customer-facing roles, where employees interact with customers directly. Employees with strong soft skills, such as communication and emotional intelligence, can provide better customer service, increasing customer satisfaction.
    4. Improved company culture. Soft skills can also contribute to a positive company culture. Employees who have strong soft skills are more likely to be engaged, motivated, and productive, leading to a positive work environment. This positive culture can help attract and retain top talent, leading to long-term success for the organization.

    Related: The 10 Unique Soft Skills Employers Desire in New Hires

    Why should managers prioritize soft skills during the hiring process?

    Given the importance of soft skills in the modern workplace, managers must prioritize these skills during the hiring process. Here are a few reasons why:

    1. They are hard to teach. Soft skills are personal attributes, and they are often challenging to teach. While technical skills can be learned on the job or through training, soft skills are harder to develop. By prioritizing soft skills during hiring, managers can ensure they hire employees with these critical attributes.
    2. Soft skills are essential for success. As discussed earlier, soft skills are essential for success in the modern workplace. Employees with strong, soft skills are more likely to be productive, engaged and collaborative, leading to better overall organizational performance.
    3. Soft skills contribute to company culture. Hiring strong soft-skill employees can also contribute to a positive company culture. These employees are more likely to be engaged and motivated, creating a positive work environment. This positive culture can help attract and retain top talent, leading to long-term success for the organization.
    4. They improve team dynamics. Hiring employees with strong soft skills can also lead to improved team dynamics. These employees are likelier to work well with others, leading to better collaboration and teamwork. This can improve the overall performance of the team and the organization.

    Related: 4 Soft Skills You Need to Improve Your Career

    Conclusion

    Soft skills are essential in the modern workplace, and they play a significant role in the success of the organization. An organization full of soft-skilled employees will run and communicate like a well-oiled machine. Managers can save themselves many future heartaches if they prioritize soft skills during the hiring process to ensure that they hire employees who already possess these critical attributes.

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    Jigar Thakkar

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  • Why More Founders Should Think Like Hackers | Entrepreneur

    Why More Founders Should Think Like Hackers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Who would know better about protecting a complex system from exploitation than a gifted hacker tasked with destroying it?

    That is how the now decades-old cottage industry of white-hat hackers continues to thrive across sectors in tech development. For those unfamiliar, a “white hat” refers to an ethical security hacker, typically hired by companies or governments to identify security vulnerabilities in a system or software. These hackers operate under the owner’s consent to test out many attacks against programs or even entire infrastructures to uncover potential exploitations before someone more nefarious reaches it.

    Despite its legal ambivalence, white hats are still commonly used as a high-intensity stress test, specifically in cybersecurity. More recently, “white hat” has become a marketing term used to launch products created by individuals with a past in more unscrupulous hacking circles —repurposing their skills to create a product or program of superior, “hacker-proof” quality.

    Related: Be Afraid! 8 New Hacks From the Black Hat Conference That Should Scare You.

    But the concept of a white hat or products created by a benevolent troublemaker has fallen out of style in many mainstream fields of tech development. Now, any tech entrepreneur is a free agent to whichever tech trend happens to be in vogue, and “disruptors” is a hollow buzzword deployed by startup marketing teams.

    Just look at how many projects and funds have pivoted back to AI now that the industry is reaching new heights of innovation and adoption. Trends drive funding and growth in any industry, but it becomes increasingly apparent when leading funds and investors radically change the projects they back, and every other accelerator follows suit to ride a wave. It creates an environment where worthy projects might miss out on valuable funding or attention because their industry isn’t in a trendy tech investment listicle.

    With that in mind, do entrepreneurs and investors have the wrong mindset when exploring certain tech sectors?

    Part of the charm of white hat security comes from adopting a new perspective on a seemingly taboo or illicit part of tech culture and communities. It’s a real-life example of keeping your friends close but your enemies closer. But with so many tech entrepreneurs and VCs chasing trends, it’s harder for other parts of tech to escape being overlooked.

    Some might argue the taboo parts of tech culture have nothing that might benefit mainstream adoption. This argument is understandable, considering how underground tech fixtures are either built to be exploitative or harnessed for unsavory purposes. Reframing fringe developments for other uses may look like an endorsement or put projects in a morally grey area.

    That being said, tech entrepreneurs and investors historically don’t have a problem with being in the grey when it comes to backing projects or entire sectors. Case in point: Bitcoin and crypto, in general, were perceived as a tool for overtly criminal activity, such as buying drugs on the dark web.

    Related: Why 2023 Might Be The Year of the Crypto Underdog

    The dark web is probably one of the murkiest parts of the internet, yet many everyday users don’t actually understand what it entails. The dark web allows private computer networks to communicate and transact completely anonymously by hosting internet content through highly-guarded overlay networks that can only be accessed through specific software or authorization. This kind of technology could be highly beneficial if it wasn’t infamously associated with terrorism, child exploitation and other forms of violence.

    Polls repeatedly show Americans don’t like government and corporate surveillance. And even Westerners who aren’t as concerned about companies like Meta and Google tracking their internet activity understand the value censorship resistance offers activists and journalists seeking to share information under totalitarian regimes.

    But most entrepreneurs wouldn’t even consider repurposing the dark web’s technological underpinnings due to its reputation. A white-hat mentality, for example, could be enormously beneficial in trying to keep the good in the dark web while finding ways to mitigate or even eliminate the bad.

    tomi, an anonymous project that claims to be led by crypto-industry leaders, has taken this approach in building its own alternative internet network. The idea is to ensure the free flow of information without government or corporate surveillance and prevent violence and illicit activity via tomiDAO, its community-led governance model.

    Related: The Metaverse Might Not Be Relevant Anymore, But AR Will Still Transform Industries

    Even AI has already been utilized for disreputable purposes. AI-based facial recognition has landed companies in hot water for illegal usage, not to mention the controversy caused by deepfakes and data privacy being compromised by generative AI. Yet there are few convincing arguments to completely abandon AI for benevolent reasons because it’s being used for dubious purposes.

    Innovation can often come from the most unlikely places, but adopting a trend-focused or narrow-minded approach to tech development will cause entire sectors to be discarded or pushed further to the sidelines. If we want to see more white hat-style development that creates the most interesting and generous tech products possible, it will require entrepreneurs and investors to shift their perspective. While not every seedy sector of tech has a hidden treasure trove of use cases waiting to be discovered, it would be worthwhile to look at the perimeter to at least examine how certain technologies can be used to benefit everyone.

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    Ariel Shapira

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  • ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

    ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

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    From Pinky Cole to Gabby Bernstein, we asked ten people with devoted, lucrative followings to share the most unexpected takeaways from their wild and winding journeys of building personal brands.

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    Liz Brody, Jason Feifer, and Britta Lokting

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  • When to Ask Your Hybrid Employees to Come into The Office | Entrepreneur

    When to Ask Your Hybrid Employees to Come into The Office | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Hybrid employees don’t hate the office — they hate commuting to it, surveys show since for many commuting takes over an hour per day and costs many thousands of dollars per year. And peer-reviewed studies find clear associations between longer commuting times and worse job satisfaction, increased stress and poorer mental health.

    Given that data, when I consult for organizations on determining hybrid work arrangements for their employees, a primary consideration involves minimizing staff commuting time. That means using data-driven methods to determine what endeavors offer the best return-on-investment for in-office work to make them worth the commute. Then, we develop a communication strategy to convey the value of these face-to-face tasks to hybrid employees, so as to get their buy-in on coming to the office for such high-impact work pursuits. In turn, we convey a commitment to minimizing their time spent in traffic by bunching as many activities requiring face-to-face presence together as possible. Doing so helps improve hybrid employee retention, engagement and morale while reducing burnout.

    What kind of work should hybrid employees do at the office?

    The large majority of hybrid employee time is spent on individual tasks, such as focused work, asynchronous communication and collaboration, and videoconference meetings, which are most productively done at home. There’s absolutely no need for employees to come to the office for such activities. Still, the office remains a key driver of value for high-impact, lower-duration activities that benefit from face-to-face interactions.

    Intense collaboration

    Intense collaboration involves teams coming together in person to solve problems, make decisions, align on strategy, develop plans, and build consensus around implementing ideas they brainstormed remotely and asynchronously. Face-to-face interactions allow team members to observe each other’s body language, picking up on subtle cues like facial expressions, gestures, and posture that they may miss when communicating remotely. These nuances carry much more weight during intense collaborations.

    In addition, in-person interactions facilitate empathy, which helps teammates build and maintain a sense of mutual trust and connection. Such bonds can be strained during intense collaboration, making it valuable to have intense collaboration take place in the office.

    Finally, the office creates a context that facilitates collaboration through meeting rooms with whiteboards, easel pads, and other relevant tools. This collaboration-conducive setting takes employees out of their regular state of mind and helps them inhabit a different mental context, enabling them to switch gears and be more cooperative and inventive.

    Challenging conversations

    Any conversation that bears the potential for emotionality or conflict is best handled in the office. It’s much easier to read and address other people’s emotions and manage any conflicts face-to-face, rather than by videoconference.

    That means any conversations that have performance evaluation overtones should rightly occur in the office. The content might range from weekly 1-on-1 conversations between team members and team leads that assesses how the former performed for the last week and what they will do next week, to a quarterly or annual performance review. Similarly, it’s best to handle in-person any human resource concerns.

