Shared posts

20 Aug 17:05

4 Ways To Get Your Email Read

by Ryan Serhant

I did not grow up in New York City. That meant two things when I was first starting out as a real estate broker. I got lost. A lot (I couldn’t afford a smartphone and the layout of the Village is crazy) and I didn’t know anyone.

As you know a company’s Rolodex is the lifeblood of the business, and I had to work extra hard to make connections. I really sucked at meeting people at first, so email was huge for me. I sent thousands of emails before I figured out how to craft a good one, and here are four ways to do it:

SHOW VALUE: These tips are in no particular order – accept that this is THE MOST IMPORTANT ONE. Why should the person you’re emailing connect with you? Show quickly, efficiently and concisely how you can provide value. Include this in your subject heading and in the beginning of your email.

CONNECT: Understand that busy people might get thousands of emails a day. My inbox is insane. Reference an interaction or conversation to remind the person who you are. It could be as simple as, “I enjoyed our conversation about Labradoodles in line at Starbucks yesterday.” Or, “I’m writing because I loved your latest blog post.” A quick compliment always works – but make sure you’re sincere. You have a personality! Use it. Remember — you’re not sending a mass email!

BE CLEAR: Get to the point. . . FAST. No one (especially a busy person) wants to read through three rambling paragraphs before they get to your ask/point. That’s how a message ends up in the trash. Less is more with email. Take the time to craft a clean, well-executed, concise email.

ADD URGENCY: If you’re writing to someone you want to meet or do business with, sprinkle a dash or urgency in your message. Be respectful – but suggest a specific time frame for meeting or talking. Don’t leave it open ended. Say, “I’d love to schedule a call with you next Tuesday or Thursday, which one is best for you?”

PUT IT ALL TOGETHER:

Dear Ryan:

I loved what you said in your recent vlog about doing your hardest task of the day first. Now I make an effort to clear my inbox every morning before my day gets crazy.

I’m finishing up my last semester of college at NYU where I am studying marketing. I’ve held positions at a Snapchat and was previously an intern at NBC, where I worked on social media and influencer marketing. I believe I could add a lot of value to your media group, especially your recently launched Vlog.

Do you have time for a call next Monday or Wednesday to discuss this further?

Thank you so much for your time,

Hopeful Intern

—–

My inbox gets flooded – daily. People are in touch with me about listings, I’m always going back and forth with clients and team members, and lots of people reach out for advice or because they have a business proposition. The emails that I read and respond to first are ones that follow the structure I’ve just outlined.

They demonstrate value, make a connection, are easy to read and show some moxie by suggesting a time to meet. Meeting new people – every day is crucial to a company’s success, and email is an easy and FREE way to do this. Free!

Do any of you have tips to share? What works for you? What makes you want to read someone’s email? I’d love to hear your feedback below.

DON’T BE SHY, say hi: Instagram | Facebook | Youtube Twitter

20 Aug 17:05

The 1 Habit Killing Your Success: Four Steps to Cure Analysis Paralysis

by Ryan Serhant

We’re told to think carefully. To imagine every possible obstacle and outcome before taking action, whether we’re thinking about looking for a different job, hiring a new employee or just taking a vacation.

But when too much time is devoted to overthinking you’re wasting your energy and your most valuable resource. . . your time. Analysis paralysis is one of the worstthings you can do. Whether you’re a salesperson or you’re an entrepreneur, you need to break this habit of overthinking if you want to succeed RIGHT NOW.

How do you know if you have analysis paralysis? There are a few clear signs:

  1. You feel stuck. You’re not sure what your course of action should be and you’re waffling back and forth without making a decision.
  2. You aren’t hitting your goals. It’s impossible to meet your goals if you’re not taking action.
  3. You’re afraid. You’re worried about making the wrong decision, what people will think, what will happen.
  4. You feel left behind: It seems like everyone around you is succeeding and doing new things while you remain in the same place.
  5. You want perfection: Who doesn’t love perfection? But not taking action unless everything is perfect often means you’re not moving at all. If you don’t move, you die.

These are some of the grossest feelings ever, and it’s a huge waste of your talent to spend your time overthinking everything when you could be taking action and moving forward. Analysis paralysis stunts your growth, sucks up all your time and ultimately it will hold you back from achieving anything at all. Analysis paralysis is the worst.

How to Cure Analysis Paralysis:

The good news is that even the most stubborn cases of analysis paralysis can be cured.

  1. Get a sounding board: Sure, it’s important to get feedback about ideas, but chances are if you ask 1,000 people for an opinion you’ll get 1,000 different answers. Identify smart, trusted people in your life who can be your go-tos when you need quick feedback.
  2. Just try: It’s simple. Many times you just won’t know whether or not something is a good idea unless you actually try it. I tried being an actor. It didn’t work out the way I wanted, but to this day I’m glad I didn’t spend valuable years thinking about whether or not I should give acting a shot. It didn’t work out, but ultimately it led me to my career in sales and I couldn’t be happier.
  3. Speed is king: Cash might be king in finance, but in sales it’s speed. If you don’t move fast enough someone else will get the client, make the sale, and be on to the next one while you’re still thinking about what to do. Be quick – with your decisions, your actions and your follow-up and watch your sales go through the roof.
  4. Accountability: If you can’t hold yourself accountable why should someone else? If you’re having trouble making decisions or taking action, give yourself a deadline. Mark it on your calendar with a big red circle, tell your friends you’re making a decision by a certain date and they have to hold you to it. Find someone, anyone who will keep you accountable.

We’ve all made difficult decisions or have felt afraid to take a step forward. Building a team, expanding to Brooklyn, writing a book, starting a new TV show – all of this stuff was scary and involved much decision-making.

Could I fail? YES. I could fail, and that would suck! A million things could go wrong! But even if that happened, I still tried and would move on to something else. I still pushed myself to try something new, and there is value to that. Not trying, not reaching my full potential and holding myself back because I can’t make a decision? That is a fate much worse than failure.

MORAL OF THE STORY: STOP THINKING AND START DOING RIGHT NOW!

P.S. Don’t forget to reachout on Instagram | Facebook | Youtube Twitter

20 Aug 17:04

3 Easy Tips To Increase Sales Immediately

by Ryan Serhant

If you sell for a living like I do, you know that working in sales can be like riding the world’s craziest roller coaster. One second you’re soaring to an unimaginable new height and it’s thrilling, but then suddenly you’re falling – and fast. Those dips are frightening, and I’ve never let myself forget the major months-long dry spell I experienced after closing my first big seven-figure deal. I thought I had made it! I closed a deal on an $8 million apartment so everything would be different from now on! But it wasn’t. The clients didn’t come pouring in, and the sales I imagined I’d be closing on a daily basis? Wasn’t happening. It was The Worst.

I made a decision to change right then. I never wanted to feel out of control or wonder where my next sale was coming from, ever again. I implemented a few easy changes and my sales increased. Immediately. It’s possible to craft your sales career so that you’re not flying high but dropping down again. Instead, you call feel like you’re cruising along a highway in high performing sports car ALL THE TIME:

1) Value Your Time: 

Have you ever had a million tasks floating around in your head, and you’re wondering how to tackle them? But suddenly the day is over and instead of going to bed feeling satisfied about what you’ve accomplished you feel insanely stressed? That is a time management issue.

Be deliberate about how you spend your time because it’s your most valuable commodity as a salesperson. I plan out my day the night before in my head, and I schedule my time in 30-minute blocks. Try jotting down what you’re doing every 15 minutes to see where you’re losing time. If you notice you’re “shopping for shoes online” twice a day, um, that’s probably a good place to start (note, I love shoe shopping). Having an awareness of where your time is really going is crucial if you want to change it.

2) Focus on the Deal Not the Sale:

When you’re in a sales dip and you’re stressed about it, you can forget that sales is a people business. It’s about connecting a customer to a product they want. The minute you forget that, your sales are going to go down. I dealt with this a lot on my new show Sell It Like Serhant. Salespeople who are focused on quotas, or not getting fired are so hyper-determined to make a sale that they come off like a high-pressured cliché of a used car salesman who is desperate to sell something no matter what. That’s focusing on the SALE and not the DEAL.

Making a DEAL is about connecting a customer with something they want and will love for years to come. FWIW I remember what it feels like to worry about bills, it’s hard. But trust me, if you turn your focus back to the DEAL your sales will go up immediately.

3) Practice Your Craft:

On Sell It Like Serhant, I have the opportunity to work with struggling sales people, and I’m proud to say that I’ve been able to help several people on the show avoid getting fired by helping them increase sales. Through this process I’ve learned how important it is to Practice Your Craft.

There is always room for improvement. You can always tweak your technique or learn a fresh approach. This is a major gift the salespeople on my show have given to me. Now I make sure to ask myself, how can I improve? How can I practice? What can I do better? Make practicing your craft a regular part of your sales practice. Ask a trusted colleague for feedback, or call someone who didn’t buy from you and very politely ask them why (this is something I do!). Commit to creating an even more awesome version of yourself.

What do you guys do to get out of sales slumps?

P.S. Don’t forget to reachout on Instagram | Facebook | Youtube Twitter

07 Jun 16:23

Cross-Generational Sales Teams: How to Attract, Motivate, & Retain {NEW eBook}

by Laura Hall

By 2025, 75 percent of the global workforce will be made up of Millennials.  Successfully leading a cross-generational sales team will deliver a huge ROI well before that time.  It may sound like a tall order; however, addressing the generation gap may not be as difficult as you first thought.

We created an eBook, Cross-Generational Sales Team: How to Attract, Motivate, and Retain Sales Reps, to help you find new ways to think about generational diversity in the workplace.  We’ve included a plethora of ideas for attracting, motivating, and retaining a winning cross-generational sales team.


DOWNLOAD YOUR GUIDE TODAY


Take a look – it might be that the generations aren’t as different as you thought.  Sales is a competitive field, but salespeople are more motivated when they feel like they’re part of a team working toward a common goal.

Cross-Generational Sales Teams: How to Attract, Motivate, and Retain Reps

Download a copy today and learn how to attract, motivate, and retain a winning cross-generational sales team.

The post Cross-Generational Sales Teams: How to Attract, Motivate, & Retain {NEW eBook} appeared first on SalesLoft.

07 Jun 16:17

7 Things You Should A/B Test On Your Website Right Now

by Nathan Resnick

It’s no secret that you should consistently A/B test elements of your website. Every digital blog and podcast is talking about it. If you want to increase your conversion rate and make more money from the website traffic you’re already getting, then A/B testing is your ticket.

But, what exactly should you A/B test? Button color? Page design? Hero image? All of the A/B testing conversations does just as much to confuse the issue as it does to clarify the issue. Unfortunately, loads of different opinions on the topic can have you A/B testing things that will have a negligible difference on your website.

Which is why I found the seven most obvious, clear, game-changing elements of a website that you need to A/B test as soon as possible. If you don’t know where to start, then you’ve come to the right place.

1) The Type of Offer

Every great sales offer is backed by a free trial, a money-back guarantee, a demo, or something similar. People don’t like to buy if they feel like they are being roped into a long-term commitment without knowing the product and whether it’ll help them.

That much, you know.

But you might not know which type of low barrier-to-entry offer is the most effective for your product and audience. Acuity Scheduling, for instance, a SaaS company, found that sacrificing their freemium for a free trial offer increased paid signups by about 268%.

Try a few different offer types and see what happens on your website.

2) The CTA Color

Most marketers have heard of the famous HubSpot test that found a 21% increase in conversions after changing from a green button to a red button.

HubSpot also found, however, that the increase in conversions had little to do with the color red, and more to do with the uniqueness of the button color relative to the rest of the landing page that the button is placed on.

In other words, using a color for your CTA button that isn’t on the rest of the page might increase your conversion rate. This one is definitely worth testing.

3) The Pricing

Robert Cialdini famously tells the story – is his book, Influence – of a jewelry store owner that stumbled upon the power of pricing when selling a product. Trying desperately to sell a set of turquoise jewelry with a reasonable price tag, the owner moved the jewelry in the store so customers would walk by it more.

She even told here salespeople to try and “push” the product. All of this, to no avail.

Eventually, she left for a trip. Before she left, she wrote on a piece of paper, telling her staff to mark the turquoise jewelry as “½” off. When she came back, all of the jewelry was sold. Not because it was discounted, though. But because her employee has misread her writing and doubled the price of the jewelry rather than halving it. The new price made customers perceive the turquoise jewelry as higher quality and more valuable. So they bought more of it.

