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Tag: Growth

  • Pathify Further Distances Itself From the Pack in H1 2023

    Pathify Further Distances Itself From the Pack in H1 2023

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    Pathify smashes past the 100 customer milestone as institutions look to revolutionize the student technology experience.


    DENVER, July 20, 2023 (Newswire.com)
    –
    Pathify — the only centralized user experience hub for higher ed — continued to set the pace in the ever-evolving higher ed digital experience race by flying well beyond the 100 customer milestone, while also maintaining a high level of operational efficiency. This coincides with many institutions needing to replace legacy portals over the next year.

    “With several established app companies appearing to shift focus away from higher ed, and a really well-established legacy portal being sunsetted in less than a year, our phone is basically ringing off the hook,” said Pathify’s Chief Revenue Officer Matt Hammond. “That said, I’m probably most proud of how we continue to build the company in a sustainable manner. It’s critical we maintain the health of the business through this surge and it’s really rewarding to have successfully made the transition from start-up to growth company.”

    Some of the schools contributing to this growth in the first half of 2023 include:

    • Grand Valley State University
    • Santa Barbara City College
    • Touro College
    • Nova Southeastern University
    • University of Southern Indiana
    • Des Moines Area Community College
    • Augusta University

    “This momentum absolutely sets the tone for the back half of the year and beyond,” said Pathify’s Chief Executive Officer and Co-Founder Chase Williams. “We have several incredible product releases planned that will be nothing short of transformative. Everything we do is designed to support our new and existing customers to reach levels of success they didn’t imagine possible.”

    Pathify fills the massive user experience void at the center of the higher education digital ecosystem, delivering a personalized user experience unifying technology, content, communications and people. Offering highly personalized experiences for users at every point in their journey, the Engagement Hub encourages system-agnostic integrations, collaborative social groups, personalized tasks and multi-channel communication with full web/mobile parity.

    The aforementioned institutions join existing customers such as Utah State University, Rutgers University, Brigham Young University — and many more.

    About Pathify

    Obsessed with making great technology while developing incredible long-term relationships with customers, Pathify remains hyper-focused on creating stellar experiences across the entire student lifecycle — from prospect to alumni. Delivering cloud-based, integration-friendly software designed to drive engagement, Pathify pushes personalized information, content, and resources to the right people, at the right time — on any device. Led by former higher ed executives, entrepreneurs, and technology leaders, the team at Pathify focuses every day on the values Impact, Wit, Contrast, Technique and Care. 

    Learn more at pathify.com.

    Source: Pathify

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  • How to Create the Ultimate Virtual Sales Event | Entrepreneur

    How to Create the Ultimate Virtual Sales Event | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s digital age, businesses are harnessing the power of virtual sales events to drive growth. I’ve personally generated over a million dollars in revenue through live virtual events I call challenges on Zoom, attesting to their effectiveness. These types of online gatherings, ranging from webinars to virtual trade shows, offer a global reach, making them an essential part of many businesses’ sales strategies.

    According to Grand View Research, the global virtual events market size was valued at $77.98 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. This statistic underscores the growing importance and potential of virtual sales events in the business landscape.

    Related: The New Opportunities That Virtual Event Are Bringing to Businesses

    Planning and execution

    The success of a virtual sales event hinges on strategic planning and execution. Start by defining the event’s purpose. Is it to introduce a new product, educate potential customers, generate leads, or build brand awareness? A clear objective will guide the planning process and help determine the most appropriate format for the event.

    Next, consider your target audience. Understanding their needs, interests and online behavior will help you tailor the event to their preferences, increasing the likelihood of engagement. For instance, if your target audience is tech-savvy millennials, incorporating interactive elements such as polls, Q&A sessions or virtual reality experiences can enhance their engagement.

    Choosing the right technology platform is also crucial. The platform should be user-friendly, reliable and capable of supporting the features you plan to include in your event, such as live streaming, chat functionality, or virtual booths. Additionally, it should provide analytics tools to measure the event’s success.

    Related: 5 Ways to Keep Engaged During Boring Virtual Meetings

    Engaging customers

    Engaging customers during a virtual sales event can be challenging, given the distractions of the online environment. However, there are several strategies you can employ to keep your audience engaged.

    Firstly, deliver valuable content. Whether it’s a product demonstration, an educational webinar, or a panel discussion, ensure the content is relevant and valuable to your audience. Use storytelling techniques to make your content more engaging and memorable. For example, share success stories of clients who have benefited from your product or service.

    Secondly, encourage interaction. Interactive elements such as live chats, polls and Q&A sessions can make your audience feel involved and maintain their interest throughout the event. You could also consider gamification strategies, such as quizzes or competitions, to add an element of fun and increase engagement.

    A survey by Bizzabo found that 93% of event marketers plan to invest in virtual events moving forward. This statistic highlights the recognition among marketers of the value of engaging customers through virtual sales events.

    Leveraging technology

    In the era of remote work, technology plays a crucial role in the success of virtual sales events. From the platform used to host the event to the tools employed for audience engagement, technology can enhance the event experience for both the host and the attendees.

    For instance, using a reliable and user-friendly platform like Zoom can ensure a smooth and seamless event experience. Zoom offers features like breakout rooms for smaller group discussions, virtual backgrounds for a professional appearance and recording options for those who might miss the live event.

    Tools like chatbots can also be used to answer common queries, freeing up your team to focus on more complex questions. Polling and survey tools can be used to gather real-time feedback, helping you understand your audience better and make necessary adjustments.

    Related: Budget Planning And Execution Tips For Virtual Events

    Measuring success

    The success of a virtual sales event is not just about the number of attendees or the immediate sales generated. It’s also about the relationships built, the brand awareness created and the potential leads generated for future sales.

    To measure the success of your event, consider metrics like attendee engagement (e.g., participation in polls or Q&A sessions), the number of new leads generated and the conversion rate of these leads into customers. Also, consider the feedback received from attendees. This can provide valuable insights into what worked well and what could be improved in future events.

    Conclusion

    In conclusion, virtual sales events offer a powerful strategy for business growth in the remote era. They provide an opportunity to reach a global audience, engage customers in a new and exciting way and generate leads and sales. However, to leverage these events effectively, businesses need to plan carefully, engage their audience, leverage technology and measure their success.

    As someone who has experienced the power of virtual sales events firsthand, I can attest to their potential. With the right approach, these events can drive sales, build stronger relationships with customers and create a sustainable model for business growth.

    In the end, the success of a virtual sales event lies not just in the technology used or the sales techniques employed, but in the value provided to the attendees. As the saying goes, “People don’t buy what you do; they buy why you do it.” You can ensure that your virtual sales events succeed by providing valuable content and a memorable event experience.

    Moreover, the shift to virtual sales events is not a temporary trend but a reflection of the changing business landscape. As more businesses embrace remote work, virtual sales events will continue to play a crucial role in sales strategies. Therefore, mastering the art of hosting successful virtual sales events is not just beneficial but necessary for businesses to thrive in the digital age.

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    Joel Yi

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  • Post-merger balance sheet to enable HDFC Bank to invest more in infra

    Post-merger balance sheet to enable HDFC Bank to invest more in infra

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    The merger of parent HDFC with HDFC Bank will allow the larger merged entity invest more in infrastructure and mortgage projects, MD and CEO Sashidhar Jagdishan said in the bank’s annual report for FY23.

    He said, “A bigger balance sheet post-merger will enable HDFC Bank to take a larger exposure in infrastructure projects. This means we can participate more meaningfully in India’s growth story and contribute to nation-building. In light of all this, the pace at which we aim to grow – we could be creating a new HDFC Bank every 4 years”.

    Lifelong bond

    Saying that the merger perhaps could not have been timed better, Jagdishan said that the emotion linked to home buying gets transferred to the home loan service provider and helps build lifelong bonds with customers. Further, only 2 per cent of HDFC Bank’s customers currently source their loans from the bank while 5 per cent take it from other institutions, which in “itself is a huge opportunity”.

    HDFC Bank will build these customer relationships by offering a bouquet of the bank’s and subsidiaries’ products and services across saving and current accounts, personal loans, insurance, investments and home loans.

    “A compelling value proposition to the customer, that probably does not exist in the market at the scale at which this is envisaged. Going forward this is clearly going to be a game changer,” he said.

    Growth engines for the bank will be corporate banking, commercial (MSME) and rural banking, government and institutional business, wealth management, and retail assets and payments, Jagdishan said, adding that the bank is currently the largest SME bank in the country.

    Digital transformation

    Focus will be on digital transformation through new platforms and customer experiences, and more efficiency by reinforcing core technologies with enhanced performance and resilience at scale.

    While the bank has seen a significant improvement in resilience and uptime (basis both internal and external public sources) metrics, it is “not perfect”, Jagdishan said, adding that the bank will continue to strengthen its core IT infrastructure.

    In the last few years, HDFC Bank has often faced flak for it customer-servicing technology issues and frequent tech outages, prompting RBI to temporarily bar the bank from issuing new credit cards and launching digital products in FY21. The curbs on credit cards were lifted eight months later and those on new digital launches over a year later.

    “This journey has to be accelerated every year. More remains to be done and I am fully committed to improving our customer centricity further,” he said.

    The bank will look to add 1,500-2,000 branches in FY24, of which 675 will be in semi-urban and rural (SURU) locations. In FY23, the bank added a record 1,479 branches, a majority of which were SURU branches.

