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13 Feb 18:09

Your name may be ruining your life: How to avoid becoming a victim of ‘alphabetism’

by Ben Steverman, Bloomberg News

Once upon a time, when you desperately needed a locksmith or a tow truck, or maybe even to get out of jail, you turned to a thick book filled with hundreds of exceedingly thin yellow pages. The categories tended to start with a plethora of “A” names, from Aaron’s Locksmith to Aardvark Towing to AAA Bail Bonds.

There’s obviously an economic value to being listed first, even if it meant your business was almost unpronounceable.

Names can decide our fates in all sorts of ways. In the U.S., for example, studies show applicants with names stereotypically considered common among blacks can dampen prospects for jobs and housing. Academic papers reveal similar discrimination by Americans as well as Europeans against people with Arabic, Turkish, and other Middle Eastern names.

What about the first letter of you name? Does a name’s position in the alphabet affect anything outside the Yellow Pages? The idea, though not as purposely harmful as the above, isn’t so far-fetched. People and businesses are listed alphabetically all the time-and not just in the phone book. Their rank can subtly affect the choices people make, with far-reaching consequences.

When confronted with a large number of options, individuals often choose the first acceptable option, rather than the best possible option

Investors are a good example. Two studies published last year in the Review of Finance found stocks with names closer to the front of the alphabet are traded more often than those near the end. These front-of-the-alphabet stocks also have higher valuations, one set of researchers found. Authors divined the same effect in mutual funds: Funds with names at the beginning of the alphabet attracted more money than those with names further along.

It may seem illogical to choose an investment based on its name. But that’s not quite what’s happening. Many investors don’t have time to check out every stock, so they take a shortcut. “When confronted with a large number of options, individuals often choose the first acceptable option, rather than the best possible option,” researchers concluded in one study.

OK, but what about human beings? Are people’s lives and fortunes really affected by whether their last name begins with a “W” rather than a “C”?

Two University of Colorado economists found compelling evidence that the first letter of your last name does matter quite a bit-especially when you’re young.

The problem is being at the end and not being noteworthy in any other way

Professor Jeffrey Zax and graduate student Alexander Cauley analyzed data on the lives of more than 3,000 men who graduated from Wisconsin high schools in 1957. They found that those with surnames further back in the alphabet did worse in high school, in college, and in the job market early in their careers. “The effect [of the alphabetical rank] is significant, negative, and substantively large,” Cauley and Zax wrote. While correlation isn’t necessarily causation, the researchers firmly believe there’s a connection.

The findings suggest that teachers pay less attention to students further down their class rolls. On average, high school students in the data set had an 11.3 per cent chance of being designated an “outstanding” student in their graduating class. If a student’s name was 10 letters further back in the alphabet, however-say, “K” vs. “A,” or “R” rather than “H”-their likelihood of being “outstanding” fell 1.28 percentage points, a more than 10 per cent drop on average.

A student 10 letters back in the alphabet was also 2.2 points less likely to express a favorable opinion of their high school courses, 2.9 points less likely to apply for college, 5.6 points more likely to quit once they get there, and 2.7 points less likely to graduate. Their first jobs also ranked as less prestigious, and they were more likely to join the military.

People with late-in-the-alphabet names “are presumably offered fewer opportunities,” the authors write. “They are consequently less prepared to take advantage of those opportunities that are offered.”

A version of the study was Cauley’s undergraduate senior thesis, an idea suggested by Zax, who was his adviser at the time. Cauley stayed on at the University of Colorado as a graduate student, and he and Zax expanded the analysis. Now being prepared for publication, the findings have surprised other economists at academic conferences, said Cauley, now 29. “Most people don’t go around thinking the alphabet will have any impact on their life,” he explained.

Ironically, Zax, 62, doesn’t think his own spot at the end of the alphabet has been a disadvantage at all. “I don’t necessarily feel like I’ve been neglected over a lifetime,” he said. “When I was in school, I thought of it as being kind of cool.”

But he was also a good student-one his teachers were unlikely to ignore, he said. That’s a key factor, the research suggests. When Cauley and Zax dug deeper, and included the effects of IQ and perceived attractiveness, they found something striking. The men at the top and bottom of the rankings — those with the highest and lowest IQs, and the most and least attractive — generally didn’t suffer from having late-in-the-alphabet names. Meanwhile, those in the middle with average looks and average intelligence were at the mercy of “alphabetism.”

The lesson is, if you have a last name that’s at the back of the line, find another way to stand out.

“Being in the end itself is not the problem. The problem is being at the end and not being noteworthy in any other way,” Zax said. “This effect is really most powerful for people who aren’t distinguished in any other way. They’re being disregarded and ignored.”

Luckily, the cure for alphabetism is a lot easier than for other forms of discrimination: Hiring managers might consider job applicants randomly, rather than stacking up résumés in alphabetical order. Teachers might ignore the alphabet when seating students, or call attendance in reverse order, as Zax said he often does. Or perhaps just simple awareness that this could be a problem will do the trick.

If your name always put you at the back of the class and the end of the attendance roll, take heart. While alphabetism hurt early career prospects in the study, the effects seem to disappear by the time you reach your mid-30s. The longer you work and build a reputation, the less your name seems to matter. “People do find a way to overcome these disadvantages,” Zax said. “Over time, the effect of your last name erodes, and it’s replaced by your actual record of accomplishment.”

13 Feb 18:01

2017 Marketing Must Dos

by Patrick McFadden

Keep up with the ever changing marketing landscape.

patrick-mcfadden-marketing-must-dos

Over the past year, the marketing landscape has changed — what worked last year may not be as effective in 2017.

When it comes to marketing in 2017, which activities should you focus on? I’ve created this article to show you the most effective marketing trends of 2017 and how to put them into action.

Below are five things you must do the right way — and that usually means no shortcuts.

#1. Advertise to gain permission

First, let me clear the air. Advertising the right way is very important for lead generation, but the key to effective use of advertising lies in your approach.

Advertising is an essential part of growth for a small business and in many cases best used this way: to move people from awareness of your brand to trusting your brand by incorporating a small call to action that benefits them such as downloading a checklist, ordering a guide, receiving an saving offer, or scheduling a demo.

The goal of your advertising should be to gain permission of the prospect by capturing contact information (email, phone, mailing address, etc.) and start a educational relationship, not sell your product or service.

#2. Formalize the referral process

If you’re not focused on formalizing your referral process, in a way that gives you a distinct competitive advantage in the marketplace, your business won’t grow in the world as we know it today.

Generating referrals can happen intentionally, if you put a process in place to make them happen. In order to hardness the true power of formalizing a referral process you need to focus on creating referral motivation. This motivation is about giving rather than taking. You must find a way to create an environment where enthusiasm can be shared and where the primary reason someone makes a referral is because they believe another person will experience the same benefits they are enjoying.

Generating referrals today can be easy, viral, organized, automatic and profitable. Here are some ideas:

  • create a strategic partner team and introduce them to your customers
  • sponsor a non-profit or community event and incorporate your customers
  • create educational and sample opportunities (articles, workshops, demos, brochures, direct mail, emails, or gift certificates)
  • feature your success stories in your marketing materials
  • hold customer appreciation events

#3. Get real reviews, recommendations and testimonials of your business

Reviews, recommendations and testimonials have always been a effective way to offer third party proof that your company does what it says it does and that your customers are happy and willing to talk about it.

Because of that, and prospects now including these things into their information gathering routine, the growth of your business will lean on getting more proactive about stimulating real written reviews, recommendations and testimonials from happy customers.

So, it should come as no surprise that the wrong way to go about this would be to pay for reviews, recommendations and testimonials. On top of being dishonest, paying for these reviews may actually get your business some bad media attention and banned from review sites. Do the hard work of wowing customers and make reviews an authentic arm of your growth.

#4. Find your core marketing channel(s)

From working with business owners, the root cause of stalled growth for many businesses, is the shiny new object syndrome that these new and evolving marketing channels create.

Today’s business owner has more than a handful of channels to choose from and most feel the pressure to use all of them.

  • Advertising
  • Referrals
  • Public Relations
  • Networking/Partnering
  • SEO
  • Content Marketing
  • Speaking
  • Offline/Online Marketing
  • Sales
  • Social Media Marketing

Trying to implement and execute on every new marketing channel leads to frustration and wasted resources — particularly when many of these marketing channels are a long-term play for achieving the immediate needs of most small businesses.

A far better approach is to set a goal of finding your primary marketing channel and go to work on mastering that channel. Here’s the reason why:

Branching out into new marketing channels is a good way to grow. . . but it’s not the best way to grow.

One of my favorite ways to determine the primary marketing channel is to think through your top customers from the past 6 months. Simply making a list of your top 10 customers, then asking “how did they find me?” can cut through the confusion quickly!

5. Develop consistent communication

Every company that I’ve helped grow and seen grow has amazing, consistent communication. In fact, I was just in a meeting with one of my clients where a decision was being made whether to keep or fire an accounting firm for lack of communication, except when tax season is upon us.

Let’s face it, there isn’t a business out there that couldn’t improve on their communication. Chances are you’ve neglected to send out that quarterly newsletter, jump on a lead received, not followed up consistently on requests by existing customers, or sent what you promised to send after an appointment with a prospect.

Your competition probably isn’t any different from you, which is exactly why you need to use this to your advantage and do it the right way. See below:

  • Do you follow-up?
  • Do you ask?

Not follow-up to sell something, but just to know. Just to find out. Just to double-check. Just to ask. Just to make things right if they were amiss or make things remarkable if they were just merely good.

This tactic alone can transform your business when applied obsessively. Money is a testament to your having served another human or organization well.

13 Feb 18:01

Is Technical Sales Operations Your Missing Link?

by John McTigue

technical-sales-operations.jpg

Once upon a time, we had separate Sales and Marketing departments. We had VPs heading up each department, and they often competed for budget, each claiming to be more important for the company’s success.

Back in those days, we had well-defined roles, both in Sales and Marketing. One of the key roles was Sales Operations, an individual or team whose job was to support the sales effort in many ways. As time passed, we moved on to more hybrid roles, with sales reps expected to manage their own data and sales content through CRMs and sales enablement apps.

Have we gone too far in that respect? Have we hamstrung our sales teams with technology and data management and in doing so lost the art of the sale? Is it time to re-introduce Sales Operations into our sales and marketing mix?

What are the Responsibilities of Sales Operations?

Back in the day, Sales Operations specialists and managers assisted the Sales team by providing them with product collateral, event support, designed presentations and assistance with data collection and management, such as prospect and customer lists. Sales Ops folks would work closely with both sales development reps and more senior account reps to provide them with whatever they needed to identify high-potential prospects, set up appointments, provide the latest product presentations and even carry out demonstrations.

Today, Sales Operations has become more technical, with the proliferation of CRMs and marketing automation platforms integrated with business systems and on-demand strategic reporting. Every facet of a modern business must be visible and accurate to prevent lost opportunities and ensure accountability.

Sales Ops professionals manage the same types of data, prospects and customers, but now the information is being updated in real time as contacts engage with your website, blog, social media profiles and online paid media. Now your sales team needs instant notifications and value assessments as their assigned leads move through the buyer journey.

A short list of required activities includes:

  • Managing and supporting the CRM and integrations with other systems
  • Training and supporting the sales team on using the CRM and other apps
  • Troubleshooting and fixing errors in the lead database
  • Setting up lead scoring, lead assignment, segmentation and notification workflows
  • Working as a liaison between Sales and Marketing to enhance alignment
  • Setting up easy access to sales content and tracking prospect engagement
  • Reporting on sales performance and recommending process improvements
  • Assisting the sales team in events, demonstrations and evaluations as needed

What Are We Missing Without Sales Operations?

Without filling the Sales Operations role, companies put in jeopardy the efficiency of their sales team and also risk missing important sales opportunities. If you ask sales reps to do too much data management and spend too much time sorting through reports, they tend to withdraw from the critical person-to-person skills still needed in sales, especially B2B sales. They spend more time staring at their desktops and smartphones and less time thinking about how to engage with a good prospect and address their pain points. They rely too heavily on time-saving approaches like firing off emails and wonder why their close rates keep going down.

With data-driven Sales Ops people focused on systems, data and processes, sales reps are freed to do what they do best—engage in real conversations with prospects and customers that add value and build trust. Another important advantage they bring to the table is making better use of the technology to beat the competition to key opportunities. With accurate, timely data, sales reps get an immediate heads-up when their leads are engaged, what they’re seeking and why. Armed with that information, they can reach out quickly and start solving customer problems on the spot. Sales Ops professionals also provide accurate, up-to-the-minute reporting on KPIs that matter to sales managers and executives, so the sales process can be continuously improved.

In the old days, we had time to plan out thoughtful sales campaigns and let our sales professionals do what they do best. Now, we still need good strategy and great communications, but do we have time to execute them well? Have we overwhelmed our sales team with technology and data? Maybe it’s time to consider adding technical sales operations to the mix and let your sales reps do their thing.

13 Feb 17:53

Qualified Leads Are In A Constant State of Change

by Lawrence Anderson

Much like water, your leads have to be in a constant state of change for them to really be called qualified. Just because you’ve managed to, for example, set an appointment or generate a substantial amount of interest from prospects doesn’t mean a sale is 100% guaranteed.

Because really, what would there be left for a sales rep to do? Oftentimes the reason why they don’t always get along is that they believe they can get by without the other.

You might say that they’ll eventually change their mind should you ever test that proposition. After all, they’re only really as good as their half of the B2B sales process. So in order for them to really stick together, your leads need to become a challenge that neither of them can take on their own.

Ever seen pictures of cavemen hunting woolly mammoths? It’s the same concept. Your leads, in reality, require a mammoth-sized process of constant qualification all the way until the sale is made… and then some! (The cavemen have had to carve the beasts after killing them after all.)

The best though is that you may not have to try too hard making sure your leads are the challenge you need to keep marketing and sales together.

  • Even large brands are under pressure from change – Just this week, McDonald’s just announced the retirement of CEO Don Thompson. But guess what? Other companies have CEOs stepping down everywhere. It’s part of business reality but why are salespeople still shocked at how their previous contact suddenly left their position? Hence, the need constantly keep in touch before and after a sale. There’s no telling who’s going to resign next or even who’s going up to take their place!
  • Company policies can change – No, this doesn’t mean your company policies (though they might just play a role as well). Other companies have large and small policies that monitor communication with other organizations (including yours). For example, when it used to be all right to call, you now have to send an email for setting appointments with a manager. These changes can be unannounced (especially when you’re not even their customer).
  • Flight plans can change – Pardon the question but what if your prospect failed to catch the flight that was supposed to take them to the appointment you’ve arranged? If your answer is along the lines of switching to a web conference, you’ve really missed the point. Your prospect’s own individual plans can change. It’s not good to get a little too paranoid about tiny details but a good follow-up could be the difference between a missed appointment and easy rescheduling.

