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Tag: Growth Strategies

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

    Having Trouble Getting Verified on Social Media? Try These Steps

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

    Secure professional photos

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

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

    Manage your online reputation

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

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

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

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

    Press coverage

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

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

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

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

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

    Hire a public figure coach

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

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

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

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    Heidi Cortez

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  • Why Founders Are Hiring These Two Coaches to Supercharge Their Business

    Why Founders Are Hiring These Two Coaches to Supercharge Their Business

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    Ankita Terrell and Emily McDonald are the women behind My Founder Circle, a community designed to support female founders while they start, grow and scale their companies. They sat down with Jessica Abo to talk about how they’re helping female founders supercharge their business and how you can too.

    Jessica Abo: Ankita, let’s set the stage for a second. How many female founders start their own business every year and how many of those actually make it to year five?

    2.6 million businesses are started by women every single year. Now, of course, the actual number is probably way higher because a lot of solo entrepreneurs never register themselves as a business. And of those, 50% fail by year five. So only about 1.3 million make it to year five and beyond.

    And why do you think that is?

    The timing of their launch often isn’t right, the product-market fit isn’t right, or perhaps they just don’t have the right tools or a community to help them in their success. Entrepreneurship is a lonely journey, and we want to change that.

    Emily, when women come to you, what are some of the challenges that they’re facing?

    Women come to us typically when they already have a business, they already have revenue, and they already have customers, but they’re really confused about how to scale their business. They’re often feeling overwhelmed. And I actually built a seven-figure fashion business myself and I faced those same problems, so I totally understand. They don’t know what to try and what works. And there are so many options in front of them that they feel alone and overwhelmed by how to get from where they are now to a scaled, more successful, more profitable business.

    Ankita, when you say you helped top founders supercharge their growth, what does that look like?

    Emily and I have very unique experiences. She built a seven-figure company. I previously worked in venture capital, worked for a startup and in a nonprofit, and I went to business school. So between us, we’ve both done and studied what we teach. So we help founders supercharge that growth through very tactical support. We act as their co-founders. We provide a lot of support with mindset growth as well. So both tactical support in group and one-on-one settings, and also a small group community they can lean on.

    I recently heard that we have more than 6,000 thoughts a day, and 85% of those are negative. So how do you help your clients and your students who are in that negative mindset? How do you help them shift?

    We want to remind our founders that having negative thoughts is really common. It’s really common to encounter bumps along the road as you’re growing a business and as you’re growing as a human. We support founders very deeply, both in a group setting and one-on-one, and help them overcome their limiting beliefs. We want to hold up a mirror to you and help you be the best you that you can be. We heavily invest in learning different modalities and techniques to be better founders and now better coaches. Often, these techniques and modalities have taken us years to learn and we continue learning from them and bringing in outside support to help our founders.

    And like Em said before, we have a lot of experience. She built a seven-figure business and overcame a lot of these challenges. I worked across nonprofit and venture and in funding B Corps and have absorbed a lot of what makes a business successful. And having a plan in place and having coaches that really believe in you as a human goes a long way.

    And to add to that, we like to remind founders that some of the things that you perceive as negative that happens in your business actually end up being some of the biggest growth moments and some of the things that lead you to some of your biggest successes.

    Speaking from experience, I think every time I’ve hit a low, climbing out of that process has always led me to my next offer or my next program. So that brings us to growth. How do you advise people when it comes to growing their business?

    What I want to encourage founders to do is invest in help, join a community or hire a coach, or get an advisor who can really be there in a more effective capacity, someone that you can bounce ideas off of, someone that you can be extremely honest with when things are going wrong. You need that support. You can’t build the business alone. And it really takes a combination of mindset and strategic work. So when we work with founders, we build a strategic roadmap while we also work on this mindset and in their professional growth. We believe that you cannot have a successful company without both pieces of the puzzle.

    What do you want to say to the women out there who are listening to this and just feel bad that they might need help?

    Here’s what I say about juggling it all, is that, think about it as if you’re juggling balls, and some of the balls are glass and some are rubber, and your clean house is a rubber ball and your health is a glass ball. So make sure that the balls that you’re dropping are rubber and not glass. You’ll always be dropping balls. And the other thing is everyone needs help. Even male founders aren’t nervous about asking for help from their friends or their business advisors. You are more successful, you’ll make more money faster, you’ll make fewer mistakes, and you’ll save time when you actually enlist help with your business.

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    Jessica Abo

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  • CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

    CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

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    Takeaways:

    Rethinking How We Get Food – A traditional restaurant is one brand under one roof. With a commissary kitchen you can have multiple brands under one roof. But with CookUnity it’s different. Their “roof” is an app that connects chef with consumer. Technology is helping food get around easier, which is a win for cooks and eaters alike.

    Helping Chefs Scale – While the average chef might feed hundreds a day, CookUnity helps them reach thousands with a scalable model that includes kitchen space, ingredients, and essential services for running a food business. This model has helped their chefs make lots more money than they would just cooking at one restaurant.

    Customers Want Variety – In the food industry the customer wants choice. Mateo Marietti points out that even the biggest burger brands don’t reach a majority of customers because the market demands options. CookUnity helps provide eaters with a bevy of choices by partnering with dozens of chefs from around the United States.

    ***

    CookUnity CEO Mateo Marietti is on a mission to reconnect farmer to chef to eater.

    Mateo Marietti co-founded the CookUnity meal subscription service with a belief in the power of great food. And great food comes from great chefs.