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  • 10 Lessons I’ve Learned In 10 Years of Running My Own Business | Entrepreneur

    10 Lessons I’ve Learned In 10 Years of Running My Own Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2013, I made a life-changing decision. I decided to “take a break” from my dream job, which while amazing, was also fast-paced and demanding. I gained invaluable experience, opportunities, connections and more as a law firm partner, but my personal life suffered.

    I was fortunate to have had financial success that enabled a break, and this difficult decision catapulted me into becoming a full-time entrepreneur. While I miss some things about being a part of a law firm, I love setting the pace of my own life and that I still help others daily, just in a different way.

    Becoming a business owner has revolutionized my understanding of the realities of running a company. I now believe you cannot tell someone else how to run their business if you have never successfully run one yourself. In celebration of 10 years as a fully self-funded female business owner, here are ten things I’ve learned.

    Related: Are You a Business Owner or an Entrepreneur?

    1. You can actually start your own business and be successful!

    I never intended to become an entrepreneur. However, after deciding to pause, I was asked to consult with lawyer friends who had previously been competitors. Unlike work, it sounded fun, and I could do it while “on a break” from law firm life. Ten years later, I manage a team of marketers and work with law firms across the country, helping my team members and my clients succeed.

    Related: 10 Tips for the First-Time Business Owner

    2. No matter how good you are at what you do, some people will still treat you like you aren’t

    You might expect that after over two decades as a lawyer and achieving both legal industry accolades and marketing industry awards, those I talk to and work with would always treat me with respect. You’d be wrong. No matter how many years of schooling, degrees, years of experience and awards you have, some people will always try to make you feel small, treat you as if you do not matter and belittle your skills.

    Don’t work with those people. Don’t employ those people. Don’t allow those people to impact your energy and success.

    3. You cannot control your clients, but you can only control how you respond to them

    Most marketing agencies do not refund client money after being paid. I used to feel the same way — I did the work, you paid me, and I deserved to be paid. Fear of having done a bad job, fear of not being able to afford to refund that money and fear of that client keep owners myopic. Success has allowed me the privilege to evolve.

    I had a client who was negative and abrasive and refused to collaborate. Even though we delivered everything they paid for, the firm was still unhappy. So, I fired them and refunded every cent of their money. While this made my business lose money, the financial price was worth it.

    4. You do not need a physical office to be a seven-figure company

    I spent my legal career working in business attire in a professional setting in office buildings. Once the pandemic hit, the beautiful corner office on the top floor of a building in my neighborhood I had painstakingly searched for and decorated became a source of stress. Our team became remote, not really by choice, and we stayed that way. Now I pay no rent and reallocate those funds. I miss working collaboratively in person, but my team is thriving. We have been able to take on more clients than ever before, all without a physical office.

    5. If a new hire is troubling you early on, they are likely not going to work out

    A successful business owner told me that I would know within two days of working with a new hire if they would work out. I scoffed at what sounded like a lack of care and a lack of willingness to try harder when onboarding.

    After ten years, two days still seems pretty quick, but it does not take long to know if a new hire is the wrong one. The longer you wait to deal with it, the worse things get for the new hire and the existing team. Cut your losses early, allowing that person to move on and you to start looking for the right fit.

    Related: How to Find, Hire (and Fire!) Rockstar Employees

    6. Narrowing services offered means increased expertise

    As a 21-year lawyer, legal marketing is my consulting focus. Because there are a lot of lawyers, and most law firms engage in marketing efforts, I have a decently sized national marketplace from which to obtain clients. One of my strongest selling points is that I have a niche business focused on one industry and am a licensed expert. Expanding into other industries I know less about and have no footprint in would dilute my biggest point of differentiation. Stay focused and grow within your niche.

    7. Saying “no” leaves room to say “yes” to opportunities you don’t know about yet

    It is scary to say no to paid opportunities early in the life of your business but remember, each engagement is a partnership, and you should only partner when it can be mutually successful. Prevent doomed collaborations on the front end.

    Gauge compatibility by paying attention to how they speak to and email you, the “story” of how they came to be in their current position, and more. Every client you choose to work with can come at the expense of being able to take on another, better opportunity you might not know about yet.

    8. Being your own boss is addicting

    Over time, being my own boss has become a commodity worth significant value to me. I greatly enjoy not having to ask permission to spend a full weekend day uninterrupted with my children. The scary part of being the boss is being responsible for yourself, your team, your clients, and many others, but the benefits of determining how to handle those responsibilities are worth it.

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

    9. Set boundaries early and do not compromise

    Boundaries are important in both our personal and professional lives. The legal industry cultivates a culture of constant availability and immediate response, which is stressful. Now, running my own business, I make conscious choices to shape our company culture differently.

    No one on my team is required to work outside of normal business hours. No one on my team has their work email on their mobile device. I no longer provide clients with my personal (and only) cell phone number. Establishing boundaries like these makes work healthier and more productive.

    10. If you can’t pay yourself as an owner, you are not doing it right

    A surprising number of business owners I consider successful cannot and do not pay themselves at all. Their businesses do not generate sufficient revenue to allow the owner to make an income. If you cannot pay yourself (after a reasonable startup time, of course), you are not succeeding. You should reevaluate your financial position, overall business plan, and whether or not owning a business is the right choice for you.

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    Stacey Burke

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  • 7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

    7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In business, the scale-up phase of a company is where, after you prove your concept and establish a solid base, you’re ready to share your offering with the world — setting the stage for exponential growth and success. But in 2023, the entry criteria for this stage look a lot different, demanding a nuanced approach.

    During a period of higher costs with less capital available, the importance of precise timing and frugality has become paramount. Having scaled four companies by 1,000% — two of them during economic downturns — I’ve learned some tough lessons about what not to do.

    Related: 7 Ways To Scale Your Startup or Business

    Mistake 1: Scaling too early

    Fire, ready, aim. Scaling too early these days can be a fatal mistake. If you’re still figuring out your category, your ideal customer profile (like what specific problems you solve) or your best route(s) to market, it’s not time to scale.

    If your unit economics are wildly unsustainable or the nucleus of your core team isn’t in place, it’s not time to scale.

    If you’re not getting pull (inbound demand and word of mouth) from the market you play in, it’s not time to scale.

    Mistake 2: Scaling too late

    Whoops, missed out on that one. On the flip side, scaling too late can mean missed opportunities. If you’re inundated with demand (leads falling on the floor), in the midst of a buyer platform/paradigm shift or have overly superior unit economics, it might be past time to scale. Don’t let competitors with inferior products steal your market share because you’re under-resourced while they’re expanding — especially if you’re in a winner-take-all or major first-mover advantage market.

    Mistake 3: Hiring the wrong leaders at the wrong time

    They were great at that one company. Hiring is a critical part of scaling. It’s also one of the most difficult. It’s about finding the right people for the right roles at the right time. Avoid the temptation to hire people just like yourself. Embrace diversity, and cover different perspectives. Be wary of hiring leaders from companies that are too big or too small. Document what specific outcomes you need next and what requisite skill sets and experiences will deliver those outcomes. And ensure that hires fit your culture. If you’re hiring a sales leader, be especially alert and consider things like your go-to-market motion, stage and buyer.

    Mistake 4: Not delegating

    I tried delegating once, but it was too much work. As a founder, it’s natural to want to control every aspect of your business. But as you scale, you need to let go. Trust the leaders you’ve hired. It’s why you worked so hard to recruit them. Give them the direction and support they need, then step back and get out of their way.

    Related: How to Know When It’s the Right Time to Scale Your Business

    Mistake 5: Overlooking infrastructure and operations

    We’ll get to that someday. As you scale, your infrastructure and operations need to scale with you. Document your core processes; shared documents, checklists and playbooks work great early on. Invest in HR, including hiring the people/HR manager. Try not to skimp on technology, data tracking or analytics. The same goes for sales and marketing operations. And avoid accruing too much product or architectural debt. These are the foundations upon which your scaled business will stand.

    Mistake 6: Getting stuck on the funding treadmill

    More money, more problems. Funding is a means to an end, not an end in itself. Don’t get so caught up in reaching the next funding milestone that you lose sight of your business fundamentals and economics — especially in today’s market. Ensure you’re consistently improving your fundamentals (product-market fit, customer value creation, distribution, growth strategy) and economics (growth rate, margins and profitability, customer acquisition cost and customer lifetime value). Make sure you can see — or at least paint — a clear path to sustainable profitability.

    Mistake 7: Losing your beginner’s mindset

    What got you here won’t get you there. Things change fast. Stay open to new methods and ways to evolve your business. Don’t overlook things that change quickly, like pricing and packaging, your product roadmap expansion, category expansion, market segmentation and targeting, and second and third growth acts. Keep that beginner’s mindset.

    What’s next?

    Scaling a business is exciting. It’s also challenging and complex. But there’s no reason to repeat the mistakes of the past.

    Listen, learn, and plan to grow your company successfully. With awareness and careful planning, you can avoid these common pitfalls. Remember, the goal of scaling is not just to grow bigger but to grow better — to deliver more value to more customers, create more opportunities for your team and make a greater impact on your market. So take the time to scale wisely, and you’ll reap the rewards for years to come. Remain curious, keep that beginner’s mindset, and stay inspired by thought leaders who’ve done it before — while you pave your own way.