Will a higher price point help you sell more of your product? Or less? A/B test to find out.

4) The Short or Long Sales Copy

According to Beem Digital, landing pages for products that are new to the market, difficult to understand, or open to a lot of scrutiny should be long, while a landing page for a familiar, easy-to-understand product should be short.

And that’s not just hot air and assumptions. Beem Digital also found a 63% increase in conversion rate when they doubled the length of the landing page for a company with a complex and difficult-to-understand product.

For some websites, short will be better. Which is it for you?

5) The CTA Button Copy

When people click on a CTA, they often want to know what’s going to happen. Will they be taken to fill out a form? Watch a video? Or answer a few questions?

In marketing as with all things, honesty is often the best policy. Not just because people will know what’s coming, but because they might actually click more. A SaaS company for real estate investors, Carrot, ran an experiment on one of its customers websites to determine whether generic or specific sales copy performs better.

They changed the CTA button from, “Click here to Continue” to “Get My Fair Cash Offer.”

The result? A 49.55% increase in conversion rate. Not too bad for changing a few words on a button. Increase the specificity of your own website’s CTA buttons and A/B test to measure results..

6) The Sales Page’s Font Size

Could something as seemingly insignificant as landing page font size impact your conversion rate?

Well, maybe …

VWO ran one experiment, for example, where a font change from 17 pixels to 18 pixels increased conversions by 32%. Think about it this way: the easier that text is to read, the more likely that people are to read it. The more people who read it, the more people who become convinced to buy. It’s worth A/B testing different font sizes on your own sales page to see if one size converts better than another.

7) The Navigation Bar

Navigation bars are useful when a visitor is trying to browse around your website and learn about your business, but they aren’t so useful when you’re trying to sell that visitor something. Especially on a sales page, that navigation bar often does more to distract from what you’re trying to sell than it does to benefit the user’s experience. So much so that Yuppiechef saw a 100% increase in conversions after removing the navigation bar from its landing page.

A/B test with and without a navigation bar to determine if it’s killing your sales. Unfortunately, it just might be.

If you want to A/B test different elements of your landing page, but you also don’t know where to start, then this article is for you. Start with number one and work your way through the list. On the way, you’ll discover new tricks to turn more cold website visitors into paying customers – and that alone makes an A/B test worth running.

07 Jun 16:13

How to Build a Smart City

by Stephen J. Dubner

Google’s Sidewalk Labs wants to use technology to redefine urban life by literally building a district of Toronto from the ground up. (Photo: Pixabay)

Our latest Freakonomics Radio episode is called “How to Build a Smart City.” (You can subscribe to the podcast at Apple Podcasts, Stitcher, or elsewhere, get the RSS feed, or listen via the media player above.)

We are in the midst of a historic (and wholly unpredicted) rise in urbanization. But it’s hard to retrofit old cities for the 21st century. Enter Dan Doctoroff. The man who helped modernize New York City — and tried to bring the Olympics there — is now C.E.O. of a Google-funded startup that is building, from scratch, the city of the future.

Below is a transcript of the episode, modified for your reading pleasure. For more information on the people and ideas in the episode, see the links at the bottom of this post. And you’ll find credits for the music in the episode noted within the transcript.

*      *      *

Of all the predictions that pundits have gotten wrong in recent decades, one of the most compelling has to do with cities. Cities were supposed to die out. The proliferation of the automobile meant that everyone would move to the suburbs and never come back. The decline of urban manufacturing meant that the city itself would decline. And then there’s all the crime, noise, pollution, and chaos that cities are known for. Who on earth would ever want to live in any city? As it turns out: just about everyone! We’re in the middle of a historic — and wholly unpredicted — rise in urbanization. It’s happening here in America and all over the world. One problem: many of our cities are old, which means they’re not exactly optimized for the 21st century. And it’s not so easy to retrofit an entire city. So, how about building a new city, for the 21st century and beyond — from scratch?

Dan DOCTOROFF: Our mission is to use technology to redefine urban life in the 21st century.

Today on Freakonomics Radio: a look at the city of the future, with a man who’s been rebuilding New York City for the past few decades — a man some people call a modern-day Robert Moses, the controversial Master Builder of decades past.

DOCTOROFF: Look, I think if somebody says it meaning that they got a lot done, then I think it’s a compliment. I think if somebody says, “Oh, you did a lot of top-down planning and you displaced lots of people,” then it would be an insult. It would also, I think, not be true.

Along the way, he learned the central paradox of successful cities.

DOCTOROFF: The question is, how do you actually manage supply and demand?

A conversation with the mightily credentialed urbanist Dan Doctoroff. Take a seat and get comfortable — ‘cause that’s what he did.

DOCTOROFF: I’m sitting. I’m leaning back, I’m smoking a cigar.

*      *      *

If you happen to live in New York City, as I do, there’s a name that’s been routinely popping up for a few decades now, always attached to interesting — and often controversial — projects.

DOCTOROFF: Sure. I’m Dan Doctoroff.

Don’t worry if you haven’t heard of Doctoroff. He’s not quite a household name. But his fingerprints are all over the biggest city in the United States. He grew up in Michigan and became a New Yorker quite reluctantly; it just wasn’t his kind of place. But he settled in. He and his wife started raising their family here. He worked in investment banking and private equity — seemingly just another money harvester from the provinces who finds the urban riches too good to pass up. This went on for years.

DOCTOROFF: And along the way, I came up with this crazy idea that New York ought to host the Olympics. And eventually that idea became a bit of a movement. It drew the attention of Mike Bloomberg, who at the time was just an ordinary billionaire. And I don’t think was even seriously thinking about running for mayor, but he joined our board, gave some money.

Michael Bloomberg wasn’t seriously thinking about running for mayor. Much less being mayor. Which, as you may know, also describes the arc of our current president. Donald Trump’s run for president apparently started out as a means of enlarging the Trump brand. Bloomberg’s run for mayor of New York City was apparently his way of enlarging Bloomberg L.P., the financial-information company that made him rich.

But voters — well, voters are funny animals. Bloomberg, while short on charm, had a certain appeal: smart, self-made, fiercely pragmatic, and he spoke his mind — often to the detriment of the people he was speaking about. He was the opposite of a career politician. And then the Twin Towers were obliterated in the September 11th terrorist attack. Less than two months later, Mike Bloomberg was elected New York’s 108th mayor. Now what? Bloomberg, a political neophyte facing a recovery of unknown dimensions, invited some other neophytes to help.

DOCTOROFF: And when he unexpectedly won, right after 9/11, he asked me to join him in City Hall, and so I became Deputy Mayor for Economic Development and Rebuilding.

Dan Doctoroff did that job for six years.

DOCTOROFF: He then asked me to go run his company, which I did for seven years, Bloomberg L.P.

When Bloomberg was finally done being mayor, in 2013, after squeezing out a third term despite a pre-existing two-term limit, he considered running for President. He considered some other things too. But then, to the surprise of many, he went back to Bloomberg L.P.

DOCTOROFF: And when he decided he wanted to come back to the company, I left. And — tremendous relationship with him, but I decided that I just didn’t want to go back to being his deputy mayor anymore, and formed a company with Google called Sidewalk Labs.

And that’s where Doctoroff can be found today, as C.E.O. of Sidewalk Labs.

DOCTOROFF: Our mission is really to use technology to redefine urban life in the 21st century, and we want to do it by literally building a city, or a district of a city. And we have chosen Toronto to do that.

Okay, let’s back up a bit. To before Doctoroff was a known quantity.

Stephen DUBNER: So you were, for many years, obsessed with the idea of bringing the Olympics, the Summer Olympics, to New York City. And you toiled first in obscurity for a while, spending a lot of your own money, recruiting a lot of people to your cause. You got some leverage over time, you got in the Bloomberg administration. You were first reluctant to take that job, because you thought it would curtail your Olympic activity, but Mike Bloomberg persuaded you that it actually would give you leverage to help. You got delayed, you wanted it to be 2008, it got pushed to 2012 Olympics. You pursued, you pursued, you pursued. You traveled the world, did everything you could. Finally, New York was voted the U.S. city in the bid, and then ultimately lost out in the I.O.C., in the International Olympic Committee vote.

DOCTOROFF: Sounds pretty nutty, doesn’t it?

DUBNER: I don’t mean to be dismissive of the Olympics themselves, but was the Olympic bid on some level kind of a stalking horse to rebuild New York City whether the Olympics came here or not? And is it possible that New York perhaps benefited more from the bid for the Olympics and all the infrastructure and related benefits that it produced, than it would have benefited from actually hosting it?

DOCTOROFF: I wouldn’t describe it as a stalking horse. I would just say that that was always part of a strategy, that it was sort of the off-ramp from the strategy. That the Olympics could be the catalyst to getting things done that people have been talking about for generations, but never were able to muster the political will or financial resources to actually do. And you could look at successful examples in the past as to how they’d used the deadlines at the bidding for the Olympics, or more likely hosting the Olympics, created sort of an imperative in a city — so Tokyo in 1964 built the subway system around it. Barcelona in 1992 did an amazing job of recovering from being a stepchild to Madrid under Franco for decades, and revitalizing the city.

DUBNER: You’re leaving out the counter examples like Athens. But I mean, it’s not quite a science of what kind of region will benefit from.

DOCTOROFF: And that all depends on the planning, and it depends on the economic resources and other things. But I convinced myself that where New York was in its development cycle, having that kind of catalyst could be a really important thing. And we used the deadline of the Olympic decision to get massive rezoning done in time, et cetera, et cetera. Now, the second question you asked was, are we better off having not won? And there I think the answer is no, because I think we could have used another seven years of deadlines to get more stuff done.

DUBNER: Imagine our subway today if we’d gotten the Olympics, right?

DOCTOROFF: I think that might have had a real impact. We could have argued, “Look, all these people are coming.” I think it could have been the deadline to getting, for example, congestion pricing done. But at the end of the day, much of what we wanted to do as part of the Olympic plan — and that was redeveloping the waterfront in Brooklyn and Queens, or the whole west side of Manhattan, or the High Line, or regeneration in Coney Island and Harlem and Flushing, areas that had been largely ignored for a long period of time got a big boost from the fact that we bid for the Olympics.

DUBNER: I’d love you to give me, Dan, in just a minute or two, what you would consider the best accomplishments of the Bloomberg administration.

DOCTOROFF: Well in my area, I think, we fundamentally redefined the economy and land use of New York for literally much of the next century. I think the rebuilding of the World Trade Center site in Lower Manhattan has to rise to the top of that list, because it was an emotional, financial, physical imperative. The legacy of parks all over the city, and whether that’s the High Line, Brooklyn Bridge Park, or Fresh Kills, which is a huge park built on a dump in Staten Island, or lots of others, I think, will be an important legacy.

DUBNER: How should a city like New York, or any city, address the paradox that if you’re a successful city, you’ll inevitably become expensive and then those cities become unaffordable for a lot of people? So there have been historical government interventions, like rent control and rent stabilization, which are — at least in the eyes of economists — nearly always a terrible idea. They create perverse incentives, and they lead to dilapidated housing stock, and so on. On the other hand, your administration promoted this somewhat more market-based 80/20 solution — market level versus subsidized. And that seems to sort of be working, but not anywhere near to the satisfaction of affordable housing advocates.

DOCTOROFF: If you look at what I’d call successful cities, cities where there’s a lot of demand and the population is growing — which I, by the way, think is the mark of a successful city — you’re attracting customers. People want to come. The question that, I think, you posed is, how do you actually manage supply and demand more effectively? You want more people to come. I don’t think you want to slow that down, because cities can either go two ways — they can go up or they can go down. You’re not smart enough to ever manage it so that you can, kind of, keep things completely in balance.

So it really becomes a question of, how do you produce more supply? And there’s really only two things that you need in order to do that: you need land for people to build on, and you need money in order to subsidize it for people at all income levels. We saw that, right from the very beginning of the Bloomberg administration. We believed the city was going to grow. And that’s why, at a time when we had no money, we created what was to become an $8 billion affordable-housing program that produced 165,000 units of affordable housing, which basically means subsidized housing.