    But far too often it’s hard for cooks — even the best — to expand outside the walls of their restaurants.

    That’s where CookUnity comes in to help.

    “We want thousands of people per day to enjoy your recipes, not just hundreds,” said Mateo Marietti to Restaurant Influencers host Shawn Walchef of CaliBBQ Media.

    CookUnity is an innovative “chef collective” that sells personalized meal subscription plans with an emphasis on quality, health, and sustainability. It connects top chefs from top restaurants directly with thousands of diners all over the United States.

    The New York-based company provides kitchen space, ingredients, and other vital services for their large line-up of chefs. Then the meal magic can be scaled much easier.

    “The problem that we are trying to solve primarily is the access problem. So if you’re a successful restaurateur or chef, your impact is not that big. Your reach is not that big, even the successful ones.”

    Being a chef with CookUnity means being able to tap into a pre-existing customer base, scalability potential, and far less headaches than it takes to operate a restaurant location.

    “We have two chefs doing more than $2 million a year in income, while more than 20 percent of our chefs are making more than a million,” the company co-founder said.

    CookUnity meals have included such specialities like Miso Roasted Brisket by Maiko Kyogoku, Parmigiana Chicken by Pat LaFrieda, and Asiago-stuffed Gnocchi by previous Restaurant Influencers Guest Fabio Viviani.

    Mateo Marietti has been connected with food his whole life. He was born on a farm in Argentina and has worked in the business for a long time at the intersection of food, logistics, and technology. Mateo estimates that the brands he has built have delivered more than 25 million meals combined.

    The Pandemic of 2020 took CookUnity to another level due to an increase in people wanting to eat at home.

    “It was an inflection point. And we continue growing steadily since then,” he said.

    Even though CookUnity is operating in an emerging space in the food industry, Mateo knows in a few years people will get used to the idea of ordering their meals online directly from amazing chefs. After all, there was a time when it was still new to rent a stranger’s house through a website, or get a ride from a stranger with a cell phone app.

    “I will argue that customers are always looking for new things and not necessarily satisfied,” said Mateo Marietti. “Even the biggest brands, companies become a tiny fraction (of the market). And to me, that is a sign that consumers always want to try new things.”

    ***

    ABOUT RESTAURANT INFLUENCERS:

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • 8 Ways to Retain Customers During an Economic Downturn

    8 Ways to Retain Customers During an Economic Downturn

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    Opinions expressed by Entrepreneur contributors are their own.

    Recessions typically mean reduced consumer spending. And by many accounts, we’re heading into a recession this year. So, companies need to start gearing up.

    The first reaction many companies have is to start cutting back on costs. While in many cases that makes sense, it can backfire if you cut investments in areas crucial to your bottom line. One area worth investing more in during an economic downturn is customer loyalty.

    As we all know, customer retention costs far less than customer acquisition. When it comes to cutting costs, you can only save so much. But there’s no limit to how much you can earn. So, if past recessions are any indication, the smartest strategy is to focus on your most loyal customers and super-serve them with personalized offers, experiences and rewards.

    Done right, existing loyal customers will deliver the consistent sales needed to weather the storm. The question isn’t so much should you have a loyalty program, but rather how to implement the best one. Here are a few tips:

    Related: Steal These 4 Proven Customer-Retention Strategies

    1. Be rewarding

    Brands that reward loyal customers are the brands that customers will return to first. It’s the brand they’ll refer friends and family to. So, focus your efforts on the experience of rewarding, listening and recognizing every action your customers take. Create an emotional bond that transcends price, before price becomes the deciding factor.

    2. Be flexible

    Give customers a choice in how they redeem loyalty rewards. Let them decide whether to convert rewards into cash, account credits or redeem them at the point of purchase. If you have multiple brands under your umbrella, allow customers to transfer rewards between them as they prefer. And don’t forget to check in and ask for feedback along the way — as well as look for trends across your database — then respond. Ultimately, it’s about rewarding customers first and making them feel heard.

    3. Be inventive

    Don’t be restrained by convention. Explore new ways to reward and incentivize customers and build loyalty. Perhaps focus on product returns, and offer an incentive for customers to exchange items rather than ask for a refund. Or focus on the cart abandonment problem by offering incentives to return to the sale. Look for the frictions that exist in the customer experience, and develop loyalty systems in response. It’s not just about points-for-purchase.

    4. Be unique

    Try personalizing loyalty program benefits to the customer based on their history with your products and their responses to the questions you’ve asked them. Remember, loyalty programs shouldn’t focus only on monetary exchanges. It can include gamification for referrals, reviews, sweepstakes and more. Using these tactics to make loyalty programs more individually relevant will not only make each customer feel seen and valued, but it will increase the effectiveness of the loyalty campaign.

    Related: 5 Types of Customer Loyalty Programs that Pay Off

    5. Be coordinated

    Loyalty programs, like any marketing program, shouldn’t exist in a vacuum. Sales and marketing must work together to be in lockstep when reviewing the markets, industries and opportunities with the highest success rate. Discipline, speed and experience are all key to reaching agreement on the ideal customer experience and advancing opportunities together.

    6. Be responsive

    If you’re going to ask a customer for information, react to it immediately. Don’t just store it in a database for some unknown future use. Provide a discount or a product recommendation. Demonstrate that you’re not just building a profile of data on them, but that you’re actually listening and actively looking for ways to provide value.