    Another category of challenging conversations that belong in the office: conflicts that started remotely and couldn’t be settled there easily. My clients find that getting the antagonists to sit down and hash things out in person works wonders for the vast majority of disagreements.

    Cultivating team belonging and organizational culture

    Our brains are not wired to connect and build relationships with people located in small squares on a videoconference call, they’re wired to be tribal and connect with our fellow tribe members in face-to-face settings. In-person presence thus offers an opportunity to build a sense of mutual trust and group belonging that’s much deeper than videoconference calls.

    And let’s face it: Zoom happy hours are no fun, at least for the large majority of participants. While it’s possible to organize fun virtual events, it’s much easier to do such activities in person.

    As a result — whether at the level of small teams, mid-size business units, or the organization as a whole — in-person activities offer the opportunity to create a sense of group cohesion and belonging. They can involve simply socializing, but also some combine with intense collaboration in the form of strategic planning. For example, one of my clients, the University of Southern California’s Information Sciences Institute, organized retreats at both group and division levels to facilitate both a sense of belonging and a stronger strategic alignment.

    In-depth training

    A survey by The Conference Board reveals the key role of professional development for employee retention. While online asynchronous or synchronous education may suffice for most content, face-to-face interactions are best for in-depth training, by allowing trainees to engage with the trainer and their peers more effectively.

    Physically present trainers can “read the room,” noticing and adjusting to body language and emotions expressed by trainees. In turn, peer-to-peer learning helps create a learning community that builds trust and facilitates mutual understanding and retention of information by adult learners. And the physical props and spaces available for in-person learning facilitate a deeper and more focused level of engagement with materials.

    Mentoring, leadership development and on-the-job training

    Whether integrating junior staff and providing them with on-the-job training, mentoring and coaching current staff, or developing new leaders, the office provides a valuable venue for such informal professional development.

    If team members are in the office, mentors and supervisors can observe the performance of their mentees and supervisees, and provide immediate feedback and guidance. Doing so is much harder in remote settings.

    Similarly, mentees and supervisees can ask questions and get answers in real-time, which is at the heart of on-the-job training. It’s certainly possible to do so remotely, but it takes more organization and effort.

    Mentoring and leadership development often takes subtlety and nuance, navigating emotions and egos. Such navigation is much easier in person than remotely. Moreover, mentees need to develop a sense of real trust in the mentor to be vulnerable and reveal weaknesses. Being in person is best for cultivating such trust.

    Spontaneity and weak connections

    One of the key challenges of maintaining company culture for remote or hybrid workers is the decrease in cross-functional weak connections among staff. For example, research has shown that the number of connections made by new hires decreased by 17% during the pandemic, compared to pre-pandemic levels. Other research demonstrated that staff who worked remotely during the pandemic lockdowns built closer intra-team ties to members of their own team, but their inter-team ties to those on other teams deteriorated. This loss of connections can negatively impact long-term company success, since achieving organizational goals often requires cross-functional collaboration.

    Such connections develop from spontaneous interactions in the cafeteria or during chit-chat after a cross-functional in-person meeting. These kinds of spontaneous meetings can also help spur conversations that lead to innovations. And although organizations can replicate them to some extent in remote settings, the office provides a natural setting for such spontaneous interactions and their benefits.

    Conclusion

    The best practice for hybrid work involves helping employees reduce commuting by asking them to come in only for high-value, face-to-face activities. These tasks include intense collaboration, challenging conversations, cultivating belonging, professional development, mentoring and building weak connections.

    For most staff, these activities should take no more than a day a week; junior staff getting on-the-job training and recently-promoted leaders receiving leadership development may require two or three days on a short-term basis of several months. Indeed, a survey of 1,500 employees and 500 supervisors finds that a schedule of one day a week provides the optimal balance of connection to colleagues with job satisfaction.

    Leaders also need to develop and implement a transparent communication policy to explain this approach to their employees, get their feedback, and make any tweaks to improve this policy. Doing so will help facilitate employee buy-in and engagement with this new approach, which will reduce burnout while improving retention, engagement and morale.

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    Gleb Tsipursky

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  • How Dogpatch Games Wrote the Rulebook for Tabletop Gaming Customer Service? | Entrepreneur

    How Dogpatch Games Wrote the Rulebook for Tabletop Gaming Customer Service? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Behind the Review host and Yelp’s Small Business Expert, Emily Washcovick, shares a look at this week’s episode of the podcast.

    Growing up, Shannon spent countless hours playing board games with his family, a core memory he wanted to help others recreate, especially during the pandemic when people were feeling largely disconnected. From that, Dogpatch Games was born—a board game store in San Francisco that, soon after opening, became more than just a place to buy games.

    “One of our key tenets or touchstones that we try to focus on is inclusivity,” Shannon said. “It’s this idea that there is a seat for everybody, and there’s a game for everybody. This game may not be for you, but this game is, and you just haven’t found it yet.”

    Shannon’s approach to entrepreneurship was to start slow, giving the business a chance to grow in the neighborhood. He started with a soft opening, in which the business was only open a few hours of the day. Even with limited hours, curious customers still trickled in, giving Shannon the opportunity to wow them.

    One such customer was Yelp Elite reviewer Jenny X., who saw the store when she moved to the area. Before entering, she thought Dogpatch would be a one-time visit. To her surprise, it ended up being a memorable experience she couldn’t wait to tell her friends about.

    “I definitely entered being really skeptical. I [thought], we’re just gonna pop in and leave. This is not going to be somewhere we’re going to spend a lot of time,” Jenny said. “Just seeing how much passion the owner had for games, I let my guard down a little and [decided] to not be skeptical for a second here and let him try to convince us.”

    To make Dogpatch more than a store, Shannon goes the extra mile to make customers feel comfortable. Similar to Jenny’s experience, he frequently offers to teach customers how to play different board games and asks questions to figure out which games they’ll like best.

    By easing customers into the business, Shannon was later able to introduce a membership model for return customers, which provides a stable stream of revenue for the store. In deciding prices for different membership levels, Shannon prioritized accessibility for all customers.

    “We were trying to find a price that feels fair but recognizing that this is a premium game space,” Shannon said. “We want to have our community members feel like they’re getting enough value for their membership, where they’re getting the premium service, but they’re getting enough of a discount for it and getting invited to these extra things so that they don’t want to give up their membership.”

    As part of the membership model, Dogpatch hosts exclusive events and game nights for members. It also hosts events open to any community members, such as Dungeon & Dragons tournaments and Ladies’ Nights, to help customers meet each other and form new connections.

    Moving forward, Shannon hopes to integrate Dogpatch even more into the community by partnering with local businesses, such as his “Parents’ Night Out” initiative with local restaurant Gilberth’s Latin Fusion, where parents can drop their kids off at Dogpatch and receive a discount on their meal out.

    “The kids are here for two hours playing games. We got them—you go have your date night and then come back and pick them up,” Shannon said. “We’re trying to create a little neighborhood community with other establishments in our neighborhood because we’re all in this together.”

    Other small businesses can learn effective strategies from Dogpatch’s playbook, such as:

    • Considering a soft opening model. A soft opening can be a great way to garner excitement for your business and get the word out organically without a high resource investment.
    • Building a solid pricing model. Creating profiles of your ideal customers can help you decide on a pricing model that’s right for your business and accessible to customers.
    • Integrating your business in the community. Host community events open to all, and partner with other local businesses to help each other grow.
    • Giving customers an experience to talk about. Prioritize customer service and help customers feel comfortable with unfamiliar experiences to keep them (and their friends) coming back.

    Listen to the episode below to hear directly from Shannon and Jenny, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud

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    Emily Washcovick

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  • Is a Hackathon Right for Your Company? | Entrepreneur

    Is a Hackathon Right for Your Company? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Mention “hackathon,” and the image that might come to mind is of a bunch of computer geeks competing to devise some brilliant yet obscure programming solution.

    There’s some truth to that, but the hackathon has come a long way from its original incarnation and deserves more attention from businesses. I would argue that almost every company should be thinking about how they can use hackathons to unlock innovation and bolster teamwork — especially now. The practice is a powerful way to retain and attract good people in the post-pandemic world where employees are demanding more value and purpose at work. It’s also a major morale booster, offers the opportunity for important professional development and creates new relationships that span business verticals.

    The modern hackathon isn’t just about coding, though tech often plays a big role in the ideas that result. I like to think of it as an ideas meritocracy. It breaks employees out of their usual work-a-day structure, allowing them to focus on innovation to solve problems.

    The world’s most transformative companies have woven this approach into their cultures, ensuring that employees take regular time for blue-sky thinking that doesn’t necessarily yield immediate results. Google’s “20 percent rule,” allowing employees to take one day a week to work on side projects, famously led to the development of Gmail and Google Maps.

    Related: Microsoft Announces Hackathon For Future Ready Apps

    Innovation ‘flywheel’

    The hackathon culture can come in many different forms, from a tightly structured one-day event to a looser arrangement like Google’s. The key thing is that it establishes a network of new, organizational connections and gives teams the freedom to think big and fail. It needs to be part of a broader culture of innovation within a company, rather than a one-off event that compensates for a lack of innovative work the rest of the time.

    Done well, this can create a virtuous flywheel of innovation, helping make your company a place where people feel engaged and excited to work. So, it’s surprising that many companies still don’t do it. Many leaders — especially CFOs — may resist allowing employees to have “free time” that doesn’t contribute to the bottom line in an immediate or easily measurable way.