The question is, when you look back on it, did we do enough? And the answer is, no. We let demand get out ahead of supply. It was really a market-timing issue. What ended up happening was, we were keeping things more or less in balance for the first five or six years of the Bloomberg administration. We were accommodating the growth, the prices weren’t going up that dramatically, homelessness in fact was starting to come down. Then what happened was the financial crisis. The city actually — in part because a lot of the other economic development initiatives — bounced back dramatically faster than ordinarily would have been the case. In fact, the city recovered faster than the national average for the first time following a financial panic, crisis, or bust. Yet when you have a financial crisis, financing largely slows — grinds to a halt. And so there was a big pause, in terms of the production of affordable housing. And that’s, I think, when supply and demand got out of whack.

DUBNER: As someone who’s been in business a lot, before and after your political time, how, I guess, grubby or corrupt or unworkable is politics compared to business?

DOCTOROFF: In New York City, the amount of so-called grubbiness was, I think, minimal. Pretty much the only times that we had real problems — certain exceptions to this — was when somebody from the state legislature actually got involved. A good story of grubbiness was as we decide to rezone the waterfront in Brooklyn. After World War II, New York City literally lost almost all of its manufacturing. And so the waterfront, which had spectacular views of Manhattan across the river, had essentially been abandoned. So it was dilapidated wharves and warehouses and factories.

And so we decided we were going to turn it into one of the more desirable parts of New York, fit for a 21st century economy. So we worked on this rezoning for about two years. This was while I was bidding for the Olympics — I literally on the day before the vote in the city council, I arrived back from Korea, where I was lobbying for votes. And I’m called into City Hall, because there was a snag in our rezoning. It turns out that the state representative, Vito Lopez, from the district, had his hand out. What he wanted was a million dollars for a daycare center that I think his girlfriend had some involvement in.

And I literally, after midnight, called the head of the the agency that oversaw, sort of, day care centers. Woke him up in the middle of the night — I’d never actually talked to him before. I said, “You don’t know me, but I need a favor. Can I count on you for the million dollars for this daycare center?” He said, groggily, “Yes.” And we got the deal done. Sometimes there were just insurmountable obstacles. They usually occurred at the state level, the politics there really can be awful. At one point I think the New York Times counted up in something like 35 legislators had been convicted of various crimes. That included the Speaker of the State Assembly, as well as the Senate Majority Leader.

DUBNER: Let’s not forget governors — Eliot Spitzer, of course.

DOCTOROFF: We had Eliot Spitzer, too. And so we tried to avoid the state, honestly, as much as possible. But sometimes we just couldn’t avoid them. Good example of that was the stadium on the west side of Manhattan. As part of the Olympic bid, and as part of the Hudson Yards plan, we proposed a stadium over part of the rail yards that are on the west side. And we just couldn’t find a way to get around the state legislature. And eventually this, really, one guy who was the Speaker of the Assembly, who has been convicted of corruption, blocked it without a vote, and did it for lots of reasons, none of which I’m sure we’ll ever know, including the fact that he had a cozy relationship with Madison Square Garden, which opposed it. I mean, it sort of went on and on and on.

*      *      *

Dan Doctoroff started his New York City life as just another banker, who then got obsessed with bringing the Olympics to New York, who then joined the Bloomberg Administration to help New York recover from the 9/11 attack, who then paired the recovery effort with the Olympic dream to dramatically reshape the New York that exists today. One of his projects at the moment is a new cultural center on the West Side of Manhattan called The Shed, of which Doctoroff is chairman and president.

DUBNER: The Shed – I was just curious about the why in this — why did New York City need another arts complex? You, I understand, are not exactly a performing-arts fiend, at least.

DOCTOROFF: Yeah, well, the origin of it actually dates back to when we re-planned the west side of Manhattan, which we did in two separate parts. One part of it was in West Chelsea, and the core of it was to save the High Line. The second part was to build what’s called Hudson Yards, which is this area on the far west side of Manhattan. And we decided at the intersection of the High Line and Hudson Yards, we wanted to have a cultural institution.

We set two standards for it — one, it should be unlike anything else in New York, which is hard because there’s 1,200 cultural institutions in New York. And secondly, that it should play a role in keeping New York on the leading edge, culturally, in the world. And so we eventually had an insight about the role of technology and the role that it’s playing in reshaping the cultural ecosystem, that led us to conclude that what New York needed was a completely different kind of institution, one that would be the most flexible, both programmatically and physically.

DUBNER: This is a building that kind of can be reconfigured, like a transformer.

DOCTOROFF: That’s exactly right. It’s like a transformer — the building literally moves. It will open up in — March 29th is what we’re targeting — 2019, and it may be one of the largest cultural startups of all time.

DUBNER: And the C.E.O., a fellow named Alex Poots, ran for many years the Manchester International Festival, which, again, is unusual in that it takes place — or took place at least — all over the city, not in set theaters. From what I can gather, The Shed seems to be a sort of professionalized guerrilla operation in a way, right? It’s got a lot of the experimentalism of the experimental arts movement, with the juice and leverage of a big city like New York.

DOCTOROFF: That’s a great way of saying it. Another way of expressing it is a cultural festival every day, because there’s multiple spaces that can be reconfigured, that can accommodate virtually any cultural discipline. I mean, look, our basic view — whether it’s with respect to culture or whether it’s with respect to city building — is, nobody’s smart enough to predict the future. So you cannot plan to the detail or even, sort of, the gross level what’s going to happen in the future. Instead what you can do is, create the infrastructure. That might be physical, it might be digital, might be some ground rules, et cetera, that enable people to project their own ideas and innovations onto it as taste, technologies, trends begin to change. And I think that is a very different notion of a cultural institution as well as city building.

DUBNER: I find it — and I mean zero disrespect by this — but I find it interesting that of all the things that attract people to New York City these days — outsiders, visitors — the High Line is among the most popular. It was proposed that it be turned into this public park and strolling area and you were not a big supporter of it. Not that you were so hard against it. But it’s just a striking illustration that you and your folks around you, who were obviously doing this central infrastructure planning, you couldn’t have possibly predicted that something like that, and as humble as the High Line — for God’s sake, it’s an abandoned freight line — would turn into this thing that has so much appeal. And I’m just curious what kind of lesson that taught you.

DOCTOROFF: When I came into City Hall, the High Line was really one court decision away from being torn down. And the Giuliani administration, which had preceded us, was really intent on ripping it down, because the land owners who owned land under the High Line were really pressuring the Giuliani administration to get rid of it. And there were some of us in the administration who immediately saw what the two young guys who had basically kept it alive saw, which is that this could be a beautiful park and amenity. I will confess, I didn’t see that right away. But the key point is that you seize opportunities as you see them, and as they evolve, and if you’re flexible enough to do that, then ultimately you can create something that might be amazing.

DUBNER: I mean, the paradox in that is flexibility is not a hallmark of government, is it?

DOCTOROFF: Well, it generally is not, because government is really hard, and just getting anything done often takes extraordinary effort. But it should be, on some level, a hallmark of government. At the same time, you have to have a sense for what you want to do, And so you have to combine, sort of, this openness with determination to get things done, or else nothing ever happens. One of the principles that we always operated with is that, look, we’re a competitive entity in New York, and whether we were competing with London, or Los Angeles, or Jersey City, to be honest, we can’t make policy that puts us at a competitive disadvantage.

DUBNER: Let me ask you about that competition between — whether it’s faraway cities, or near cities. You and the Bloomberg administration made it a point to change policy and stop throwing a lot of money at firms or institutions that threaten to leave, using that kind of standard financial incentive. But I’m curious what effects that zero-sum competition has on each area. Because, on some dimensions, I’d imagine the competition is healthy, right? On the other hand, firms and institutions can and do game the system and basically skim a bunch of taxpayer money for their own purposes. So what’s the best way to balance that and still incentivize firms and institutions to be where they can do the most good?

DOCTOROFF: Our view was that financial incentives to lure companies, or more importantly, keep them, was almost always a fool’s errand. We did a lot of work when we first came in, the economy was just on its back. We were facing enormous budget deficits. So the easy temptation would have been to bribe companies to stay, or bribe companies to come. We met with C.E.O.’s of companies all over the country and all over the world, in addition to in New York, we analyzed their cost structures in great detail. And eventually what we concluded was, companies are going to do what’s in their economic interest over the long run, and that providing these sorts of incentives was like giving them crack. But the crack was ultimately going to affect the dealer more than the user. And so it just didn’t make a lot of sense, and so we just stopped.

Instead, the way we’d compete was based on our natural strengths, which we thought we could enhance. And our number-one natural strength was that New York had been a haven for people from all over the world. It was sort of this optimistic sense that produced this incredible energy that attracted companies to New York, and we ought to build off of that. Most places have some sort of competitive advantage, but they got to be honest about what it was. And so that for us was really what the strategy became.

DUBNER: It’s really interesting to see places that have had a good turnaround. I think of Pittsburgh, which was a hardcore industrial manufacturing, natural-resources city. And it took a while, but now they are the capital of autonomous-vehicle research. They’ve built up a lot of industries that were totally unrelated to what they’d been known for.

DOCTOROFF: I think we’re seeing it more and more as people recognize that they, again, have to build off their competitive strengths. So what Pittsburgh’s competitive strength?

DUBNER: Carnegie Mellon’s pretty good.

DOCTOROFF: Carnegie Mellon was the biggest component of it. And I think the city and the university and the not-for-profit sector kind of worked together to develop a strategy. Indianapolis did the exact same thing around sports, for example, and healthcare. So you got to be true to yourself. That’s one of the things that I consistently preach to leaders in cities around the country and around the world. Cities are like people — or maybe like companies. They have personalities, they have strengths and weaknesses. You know how hard it is to change your own personality — it’s hard to change your city’s personality. But that doesn’t mean you can’t structure around your strengths and structure around your weaknesses.

But cities — unlike people, or even companies — can be, as we noted earlier — difficult to retrofit. Not just physically — all those buildings, all that transportation and energy infrastructure — but also psychically, and culturally, and economically. Which is why, Doctoroff concluded, it would be really interesting to start a city from scratch. In 2015, he teamed up with Google to create a company called Sidewalk Labs.

DOCTOROFF: And our mission is to really help to redefine urban life in the 21st Century, combining cutting-edge innovation with great urban planning. And the way we want to do that is by demonstrating to the world what that can be in a specific place. And so we have chosen Toronto for a variety of great reasons.

DUBNER: Give me a few great reasons.

DOCTOROFF: Well, one is, they have a remarkable piece of land on their waterfront. The second is that we’ve partnered with a governmental entity called Waterfront Toronto, which for the last 15 years has been developing the waterfront. But what’s really significant about them is that they are a tri-governmental agency. So they are effectively owned by the City of Toronto, the province of Ontario, and the national government of Canada. So there is incredible alignment. But beyond that, Toronto is a city that has a really rich urbanist tradition. Jane Jacobs, for example, fled New York for Toronto. But they also have a really powerful and growing technology ecosystem.

And then beyond that, there’s the dynamics of the city itself. It’s one of the fastest-growing cities in North America. In fact, it’s probably the most diverse large city in the world. But what’s actually happening — and it comes back to some of the conversations we were having earlier — is because it’s growing so fast, there are increasing pressures on affordability, on mobility, and how people get around. All of that is pushing middle-income and lower-middle and lower-income people out from access to employment, which is creating opportunity challenges. They’re so committed to this notion of inclusion, but ironically because that openness has produced the pressures that are making it harder to be inclusive, they’re very open to new approaches.

And so we want to create a place, ultimately of large scale, that can be a laboratory for innovation across every urban system, including mobility, sustainability, building form and design, public space, and then even community and social services, in which we leverage technology to fundamentally bend the curve on a lot of those quality of life metrics.

DUBNER: When you say create a space, just to be clear, you’re talking about, this is essentially a physical neighborhood you’re building, correct?

DOCTOROFF: We think of it as a district.

DUBNER: And can you just talk about what would be the most overt, I guess, futuristic elements of the construction of this area? For instance, I assume that a lot of functions that are currently above-ground in a lot of cities, like freight delivery and trash disposal, those will not be above ground.

DOCTOROFF: All of that is true. But I think the thing that will have the most profound impact is if you don’t allow traditional vehicles, particularly automobiles, into the district.

DUBNER: So it’s all autonomous summoned vehicles, yes?