Well, there’s your mammoth. Remember, it’s better to qualify your leads instead of just taking them for granted. Doing otherwise puts you at risk of knocking your business out of the loop.

13 Feb 17:53

4 Ways to Nurture Marketing Qualified Leads into Sales Qualified Leads

by Sarah Hecker

4 Ways to Nurture Marketing Qualified Leads into Sales Qualified Leads.jpg

A common mistake in inbound marketing is oftentimes made by focusing solely on the top of the funnel. While publishing blog articles and ramping up your social media efforts are integral parts of creating a working sales funnel, you won’t close any deals if you don’t focus on these contacts after their initial conversion. Once you start diving into lead nurturing, it can easily become overwhelming to try and hash out the best way to set up workflows and move your leads further down the funnel. At the end of the day, however, you’re not going to close any more deals without focusing on your qualified leads and bottom-of-the-funnel offers. Here are four specific ways to nurture marketing qualified leads into sales qualified leads:

1. Drip Campaigns

Drip campaigns are probably one of the most common lead nurturing campaigns and oftentimes are triggered by a contact taking a specific action such as downloading an ebook or signing up for more information at a trade show. By having your emails “drip” into a contact’s inbox, you can steadily build trust and move the contact down the sales funnel by providing him or her with relevant and timely content.

You can tailor your campaigns based on actions taken by visitors or by list criteria, such as contact persona or lead score. While campaign specifics can vary depending on your buying cycle and products, an example might look like this:

  • Day 1: Jim downloads a comparison guide from your website that features your software product against its common competitors. Jim is marked as a marketing qualified lead and then enrolled in the nurturing workflow. You send a thank-you email with a link to the ebook and relevant resources.
  • Day 5: You send Jim another email, this time with another bottom-of-the-funnel offer such as a case study or product sheet.
  • Day 8: You send Jim a follow-up email asking if he has any questions about your product and detail some features specific to his persona.
  • Day 13: Jim has yet to reach out to you, so you send him another bottom-of-the-funnel offer.
  • Day 18: You send Jim a demo request email.
  • Day 20: Jim requests a demo! An internal workflow changes his lifecycle stage to sales qualified, and he is passed off to a rep to walk him through a product demo.

While this is obviously an ideal outcome for lead nurturing, it’s important to keep contacts who don’t meet the workflow’s goals engaged. Other lead nurturing efforts, such as long-term workflows, blog subscriptions, and newsletters, are a great way to keep contacts interested in your brand—even if they’re not quite ready to make a purchase yet.

2. Newsletters

Creating monthly or quarterly newsletters is a great way to keep leads engaged (or to re-engage inactive leads) by reminding them of your brand and website. You can use newsletters as an opportunity to showcase new content, product, or service updates and to speak to certain personas or pain points. These touches can be helpful if you have a particularly long buying cycle or if you often find that your marketing qualified leads need an extra push to become sales qualified leads.

That being said, this doesn’t mean you should blast all your contacts with the same newsletter each month. Segmentation is always a powerful piece of lead nurturing, and you should try to partition your newsletters to some degree. For example, your customers could receive newsletters about company updates and changes to products, but these types of emails would be inappropriate for most of your top-of-the-funnel leads.

Newsletters can be segmented by lifecycle stage in order to target your subscribers depending on their stage of the buyer’s journey; newsletters can then be further segmented out by persona or pain point in order to provide them with topics relevant to their interests. Providing bottom-of-the-funnel offers such as case studies, product tours, free trials, or software demos can help nurture your marketing qualified leads into sales qualified leads and get you one step closer to a successful deal.

3. Event-Based Workflows

While event-based workflows can be a little tricky to master, they can be a powerful way to engage contacts who aren’t frequently downloading content or engaging with your other emails. Because events are behaviors that a contact takes across your website, these workflows take a significant degree of personalization and effort in order to be truly successful but can have a rewarding payoff. These workflows are triggered by contacts taking certain actions on your website, such as viewing or spending a certain amount of time on a page.

For example, if a contact is repeatedly visiting a page that speaks to a specific persona, industry, or pain point, you may want to enroll the contact in a workflow based on these criteria so that you can continue to deliver to the contact information relating to these topics. Another workflow example might be if a contact visits a demo page or a free-trial offer but doesn’t fill out the form. An event-based workflow can trigger based on these page views in order to provide a contact with more information—these emails could potentially lead to a conversion where the page view didn’t.

That being said, if a contact is receiving an email every time he or she visits your website, your lead nurturing efforts might end up doing more harm than good. Creating a set of parameters for your event-based workflows will help ensure you target only well-qualified leads as you try to move them down the funnel. If you’re setting up event-based workflows to nurture marketing qualified leads into sales qualified leads, you may want to narrow the scope by lead score so that you’re not wasting your efforts on unqualified contacts.

4. Smart Content

Implementing smart content on your website is another way to achieve more targeted lead nurturing goals. If your marketing stack allows you to use smart content, you can further customize what content appears on your website—down to who sees which offers and when they appear. This level of personalization can help you nurture contacts down the funnel by showing them highly targeted offers. Similar to other lead nurturing methods, you can set criteria such as persona or lifecycle stage to enhance the personalization.

You can use smart calls to action (CTAs) so that offers are rotated out as a contact downloads them. For example, if you had a CTA for a top-of-the-funnel ebook, you could set up a smart rule that switches this CTA out for a middle-of-the-funnel offer as soon as a contact downloads it. You could then set up another smart rule that switches the middle-of-the-funnel offer out for a consultation or demo request if a contact downloads that content as well.

You can also use smart content to personalize copy on Web pages. If you create smart rules based on persona or pain point, you can have different text appear for different visitors—speaking to visitors’ individual needs and making your messaging that much more powerful. These types of personalizations can help you target contacts on a deeper level and make sure your marketing qualified leads are progressing down the sales funnel.

While these four options have the power to yield great results, marketing automation is both an art and a science—which can make it difficult to have a definitive “best” option for organizations. There are endless ways to nurture your contacts, depending on the type of business, the length of the sales cycle, and targeted personas, so it’s important to engage in optimization efforts on an ongoing basis.

What do your lead nurturing workflows currently look like? Maybe it’s time to re-evaluate and revamp your strategy.

11 Feb 17:54

Revolut is the latest fintech startup trying to convince you it is better than a bank

by Oscar Williams-Grut
  • Hot FX app Revolut launches current account features and says it's "a genuine alternative to a bank."
  • Crowded market, with at least a dozen so-called "neobanks" competing in the UK.
  • Uncertainty over just how big they can grow and whether they can make money. 

App & Revolut CardLONDON — Fast-growing fintech firm Revolut has become the latest company to get into the crowded "neobanking" market — apps that are either banks or offer services so close to banking that they may as well be.

The startup announced a suite of new product features that lets people from 42 countries open what amounts to a UK current account from their smartphone in under 5 minutes.

The new features mean customers get a personal account number and sort code, can accept payments including a salary into their Revolut account, and transfer money to any UK bank in approximately 30 minutes. Using tech smarts, Revolut is able to do all that without requiring a banking licence.

Revolut says in a release announcing the new features that it is pitching the services to expats who come to the UK and are "presented with an impossible catch-22," says Vlad Yatsenko, Founder and CTO of Revolut. "To rent or buy a home, you need a bank account. But to get a bank account, you need proof of address."

It's a departure for the 18-month old startup, which started out as simply a prepaid foreign exchange card linked to an app. Users load money onto the card using the app and then can spend it around the world, getting the best rate available, directly from MasterCard.

Revolut makes clear in its press release that it has ambitions to be in banking, rather than just FX — the press release is headed: "Revolut leads the race in becoming a genuine alternative to a bank."

Good luck to them — but as I've pointed out several times before, the "neobank" market in the UK is spectacularly crowded.

There are app-only startup banks (Atom, Monzo, Starling, Tandem); foreign exchange cards (Revolut, SuperCard); spending management apps (Loot); business accounts (Tide); accounts for migrants and the low paid (Monese, Pockit); and even a card to help you manage all your cards in one (Curve). Collectively, these startups have raised hundreds of millions of pounds.

Nikolay Storonsky, RevolutThe market is so crowded that the latest entrant, DiPocket, which launched on Friday, is part of a backlash against the original wave of startups. Fedele Di Maggio, CEO and co-founder of DiPocket, told Banking Technology that his startup is a "second generation of fintech" and "has a thing or two to teach other ‘neo-banking’ start-ups," as it works on all its own IT systems rather than through third parties.

Tandem cofounder Ricky Knox told me recently: "All of those guys are slightly stuttering at the couple of hundred thousand level. You get deep into the early adopter crew and all of them are slightly unsatisfactory customers as most of them have quite a lot of trial behaviour going on. How you break out from there into the mainstream is a massive challenge."

To its credit, 18-month-old Revolut seems to be making a good go of it. It announced this week that it has signed up 470,000 users, up from 330,000 last November. It struggled with some licencing issues at the end of last year that prevented it from issuing new cards but these were quickly resolved and cards are flying out the door again.

'I'm not sure they know what their long-term revenue strategy is'

However, the second big problem facing the market, besides competition, is making money. Most in the market find that to grow they must give away large parts of their service for free — Monzo loses £40 per customer per year on its cards.

Likely battling with this problem, Revolut introduced new fees at the backend of last year. But the new products it's launching are likely to add more costs as well as add new users. Current accounts are famously loss-making for even the biggest banks and are only offered for free because UK bank regulations demand it. (In reality, there are hidden fees, such as overdraft charges.)

Fintech business Modulr works with Revolut to help offer the bank-like services, and client money is held with Barclays. Neither are likely to be working for free. Revolut has also recently rolled out a chatbot and a bill splitting feature — again, costly.

Of course, investors and the company will say that this is all investment, both in the product and, hopefully, in customer growth.

N26 teamBut you can only burn money for so long and it's unclear how good an investment giving your product away for free really is. Monese, the banking app aimed at migrants, pivoted to a paid-for product last year after it realised it was only adding users because it was free and people stopped using it once charges kicked in.

This week N26, a German app-only bank, introduced a lending product — a vital revenue stream. Monzo will introduce overdrafts alongside its current accounts.

Revolut has raised around £17 million since mid-2015, most recently raising over £7 million from VCs and a crowdfunding campaign last summer. It is unlikely to be pressed for cash but, eventually, it will have to find a way to monetize.

Discussing the sector generally, Tandem's Knox told me recently: "I'm not sure they know what their long-term revenue strategy is."

"It will become clear over probably 5 years who the real winners are. I think this year you'll see some people get some pretty decent customer traction which people can get quite excited about. But I think until people can prove customer traction and monetization, that's when from a VC perspective people will start to pick winners. We're so early in the process of finding out what digital banks mean."

Join the conversation about this story »

NOW WATCH: PayPal's CEO reveals the 2 key trends that are driving the fintech revolution

11 Feb 17:53

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11 Feb 17:50

If You’re A Logophile Or Lexiphile, You’ll Like Paraprosdokians

by Jonathan Becher

words-matter-sq-100x100Recently a colleague sent me an email which said “since you’re a lexiphile, you might like these phrases and use them in a future blog”. He included a list of 10 punny sentences like this one:

Police were called to the daycare center, where a three-year-old was resisting a rest.

He was right – I loved the list and was instantly inspired to write about it.

However, I had never heard of the term lexiphile and I couldn’t find it in a dictionary. It’s obvious what the word should mean: lexi comes from the Greek lexikos which means ‘of words’ while the Greek philia means love or affection.

Lexiphile is a lover of words – an alternative term for the one I’ve always used: logophile. By either name, it’s an apt description of me. After all, my motto is ‘words matter’.

But since I’m guilty of being a logophile/lexiphile, I couldn’t stop there. These phrases should have a dedicated term for them. Luckily, they do; they are called paraprosdokians:

A paraprosdokian is a figure of speech in which the latter part of a sentence is surprising or unexpected in a way that causes the reader or listener to reinterpret the first part. It is frequently used for humorous or dramatic effect. Some paraprosdokians not only change the meaning of an early phrase, but they also play on the double meaning of a particular word.

Here are five of my favorite paraprosdokians:

  • The batteries were given out free of charge.
  • You are stuck with your debt if you can’t budge it.
  • He had a photographic memory; although it was never developed.
  • When she saw her first strands of gray hair, she thought she would dye.
  • Those who get too big for their britches will be exposed in the end.

If you enjoy these, there are plenty more over at Viral Myths.

What’s your favorite paraprosdokians?

This blog was originally posted on Manage by Walking Around

11 Feb 17:49

How To Pick Influencers To Promote Your Product

by Sam Davtyan

Influencer marketing is perhaps one of the most profitable strategies that businesses could invest in. A study conducted by SimplyMeasured showed that nearly 92 percent of consumers trust recommendations from peers and trusted authorities while purchasing a product. Not just that, another study published by Tomoson found that businesses made as much as $6.50 for every dollar invested in influencer marketing. That is an ROI of 650%!

The effectiveness of this strategy however depends on how well you pick an influencer. An influencer that works for one brand or product may not necessarily work for another brand. A toothpaste brand would benefit when it is recommended by your local dentist rather than a top Hollywood celebrity. Not surprisingly, top brands in this space spend a significant amount of their marketing budget reaching out to dental experts for their recommendation.

So how do you pick an influencer for your brand? Here are a few important points to consider.

Talks to the same target audience

The first and foremost criteria for picking an influencer is that they must talk to the same target audience that you do. For instance, a company that makes fashion accessories for women must pick an influencer who talks to women interested in fashion. This could possibly include fashion bloggers, YouTube hosts and fashion journalists – people who are followed by the target audience that you want to reach out to.

Engagement over following

At the outset, it may seem prudent to invest heavily in an influencer who has an extremely large following. The rationale behind this is that even if a tiny fraction of their followers engage with your brand, it is going to be a good return on your investment. However, one study among Instagram influencers showed that the level of engagement among Instagrammers with lower following numbers (around 1000) were much higher than those displayed by Instagrammers with larger following of over a million.