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

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    Kevin Marasco

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  • U.S. consumer sentiment soars in July to highest level since September 2021

    U.S. consumer sentiment soars in July to highest level since September 2021

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    The numbers: The University of Michigan’s gauge of consumer sentiment rose to a preliminary July reading of 72.6 from a June reading of 64.4. It is the largest gain since December 2005. Sentiment is at its highest level since September 2021.

    Economists polled by the Wall Street Journal had expected a June reading of 65.5.

    However, Americans’ expectations for overall inflation over the next year rose to 3.4% in July from 3.3% in the prior month. Expectations for inflation over the next 5 years ticked up to 3.1% from 3% in June.

    Key details: According to the UMich report, a gauge of consumers’ views on current conditions jumped to 77.5 in July from 69 in the prior month, while a barometer of their expectations rose to 69.4 from 61.5.

    Big picture: Sentiment is improving as gasoline prices have held steady this summer. Low unemployment is also playing a role.

    What are they saying? “The good news is that sentiment has roughly retraced half of its fall from pre-pandemic levels. For most Americans, a modest gain in income is expected. Still, durable goods buying conditions remain far off their recent levels. The rise in confidence seems restrained, and clouds concern about the forecasted economic downturn which continues to linger,” said Scott Murray, economist at Nationwide, in a note to clients.

    Market reaction: Stocks
    DJIA,
    +0.33%

    SPX,
    +0.10%
    opened higher on Friday while the yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.805%
    rose to 3.81%.

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  • Fed’s Waller, unimpressed by inflation data, calls for two more rate hikes this year

    Fed’s Waller, unimpressed by inflation data, calls for two more rate hikes this year

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    Federal Reserve Board Gov. Christopher Waller said Thursday he was not swayed by June’s benign consumer inflation data, and said he wants the central bank to go ahead with two more 25-basis-point rate hikes this year.

    “I see two more 25-basis-point hikes in the target range over the four remaining meetings this year as necessary to keep inflation moving toward our target,” Waller said in a speech to bond-market experts, known as The Money Marketeers of New York University.

    That would bring the Fed’s benchmark rate to a range of 5.5%-5.75%.

    Waller said that, while the cooling of CPI data for June was welcome news, “one data points does not make a trend.”

    “The report warmed my heart, but I have got to think with my head,” Waller said.

    He noted that inflation slowed in the summer of 2021 before rocketing higher.

    In his remarks, Waller said he is now more confident that the contagion from the collapse of Silicon Valley Bank in March will not create a significant problem for the economy.

    “I see no reason why the first of those two hikes should not occur at our meeting later this month,” he said.

    Traders in derivative markets have priced in high odds of a rate hike after the Fed’s meeting in two weeks. But traders have been skeptical the Fed will follow through with a second hike, even before the soft CPI data.

    Waller said the timing of the second hike depends on the data.

    “If inflation does not continue to show progress and there are no suggestions of a significant slowdown in economic activity, then a second 25-basis-point hike should come sooner rather than later, but that decision is for the future,” he said.

    During a question-and-answer session, Waller stressed that September was a “live meeting,” meaning the Fed could hike rates at that time.

    Some economists had thought the Fed was moving to an “every-other-meeting” pace of hikes, but Waller said he did not favor such mechanical moves, and that data should be the deciding factor.

    Some Fed officials want the central bank to hold rates steady in July, and perhaps through the end of the year, thinking the economy is going to be hit by “lagged” effects from past rate hikes.

    Waller said he believes the bulk of the effects from last year’s tightening have passed through the economy already.

    “Pausing rates now, because you are waiting for long and variable lags to arrive, may leave you standing on the platform waiting for a train that has already left the station,” he said.

    The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.786%
    has fallen to 3.77% this week after a lower-than-expected gain in jobs in the June report and the cooling of inflation. The yield had hit a recent high of 4.07% ahead of those softer reports.

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  • How to Give Constructive Feedback That Actually Changes People | Entrepreneur

    How to Give Constructive Feedback That Actually Changes People | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Providing good feedback to colleagues is important for professional and personal growth. Yet for many people, giving feedback can be uncomfortable and even anxiety-inducing. You worry about offending others, saying the “wrong” thing, or coming across as too critical. But avoiding difficult feedback conversations prevents opportunities for improvement and stagnates workplace performance. The key is learning how to structure and deliver feedback in a sensitive yet impactful manner.

    With practice, uncomfortable feedback discussions get easier, and you’ll see that thoughtfully pointing out both strengths and growth areas helps people develop, strengthens relationships and ultimately makes you a better colleague and leader.

    Related: How Entrepreneurs Can Use Effective Feedback to Stay Resilient and Agile

    Focus on behavior, not personality

    When providing feedback, focus on specific behaviors and actions that someone can change, rather the person’s innate qualities. For example, say “The last report had many typos and formatting errors” rather than “Your work is usually sloppy.” This keeps the feedback professional, constructive and actionable.

    Related: Employee Feedback Is Only Effective If It’s Done Right. Here’s How to Make Sure It Lands.

    Preserve the relationship

    Even necessary criticism should maintain the other person’s dignity and self-esteem. Start by acknowledging strengths and good intentions. Explain the purpose behind your comments. As I mentioned earlier, focus on the work, not the person.

    Four key principles underlie high-quality feedback:

    1. Specificity — Call out concrete examples of what the person did well or poorly. Saying “You did a great job” lacks meaning. But saying, “You handled that difficult client conversation very skillfully by focusing on shared interests,” will leave a more lasting impression.

    2. Timeliness — The sooner you give feedback, the more accurately the other person will remember the situation and the more useful your comments will be. Delays can lead to misunderstandings. Aim to provide feedback within a day or two of an event or interaction.

    If you frequently work with someone, aim to provide feedback on an ongoing or routine basis rather than just at major milestones. Regular feedback is also seen as more credible and encourages better habits early.

    3. Relevance — Your feedback should relate directly to the person’s work responsibilities and goals. Avoid getting personal or venturing into areas beyond your purview. Stick to professional issues that can be improved through feedback.

    4. Empathy — Showing genuine care and concern for the other person puts them at ease and makes them more receptive to your message. Start by acknowledging their good intentions, then explain how their approach could be refined.

    Provide honest yet tactful feedback that considers the other person’s feelings. Avoid shaming, harsh language or hyperbole — even if the feedback is critical. A more empathetic tone is kinder and keeps the discussion constructive. Phrases like “I know you put a lot of work into this but …” can soften critical feedback.

    Highlight specific examples

    Back up your feedback with concrete examples and specifics wherever possible. Saying, “Your presentation lacked structure” is vague, but “The introduction didn’t set up the topics in a logical order” points to a clearer action the person can take. Examples make the feedback feel real and highlight areas for improvement.

    Suggest alternative behaviors

    Don’t just point out what someone did wrong – also propose positive alternatives they could try next time. Saying, “You reacted aggressively during that exchange,” is less useful than “Taking a moment to calm down before responding likely would have produced a better outcome.” This gives the person practical options to implement your feedback.

    Related: 9 Ways That will Help Promote Actionable Feedback in Your Organization

    Be Solution-Focused

    Avoid dwelling on past mistakes and instead focus your feedback on finding constructive solutions. Phrases like “Next time, try ..” or “In the future, it would be better to … ” help make the feedback about moving forward productively. This keeps the discussion positive and solution-oriented.

    Use “I” statements and listen actively

    Frame your feedback using “I” statements that are less accusatory and more impartial. For example, “I felt the introduction lost people” instead of “You lost people with that introduction.” This makes the feedback about your perspective rather than an attack on the person. It also increases the chances they will be receptive.

    After giving your feedback, actively listen to the other person’s response and perspective. Ask open-ended questions, paraphrase what they say, and resist the urge to interrupt. This shows that you value their thoughts and are more interested in a genuine exchange than being “right.”

    Related: 10 Telltale Phrases That Indicate Somebody Isn’t Telling the Truth

    Follow up on progress

    After providing feedback, check in periodically to see if the person found it useful and how they plan to implement it. Offer additional suggestions or clarification if needed. This shows you’re invested in truly helping them improve, demonstrating your value as a colleague and mentor.

    With these principles in mind, your feedback will help others improve and reflect well on you as a thoughtful leader. If you’re looking for a more streamlined way to manage feedback and performance reviews for your team, consider using Hana Retail as your point-of-sale system.

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    Murali Nethi

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  • How ‘Productizing’ Your Services Can Boost Your Coaching Business | Entrepreneur

    How ‘Productizing’ Your Services Can Boost Your Coaching Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the evolving global economy, coaching businesses play a crucial role. A significant trend in the coaching market is tool consolidation, driven by the need for smoother business operations and improved client experience.

    However, coaching businesses often struggle to scale due to outdated tools. This has led to a shift towards product thinking and software innovations, which can enhance client service and scalability.

    Related: How to ‘Productize’ Your Service Business Offerings

    Product thinking in coaching services

    Product thinking is about creating and delivering customer value by focusing on the user experience, needs and pain points. It involves a deep understanding of the target audience and applying this knowledge to design, develop and improve products, services and client experience.

    For coaching services firms, adopting a product-thinking mindset can increase client satisfaction, engagement and retention, ultimately driving business growth.