DOCTOROFF: Ideally much more shared than they are today. So if you begin to do that, the consequences are truly profound. In a typical North American city, 30 to 40 percent of the land is dedicated to parking, or the separation of roadways that these highly dangerous vehicles demand. If you begin to carve most of that back, you can create greater density. You can also, however, dramatically increase the amount of public open space. If you can begin to put people very close to open space and you can figure out ways to weatherize that, particularly in places like Toronto where the weather is not so nice a large percentage of the time, then maybe you can begin to re-conceive space in people’s apartments in new ways, which will also be enhanced by enabling people to store a lot of their stuff off-site, because with autonomous delivery it will be much easier and convenient, and you combine that with new approaches to construction, like modular construction, or perhaps cross-laminated timber, then you can begin to meaningfully lower the cost of housing. You combine lowering the cost of housing with lowering the cost of mobility, which we believe is really possible by as much as 50 percent, and you can begin to see cost of living decreases that are meaningfully into the double digits, which we think would be a remarkable demonstration.

DUBNER: Now, the people who will live there, as I understand it, are opting into a program to have a great deal of their personal data gathered, because this is a laboratory and you want to learn as much as you can from the data of how people move around and communicate and so on. One interview you gave, you said that the data really shouldn’t be used to be commercialized. But this is a project run by, funded by, a company, Google, for whom commercializing data is its actual business model. So why on earth would we think that these data won’t be commercialized and why on earth shouldn’t we think that this entire project is just an extension of Google’s already monolithic reach?

DOCTOROFF: We’re just going to have to demonstrate to people through agreements, engagement, specific actions, that that’s not our intent at all. And by the way, it’s not Google or Alphabet’s intent at all either. Our purpose here is to demonstrate how that combination of innovation and urban design can fundamentally bend the curve on quality of life, and to the extent data gets used, it’s going to get used for those purposes. We have to prove it to people, and memorialize that in different ways, and that we will do. So we understand the skepticism. And we will satisfy people over the course of 2018, which is our year to really put the plan together, including privacy and data protection plans, of our intentions.

I believe in something I call the virtuous cycle of the successful city. The object of a city should be to grow — and that is grow the number of residents, grow the number of jobs, grow the number of visitors. Because the marginal revenue of those additional people is greater than the marginal cost. And then you can take that net profit, if you will, and reinvest it back in quality of life in the city, in an affordable housing, and education, and safety, and social services and when you do that and you improve quality of life, more people come, perpetuating the virtuous cycle.

DUBNER: So, when can I move there?

DOCTOROFF: Well, if all goes well, the first people could probably move in in maybe five years or so. But then that would be a place to prototype a lot of the interesting ideas and approaches. But obviously a lot of the systems have to scale into a larger area. This is a project that would take 15 to 20 years, for sure.

That’s Dan Doctoroff, C.E.O. of Sidewalk Labs. If you want to learn more about the Olympic bid and rebuilding New York, check out his book, Greater Than Ever: New York’s Big Comeback.

Freakonomics Radio is produced by WNYC Studios and Dubner Productions. This episode was produced by Max Miller, with help from Andy Meisenheimer. Our staff also includes Alison Hockenberry, Merritt Jacob, Greg Rosalsky, Stephanie Tam, and Harry Huggins; we had help this week from Ania Grzesik. The music you hear throughout the episode was composed by Luis Guerra. You can subscribe to Freakonomics Radio on Apple Podcasts, Stitcher, or wherever you get your podcasts.

Here’s where you can learn more about the people and ideas in this episode:

SOURCES

RESOURCES

EXTRA

The post How to Build a Smart City appeared first on Freakonomics.

07 Jun 16:11

Self Loathing Sales Experts

by Anthony Iannarino

Self-loathing sales experts. They’re self-loathing because they hate the part of themselves that once sold and felt that selling is something that one does to another person, instead of something that benefits the client. It makes them feel bad about themselves.

Because they believed that they were treated like a commodity, they believe everyone shares their experience. Without exception, they believe that any proactive, outbound attempt at gaining an appointment makes one a monster. And invariably, they shout at the top of their lungs that buyers now have all the power in the relationship, as if the buyer hasn’t had the checkbook, options, and the ability to decide who to buy from forever.

In their minds, the only way to create an opportunity is through a passive, reactive approach. They believe that the only way to share an insight is one-to-many, that it is not something one could do after calling, scheduling a meeting, and sitting face-to-face with their prospective client, who is now made out to be the most difficult challenge the salesperson may ever face. This is to believe that salespeople have so little to offer clients that they should tuck their tail between their legs and run and hide.

There is never a reason to let someone feed you their fears. You should refuse with extreme prejudice any advice from someone whose beliefs include the presupposition that your intentions are bad at worse, or misdirected at best. You should reject out of hand any advice from a person who shares ideas that or would cause you to believe that what you are doing is not valuable to the people you serve.

But most of all, there is a marketplace of ideas from which you can select what you believe. There is no reason to adopt a pessimistic, cynical, and disempowered belief system when it comes to selling. The reason the self-loathing sales expert shares this content with you is that they have no actionable or practical advice that you can use to improve your sales results.

The post Self Loathing Sales Experts appeared first on The Sales Blog.

07 Jun 16:11

HOW TO ASK BETTER SALES QUESTIONS BY DEFINING INTENT – by Deb Calvert

by Robert Terson
The questions you’re asking buyers may be good. But you can ask better questions simply by thinking through the purpose of each and every question you ask. Contrast these three question pairs to distinguish between the before and after versions of questions. The “before” questions were vague because the sellers weren’t quite sure what they […]
07 Jun 16:10

How to Use LinkedIn’s Research Methods For Your Personal Brand’s Growth

by Personal Branding Blog

In order to get more exposure for your personal brand it’s important to know exactly what your target audience is seeking after. With the right research strategies in place your business can attract more leads for your products or services.

LinkedIn is a premier networking resource as well as a warm lead generator. This large social network is an ideal platform for gathering information and conducting research for your niche. There are several ways your brand can attract the right leads for your business.

  • Connect with the right people – It’s important to be specific when gaining insights. Only seek after those who are in a related or similar field of interest, have influencer status, and are active both online and offline. Many times you can network at events, webinars, social media groups, Twitter chats, ect., which can open the doors to find targeted leads.
  • Take advantage of advanced search options – Use LinkedIn’s expanded queries to set up specific criteria – this includes people, jobs, content, companies, groups, and schools. Another method is to take a look at specific content that relates to your brand and conduct research on the author.
  • Create new business or work opportunities – LinkedIn is an online portal to not only find jobs but also qualified candidates and new clients for your business. You can also see what your competitors are looking for inside your target market as it relates specifically to their skills and knowledge.
  • Become a trusted source through groups – Once you become a member of an active, professional group within your niche your brand can gain valuable feedback through asking and answering questions, sharing valuable insights and content, and posting videos and images that can add value to your community. This also applies to those who want to create their own professional group for even more networking opportunities.

LinkedIn is an ideal place for personal brands to link up with professionals in their industry as well attract new leads. By being helpful, professional, and consistent your network will grow and attract more loyal followers to your brand. This is one the few resources left where you can to gather insights and information on your industry and potential customers for free without the need to pay for advertising.

07 Jun 16:09

Using Analytics To Your Advantage

by Rupert Adam

Continuing our Multi-Channel series, this week we look at analytics for web and app and how brands can utilise them across all of their engagement channels.

Knowledge is power! But how much do you actually understand about your market, your customers and their behaviour? You probably have a good idea, but is it backed up by actual statistics and results, or do you just run by your gut?

Exploiting the analytical data from the places you engage with your clients will enable you to build a true picture of the customer journey and identify key drop-off points. This will allow brands to amend their touchpoints and re-engage users at drop-off points and drive them further down the funnel. .

What sort of Analytics should you measure?

The key things to think about when choosing an analytics solution is what information will help you understand, engage and influence your user, how are you going to use the data and how will it be displayed? The ideal solution will allow you to build a rich user profile based on their behaviour and preferences.

As soon as enterprises understand who their customers are, what they want, what they do and how they are traveling down your funnel, you will be able to build a true picture of your customers. This will enable you to deliver highly-intelligent, personalised messaging at the right stage of the customer lifecycle, which in turn will boost engagement, sales and ROI.

Where do you start?

Imagine you’re a travel company that arranges package holidays. If you knew exactly what your web and app users were looking for, you would be able to tailor communication to them based on this information.

For example, if you know their gender, age, previous bookings and spend, types of location they have been viewing, level of accommodation they are interested in, when they are looking to travel, it would make no sense for you to engage them with holiday packages that would not fit with their user profile. However, using the user profile data will enable travel companies to engage their users with intelligent, targeted messaging.

This process works across all industries, as long as you have a sales cycle with multiple touch points, it will aid delivering sales.

What can you measure?

Profiles

Using a people centered approach to insights and analytics, an analytic platform, like Xtremepush, can help you to understand each of your app users in detail allowing you to create and build highly relevant contextual app engagement campaigns using either in-app messaging or push notifications.

App Insights

By understanding how often your customers visit your app, how long since a geographical area engaged with your app, which areas of your app are the most popular and used, what time your app is most actively accessed; you can deliver your messages with much more relevance and in a timely manner and build your engagement along with it.

Funnels

Stop asking why your app users are not converting and start to understand why. Using a funnel analysis you can see at each stage where and why your customers drop off.

A/B/C/D/E Testing

It’s rare that you will come up with just one campaign that you know will drive the most engagement, so that is why it is important to test your campaigns or elements of a campaign. By using a full split testing system, you can do just that, giving you the insight into what actually works before you launch the final campaign.

Attribution

Do you know where the most success came from in your campaign? Which channel delivered the highest life-time value? Discovering what works the best for you in real time will enable you to make changes to the worst performing, or put more effort in to the most successful and capitalise on it.

Drill Down

Look at how your segments compare against each other. Do you need to spend more attention on one segment than the others, how can you utilise the high performing segments to strengthen your campaign. By drilling down in to the segment you will gain a mass of valuable information, so you can tailor your campaigns to suit each segment individually.

07 Jun 16:09

7 No-Brainer Employee Perks to Attract the Best Talent

by Ryan McMunn

June is Employee Well-being Month and it’s a great opportunity to highlight what organizations are doing to nurture personal relationships with their employees and create admirable work cultures. According to research, more than 57% of workers say employee benefits and perks are top considerations for accepting a job. Companies like Netflix and LinkedIn have raised the bar by offering their employees unlimited vacation days, as well as maternity and paternity leaves for the first year after a child is born. Asana and Zappos are known for prioritizing self-improvement with external mentorships and life coaching. Meanwhile, Google has generated a lot of fanfare for its incredible perks, including an endless array of free gourmet food and snacks and an attractive 401k plan.

The good news is, you don’t need to be a Fortune 500 or be a large cap company to attract the best talent. As the CEO of my company BRIC Language Learning for 8 years, I have managed teams with a diverse set of personal needs to keep them engaged and happy at work. In designing and implementing perks for my staff, I made sure I looked at how I could support their professional development, boost their morale when work gets stressful and, most importantly, make them feel that I genuinely care about their overall welfare.

Here is a list of employee perks that you could easily implement or tailor-fit to your own company:

Travel

Studies have shown that millennials are known to prioritize travel over buying a home or car. It’s no surprise then that the 20 to 30-something employee would look for related work benefits that give them the freedom to explore the world. Not surprisingly, companies like Airbnb offer a $2,000 travel budget for their staff.

Non-business related travel perks are an essential benefit our company has been offering for years. As BRIC requires me to travel frequently, I’ve racked up so much mileage that I’m able to offer round trip tickets to key people in my company. The only thing I would request of my employees is that they take photos from their trip for us share on Instagram and come back with good stories for our blog. In addition to good photos and real-life stories, our employees take ownership over our social accounts which does nothing but make them stronger – a win-win.

College Savings Plan

I’ve done this for a few employees internationally and I have not received a better reaction. This has gone over well in the different countries where I have employees, but I’ve had incredibly heartwarming responses from my Chinese staff. A young lady was brought to tears when I shared the good news that she would be receiving this benefit. It showed that not only was I thinking of her, but also her children and her family’s future.

Language Learning

To increase confidence and performance, international companies would benefit from offering language classes. This goes for not only expat assignments but also for teaching English as a second language to international members of your team. Language training can boost job performance, increase work productivity and overall make the lives of your employees in multicultural work environments so much easier and more fulfilling.