    7. Be strategic

    It’s not enough to just throw more money at a loyalty program. It’s important to know where to aim, and that means constantly monitoring the effectiveness of your efforts and adjusting as needed. Not all customers are the same. While some may respond well to receiving more emails, others may be put off. Determine which is which, and make sure to use a system capable of accommodating both at scale.

    Related: 3 Secret Reasons Why Your Brand Needs a Rewards Program

    8. Be self-aware

    The worst mistake you can make is failing to deliver the goods once customers engage with your site. So, be sure your house is in order before you start inviting people in. Eliminate any bottleneck in your website to ensure every customer who visits has their needs met. Make sure your recommendation engine can recognize previous visitors so you’re not offering them products they’ve already bought. For those not ready to buy, offer wishlists that you can offer promotions on in the future. Getting people in the door is only the first step.

    What do these tips have in common? They’re all focused on the customer’s needs and their unique interactions with your company. After all, loyalty works both ways. The best loyalty programs don’t just provide customers a way to stay loyal to your brand. It gives you a way to demonstrate your loyalty to your customers.

    Remember, the goal of a loyalty program isn’t about generating more sales. It’s about building trust. It’s showing your most valuable customers that you value them in return. When you do so, you’ll create an emotional connection with your customers that will last far longer than any period of economic unrest or uncertainty. It’ll last a lifetime.

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    Michelena Howl

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  • Save Half Off a Sam’s Club Membership and Help Ease Inflation

    Save Half Off a Sam’s Club Membership and Help Ease Inflation

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

    Things are tough for small business owners right now. Inflation is especially hard on entrepreneurs, who have to pay for raw materials for their goods and try to keep prices down for their customers. (Not to mention, we all have personal expenses that are becoming increasingly unaffordable.) So if you’re a little worried about your cash crunch this year, a good way to save money is by investing in a Sam’s Club Membership.


    StackCommerce

    Sam’s Club is a membership warehouse club that offers quality products at a value that you can’t find at other retailers. When you buy in bulk as you do at Sam’s Club, you can get everyday items (and some not-so-everyday ones) for great prices while also reducing the number of trips you need to make to the store.

    Sam’s Club offers groceries and kitchen supplies, electronics, furniture, and much more for outstanding prices. So whether you’re shopping for your home or office, Sam’s Club can help ease inflation’s effects on all of your expenses.

    Traveling for work this year? It may be worth checking out the travel offers included with a Sam’s Club membership. It never hurts to save on business travel while having a little fun yourself. In addition, the membership automatically renews annually, so you won’t have to worry about your membership lapsing at the end of the year.

    When you sign up for a Sam’s Club membership, you’ll also receive a complimentary household card for more savings on already low-priced items. For a limited time, new members can sign up for a one-year Sam’s Club Membership for half the regular retail price at just $24.99 (reg. $50).

    Prices subject to change.

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    Entrepreneur Store

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  • It’s Impossible to Succeed Without Encouragement. Here’s Why.

    It’s Impossible to Succeed Without Encouragement. Here’s Why.

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    There are several underlying factors that cause success, but encouragement from those around you is among the most important.

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    Jonny Caplan

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  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

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    Francesco Fazio

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  • 4 Things All Small Business Owners Should Know in 2023

    4 Things All Small Business Owners Should Know in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    3. Business owners are taking advantage of free educational resources

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

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

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

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

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

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

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

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

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

    Related: 7 Networking Groups Every Small Business Owner Should Join

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    Sharon Miller

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  • How Crafting a Winning Environment Can Change Your Life and Your Business

    How Crafting a Winning Environment Can Change Your Life and Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners have always been problem solvers. That’s what the free market is designed to do — allow innovative thinkers to create change for others by solving problems. We, as entrepreneurs, are problem solvers and creative thinkers. To see success in business, we must be good at a few core skills. We must be good at solving a specific problem for a specific type of person. We must be good at finding the right people and managing those people. And we must be good at solving the problems that arise in our businesses from the chaos that the world brings.

    We all know that even with the perfect plan, we still run into problems. It’s how we deal with those problems that dictate the end results in our business. The human mind has evolved to create more comfort for us. We’ve designed houses, cities, supply chains and much more to solve problems and also create more safety and security in an uncertain world. It’s in the crafting of these types of environments that we create a better world for ourselves, and, ironically, a worse one at the same time.

    Related: 3 Ways to Create an Environment That’ll Nurture an Entrepreneur

    The problem with being too comfortable

    The more comfort we create for ourselves, the more we crave that comfort and allow that comfort to coddle us and lure us into relaxing our pursuit of betterment. Many of us tell ourselves the story that if we just have the Peloton, that tonal or that home gym set up, we’ll work out more.

    The hard truth is that once we get those things that we tell ourselves will create a successful routine for us, many of us stay the same. Now we just have a new living room ornament and a reminder of the failed promises that we’ve made to ourselves every day. We tell ourselves, “Tomorrow, I’ll use it.” And then another day goes by, and it’s unused.

    I’ve been there, too. For five years, I told myself, “I’ll quit heroin tomorrow.” And then, the next day came, and I found myself sticking a needle in my arm. Until a day came when the pain of staying the same was bigger than the pain of changing. So, I quit and haven’t touched it since. Was it easy? No, but what in life that’s worth it is easy? Not much that I’ve found.

    Related: 8 Ways to Structure Your Daily Grind for Success

    Crafting a winning internal environment

    Most of our habits aren’t nearly as harmful to our health, our relationships and our business as heroin. But the continued practice of being comfortable and sitting on our laurels, thinking we’ve made it because we have a business that pays us a certain amount month after month, year after year, can be nauseatingly comfortable and therefore harmful. It’s that type of comfort that we get lured into that can cause catastrophic damage when a large problem arises, and we’re not prepared to solve it because we’ve let our metaphorical tools become dull and our muscles weaken.