Not only this, influencers with smaller following also tend to recommend fewer things – this helps brands avoid getting lost in the clutter of endorsements and recommendations. Add to this, the cumulative cost of hiring dozens of smaller influencers may work out to be cheaper than hiring one celebrity influencer.

Has a communication platform with followers

There is a thin line that separates an influencer from an endorser. An endorsement is done on your marketing platform using your communication channel. All TV and print ads that have celebrities on them are an example for endorsement. An influencer, on the other hand, has their own communication channel – either in the form of a blog, YouTube channel or podcast.

Also, you do not have to necessarily pay an influencer to recommend your product. Businesses get their products recommended by influencers in other ways like sending them free product samples or product brochures for their reference and review. Influencers may also charge money to recommend your product to their followers. In all these instances, the cost of outreach to your target audience falls on the influencer and not upon you.

Is trusted by followers

This is perhaps the most important factor while picking an influencer. While it is important to find an influencer who talks to the right audience and engages with their followers, it is a lot more crucial to pick one who is trusted. Social media celebrities who are well known to tweet or pin your submissions for a price are typically not trusted by their followers; regardless of how much they engage with their posts.

For an influencer to contribute towards product sales, it is vital to find one who does not sell their loyalty and are opinionated.

Finding an influencer who can match all of these criteria above is not easy. It is all the more difficult if you do not have a quality product. It is hence important to deploy influencer marketing only when you have a high quality product that an influencer is likely to endorse.

11 Feb 17:48

Statsbot helps businesses pull their data into Slack

by Anthony Ha
Statsbot Statsbot is giving companies a new way to look at their data — in their chatrooms on Slack. Co-founder and CEO Artyom Keydunov said that the product was inspired by his previous work leading a remote engineering team, when he realized that it would be “a good idea to bring data from Google Analytics or Mixpanel to the place where all collaboration happens — to Slack.”… Read More
11 Feb 17:32

Big corporate donors give big to the B.C. Liberals

by Gordon Hoekstra

Part 1 of 2. On Tuesday we look at top donors to the NDP. 

Large corporate donors to the B.C. Liberals have given big in the past decade, with the top 50 handing out more than $30 million since 2005.

That’s more than one quarter of the $118.7 million raised between 2005 and the first few weeks of 2017, and highlights the concentration and potential influence of the top donors on the B.C. Liberals, an examination by Postmedia shows.

The analysis shows a similar situation for union donations to the NDP, where unions in the top 50 contributors to the party accounted for 30 per cent of the $42 million raised between 2005-2015.

This concentration of big donors, say experts, is an important consideration in a debate over whether corporate and unions donations should be banned and individual donations capped as in other populous provinces — including Ontario, Quebec and Alberta — and also federally, under the premise that money buys influence in politics.

The top 50 donors to the B.C. Liberals include natural resource heavyweights like the coal and metals miner Teck, which gave $2.82 million, in the No. 1 spot, and energy company Encana ($1.18 million), miner Goldcorp ($1.08 million) and forestry company West Fraser ($990,320).

In all, there are 10 natural resource companies in the top 50.

However, the largest group by far among top donors to the Liberals are property developers: 21 are in the top 50.

These developers include the Aquilini family, which also own the Canucks, in the No. 2 spot ($1.43 million); the Adera Group ($1.1 million), started by Ken Mahon; Wesbild ($929,576), owned by Future Shop founder Hassan Khosrowshahi; and Peter Wall and nephew Bruno Wall ($914,425), who own and manage Wall Financial Corp.

The top 50 list also includes Polygon, Concord Pacific, the Beedie Group, Onni, the Redekops, the Ilichs and the Bosas.

Top 50 donors to the B.C. Liberal party.

Top 50 donors to the B.C. Liberal party.

The New Car Dealers Association, which represents 375 auto dealerships in B.C., contributed $1.31 million, in the No. 3 spot.

Postmedia used political contribution data from B.C. Elections and data released by the B.C. Liberals for 2016 and the first few weeks of 2017 to compile the list.

Multiple donations from the same business were consolidated. Postmedia also amalgamated donations that came from different companies owned by a single controlling person or interest. For example, more than $2 million was donated under the Teck name, but nearly $800,000 was also contributed under Teck companies Highland Valley Copper and the Elk Valley Corp. and by longtime Teck chairman Norman Keevil.

Some property developers also gave under numerous different companies.

Ken Mahon, the founder of Adera, for example, gave under more than 30 different companies, often with very different names such as K&T Properties, Cartier Investments, Terrapin Mortgage Investments and Drifter Enterprises.

The Aquilinis gave under 24 companies and individuals, Wesbild under 16, and the Beedie Group under 10.

Some companies, such as Polygon Homes, owned by Michael Audain, also gave under numbered companies.

The reach of companies can also comes in other ways.

Jimmy Pattison, one of Canada’s richest individuals, is on the top 50 list, contributing nearly $390,000 through such companies as Great Pacific Capital Corp., Overwaitea Foods Group and the Canadian Fishing Co. But through his companies, Pattison also holds a 44 per cent interest in forestry heavyweight Canfor, which donated $852,566, and a 27 per cent stake in Westshore Terminals, which donated another $28,250 to the Liberals.

Postmedia tracked down the companies by comparing owners or senior executives of the companies listed in the B.C. Elections records and by checking out company ownership records available through B.C.’s Corporate Registry, documents filed with the Canadian Securities Administrators’ SEDAR database and on company websites.

By amalgamating and consolidating the donors, a picture emerges of where the big donors are more concentrated, and make up a larger percentage of the total donations to the Liberals than would appear without the analysis.

Without the amalgamation, the contributions of the top 50 Liberal donors would total $20.7 million. The more comprehensive $30.6 million consolidated number, calculated by Postmedia, represents a 50 per cent increase.

There is also a significant difference between the concentration of the top donors and those who gave the least.

Starting from the bottom of the B.C. Liberals’ donors list — from donors who have given $5 and $10 up to people who have given $5,000 in total since 2005 — it would take more than 27,000 donations to add up to $30.6 million, according to Postmedia’s analysis.

Heading into the election this May, the B.C. NDP advocates bans on corporate and union donations and a cap on individual donations. Advocacy groups such as Integrity B.C. and Ottawa-based Democracy Watch have also called for the bans and caps.

The B.C. Liberals have balked, saying they believe British Columbians are well served by a system in which political parties are funded by “individuals” and “others” who share their values and goals — with strict campaign spending limits and full disclosure of donations.

Christopher Cotton, a Queen’s University political economist, said the Postmedia data analysis shows banning corporate and union donations would level the fundraising playing field because the Liberals are more able to raise large corporate donations.

Cotton said it also shows allowing corporate donations decreases transparency because many companies can be controlled by the same person.

“The contributions look more diffused than they actually are — they are much more concentrated in reality,” said Cotton.

“If only individuals could give — if only the owners of these companies, for example, could give — and you would see the money given only in one place, that would be more transparent.”

These issues are important, said Cotton, because the concern is that policy is going to shift in the direction of those who are your big supporters.

That may not happen explicitly — with cash exchanged for favour — but because those who you rely on for contributions are more likely to get your ear, to get your time and have your effort on their behalf, said Cotton.

A 2013 report by the Organization for Economic Co-operation and Development concluded that money influences politics. The report, Money in Politics: Sound Political Competition and Trust in Government, also noted: “When lawmakers represent or appear to represent financial interests rather than the voters, the voters lose trust in representative government.”

Related

University of B.C. economist Matilde Bombardini said in principle the idea that you want to favour small campaign contributions from a large number of people, rather than concentration from big donors, is a good one.

“But I cannot tell you we have definitive proof that these large contributions buy policy,” said Bombardini, who has studied campaign financing in the U.S.

The top corporate donors to the B.C. Liberals and the top union donors to the NDP say they are not looking for any specific return for their donations — no quid pro quo.

“We do not expect any favours — well, other than a strong economy,” said Blair Qualey, president and CEO of the New Car Dealers Association.

Instead, both the big corporate donors and the big union donors say they simply support the party that best ideologically matches their philosophy on the economy and social issues.

“As a company, we support political parties that share our goal of responsible development along with increased economic and employment opportunities in B.C.,” Encana spokesman Jay Averill said in a written response.

Property developers who topped the Liberal donor list — the Aquilinis and Adera — did not respond to requests for interviews. Reached by phone, Wesbild owner Khosrowshahi declined to be interviewed.

Despite the assertion they are not looking for anything specific for their donations, the top corporate and union donors do actively lobby for specific goals, filings with the B.C. Lobbyist Registry show.

The New Car Dealers group has lobbied on tail pipe emissions, tax policy and skills training for the auto industry.

Teck has had as many as 11 lobbyists registered on issues that include climate change policy, taxation, economic development agreements with First Nations, permit fees, energy competitiveness, solvency reserves under the Pensions Benefit Standards Act and conservation efforts in the Elk Valley in southeastern B.C.

Encana has employed as many as 28 lobbyists on items such as infrastructure for resource development, regulations for fracking, greenhouse gas emission policies, royalty programs and electricity rates.

The Urban Development Institute, which represents property developers, lobbied on the property transfer tax, the Real Estate Development Marketing Act, provincial land-use decisions and transit-oriented development.

The targets of these lobbyists, on behalf of the companies, have included cabinet ministers and Premier Christy Clark, as well as MLAs.

And while companies say they support the party that best matches their free-enterprise philosophy, in the run-up to the May 13, 2013, election, when it was widely expected the NDP would win, the top donors to the Liberals suddenly ramped up donations to the New Democrats.

Among the top 50 corporate donors to the Liberals, 29 also donated more than $926,000 to the NDP in 2012 and the spring of 2013. That was five times more than the top 50 Liberal donors had contributed to the NDP in all other years and nearly 90 times more than in the run-up to the 2009 election when only two of the Top 50 companies gave to the NDP, according to Postmedia’s analysis.

Teck, Goldcorp, West Fraser and Encana did not respond to a question about their sudden increased giving in 2013.

In an interview, New Car Dealers Association president Qualey did not directly answer why they ramped up donations to the NDP. Instead, he said the association tries to support democracy by giving to both parties.

In the run-up to the 2013 election, the car dealers gave $70,700 to the NDP. In all other years, the association gave just over $15,000.

Cotton, the Queen’s University political economist, said the sudden increase shows clearly that the companies believe, at the least, that donating to a party that may be in power will give them access.

ghoekstra@postmedia.com

twitter.com/gordon_hoekstra

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11 Feb 17:23

Increase your Win Rate through Data-Driven Coaching

by David Duncan

In my last article, I discussed the winning formula for hiring A-Players and how recruitment is the first major challenge of any sales manager/SVP.  The second biggest problem sales manager/SVP face is around coaching. One of the greatest struggles we face on a daily basis is figuring out how to optimize the time we spend coaching reps to ensure it’s as productive as possible and we understand where the gaps are in our team(s) before poor performance becomes a problem for them. By problem, I mean the CEO is breathing down your neck! As a sales manager, you should be spending roughly 40% of your time in productive, tailored and measurable 1-1/group coaching sessions. By the way, pulling one or two random calls or listening to demos side-by-side while on your laptop checking emails is neither productive nor efficient.

As your team/division grows from one or two reps to 50+ reps, without a structured, data-driven approach to coaching you can expect the following three problems as an SVP:

  1. Low morale and high churn of reps who don’t feel valued or developed.
  2. Low win rates and therefore high discounts to drag everything over the line.
  3. Your sales managers constantly in a reactive, stressed, and fire-fighting mental state.  

Trust me, we experienced these problems ourselves during the first 18 months or so at Epos Now, and it massively stunted our growth. When you’re growing 200%+ per year, your people problems are going to compound even more than normal, and, if you’re not providing coaching and development, expect a tough, stressful time as a sales manager/SVP.  

However, after hours of experimenting and hard work, we ended up increasing the win rate (open opportunities to closed won %) of our sales teams by 40% using the following data-driven coaching methodology.  We have taken the below methodology over to the United States and grown the business organically by 1,700% in the first year.

First off, all of your reps and teams should have activity led KPIs in place based on a benchmark of the top performers/ideal performance. Below is an example breakdown of a weekly KPI tracker for the SAAS industry. For the purpose of this exercise I am using an Excel report to show the information; however, all of this data should automatically be available in SFDC. Additionally, your sales process should be intelligent enough to have a click-to-dial technology to automatically log calls and talk-time, have built-in workflows to move opportunities between stages (upgrade to SalesForce Lightning if you haven’t already), record the number of demos automatically, and create dynamic proposals based on products assigned to the opportunity.

Once you’ve got the activity KPIs in place, it’s now time to check in weekly with the rep (preferably first thing on a Monday) to conduct an activity and pipeline review.

We can see from the below results that there are some inconsistencies across the month. Using the training scenarios and checklists below, our sales managers can instantly provide targeted, structured feedback to the rep each week.