    Key aspects of product thinking include:

    • Understanding the client’s needs: Coaching services firms need to empathize with their clients to identify their requirements, challenges and aspirations. A study by McKinsey found that companies that prioritize customer experience (CX) have the potential to increase their revenue by 5-10% and reduce costs by 15-25% within 2-3 years.

    • Personalization and customization: Product thinking encourages coaching vendors to offer tailored solutions to clients, which is highly valued in the coaching industry. Research by McKinsey revealed that 80% of consumers are more likely to do business with a company if it offers personalized experiences.

    • Scalability and growth: By treating coaching services as products, firms can develop scalable and repeatable processes. This mindset enables them to grow efficiently, just like successful SaaS companies.

    • Metrics-driven approach: Product thinking emphasizes the importance of measuring success through key performance indicators (KPIs). Using data-driven insights, coaching services firms can optimize their offerings and make informed decisions. A study by PwC revealed that data-driven organizations are three times more likely to report significant improvements in business performance.

    Related: How Service-Led Firms Can ‘Productize’ Knowledge & Boost Revenue

    Modern consumer habits and coaching services

    Modern consumer habits have significantly influenced the delivery of coaching services.

    Traditional marketing avenues are losing their effectiveness, and the cost of acquiring new customers is on the rise.

    1. Declining social media reach: A decade ago, the average Facebook page enjoyed a 16% organic reach. Today, it’s down to approximately 8.5%. Even Instagram, which performs better, sees its rates dropping annually.

    2. Search engines losing traction: In 2020, 65% of Google searches ended without a click. The rise of zero-click searches and advertising has shifted search behavior. AI technologies like ChatGPT are expected to accelerate this trend.

    3. Attribution software limitations: If you’re using attribution software, you’re likely seeing Google pop up more often than it actually contributes as a lead source. Asking “How did you hear about us” upon conversion can provide a clearer picture of your lead sources.

    4. Overlooked data sources: Social media platforms, podcasts, online communities, word-of-mouth referrals, blogs or events often provide valuable insights into your network effects and demand generation opportunities.

    5. Email becoming cluttered: 33% of marketers surveyed by Hubspot identified low open rates as a major hurdle. Email response rates fell by about 40% last year. Our user research revealed an 88% dissatisfaction rate among clients when their coach communicates via email due to a disjointed engagement experience and overwhelming clutter.

    With this decline in organic reach across social media, search engines and email, it’s time for businesses to reevaluate their GTM strategies and align with contemporary buyers’ preferences.

    Our findings at Profi emphasize the principle of Value > Volume, with 83% of professionals believing that producing higher-quality content and engagements less frequently is more effective.

    In today’s digital age, customers, whether in the SaaS or professional services markets, have come to expect the opportunity to familiarize themselves with products or services before making a commitment.

    This shift in consumer behavior has led to the rise of a product-led model, which has demonstrated remarkable success in the SaaS industry and holds significant potential for professional services as well. This model prioritizes delivering value upfront, allowing potential clients to experience the benefits of your services before they decide to invest.

    By adopting this approach, you can align with your clients’ preferences, build trust and improve your business metrics. In fact, companies with product-led growth (PLG) motions outperform peers on Customer Acquisition Cost (CAC) payback:

    “Companies that see discoverability and a robust free product as core to their strategy return CAC costs four months faster than their peers.”

    Related: 3 Insider Tips for Creating a ‘Productized’ Business (Even if You Offer Services)

    The role of productization in coaching services

    Productization refers to turning services into scalable, standardized product experiences. It’s essential for effectively scaling and maintaining consistent quality for professional coaching services firms.

    By incorporating best practices and lessons from the SaaS industry, coaching services can achieve greater client satisfaction, increased revenue and reduced operational costs.

    Best practices for productizing coaching services

    • Hyper-personalized service packages: Design service packages that resonate with your Ideal Customer Persona (ICP) on an emotional level, based on the Jobs To Be Done (JTBD) theory.

    • Standardized service delivery: Develop standardized processes for consistent coaching services. Regularly monitor your clients’ perception of your brand and services through surveys and Net Promoter Score (NPS).

    • Pricing strategy: Establish transparent, tiered pricing models that align with the value provided by each service package. Regularly review your pricing strategy to ensure it reflects the value you provide, the market rate and your business goals.

    • Performance tracking: Use key performance indicators (KPIs) to measure the effectiveness of your coaching services. Use these insights to optimize and refine your offerings.

    • Technology adoption: Use technology and digital platforms to streamline service delivery, manage client relationships and track performance metrics.

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    Alina Trigubenko

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  • The Importance of Package Testing (and How to Do It Effectively) | Entrepreneur

    The Importance of Package Testing (and How to Do It Effectively) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today, customers order most of what they need to their doorstep, from groceries to cosmetics to pet products. And they expect these products to reach them safely, without damage. A broken product, spill or contamination can lead to disappointment, motivating customers to purchase from a competing brand instead.

    In an uber-competitive market, ensuring product quality and customer satisfaction is the cornerstone of business success and growth. And package testing does just that.

    Package testing is an important determinant of product quality and customer satisfaction, covering critical aspects of packaging, like product protection, compliance and regulations, customer experience, brand image and differentiation, cost optimization and new product development.

    In this article, we will explore the significance of package testing, its various types, key steps involved, benefits and tips to help harness your business’s potential for sustainable growth.

    Related: 3 Ways to Optimize Packaging to Protect Your Products

    What is package testing, and why is it important?

    Package testing is the process of evaluating the performance, durability and safety of product packaging. It plays a vital role in ensuring products reach consumers in optimal condition.

    By conducting rigorous package testing, businesses can minimize product damage, enhance customer satisfaction and protect their brand reputation.

    For instance, Amazon is known for its rigorous package testing procedures to ensure products are delivered safely to customers. They conduct drop tests, vibration tests, compression tests and environmental tests to evaluate the durability and protective capabilities of their packaging.


    Types of package testing

    Several types of package testing are conducted to evaluate the performance, durability and functionality of packaging materials and designs. These tests help ensure that packages can protect products during transportation, storage and handling.

    The main types of package testing include:

    • Physical testing: This involves assessing the durability, strength and protective capabilities of packaging materials to withstand handling, transportation and storage conditions.

    • Compatibility testing: Evaluating the interaction between the product and its packaging to ensure suitability, stability and preservation of product quality.

    • Environmental testing: Testing the package’s performance under various environmental conditions, such as temperature, humidity and pressure, to ensure product integrity.

    • Labeling and regulatory compliance testing: Verifying that packaging adheres to legal and industry requirements regarding labeling, warning signs and other necessary information.

    Related: All You Need to Know About Packaging

    Key steps in package testing

    A systematic approach is necessary to comprehensively evaluate and validate packaging materials and designs.

    Here are the key steps to effectively conduct package testing:

    • Define testing objectives and criteria: Establish the goals and criteria for package testing, such as durability, protection and compliance.

    • Select appropriate testing methods and equipment: Choose the most suitable testing methods, equipment and protocols based on the specific requirements of the product and packaging materials.

    • Conduct controlled experiments and simulations: Create controlled environments, and simulate real-world scenarios to accurately assess the package’s performance under different conditions.

    • Collect and analyze test data: Systematically collect data during package testing, ensuring accurate measurements and observations.

    • Interpret results and make necessary improvements: Analyze the test data, identify any issues or weaknesses, and make informed decisions to improve packaging design and performance.

    Benefits of package testing

    Robust package testing offers several benefits for businesses and customers alike. Some of the key benefits include:

    • Ensuring product integrity during storage and transportation: By testing packaging materials and design, businesses can safeguard their products from damage or spoilage during transit or storage.

    • Minimizing product damage and loss: Robust package testing helps reduce product damage, leading to lower costs associated with returns, replacements and customer dissatisfaction.

    • Enhancing customer experience and satisfaction: Well-designed packaging that protects products and enhances usability contributes to positive customer experiences, fostering loyalty and repeat purchases.

    • Strengthening brand image and reputation: High-quality packaging demonstrates a commitment to product excellence and can positively influence customers’ perception of the brand.

    • Mitigating risks and reducing potential liabilities: Thorough package testing ensures compliance with regulatory requirements, reducing the risk of legal issues and liabilities related to inadequate packaging.

    Related: These 5 Clever Packaging Ideas Will Inspire You

    Pro tips!

    Follow these actionable tips to boost your package testing initiatives:

    • Develop a comprehensive package testing strategy aligned with business objectives.

    • Implement robust quality control processes and maintain detailed documentation for traceability.

    • Provide training and education to staff on package testing protocols and best practices.

    • Seek valuable customer feedback to understand their needs and incorporate it into package design, improving user experience and satisfaction.

    • Utilize appropriate testing equipment and technologies to ensure accurate and reliable results.

    Embracing effective package testing strategies can help businesses proactively enhance their ability to deliver exceptional products, foster customer loyalty and achieve sustainable growth in a competitive market.

    Following the key steps and actionable tips outlined above, brands can efficiently test their packages, proactively identify potential issues and enhance key aspects such as product integrity, customer experience and brand reputation.

    Prioritizing package testing throughout the product development lifecycle and implementing the right technologies will enable businesses to stay compliant with regulations, adapt to market changes and position themselves for long-term success.

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    Sriya Srinivasan

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  • Some Fed officials pushed for June rate hike, minutes show

    Some Fed officials pushed for June rate hike, minutes show

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    There was support from an unspecified number of Federal Reserve officials for an interest rate hike at the central bank’s policy meeting in June, according to a summary of the discussions released Wednesday.