    In business, I’ve found that we are at war with ourselves and at war with the tendency to crave comfort over the habit of the consistent pursuit of success. So, it’s not the environment outside that we must cultivate to create success. It’s the internal environment that we must shape and prune to create the success we truly desire.

    With lifting weights, it’s the last few reps when we’re in more pain, fully exerting ourselves and feeling the maximum amount of strain, that create the most significant changes in our muscles and physique. It’s also the times when we feel like giving up, throwing in the towel or procrastinating starting the thing we know we should be doing in which we need to change the internal environment and create habits of execution.

    Life will get in the way; that’s inevitable. Children, headaches, feeling low on energy, needing to get one more thing done at work — the list could go on as to the excuses we could allow ourselves to use to continue to procrastinate the things that we know we need to do. The true power lies in realizing that we’ll never get more time in the day and that we need to prioritize what’s most important, which is self-worth, self-trust and the habit of showing up.

    Yes, burnout is a real thing. And we are only capable of doing so much every day. We’ll never be able to create more time in the day, and that’s why we must create an environment inside, a set of decision-making skills that allows us to be the most effective we can possibly be with our time and our energy. That can show up as being willing to let go of control and empowering employees so that we can allocate our time and energy to different and more critical tasks and activities. It can also mean not allowing ourselves to be distracted by social media and motivational content and only allowing ourselves to be satiated by doing the things we want the motivation to do.

    So, in 2023, I’m going to be creating an environment for myself and my business that allows me to stay consistently on the path toward greatness, and I encourage you to do the same. I’m not going to allow my old habits to destroy the person I know I can be and will become, and I surely won’t let the outside world dictate the way I show up. I hope you don’t either.

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    Trevor Cowley

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Related: 6 Tips for Doing Business in China

    1. Not researching business registration laws

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

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

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

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

    2. Missing essential certificates and licenses

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

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

    3. Not studying local tax regulations

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

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

    Related: 3 Steps to a Successful International Expansion

    4. Ignoring local labor laws

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

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

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

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

    5. Not having airtight dispute resolution contracts

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

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

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

    6. Not protecting your intellectual property

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

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

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

    Flexibility and partnerships to unlock success in China

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

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

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    Wei Hsu

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  • How to Use AI Tools Like ChatGPT in Your Business

    How to Use AI Tools Like ChatGPT in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    ChatGPT

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

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

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

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

    Related: 3 Brands Crushing Instant Customer Service

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

    Lensa AI

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

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

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

    Jasper

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

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

    There are a few factors to consider, however:

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

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

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

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

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

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    Scot Chrisman

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  • 5 Ways to Tweak Your Business’ Sales Process to Generate More Revenue

    5 Ways to Tweak Your Business’ Sales Process to Generate More Revenue

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    Opinions expressed by Entrepreneur contributors are their own.

    Is your sales process really helping your organization maximize its potential revenue? It’s a question well worth considering, especially when scaling your sales team. Complacency in sales can be problematic, to say the least — and failing to address known issues can be even worse.

    Regardless of the size of your organization, understanding the necessary adjustments to your sales process can go a long way in helping you land more customers and increase your revenue.

    1. Make demos focused on benefits — not features

    In their book Guerrilla Marketing in 30 Days, Jay Conrad Levinson and Al Lautenslager write, “The latest and greatest equipment means nothing to a prospective buyer unless that feature translates into lower costs, quicker delivery or something else of value. Being established 100 years ago means nothing to a prospective buyer unless that feature can be translated into a benefit of reliability and a guarantee of being in business in the future. […] Benefits sell. Benefits clearly answer customer questions, such as “what’s in it for me?” or “what results will I get that will improve my current situation?”

    This mindset is especially pertinent when offering a sales demo to a prospect. Focus on all the features your product provides, and you can easily overwhelm them. Demonstrate its true value and potential impact by focusing on benefits, and you reveal how it will solve their problems.

    Making your sales process focused on benefits requires extensive buyer research. But when your team understands the actual problems prospects need to solve, it will be far easier to make a successful pitch.

    Related: 5 Secrets to Winning More Sales

    2. Shorten the free trial period

    Many SaaS companies offer free trials as part of their sales process, the idea being that giving prospects hands-on time with their software can be the most compelling sales pitch of all. This is true — to an extent. Most SaaS companies average around a 25% conversion rate from their free trials.

    While that conversion rate is certainly good, it can be improved upon. One common pitfall is that providing a full month for prospects to test the software can actually be too much time. This can reduce the sense of urgency, especially among prospects who simply want to get a closer look to see what your solution provided.

    Instead, offering a shorter trial period (such as seven to 14 days) can create that sense of urgency that drives prospects to actually use their free trial. This can encourage a deeper dive that makes them more likely to convert.

    3. Use CPQ (configure, price, quote) tools

    One of the best ways to enhance your sales process is to use a CPQ (configure, price, quote) tool to streamline your team’s ability to generate accurate quotes for prospects. These programs use automation based on a set of rules preprogrammed by your company, such as acceptable discount thresholds, product customizations and other factors.

    In a DealHub case study, one company was able to increase its average deal size by 15% while decreasing quote and contract errors by 95% by using a CPQ to enact automated pricing mechanisms. By preventing pricing errors and ensuring consistency in the quoting process, your sales team will have an easier time following pricing standards and guidelines so they can close deals faster and achieve appropriate revenue earnings.