Scenario 1: If calls are high, but talk-time is low (See Week 1 as an example)

In the week 1 coaching sessions we would check to see if the rep is:

  1. Calling the lead within 5 minutes
  2. Leaving a voicemail
  3. Sending a ‘Can’t Contact’ email template
  4. Using Google/Social Media to find alternate contact numbers for the lead
  5. Calling the business at the right time based on the industry vertical
  6. Calling the lead more than once a day
  7. Texting the lead
  8. Using a localised State phone number

Scenario 2: If number of demos booked are high but demos completed are low (See Week 2 as an example)

In the week 2 coaching sessions we would listen to a few discovery calls and check to see if the rep is:

  1. Exceeding 70% call quality based on your discovery call scorecard
  2. Sending out a calendar confirmation email while the customer is still on the phone
  3. Making a confirmation call/sending a confirmation email the morning of the demo
  4. Turning up on time for the demo
  5. Getting an alternative number/cell number from the lead contact just in case

Scenario 3: If number of opps generated is low and pipeline amount is high (See Week 3 as an example)

In the week 3 coaching sessions we would check to see if the rep is:

  1. One or two larger deals are skewing figures
  2. Call activity is also low, resulting in lack of discovery calls  
  3. The rep is exceeding 70% call quality based on your discovery call scorecard

Scenario 4: If number of opps generated is high, but pipeline amount is low (See Week 4 as an example)

In the week 4 coaching sessions we would check to see if the rep is:

  1. Has a majority of opps stuck in the Qualification/Discovery/Demo Booked stages
  2. Is qualifying the lead properly – listen to a call stuck in discovery to see if rep is probing the pain points and building urgency
  3. Is sending proposals to every opp they’ve demoed

Scenario 5: If demos completed are high but win rate is low at the end of the month

We would check to see if the rep is:

  1. Asking deeper qualifying questions before beginning the demo to better understand the customer journey. I.E. “How does your current customer journey work?” or “If I could give you a magic wand what would be the three things you’d improve in your business.” This will quickly disqualify prospects who require specialist functionality without getting 20 minutes in and realizing you’re not a good fit for the customer.
  2. Providing options and pricing at the end of the demo and testing for hesitancy by listening to the last 10 minutes of the demo. For more information watch the video on how I do this here: http://bit.ly/2jJbH0H
  3. Setting up a next step (task) in SFDC for a closing call within a day or two of the demo (Think Zero-time Selling)
  4. Checking whether there are any other decision makers involved

Scenario 6: If overall activity numbers are low (at the end of the month)

In the monthly 1-1 we would check to see if the rep is:

  1. Still motivated and desires to be “on the bus.”
  2. Concerned about anything outside of work  

To wrap up, if sales managers/SVP’s can have these types of quality conversations with their reps on a weekly basis it will resolve the three most critical problems I highlighted at the start of the article. It’s never too late to change your coaching processes and up your game. A time commitment combined with a dedication to seeing improvement in your team will undoubtedly lead to managers seeing a drastic, measurable improvement in win rates and decreased churn and stress.

P.S. If you like what you just read, will you please share this article so that others might stumble upon this process?


Keep your conversations going at the 2017 Revenue Summit in San Francisco on March 7 & 8! Join us for two days of great speakers, networking with the industry’s best, and pooling ideas to crush 2017!

The post Increase your Win Rate through Data-Driven Coaching appeared first on Sales Hacker.

11 Feb 17:23

Agrium lowers 2017 guidance despite a rich harvest and strong demand

by Sunny Freeman

Calgary-based Agrium Inc, the world’s largest farm retailer, said it is encouraged by signs of a pick up in demand for crop nutrients as North American farmers look to replenish their soil after a year of record harvest.

“As we look into 2017, we see definite improvement in certain segments of the crop input market, however prices remain under pressure from last year’s record yields,” said Chuck Magro, Agrium’s president and CEO on a conference call Friday to discuss its fourth-quarter earnings.

The company believes strong demand for crops is helping to offset record crop production, helping keep prices stable. Crop prices influence the number of farm plantings, which in turn impacts fertilizer demand. 

 In Canada, it anticipates strong demand for nutrients this spring due to a shortened fall fertilizing season due to early frost.

Agrium expects growers to continue their cautious approach to spending more on crop inputs amid global uncertainty.  Still, its outlook for 2017 was weaker than analysts’ had expected.

“We think the FY17 annual EPS guidance may be softer than some investors were expecting, with the range $4.50-$6.00 ($5.25 mid-point) close to our $5.20 forecast but below the $5.45 consensus,” Citi analysts wrote in a note.

Agrium expects U.S. acreage allotted for corn, a nutrient-intensive crop, to fall to between 90 million to 92 million acres, down slightly from 94 million acres in 2016 — resulting in a one to three percent decline in nutrient demand and lower spending on seeds. However, demand for grains and oilseeds is expected to grow by three per cent this year, more than half the annual average, Magro said. 

Potash prices have languished around US$200 per tonne for the past year — from their highs of US$900 around 2008 — amid excessive global supply.

But after months of potash prices hovering around a 10-year low, drawdown on potash inventories has led to stronger demand into 2017, the company said. Agrium expects to produce between 2.4 million and 2.8 million tonnes of potash in 2017. 

“We foresee a tight supply-demand situation through the spring,” Magro said.

“Our expectation is for global potash shipments to increase almost five per cent.” 

The company saw 2016 full-year profit of US$592 million, a drop of 40 per cent from the US$988 million reported in 2015. 

Agrium earned US$67 million, or 49 cents per share during the fourth quarter, a drop from the US$201 million, or US$1.45 per share it reported in the same quarter of 2015, largely due to lower year-over-year nutrient pricing, the company said. 

However, adjusted earnings came in at 68 cents per share, in-line with analysts’s forecast. However, it projected 2017 full year earnings between US$4.50-US$6 per share, the midpoint, of US$5.25, was below analysts’ average estimate of US$5.45. It saw particular strength in its retail sales, helped by the crop protection sales, especially the herbicide business. 

The company is in the middle of a merger with fellow Canadian fertilizer giant PotashCorp. of Saskatchewan and says it is awaiting regulatory clearance from the U.S., China, Canada and India. Agrium expects the deal to close in mid-2017.

sfreeman@postmedia.com

11 Feb 17:22

A Look at Instagram and Its Use in Financial Services Marketing

by Nicole Johnson

I migrated to Instagram as my preferred social media platform not that long ago, primarily because it appeals to my creative side more than other social platforms do. But recently, as a user, I find that more and more brands are interrupting my experience with brand advertising, shoppable ads, etc. – and the ads themselves don’t necessarily align with the aesthetic I’ve come to expect from the platform.

To be clear, I am not opposed to brand advertising on Instagram. I just want it to deliver on the platform’s visual storytelling mission. Here’s that mission, cited from Instagram’s site:

Instagram is a fun and quirky way to share your life with friends through a series of pictures. Snap a photo with your mobile phone, then choose a filter to transform the image into a memory to keep around forever. We’re building Instagram to allow you to experience moments in your friends’ lives through pictures as they happen. We imagine a world more connected through photos.

What I see from many brands instead is simply a duplication of content from their other social media streams. And while it makes sense strategically to publish consistent content across a brand’s social platforms, there are ways to do so in a way that complements each platform. In other words, brands should explore ways to take the same content they might publish on Facebook and make it more photo-centric for Instagram in an effort to inspire the storytelling it was designed to enable.

In a high-level review of financial services brands on Instagram, I found a few examples worthy of sharing as they demonstrate either 1) how FS brands publish similar content across platforms, with “tweaks” that make it work successfully on Instagram; or 2) how FS brands can use Instagram in a way that supports their value proposition, as well as the platform’s mission.

“Big picture” from Chase engages Instagram users
Chase uses a mix of photos and videos to promote both special events and specific card products. One interesting engagement device Chase deploys is using slices of photos in individual posts, then inviting users to its profile to see the full image as the brand does here with posts for its Chase Ink product. While the content is duplicative of content seen on Chase’s Facebook page, it extends the content to Instagram in a way that leverages its visual appeal.

Chases Big Picture engages Instagram users

Amex photography matches Instagram aesthetic
American Express also duplicates content from other social platforms on Instagram, but many of their photos have an inherent creative composition that makes them Instagram-worthy.

Amex photography matches Instagram aesthetic

American Express photography matches Instagram aesthetic

Citi AAdvantage Card taps enthusiasm for sharing travel experiences
Citi and American Airlines ran an “Everyday Adventure” photo contest on Instagram asking travelers to celebrate their love of travel by showing their adventures via photos or videos related to three themes: Happy Place, Town Ambassador and Off The Radar. Participants were asked to tag their photo entries with @Citibank, #TravelOn and #Contest. The prize? 300,000 American Airlines AAdvantage miles awarded every two weeks.

Citibank taps user generated content on Instagram

Citibank taps Instagram user enthusiasm for sharing travel experiences

The net is that it is possible for brands to deliver on the experience many Instagram users are seeking. And as Instagram evolves and takes on more of Facebook’s (its parent company) features – including paid advertising, promoted posts, analytics (and possibly, some predict, algorithms that reduce organic reach) – brands will need to deliver Instagram content that resonates with users more than ever.

11 Feb 17:22

Is Free Shipping Really as Profitable as We Think?

by Nicole Blanckenberg

Every major eCommerce blog has a post about how free shipping is a must. A must, in order to retain customers and drive sales. And I won’t lie, I have personally advocated free shipping to a lot of merchants. I mean, why wouldn’t I, it’s an eCommerce must…right?
What if I told you that offering up free shipping willy-nilly is not as profitable as you may think?

eCommerce meme

Yes, I said it. While free shipping does indeed attract customers, making it profitable is the key. One of the biggest mistakes that small online businesses can make is to offer free shipping all year round, on every product they have, thinking this will drive sales – and profits – through the roof. Especially without assessing their profit margins and offering speedier shipping options. So how do you make it profitable?

As most eCommerce 2017 Trends posts will tell you, it’s no longer just about just free delivery, it’s about faster delivery. In other words, although online shoppers expect free shipping, they are willing to pay extra for faster delivery (Thank you, Amazon Prime).

If customers expect free shipping, but are willing to pay for speedier delivery, have we been looking at free shipping positioning all wrong? And if free shipping is not as profitable as everyone (or almost everyone) is saying, then… what?

eCommerce Meme

Don’t panic, we’ve got this! The first thing to do, if you’re already offering free shipping or are a new store looking for profitable shipping options before you launch, is to go back to the basics and do your math.

Four Things to Consider Before Adjusting or Adding Shipping Options

Your Profit Margins:

Before you can decide on what, if any, shipping discount you can offer, you need to take a hard, long look at your profit margins. In all likelihood your margins will vary from product to product, and you will need to factor in shipping costs for each of them. How does this affect your shipping costs? If you’re in a highly competitive niche where prices are competitive, factoring shipping expenses into the cost of an item could drive the prices above what your competitors are offering. Meaning, you will have to absorb shipping costs and therefore your margins will be lower.

Your Stock:

What are you selling? How big and how heavy is your stock? The larger and heavier your products are, the more expensive your shipping costs will be. If your products vary in size and weight, can you really afford to offer free shipping on all your products?

Your Customers:

Where are most of your customers situated? If you have recently decided to increase sales by shipping internationally, international delivery could be chewing up your products. Look at your customer locations and the areas you are shipping to, and work out your profit margins on these locations.

Your Orders:

If you’re a viral product store selling one product, you may be more inclined to be selling one product at a time with little upsell opportunity. For most stores though, the eCommerce goal is to: upsell, upsell, upsell! Multiple ordering and upselling will affect your shipping costs – the more you sell at one time the less your profits will be eaten up by shipping costs. Look at your average order amount and your profit margins: What would be the optimal dollar amount that would make free shipping profitable?

Need some help with the numbers? Try this handy, free Shipping & Profit Calculator from Shivarweb.
And now, some alternative ways you can work with free shipping to make it more profitable for your online store…

Paid Shipping With a Product Upsell

A couple of weeks ago I came across a Facebook video that had a novel idea. Instead of offering free shipping, work out the costs of providing a free product instead. Say you’re selling clothing online. It may be cheaper – and more appealing to your customers – if they paid for faster delivery, but got a free T-shirt in with the deal. Then you could even take it a step further by upselling the shopper to something that goes with the free T-shirt you have just given them.

Free Shipping Thresholds

A common way to tie in free shipping and upselling without breaking the bank is to offer free shipping on a certain sales threshold. You can do this by taking your average order value and testing free shipping on orders that are a bit higher. A study revealed that on average, 58% of shoppers will add more items to their cart to qualify for free shipping. In an eCommerceFuel podcast, Bill D’Alessandro of RebelCEO.com discussed just that:

“You’ve got to set your threshold for free shipping above your average order value, but then you got to let people know where that threshold is and how close they are to it. If you go to NurtureMyBody.com add something to your cart and then view your cart, you’ll see a banner across the top that says, ‘Wait. Add $40 to your cart, receive free shipping.’”

https://blog.storeya.com/wp-content/uploads/2017/02/EP112ECOMMERCEFUEL-1.mp3

Optomizing eCommerce cart

Upsell Faster Delivery

As mentioned above, customers are willing to pay for faster delivery. Yes, free shipping is a draw card, but if they are willing to pay for faster delivery, are you offering it to them? Upselling faster delivery at the checkout stage is a great way to let your shoppers know that they can get their item a lot faster for a nominal fee which would cover your shipping costs and leave your profits intact.

Old-Navy-Free-Shipping-Upsell

Invest in Shipping Tools, Apps and Integrations

In an ecommercenews.eu article, Vice President of Nordic software company EDI Soft Steffen Pasgaard was quoted saying the following:

“I think online retailers accept the economic loss in providing free shipping because they don’t know the tools, which can calculate individual shipping prices based on the customer’s shopping cart and shipping address and thereby show several delivery alternatives.”

Tools such as Shipstation make it easy to ship your eCommerce orders with the carrier of your choosing, and if you use more than one carrier they’ll also show you which option will cost less! Or can you use real-time shipping costs in your shopping carts, which let’s your customers pay exactly what shipping would cost you. This will allow you to adjust shipping based on location and delivery date, without it affecting your bottom line.

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Offer Free Shipping for Returns

If your online business just can’t cover the costs of free shipping yet, why not offer it other ways, keeping your margins intact. Offering a free shipping return incentive means you’re only covering the costs of shipping if someone decides to return a product. This will also instill another level of trust when dealing with a new customer.

Amazon free returns

Make Free Shipping a VIP Perk

Leverage free shipping as a way to grow your loyalty, member, VIP or returning customer programs. Give away free shipping coupons to your VIP customers, or offer a member sign-in that gives customers free shipping for a year. This will not only gain you lifetime customers – which is THE coveted eCommerce goal – but will help keep shipping costs low while offering online shoppers rewards and incentives.

Or, why not use your Coupon Pop box to offer discounted shipping coupons for VIP member signups?

Bonus Tip: Re-Negotiate Your Shipping Fees

Geek Bud store owner offers some tips, as a seasoned eCommerce shipper, on how you can lower your shipping costs, which in turn means a higher percentage of profits.

Have questions or shipping suggestions of your own for other store owners? Share them below!

11 Feb 17:22

Ford just invested $1 billion in a secretive AI startup founded by former Google and Uber execs (F)

by Danielle Muoio

Ford Self Driving Car

Ford is investing $1 billion in a secretive artificial intelligence startup headed by former Google and Uber execs to advance its self-driving car efforts.

The startup, Argo AI, was founded by Bryan Salesky, the former director of hardware for Google's self-driving-car efforts, and Peter Rander, Uber's engineering lead at its autonomous cars center. Argo AI is based in Pittsburgh, Penn. and has hubs in Southeastern Michigan, where Ford is based, and the Bay Area of California.