    How to get your executive team on board

    Step one for instilling a successful hackathon culture is to ensure buy-in from the entire executive team, particularly financial leaders. Start small, using funds from an existing budget to minimize the costs and risks. This gives you the opportunity to prove the concept and win over skeptics who will get a first-hand view of the excitement and energy that a good hackathon creates. We gave our CFO a seat on the judging panel, a not-so-subtle way to get them personally invested in the event.

    Hackathons shouldn’t just tolerate failure; they should actively celebrate it. The goal isn’t to come up with incremental improvements; it’s about sparking the kind of transformative, 10x ideas that would be unlikely to arise in the normal course of work. When teams are aiming that high, failure needs to be accepted and encouraged as part of the process without fear of negative judgment. Today’s flop could contain the seeds of tomorrow’s success. At the University of Phoenix, we’ve introduced an Icarus prize to our quarterly two-day hackathons to recognize the idea that flew closest to the sun before bombing.

    It’s important to take steps to ensure that the hackathon spirit doesn’t end with the event. It should become part of an overall innovation framework. I encourage companies to keep hackathon communication channels open throughout the year — perhaps via Slack. They should also continuously encourage innovative proposals and collaboration.

    Related: How to Cultivate a Culture of Intrapreneurship

    Not a free-for-all

    Participants should have a high degree of freedom to attack problems, but it’s a good idea to have a theme for the event which imposes structure. How to choose? Perhaps identify the type of problem teams need to focus on solving or specify an area of technology, such as AI and machine learning. We once ran a special hackathon with the goal of optimizing our data infrastructure, resulting in an API-based solution to cull thousands of expensive virtual servers. The concentrated focus, free from the usual distractions, allowed engineers to challenge entrenched assumptions and find creative workarounds.

    While participants need to figure out the big problems on their own without frequent check-ins, that doesn’t mean they shouldn’t have any support to complete their visions. Teams should be given access to resources such as tech infrastructure services and user experience expertise to help them avoid running into ditches.

    Organizers should also consider throwing the hackathon doors open to external participants. So long as potential intellectual property issues can be surmounted, this can benefit an organization by exposing problems to fresh thinking and acting as a recruiting tool for those who do good work and are attracted to an innovative culture.

    Lastly, don’t forget to bring the fun! Some of the most powerful effects of a hackathon are the contagious enthusiasm and team-bonding they can drive, so it’s counterproductive to run them in a sterile, dry atmosphere. Organizers should lay on lunch, crank up the music and even encourage teams to unleash their inner geek!

    So, stop looking outside your organization for solutions to your biggest tech problems. The solution is probably working for you right now.

    Related: It’s Not Just About The Tech: How Hackathons Foster People Skills In Its Participants

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    Jamie Smith

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  • What I Learned After Getting Every App of the Day for 1 Year | Entrepreneur

    What I Learned After Getting Every App of the Day for 1 Year | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My app got 30,000 downloads in 24 hours as Apple’s App of the Day. But I didn’t learn how to get featured overnight.

    A few years ago, I decided to run an experiment to learn why some apps are big hits and others flop. I downloaded every single App of the Day for a year — 365 apps total. From free apps to paid apps, I went all in and spent 30 minutes studying the top apps every morning.

    I discovered the best apps have certain traits in common that set them apart from the rest. Since then, I’ve been featured on the App Store over 100 times and helped millions of users.

    Here are eight common traits of the top apps (and how to apply them to your own product):

    Related: How To Make Your Mobile App Stand Out In A Crowd

    1. No tutorial

    The best apps are easy to use and simple to understand. They don’t require a tutorial to get started because the app’s design guides the user.

    Headspace, an app that helps users meditate, is a great example. The app’s interface is clean, with intuitive navigation and lots of negative space. You feel calm simply by opening the app as you start your first meditation.

    2. Focused

    Nearly all top apps focus on doing one thing best. They could add a lot more features, but instead, they have a clear and specific purpose.

    Duolingo could teach you all kinds of new skills, but they focus exclusively on teaching language. FaceTune could provide a toolbox of photo effects, but instead, they focus solely on making your face look better in selfies.

    What do you want to be known for? Focus on that one thing.

    3. Beautiful icon

    When searching for a new app, your first impression is the app icon — so make it beautiful. Most featured apps have a foreground icon with a solid or gradient background.

    Cramming text into a tiny icon doesn’t work well. Vibrant colors make it pop and catch the eye. Make your app icon relevant and pleasant to draw users in.

    4. Accessible

    The best apps are user-friendly for people with different abilities, preferences and needs. Following the iPhone’s global dark mode was a common trait, as well as changing contrast and text sizing based on iPhone Settings. Top apps also use icons instead of text whenever possible to communicate clearly across different languages and cultures.

    Related: 4 Steps for Increasing Your App’s User Engagement and Retention

    5. Full ecosystem

    Apps on the App Store are more likely to get featured if they use the latest Apple features. Almost all featured apps included versions for iPad and Apple Watch, and many included iMessage and home screen widgets. These don’t always improve the user experience, but Apple typically prefers them for using all their latest and greatest features.

    While this may increase your chances at getting featured, I personally discourage these add-ons when first launching. They take time to build and can be distracting if they don’t serve a real purpose for users.

    6. Ask for reviews

    There’s a simple reason why top apps have thousands of reviews: They ask for them. Featured apps are very intentional with asking users for ratings at specific times — completing a task, hitting a goal or reaching a milestone. At those times, users are in a positive mood and are more likely to leave a 5-star review.

    Don’t go overboard bombarding users for ratings right away. Instagram asks after you share your third post. SoundHound asks after you successfully identify a song. Find an elegant way to prompt them immediately after providing value.

    7. Personalization

    Top apps craft a unique experience for each user. People love products that feel good, and they generally don’t want to work hard to find things.

    Spotify recommends new music based on your preferences. Snapchat suggests new filters you might enjoy. Todoist provides custom theme colors to make the app yours. Even your banking app probably greets you by name.

    Find ways to make the user feel special just by using your app.

    Related: 4 Exciting Mobile App Trends to Watch in 2023 And Beyond

    8. Variable reward

    Last but not least, there’s a magic category of top apps that keeps users coming back for more. They release frequent updates, add new features and keep content fresh. This encourages users to engage more often to see if there is something new.

    Netflix drops new content. Photomath supports new equations. Starbucks has new rewards specials. Keep things exciting for users so they keep coming back.

    Before we wrap up, there’s one trait you might expect to be on this list but isn’t: pretty design.

    Most featured apps do indeed look beautiful. But that’s not a requirement if your app solves a clear problem and is intuitive. WhatsApp, Reddit, and GroupMe are some of the ugliest apps with millions of users. Being pleasant to look at is not the same as being helpful and easy to use.

    If you’re building an app and want to get featured on the App Store, know this: Getting featured by Apple is a wonderful side effect of building a product people love. Focus on helping customers, and things will fall into place.

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    Seth Radman

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  • How a Business Coach Can Make You Successful | Entrepreneur

    How a Business Coach Can Make You Successful | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the best pieces of advice I can give to fellow entrepreneurs is to get a business coach. I should know; I’ve had the same one for 12 years. He’s helped me through some of the stickiest challenges I’ve ever faced in my business, and I credit much of my success to his support. Beyond helping me through the tough times, he’s also helped me to identify and lean into my strengths. Here’s how a good business coach should help you do the same.

    They speak the truth

    When you’re an entrepreneur, especially one who gains a lot of traction quickly, you’ll find yourself surrounded by many “yes people.” They’re usually well-intentioned, eager to please you and say the right thing so you’ll view them positively. Often, they’re also your employees, and the power of a paycheck means they won’t want to risk offending or irritating you. This makes sense, and these people shouldn’t be blamed for their staunchly supportive behavior.

    Even so, you’ll sink if these folks are the only ones in your circle. You also need someone who will give their honest opinion, no matter how you’ll receive it. This is a big reason why I strongly recommend your business coach has no agenda or financial ties to your business. They should have a similar level of expertise as you, but their only motivation is to help you become the best version of yourself, so you and your company succeed.

    This honesty means your coach will also tell you the truth about your strengths. Maybe you think you excel at sales, but they’ve seen that you’re far better suited to lead strategically. If you want your skills to be in a particular area, it might be uncomfortable to have your coach tell you they lie elsewhere. But hear them out. Sometimes it takes someone with expertise and an outsider’s perspective to make sure you’re in the role where you’ll contribute the most.

    Related: 10 Reasons Why You Need a Business Coach

    They challenge you to more

    Good business coaches advise you on leadership and strategy, but great coaches also tackle the relational and psychological aspects of being a business owner. They help you discover your fears, insecurities, character flaws, relationship mistakes and more. All of these aspects will affect the business, whether you face them head-on or not.

    As you work through these vulnerabilities, you’ll also encounter your strengths. For example, maybe your coach helps you discover that you tend to get defensive when someone comes to you with a concern. Instead of listening and considering the person’s point of view, you start defending your own, often vehemently.

    While this habit is something to work on to create healthier internal relationships, it also shines a light on one of your strengths: your passion and whole-hearted belief in yourself and your decisions. Your business coach can work with this.