    “Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or they could have supported such a proposal,” the minutes of the June 13-14 meeting said.

    These…

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  • How AI Can Protect and Improve Your Business | Entrepreneur

    How AI Can Protect and Improve Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the ever-evolving landscape of the business world, resilience is key. The ability to weather storms, adapt to change and emerge stronger is what separates leaders from followers. However, this resilience isn’t a product of sheer will alone — it requires a certain degree of foresight, strategy and an arsenal of powerful tools. One such tool that’s proving to be increasingly invaluable is artificial intelligence (AI).

    During periods of turbulence, AI can serve as a game-changer for businesses, equipping them with the necessary capabilities to not only withstand challenges but also to seize opportunities and forge a path towards growth.

    This article will delve deep into the heart of this topic, exploring the manifold ways in which AI can act as a protector and enhancer of businesses during challenging times. We aim to provide you with insights, examples and action points — strap in for an enlightening journey into the world of AI in business resilience and growth.

    Related: What Is AI, Anyway? Know Your Stuff With This Go-To Guide.

    Leveraging decision-making AI for proactive problem-solving and decision making

    AI can be a powerful tool for detecting and resolving issues before they become full-blown crises. Through data analysis and predictive analytics, AI can alert you to real-time potential issues, from supply chain disruptions to unexpected shifts in market demand.

    When the stakes are high, and decisions need to be made quickly, AI can help businesses navigate uncertainty. AI can provide detailed insights and recommendations through machine learning algorithms that enable data-driven decision-making.

    Related: Redefining Problem-Solving With AI

    AI-Powered risk management

    Risk management is crucial for any business, but during challenging times, its importance magnifies. By predicting market volatility and providing insights into potential threats, AI can help you mitigate risks effectively.

    Artificial intelligence (AI) is revolutionizing the way businesses anticipate market volatility. Traditionally, predicting market trends was a laborious task that required teams of analysts to sift through colossal amounts of data. Today, AI simplifies this process, offering faster and more accurate predictions.

    AI leverages sophisticated algorithms and machine learning (ML) techniques to scan through huge data sets that humans would struggle with. It captures patterns, analyzes anomalies, and interprets economic indicators to give reliable predictions about market volatility.

    Example: Hedge funds like Bridgewater Associates and Renaissance Technologies employ AI to evaluate complex financial markets. They use these AI systems to predict potential stock price changes based on many factors, including economic indicators, geopolitical events and even social media sentiment. With the help of AI, these firms can process and interpret information far quicker than humanly possible, gaining a competitive edge in predicting market shifts.

    Spotting potential threats with AI

    Security threats pose a significant risk to businesses. AI-powered systems can detect anomalies, flag potential threats and even take corrective action, ensuring your business remains secure.

    The use of AI in identifying potential security threats goes beyond conventional practices. With its deep learning capabilities, AI can examine large amounts of data in real time and find patterns that might escape human detection.

    Related: How AI Is Shaping the Cybersecurity Landscape — Exploring the Advantages and Limitations

    For example, a financial institution could use AI to analyze millions of daily transactions. Instead of simply flagging large transactions as potentially fraudulent, AI can identify more subtle patterns that indicate illegal activity. It could look at the frequency of transactions, unusual transaction sizes for a specific customer, or even transactions at odd times. This provides more in-depth insights into the potential threats that businesses could face.

    Businesses can take the following steps to leverage AI in spotting potential security threats:

    1. Implement AI-based Security Systems: Businesses should look to integrate AI-driven security software that provides real-time threat detection. This can help not only in identifying threats but also in taking proactive measures to neutralize them.

    2. Continuous Training of AI Models: AI models learn from experience. Training these models on the latest threat patterns can improve their detection capabilities.

    3. Invest in AI Talent: Having AI specialists on the team can be a significant asset. They can help optimize AI models, interpret the results, and formulate effective response strategies.

    Gaining a competitive edge with AI

    Despite the challenges, tough times can present opportunities for businesses ready to innovate. Using AI, you can gain a competitive edge and position your business for future success.

    AI for automating mundane tasks — AI has already revolutionized several sectors by taking over repetitive and mundane tasks, thus freeing up the workforce to engage in more strategic and creative pursuits. For instance, in the retail industry, chatbots have been programmed to handle basic customer inquiries, leaving more complex queries to human representatives. This not only improves efficiency but also enhances customer experience.

    AI in product development — AI is also changing the face of product development. One example can be seen in the automotive industry. Companies like Waymo, Tesla, and Uber are using AI and machine learning to develop self-driving vehicles. These cars use a combination of sensors and advanced machine-learning algorithms to navigate roads and traffic more efficiently than a human driver could.

    AI in predicting customer needs — AI and machine learning can also aid businesses in better understanding and predicting customer needs. For instance, Spotify uses AI algorithms to analyze users’ listening habits and suggest music that aligns with their tastes, creating a highly personalized user experience. Similarly, Amazon uses predictive analytics to recommend products to users based on their browsing and purchasing history.

    Creating personalized customer experiences — Customers crave personalization in today’s digital world. AI can analyze customer behavior, enabling businesses to offer tailored experiences that boost customer satisfaction and loyalty.

    Artificial intelligence offers the unprecedented ability to collect and analyze vast amounts of data, including customer preferences, shopping patterns, and interaction histories. This allows businesses to create highly personalized experiences that meet and exceed customer expectations.

    Examples

    1. Netflix: A perfect example of personalization driven by AI is Netflix. Their AI algorithms analyze viewership data to suggest shows and movies based on what the user has watched before, their ratings of the previous content, and how they interact with the service. This has led to improved customer experience, higher viewer engagement, and decreased churn rate.

    2. Amazon: Amazon uses AI for product recommendations. If a customer is buying a phone, Amazon will suggest related items like a phone case or screen protector based on other customers’ buying patterns. This personalization makes the shopping experience more seamless and increases the likelihood of additional purchases.

    The Future of AI in Business

    With the increasing capabilities of AI, it’s clear that its role in business will continue to grow. The future of AI in business looks promising, potentially revolutionizing how we work.

    The role of AI in post-pandemic recovery is not just significant but transformative. AI technology provides tools and methods to streamline operations, reduce costs, and drive growth, acting as a powerful engine for businesses to rebuild and adapt to the new normal.

    The global pandemic catalyzed digital transformation, pushing businesses to rethink their operations and strategies. The digitization that was anticipated to occur in a few years got condensed into months, with AI being at the forefront.

    For example, traditional brick-and-mortar retailers that were hit hard by the pandemic had to shift online. AI played a significant role in this transition, from developing intuitive and user-friendly e-commerce platforms to powering sophisticated recommendation engines that enhance the customer shopping experience.

    Potential challenges and ethical considerations

    The use of AI isn’t without its challenges. As businesses increasingly rely on AI, issues related to data privacy, ethics and job displacement may arise, requiring thoughtful consideration and responsible AI practices.

    In a world where change is the only constant, improving your business with AI is no longer a vision of the future but an essential strategy for today. The current era of technological advancement offers both challenges and opportunities, and the smart use of AI will determine who comes out on top.

    AI is no longer an abstract concept but a real and tangible force in the business world, driving resilience, spurring innovation and powering growth. It’s the ally that works round-the-clock, the silent partner that offers deep insights, and the game-changer that provides businesses with an undeniable competitive edge.

    As businesses around the globe grapple with various challenges, from economic downturns to global pandemics, the ability to harness the power of AI becomes not just desirable but critical. Yes, the path may be riddled with hurdles, such as data privacy concerns and ethical considerations, but the benefits of integrating AI into your business strategy far outweigh the potential drawbacks.

    The future of business lies in AI — those who embrace it will lead, and those who ignore it may well find themselves struggling to catch up. So, here’s to a future where AI and business go hand in hand, a future where resilience is a given, and growth is a sustained trajectory!

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    Gajura Constantin

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  • 5 Reasons Your Brand Needs a Chief Growth Officer | Entrepreneur

    5 Reasons Your Brand Needs a Chief Growth Officer | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    You may have noticed an increase in progressive brands employing new types of “C” suite executive positions, such as CNOs (Chief Networking Officers) and CSOs (Chief Strategy Officers). I want to discuss the CGO (Chief Growth Officer), why it’s important to understand their duties and why structures are changing.

    So, what is a CGO? It is one of the most important new positions in a progressive organization. More than just a CMO, the CGO bridges traditional operational silos, acting as a catalyst for internal alignment between departments, allowing for cross-functional collaboration and eradicating barriers to growth. The role is rapidly growing in popularity, and it’s only a matter of time before it becomes an essential position for businesses of all sizes.

    Hopefully, if you’ve arrived here, you’ve already read my article, “5 Tactical Tips to Grow Your Brand.” The CGO is the person who brandishes the ‘Marketing Whip’, guiding the brand’s consumer engagement wherever they are in the GTM (go-to-market) cycle. They blend their broad expertise in marketing, sales, finance and product development with relevant data to refine strategies across all functional groups. A CGO needs to analyze customer experience, demand and trends in order to maximize brand loyalty and retention. Finding innovative ways to glean insights, execute action from operational data and communicate the brand’s vision at scale is imperative to their success.