The $1 billion investment will be spread out over five years as Ford looks to commercialize its self-driving technology by 2021.

Argo AI will leverage roboticists and engineers from inside and outside of Ford to develop a virtual-driver system for the autonomous vehicles in 2021, Ford said in a press release. The virtual driver system will use machine learning, a branch of artificial intelligence that improves with experience, to act as the brain of Ford's self-driving cars.

Ford is a majority stakeholder in Argo AI, but the startup wrote in a Medium post that it's structured to operate with independence. Salesky and Rander will serve in the board, as will Ford CTO Raj Nair and John Casesa, Ford's VP for Global Strategy. Some Ford employees will become Argo AI employees as a result of the investment.

Argo AI employees will receive "significant equity participation" in Ford as well. On a conference call with Wall Street analysts and the media, Ford CEO Mark Fields said that Ford and Argo AI could take on additional investors in the future, or consider an IPO of the company.

Fields also said that the five-year cadence of the $1-billion investment wouldn't be revealed, but he added that there would spending above and beyond that figure for future costs. Argo AI expects to have 200 employees in total by the end of the year.

Long term, the investment could expand Ford's lines of business.

"Our initial focus will be to support Ford’s autonomous vehicle development and production, but in the future, we may license our technology to other companies and sectors looking for self-driving capability," Argo AI's Medium post reads.

Fields stressed the value of this licensing proposition is response to analysts' questions. The carmakers efforts around mobility services could yield returns in the 20% ballpark, Fields has said, compare with the 10% margins that a carmaker earns when business is good.

The investment takes place against the backdrop of the traditional auto industry, flush with cash after several record sales years, looking to play a major role in the transformation of mobility. General Motors has invested $500 million in ride-hailing service Lyft and spent nearly $1 billion acquire Cruise Automation, a self-driving startup. Ford recently bought Chariot, a shuttle-bus service based in the Bay Area.

The stakes are high. Ford is facing increasing pressure from Waymo, the self-driving-car company operating under Google's parent company Alphabet, and Uber.

Fiat Chrysler has supplied Waymo with 100 Pacifica minivans equipped with Waymo's self-driving-car hardware as part of the two companies' partnership. The minivans are currently being tested on public roads in Arizona and California. There are reports that Fiat Chrysler and Waymo could launch a self-driving taxi service by the end of 2017.

Waymo's self-driving-car software is considered among the most sophisticated out there. Waymo's cars have driven over 2 million miles, amounting to 300 years of human driving experience.

Uber has launched pilot programs for its self-driving cars in Pittsburgh and Arizona. The ride-hailing service is also partnering with Daimler, the parent company of Mercedes-Benz. Daimler will supply its self-driving cars to run on Uber's network.

Ford was careful to characterize its investment in Argo AI as just that, rather than as a de facto acquisition. Ford's majority stake, Fields said, leaves equity available for Argo AI to fight the "war for talent" and provide incentives for the best engineers and leaders to come work for the company. In a sense, Ford is functioning here both as a technology partner, lending vast global scale to Argo AI's development, and as a venture capitalist.

The automaker and Argo AI called this a "hybrid" model and said that it had been much discussed prior to the investment decision being made. "The real advantages came to the forefront," said Raj Nair. "It was an ideal way to solve the problem."

Join the conversation about this story »

NOW WATCH: Ford just revealed some of the first production versions of its most expensive supercar — the Ford GT

11 Feb 17:21

How to Keep Your Emails Out of the Spam Folder

by Amanda Clark

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Email marketing is potentially quite rewarding, an effective way to stay in contact with clients and with leads. As with anything, though, it takes some strategy and foresight if you want to steer clear of major obstacles—and as far as email marketing goes, the most major obstacle of all is the spam filter.

Simply put: People won’t like receiving low-value, spammy emails, which is why most email programs have sophisticated algorithms to detect spam and send it directly into a separate folder—keeping inboxes clean and uncluttered. That’s good news for email users but bad news for marketers, whose well-intentioned emails may inadvertently run afoul of these spam filters.

So what can you do to keep your emails in inboxes, where they belong? Keep reading for a few practical tips.

How to Avoid Getting Your Emails Flagged as Spam

To keep out of the way of those spam filters, here’s what we recommend:

Don’t buy an email list. If you’re sending emails to people who didn’t ask for them, it’s likely that they’ll flag your messages as spam. Only send marketing emails to customers who actually opt in to your email list.

Avoid conventionally “salesy” language. Spam filters will weed out any emails that seem like they’re strictly selling something—so using subject lines with “sale” or “free” can get you in trouble. Likewise, “30% off” and all-caps subject lines are destined to get your emails discarded. Focus on providing real information and value, and describing the email contents in non-salesy terms.

Don’t send image-only emails. While some images are fine, you also want to include text. Why? Some spammers have tried to use image-only emails to outsmart spam filters, so messages that only contain images may be discarded automatically.

Provide options for unsubscribing or for receiving fewer emails. Again, if you want to avoid getting your emails flagged as spam, it’s smart to allow readers some say in the emails they receive.

Segment and personalize your emails. The more specifically you can target your message to a particular audience, the more likely it is that people will want to read it rather than mark it as spam.

11 Feb 17:21

What Is an Infographic? We Break It Down

by Josh Ritchie

What is an infographic? Though the popularity of the infographic has risen dramatically in the past few years, we still commonly receive questions about the various terms used to describe this field of design.

Data visualization, information design, visual content, and infographics are just some of these terms, and the confusion is understandable. Many of the labels thrown around are not only overlapping but also open to individual interpretation.

As an agency with a decade in the infographics game (and a book to boot), we’re here to demystify the term for you and give you the understanding—and language—to help you explore this exciting medium.

What is an Infographic?

In this era, “infographic” has become the broadest descriptor of a specific type of visual communication. The word is a portmanteau of “information” and “graphic.” This can include graphics showing data, copy, or both.

A simple Google Trends search will show that the word “infographic” has experienced a meteoric rise in popularity, largely due to the use of this medium for both branded and editorial content on the web.

But as the buzz surrounding this word has grown, so have the arguments regarding what content should be properly classified as an infographic. We believe this term should remain open and inclusive as the medium evolves.

That said, there are general categories that infographics can fall into: data visualization, information design, and editorial infographics. Each serves its own purpose and can be a powerful storytelling tool—when applied properly.

Data Visualization

Data visualization is the study of the visual representation of data. The real value of data visualization lies in its ability to clearly reveal information, whether it’s meta patterns or single data points. (This type of visual communication is particularly helpful when analyzing large data sets.)

In the age of big data, we need to both make sense of the numbers and be able to easily share the story they tell. To see how and why data visualization is so powerful, take a look at this video. (If you’ll note, we did indeed create a video that visualizes the power of data visualization—case in point.)

Now, want to see the power of data visualization at work? Take a look at the data visualization below. You probably don’t speak French, but you can likely decipher the information presented. This illustrates why data visualization is the most interesting and universal way to make information accessible and understandable to a wide audience.

Data visualization is a type of infographic

Source: Francesco Franchi

In application, the practice of data visualization is the most numbers-heavy—and typically is what a purist would describe as a “true” infographic. But, as with all infographic design, the display method is rooted in the context and desired message.

You may be familiar with data visualization in the form of basic charts and graphs, but traditional data visualizations tend to be more complex, as they often are attempting to display a great number of data points. (For example, the interactive data visualization we created for Northwestern University of Qatar turned a staggering 10 million cells of data into an easily navigable experience.) In some cases, though, data visualization graphics functionally serve only as art pieces, if no specific message can be extracted.

When properly executed, however, they should be both beautiful and meaningful, allowing the viewer to decipher data and recognize trends while admiring its aesthetic appeal. (To dive deeper, learn more about why you should embrace the power of data storytelling.)

Information Design

Information design is a subset of graphic design that focuses on the display of information efficiently and effectively. It’s a broad category, encompassing many functional design disciplines.

It differs from data visualization because it is not made from specific data points but rather concepts or other information. For example, it can be used to describe process, anatomy, chronology, or hierarchy.

what is an infographic

Information design comparing prison food to school lunches

In your day-to-day life, you may encounter information design in the form of flowcharts, organizational diagrams, or timelines, clarifying structure and order in a way not possible solely using text. Instructional diagrams, anatomical illustration, and some applications of cartography would also fall under this label.

what is an infographic star wars

An epic Star Wars flowchart

For information design, the goal is to use design to communicate a message that is both clear and universal.

Editorial Infographics

Although major publications have been featuring infographics for decades, there is a shift in the style and type of visual content they are producing. This trend has also been spurred by the rise of social. Infographics have become highly shareable content, so publications are embracing the medium to better engage readers.

Previously, editorial infographics were limited to simple bars, lines, and pies, using illustration solely in more complex features to map an area or show the anatomy of an object.

what is an infographic

A sample editorial infographic from USA Today

But there has been a dramatic increase in the number of publications utilizing graphic content to replace more traditional editorial features.

what is an infographic

A GOOD Magazine infographic on gun ownership

what is an infographic

An editorial infographic spread in Miller-McCune magazine

This adoption has also spread into the commercial sector, with many start-ups and larger corporate blogs using graphic content or “charticles” to display thought-leadership within an industry and bring attention to their site.

While some of these infographics can cross the fine line over to advertorial, the good ones do not. The value of editorial content is best realized when providing interesting insight from uniquely informed sources.

That said, infographics are still an incredibly valuable tool in marketing.

What’s in a name?

When talking about infographics, we need to acknowledge the room for change and growth. Design is inherently about using innovation and imagination to provide clarity, and so infographics will continue to evolve over time.

We just hope that as they do, creators will maintain a commitment to quality and integrity in the medium.

11 Feb 17:21

Revealing Facts in Sub-Headings: Increase Slideshow Engagement in One Easy Step

by James Kosur

Photo Credit: dharder9475

There’s a good chance you have clicked on your fair share of listicles. Once on the page, you quickly scroll through 10 to 20 items, absorb a few facts and then move on. There’s an equally good chance that because of the sporadic nature of those facts that you forget at least half of them within a very short period of time.

The problem with this type of editorial workflow is a simple fact that the disjointed slides, often only thinly held together by a theme, don’t really provide a narrative footing to the reader. In fact, a TV or music lover would be able to absorb that information faster by visiting the single page trivia section of IMDB — thus removing the value add of your content.

At Presto Media we have taken a different approach to slideshows, focusing on the thematic resonance that can be obtained by selecting sub-headings that quickly reveal facts while leaving readers wanting more information — if they so desire.

Great sub-headings engage a reader, tell them exactly what your story is attempting to convey, and leaves very little room for confusion.

Why Do Sub-Headings Matter For Time-On-Site And Pageview Numbers?

During my time as an Editor at Business Insider, I noticed a common trend, sub-headings would often point users to a very specific fact and then a body of text would dive further in-depth with the topic.

The quick fact-based sub-heading model serves two purposes. First, it allowed users who just wanted to absorb key points to quickly move through a slideshow, often completing the entire slideshow process. Second, it provides contextual information for users who wanted a more rich experience.

If you are not going to capture a user’s attention for long periods of time (time-on-site), you can at least increase the number of slides they view (pageviews) which in turn adds a slightly better time on site metric than if they were to abandon the article half way through the slideshow.

Sub-Headings Matter For Engagement

Photo Credit: Simon Blackley

I’ve written in the past about the importance of guiding a reader through a listicle. A strong statement at the top of a slide can help with that journey by making slides easier to absorb.

If you grab a reader’s attention with a simple statement or claim, you can guide them towards the content of that statement or claim.

A properly composed sub-heading tells the reader that information contained in the slide or story will provide information they haven’t already absorbed or will dive deeper into interesting stories or facts that have already been presented.

Keep Your Sub-Headings Simple And Make Them Noticeable

A great sub-heading isn’t rocket science. When creating a great sub-heading you want to engage the reader with quick snippets of information they can easily absorb. You also want to make sure each sub-heading is noticed. At Presto Media we use the H2 heading. This serves the purpose of our sub-headings standing out but also provides search engines with a good understanding of what we find important in our content for indexing purposes.

Remember, sub-headings can hold your reader by the hand and when done properly your time-on-site numbers, slideshow completion rate, and overall user experience will skyrocket.

11 Feb 17:21

Opinion: Responsible resource development requires innovative approaches

by Harvey Enchin

By any measure, 2017 is shaping up to be a watershed year for B.C.’s oil and gas industry. The provincial government’s green light of Kinder Morgan’s Trans Mountain pipeline expansion, the granting of conditional approval of the $36-billion Pacific NorthWest liquefied natural-gas (LNG) mega-project, along with Singapore-based RGE Pte. Ltd.’s decision to move ahead with the $1.6-billion Woodfibre LNG plant in Squamish have set the stage for an eventful year for B.C.’s energy sector.

These projects are expected to attract hundreds of millions of dollars of investment to B.C. in the form of infrastructure projects, drilling, natural-gas wells, pipelines and processing plants. The Woodfibre LNG alone, which is expected to be the first major energy project off the ground in 2017, will create 650 jobs during construction and about 100 full-time jobs during operation. It will also generate an estimated $83.7 million in tax revenue for various levels of government during the construction phase and an additional $86.5 million in tax revenue per year of operation.

B.C. has a long history of natural-gas development dating to 1948, when natural gas was first commercially produced in Pouce Coupe. Today, B.C. is Canada’s second-largest, natural-gas producer, accounting for billions of dollars in revenue and thousands of jobs. The province’s largest gas reserves, the Horn River and Montney gas basins in northeastern B.C., are estimated to contain up to 349 trillion cubic feet of ultimate marketable natural-gas resources, enough to last 300-plus years at current demand levels.

Bringing these vast reserves into production in an economic, environmental and socially responsible manner requires that First Nations, local communities, governments and the resource sector work closely together to find innovative solutions to minimize greenhouse-gas emissions.

Toward this end, the B.C. government has in its updated Climate Leadership Plan set its sights on curbing fugitive gas emissions from the natural-gas supply chain. It’s estimated that almost 40 per cent of these natural-gas emissions come from non-combustible sources such as venting and leaks. The B.C. government has committed to a 45-per-cent reduction in fugitive and vented emissions by 2025 for infrastructure built before 2015.

One of the major challenges in the quest to cut these emissions is the question of how to accurately monitor and measure the extent of the problem.