    4. Offer additional plan options

    Most SaaS providers offer monthly plans, as lower prices and the lack of a long-term commitment can seem more customer friendly — in fact, it’s estimated that 70% of SaaS companies only offer monthly pricing options.

    In reality, you can improve your sales process simply by also giving customers the option to choose from annual pricing plans. An annual plan can lower customer churn and increase their lifetime value by ensuring that they will remain customers for an extended period of time. This will also improve your organization’s cash flow and make customer acquisition costs more manageable.

    Many of the most successful SaaS platforms understand prospects’ potential reluctance to sign up for a yearly plan and counteract this by offering a discount for annual plans. Providing more options (and offering the right incentives) can lead to more conversions and more long-term sources of revenue.

    Related: 6 Super Simple Tricks for Closing Way More Sales

    5. Focus on your existing and former customers

    It typically costs between six to seven times as much to acquire new customers as it does to retain existing customers. Needless to say, your sales team should be dedicating a significant amount of its processes to how it will generate more revenue from your current customers.

    One of the best ways to do this is through upselling or cross-selling. For example, if your business offers multiple subscription tiers, you could upsell a customer to go to a higher-paying tier.

    As with the initial sales pitch, upselling and cross-selling pitches must be tailored to the individual needs of the client. This time, however, your team has information on past interactions and how they are using your current services, making it easier to custom-tailor the pitch. Increasing the lifetime value of existing customers can be far less cost and time-intensive, and has higher odds of success.

    Creating a better sales process

    By following these best practices for enhancing your sales process, you ensure a better experience for prospects and customers, as well. This doesn’t just help you close more deals and earn higher revenue off the initial sale. It helps ensure that your customers will stay with you for the long haul — which will perhaps have the biggest influence on your lifetime revenue of all.

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    Lucas Miller

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  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: A Straightforward Guide To Effective B2B Lead Generation

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

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

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

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

    2. Does the same SDR deliver all touchpoints?

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

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

    3. Where is the client-facing team located?

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

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

    4. How experienced are the SDRs?

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

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

    5. How are the SDRs compensated?

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

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

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

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

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

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

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

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

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

    8. Does the lead generation company exhibit internal growth?

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

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

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

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

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

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

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

    10. Do you have a clear target market?

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

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

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

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

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

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

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

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    Vito Vishnepolsky

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  • You Need This Critical Concept to Supercharge Your Business

    You Need This Critical Concept to Supercharge Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: How Much Should Entrepreneurs Care About User Experience?

    Getting real about the term UX

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

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

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

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

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

    1. Shun the survey and try this instead

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

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

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

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

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

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

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

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

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

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

    Related: Why User Experience Is Vital for Quality SEO

    3. Measure user success, not NPS

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

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

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

    4. Create a user-centered journey map

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

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

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

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

    Good UX means good business

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

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    Rajeev Subramanian

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  • Successful Entrepreneurs Need to Hone This One Skill

    Successful Entrepreneurs Need to Hone This One Skill

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    Opinions expressed by Entrepreneur contributors are their own.

    “We have interest from new investors,” a new acquaintance, Tom, told me a few years back after a conference. He assured me that this new injection of funds would help his startup reach new heights. Needless to say: He was overly confident, overzealous and wanted to grow as fast as possible.

    It’s a tale as old as time: Inexperienced entrepreneurs believe the only way to succeed is by focusing solely on immediate profits.

    Unfortunately, Tom failed to take into account different variables such as a solid business plan and building a quality product with high market demand. His business became just another statistic in the 90% of startups that fail.

    I’ve been CEO of my company, Jotform, for more than 16 years now, and I’ve seen the above scenario play out more times than I’d like to count. And what I’ve discovered is the same as what Harvard Business Review contributor Helen Lee Bouygues points out when she writes that the root cause of these organizational failures comes down to a lack of critical thinking.

    “Too many business leaders are simply not reasoning through pressing issues, taking the time to evaluate a topic from all sides.” However, she does offer some good news: Critical thinking is a skill we can all learn.

    Related: Truly Independent Thinkers Have These 5 Traits

    Why entrepreneurs need to hone their critical thinking

    When I first launched my company in 2006, I did something that sounds unheard of today: I didn’t quit my job. I had people insist I take the “all or nothing” approach. They told me my business wouldn’t succeed unless I took things seriously and dedicated myself completely to my startup.

    I’m glad I didn’t listen.

    We’ve eventually grown to have more than 15 million users, and we’ve done so with $0 funding.

    And I can attribute a large part of this to prioritizing critical thinking.

    You see, I went against the norm and didn’t quit my day job cold turkey. I didn’t feel the need to take on a co-founder or bring in investors. My company has always been a bootstrapped business. And I’ve preferred to grow slowly and steadily for the past decade-and-a-half rather than reach the top of TechCrunch.

    So, let me tell you what did happen: By the time I left my job, the product I had worked on replaced my salary and gave me a runway to spend my time building Jotform.

    For this reason, I’d like to help you develop your critical thinking skills — based on my own experience and expert advice — to ensure your organization’s success.

    Related: An Entrepreneur’s Guide to Better Thinking

    1. Don’t be guided by assumptions

    As I mentioned above, many people told me I was making a big mistake by holding onto my job. “You’re taking on too much,” some colleagues warned. “You’re not fully committed,” others would add.

    I had to bypass their voices to hear my own.