    Related: How to Grow Your Business by 500%

    I am a firm believer that having a single set of hyper-focused, educated eyes to track large endeavors from start to finish is vital. Founders like Steve Jobs, Elon Musk and Jeff Bezos share the similarity of being adamantly involved in all aspects of their companies from the get-go. Founders who have a comprehensive understanding of their brand, functional groups and operations are able to greenlight actions and adjust projects on the fly in any department according to the brand’s needs. This allows companies to become very nimble, very quickly.

    A great example of this would be Amazon’s 6-pager. Have you ever wondered how Amazon can possibly focus on so many businesses at once? It’s because Jeff Bezos innovated a way to bring groups up to speed quickly, in great detail and at scale, allowing for instant critical decision-making from key players.

    Having someone in the CGO position melts away obstacles, consolidates company focus and ensures that the brand’s product, campaigns and messaging do not become diluted by process or committees at any stage of the go-to-market (GTM) process. At the moment, the bulk of large brands have founders who have either passed away, moved on, or are not capable of spanning all the functional group disciplines. This is where modern brands opt for a CGO.

    This position is a natural, inevitable progression of the corporate structure, but why now? The short answer is: modern speed to market. The era of free, endlessly available digital content has created a monumental shift in how companies approach their GTM. Not only do they need to embrace the challenges of the ever-accelerating digital evolution, but they also need to change the way they launch their products and adapt to the lightning-fast pace of today’s brick-and-mortar (B&M) market.

    Understanding and engaging with today’s hyper-educated, segmented consumers is far more complex than it was 20 years ago, with more brands and more products in the market to compete with. Brands need to adjust the way they cultivate social impact in the never-ending fight to retain relevancy and market share. Traditional methods used to scale an organization are no longer sustainable, especially for large brands in the B&M, digital and B2C markets.

    In today’s era, organizations need a more agile and holistic approach to execute decisions quickly and effectively while meeting the changing needs of the consumer. By transcending siloed departments, the CGO aims to eliminate bottlenecks, optimize resources, consolidate agendas, streamline priorities, implement efficient processes, establish veilless operations and instill transparent communication. With departments aligned and strategies in motion, it allows the entire organization to embrace a laser-like focus on the end goal: strategic growth.

    To summarize, here are my top five reasons (amongst many) why modern brands need to adjust their business structure and hire a CGO:

    Related: Innovation? It Needs to Be Woven Into Every Aspect of Your Company’s Culture

    1. Communication and barriers

    To keep up with competitors and the ever-accelerating digital market, organizations need to align internal departments to allow for faster and more efficient cross-functional collaboration. In order to do this, they need someone to dissolve the long-standing structural silos, eradicate internal barriers and implement crystal-clear communication between teams (a CGO).

    2. Hyperfocus

    With a bird’s-eye view of operations, finance, sales and marketing, the CGO can streamline departmental pipelines and have teams working towards a single, hyper-focused shared goal.

    3. Speed to market

    The digital era is here, meaning processes are sharper and faster, with endless options. For old-fashioned brands, modern speed to market can feel like someone just hit the fast-forward button. Brick-and-mortar brands have no choice but to adapt to the modern, digital pace or risk dying out.

    4. Consumer engagement

    Engaging with today’s consumer isn’t as simple as it used to be. Brands need to analyze customer experience, demand and trends, driving cross-functional engagement strategies accordingly. A CGO can make this happen.

    5. Brand stewardship

    The appearance and messaging of your brand and products are exceptionally important, but it’s incredibly easy for design and messaging to get watered-down as they filter through processes, multiple departments and staff members. Brands these days need stewardship, ensuring continuity and on-point branding throughout the entire GTM process.

    Look out! Marketing is set to become a much broader discipline that influences every aspect of a business, including sales, operations, IT, finance, business development and customer support. CGOs are here to facilitate this and determine new pathways for evolution.

    Related: Adapt Your C-Suite for the Digital Era In 3 Steps

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    Jamie Calon

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  • How to Harness the Power of Acceptance for Success | Entrepreneur

    How to Harness the Power of Acceptance for Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The troubled young founder, her voice heavy with concern, confided in me over the phone, “I’ve got to slash the marketing budget, and it’s going to bring growth to a screeching halt.” I took a moment before suggesting that this seemingly crushing setback might just be the catalyst she needed to unleash her inner creative genius.

    In the same week, a founder of another rapidly growing startup employing over 500 people suddenly faced an unexpected crisis and slower sales cycles. To control spiraling costs and extend their runway, the founder had to make the heart-wrenching decision to lay off 100 dedicated employees. The founder was emotionally drained and down — I had never seen him like that.

    As a SaaS founder and mentor, I interact with several entrepreneurs each week, grappling with trepidation and uncertainty. For many, the fragile economy of the last year or two has delivered a series of gut punches they’ve never experienced before. And you can’t blame their sense of shock. They had primarily experienced good times, with companies founded in the last 4-5 years when the economy was relatively healthy.

    The availability of cheap capital and funding excesses of 2021 and 2022 resulted in startups flush with VC money going all out, chasing growth at any cost. With the slowing economy and tightening money supply, founders suddenly have to shift their mindset to efficient growth.

    Related: Entrepreneurship Often Involves Uncertainty. Here’s How to Deal With It Productively.

    Adopting a value mindset

    I try to support these young founders by helping them to adopt the “Value Mindset.” I define this as predominantly three things:

    1. Avoid wastage at all times
    2. Accept what you have
    3. Find a way to win

    Let me take you back to when our company fit into just two small rooms in Chennai, India. Feeding my six teammates was hard because cafes were too far, and our car tires kept getting slashed, so the whole idea of each driving to different places to buy lunch was unfeasible. At lunchtime, we moved the laptops and keyboards out of one room and turned them into a makeshift cafeteria for an hour.

    Fast forward to 2023, and thousands of employees now enjoy an array of delicious meals in our cafeteria. Initially, we were paying twice what we needed to, as staff sampled dessert from one vendor while choosing main courses from another. To circumvent this issue, we set up a separate dessert station offering yogurt and poppadoms, eliminating extra costs.

    In a contrasting example, McDonald’s restaurants in Chennai provide trays for customers to deposit unused ketchup packets. Meanwhile, I’ve observed American patrons frequently discard these packets into the trash, often simply because they’re unaware of this eco-friendly alternative.

    Avoiding wastage, accepting our constraints and finding a way to win comes naturally to me and many of us Indians, thanks to our middle-class upbringing when resources were always scarce.

    Related: Mindset Matters: How to Prepare Your Company for Ongoing Change

    Understanding the value mindset

    Whether switching off the lights on your way out or finishing up the last morsel of food on your plate, these have become deeply ingrained habits from our childhood. In one sense, most of India has a value mindset. That’s why I still can’t understand why all the lights stay on through the night in downtown stores in the U.S., especially when the whole world is struggling with climate change and energy efficiency.

    Accepting what you have is an essential part of this philosophy. Whether it’s a team, or a budget, a captain of business or sport has to accept what they have and learn to play and win with that. If you start the game complaining about why the team isn’t right or there aren’t enough resources, one thing is guaranteed. You are never going to win.

    Related: 5 Ways to Create and Maintain an Abundance Mindset

    Navigating your desires

    Waste and unnecessary expenditure aren’t exclusive to the realm of food. They pervade every aspect of a business. To help budding founders navigate these challenges, I encourage them to embrace their circumstances, maintain belief in their perseverance and devise innovative solutions to bridge the gap between available resources and aspirations.

    The recent economic slowdown and the pandemic’s lingering effects have highlighted our desires’ precarious nature. The operative term for businesses of all sizes now is ‘efficiency.’ Adversity has a unique ability to ignite creativity, giving rise to ingenious strategies that enhance efficiency, promote mindful spending and pave the way for future expansion.

    In our case, we’ve eliminated many licenses for third-party software products that we barely use and change our laptop replacement policy from four to five years. We’ve also encouraged our employees to share their ideas to help spend more efficiently. Because of this and other measures, we can spend more in areas that need greater investment. This is who we are and how we serve customers facing the same constraints.

    Related: Your Potential Success is Limitless, Despite What You’ve Been Told

    I take heart from remembering that great companies are born and prove themselves in times like these. In the early 2000s, for instance, Google went from an ‘also-ran in search’ to the brand defining the category. Amazon was under pressure from Wall Street to trim its ambitions. Instead, Jeff Bezos held fast, and today Amazon is one of the planet’s most valuable enterprises. LinkedIn and Tesla Motors debuted during this same period – two companies that remain steadily successful today.

    The obstacles to success may be higher now, but I believe this is still the time to win — if you focus on your positives and act prudently. Hold fast to your vision, and don’t be afraid to cut back now if it will drive you ahead later. The value mindset will help you in good times and bad. As I say to my team in Tamil, “Paathukalam” — come what may, we’ll be ready to face the outcome.

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    Girish Mathrubootham

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  • How Partnerships Can Grow Your Business in Challenging Times | Entrepreneur

    How Partnerships Can Grow Your Business in Challenging Times | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In times of economic uncertainty and market challenges, businesses face tough decisions to ensure their survival and growth. While raising capital and adopting a “cockroach” approach may be viable strategies, another path to success lies in forging strategic partnerships.

    These alliances, when well-aligned and executed, have the potential to accelerate business growth and create a competitive advantage. In this article, I’ll explain how strategic, synergistic partnerships can unlock growth for your business and provide a few examples of brands that have seen great success from their own partnerships.