Annual Executive Physicals

Due to high costs that only keep escalating, health-related benefits could be a deal breaker for most individuals who have multiple job offers on the table. It’s critical to show your employees that you care about their physical and mental health. For international companies, giving access to expat healthcare to your local staff can also go a long way.

In many developing countries, hospital visits require excruciating wait times for healthcare that are subpar. Ensuring that these systems are in place show potential and current employees that you are helping them avoid additional stress should they get sick or suffer any health condition.

Volunteer and Charitable Giving Opportunities

This is a fantastic way for your teams to not only spend quality time together outside of work, but also feel proud about your brand’s heritage and culture. Other companies like Timberland, for example, pay their employees up to 40 hours of paid time off yearly to volunteer. At BRIC, not only do we offer several scholarships to people within and outside of our company but, to bolster our community service mindset, we also participate in several local charities around the world. We usually have staff send in recommendations and vote on the different options as a team.

Company Sponsored Sports Teams

We sponsored a local soccer team in Shanghai and this initiative has built camaraderie within our team. While not everyone in our company played, myself included, it was great watching and cheering on those that did play! We’d usually make an enjoyable day out of each game by having beers, wine, baijiu and barbecue while watching and cheering our team.

Onsite Gym or Membership

As improving health and wellness are now core perks of startups and companies alike, gym memberships or in-office gym facilities today seem like an obvious workplace benefit. Reebok, Microsoft and a growing number of small businesses now offer fitness classes and gym stipends that encourage workers to keep healthy and fit.

While some of these employee perks might be challenging to implement, know that there are a multitude of offerings you can start in your own company or recommend to your managers. The key here is to be creative and authentic as you formulate ideas. Take note that the value is not always monetary and that a hefty price tag on the benefit or perk will not always translate to employee happiness or job satisfaction. Also, don’t be afraid to experiment on what works and what doesn’t. As CEO or HR executive, you are always free to re-assess and ensure that the benefits you have in place are actually helping your employees improve their well-being.

07 Jun 16:07

Why your salespeople should never do product demonstrations

by bob@inflexion-point.com (Bob Apollo)

Bored BusinesspeopleI imagine we’ve all sat through at least one of these at some stage of our careers: a software demonstration that is nothing more or less than a relentless and apparently never-ending stream of product features thrown out at the audience in the misguided hope that at least some of them might prove relevant or attractive.

It’s a horrible and unproductive tactic: assuming that our prospective customer hasn’t already zoned out, it places responsibility on them to imagine whether this or that widget might have any relevance to something that is important to them.

This seems to be a particular problem for technically-orientated demonstrators: they are often so proud of how clever their product is that they can’t resist introducing yet another feature of function. There’s no story, no coherence, and no respect for the audience.

Yes, demonstrations - at the right time, and in the right context - can be a vital element of a successful sales cycle. I just believe that there’s a much better way of achieving this than doing a conventional product demonstration...

Let’s start by recognising that demonstrations have different important roles to play at different stages of the sales cycle - but that conventional “vanilla” product demonstrations shouldn’t have a role at all.

Failing to plan = planning to fail

The first principle should be that we shouldn’t demonstrate anything without some initial understanding of the customer’s circumstances and what they are trying to achieve. Armed with a basic appreciation of their situation, goals and challenges, we can do a much more effective job of selectively telling the most relevant and appropriate part of our story.

The next should be that - just as with a good sales presentation - our demonstration needs to act as a catalyst for a productive conversation. We need to ask our audience questions throughout and encourage them to do the same. And however well we’ve prepared and planned, we need to be prepared to adapt to what comes up in the conversation.

Third, every demonstration should be preceded by a scene-setting exercise in which we validate what we intend to cover and what the prospects most wants to see, and every demonstration needs to be followed by a review of what we’ve shown and its relevance to the audience, as well as agreement about next steps.

If we don’t have enough time to accomplish this essential pre- and post-discussion in the time allocated, we need to demonstrate fewer things or ask for more time. In demonstrating, as with most aspects of selling, it is best to do a few things well rather than a larger number of things badly.

Two types of demonstration

We need to recognise that demonstrations are capable of serving more than one useful purpose. Two types seem particularly important:

Conceptual demonstrations

The first is what we might think of as a short conceptual demonstration that complements our initial discovery process. The goal here is to show the client a handful of the most important high-level concepts that distinguish our approach from the other solutions that they might be considering

Our goal here must be to show how and why we are different, rather than better - but different in a way that is memorable because it is specifically relevant to their situation, goals and challenges. We want to create an “ah-ha” moment for the prospective customer that sets us apart from the rest

These conceptual demonstrations are particularly powerful in the early stages of the sales cycle with a potential project sponsor, but they also can be very valuable later on in persuading other less actively involved stakeholders why our company and solution are the right choice

Solution demonstrations

The second key demonstration type is the solution demonstration. This can only be effectively delivered once we have advanced our discovery process to the point where we have a clear sense of our prospective customer’s most important requirements

The clue is in the name: solution demonstrations need to show how our approach and specific selected capabilities actually solve our prospective customer’s most important needs. We need to create a sense of confidence that our solution is capable of meeting their key requirements

Proving a few things well is just as important here. Focusing on the handful of things that have been agreed to be most important, and putting those capabilities in clear context, is far more powerful than showing off a long list of often peripheral features

Kitchen sinks and muddy sticks

One of my mentors - the founder of a highly successful software company - once described the classic “everything including the kitchen sink” product demonstration approach as being no more effective than flicking a muddy stick at the wall and hoping some if it will stick. Except that the metaphor he actually used involved something a lot less attractive than mud...

It is both ineffective and disrespectful to give our customers a standardised product demonstration, even if that is what they have asked us for. It is always better to understand the context - even if it involves just a few well-chosen scoping questions up front.

Context matters!

If we have no sense of what our prospective customer is looking for, we are bound to fail. If they have no sense of what they are looking for at even a conceptual level, they are the wrong audience.

Once we understand the context, we can determine whether a conceptual or a solution demonstration is what is required and plan and prepare accordingly. And if we wrap an effective pre- and post-discussion around the right sort of demonstration, we’ll have much more impact.

Or would you rather that your sales people flicked muddy sticks at the wall?


IF YOU LIKED THIS, YOU'LL PROBABLY ALSO APPRECIATE:

BLOG: Is this the most counterproductive sales metric?

BLOG: Is scope creep suffocating your opportunities?

BLOG: Is sales "process" really the right metaphor?

BLOG: 12 key sales qualifiers

BLOG: Shaping our customer's "why"

BLOG: Starting with "Why?"

BLOG: Discovery - the foundation of B2B sales success

BLOG: The compelling case for hastening slowly


ABOUT THE AUTHOR

Apollo_3_white_background_250_square.jpgBob Apollo is a Fellow of the Association of Professional Sales and the founder of UK-based Inflexion-Point Strategy Partners. Following a successful career spanning start-ups, scale-ups and corporates, Bob now works with a growing client base of tech-based B2B-focused high-growth businesses, equipping them to Sell in the Breakthrough Zone by systematically creating, capturing and confirming their unique value in every customer interaction.
07 Jun 16:07

How To Explain Content Marketing ROI to Win (or Keep) Buy-In

by Julia McCoy
Persuading your bosses to buy into the power of content marketing by explaining the inner workings and ROI of both content marketing and content strategy is difficult. Here’s a helpful formula to throw a winning pitch. Continue reading →
07 Jun 16:06

Is Sales “Process” Really the Right Metaphor?

by Bob Apollo

tire tracks clear BG

The term “sales process” has become an almost universal cliché (and yes, I have been as guilty as the rest). Research is regularly published to prove that organisations with a defined “sales process” outperform their less well organised competitors.

In simple, high-volume sales environments – where success is often seen as a numbers game, and where sales people do not need to be overly sophisticated in their approach – I can see how having a process can help.

But in complex, lengthy, high-value sales environments that require sophisticated sales skills, the idea of a rigid, universally applied and consistently implemented step-by-step sales process seems increasingly inappropriate and ineffective.

I’m writing this article today because I’ve just listened to a video that likened a sales process to the step-by-step, corner-by-corner instructions we might get from a satellite navigation system. This seems to me to be an entirely inappropriate metaphor, and here’s why…

SatNavs make the assumption that we are getting from our starting point to our destination along made-up roads using predictable routes with clear signposts – and as many of us have discovered, they struggle to cope if they detect we are going “off piste”.

A dirt road, rather than a highway…

But anyone involved in complex B2B sales knows that – although we might have a destination in mind – the path to success is rarely rigidly defined. Yes, we have to pass through a number of waypoints along the way, but our path often seems more like a dirt road that jinks one way or another en route.

If we keep our heads down and blindly follow the pre-programmed rules built into a rigid “sales process SatNav”, rather than carefully observing and adapting to the terrain around us, we are likely to get stuck along the way.

In many ways, complex sales often feel more like a cross-country orienteering exercise than a brisk uninterrupted walk along a straight and predictable tarmacadamed path.

Yes, we need a sense of direction. Yes, we need to identify the key waypoints along the way. And yes, if we come across an impassable swamp, we need to use our initiative and experience to find a way around it. And yes, if conditions get too treacherous, we need to have the common sense to abandon the journey and follow a more productive path.

A flexible framework, not a rigid process…

Having a rigid process mentality is more likely to hinder us than help us under such circumstances. What we need is a framework that can guide us, and a set of simple checklists that help us to think through what we need to do when faced with an obstruction that might otherwise hold us back.

Processes imply that there is “one best way”. That might be true in high-volume manufacturing processes, but it’s the wrong mindset to apply to complex sales environments.

Frameworks, on the other hand, incorporate the concepts of best practice but are also designed to act as flexible guides, rather rigid cages. They recognise the power of awareness and initiative and encourage those qualities rather than suppress them.

They are constantly evolving to take account of the latest lessons learned (rather than relying on an annual map update) and are designed to adapt to specific local market conditions.

Helping our salespeople to think for themselves…

Frameworks encourage our salespeople to think for themselves, rather than forcing them to follow an overly-prescriptive path. They are far more likely to be adopted by our top sales performers (particularly if they have helped to craft them) and far more likely to be effective in guiding our middle-of-the-road salespeople to make thoughtful choices.

They are less effective in environments (they still exist!) where the average salesperson is less capable of showing real initiative or of thinking for themselves. But I’m guessing that your sales environment is more complex than that and that paint-by-numbers processes and turn-by-turn instructions would have the effect of dumbing down your salespeople rather than making them smarter.

So – I’m curious about where you stand on this: are your salespeople more inclined to blindly rely on a SatNav or to demonstrate their orienteering skills? Does the guidance you are giving to your salespeople feel more like a rigid process or a flexible framework? And if the former, can you see the potential of loosening up a bit, and trusting to the intelligence of your salespeople?

07 Jun 16:06

The Most Important Social Selling Activities, According to Top Performers

by Alex Rynne
Colleagues working at desk

As a concept, social selling isn’t difficult to understand. Prospects and buyers, like basically everyone else in today’s world, are generally active on social media. It’s typically a part of their research process when considering a purchase. Why would sellers not want to try and engage them on these platforms?

But as a practice, social selling isn’t quite so cut-and-dry. This is still relatively new ground for a lot of sales professionals.

With only so much time in a day to dedicate to the tactic, how can you be sure you’re prioritizing the most valuable activities, and not wasting your time on ineffective ones?

To help establish a baseline for social selling best practices, we figured we would turn to the folks who do it best. So we dug up some of the most useful first-hand insights from high-performing and influential social sellers to see which activities they point to as their most vital.

Let their experience and expertise guide you as you formulate your own blueprint for social selling mastery.