    As important as it is to question other people’s assumptions, it’s equally important to question our own. As Bouygues writes, “a questioning approach is particularly helpful when the stakes are high.”

    She notes that if we’re thinking about long-term company goals that will take years of effort and expense, we need to ask the following ourselves the following questions:

    • Can we determine how business will increase?
    • Have we done our research about our expectations for the future market?
    • Have we questioned what possible alternatives there are?

    All of this analysis is necessary for thinking critically and taking the best course of action.

    Related: The Real Reason Why Most Businesses Fail (And What to Do About It)

    2. Improve your reasoning

    It’s tempting to want to dive right into a new project without fully weighing all the pros and cons. And this doesn’t just happen to newly minted entrepreneurs — it applies to even the most seasoned among us.

    Yes, we can indeed gain more critical thinking skills with time and experience. But rather than learn through costly missteps, we can also improve our reasoning through logic. One way to do this is by examining different arguments and considering if they are supported by evidence.

    “Do all the pieces of evidence build on each other to produce a sound conclusion?” Bouygues asks. “Being aware of common fallacies can also allow you to think more logically.”

    For example, before taking on a new project at Jotform, we make sure to do our homework by sending out customer surveys, analyzing feedback and taking the market and competition into account. Rather than let our excitement take the lead, we rely on a thorough process of solid reasoning.

    Related: Escape Your Head: How Overthinking Can Injure Entrepreneurs in 2023

    3. Step outside your bubble

    Here’s a trap many of us fall into — surrounding ourselves with only those in our industry.

    “This is a problem,” writes Bouygues. “If everyone in our social circles thinks as we do, we become more rigid in our thinking, and less likely to change our beliefs on the basis of new information.”

    To hone our critical thinking, it’s imperative then that we leave our bubble. And we can do so by taking small steps.

    One way I apply this is by taking up a practice of talking to people outside of tech or by having lunch with individuals who have different backgrounds than my own. Aside from these active measures, I also make it a point to switch up my daily reading — preferring books that are also outside my industry.

    Experts agree. “Training yourself this way will help you escape your usual thinking and gain richer insights,” Bouygues advises.

    My suggestion? Don’t just read or listen to podcasts about business or tech (if that’s what you’re normally into). Read novels and listen to talks given by thought leaders outside of your normal environment. And remember:

    “While luck plays a role — sometimes small, sometimes large — in a company’s successes,” Bouygues adds, “the most important business victories are achieved through thinking smart.”

    In other words: Go against the herd mentality. Use logic, question your assumptions and above all, don’t allow yourself to remain stagnant.

    Related: Critical Thinking Is the Skill Many Leaders Lack

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    Aytekin Tank

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  • Why You Shouldn’t Stress About Bad Online Reviews

    Why You Shouldn’t Stress About Bad Online Reviews

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Related: How To Use Reviews to Grow Your Business

    Reviewers and their criteria

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

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

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

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

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

    How to respond to bad reviews

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

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

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

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

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

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

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

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

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

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

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

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

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    Roy Dekel

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  • Web3 in 2023: 6 Trends Towards The Path of Sanity

    Web3 in 2023: 6 Trends Towards The Path of Sanity

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    Opinions expressed by Entrepreneur contributors are their own.

    We came off a euphoric bull run in 2021 to an epic bear market in 2022. A lot has changed in this period, with protocol collapses, regulatory bans, code sanctions, CeFi obliteration, heightened FUD and bad actors causing an industry-wide contagion through acts of fraud.

    There have been many positive developments in this period that lay the platform for blockchain adoption, like venture capitalist posture maturity and new technologies like Optimism and Arbitrum that address scaling issues with blockchain, the emergence of new categories like decentralized platforms and regulatory clarity in many countries. A few notable and likely trends for 2023 are shaping up.

    Related: Web3, Crypto, Cybersecurity, Rural Fintech: Trends To Look Out For

    Stand-alone value matters

    Liquid tokens on a project’s balance sheet cannot drive valuations anymore; companies and projects must show tangible value to create free cash flow and harness network effects. Lately, the focus has been on the standalone ability to generate value versus buying growth using tokens in the short term.

    Emphasis is shifting to user monetization from bought-out growth that has proven unsustainable as market cycles change. Investors view equity as claims to future cash flows and profits (minus liabilities) and tokens as value created from future utility or services delivered by the protocol.

    Given the relative maturity of the market, many protocols have not charted a clear path to sustain value through future delivery of utility, causing a shift in investor mindset. Investors are now emphasizing the quality of revenue, which can raise the value of their equity profile while eventually accruing token value.

    A “Tokuity” model evolves

    Investors like the liquidity associated with the token; its volatility and longevity have been concerning to many. There seems to be a shift from pure short-term and liquidity-driven posture to long-term, value-creating models.

    Investors would like long-term value creation incentivized by a combination of tokens (short-term liquidity) and equity (long-term incentives), reducing volatility and ensuring long-term thinking, i.e., a new model Tokuity (Tokens + Equity).

    Related: Why Your Business Assets Belong on the Blockchain

    ETH killers are unviable

    It was once possible that multiple new players would emerge to overcome Ethereum’s technical shortcomings, slow execution and market dominance. Many Layer 1 protocols squandered their windows of opportunity, failing to drive adoption at scale.

    It may be difficult for a new platform to unseat Ethereum as the dominant player anymore as it embarks on many improvements in the months ahead. Ethereum and Polygon dominate use cases, consumers, enterprises and ecosystems. Users and enterprises will trade off minor technical advantages of other blockchains for security, interoperability and network effects.