    Related: How Investing in Strategic Partnerships Can Help Grow Your Business

    The Apple-Nike success story

    Strategic partnerships offer a unique opportunity for businesses to leverage complementary strengths and resources, enabling them to achieve growth and overcome market obstacles. In bear markets, where funding may be scarce or uncertain, partnerships can provide a valuable alternative to traditional financing. By pooling together expertise, technologies or customer bases, companies can tap into new markets, access additional resources and drive innovation.

    One notable example of successful strategic partnerships is the collaboration between Apple and Nike. By combining Apple’s expertise in technology and design with Nike’s domain knowledge in sports and apparel, they created the Nike+iPod ecosystem. This partnership allowed Nike to integrate Apple’s technology into their footwear, enabling runners to track their workouts using iPods and Nike+ running shoes.

    The partnership propelled Nike’s brand recognition and sales, while Apple expanded its reach into the fitness market. This mutually beneficial alliance demonstrated how strategic partnerships can enhance product offerings, attract new customers and drive revenue growth.

    Identifying the right strategic partners is a crucial step in building successful alliances. Businesses should look for partners that share similar values, goals and target markets. The alignment of visions and values lays the foundation for a strong partnership and ensures a harmonious working relationship.

    Additionally, partners should bring complementary strengths and capabilities to the table, filling gaps and enhancing each other’s offerings. This synergy allows businesses to expand their reach and deliver more value to customers.

    Related: Don’t Go It Alone: How to Use Partnerships as a Growth Strategy

    The Spotify-Uber connection

    When implementing strategic partnerships, it is essential to establish clear goals, roles and expectations from the outset. By defining these parameters, companies can ensure alignment and avoid potential conflicts down the line.

    Moreover, effective communication and transparency are vital for maintaining a healthy partnership. Regular updates, progress reviews and open dialogue foster trust and enable partners to address challenges and seize opportunities together.

    Another successful example of a strategic partnership is the collaboration between Spotify and Uber. By integrating their platforms, Spotify and Uber provided an enhanced experience for users. Uber passengers gained control over the music played during their rides, while Spotify gained access to millions of potential new users.

    This partnership not only increased user engagement but also allowed both companies to tap into each other’s loyal customer bases. It highlights the power of partnerships in expanding market reach and enhancing the value proposition for customers.

    Related: 10 High-Profile Brand Partnerships That Struck Gold

    The Coca-Cola-McDonald’s connection

    One of the most iconic and successful strategic partnerships in the food and beverage industry is the collaboration between Coca-Cola and McDonald’s. This partnership showcases the power of collaboration and the impact it can have on both companies’ growth and success.

    Coca-Cola, a global leader in the beverage industry, recognized the opportunity to leverage McDonald’s extensive global footprint and strong brand presence. By partnering with McDonald’s, Coca-Cola secured a prominent place on the menu of one of the world’s largest fast-food chains, gaining access to millions of customers on a daily basis. This partnership not only increased Coca-Cola’s market reach but also provided McDonald’s with a trusted and beloved brand to enhance their beverage offerings and satisfy their diverse customer base. Together, they created a synergistic combination that elevated the dining experience for customers.

    Beyond the product aspect, this partnership involved joint marketing initiatives, co-branded promotions and shared resources. The synergy between Coca-Cola’s marketing expertise and McDonald’s extensive reach allowed both companies to amplify their messages and strengthen their brand presence in the market. By collaborating closely, Coca-Cola and McDonald’s aligned their goals, ensuring a seamless integration of their products and marketing strategies. The partnership brought mutual benefits in terms of increased sales, brand visibility and customer satisfaction.

    The Coca-Cola-McDonald’s partnership serves as a testament to the importance of partnerships in driving growth and delivering value to customers. It highlights the significance of leveraging complementary strengths and resources to create a win-win situation for all parties involved.

    In today’s competitive business landscape, strategic partnerships have become increasingly crucial for companies seeking to expand their market presence and drive innovation. By embracing collaboration, businesses can tap into new customer segments, access additional resources and create mutually beneficial opportunities for growth.

    Looking forward

    Growing through strategic partnerships can be a viable and impactful strategy in tough times. By forging alliances with like-minded and complementary partners, businesses can leverage shared resources, accelerate growth and navigate challenging market conditions. Successful partnerships require careful evaluation, alignment of goals and effective communication. Identifying partners who align with your vision, bring complementary strengths and share similar values is key to unlocking the full potential of a strategic partnership.

    By embracing the power of partnerships, businesses can overcome obstacles, create new opportunities and thrive in the face of adversity.

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    Will Fan

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  • U.S. economy running close to 2% growth rate in second quarter, S&P says

    U.S. economy running close to 2% growth rate in second quarter, S&P says

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    This version corrects the manufacturing PMI data which fell to a six-month low of 46.3 in June from 48.4 in the prior month.

    The numbers: The S&P Global “flash” U.S. service sector activity index fell to a 54.1 in June from 54.9 in the prior month, a two-month low. 

    Economists surveyed by the Wall Street Journal has forecast a reading of 53.3.

    The S&P Global “flash” U.S. manufacturing sector index, meanwhile, slid to a six-month low of 46.3 from 48.4 in May. Economists had expected a 49 reading. 

    Readings above 50 signifies expansion; below that, contraction.

    Key details: In the services sector, new orders increased at a strong rate in June. The pace of expansion was close to May’s 13-month high.

    On the other hand, manufacturers recorded the fastest rate of contraction in new orders since last December. They linked the drop to muted consumer confidence. Foreign client demand was also subdued.

    Inflation was seen as moderating. The overall rate of selling prices for goods and services dropped to the lowest level since late 2020.

    Big picture: The S&P PMIs try to look ahead at the health of the economy, a critical question with even Federal Reserve officials saying that the outlook for the U.S. is hidden in a fog.

    A composite output index from S&P showed the fifth straight month of increases in private sector activity.

    What S&P Global said: “The overall rate of expansion of business activity in the
    US remained robust in June, consistent with GDP rising at a rate of 1.7% to put second quarter growth in the region of 2%,” said Chris Williamson, chief business economist at S&P Global.

    Market reaction: Stocks
    DJIA,
    -0.65%

    SPX,
    -0.77%
    opened lower on Friday on talk of more interest rate hikes from global central banks. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.741%
    fell to 3.72%.

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  • Greece’s conservatives win election majority to secure second term

    Greece’s conservatives win election majority to secure second term

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    ATHENS — Greece’s conservatives won big on Sunday’s parliamentary elections, securing an outright majority. Far-right parties also made gains, while the left struggled, giving Greece’s parliament its most rightward slant since the restoration of democracy in 1974.

    The New Democracy party of Kyriakos Mitsotakis managed to widen its double-digit lead over its main rival, the left-wing Syriza party, and secured 158 seats in the country’s 300-seat parliament, under the new electoral system which awards the winning party 50 bonus seats.

    “Our goals are high and must be high in a second term that can transform Greece with dynamic growth rates that will raise wages and reduce inequalities,” Mitsotakis said in his first message from his party’s headquarters.

    “People gave us a safe majority. The major reforms will therefore proceed with speed as this is the choice of the Greek people and I will honor it in full.”

    Sunday’s elections were the second held in the country in five weeks, after New Democracy came first on May 21 but fell short of an outright majority.

    New Democracy got 40.5 percent of the vote on Sunday, while Syriza was lagging with only 17.8 percent and 47 seats, according to official results. The socialist PASOK party had 11.9 percent and 32 seats, and the communists KKE had 7.6 percent and 20 seats. The participation rate was at 52.7 percent, the Interior Ministry reported.

    Far-right gains

    Four fringe parties — mainly from the far-right — also managed to top the 3 percent threshold to make it into parliament.

    Last-minute contender the Spartans party — which recently added a jailed MP from the neo-Nazi Golden Dawn party, Ilias Kasidiaris, to its list of backers — saw its support rise to 4.7 percent within days and secured 13 seats in parliament. The conservative government had passed an amendment aiming to ban him from parliament.

    New Democracy’s dominance is another sign of how Southern European countries are moving to the right, after a decades-long financial crisis in the eurozone that led the rise of left-wing parties.

    Ultra-nationalist, pro-Russian Greek Solution got 4.5 percent and 12 seats, while anti-abortion, religious party Niki got 3.7 percent and 10 MPs. To the left, Course of Freedom, led by former member of Syriza Zoi Konstantopoulou, got 3.1 percent and 8 seats.

    The far right has performed well in recent elections in Finland and Spain, and is polling particularly well in Germany. Its savvier elements — like Italian Prime Minister Giorgia Meloni — are beginning to assert themselves at the European level.

    But the main story of Sunday’s election was New Democracy’s dominance, which is another sign of how Southern European countries are moving to the right, after a decades-long financial crisis in the eurozone that led to the rise of left-wing parties.

    “This is a clear victory for Kyriakos Mitsotakis, for [New Democracy] and for the EPP,” said Thanasis Bakolas, the center-right European People’s Party secretary general.

    “In politics, what you stand for matters. This is what we see in Greece, also what we saw earlier this year in national elections in Finland and regional elections in Spain. And this is precisely what we will see again in upcoming parliamentary elections in Spain in July and Poland in October. EPP parties are dominating the centre, while the centre-left is barricaded to its fringes.”