    They can help you smooth over your communication challenges while helping you harness your decisiveness and assertiveness in more positive, productive ways. Since coaches should challenge you to be your best version of yourself, they need to understand your assets and liabilities.

    Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

    They hold you accountable

    Finally, business coaches worth their salt will not just dispense advice and go on their merry way. They’ll also share their insights, discuss them with you, collaborate on the next steps and be there to see them through. If you fail, they’re standing by to analyze why and how to avoid doing the same the next time. If you succeed, they’re waiting in the wings to evaluate why and how to achieve such an outcome again. A coach is with you through thick and thin, championing you while exploring how you can optimize your own growth and your companies.

    This also means they’ll call you out when you don’t hold up your end of the bargain. Maybe your coach helped you discover that you excel in creating financial projections and setting corresponding budgets. But you haven’t followed through on these things because you got busy, and they’re among your more tedious tasks. You can trust that your coach will hold you to your word, making sure you double down on your strengths to make the biggest impact you can.

    Getting a business coach with the right experience and intentions can be one of the best decisions you ever make as an entrepreneur. They’ll not only help guide you through the challenges of owning a business but also ensure you find your strengths and make the most of them.

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    Clate Mask

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  • How YouTubers Are Using Short-Form Videos for Online Growth | Entrepreneur

    How YouTubers Are Using Short-Form Videos for Online Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the past decade, YouTube has grown to become one of the largest and most popular video-sharing platforms on the internet. With over 2 billion monthly active users, it’s no surprise that content creators are looking for new and innovative ways to engage with their audiences. One of the most significant shifts in recent years has been the rise of short-form content on the platform.

    Short-form content, which typically ranges from 15 seconds to 5 minutes, has become increasingly popular among viewers. This trend is driven by several factors, including our ever-shortening attention spans and the need for quick and easy access to information. With so much content available online, viewers are looking for easy ways to consume information and stay entertained.

    One of the key reasons for the popularity of short-form content is its ability to be easily shared and consumed on mobile devices. With more than half of all YouTube views coming from mobile devices, it’s clear that audiences are looking for quick and easy ways to engage with content on the go. Short-form content, which is easily accessible on mobile devices, has emerged as the perfect solution for viewers who want to consume information quickly and without too much effort.

    Related: Why Short-Form Video Needs to Be Part of Your Content Strategy

    How YouTubers are using short-form content

    However, short-form content is not just limited to the entertainment genre. Creators across a variety of niches are using this format to their advantage, leveraging its accessibility and shareability to build audiences and engage with viewers. Let’s take a look at some of the ways creators in different niches are using short-form content to drive engagement and growth:

    Storytelling:

    Short-form storytelling has become increasingly popular on YouTube, with creators using the format to share bite-sized narratives that capture the attention of viewers. Whether it’s a personal story, a fictional tale or a historical anecdote, short-form storytelling is an effective way to engage audiences and keep them coming back for more. For example, Magicmatt, who is a popular YouTuber with over 4 million subscribers, entertains his audience with storytelling through performing magic acts.

    Facts and education:

    Short-form content is an effective way to share interesting facts and educational tidbits with viewers. Creators in the science, history and trivia niches have found success with this format, using short-form videos to provide viewers with valuable information in an engaging and entertaining way. Luke Davidson, who has built millions of subscribers across his YouTube channel tells random facts on his channels to help educate his audience and create a narrative.

    Finance and business:

    Creators in the finance and business niches are using short-form content to share tips, insights and advice with viewers. From quick stock market updates to actionable business advice, short-form content is an effective way to engage with audiences and provide them with valuable information in a concise and accessible format. Max Maher is a popular YouTuber who has found success with short-form content about personal finance. His videos cover a range of topics, from budgeting and saving to investing and retirement planning. By providing viewers with actionable tips and advice in a concise format, Maher has built a loyal following and helped many people take control of their finances.

    Podcasts and interviews:

    Short-form content is also being used in the podcasting and interview niches, with creators using the format to share quick snippets of their longer-form content. From highlights of interviews to short-form discussions on specific topics, this format is an effective way to repurpose and promote longer-form content and engage with viewers in a more accessible way.

    Media:

    This is also a great way to showcase content. Media is the future as people are leaning more and more toward digestible content in an easier manner. Michael Sikand, the creator behind “Our Future Stories,” has capitalized on the popularity of short-form media by creating engaging and thought-provoking videos about business and entrepreneurs. He recently sold his company to media company, Morning Brew, showing the power of short-form content and attention.

    Related: The Simple 6-Step Formula for Using Short-Form Video Content to Grow Your Business

    What else is driving the rise of short-form content?

    Another reason for the rise of short-form content is the growing popularity of social media platforms like TikTok and Instagram. These platforms have made short-form content a mainstream trend and have created a culture where viewers expect content to be short, snappy and engaging. YouTubers have recognized this trend and have adapted their content accordingly, using short-form videos to engage with audiences and build their following.

    In addition, short-form content on YouTube has been able to break down barriers of entry for creators. With the rise of mobile devices and social media, it’s become easier than ever for people to create and share content online. Short-form video content is a perfect medium for creators to get started, as it allows for quick and easy creation with minimal production resources. Creators can also experiment with a variety of formats — from vlogs to sketches to reaction videos — and see what resonates with their audience.

    Another factor driving the rise of short-form content is the changing preferences of younger generations. According to a report by Statista, millennials and Gen Z-ers prefer to watch short-form content. This is likely due to the fact that younger viewers have grown up with technology and social media and are accustomed to consuming content in bite-sized chunks. As these younger viewers continue to age and make up a larger share of the overall audience, the demand for short-form content will likely continue to increase.

    One example of a popular short-form content format is the 60-second recipe video, which has become a staple on platforms like YouTube and TikTok. These videos feature quick, step-by-step instructions for preparing a variety of dishes, from simple snacks to elaborate meals. They often include eye-catching visuals and snappy editing, making them both informative and entertaining. They also cater to busy viewers who may not have the time or attention span for longer recipe videos.

    Overall, the rise of short-form content on YouTube is a testament to the platform’s versatility and adaptability. As technology and audience preferences continue to evolve, creators will continue to experiment with new formats and styles, pushing the boundaries of what’s possible in online video. Short-form content may never fully replace longer-form content on the platform, but it has certainly carved out a niche for itself and will continue to be a major force in the online video landscape for years to come.

    Related: How To Create Viral Short-Form Video Content in Less Than 30 Minutes Per Week

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    Srikar Karra

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  • The Key to Elevating Your Market Research Strategy | Entrepreneur

    The Key to Elevating Your Market Research Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Like all science, research began as an entirely manual process. Responses to surveys were gathered in person or by mail in the 1940s, and the results underwent rigorous coding, tabulation and analysis for insights. Since then, developments in computer science and the internet have made it possible for researchers to collect data swiftly and affordably at scale.

    Today, thanks to further advancements in data collection, researchers can gather insights from anywhere in the world (through various channels like email, social media and websites). What’s more, they can leverage the enormous computing capacity of the cloud to simultaneously examine billions of data points — all made possible through market research software.

    As SaaS market research platforms become widely available, we no longer require a team of researchers to carry out a study. Anyone in an organization, including marketers and product analysts, can initiate a research study at the press of a button and obtain real-time insights.

    Let’s start from the basics and discover more about market research platforms and the role they play in the market research industry today.

    Related: 4 Phases of Market Research to Ensure Success

    What is an integrated market research platform?

    An integrated market research platform takes care of end-to-end market research, including conception, recruitment, sampling, data gathering and analysis. It streamlines market research methodology and processes into an online platform for ease of use and ongoing insight creation.

    Companies, individuals and research agencies utilize research platforms to gather and analyze data, aiding in decision-making. Users can conduct a study, acquire results and turn data into insights — all on one platform — due to the combination of survey tools, analytics and reporting tools.

    Why do we need market research platforms?

    Researchers are less traditional now than they were, and this can be owed to the demands of the market research industry today. Researchers are required to strike the balance between accuracy and speed. They are expected to embrace technology while staying true to research methodologies. They are asked to surface richer insights but deliver them succinctly.

    These demands, however, are easier stated than done.

    Not only are these tasks extremely challenging and time-consuming to pull off, but they also create roadblocks to what could be an otherwise straightforward market research process by using a tool.

    Related: The Impact of Technology on Market Research

    The benefits of integrated market research platforms

    Integrated research platforms provide several benefits that address the current industry’s anticipated demands:

    • For the convenience of every user on the platform, all the tools needed for market research can be integrated into one single space. For instance, qualitative and quantitative research are used for different use cases and hence require different tools. With an integrated market research tool, both functionalities can be consolidated.

    • Since market research platforms are hosted online, they can be accessed anytime, anywhere, ensuring seamless collaboration between all stakeholders (thereby improving the transformation of insights into action). Studies indicate the future is SaaS-powered; according to Statista, the SaaS market was worth approximately $145.5 billion in 2021 and hit $172 billion in 2022 and is only expected to grow further.

    • Unlike disparate market research solutions, singular platforms do not require programming knowledge and are easy to use, thereby removing the skills gap or the training required to implement them.

    • Through direct access to pre-profiled participant panels, integrated platforms are equipped to accommodate both short-term and continuous (long-term) research projects.

    • By using a tool, you can run multiple studies at once and generate insights more quickly, boosting the likelihood that your ROI will increase. For instance, a marketer can test different advertisements and launch the one that’s the most engaging for the best reach.