For its part, the independent, non-profit Geoscience B.C., with the support of the B.C. Oil and Gas Research and Innovation Society, recently embarked on the first project of its kind to sample and profile natural gas from producing wells in the northeastern part of the province. This initiative will help producers target higher-value gas streams and pinpoint fugitive gas emissions leaking from gas wells, processing facilities, pipelines and storage facilities, aiding remediation efforts and helping reduce greenhouse-gas emissions. Natural-gas profiles will be incorporated into the B.C. Natural Gas Atlas, which will be publicly available in 2018.

The B.C. Natural Gas Atlas will create for the first time a comprehensive picture of the types of distributions of natural-gas deposits in the province. The project will help researchers systematically catalogue geochemical “fingerprints” of natural-gas reserves enabling them to trace the source of fugitive gas emissions back to the gas pool or field they originated from to expedite remediation efforts. It will also enable researchers to differentiate between gases produced from natural sources and those related to industrial activity.

Natural-gas production emits just under six per cent of Canada’s total greenhouse-gas emissions and only 0.1 per cent of global emissions. Still, there’s a lot more work that needs to be done to reduce the energy sector’s carbon footprint.  Through a commitment to innovation, B.C. can play a leading role in demonstrating how natural-gas resources can be developed responsibly to protect the environment and provide economic and social benefits for all British Columbians.

Robin Archdekin is president and CEO of Geoscience B.C. geosciencebc.com

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Is there more to this story? We’d like to hear from you about this or any other stories you think we should know about. Email vantips@postmedia.com.

11 Feb 17:20

This Week in Content Marketing: Could Snapchat Be the Next Myspace?

by Joe Pulizzi

snapchat_next_myspace

PNR: This Old Marketing with Joe Pulizzi and Robert Rose can be found on both iTunes and Stitcher.

In this episode, Robert and I discuss how P&G is rewriting the rules for agencies and media placement. We also examine why a slew of publishers are recreating the media business model, and debate whether Snapchat’s performance decline is an indication that a Myspace-level fail may be in its future. Our rants and raves cover the value of sensibility and a likely strategy for acquiring Twitter; then a listener gets charged up about an example of the week from General Electric.

This week’s show

(Recorded live on February 3, 2017; Length: 0:59:05)

Download this week’s PNR This Old Marketing podcast.

If you enjoy our PNR podcasts, we would love if you would rate it, or post a review, on iTunes

1.    Notable news and upcoming trends

  • P&G lays down new rules for agencies and ad tech to get paid (09:34): Procter & Gamble Co., the world’s biggest advertiser, has outlined a five-point program aimed at increasing transparency and billing accountability in the media service supply chain. To enforce the new standards, P&G’s Chief Brand Officer Marc Pritchard says the company will no longer pay digital media businesses, ad tech companies, agencies, or other suppliers for services that fail to stay in compliance, according to AdAge. While I admire P&G for trying to emphasize behaviors over views when it comes to contract terms, Robert and I feel there must be a better way to drive this change than bringing in a third-party accreditation group as a watchdog.
  • Is Instagram Stories snapping up Snapchat’s share of the market? (21:31): TechCrunch reports that analytics providers, social media celebrities, and talent managers have observed a noticeable decline in Snapchat Stories usage since Instagram launched a virtually identical service in August of 2016. Meanwhile, Instagram Stories is experiencing rapidly growing view counts and “insanely high” engagement to follower rates. I see three options here: Snapchat should either pull back on its plans for an IPO and beg Facebook to acquire it, find a new point of differentiation, or just change its name to Myspace and call it a day.
  • Media firms must diversify to survive (29:11): Support is gathering around one of my favorite topics of discussion: This week, The Guardian published an article that predicts the eventual demise of the traditional media model and recognizes that falling ad revenues are spurring media companies to find new opportunities in areas such as e-commerce and events. The examples cited in the Guardian piece have inspired me to add a bold statement to my previous predictions on the subject: Years from now, the revenue models used by publishers will be indistinguishable from those currently adopted by brands.

Prediction: Publisher revenue models will be indistinguishable from brand revenue models. @joepulizzi
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  • The Today Show is building tomorrow’s audience through email (34:00): While we were recording this episode, a message came to us from CMI’s PR manager Amanda, and we wanted to pass it along as an encouraging sign of what may be to come. It’s common for broadcast media to reach out to publicists about stories that will be airing on TV. However, the email Amanda received from NBC’s The Today Show this time around wasn’t promoting the TV show; instead, it asked her to subscribe to the show’s email newsletter. This emphasizes just how important email subscriptions are ­– not just for the publishers, but also for any brand that wants to build an audience through content marketing.

Email subscriptions are important for any brand or publisher that wants to build an audience. @joepulizzi
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2.    Sponsor (37:41)

  • Pressly: The Starter’s Guide to Sales Enablement: It’s no secret that sales and marketing departments have a complex relationship. Each has entirely different objectives, workflows, and methods of measuring performance. But these departments also share the same essential need: Both require the right content, at the right time, in order to do their jobs. Pressly’s “Starter’s Guide to Sales Enablement” dives into how you can align sales and marketing and start building conversion-focused content today. Download it now!

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 3.    Rants and raves (39:10)

  • Joe’s rave No. 1: I caught a recent interview with New York Times CEO Mark Thompson, in which he said that the Times is planning to increase its investment in content promotion in 2017. This was music to my ears, as many companies fail to put enough marketing support behind their content to maximize its potential for success.

Companies fail to put enough #marketing support behind #content to maximize potential for success. @joepulizzi
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  • Joe’s rave No. 2: At long last, I’ve finally finished reading Tim Ferriss’ Tools of Titans. One of the book’s themes that has stuck with me is the notion that acting sensibly – while often perceived favorably – may actually hold us back from reaching our goals. Many of today’s most successful people achieved their position as a result of not being sensible and not following the rules that others had established. I encourage our listeners to go back to your own content plans and look at whether there’s something you can deliver to your customers that is different, unexpected and, perhaps, not entirely sensible.
  • Robert’s rave No. 1: Coincidentally, Robert also spent this week trying to make some sense of sensibility. As digital marketers, we often err on the side of what he calls “small marketing.” Unfortunately, he explains, the tendency to play it safe by pursuing small, incremental goals means we will never make progress on addressing the big strategy problems we are facing.

Pursuing small, incremental goals means we will never make progress on big strategy problems. @robert_rose
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  • Robert’s rave No. 2: Robert also came across a Recode article, which looks at how Google has slowly been acquiring bits and pieces of Twitter’s developer products. While Robert’s predictions for 2017 include the possibility of Google purchasing Twitter outright, he feels the piece-by-piece scenario described here may be a bit more realistic.

4.    This Old Marketing example of the week (50:00)

  • Listener Asuthosh Nair did the show a solid this week by writing up a comprehensive example of the week entry all on his own. To summarize his endorsement:

The GE podcast theater production The Message, and its successor, lif-e.af/ter, are absolutely fantastic examples of content marketing. I, for one, had no idea of GE’s role in the production and didn’t think much of the ‘brought to you by Panoply and GE Podcast Theater’ strapline in the opening, beyond it being the usual sponsorship message. Turns out, the story is closely linked with GE’s recent work in sonic therapy.

What we all agree is particularly brilliant about these efforts is (as detailed in an article on Neiman Labs, as well as in The Atlantic) that it’s entirely possible to listen to the message without ever realizing GE’s role in it: As articulated by Andy Goldberg, GE’s chief creative officer, in the Neiman Labs article:

I don’t consider it advertising. It’s a podcast show that just happens to be produced by a brand instead of a network… It’s a science fiction story to connect listeners with what the GE brand is about, without selling the GE brand.

Asuthosh also points out that GE’s efforts totally resonate with This Old Marketing’s recurrent theme of brands as publishers. Robert and I couldn’t have said it better ourselves.

GE podcast theater

Image source

For a full list of PNR archives, go to the main This Old Marketing page.

Cover image by Joseph Kalinowski/Content Marketing Institute

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The post This Week in Content Marketing: Could Snapchat Be the Next Myspace? appeared first on Content Marketing Institute.

11 Feb 17:20

Presentation Skills – The Only 4 Gifts You Need To Succeed – Which We All Have

by Maurice DeCastro

man speaking at a conference

Presentation skills and the ability to speak effectively in public is probably the most important skill to develop to enhance your career. In fact, I believe it’s the one thing that most professionals will agree on even if it’s something they find personally daunting.

As unfair as it may sound you can be absolutely certain that you, your team, your product or even your entire organisation will be judged on just how effectively you connect emotionally as well as intellectually with others.

Presenting information clearly and articulately in a way that ensures your message is received and understood is no longer good enough. Given the fact that we live in an information age where professionals are overwhelmed with data, facts, ideas and dare I say ‘noise’ people want and demand so much more.

At Mindful Presenter we begin every single workshop and coaching session by giving our delegates a badge to wear. It’s a bright yellow circular badge with the big black bold letters PMMFS emblazoned on it.

Those letters stand for the immensely powerful words:

Please Make Me Feel Something

Our belief is that whatever your status and experience may be as a presenter, however interesting, complex or dry your topic may be the one thing you can be absolutely certain of is that your audience don’t just want information; they are longing for you to connect with them emotionally too.

The good news is that despite everything we have been taught to believe we each have within our gift everything we could possibly need to make that emotional connection.

Here are the 4 things you need.

1. The mind

Let us start with acknowledging by far the most important gift we each have to present our ideas – the gift of the human mind. After all, whether we are addressing colleagues, clients, suppliers or superiors we are presenting and connecting mind to mind. What excites me about that premise is that scientists and psychologists have been telling us for decades that mind is far more than simply the brain. We now know that mind is an activity in every single cell of our being and when it comes to presenting, that is really important to know.

Each time we speak we have an opportunity to help people to feel something as well as understand our words.

“Two percent of the people think; three percent of the people think they think; and ninety-five percent of the people would rather die than think.” ― George Bernard Shaw

I believe that George Bernard Shaw is suggesting is that thinking is much harder than most of us think it is. From a Mindful Presenting perspective it reinforces exactly what we believe which is that most business presenters craft and deliver their presentations with:

The same mind-set

The same approach

The same templates

The same although ‘tweaked’ data

The same images ( if any)

The same monotone delivery

Mindful Presenting is completely different. We ask questions like:

Who am I as a presenter?

Why am I here presenting anyway, can’t I just send them an email?

What is my message?

What do I want my audience to think?

What do I want my audience to feel?

What do I want my audience to do?

Why should they care?

Why should they respond?

The last thing your mind needs as you embark on a journey to craft a high impact and compelling presentation is for you to switch on your laptop. That one action alone will serve to stifle your imagination and ensure that your presentation looks and sounds exactly the same as everyone else.

Please leave your laptop well alone and switch on your mind instead:

Go for a long walk

Exercise

Listen to a stimulating piece of music

Meditate

Read fiction

Talk to yourself

Sing

Paint, draw or write a story

In other words do whatever it takes for you to stimulate your mind, step out of your normal routine and to think differently for a short while.

Your job as a presenter is to activate the intellectual faculties of your mind to prepare you to craft a presentation that will capture and hold the undivided attention, interest and curiosity of your audience.

Those intellectual faculties are:

Imagination

Perception

Creativity

Memory

Intuition

Reason

Empathy

I can promise you that you won’t find these in your laptop but you will find them in abundance in the deep recesses of your mind.

Once you’ve unearthed them you can then begin to build a presentation which in terms of content alone contains everything that your audience could possibly want from you.

FACTS

Features

Benefits

Data

Logical argument

Examples

Case studies

Exhibits & props

FEELINGS

Stories

Metaphors, anecdotes

Thought provoking questions

Suspense

Shock

Humour

Surprise

FUTURE

The big picture

2. The voice

Now you have stimulated and exhausted the mind to create a strategy, plan and content that will ensure you have a clear, powerful and memorable message to deliver it’s time to think about how you say it.

There is no hiding away from the fact that your voice plays a critical role in your success as a speaker and presenter. The fact is, in the same way that our mind contains acres of intellectual gifts so too does our voice. Each of us is carrying around our own symphony orchestra, yet have you noticed how many business presenters speak in such a monotone voice?

Our voice is a like a thermostat which has its own default setting at which it feels most comfortable. Our job as presenters is to challenge and stretch our vocal thermostat to harness the enormous range and power of our voice to captivate and engage our audience.

There are only 3 things you need to do to harness and exploit the power of your voice:

Vocal exercises

By far the best way to find, value and strengthen the power and range of your voice is to learn from the experts. Sound expert Julian Treasure tells you everything you need to know and do to use that vocal orchestra you have been carrying around with you for so long.

Watch his brilliant TED Talk here:

Your favourite book

Take a couple of random pages from one of your favourite books and spend just a few minutes each week and especially on the run up to a presentation doing this.

Read those paragraphs out loud to yourself in as many different ways that you think of.

Read it with every ounce of passion you have inside you.

Read it as though you are angry.

Read it quietly with frequent pauses.

Read it loud and fast.

Read it as though you were sad.

Read it as though you had just won the lottery.

Play it back

How could you possibly know and understand exactly what you sound like until you have listened to yourself speak in a recording. If you really want to know how you sound to others then record yourself often and play it back to yourself listening very carefully.

Put yourself in your audiences shoes and be honest with yourself about what you hear and how you feel about the way you sound.

3. The body

High impact presenting and public speaking doesn’t begin and end with simply having great content delivered in a way that is vocally engaging.

You also have to move.

Be very wary of the presentation coach who tells you not to move and to keep still at all times. Movement represents energy and visual stimulation and when used purposefully is a gift to your audience.

The most important visual element you can show your audience is not your PowerPoint slides, it’s you.

If you are speaking about the future step into the future, if you refer to the past take a step back into the past. If you are sharing three key messages take your audience to each message in three separate steps.

Hand gestures

Our hands offer a great deal in helping us to animate our message, express it with feeling and give congruence to our words. At Mindful Presenter we simply encourage our clients to ‘take the hand cuffs off’ and set them free. That mean’s taking them out of your pockets, from behind your back and unclasping them. Your hands know exactly what to do once you’ve set them free.

If you are talking about something that is big then make it look big with your hands, if its small make it small.

Facial Expressions

Have you ever sat through a presentation to hear the speaker say how passionate they were about their topic yet their face did not exude an ounce of passion. If your facial expressions don’t match the words that leave your mouth then you can be certain that your audience will believe your face before they accept your words.

If you are not naturally expressive with your face when you speak then practice speaking in front of a mirror and challenge your face to match your words.