Experts Share Their Social Selling Best Practices

Build Out Your Network

“Some people focus too heavily on the selling part of social selling, but it is important to focus on the social part as well. True results are only as strong as your network. When you prospect, and see that your connections who can make referrals are people you don’t really know it’s time to reach out and suggest a conversation to get to know each other better.” — Beth Granger (via Top Dog Social Media)

Strategic Curation

“Content curators have a powerful way of connecting people with information. Great curation sets the foundation for engagement. If you respect other people in the industry, by sharing and acknowledging their content, you demonstrate your knowledge and expertise as well as build relationships and influence.” — Hank Nothhaft, Jr. (via Sales Reboot Camp)

Be Active But Efficient

“Every morning I recognize birthdays, work anniversaries, job changes on LinkedIn with personalized messages as well as liking, commenting and sharing people’s posts on all platforms. I also post things every day that I think people will find useful and interesting. Most people think I spend much more time doing this stuff but the reality is that even with nearly 8,000 LinkedIn connections I probably spend less than an hour doing all of the aforementioned. I also typically will connect with people I find inspiring or interesting every day with a personalized message. I’ve never once sent out a generic connection request.” — Scott MacGregor (via Adaptive Business Services)

Always Be Improving

“The best way to get better at social selling is by learning from your existing efforts. Collect insights from your current efforts and see what’s effective as well as what isn’t. Based on this data, ask yourself what you should be doing differently and what you can do better.” — Shane Barker (via Sprout Social)

Absorb All Available Insights

"LinkedIn is probably where I spend at least 50% of my day; not just for hunting, but researching, listening, and scanning what is going on with buy prospects and buyers. Did they get funding? Did they buy a company? Are they promoting their annual conference? Are they not sharing anything at all? It is so telling what gets shared." — Carly Wennogle (via Sales Reboot Camp)

Ensure Your Profiles are Updated, Relevant, Useful

“We think we’re out there researching customers, listening to them, and following the things they’re interested in. But they can also look at us.” — Anthony Iannarino (via HubSpot)

Find Commonalities and Deliver Value Up-Front

“You’re looking for a common connection that will help you build an authentic connection. You don’t start with the hard sale — that turns everyone off. Instead, look for common ground such as you’re both into coaching a particular sport or are part of the same group on LinkedIn. From there, look for ways to add value first. GIVE before you ever ask for something. I know you feel the sales pressure, but that smell of desperation will repel the very people you’re trying to attract. Instead, look for authentic ways you can be helpful and just do it.” — Bill Carmody (via Huffington Post)

Don’t Rush the Process

“Make friends first, do business last. One of the biggest mistakes I see social sellers do is rush to move the sale ahead. They connect, and then they pitch their product or service. I don’t like it – and your prospects don’t like it. Instead, look for what’s in common, and have a conversation about that. Be a person and make a real connection. Then earn the right for a future conversation by adding value to them, sharing an article or two with them, asking some insightful questions about what you shared, and then, once you’ve become friendly, invite a deeper conversation.” — Phil Gerbyshak (via Top Dog Social Media)

Master the Art of Multi-Threading

“Since numerous professionals from the same business may have profiles on the same social network, you can connect with different people working for the same organization. This helps increase your influence in that company at various levels. Let’s stop for a moment here and rewind back to the era of cold calling. In that era, sales executives would have to struggle to get past the gatekeepers (speaking figuratively), to even have a chance to pitch a sale to the top fish. However, social selling enables you to connect directly with the top-level decision makers. Even a decent salesperson can use this virtual power to influence relevant decisions within an organization.” — Koka Sexton (via KokaSexton.com)

Integrate Social Selling into Your Strategy

“The end goal of investing in social selling is to move the pipeline, revenue, and customer advocacy needles by deepening relationships. The natural reaction is to buy the bright shiny object; not do the hard work of strategy, planning, goals, and tactics. It's all too easy to take a silo approach versus embedding social selling into existing processes, methodologies, systems, and metrics. Culture and executive buy-in/sponsorship are critical. Cross-functional collaboration is NOT OPTIONAL.” — Jill Rowley (via Salesforce)

We hope these 10 practical tips can help you develop a social selling routine that consistently drives results. For much more guidance on the subject, download the LinkedIn Selling Tactical Plan.

07 Jun 16:06

3 Ways To Keep Up Momentum After Customer Onboarding

by Asra Sarfraz

The onboarding journey doesn’t merely stop once you’ve introduced your customer to your product. The challenge now lies in transforming your customers into power-users and brand ambassadors. Below are 3 strategies to jump right out of onboarding, straight into adoption and nurture.

Drive Adoption Through Feature Discovery

Sure, your system might be relatively easy to navigate. Nonetheless, customers need an extra boost to adopt additional features. The features you actively covered during onboarding build the foundation that allows for additional adoption. After onboarding, feature adoption should be encouraged at various touch points: in-app, during QBRs, via email… anything is possible. For instance, use in-app triggers to communicate with customers via automated emails or launch an in-app training pop-up. This can range from tutorials about key related product features or a series of emails covering upcoming steps.

As a rule of thumb, keeping feature discovery nudges interactive and short will increase the likelihood of customers remembering your tips and sticking to them. Highlighting specific product features relevant to the customer’s needs will help you remain one step ahead throughout adoption.

Broaden The Scope of Customer Education

Don’t limit yourself to product-related communications; plan to educate your customers in other related topics such as increasing productivity or workflows using the product, in addition to other tricks to make them successful in their daily lives. Take the opportunity to explain premium features, helpful integrations that might aid them, and ways to expand the way they use the product. Your customer came onboard with your software for a reason, and you should know what that reason was. Your goal, even after onboarding, is to hit the ‘aha’ moment as quickly as possible, by reducing time-to-value. At first, some hand-holding is necessary, but after they graduate from onboarding and step into the adoption phase, customer education allows you to let go, giving them more space for independent decision-making.

Develop a Regular Engagement Cadence

While it is important to provide on-demand resources that the customer can learn from, a lot of customers expect some personal, proactive, and tailored engagement on top of self-service options. Be mindful of the level of touch your customers get used to during onboarding and ease the transition so they don’t feel overwhelmed as soon as onboarding ends. Make it clear to the customer how to reach you, why, and set expectations for response time. If the customer transitions from an Onboarding Specialist to a Customer Success Manager, make that handoff clear to them so they don’t go back to emailing their first point of contact down the line.

Dedicate channels to Support, such as chat and social media, and associate other means of communication with Success. Finally, if you have the bandwidth to meet with customers one-on-one, you should set a clear cadence for calls, with an agenda, and set expectations on both ends. The meetings will allow you to drive adoption well after onboarding while building a strong relationship and encouraging advocacy. These meetings are a good place to highlight strengths and achievements while giving you a window to address bumps on the road.

Key Takeaways

The key to successful adoption is to work with a structure.

During onboarding, the customer is expecting the high cognitive load associated with launching a new product. However, after onboarding, overloading them with too much information at once won’t make for effective engagement. Develop a structure that flows nicely from onboarding, sustains the work that has already been put it, while building on top of it. Whether that’s in person or automated, design a cadence that will drive adoption and allows you to proactively step in when it goes off the tracks.

07 Jun 16:01

How to Be More Effective on LinkedIn

by Alice Heiman

There are more than 467 million members on LinkedIn. Are you and your sales team?

I would hope so! Social selling is critical for the modern seller. Social selling provides new opportunities for salespeople to break through all the noise out there and connect with their ideal customers. 90% of top decision-makers say they never respond to cold calls. But, 76% of buyers are ready to have a conversation on social media (Hootsuite).

Many of the salespeople who are on LinkedIn are not using it right or are not using it to its full capabilities. That’s why, when I had the opportunity to speak with one of the nations leading experts on social selling through LinkedIn, Brynne Tillman, Co-Founder and Chief Learning Officer at Vengreso, I took it!


Alice:

What is the biggest mistake salespeople make on LinkedIn?

Brynne:

There are a few – but the biggest mistake is to connect and forget. LinkedIn should be seen just like you would an in-person event. It’s networking with people not just profiles. When you connect and ignore your new connection it’s like showing up at a networking meeting, walking up to a person, handing them your business card and walking away. What good was that? Start a conversation, provide value and engage with all of your new connections.

Alice:

Our clients really struggle with writing a good summary, what tips can you give them?

Brynne:

Make the summary about them not you. Bring value to them, get them curious, teach them something and get them to want to learn more from you. I like to look at the summary almost like a blog post. I start with the challenge, add insights, talk about who and how you help and add a call to action so they know what to do now.

Alice:

What shouldn’t you put in your summary?

Brynne:

This is not an opportunity to pitch. Don’t focus on why they should hire you, rather focus on content that provides value and gets them to want to talk with you, because you provide value.

Alice:

What advice can you give to create a headline that gets people’s attention?

Brynne:

The job of the headline is to get folks to want to keep reading. So make sure you connect with your buyer and get them curious. Talk about who and how you help and lead them to learn more in your profile.

Alice:

What should people know about skills and endorsements in terms of developing credibility and findability?

Brynne:

This section was developed for recruiters to find candidates that have the skills they were looking for regarding a specific job. That said, the skills section is an SEO opportunity, so listing keywords and phrases that people will use when they are looking for your products and services is a smart way to use this section. There are 3 skills that are visible when someone is scanning your profile, choose the top skills that your buyers would resonate with. And, the more endorsements you have the better it looks and the higher you will come up in searches.

Alice:

What are your tips for growing your network, but growing it with the right connections?

Brynne:

Although there are many avenues to building a strong and trusted network, I am a big fan of growing my network in 3 ways:

1. Introductions for COIs (Centers of Influence) and clients

2. Connecting with people that are engaging on my content or that I find through engaging on other people’s content

3. Connecting with people that I speak with or meet offline

Alice:

Some people have thousands of connections, how do you achieve that? Is it important to have so many connections?

Brynne:

I think there is a fine balance between quality and quantity. The more you share content and engage, the more inbound connection requests you will receive. I don’t accept everyone into my network, but I do engage with everyone – ask them how they found me and then if they engage I will most-likely include them in my network.

Alice:

How do you leverage the network you have to reach the people you want to reach?

Brynne:

I share content and run targeted webinars and invite my network to join them. I try to consistently add value the best I can.

Alice:

As a sales leader, how can I help my salespeople be more effective on LinkedIn?

Brynne:

Teach them how to best brand themselves in a way that attracts, teaches and engages their buyers. Guide them to network with their new and existing connections, show them how to leverage their existing connections to gain access to buyers and help them to understand how to be a thought leader and subject matter expert on LinkedIn.


Are you ready to become an expert in social selling on LinkedIn? Sign up for Vengreso’s Social Selling Bootcamp to reach MORE buyers and GROW your sales pipeline!

The post How to Be More Effective on LinkedIn appeared first on Alice Heiman, LLC.

07 Jun 16:01

4 Ways AI Has Changed the Retail Industry in the Last Decade

by Valeryia Shchutskaya

The footprints of AI in retail can be found at every stage of customer experience. Let’s take a look at the most significant areas of AI that has reshaped the way we shop, manage supply chains and set product prices.

1. Recommendation engines and personalization solutions

Today, many of us can’t already imagine shopping without Amazon’s sophisticated recommendations, but it wasn’t always like this. Recommendation engines, also called real-time product targeting, were not widely used ten years ago.

However, today most e-commerce companies are tailoring product recommendations based on each customer’s unique interests, buying propensity, and past and current buying data and customer data.

The use of recommendation engines drives traffic, delivering relevant content at the right time to the right consumer. This increases customer engagement, converts sales, and increases average basket value, etc.

Apart from tailoring the customer experience, AI is also helping sales and marketing teams do their job better. Tools like Salesforce Einstein are helping sales teams to identify leads that are most likely to convert based on an array of data points across its database and the internet. For marketing teams, Salesforce Einstein is helping tailor content or products as well as the timing of when they are offered.

2. Computer Vision

Computer vision already has a lot of applications across different industries; however, in retail, this technology is entirely changing customer experience, both in-stores and online.

Amazon amazed the world when they opened an Amazon Go store where checkout stations and cashiers did not exist. In these stores customers can grab the items of their choice and exit the store without ever fetching their credit cards. Items are scanned, and customers are charged through their Amazon account with the use of computer vision, deep learning, and sensor fusion.

Computer vision is also making its way into traditional retail stores more and more. Via in-store cameras and artificial intelligence, companies can monitor how their products perform on the shelves and conduct analysis using machine learning to optimize product placement and promotion. A startup called Eversight that delivers similar services reports that promotions deployed based on their data analysis outperform traditional promotion by 10-25%.

In-store cameras and AI can also help retail stores better understand customer experience in physical stores.

Is this floor plan optimized? Do customers spend more time in one zone of the store than others? Where do they spend the most of time? Do these patterns correlate with the sales conversion data we gather from our POS system? All these questions can be answered with the usage of a camera and AI that analyses facial expressions and connects them to different human facial expressions and emotions.