    Qualtrics’ Market Research Trends report suggests that 67% of organizations planned to acquire new market research technology in 2022 (depicting a 7% increase from 2021).

    Steps to adopt market research platforms

    There are numerous market research tools available today. Here are some objectives to keep in mind before implementing one:

    • Prioritize speed and accuracy: In an era of wavering customer loyalty, generating insights isn’t enough. The key is to generate higher-quality insights faster — before your competitors beat you to it.

    • Move your consumer research online: To ensure maximum speed and efficiency in research without compromising quality, moving research-based activities online is the solution in the digital era we live in currently.

    • Increase adoption with research and marketing teams: While it is true that researchers aren’t as traditional today, the change is unfortunately not fast enough to keep up with the changes in the market. It is critical to convey the benefits of integrated market research software within research agencies and organizations to increase its awareness and in the long run, its adoption.

    • Choose an integrated research platform: There is a difference between a market research platform and an integrated research platform. It is advisable to implement a tool that can integrate seamlessly with your present (and future) systems to ensure less development and implementation effort and an overall smoother research process.

    Related: 3 Ways to Win Consumer Confidence with Market Research

    Because integrated platforms are naturally adaptable, they allow for continuous development and innovative evolution (as they can incorporate any future tools and methodologies). This means that businesses can shape research platforms to meet their specific requirements at any time. New demands can be incorporated to the greatest extent possible, allowing for longevity that other non-integrated platforms cannot achieve.

    Streamlining processes such as researcher-participant communication, data reporting and visualization techniques, while fully automating research, is no longer just a concept, but an attainable reality, thanks to integrated market research platforms.

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    Reshu Rathi

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  • Want to Become an EdTech Leader? Never Stop Improving Your Product | Entrepreneur

    Want to Become an EdTech Leader? Never Stop Improving Your Product | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The interest in education among adults is constantly increasing, and the market reacts to this demand by introducing EdTech more and more. According to McKinsey, the most demanded characteristic of an education provider is that education there covers enough skills for the students to be hired. So, creating an up-to-date educational product that will satisfy your customers in the fast-changing world requires constantly changing materials. Apart from this, one should pay attention to a seamless product experience — students feel comfortable interacting with the materials if they are satisfied with the teachers, and so on.

    I’m sure it’s not enough to create something “good” for your clients once – you should improve it every day and share the changes you made with your students. Here are the rules that helped Refocus become the best educational product of 2022.

    Related: Why Investors Are Bullish on EdTech in 2023

    Listen to your clients

    When getting acknowledged with your product, people might face impossible-to-predict difficulties. For example, we initially implemented an ineffective onboarding system – students were joining their cohort a bit later after purchasing the course. The problem was that they were eager to pay off their investment to change their lives but didn’t get access.

    So, it is essential to monitor students’ feedback closely:

    • Track product analytics such as completion rate, customer satisfaction (CSAT), retention rate, and other key performance indicators. It’s easy to collect this data, which provides quite a complete picture of clients’ experience. If something is wrong with the materials, you will immediately see a decrease in the CSAT and completion rate.
    • Gather qualitative feedback from students, particularly on where they face difficulties or what they find confusing. More detailed reviews can help you identify details that need clarification or improvement.
    • Pay attention to how students assess the people they contact. Since maintaining motivation is the most significant factor in retaining students, tracking their satisfaction with mentors, community managers, support specialists, and anyone they contact regularly is vital. Sometimes, it may be necessary to let go of a mentor if their students’ marks are consistently poor.

    Collecting information about this regularly ensures you can constantly make the learning experience better. Therefore, make clients more satisfied with your product and more likely to share positive feedback with their acquittances and study more effectively.

    Related: 5 EdTech Trends That Will Change Learning Between Now and 2030

    Keep your program up-to-date

    According to LinkedIn, 55% of adults decide to study something new to increase their career opportunities or even change their occupations completely. Consequently, an educational product should provide them with the most relevant skills.

    Thus, working with professionals outside the company to provide feedback on your product is important. These can include:

    • Hiring managers from companies who are looking for people like your graduates. This external perspective from people with real-life experience decides if a candidate with a certain skill set should be hired and provides valuable insights into the skills and knowledge most in demand in the current job market.
    • External professionals to evaluate the clarity and accuracy of your materials. This is crucial to assess your product objectively regarding which skills are the most used in real life and what graduates might be lacking. From our experience, it’s worth working with a person who has a senior position with 5+ years of experience in the area you’re educating in.
    • Industry leaders from all over the world. Exchanging experiences with someone who is creating something similar but differently will help you keep track of the trends and best practices. If the person you are conversing with is not your competitor, you both will benefit from fruitful conversations.
    • Instructors and mentors. Sometimes, especially in larger companies, instructors involved in different parts of product creation don’t communicate with each other; however, such interactions shouldn’t be underestimated. For example, we usually work with different people for each block of the course to find the most competent in a particular area. Because they have 5+ years of experience in the same area, they can provide valuable advice on each other’s materials.

    Related: Will Edtech See a Paradigm Shift In 2023?

    Make regular improvements

    Finally, it is important to regularly implement changes to your product based on the feedback you receive. One of the ways to cross-check each other’s work and identify areas for improvement is to have dedicated meetings to discuss them. In these meetings, everyone who can make your picture fuller should be invited, and no one can share the same information except for them: for us, it’s the entire product team and the heads of the departments that are interconnected with it – community, support, marketing, etc.

    We normally have two types of meetings:

    1. Daily. These are needed to identify minor problems as soon as they arise. During this meeting, you can look at the product analytics to track all the changes, compare them to those done the previous day, and determine their reasons. For example, a rapid decrease in homework satisfaction means something was unclear. If something like this emerges, one should dig deeper and determine the reasons. Sometimes, these issues can be solved quickly. For example, we didn’t pay enough attention to a feature students needed for their homework, so they felt confused. In this case, it’s enough to attach another guide that describes it in more detail. So, we determine the person responsible for it and give them several days to improve the materials, which they will tell us about in another daily meeting. However, some matters require more significant changes, and we hold another type of meeting to plan them.
    2. Monthly. When the slight changes you make are not enough to fix the learning experience or if the qualitative feedback shows that students are generally dissatisfied with a whole course block, more significant improvements should be implemented. A dedicated monthly meeting helps collect everything you discussed before and form a whole picture. For example, we have refilmed several blocks of our course completely. In one case, it was because the students didn’t like the instructor; in another, it was because we included too much information, and they got confused with all the details, some of which could have been easily amended. Of course, it’s an extreme case: sometimes it’s necessary to refilm only one lesson or change homework, but this would still require some time.

    We launched our most popular product, a course on data analysis, only last spring, but people who sign up for it now will get completely different materials than the first cohort did. If you’re following the same strategy, it’s vital not to make your first students feel deprived and think they got a worse product than others. For us, the solution is to share the updated materials with previous cohorts’ students and keep their access to the previous ones.

    To conclude

    In conclusion, providing a constantly improving learning experience and materials is essential for the success of an EdTech product. Revising the course content to address areas of confusion or difficulty and updating the curriculum to reflect the latest industry trends and job market demands will help ensure that your educational materials will be in-demand for as long as education itself.

    And as we can see from the current trend on lifelong learning – this could be the case forever.

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    Roman Kumar Vyas

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  • Want To Run Your Business Better? Then Run These 3 Reports. | Entrepreneur

    Want To Run Your Business Better? Then Run These 3 Reports. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a lifelong accountant, I have what may be surprising news for you: your monthly financial statements aren’t very effective.

    Sure, they can help. It’s good to look back at the prior month and the year-to-date results so that you can determine if your company is profitable and also where there may be overspending. Don’t ignore your monthly financial statements. But take them with a grain of salt: they’re usually prepared well after the fact (for many of my clients, it’s weeks after the month ends). So although they serve as a good post-mortem review of results, they’re not so useful to run a business in real-time.

    So what is useful? I’ve found that these three reports are core for the managers of my best clients who run profitable businesses. Why? Because they tell the manager what’s going on right now and what is likely to happen in the near future.

    Related: The 5 Most Important Accounting Reports for Your Small Business

    The flash report

    Maybe you’ve never heard of this report because it’s not a common name among accountants. But for my best clients their “flash report” is a critical tool for keeping their real-time pulse on the business.

    The flash report is an aggregation of data from many different sources. It’s usually produced 2-3 times a week and put together not necessarily by a finance person but by a good administrative person who has access to the data needed. I have clients where the administrative person creates this report manually (literally) on a piece of paper and leaves it on the desk of the owner. I have others that do it by spreadsheet or via email. The report brings together numbers from various places that are key to the current operations of a business.

    These numbers vary by industry, but for the most part, they include current cash, receivables and payables. The report also shows year-to-date sales, backlog, purchase orders and open quotes. It shows year-to-date hours and overtime. Some of my clients like to see updated data about specific ongoing jobs or product lines.

    The most important thing about this report is benchmarking. Every current number has a corresponding number from its prior period. For example, if cash on hand is $500, what was cash on hand at the end of last year? Or if year-to-date sales are $10,000, what were the same sales at this point last year? Are we ahead or behind? You have to benchmark your current numbers against a similar period to put things into context.