Space

Your job as a presenter or speaker is to ‘own the stage’. That means you have to make your audience aware that the platform is yours and that you will exude confidence by using it to suit you. If you need an example of how to ‘own the stage’ I can’t think of a better one than Dalton Sherman’s key note speech to over 20000 teachers at a conference in Dallas, Texas.

Please keep in mind that Dalton is a 9 year old boy.

Watch it here:

4. The spirit

It’s not easy being a high impact presenter and public speaker, there is so much to do. You have to use your mind in a way that you may have never used it before and speak and move in a way that you also find challenging.

It gets harder.

One of the greatest challenges business presenters face is actually being in the room. They may be in the room physically but their mind and spirit is often in a completely different place. That other place often involves a personal interrogation in the quiet of your own mind:

Will they like me?

What if I freeze?

What if they ask me question I can’t answer?

Maybe they will know more than me on the topic?

I hope the technology works

I’m not sure about my slides

Far too many presentations are crafted and delivered from the perspective of the human ego which insists on showing our audience how clever we are, how much we know and how hard we work.

The Mindful Presenter makes it her priority to be in the room completely with her audience. Everything they plan to say, show or do is designed to make a tangible difference to their audience’s personal or professional lives and they know that the only way they can achieve that goal is to be present at every moment.

They don’t ask incessant questions.

They don’t make assumptions.

They don’t make judgements.

They don’t make it about how well they perform.

They give their audience the gift of the human spirit and open up a conversation rather than a lecture.

I really hope you enjoyed this post. If you did, please feel free to share it through your preferred social media channels below and subscribe to our mailing list so you won’t miss any future posts.

If this article has inspired you to learn a little more about how effective your presentation skills are you may want to take a look at our presentation training and presentation coaching pages to see how we may be able to help you. You will also find a great deal of really helpful ‘free’ information in our Learning Centre.

Image courtesy of: flickr.com

11 Feb 17:19

How To Crush Your Competition and Focus On ROE

by Warren Knight

ROE

80% OF MARKETERS HAVE SAID THAT THEIR SOCIAL MEDIA MARKETING HAS INCREASED TRAFFIC TO THEIR WEBSITE. DO YOU THINK THIS IS BECAUSE OF THEIR INVESTMENT MADE, OR BECAUSE OF THE ENGAGEMENT THEY HAVE BUILT? IT’S THE LATTER.

I know that ROE (return on engagement) has been floating around the internet world for a few years, but it wasn’t until recently where I really thought about the importance of engagement over investment, and why this was more significant to my target market than ever before.

At the beginning of February, I launched (for the first time) a 28 Day Social Media Challenge, of which I had over 550 people sign up to. This challenge runs for 28 days, and gives those who have signed up an action to take a day, which is shared across their social networks (you can follow this through the hashtag #DigitalChallenge).

By the end of day 2, brand were actually getting sales. This wasn’t because they had spent money on advertising, or because they had spent hours fishing out their audience and hard-selling; it was because of engagement.

In just 2 days, businesses were increasing sales BECAUSE of the engagement they had encouraged, and participated in. The goal of the challenge was never to get sales, but when you focus on adding value and humanising technology, sales will happen naturally.

We are now in day 10, and the sales for the brands are increasing and this is purely because of engagement. The importance of ROE is much clearer to me now and because of this, I am going to share with you how YOU can crush your competition, and focus on ROE.

HOW MUCH “TIME” ARE YOUR AUDIENCE SPENDING ON YOUR WEBSITE?

The longer a potential customer spends interacting with you on your website, the more they will get to know YOU as a brand, the most trust they will have with you. Having a good website that offers a great user-experience in the form of navigation, page loading time, content and visuals will mean that your audience spends more time on your website.

Measuring this is key because more time spent on your website = a higher engagement across all of your social platforms. You can use Google Analytics to measure the time a potential customer spends on your website.

BUILDING CUSTOMER LOYALTY

What are you doing that gives your already existing customers a chance to become a brand advocate of yours? For example, I recently ran a Digital Marketing Workshop. This was in collaboration with another brand but because I knew my audience would be interested, I reached out to them and offered them a discount on the ticket price. This was my way of saying “thank you” for engaging with me, and in turn they get to spend the day with me at a discounted price, and this built customer loyalty and made my customers brand advocates.

SIDE PRODUCT MARKETING

I have spoken about side product marketing in an article last year, and this is something that brings me so much engagement online. The 28 Day Social Media Challenge was a great side-product of mine, but this only runs for 28 days. Think about more long-term. I have 16 FREE downloads available on my website, all of which require a name and email address to access. This is so that I can create further engagement with them through an automated email marketing series. The more times your brand can “touch” your customer online whether this be through Social Media, email marketing, or paid advertisements the better.

HOW MANY SOCIAL MEDIA SHARES ARE YOU GETTING?

A Social Media share is one of the most important indicators around having successful engagement. If someone is retweeting a tweet, or sharing your content in Facebook this is a great start to building that person as a brand advocate. If it is always in your mind that getting a share on Social Media is important, it will help you to create content that is unique, relevant and most importantly; shareable.

OFFER GREAT CUSTOMER SERVICE

How many big brands have you seen replying to their customers as a response to a query? You will see the likes of ASOS and other retailers offering customer service. Actively showing that you are there to answer questions is a great way to encourage further engagement, as long as your customers are satisfied with your support.

It isn’t just about replying to the great feedback you get; you also must respond to the negative feedback you receive. Negative feedback going unanswered is one of the quickest ways you can lose trust as a brand online and this in turn, will decrease your online engagement.

Now that you have some inspiration around giving your audience the platform to engage with you, here is a very simple formula to actually measuring your ROE success.

MEASURING YOUR ROE SUCCESS

When it comes to measuring your ROE success, there is a very simple way you can do this, which I have shared with you below.

STEP 1: CHOOSE A GOAL

What do you want to achieve in the form of engagement? Here are a few “metrics” that I would chose as a goal.

  • New followers
  • Shares
  • Website hits
  • My side-products – how many sign ups have we had?
  • Webinar signups

STEP 2: TRACKING YOUR GOAL

I briefly mentioned this above, but tracking your goal is the only way you know whether it has been a success or not. You can use Google Analytics to measure your website goals, and the likes of Hootsuite to measure shares, retweets and clicks on a link.

STEP 3: COLLECT YOUR DATA

You must be able to organise all of your customer interaction data, to be able to measure engagement. This will include looking at behaviors, demographics, favourite products and their network of preference, and the most important “touch point”.

You should also be collecting data through customer feedback and survey forms. At the end of one of my online courses, I always send a customer feedback form so that I can analyse this data.

STEP 4: CALCULATE YOUR CUSTOMER LIFETIME VALUE

How much is it costing you to generate a new customer? One of the most important calculations you will do for your business, is working out your customer’s lifetime value. This is the value a customer will contribute to your business over the entire lifetime of your company. This calculation is usually done on a per customer basis, but is determined for the average customer in your target market. If you have more than one target market, you may find that there is a different in customer lifetime worth.

If you are unsure of how to calculate this, I have a customer lifetime value calculator which you can access here completely free of charge.

STEP 5: REAL-TIME ANALYTICS

Understanding and analysing real-time data is key to generating a ROE because every customer is different, and their value and engagement is different. Take all of your customer data captured online, and analyse that in real-time to give you a breakdown of how you can improve the way you market online tomorrow.

Customers want to be treated differently, and understanding this will give you a better insight into data that relates to behavior. This isn’t about achieve perfection as a business, it’s about know what works for your audience, and what doesn’t. I know that the 28 Day Social Media Challenge is what’s working for my audience. I can measure this based on the engagement I receive on a daily basis, and how much the hashtag #DigitalChallenge has been utilised on Social Media.

I would love to hear how you measure Return on Engagement, and whether data you collect gives you an indication on the next step you should take as a business marketing online.

11 Feb 17:19

Best Practices Followed By Mobile App Users for a Successful Onboarding Experience

by Ashfaq Ahmad

The onboarding process for your mobile app is about the first impression of your mobile app users. When the user launches the app for the first time, it is this onboarding process that reinforces the app’s values, highlighting the features and the key benefits. A strong onboarding process contributes to the app’s success. If the app is designed successfully, then that only enhances the likelihood of a successful adoption. A sound onboarding process in place, will ensure that the retention rates goes up to 50 %.

A study finds out that 80 % of times, the mobile apps are deleted by the users, just after they are used for the first time. In most cases, the users spend a considerable amount of time for their favourite apps. So, it is wise that the users find immediate value in their apps, not deleting or abandoning them.

The mobile app users must exercise every precaution in designing the app onboarding process. Strong relations with the mobile app users will be on account of a proper onboarding experience, but a wrong experience means that the mobile app users will not be able to understand the usage of the app, thereby increasing the risks involved in app abandonment.

Here are some of the tips for successful onboarding of the apps, after the app development process is over, which ensures that the users love your app and keep using it.

Reduce Sign-up/Log in Fields

Just imagine how irritating is it, for typing passwords for your mobile apps, and even remembering them. If the user experiences, the moment the mobile device is opened that they need to go through a login/sign-up process, there are every chances that you will lose the users. The screen size is an important parameter for the mobile devices. Long forms are awfully bad ideas for such devices. The most ideal is that in which the user will get a signup/login via a single field like a Facebook or a LinkedIn login. But, the moment the users store the passwords key chain tools, and then forgets it, more complexity is added to the process.

Personalized Experience is What Matters

Various users respond to the same things in the same way. You need to understand the segments of mobile app users, with some mobile analytics tools and what appeals to them, in terms of contents and messages. The onboarding campaigns are ensured to send the right messages, to the right users at an appropriate time. The segments on demographics is not what is wanted, but also for locating where the users are with respect to the onboarding process. Start experimenting with the process, as to which users have opted out of the push notifications, and try to change their mind, at a later stage. Coach screens can be helpful in app onboarding process, showing it only to a certain subset of users.

Following “One Screen and One Concept” Rule

The user must not be overloaded with information. A single screen must be used for a concept, using a single screen. This is particularly helpful when we want a function- oriented and a benefits-oriented onboarding. One good example that AirBnb communicates to its users is a four screen onboarding experience.

Quick Feedbacks

Feedbacks serve different purposes for the onboarding process. The most common usage is the errors and the errors or successes in the validation process. Moreover, the users will be able to detect the reasons behind the failure of the passwords. The mobile app users will be able to navigate the apps better, as failures are reduced, when the users are clear on where they have gone wrong.

Guided Interaction

Progressive onboarding approach is what is used for the more complex mobile apps, in the form of a tutorial on how to use the apps. Guided interaction will make the mobile app discovery, much funnier, engaging the users as they explore.

Testing

The onboarding experience is all the more important for the mobile app users. You must listen to the reviews and the feedbacks of the users, for a complete understanding of the friction points in the onboarding process and bring about the required improvements in the apps. You must test on what the users are more likely to prefer.

Mobile app user onboarding needs to be paid more attention. The above mentioned best practices will ensure that you get one of the best onboarding experience, for an effective user engagement.

11 Feb 17:19

The tech industry has $21 billion worth of open, high paying jobs — here are the top 15

by Julie Bort

hackathon coding computers working

Most employers don't want to broadcast the salaries they're willing to pay when they post jobs, so job-hunting site Glassdoor has decided to do that for you.

It now includes a salary estimate with every job listing, based on sifting through the millions of self-reported salaries hosted on its site.

To celebrate that new feature, it dug into its data to find out which industries and job titles had the most openings.

All told, there are a whopping $272 billion worth of unfilled jobs right now in the U.S. 

The industry that had the most job openings is health care. It has just under 800,000 open jobs worth $45.2 billion in annual salaries. 

The tech industry ranked fifth overall, in terms of the total estimated dollar value of its job openings (after health care, business services, retail, transportation and logistics.)

But tech still has a lot of high paying jobs available, with some job titles more in demand than others.

Here are the top tech titles with the most open jobs and total pay available, aka total economic value, according to Glassdoor.

SEE ALSO: A programmer came up with a hilarious way to shut down dangerous Windows scammers

There are 263,586 jobs available in tech in the US right now.

All told they are worth $21 billion a year in pay.



No. 15: Mobile Developer

Job title: Mobile Developer

A mobile developer writes mobile apps.

Open Jobs: 1,930

Average Base Pay: $91,167

Economic Value: $175,951,865

See open jobs



No. 14: IT Architect

Job title: IT Architect

An IT architect is someone that can design corporate IT systems.

Open Jobs: 1,618

Average Base Pay: $115,332

Economic Value: $186,607,738

See open jobs



See the rest of the story at Business Insider
11 Feb 17:19

Why Learning To Say No Helps To Grow Your Business

by Ian Spencer

Starting a business is never easy, with the first few years often a tough grind as you struggle to get new customers, you struggle to keep up with the workload and you struggle to really get through with a happy, cheery face – the face you imagined you would have once you went self-employed and started “living the dream”.

Of course, when you are working in a 9 – 5 for someone else, the thought of being your own boss seems like an amazing one, and indeed after your business is established and stable it can be, but anyone that says the first few years are a total pleasure is either lying or working in a world that they really adore. Either way, although there will be many perks, the first few years of trading are hard, hard work, even with the successes and highs you will encounter, it can still be tough to work the hours that you will need to work to turn it into a long-term company.

And this is probably why so many businesses will go bust or close down in their first two years, with 20% closing in their first year and a whopping 50% closing by the end of year two, so whilst running your own gig might seem like it’s the dream of millions, the theory and reality can often be different, as these figures testify.

But then of course, there are 50% of those start-ups who are still running 2+ years later, and whilst the owners may not wake up every day and spring out of bed singing Disney music, the fact they are still going strong indicates some level of success, or at least, stability. And whilst the best businesses are ones that fill a need or offer a service that is required, and of course they are generally good at what they do, there are many other factors that can lean on whether the business keeps flying, or crashes later down the road.

For me, one of the biggest things you learn after running for many years is that at times, you need to say no. Of course, this goes against everything you are told about running your own business. Your told to say yes, say yes to everything, grab every bit of work, cling on to every client, kill yourself by saying yes, yes and another yes. You think it’s wrong to say no, you think it’s wrong to stop the work until your paid for what you have done and you worry that there is not another client if you say no and they leave you.

Whereas in fact, saying no can massively help to grow your business, and here is why.