    The election outcome is considered market-friendly and puts Greece firmly on track to regain an investment-grade rating towards the end of the year, analysts say.

    Mitsotakis has promised that his first two bills will include a further reform of the public administration and the economy. He has also promised overhauls in the judicial, health and education sectors and expressed his intention to create a family ministry to help address Greece’s shrinking, and ageing, population.

    “The resounding victory will provide ND with a comfortable majority, putting Mitsotakis in a good position to push through investor-friendly reforms,” said Wolfango Piccoli, co-founder of risk analysis company Teneo.

    But the fringe parties will have a platform to broadcast their populist message and attempt to disrupt the government’s agenda, exploiting politically toxic issues like migration, the relationship with Turkey, abortion, the role of religion in education, Russia sanctions, he added.

    “It remains to be seen how Mitsotakis — often perceived to be more vulnerable to attacks from the far-right given his distinct liberal, center-right orientation — will manage to deal with the possible challenge posed by far-right opposition lawmakers.”

    Main opposition Syriza performed very poorly, raising questions about whether its status as the main opposition could now be challenged by Pasok party. It also means that conservatives could govern without particular scrutiny.

    “Although the danger of collapse was avoided and Syriza remains the official opposition, we have suffered a serious electoral defeat,” the party’s leader Alexis Tsipras said, setting the European elections next year as a goal for the party’s reimposition and adding that he will put his leadership to the judgment of the party members.

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    Nektaria Stamouli

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  • How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

    How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In strategy games, macromoves are plays made with the end in mind. If you play video games, you are undoubtedly familiar with the concept. If not, you can ask any gamer how they approach making progress and winning the game. There are two philosophies: One is reactionary — making emotional decisions on the fly, looking only at the threats faced at that moment. The other is macromoves — playing the long game with a global perspective, anticipating threats and exercising patience.

    Nearly half of all new businesses fail within the first five years. Whether a college graduate or a veteran entrepreneur, you will face real challenges launching a new business with plenty of legitimate threats. While it’s tempting to believe that you can walk right into the job of CEO, it’s important to take the time to make macromoves: patient moves made with purpose that help establish a healthy growth pattern, ensuring that your business will thrive despite challenges that prove catastrophic for the less prepared.

    Related: It’s Time to Change Your Mind About Failure

    Envision your future role

    Gaming requires you to put yourself in a role, taking a virtual tour through the new reality, “playing” as someone else. In business, a good place to start is projecting your ideological “self” into the future, using your imagination and your senses. Ask yourself, “What will I be wearing when I step into this position?” “Will I have a corner office with a view, or do I see myself working outside?”

    How many of us have taken entry-level jobs and left because the environment was oppressive? It’s important to visualize the culture and workspace you want when developing your business concept. The right environment can give you a sense of purpose, camaraderie and support your creativity. If you want to work there, your staff will as well.

    You can start “envisioning” by decorating the walls of your room or office with images that reflect your dreams, or you can create a vision board, cutting out photos, phrases, names of heroes or whatever motivates you. A vision board can help you get a sense of what inspires you and how your inspirations could be connected.

    Immerse yourself in the field

    When you begin to carve out a plan, make it a point to study the roles people fulfill in the business you want to start. For some newbies, it could mean interviewing people who do your desired job. Getting an entry-level job in your field of interest could be the answer for others. After I decided I wanted my own talk show, I sat in the audience of Dr. Phil, The Price is Right and Leeza, watching the host go through rehearsals, pre-production and filming.

    Those who start from the bottom, gaining their experience from the ground up, make the best CEOs. As your knowledge and experience grow, you will develop your ideas about launching your enterprise and set realistic goals.

    As you observe how business is done, keeping a journal can help you define what you want — and don’t want — in your corporate culture. Writing about your observations can help you determine the synergy you want in the workplace.

    Related: The 4 Principles of Success and Wealth Accumulation

    Make purposeful connections

    In many strategy games, coordination with allies is key. The course of a career is not determined merely by classes and internships; we learn from people, from the connections we make and the experiences we take with us. This strategy requires teachability. You may not always recognize a teacher in your midst — we don’t usually think of a custodian, cashier or receptionist as a business coach. But the CEO often learns from the secretary. The manager learns from the customer service agent. If you’re dreaming of launching a business, talk to those on the front lines, ask questions and find out what they think about the company’s strengths and weaknesses.

    It’s important to be open and accessible to learning. Be aware of when a person comes into your life, even as a friend, a coworker or a roommate. There’s an old saying, “Iron sharpens iron.” Your life can be enriched by someone who challenges you to think differently about situations, plans, and goals. One person can ask the right question — the one you’ve not had the guts to ask yourself — such as, “Why do you want to start this business?” or “Who is going to be your sounding board?” You need people, but you never know where you might encounter them. Keep your eyes and ears open whether you are at a burger stand or in the parking lot at Walmart.

    Related: Why Embracing Change is the Best Catalyst for Growth

    Watch the competition

    In strategy games, the phases in which you are most vulnerable are the most important parts of the game. There are two considerations: your ability to defend your security and expand your economy. In business, it’s vital to understand the situation and the environment you are navigating. Watching your competition teaches you what they are doing well and where they are weak. There you will find your advantage.

    Many businesses falter at a particular breaking point; they fail to capitalize on their unique advantages while pressing on with their traditional strategy. In games and business, if you have an edge and do not press it, you give up something — perhaps something vital to growth. Growth trumps vision. Your vision can be based so much on tradition that it is difficult to embrace change, envision new ways of doing things or create new products; an old vision can keep you stuck in an obsolete business model. The competition may see you as predictable or irrelevant.

    One way to gauge the competition is to study companies, looking up blogs, reviews and articles to uncover weaknesses and strengths. You will learn what people are complaining about, what companies do right, and where they stand to improve.

    Launching a career is about planning out the moves, a long game in which you are setting yourself up for success, much like playing chess. Although you can’t control every aspect of your destiny, you can deploy a game-winning strategy so that, when opportunity comes, you are ready.

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    Nancy Solari

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  • Pathify Deepens Partnership With Felician University

    Pathify Deepens Partnership With Felician University

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    Pathify to expand usage of the portal at Felician to now include students in their unified digital platform.


    DENVER, June 15, 2023 (Newswire.com)
    –
    Pathify – the only centralized user experience hub for higher ed — is excited to expand the use of Felician University’s portal to now include students and staff beyond their original use case of only faculty members.

    “Our Center for Academic Technology partnered with Pathify in June 2018, creating a one-stop eLearning ecosystem for faculty, adjuncts and academic staff,” said Dr. Deanna Valente, Dean, Chief Technology Officer and L&D at Felician University. “This provided ease of use and access to all academic affairs documents, video tutorials, calendars, and announcements. This platform was a lifesaver for us while navigating through the pandemic.

    Dr. Valente continued, “We are immensely thankful to have partnered with Pathify and are excited for the expanded use to our Felician community to include all students and staff. This platform is intuitive, user friendly and will tie in our student information systems, calendars, announcements and much more!” 

    Pathify fills the massive user experience void at the center of the higher education digital ecosystem, delivering a personalized user experience unifying technology, content, communications and people. Offering highly personalized experiences for users at every point in their journey, the Engagement Hub encourages system-agnostic integrations, collaborative social groups, personalized tasks and multi-channel communication with full web/mobile parity.

    “It means a lot to us when partners deepen their commitment to our platform,” said Chase Williams, Chief Executive Officer and Co-Founder at Pathify. “We’re so excited to see what the team at Felician is able to accomplish as they roll out their student-facing portal.”

    About Felician University

    Felician University inspires and engages more than 2,100 undergraduate, graduate, and adult education students through its programs every day. Over the past five years, Felician has ranked 3rd among private institutions in New Jersey for best value according to payscale.com and #1 Safest College Campus in New Jersey according to niche.com. The Master of Science in Nursing program is ranked one of the best online graduate nursing programs in the nation by U.S. News and World Report. Felician was designated as a Military Friendly School (Gold Status) for the ninth year. It’s also recognized for its diversity as a Hispanic and Minority Serving Institution, having underrepresented students comprise more than half of the student population.

    With campuses in Rutherford and Lodi, New Jersey, the Franciscan values of social justice, compassion, and respect for human dignity serve as an inclusive foundation for transforming the lives of tomorrow’s leaders.

    Learn more at https://felician.edu/. 

    About Pathify

    Obsessed with making great technology while developing incredible long-term relationships with customers, Pathify remains hyper-focused on creating stellar experiences across the entire student lifecycle — from prospect to alumni. Led by former higher ed leaders, the team at Pathify focuses every day on the values Impact, Wit, Contrast, Technique and Care. 

    Learn more at pathify.com.

    Source: Pathify

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  • New York Empire State, Philadelphia Fed factory indexes mixed but show signs of optimism

    New York Empire State, Philadelphia Fed factory indexes mixed but show signs of optimism

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    The numbers: Two U.S. regional gauges of manufacturing sentiment showed signs in June that they may be improving after a rough patch, according to data released Thursday.

    The Philadelphia Federal Reserve’s manufacturing index slipped further to a reading of negative 13.7 in June from negative 10.4 in the prior month, but economists had expected a reading of negative 14.8, according to a Wall Street Journal survey of economists. This is the tenth straight negative reading.

    The…

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