    Ethereum, the blockchain everyone loved to hate in the bull market, now has the last laugh for “ETH killers.” Most Ethereum-hating chains have completed or are racing to become EVM compliant (Hedera, Solana, Algorand, Near, etc.). Others like Phantom wallet (Solana’s wallet) and Trader Joe (Avalanche’s DEX) also extend support to the Ethereum ecosystem.

    The future is still multichain

    Even though ETH-killers will not likely deliver the advantages amassed by the Ethereum ecosystem (including Polygon, Optimism, Arbitrum, etc.), the future will still be multichain.

    The concept of a “multi-chain” system refers to using multiple independent blockchain networks that can interoperate with each other allowing flexibility in application deployment for different transactions or processes. For example, one blockchain might focus on high-speed, low-cost transactions, while another might focus on security and immutability. For Defi, users will want their collateral on one chain and borrow on another. The portability of gaming assets across metaverses is another use case. A multi-chain system could offer the best of both worlds by allowing different blockchains to work together.

    Related: The Future Role of Ethereum in Multi-Chain Technology

    Interoperability is a critical capability required for a true multichain world to manifest. However, the current bridge technology is fragile, leading to security risks and hacks. Blockchains using bridges to Ethereum create more risk and less value with enterprise use cases.

    While niche chains, e.g., Hedera (optimized for enterprise) or Flow (optimized for metaverse and gaming), may co-exist, the market simply cannot afford the number of Layer 1 protocols/blockchains in existence today. The L1 space is crowded, differentiation is limited, and the market is finite. A multichain future requires mature interoperability solutions.

    Layer 2 is the new frontier

    After the Ethereum ‘merge,’ the blockchain landscape is significantly altered by negating competitive differentiation for the ETH-killers. Ethereum is repositioned as the base layer for settlement under multiple Layer 2 protocols, forming a scalable ecosystem.

    Blockchain’s scaling problems are unfolding. As enterprise adoption of blockchains grows, we will enter a magnitude of multi-billion daily transactions, and even baked Layer 2 solutions may not be enough. We will see the rapid evolution of new categories like decentralized platforms and new forms of roll-ups. These will migrate action up the blockchain stack while letting the base protocol accrue its own value. The last few cycles were about Layer 1 and infrastructure; it will now be about scaling, interoperability, and ecosystem maturity. Layer 1 battlefield is now empty with a handful of survivors; layer 2 is the new frontier.

    Decentralized platforms will accelerate ecosystem adoption

    For adoption scale, technology must make it easy by reducing barriers for non-technical users, deploying faster Decentralized Applications (dapp) deployment and faster routes to value creation. The new category of decentralized platforms sits between Layer 2 chains (layer 1 chains) and the fractured landscape of dapps and use cases driving a vibrant ecosystem.

    A dPlat (decentralized platform) can simulate an iOS or Android-like effect, shielding the Layer 1 and Layer 2 chain complexities and abstracting blockchain features to enable ease of development for uses. Many users will not realize the complexities of the layer-one protocol underneath, and protocols will become easier to build on. The dPlat space is one to watch closely.

    Concluding thoughts

    Layer 2 technologies, robust network effects, regulatory considerations, decentralized platforms, and investment outlook changes will help the inherently raw protocols to scale adoption and transactions. The next 12 months bring a lot of positive changes to the ecosystem despite a bull or bear market; let us prepare for the new paradigms.

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    Nitin Kumar

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  • 5 Surprising Ways to Increase the Conversion Rate of Your Emails

    5 Surprising Ways to Increase the Conversion Rate of Your Emails

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that 20% of a brand’s emails will never reach the customer at all? This, coupled with an email provider’s desire to provide the best user experience within the inbox, means that many more are going straight to spam or promotions.

    As email matures as a direct-to-consumer marketing channel, more and more businesses engage in the practice, meaning consumers are more overwhelmed with email marketing than ever before.

    As a natural result, consumers pay less attention to their emails.

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

    Marketers and brands work really hard and spend a lot of money to build their email lists, so it’s no big surprise they’re let down when they see open rates between 15% and 25%. Because owning a strong email list can be one of the most important assets for your business, we need to find ways to ensure that emails serve us well.

    Here are five surprising ways you can increase not only your open rates but the conversion rates of your marketing emails as well.

    1. Resend emails to unopens

    For an email to convert, it must first be opened, but most of the emails you send will never be opened.

    In the age of marketing automation, it’s really easy to set up your email sends and then simply let the software do its thing. However, one of the easiest ways to get more opens on your emails is to go in manually and resend them to anyone who didn’t open them at least 24 after the initial send.

    Think about why your email may have been overlooked. Was it sent at an inopportune time of day? Was the subject line less than appealing? Was the sender line too vague?

    The average consumer is inundated with emails spending roughly 5 hours a day in an inbox between work and personal accounts. With all that noise, a great subject line is the best way to capture their attention.

    Very simply, an effective subject line will be short, provide value, express urgency and steer clear of buzzwords. You may not be able to accomplish all this with just a few words, but keep these tips as your north star when crafting a subject line.

    This isn’t something you need to or should be doing for every email you send, but when used strategically, updating and resending your email campaigns will help you to reach more of your list.

    Related: Inbox Zero Is a Fantasy. I’m Trying for Calendar Zero Instead.

    2. Optimize for mobile

    Consumers spend more time on their phones than ever before, which means they’re doing many inbox check-ins on mobile devices. According to Hubspot, most email views (41%) come from mobile devices. Shockingly, 80% of emails being sent are not optimized for mobile.