There Is Always Another Client

If you are good at what you do and you have the results to prove it, or your products are top of the range, then you should always believe there is another client or customer around the corner if you decide to move on. Too many businesses hold onto the wrong type of client worried they won’t get more, but when one door closes, another does open, and you have to really believe this in order to progress. It is never wrong to walk away for the right reasons, but it is wrong to hold on for the wrong reasons.

You Should Not Be Work For Nothing

The client that pays late and just continually takes the mick out of your generosity does not value what you do, quite simple. In the first few years you tolerate it, worried that there is nothing else, never enforcing your late payment policy, but just avoiding getting to the stage where the court needs to get involved. These are the clients that really just do not care about you and therefore, you need to say no to them. Get tough, get payment and then put them onto a direct debit or standing order, or take payment up front, as generally, if they pay late a few times, they will always pay late, and small businesses needed to be firmer on this.

Some Relationships Are Better Off Over

You dread the email, you rarely answer the phone when you see the number and the thought of completing the work for *that* client just breaks your heart in half. But you feel bad for feeling that way. Whereas in reality, like a personal relationship, it just means you need to move on and walk away, as if you feel like that about a client, then it’s simply not the right client for you. You started your own business for a reason, one of which was to have more control over what you do, so if you get the Sunday evening feeling over doing some of the work, it really might be best to be honest, end the work and go grab a client that does make you feel warm on the inside.

You Have To Believe In Your Business

Above all, believe in what you do, and learn to say no. The more you say yes for the wrong reasons, through worry, through fear or through grasping onto the wrong things, the more your business will work with the clients you just don’t need. Whilst there might be short term pain, the long-term gain from getting clients who appreciate you, pay you and reward you for your services, these are the ones you want and these are the clients that really do allow your business to grow and flourish into the next 5 years of success.

And so, if you are looking to grow and wondering why you are not, look at how often you might just be saying yes rather than no, as this can often be the one thing you need to do to really push forward onto greater things.

11 Feb 17:17

A Framework for Winning Renewal Messaging? Research Says Yes.

by Leif Kothe

 

Provocative messaging works wonders…except when it doesn’t.

Among the exceptional scenarios, it turns out, are renewals—a selling situation where marketers and sales pros need to have a compelling answer to the question that’s top of mind for your customers: “why stay?”

When you’re the outsider trying to move buyers off their current situation, a disruptive message is gold—our own research proves it. But a recent Corporate Visions study revealed that provocative messaging isn’t universally applicable. In fact, when you’re the incumbent and trying to secure a renewal contract, this messaging approach could actually backfire.

Corporate Visions teamed up once again with Dr. Zakary Tormala, a social psychologist with expertise in messaging and social influence, to build on that study’s main finding, i.e. that reinforcing the causes of the “status quo bias”—preference stability, anticipated blame/regret, perceived cost of change and selection difficulty—gives you a statistically significant advantage across several areas critical to winning renewals.

Here’s the question we set out to answer in the follow-up study: Is there a specific messaging framework that’s best suited to reinforcing the status quo bias and encouraging customers to renew with you?

Turns out, there is.

Taken together, the studies confirm that you need to reinforce the four causes of the status quo bias, below, to tell the most compelling renewal story:

  • Preference stability – When our preferences are stable, the decisions informed by those preferences are likely to remain stable too. To reinforce this cause of the status quo bias, you need to remind customers of the long, hard process they went through to make their original buying decision. This reinforces their natural inclination to keep preferences—and by extension, our decisions—stable.
  • Anticipated regret and blame – Humans anticipate regret and blame before it actually happens, and this can be a significant impediment to change. You can message to this natural anxiety by reminding customers of the time and resources it’s taken to ramp up the solution they purchased, onboard their people, manage the changes, and get the implementation running smoothly. Making another change exposes them to all these potential failure points, which they could get blamed for.
  • Perceived cost of change – To the human mind, change is riskier and more costly than staying the course, and you need to reinforce that in your renewal message. To do so, you need to walk customers through the startup costs that have been returned through improved performance and are now functionally part of the ongoing operating budget. People tend to believe change costs more than staying the same. You need to confirm that.
  • Selection difficulty – Selection difficulty refers to the idea that making the choice to change is significantly harder to do when the decider sees little difference between the current situation and an alternative change scenario. To take advantage of this cause of the status quo bias in your message, you should willingly admit that most other solutions on the market provide a similar set of capabilities, that the offerings haven’t significantly changed since their original purchase, and that you’ve kept customers apprised of changes in the market throughout the span of your partnership. People are far less likely to consider change if they don’t see contrast between alternatives.

The overall pattern of findings reveals that documenting results at the outset of your message (before trying to affirm that you, and continue to be, the right choice) and providing more explicit detail about your progress (as opposed to less) will give you significant messaging advantages in the areas of:

  • Minimizing switching intentions;
  • Increasing willingness to pay;
  • Improving trust; and
  • Enhancing perceptions of quality

For an in-depth look at the study’s findings, check out the research brief.

Below is the basic message framework of the winning condition in the study, which tested four different renewal messages (varying in structure and level of detail) aimed at convincing business partners to remain with their current 401k provider. The parts of the framework correspond to the four causes of the status quo, mentioned above, which the renewal message sets out to reinforce.

Winning Condition

Document ResultsYou have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20 percent to 50 percent. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these changes.

Stabilize preferences – When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board.

Anticipate Regret/Blame – As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made.

Mention Perceived Cost of Change – Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us.

Reinforce Selection Difficulty – We’ve also continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you will get two new features designed to help improve your goals of employee participation and satisfaction:

The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals.

You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

 

 

The post A Framework for Winning Renewal Messaging? Research Says Yes. appeared first on Corporate Visions.

11 Feb 17:16

True But Partial

by Anthony Iannarino

Most of what you read about sales and selling is true but partial. The view includes something true, but is incomplete. Because there is some truth in what is being put forward, it has value. But because it is incomplete, and because it isn’t the only truth, it isn’t some exclusive truth that negates any and all other ideas. It is incomplete.

One strategy for helping your dream clients gain an awareness is to teach them something that helps them see a gap between their present state and a future state that might serve them better. Leading with insight and opening up a dialogue around ideas that force the prospect to confront their current beliefs is a popular way to help your dream client decide to change. That same outcome can be achieved in other ways, including by asking questions, making teaching true but partial.

The social selling advocates will tell you that the only way to prospect in a way that meets the needs of today’s buyers in through the social channels. The social tools provide a great platform for researching, connecting, and potentially nurturing your dream clients. They occasionally even produce the opportunity to create commercial relationships that are taken offline. The social tools are not, however, the only way to create new opportunities. It’s true that the tools can open relationships, but that truth doesn’t negate other methods of prospecting are more effective, despite protestations to the contrary.

Speaking of today’s buyers, it’s true that buyers have more access to information. They also have more choices available to them, and more control over who they buy from. The opportunity to transact is greater now than ever. But this truth is partial. Some buyers seek out and use information to educate themselves, and in some industries more than others. In some cases, they have more choices available to them, but not in every industry. And some will prefer to transact than to develop deep relationships with strategic partners who can further their business goals.

These things are true, but partial. They are not hard and fast rules. Look deeper and make decisions based on what the circumstances demand, and don’t get locked into believing a partial truth is the whole truth.

The post True But Partial appeared first on The Sales Blog.

11 Feb 17:16

How to Increase Traffic Conversion with Email Capture (Plus 5 Hidden Benefits of Building your Email List)

by Grant Thomas

Driving traffic to your website is a key part of growing your business. You must get people to your site to see what products or services you offer in order to have the opportunity of a sale. However, this is just one piece of the puzzle. How do you get more sales opportunities without investing more resources in driving traffic? How do you gain more control over your sales and marketing?

If you’re reading this, you’ve already taken a valuable step in focusing on traffic conversion. While conversions are often directly associated with a sale, we’re going to take a look at how email capture can fuel your sales funnel and ultimately drive a higher number of transactions consistently.

Why Every Conversion Matters

On average, 98% of traffic coming to your website will not convert into a lead or sale. There are definitely cases where a new visitor will purchase during their very first visit, but these don’t occur too often. The reality is that you’re going to have to work for the majority of your sales by and this starts with capturing an email in order to directly reach your consumers.

You need to acknowledge is that your traffic conversion rate can be improved and even a slight improvement in traffic conversion can make a big impact in revenue down the line. Don’t get complaisant. Always look for more opportunities to better convert your traffic.

Before we go any further, here are a few questions to consider:

  • How are you engaging with the 98% of traffic that doesn’t convert?
  • Are you acquiring contact information for future reach out?
  • Are you providing conversion opportunities outside of completing a purchase?

The purpose of these questions is to provide a benchmark for what you currently are doing to convert traffic before purchase. This will help you identify new strategies and tactics to implement into your marketing strategy.

Fuel Your Funnel with Email Capture

Why Focus on Getting Email?

An email opt-in is the most valuable conversion aside from an actual sales conversion. Email remains the most effective marketing channel for driving sales and also opens you up to a variety of marketing opportunities. Here are the benefits of getting an email:

  • Increased traffic conversion
  • Identify the visitor and can now view them as a lead
  • Directly market to leads via email marketing
  • Trigger automated email campaigns
  • Fuel Facebook ad campaigns (custom audiences and lookalike audiences)
  • Trigger cart abandonment campaigns (for e-commerce)

Identifying your visitors and establishing a channel of communication will allow your business to market more effectively over time while building a larger list of consumers.

Capturing an email isn’t always easy. Some visitors will immediately see value in what your business and your newsletter offer. Others will need some convincing.

Top of the Funnel Conversions for Email List Growth

Here’s a list of top of the funnel conversions. While all of the conversions listed involve acquiring an email, it’s important to look at them separately because the follow up marketing campaigns may differ from each other.

For example, you may send a blog subscriber a series of your top posts while sending a contest participant details on the contest along with an enticing promo code.

  • Newsletter Sign Up
  • Blog Subscription
  • Gated Content Download
  • Contest Entry
  • Email Opt-in for Free Shipping
  • Email Opt-In for a discount

Note: Some businesses are hesitant to run incentivized email capture promotions because they don’t want to discount products or services. While an incentive for a discount does convert at a high percentage, don’t feel the need to discount if it does not align with your brand or your product/service margins. There are plenty of other options for incentivizing visitors to join your email list.

3 Effective Tools for Email Capture

Email Pop Ups

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When it comes to increasing traffic conversion and building your email list, there’s no better tool to use than email pop ups. This is the most effective way to engage visitors and put your email capture form directly in front of them. You can drastically increase conversion rates by simply prompting visitors with a decision to make.

To increase the effectiveness of your pop ups, you must focus on design. While email pop ups alone will work pretty well, spending some extra time on design will make your offering much more appealling. The goal here is to get away from the generic email pop up and create your own unique email pop up to drive more engagement. Need some ideas? Check out these email pop up designs for inspiration!

Sign Up Bars

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Sign up bars make sense for some businesses and some marketers prefer this option because it is less intrusive to the website experience. BUT…they are nowhere near as effective as an email pop up. The intrusive nature of email pop ups is what makes them so effective! It’s called pattern interruption (more info here).

Back to sign up bars. There are times and places to use a sign up bar for email capture. For example, there may be a page where obstructing the content at the center of the page is not ideal. It could be a video or animated graphic. In this case, consider using a sign up bar. Another good example would be on mobile. The mobile experience is different and sign up bars may be more suitable. Here’s an excellent example for mobile.

Exit Pop Ups

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Last, but certainly not least, we must discuss exit pop ups. As mentioned earlier, the vast majority of your traffic will not convert into a lead or sale. However, there are things that we can do to convert more of these visitors. Exit pop ups are your last chance at converting a visitor into an email subscriber and they are incredibly effective at the task at hand.

When a visitor attempts to leave your website, an exit pop up will appear to convert that visitor before they leave. The internet is huge and full of distractions so don’t aimlessly let your visitors leave. Make an attempt to keep them on your site or capture their email before they go watch cat videos. Here are a few tips for creating a high converting exit pop up.

11 Feb 17:16

Setting the Course for Successful Sales Territory Planning

by Will Humphries

Sales territory management without a plan is a tall order for your teams. You need an effective plan that sets the course for attracting the right types of sales leads and managing relationships.

The following is a look at some of the key strategies and tips to help improve your sales territory planning for optimal results.

Know Your Marketplace

The scope and depth of your sales leads within a market impact territory management.

If your markets are geographically-dispersed, it’s hard for each rep to take on a lot of accounts.

The size of the clients your team works with play a role as well.

In some organisations, the best approach is to segment by size and have reps that specialise in working with particular types of clients — small, medium or large.

The key is to balance your cost structure, which goes up with smaller territory assignments, and your closeness with prospects and customers, which is dependent on ample communication time.

Long-Term Growth and Go-To-Market Plans

As you seek to implement growth strategies to attract sales leads, the makeup of your customer base in a territory changes.

Consider your go-to-market strategies and the impact they have on the account portfolio for your team members.

If you intend to drive various business leads within a geographic territory, it is a bit harder to maintain a geographic focus with territories.

You don’t want reps getting bogged down trying to manage too many different types of accounts, which impacts their execution.

Establish Account Quality Priorities

Defining parameters for attracting the right kinds of sales leads is vital to effective territory planning.

Without clear criteria, your reps could go after new accounts in a haphazard way.

Instead, you need a plan for evaluating the value of each of your accounts and prospects based on qualitative and quantitative data.

Analysing existing accounts and identifying optimal criteria is helpful in setting the stage for attracting ideal sales leads.

Know Your Team Member Strengths

In addition to defining the target, conduct a realistic evaluation of your team member talents.

Some reps may specialise in working with executives in large organisations, for instance. Others may more naturally connect with small company operators.

If you apply geographic segmentation, your reps may have varying degrees of comfort and familiarity in particular regions and cultures.

Assess Results and Revise

Part of your plan should include assessment and revision. After you implement a go-to-market strategy, keep a close on eye on early results.

In some cases, you may need to adjust your target, message strategies or even rep assignments.

Make adjustments as soon as data suggests that it is necessary. Consistently evaluate your performance and segmentation approaches.

sales territory planning

Performance data is useful in assessing results and making changes that optimise rep success and happiness.

Wrap Up

To drive sales leads, you need territories that operate efficiently.

Successful territory planning aligns the correct methodology, reps and target markets.

Outline all key facets of your territory management, including plans for revision and adjustment.