The shopping experience will be revolutionized as well. Some predict that the camera will become a much bigger part of the buying process within the next 5-10 years. For example, customers will be able to buy shoes by photographing their feet to be 3D mapped for a custom fit, and goods in stores will be paid for with little more than selfies thanks to facial recognition.

3. Supply chain optimization

AI has been implemented across many stages of a supply chain. It includes efficient inventory management, autonomous replenishment systems, determining optimal distribution routes and allocations, etc.

AI has especially been useful for omnichannel retail where inventory management can be particularly hard. One leading footwear retailer implemented a system that links inventory across all sales points and determines where the order should be shipped from – a store or a central warehouse.

The system works the following way. When an order is placed, the system identifies a store that has the product in stock and has the lowest chances of selling it at full price before the end of the season. The extra cost of shipping the order from the store is compared against the average markdown. The product is shipped from the location that results in biggest profit.

AI also helps with manufacturing of products. A new industrial revolution has created smart factories where robotics together with AI are driving the majority of the manufacturing. Workers no longer need to operate the machines. Everything is done through computer software that can initiate production based on forecasting data, detect a malfunction before it happens, and optimize the settings on the machines to use the least amount of raw material to get the best quality products.

By far the biggest task in supply chain management is supply chain planning. The game of forecasting customer demand is the driving force of profit in all supply chains. Customer preferences and thereby demand for products depends on an array of factors that are represented in big data sets that only machine learning algorithms can interpret.

For example, Otto, a German e-commerce startup, uses a deep-learning algorithm to process an incredible amount of data to predict what and when customers are going to buy. By analyzing factors like price, shipping times, number of shipments per order, and many others, Otto has had a 90% accuracy about sales made within 30 days after the initial analysis.

4. Dynamic pricing

Pricing in many industries (airlines, rental car companies, hotels etc.) can be complicated because multiple factors can affect the price. Still, many companies have been relying on an age-old formula involving only cost of acquisition and a static profit margin.

Dynamic pricing is arguably a better pricing model because it is based on an analysis of factors that truly influence prices. Factors that are typically taken into consideration with dynamic pricing: competitors’ prices, consumer behavior, shopping periods (both long term and short term), customer information and customer price perception (big impact on the profit margin). Furthermore, with the help of machine learning, prices are systematically updated to reflect any change in the conditions.

The main benefit of adopting dynamic pricing, is the ability to offer the optimal price at the right time to the right customer, with the objective of maximizing sales conversion and margins. However, in order to get valuable results from dynamic pricing it is important to take into account the following factors: (1) enough quality data, and (2) a custom algorithm that suits your particular business model.

07 Jun 16:00

3 of the Best Demand Generation Tactics to Scale Pipeline Fast

by Triniti Burton

Mediamodifier / Pixabay

If your marketing charter is anything like ours, you’ve got some massive goals ahead of you. Your team is likely tasked with engaging the right decision-makers at target accounts, generating a specific number of opportunities and impacting a defined revenue goal. But what do you do when you face challenges hitting your mile marker targets for marketing-qualified and sales-qualified leads (MQLs and SQLs)?

When expectations are steep and time is short, it’s important to leverage the best performing demand generation tactics that can reach qualified audiences at scale and gain traction quickly.

Because let’s face it… influencer marketing is the long-game and creating premium webinars takes a lot of resources. So even though they may be some of your highest-converting demand generation strategies, they can’t be your go-to tools when you’ve only got a quarter to generate full-funnel demand.

You need digital campaigns that you can get to market quickly and scale based on budget.

Easy-to-Launch Demand Generation Tactics

Regardless of the sense of urgency, there are plenty of tactics you definitely shouldn’t turn to simply because you’re under pressure:

  1. Don’t buy a cold list for email marketing campaigns.
  2. Don’t inflate your pipeline with leads who aren’t ready for sales.
  3. Don’t weaken your targeting parameters to generate quantity over quality.

In other words, you can’t get so desperate to scale that you’re willing to put just anything into your database.

So, what should you do?

The solution is to increase your investment in key paid demand generation tactics (to drive scale), while homing in on the right audience through specific targeting parameters (to ensure quality). We find the following three demand gen channels can generate qualified pipeline quickly when approached with a quality-first mindset.

3 Demand Generation Tactics You Can Scale Quickly

1. Content Syndication

Content syndication can be a powerful channel to reach niche audiences, but it requires the right content, partners and clearly defined targeting parameters. However, chances are, generating more demand via this channel will require you to think beyond your current publishers and lead providers.

Unfortunately, identifying new partners can be exhaustive and risky. To scale volume efficiently, you may want to consider turning to a data marketplace that can connect with with new qualified data sources. Integrate Data Marketplace, for example, is an access point to more than 300 vetted third-party media partners who collectively engage hundreds of millions of B2B prospects.

With access to more lead- and data-sources, B2B marketing organizations can better engage and convert the right prospects into actionable, opt-in leads.

2. Paid Social Marketing

Paid social marketing is another channel that you can tap into to generate marketing-qualified leads in a short amount of time. The specific social platforms you should consider largely depends on your budget, buyer personas and target outcomes.

From the standpoints of user demographics, engagement and return on investment, LinkedIn is likely the smartest go-to for generating qualified leads and increasing traffic to your website and landing pages. In fact, 80% of B2B leads come from LinkedIn, according to the social media network’s own data. Additionally, nearly half of all social media traffic to B2B websites is from LinkedIn.

Twitter and Facebook may not be B2B marketers’ first choice for paid social promotion, but these networks shouldn’t be outside the realm of consideration. They may be the right way to increase short-notice demand. Social Insider highlights remarkable examples of B2B Facebook marketing among brands such as Cisco WebEx, Oracle, Kalibrr, and Canon.

3. Display and Programmatic Advertising

The 2018 B2B Advertising & Marketing Outlook report, sponsored by Dun & Bradstreet, revealed that 63% of B2B marketers are investing in programmatic advertising and 64% of them projected to increase budgets this year. So your peers at large seem to agree this channel is a good bet.

Just keep in mind that increasing your budget only makes sense if your current display strategy is effective. However, if this channel isn’t quite up to par when it comes to performance, using it to generate more qualified pipeline is more complicated than just running more placements.

When programmatic and display advertising aren’t yielding the right prospects, the issue isn’t budget; chances are it’s targeting criteria, data quality or possibly even content. There are a few tactics to consider that may have a positive impact on your display-driven pipeline:

  • Incorporate an account-based approach into your programmatic strategy.
  • For conversion-focused campaigns, make sure you’re validating the data before it goes into your database.
  • Test multiple asset sets to identify what resonates most with your audience.

If however your current programmatic campaigns are on point, engaging the right audiences who continue to move down funnel, then crank up the volume so you can reach those quarterly metrics.

We know that balancing quality and quanity is hard. While the transition can have definitive growing pains, there are solutions which can help B2B marketing and sales organizations meet their success metrics even when time is short.

How do the most highly effective B2B marketers generate demand, when expectations are high and timelines are short? Download your copy of the free eBook and get 155 Tips & Tactics from Demand Marketing’s Top 40 Game Changers today.

07 Jun 16:00

How to Turn Sales Pilots into Smokin' Deals

by Sean Higgins

Navigating a pilot can be the difference between winning and losing in sales. Whether you target the Fortune 500 or are simply trying to secure your first 10 customers, pilots can open the door for future deals. A pilot project is a small-scale test designed to look at feasibility, cost, and the ROI of a product or service.

Companies love pilots because they enable them to try multiple projects and see which ones move the needle for the business. They also help companies explore new technology in a low-risk manner without much commitment. As a sales leader, your team needs to know how to land pilots and turn your pilots into actual deals.

Securing a Pilot

The first question you need to ask yourself when looking at a pilot opportunity is “Does the pilot actually make sense here?” Here are a few characteristics of a deal with pilot potential:

  • A Fixed timeline: You’re able to provide the benefit over a small period of time and then turn it off. This works with many software projects or with small scope service projects. Delivering a product or solution over a short amount of time makes it easier to leave the customer wanting more post-project.
  • Unclear ROI: If the customer has expressed interest but is unsure about the exact benefit the offering will provide (common with newer products and markets). Here, the pilot is an opportunity to prove the value to the customer while winning a small deal in the process.
  • Budget constraints: The customer likes the offering but doesn’t have enough money in the budget to acquire the entire thing. Be careful here. Just how new sales reps like to drop price immediately on a tough phone call, sometimes lowering the deal scope on a pilot can be a crutch to avoid that awkward silence on a call.
  • Feature restrictions: Making sure the pilot is actually different than the real offering. You wouldn’t give away a car every time someone asked for a test drive, so why give away your entire product? If you can’t limit the scope of your offering, a pilot will rarely make sense for your team.

Once you meet the criteria above, you’re in good territory positioning your offer as a pilot. One last word of warning for securing a pilot: Don’t give away your pilot for free. If it requires a salesperson’s time to set it up, getting a nominal fee will ensure your contact can get budget when the actual contract comes up for negotiation.

If you’re still acquiring your first handful of customers, pilots can be a great way to get more exposure in the market. When pitching pilots directly, it’s a good idea to connect with a company’s innovation department. They’re often a key stakeholder when running new tests and -- in some cases -- provide budgetary support to other business units.

Turning Your Pilot into a Lucrative Deal

There are several components of successfully turning a pilot into a deal. Generally, you’ll need to show either clear usage metrics and/or a clear ROI post-pilot. Examples of usage metrics are as follows:

  • How many people logged in during the pilot?
  • How many active users did you have?
  • How many value-add activities did those folks perform?
  • How can you translate these figures into actual value for the company?

If you have a software, service, or product that influences top-line revenue, the ROI process is pretty simple:

  1. How many new leads did you generate over the pilot?
  2. What is the estimated close rate and the overall contract value?

That’s how much revenue the pilot generated. Now, what if you could run that year-round? How much would you expect to make in top line? Showing the benefit -- and how greatly it outweighs the cost -- can help you make a clear ROI pitch to your stakeholders.

If, on the other hand, you influence a cost center (support, development, accounting, etc.) you’ll want to show one of the following:

  1. Cost savings over what the client was using before for your solution.
  2. Time savings that translates into even greater value.

Point one is straightforward if your prospect is paying, for example, $10,000/month for accounting software and your pilot provided the same capabilities for $500/month. That’s clearly a massive savings.

With the second criteria, however, you need to save time and show how that time can be repurposed effectively. Saving five minutes at the end of each meeting doesn’t help the company, if that time is spent unproductively.

With these ideas in mind, start your pilot by asking your prospect what success looks like -- and working backward from there. Build the case for your ROI every week or month the pilot is running, and you’ll be able to show more than a data point. You’ll have a line of all the value generated over the life of the pilot. This reduces purchase risks for your customer and earns you revenue in the process.

So, go ahead, get your product into the hands of more customers with a pilot program and see the results pile up in your bank account.

HubSpot Free Sales Training

06 Jun 15:52

Here are 5 Simple Steps to Make Sales Training Stick

by george@membrain.com (George Brontén)

U.S. companies spent $90.6 billion on training in 2017*. Of that, about $20 billion was spent on sales-specific training, representing an average expenditure of about $5000 per representative per year*.

06 Jun 15:51

Needs Assessment and Qualification Are Not the Same Thing

by deb.calvert@peoplefirstps.com (Deb Calvert)

I've noticed that there’s an increasingly blurred line between the discovery process and the buyer qualification process. Discovery, also known as needs assessment or needs analysis, is meant to be about the buyer’s primary needs. By contrast, qualifying questions are about the buyer’s needs for you and your product plus their ability to buy at this time.

06 Jun 15:45

How Working in B2B Sales Has Influenced My Work in ABM Marketing

by Catherine Kervick

sales vs. marketing in ABM

After I graduated from college, I landed an entry level sales position at a boutique information security firm. The first ten months consisted of making at least seventy-five cold calls a day. I learned how to create rapport, overcome objections, manage a pipeline and, most importantly, provide value and the best customer experience possible to my prospects.

A few years later, I joined Evergage where I had the opportunity to apply my sales development skills as a business development rep before transitioning to marketing in an account-based marketing (ABM) role. I hesitated — my experience was in sales after all! I knew how marketing operated, but I didn’t know how to do marketing! Would my skills transfer to this type of role? My manager believed it absolutely would, so I left the sales team to join the marketing team at Evergage.