    Most email providers have a quick and easy function that lets you see how your email will appear on mobile devices as you craft it. You can also send yourself a test email to be sure.

    Use these tools to ensure that your emails look good and load quickly on mobile before you send them.

    Related: 3 Steps to Maximize Your Mobile Email Marketing

    3. Clean your list

    There will come a point when your email list isn’t serving you anymore because a large portion of your audience is either fatigued by your emails or never getting them in the first place. You can expect your email list to depreciate by 22.5% per year.

    Two to four times a year, you should identify the people who never open your emails and remove them from your list to ensure that only those interested in hearing from you are receiving your communications.

    This will dramatically increase your deliverability, open rates and click-through rates. Bonus: It will decrease the cost of your email marketing software.

    4. Build your list

    Because the value of your list is decreasing over time, one of the best ways to increase your emails’ conversion rate is to actively bring in new, engaged leads.

    The most simple and effective way to do this is to create a strong offer, or lead magnet that you know is valuable to your target demographic. Start driving traffic to this offer through paid social ads, brand partnerships and even in-person events.

    Related: How To Start An Email List And Succeed From Day 1

    5. Ask your customers what they want

    As marketers and brand leaders, we often develop our content around what we think our customers should have instead of simply asking them what they want. One of the most simple and effective ways to get more opens and create conversions from your emails is to ask the right questions.

    In addition to asking what kinds of emails they’re most interested in, you can also ask what kind of new product they’d like to see, what their favorite social media platforms and podcasts are, or even what kind of sales they enjoy most.

    All these data points will help inform your product development and marketing strategy in a way that will make a huge difference in your business.

    You can make these customer surveys work for you even further by offering a coupon or discount to anyone who participates — and now you’ve got great data and incentivized your customer to make a new purchase.

    Email marketing has gotten more difficult over the years, but it’s far from ineffective. It’s 40x more effective than social media—and that’s a number no business today can afford to ignore.

    With the right strategies in place, you can use your emails to convert subscribers and generate more revenue for your business.

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    Shauna Armitage

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  • Learn to Model Your Business on Sustainable Practices with This Course Bundle

    Learn to Model Your Business on Sustainable Practices with This Course Bundle

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    Opinions expressed by Entrepreneur contributors are their own.

    Running a business is expensive, but shifting to a sustainable, more environmentally friendly strategy could lower your operating cost by as much as 60%. U.S.-based companies can also benefit from tax breaks and rebates for incorporating sustainable practices. You could hire a sustainability expert to consult on your business practices, or you could become one yourself. The 2023 Complete Renewable and Electrical Energy Engineer Preparation Bundle could help you stay informed on the latest sustainable-energy practices you can use in your business.


    StackCommerce

    This 38-hour informational bundle may help you create large and small-scale changes in your business. An understanding of wind turbines could help you invest in green energy solutions. A few lessons in the Basics of Solar Energy course may help you create an energy model that actually has you selling energy back to the power companies. And operating a brick-and-mortar may not have the same high cost if you can create your own solar water pumping system.

    While these courses will not make you an electrical or environmental engineer overnight, they could help you learn about the feasibility of converting your business to a more sustainable model. As intense storms become more common, finding a way to ensure your business does not rely on an inconsistent power grid may become more valuable over time. Keeping the electricity on during a blackout could even mean preserving your frozen inventory and keeping the doors open after a disaster if you’re in the food industry. In addition, all course materials are available to you for life.

    If you want to learn the basics principles behind solar and wind, get the 2023 Complete Renewable Energy Engineer Preparation Bundle on sale for $39.99 (reg. $2,400).

    Prices subject to change.

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    Entrepreneur Store

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  • Get an Elite Employee Engagement Tool for Less Than $30

    Get an Elite Employee Engagement Tool for Less Than $30

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    Opinions expressed by Entrepreneur contributors are their own.

    Process is everything when you’re an entrepreneur managing a lean team. In the days of the Great Resignation, employee engagement is more important than ever, which is why it’s beneficial to have tools in place to make their work easier — especially if they’re working remotely.

    Trusted by 50,000 companies from IBM to Google, Standuply is the ultimate Slack and Microsoft Teams app that simplifies management and promotes effective employee engagement. For a limited time, you can get a lifetime subscription for just $29.

    Standuply offers dozens of templates with prefilled questions and configurations to help you adapt its tools to your business needs. Some of the processes it supports include standup meetings, retrospective meetings, employee satisfaction surveys, 360º reviews, one-on-one meetings, time tracking, sprint planning, OKRs, employee onboarding, task feedback, and more. From automating management processes to meeting scheduling, project management, and more, Standuply leverages Slack or Microsoft Teams to make your company more integrated and connected than ever.

    Standuply has earned 4.5/5 stars on Trustpilot, 4.7/5 stars on Capterra, and perfect 5-star reviews on AppSumo and G2. It’s a former #1 Product of the Day on Product Hunt and has been named a Brilliant Bot/Essential App on the Slack App Directory. James Straub, CTO at Peek, writes, “As a remote team working across five time zones, Standuply is imperative to my team staying connected. With Standuply, I can get perspective on the progress of stories and check in on the team’s mood in the first ten minutes of my day without impacting individual productivity and work-life balance.”

    These days, it’s all about working smarter, not harder. So give your team the support they need with a lifetime subscription to a Standuply Business Plan for just $29 (reg. $2,000).

    Prices subject to change.

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