    The pipeline report

    Where the flash report takes numbers from different sources, the pipeline report should be taking numbers from your customer relationship management (CRM) system — which is an application every company should have. When you’re using your CRM system the right way, you will be tracking quotes and opportunities, as well as tasks and emails connected to those things.

    My best clients leverage this data weekly and review a pipeline report. The pipeline report lists all open opportunities usually by “hot,” “warm” and “cold” designations, which are internally defined. It shows the dollar value of the opportunity, the date it’s estimated to close and the “weight” or chance it will turn into a sale. It also shows who’s working on the opportunity and the historical and future tasks that need to be done to complete the opportunity.

    When used the right way, the pipeline report is a tool for managing the sales team and seeing who is doing what and how effectively. This report is a sales forecast and serves as a critical instrument for knowing whether growth or contraction is in the cards. If you produce this report every week, you’ll not only be able to better direct your under-performing sales people towards more productive activities, but you’ll also have your thumb on the blood flow of your business: your expected revenues.

    There are other great reports you can run from your CRM system, but that’s a topic for another day. Relying on the pipeline report will not only help to increase and manage your company’s expected revenues but also increase the usage of your CRM system.

    The rolling cash forecast report

    If you’ve got a great pipeline report, then good for you — you are forecasting your revenues. But just forecasting revenues isn’t enough. My best clients forecast their cash flow. Why? Because successful people are always looking ahead. They don’t like surprises. They want to know what’s coming, so they can make decisions in advance and better manage the future to the full extent. Sales are important, but in the end, it’s all about cash. Do you know what your cash will be just 90 days from now? You probably don’t. But you should. And to know this, you’ll need to have a rolling cash forecast report.

    Putting this report together isn’t so tough. Here’s how:

    First, estimate your overhead over the next 90 days. You know this: it’s your payroll, utilities, rent, internet: all the recurring costs you’re already paying.

    Next, estimate your typical margin on a sale, which takes into account the direct materials and labor needed. I realize that this may differ based on many factors, from the product line to the time of year. But this is not science — it’s just an estimate. So come up with a reasonable number.

    Assuming you’re producing a reliable pipeline report, you’ve got your sales forecast for the next 90 days. There are sales that are not on this report because they’ve already closed and are considered open orders. Add this. Then talk with your sales team to further refine this 90 days sales forecast.

    Now, take your estimated sales, multiply the estimated margin and deduct your estimated overhead. You’re almost there!

    Think about any anomalies over the next 90 days — an estimated tax payment, a big supplier check that will be due, etc. — and figure that in. Take your beginning cash, add/deduct the net results from the above and you’ll have your ending cash in 90 days. Voila! You’ve now done a rolling cash forecast.

    Do a rolling cash forecast every month. It’ll be tough at first, but easier after you get it down. Trust me when I tell you it will change your life. No longer will you be running your business in the dark. You will have a better idea of the future and can make better decisions because of it.

    In summary, there are lots of reports that are great for a business. But most involve analyzing the past. My best clients do this. But the reports that really help them focus on the present — and the future — are the reports I’ve listed above. Get in the practice of producing these reports and you’ll find yourself running a more profitable, sustainable organization.

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    Gene Marks

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  • 4 Ways M&A Can Transform Your Company | Entrepreneur

    4 Ways M&A Can Transform Your Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Not all mergers and acquisitions (M&A) end well. In fact, 70-90% fail, primarily because of an inability to identify appropriate fits for acquisition or the best ways to integrate them.

    Maybe this is why we hear such horror stories: A corporate takeover where people from the acquired company wait for the other shoe to drop. I understand that perspective. One company takes over another and holds its employees’ livelihoods in its hands — their careers, culture and security— with a high risk of failure.

    But I also know how being acquired by another company can result in amazing outcomes for professional growth. I am a living example of that.

    Over the last couple of years, my company acquired a series of companies in different regions to accelerate our growth, each with its client portfolio, industry expertise and merger timelines. Integrations have many moving parts but are rich with learning opportunities for the next integration. My experience on both sides of M&A has taught me that each company must deeply understand the other company’s values, culture and decision hierarchy. Just as important are the people who are part of the integration team. Those “in the kitchen” need to be open to building trust as soon as possible to ensure the integration goes as smoothly as possible.

    Related: Why Prioritizing Company Culture Is the Key to a Successful Acquisition

    1. Align values

    I joined CI&T six years ago when they acquired my company. I was the HR Director for a small ad agency with many clients in financial services. We had been courted over the years by companies interested in acquiring us, but they were not the right fit as they were more interested in our client relationships than our people. Our CEO believed in putting our people first, and it was important to him that I be close to those conversations.

    When we met CI&T, they were intriguing — even though they were headquartered in a different country. They instantly blew us away with their realness, honesty and transparency. We felt their values in every interaction and could tell that joining them would improve us.

    Related: Are You a Leader Loyal to Your Values? Here’s How to Align Your Leadership Style With Your Values

    2. Transparent communication

    Communication is how we keep everyone aligned and involved. We have a meeting every Wednesday with each acquired company led by the integration leader from “their side” to provide updates on progress on various fronts — such as the integration timeline, brand, benefits, new swag, etc. On “our side,” we give shoutouts to people who have been instrumental “in the kitchen.”

    Even if the news is the same as the week before, we affirm things are on track, and if things are delayed, we explain the dependencies. If we are waiting on something, we simply say so. We aim to ensure people are in the know every step of the way. Total transparency is key.

    Related: This Unique Leadership Model Will Transform Your Business and Ensure Success

    3. Understand culture

    Understanding a company’s values takes more than a motto — we need to understand the lived behaviors that reinforce the values that make up the culture daily. How do they hire, reward and recognize people? How do they make decisions? What programs or rituals reinforce them? Where are they on a Friday afternoon? If they say they promote from within, what’s their average tenure? How do they celebrate people and milestones? What’s the banter on their internal chat channels? What are their D&I metrics? Who’s on their leadership team? What is their T&D budget?

    In most M&A due diligence, many processes overlook corporate culture. It’s understandable: Culture isn’t seen on paper, and CEOs of acquired companies may not describe it objectively. Let’s face it — they are not the ones to ask. But not understanding the other company’s culture makes it easy to get wrong. Like dating the wrong person — those little things we ignore early on turn into bigger deals in time. Before too long, we can’t get past what we used to overlook.

    Not to say both cultures need to be identical for M&A success, but we should understand the differences and how to address them intentionally. For example, At CI&T, our culture is a learning environment, which means we bring many people to our meetings on a day-to-day basis so they can listen and learn. It’s not unusual for a meeting to have over ten people, but only half actively contributing.

    At first, this confused one of our acquired companies. Their hiring philosophy was to hire only experts and bring the necessary people to meetings. When we explained our culture, we decided together which meetings would have more bandwidth for our approach. Yes, we discussed and agreed together on how to integrate their approach with ours. Flexibility to change is a good sign of a smooth transition.

    Related: 7 Deadly Sins of Merger and Acquisition Negotiations

    4. Bring in the right people

    Understanding a company’s values and cultural differences from the beginning makes it easier to put together the right communications plan and approach an integration. Including the right people must be more than an afterthought. They should be an integral part of the M&A process.

    HR often has a better touch on the pulse of an acquired company’s people and can provide a more realistic and objective picture of its values and culture. Ideally, the HR leaders from both sides are willing to “get real” real quick.

    Perhaps many M&A efforts fail because understanding deeper aspects of a company, like values and culture, requires the right people involved — not business people, not salespeople, but “people” people. Even on the acquiring end, HR has a role to play in upfront discussions — even more for me as an acquired employee who has found success in my new role. I can assure new acquisitions, “Hey, you can trust these people.” I’ll be honest that the process won’t be easy, but these are good people and working through those challenges together makes us all the better.

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    Victoria Maitland

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  • How to Build a Million-Dollar Social Media Business | Entrepreneur

    How to Build a Million-Dollar Social Media Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every time I speak to entrepreneurs and brands, they always seem to complain about a lack of reliable and skilled social media managers. A quick glance at your social media feed will show you how even 8- and 9-figure companies are lost when it comes to posting online.

    This is why, if you have a Wi-Fi connection, a phone, and you know how to write and schedule a few Instagram posts, you could easily replace your current 9-5 job with something that allows you to work from anywhere, whenever you want.

    Related: 12 Tips and Tools for Managing Multiple Social-Media Accounts

    But where should you start?

    The first thing you should do is create a portfolio that shows potential clients your skills when it comes to managing social media accounts.

    If you don’t have any experience yet, you could reach out to friends or family members who have a social media account and ask them if you can manage it for them for free. You only need to do this for three months to have a substantial portfolio that will put you ahead of anyone who has a degree in communication, social media management or marketing but no practical experience.

    Another way to build a portfolio is to apply for beginner paid gigs. The best platforms to do this are Upwork or Fiverr. Sure, the pay might not be the best in terms of compensation, but you’d be building a portfolio in no time and get testimonials that you can use once you start approaching bigger clients.

    Once you have gained some experience managing social media accounts, it’s time to attract clients that can pay you $500-2000 a month to manage their accounts.

    Here, most aspiring social media managers will usually resort to cold emailing or cold calling to find potential prospects and initiate a conversation. And while this approach might work for some, it puts you in a weaker position and makes negotiating a higher rate more difficult.

    That’s because, when it comes to negotiating, you always want to come from a place of authority. Contacting a client that has never heard of you can work if you’re already an established figure. But if you’re just a beginner, it will just show that you’re desperate to work.

    So, what’s a better approach to finding those clients that pay you premium fees?

    Related: How This 18-Year-Old High School Student Built a 6-Figure Social Media Consulting Business

    How to attract high-paying clients

    One way is to keep using platforms like Upwork and Fiverr. If you started there, it’ll be easier to keep searching for clients there, as you’d have collected good reviews and will have built a reputation as a trustworthy professional.

    But a better way is to post on social media platforms to build your authority. This has two advantages. First, it will show potential clients that you aren’t just claiming you can manage a social media account. You are practicing it, which is the strongest form of social proof you can have. Second, it will help you attract potential clients that will see you as an expert in your field and will happily pay you your fee without any hassle.

    Once you have attracted four to five clients this way, it’s time to turn them into repeat customers. The simplest way to do it is to overdeliver so much that they’d be crazy to not continue working with you. If you do so, you simply need to create an offer to manage their social media accounts that can last between three to nine months that gives you some predictable revenue.

    The goal when working with a client on a retainer basis is to keep communications tight and constantly remind them of the wins you are providing them (like increasing their followers or monetizing their platforms). Doing so will also help you routinely raise your rates without losing too many clients and can even make those clients refer you for more work.

    On top of maintaining good relationships with your existing clients, you should still actively search for new clients by posting on your pages (or using other lead-generation methods). This will put you in a stronger position when it comes to raising your rates or negotiating different packages.

    Still, there is always a cap on how much money you can make working 1-1 with a client. This is why every smart social media agency will eventually package the solutions, frameworks, templates and any other assets they use with their clients in a format that can be sold to many people at the same time.

    Related: 6 Tips to Start Your Million-Dollar Business From Scratch

    If your clients all share the same struggles, and you have a solution for it, you can easily turn that into an ebook, a video course or anything else that can be sold digitally. This will allow you to break through the freelance income barrier and scale to a million dollars a year.

    It might take some time to get there, but these are the steps that 99% of successful social media agencies have followed. The earlier you begin building your social media agency, the sooner you will reap the benefits.

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    Rudy Mawer

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  • 6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

    6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you looking to build your reputation as a trusted authority in your industry? With the six strategies outlined below, you’ll learn how to create helpful and engaging content and build trust with your target audience so that they see you as a go-to source of reliable information. These strategies will help you gain more followers and ultimately help you become a trusted authority in your field. Let’s get started!

    Strategy #1: Create content that showcases your actual work

    It’s a no-brainer strategy, but many professionals feel guilty about promoting themselves on social media because they believe it makes them look pushy or needy. However, there are creative ways to showcase your expertise that can make you feel confident in what you share.

    • Case studies: Use the power of storytelling in your case study posts and show the transformative journey of your client. What painful problems did they have, how did you come into the picture, and how did you solve them?
    • Behind-the-scenes content: Share sneak peeks of your process, challenges and successes as you work on a project. This kind of content offers a unique perspective on your work and helps build a personal connection with your followers.
    • Ask for feedback: Post your work on social media directly and ask for feedback from the audience. This content will put you in a position of not being pushy but instead looking for honest feedback. Readers will feel intrigued to look at your work.

    Related: 10 Social-Media Marketing Strategies for Companies

    Strategy #2: Do live AMAs (ask me anything sessions)

    There is no better way to demonstrate your expertise than to do live sessions answering questions. People love engaging with experts who have hands-on experience in the field. People consider you a valuable resource when you make yourself available for questions.

    You can host live AMAs once a week. Let your audience know there is a live session on a particular day of the week, and they will be more likely to join you with their questions in hand. Over time this practice creates a domino effect on your authority, and more and more people in your industry will flock toward you. It also helps you position yourself as an expert, build a community around your brand and lets you uncover less-known but critical problems in your market.

    Strategy #3: Bust the common myths around your industry

    Every industry has its assumptions and beliefs. Showcase what you disagree with to create interesting content. Here are some ideas for you.

    • Create a myth-busting series: Dedicate social media posts to busting the most common myths in your industry. It allows you to educate your audience and demonstrate your expertise over a long period.
    • Present alternative solutions: Offer unique solutions to common challenges and problems in your industry. Show people how they can do it better, faster, and cheaper. This demonstrates your ability to think outside the box and provide unique insights to your audience.
    • Use humor: Busting myths doesn’t have to be serious. Adding a bit of humor to your content can make it more engaging and memorable for your audience. Most importantly, it’ll add a personality to your brand.

    Remember, when presenting uncommon opinions, it’s essential to be respectful, open-minded, and well-informed.

    Related: How to Establish Online Authority

    Strategy #4: Share your pitfalls so others can avoid them

    People love reading about your vulnerabilities and mistakes. It helps people get a glimpse into the human side of you. This type of content gives insights to your readers to avoid errors and get better results from their endeavors.

    Highlight what you have learned from the experience and how it has helped you grow and improve. Offer advice to others who may be going through the same situation. Give them clarity on what exactly they should think and do to solve those problems.

    Related: Why Vulnerability Is a Strong Business Leader’s Most Powerful Weapon

    Strategy #5: Create how-to guides and show your deep expertise

    Creating “how-to guides” as part of your social media content effectively increases engagement with your target audience and demonstrates expertise in your field. All “how-to guides” should begin by introducing the problem that needs to be solved and providing an overview of the steps that will be taken to solve it. Once complete, highlight the benefits resulting from completing each of these steps.

    Make sure your how-to guides are detailed, easy to understand and actionable. This strategy demonstrates your deep knowledge of the subject, which can lead to increased engagement and, ultimately, more quality followers for your content marketing efforts.

    Strategy #6: Predictions and futuristic content

    Predictions can be a powerful driver of engagement on social media, giving people insight into new or changing trends or offering creative speculations about the future of your industry. Create content around forecasting future trends and advancements/technologies in your industry. It helps you establish a fast-forward thinking approach and position yourself as a thought leader.

    This form of content has its unique appeal as well: it taps into your reader’s collective curiosity and desires to learn more about the unknown, spurring conversations that can pique interest. Of course, on social media, you should handle predictions with caution. To make sure followers trust your credibility with such content in the future.

    Some futuristic content can be:

    • Ideas on how your industry can prepare for the future
    • The rise of new development and its impacts on your industry
    • Your thoughts on what the future may hold.

    Some final thoughts

    Gaining more trust and recognition in your area of expertise doesn’t happen overnight, but these six social media content strategies can help you a long way in your journey. Now it’s time for you to choose which of these content strategies to implement first.

    Utilizing the above strategies will give you the best outcome for being seen as a leader within your field but don’t let that overwhelm you. Start small by nailing down one or two of the above tactics and build from there. You should be able to see the results over time if you remain consistent across various platforms.

    What strategy would you like to try first? The power is in your hands!

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    Erica McMillan

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  • Pat Flynn Teaches You How to Build a Revenue Generating Audience | Entrepreneur

    Pat Flynn Teaches You How to Build a Revenue Generating Audience | Entrepreneur

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    You know that building an audience is important. Whether it’s on LinkedIn, YouTube, your newsletter – you want to grow the base of people who know, like, and trust you, and will eventually buy from you.

    But, knowing that an audience is important is entirely different from having the skills to build an audience that lasts. So how do you do it? How do you build an audience of engaged, vocal followers who will not only buy your product but spread the word on your behalf as well?

    For this week’s podcast episode I sat down with Pat Flynn to discuss just that. Pat is the co-founder of SPI Media, a podcast, and owns several successful online businesses – when it comes to audience building, he’s the real deal.

    You can read the key takeaways from our discussion below and listen to the full episode here.

    Being an expert isn’t enough to find success

    Just scroll Instagram or Linkedin for a few minutes, and you will find people with way less skill and knowledge than you who have an audience hanging on their every word.

    Here’s a tough truth: You can be the most skilled expert in the world, but if you don’t know how to communicate that skill in a way that resonates with your audience, you’re going to be outdone every time.

    How do you build a presence that creates lifelong fans? Good question, we’ll cover that next.

    Be the audience before seeking an audience

    Pat advocates for becoming part of your target audience before you start to build a presence there. This gives two big advantages:

    1. You speak the language – by the time you’re ready to sell, you’re using the same vocabulary, know the inside jokes, and know who key players are. If you come in with no background knowledge, you aren’t offering expertise or a unique perspective. You’ll just be white noise to that audience.

    2. You can empathize with your audience. When you’ve been a part of a group, you know the problems they deal with, what motivates them, what slows them down. And that enables you to solve problems for an audience more effectively.

    Master one platform before expanding to others

    While you’re joining the audience, notice what platform they gather on. Then start with mastering just that platform.

    Pat said that if your effort is distributed across five platforms with five different sets of best practices, you’re going to fail. Instead, pick one platform and take courses on how to best utilize it.

    Invest in your community there. Learn about the individuals that follow you, care about their lives, decide how you’re going to show up on that one specific platform.

    Calculating Return on investment

    This part is tricky, because most business owners would like to know for certain that if they put in a certain number of hours, they’ll get a certain number of dollars out.

    Pat says ROI is the wrong way to look at it – when you discover who the people are, and what they need, you have an infinite number of ways you can solve their problems.

    He also points out that knowing your audience increases the impact of other areas in your business – copywriting, lead magnets, sales. All of those are infinitely more effective when you know your audience.

    Another note on ROI: If you measure it after your first project launch, it’ll feel lousy. The value of investing in your audience compounds over years.

    Next Steps

    Want to learn more from Pat? First, listen to the full interview Pat Flynn Teaches You How to Build a Revenue Generating Audience.

    Then, check out SPI Media’s All-Access Pass. In addition to gaining access to interactive DIY courses, you’ll also join a community of entrepreneurial peers of all levels who are committed to learning and improving their skill set.

    And, here are a few ways I can support you.

    Either way, I wish you the best of luck and feel free to connect with me on LinkedIn or Instagram.

    To hear the full conversation and get access to additional resources tune in to this week’s episode of the Launch Your Business podcast.

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    Terry Rice

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  • 6 Ways to Learn From a Failed Business Venture | Entrepreneur

    6 Ways to Learn From a Failed Business Venture | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We love — no, we crave — a good origin story. Hero or villain, we want to know what circumstances lead them to where they are. Think really hard about your favorite character in a story. They probably failed at some moment along the way (it’s got to have a solid, drama-filled plot, or who’d care?) and because of it, they came out stronger. We lift these fictional stories up, and we celebrate the journey so much.

    Why can’t we do this for ourselves? Failure in business can be scary, unpredictable and emotionally taxing. If you’ve started a business already, you’re aware that taking risks is an integral part of your entrepreneurial journey. And with great risk comes … great fear of the unknown! That, and many rewards. But if we’re honest with ourselves, we know that the great entrepreneurs before us have all seen their fair share of failure at some point in their careers — be it a bad initial business plan, lack of understanding of the industry or just a few bad moves (I can talk about some bad moves…). The beauty of failure is that it gives you a reason to get back up. Because, as the great Aaliyah sang, “If at first you don’t succeed, dust yourself off and try again.”

    Now that song is in your head, here are six ways to learn and pivot from an entrepreneurial journey gone awry:

    Related: Seeing Failure As An Opportunity To Learn From (And Leapfrog Into Success)

    1. Reevaluate your business plan

    Reevaluate your business plan — or completely pivot if you have to. Was your product or service not ready for market? What type of feedback did you receive? Identify what went wrong and why, and then create actionable takeaways you can use in the future. Instead of wallowing in defeat, take constructive steps towards understanding where things went awry. Was there something you could have done differently? How heavily was luck involved? Self-reflection should be part of your quarterly, annual or semi-annual review.

    2. Set new, attainable goals

    This is a given, and you’ve probably heard this 1,000 times, so here’s number 1,001: Set goals that are smart and attainable. Take a look at what went wrong with the project that failed, and understand why it failed. Sometimes our failures are simply viewed as such because of the goals we set. You say, “I want 1,000 users in the first month of launching my brand!” And I wish you all the best, by the way. But that might not be realistic, especially if you haven’t planned out your marketing properly or started any outside research. A smart goal would be more along the lines of, “I want to collect enough emails or contact information from my promoted post.” From there, you build a following or brand awareness that can get you to 1,000 users much easier.

    3. Learn a valuable lesson

    Who doesn’t love a good lesson? Is it even a good lesson if you don’t cry a little bit? After the tears have gone, it’s worth looking at the situation and considering where you can become stronger. Did you trust someone without fully vetting them? Did you not have enough money saved for your venture? Here’s the good news: It’s okay. And the better news: You’re going to be better because of it. Just remember to not make the same mistake as you move on.

    Related: 10 Lessons About Failure That Every Entrepreneur Needs to Know

    4. Take on new skills that will take you farther

    Sometimes we fail because we haven’t got the right skill set or we need to fine-tune our skills. Once you’ve realized the areas in which you need to either improve or sharpen, use the time to pack on more knowledge. You might even find that your entire business idea changes or evolves into something you hadn’t thought of. Be flexible with yourself. Learning new skills only broadens, it never narrows.

    5. Discover your true intentions and purpose

    What motivates you? Failure has a funny way of prioritizing what really matters — or what things should matter. Chasing money, helping others, serving your community or a community in need, being the number one realtor … blah blah blah. Maybe your true purpose is hidden behind the mask of what you think a successful business looks like.

    6. Encourage others with your story

    Sharing your failure story can be overwhelming and anxiety-inducing, especially if it brings back difficult memories and emotions. On the other end, sharing your story can inspire and bring hope to someone who’s struggling with the same issues.

    Look, I get it. You log onto LinkedIn and see so much success happening — new jobs, new careers, new businesses. But the honest, vulnerable moments are where we can really learn something about who we are as entrepreneurs. If you’ve failed, well, join the club. I have, too. Most of us reading this have. But if you’ve had a bad venture, don’t let it define you. Dust yourself off and try again … and again. It is what defines you as a risk-taking entrepreneur.

    Related: How to Turn Failures Into Wins As an Entrepreneur

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    DeAnna Spoerl

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  • 5 Proven Habits to Create Success | Entrepreneur

    5 Proven Habits to Create Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    While habits are repeated behaviors, beliefs are repeated thoughts. Mastering both are critical to your success as an entrepreneur. By consistently engaging in beliefs and habits that support your goals and values, you can fulfill your potential and achieve your goals — whether that be in your finances and career, or in your personal development and relationships. Here are five proven habits to shape your mindset and create success:

    1. Know what your moral compass points toward

    In today’s world, it’s common to see people getting their beliefs and sense of self-worth from social media, the opinions of other people or the numbers in their bank account instead of how they show up in the world. They put too much value on what other people think of them. They don’t have a concrete sense of their morals. These people are indecisive, they don’t trust themselves, and they are easily swayed in their thoughts and beliefs.

    Having a clear understanding of your principles will make you stand out in a room of entrepreneurs for multiple reasons. Understanding your moral compass helps you increase your sense of self, including your strengths and weaknesses, and it helps you understand how to leverage those for the benefit of your business. Knowing your values will help you make strategic decisions about your company, and each of these decisions will help you stay on track with your vision.

    Whoever engages with you and your business will know your guiding morals and how that differentiates you from the competition. It’s going to help you attract like-minded individuals, whether that’s other business leaders, employees or even investors. Having clarity with your moral compass is one of the foundational ways to build a strong level of trust between you and your stakeholders.

    Related: 11 Simple Steps for Building Habits That Guarantee Success

    2. Show up with enthusiasm

    Successful people are enthusiastic about what they do. If you don’t feel enthusiasm in your life, start experimenting with things that will excite you. It doesn’t matter how you start — pick anything to incorporate into daily life that you feel enthusiasm for. That might be reading, going to the gym or investing time and money in hobbies or classes that spark that sense of eagerness in your life.

    No matter what you’re doing, challenge yourself to seek enthusiastic environments and build relationships with other enthusiastic individuals. Once you’re in that mindset, practice sitting in that feeling of enjoyment. That enthusiasm will gain momentum, which will seep into other parts of your life — including your entrepreneurship mindset and business growth.

    3. Walk with purpose

    It’s crucial for you to identify what you want in life and define your purpose. No matter how long it takes or the price, successful people will do whatever is needed to fulfill that purpose. Clarify your major goals, and then identify smaller goals that help you get there, like rungs on a ladder to reach the top.

    People without purpose take the path of least resistance. They shy away from doing difficult things, having difficult conversations or anything that takes true effort. The actions that take true effort are what actually scratch the surface of creating a better life for yourself. Finding your purpose and refining a plan to get there, especially when it includes doing those difficult things, is what will lead to exponential growth and success in any aspect of your life.

    Related: 8 Proven Habits for Ultimate Success

    4. Have faith in yourself and your abilities

    Those who are at the pinnacle of their success have one thing in common: They don’t depend on external validation. They trust themselves and don’t let fear into the equation of their decision-making. People who have faith in their abilities and principles don’t crucify others who disagree with them or those who don’t see their vision, because they don’t need their approval in the first place.

    On this journey to success, you will second-guess yourself. Prepare to be misunderstood, especially when everyone is going in a completely different direction. You will have to learn how to operate alone, and with critique, even if it means not being accepted by others. When that happens, remember to celebrate your wins, no matter how big or small. Every win serves as a mile marker on the path to your goal and reinforces your unwavering belief in yourself and your capabilities.

    5. Focus only on what matters to you

    Your attention always has to be directed somewhere. The question is, what will you focus your attention on? Will you focus your attention on ideas and mindsets that will make your environment better or worse? Don’t waste your attention on things that don’t matter. Don’t waste your attention on negative information that distracts you from overcoming hurdles or reaching goals that you know you have the potential for.

    This rule of being intentional with your attention applies to your personal and business relationships, too. Be direct in your interactions, and cut to the chase. This will not only save you time and money, but it will improve your communication and avoid potential conflicts down the road. Focusing the entirety of your attention on what really matters (your health, your self-improvement, your family, your employees and your business) will move the needle to become a better version of yourself.

    What are you doing to make today’s ceiling tomorrow’s floor? Practicing these habits and holding true to your beliefs will mold you to be a person who is productive, confident and self-disciplined. This will lay a solid foundation for you to reach financial stability and grow your company. You already have the potential and the gifts to reach your definition of success. It’s a matter of doing whatever you need to do — and paying the price you need to pay — to act upon that potential.

    Related: 9 Habits of Super Successful People and What You Can Learn From Them

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    Trevor Cowley

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