Many people ask me, what is it like to be in sales vs. marketing? Everyone’s experience is unique, but after a full year in ABM, here are my general takeaways and my tips for how marketers can work well with their sales team members.

Sales and marketing are different, but they’re actually more similar than I thought

The thing that surprised me the most was how similar each department is. I always thought of sales and marketing as binary alternatives, but once I transitioned to marketing, I realized that it wasn’t just sales OR marketing but sales AND marketing. It wasn’t until I was in marketing that I truly realized how intertwined both departments are. Many people see the difference in the culture of the marketing and sales departments (that’s definitely true) and make assumptions about how different they are, but each department shares similar objectives.

For example, many of the goals of sales and marketing are similar. If you were in sales and you were to look at pipeline generated, you might drill into how many cold meetings the business development reps (BDRs) have set and what the value of those opportunities are; whereas in marketing, you might drill into what personalization campaigns and channels generated marketing-sourced pipeline. The day-to-day of each role is fundamentally different, but, ultimately, both are trying to achieve the same objective.

Sales and marketing both value personalized experiences

Both sales and marketing teams understand the importance of delivering personalized experiences. Sales teams are accustomed to tailoring their sales pitches to prospects to speak their language and find the pain points that will resonate most with each one. And our BDR team, in particular, is adept at personalizing their prospecting efforts to each company to really cut through the noise and land a meeting.

The marketing team, meanwhile, wants to ensure that our website experience and marketing emails are as tailored as possible to each prospect or customer. We recognize that a one-size-fits-all approach will not work and that each person that visits our site has his or her own interests and goals.

Since both sales and marketing are interested in attracting the right prospects, effectively communicating the value of Evergage, and delivering a good experience, both take an account-based approach, and personalization is the key.

Tips for working with sales as a personalization professional

Because I have worked in sales, I understand what the sales team is looking for in a personalization campaign. If you are trying to create alignment but are having a hard time understanding why the sales team is resisting, here are some things to think about:

What is the goal of the personalization program?

This might seem obvious, but it is important. If you have goals for your personalization program (which you should!) but they don’t overlap with the sales team’s goal(s) or you can’t properly explain how the program will help them, they will be resistant. Communicate what your goals are and see if they agree! If they don’t, work with them to understand how you can get them on board or adjust the program for better alignment. The stronger your understanding of how each team operates in order to achieve a common goal, the stronger your alignment will be.

For example, if you know that your BDR team uses a sales automation tool for their prospecting efforts, you know that they are able to schedule emails to be sent. Let’s say, in this instance, that your campaign goal is to generate a certain number of net new meetings. In order to help the BDR team (from an efficiency standpoint), you might create an outbound calendar that they can refer to. This way, they are able to see which touches (both sales and marketing) occur when, and work to make sure that each of their personalized emails is set for the right date. This has the added benefit of holding everyone accountable for their participation. The best part is, as the campaign rolls on, marketing can take on additional activities to help drive certain individuals to take the meeting, and vice versa.

If I were in your position, what would I want/need?

Empathy is key. Everyone is working hard, but to be on the same page, you can’t be entirely self-interested. Anticipating what sales might ask for is a great way to start off on the right foot for any campaign collaboration and overcome any potential objections they may have.

If you are running an ABM outbound program in collaboration with your BDRs and you don’t know where to start, a great question to ask yourself is: what can I share with the BDRs that might help them get a response from a prospect? So, whether it’s building account-specific website experiences that the BDRs can share via unique URLs to each prospect, or sending a direct mail component that includes a handwritten note from the account’s designated BDR, you want to be sure that you’re not just focused on what you’re doing, but what everyone else is doing as well. Putting yourself in their shoes and thinking about what they’d potentially want or need is a great way of generating new, creative ideas to help engage prospects across programs and channels, outside of what you are already doing.

Conclusion

While being in marketing is different than being in sales, there are many areas where marketers and salespeople are similar and share common objectives. Both departments are trying to provide the best experience possible to their prospects — whether it’s through marketing campaigns or onsite sales presentations or demos. There is no denying that the process is different, but each team is working towards a common goal — that is, demonstrating the value of the company and its products and services. Though both teams are measured against different day-to-day activities and metrics, marketing has a vested interest in strengthening the relationship with sales, and vice versa.

Instead of focusing on what makes marketing and sales different, focus on what makes you similar and you will certainly see success!

06 Jun 15:41

3 Simple Ways to Get Started with Action-Based Email Automation

by Jill Fanslau

action-based automation

A few weeks ago, I polled more than 2,500 of our subscribers to find out if they were using automation tools in their email marketing. Sixty-two percent said, "nope." That got me wondering, “Why the heck not?” After all, automation can increase leads, conversions, and revenue, and it can save you time. The stats prove it: Automated email messages average 70.5% higher open rates and 152% higher click-through rates than other marketing messages, according to Epsilon Email Institute. So I did some digging. Turns out, most people told me email automation is overwhelming and they're not sure where to get started. But it’s actually pretty easy to get started with email automation . . .

What is email automation?

Simply put, email automation is when you set up a series of emails to send automatically to subscribers at a specific time. With it, you can connect with a person at every stage of their buyer journey (a.k.a. the marketing funnel) — from lead to customer to brand advocate. You can build a relationship with an individual over the long term. And the best part? It runs on autopilot, creating connections and increasing revenue while you work on other aspects of your business. You can set up a single series automation — where a person subscribes to your list and is automatically sent email 1, then email 2, then email 3, etc. in a sequence. Or you can set up a series with action-based automation.

What is action-based automation?

I like to think of action-based automation as letting your subscribers “choose their own adventure” as they’re taken through your email sequence. Instead of automatically sending everyone on your list the same series (email 1, email 2, email 3, etc.), each individual subscriber gets to pick which emails they’re sent through various actions they take. While it’s more advanced than a single automation series, action-based automation can skyrocket engagement and sales. That's because you are able to target segments of our audience with the exact content they needed. It's an amazing feeling when you can put a solution right in the hands of your subscribers. So how do you implement action-based automation?

3 ways to get started with action-based automation

when subscribers sign up for your list

Subscribers can receive different automation series based off the selections they make on your sign up form. For instance, you could let the subscriber choose if they want to hear from you weekly, monthly, or bimonthly. We did frequency-based preferences for our most recent action-based automation campaign, and we saw a 47% increase in open rates and a 150% increase in click-through rates. Check it out below. You can see a dropdown menu. The subscriber chooses how often they receive our emails. They're in control of the frequency. email sign up form Here’s another example: A personal trainer asks his subscriber to choose her level of strength training — beginner, intermediate, or advanced — on his sign up form. Once the subscriber makes her selection, she’s instantly dropped into an automated series that aligns with her training experience. The language and work out tips in each message are tailored to her personal workout level. For instance, a beginner subscriber who is new to strength training may receive fundamental tips like how many reps are best for building muscle, how much they should rest between sets, or which shoes they should wear while lifting. Whereas an intermediate may get an email series that focuses on variations of standard strength exercises to challenge their muscles in an all-new way or mobility movements to keep their joints healthy between lifting sessions. And an advanced subscriber may learn the ins-and-outs of a cutting-edge technique called Blood Flow Restriction training to shock the muscles into new growth. If each flow is tailored to a person’s level, you can send them more personalized messaging to promote your product as opposed to a one-size-fits-all plan like a single automated series that's sent to everyone on your list. After all, it's tough to write to an entire crowd. By accommodating everyone, you're not catering to anyone. Think about it: an advanced strength trainer would be bored to death with beginner content. And a beginner would be overwhelmed with advanced techniques. That's why action-based automation can help you send content appropriate for each group. Pro tip: Your email marketing platform will launch your automated campaign based off tages or custom fields determined by your sign up form. That means you should stay away from fill-in-the-blank responses. Instead, go with pre-populated field that your subscribers can choose from. (It’s easy to create a sign up dropdown menu in an ESP like AWeber, or there are many signup form platforms that integrate with your ESP. Some options are OptinMonster or Privy. No website? Here's how to create a hosted sign up form in less than 5 minutes.)

when a subscriber clicks a link in your email

Action is often an indicator of interest. That’s why we recommend sending segmented, highly-targeted content to subscribers who open your message and/or clicked on a link within that message. ESPs have different names for these features, but within AWeber’s platform, we call them Open and Click Automations. Here’s how Click Automations work: Let’s say you have a food blog and your primary source of revenue is your digital meal plan. With Click Automations, you can tag subscribers with “gluten-free” or “vegetarian,” based on the links they click in the first email you send — your Welcome email . You can then use these tagged segments to deliver one-time, targeted broadcast emails or even launch contextual automation series by these tags. So what happens after a subscriber clicks? If the subscriber clicks “gluten-free,” your ESP will "tag" or label them as such. This will redirect them to a relevant landing page. (For example, it could be a page that explains you’ve updated their subscription preferences or a page that contains content about gluten-free restaurants.) Now that the subscriber is tagged in your ESP, you can automatically deliver an email series just about gluten-free foods to only that tagged segment, and pitch them relevant gluten-free meal plans.

Many times, you’ll plan to send all of your subscribers the same welcome series. By sending the same content, you can educate your prospects on a specific topic or the value of your services and products. Not all subscribers are ready to be segmented from the first email.

If you do that, you can implement Click Automations at the end of the course or sequence of emails. Rather than present your audience with a dead-end, use Click Automations to let subscribers self-select their next step in their customer journey. By presenting options, your audience can choose their own adventure, and enter into a new campaign that meets their needs. 

when subscribers open (or don't open) your email

Tracking who opens your emails can help you optimize your campaign. You can send your subscribers reminders to check certain messages if they still haven’t opened it. Or you can remind them that they should take advantage of specific offers within a message. Or you can use the data to see where people fall off from one email to the next. For instance, if you have fantastic open rates for emails 1 through 3 of your 5-email automated series, but you get a sudden decrease in email 4, you may want to experiment with your subject line. Make your reader want to open it! We've also seen customers take advantage of open rates when they are emailing a course. If they have 6 lessons in total, they may send reminders to a cohort of customers who haven't opened a specific lesson. They may also send a followup email to a cohort who have opened a specific lesson. For instance, a followup email may say: "Hey! Checking in. I see you finished lesson 2. Can I answer any questions? Did you find any portion of the lesson challenging?" It's a fantastic way to gather feedback throughout the course. It’s also important to know who is not opening or clicking your emails. A smaller list of engaged subscribers — people who actively read and interact with your content — are more valuable than a larger list of subscribers who never open your content. In fact, lists with numerous inactive email addresses typically have higher rates of bounces, spam complaints and unsubscribes than ones that don’t. So delete, delete, delete! When you continue to send emails to people who don’t open them, internet service providers — like Gmail, Hotmail, and Yahoo! — penalize you. Do this often enough, and your emails may consistently end up in their spam folders, which decreases deliverability to people who actually want to read your content. That’s why we recommend purging your list every 6 months. In order to do this, you’ll want to search in your ESP for subscribers who have not opened your emails in the last year. Then, you’ll ask a segment of subscribers if they're still interested in hearing from you. We like to call this a “win back” email. Fourteen percent of subscribers who receive win-back emails open them, according to a survey conducted by ReturnPath, an email deliverability company. That number jumps up to 45 percent for subsequent messages. If they don’t want to hear from you anymore? That’s OK. Remember, in your pursuit of providing relevant content to your audience, getting an unsubscribe is far less damaging to your deliverability than receiving a spam complaint. So it’s important to purge your list every so often to make sure your subscribers are still interested in your content.

Put action-based automation into action!

Give it a shot. Use one of these 3 techniques to segment your audience so you can send highly-targeted, highly-relevant content to your subscribers. This will help you treat your subscribers as individuals — not a nameless, faceless list. In the long run, you'll see engagement and sales increase, and you'll create a base of fans who can't wait to read your messages. Need help with one of these techniques, or have a question about email automation? Call AWeber's Customer Solutions team. They're the best. Seriously. They won two Stevie Awards in 2017 (a.k.a. the Oscars of the customer service industry). They can help you out with any aspect of your email marketing. Not an AWeber customer? Join our tribe! We'd love for you to try our easy-to-use automation platform for $0. Start your 30-day FREE trial today!

The post 3 Simple Ways to Get Started with Action-Based Email Automation appeared first on Email Marketing Tips.

06 Jun 15:41

Don’t Neglect Your Customers During a Merger

by Dan Kiely
jun18_6_521812435
HBR Staff/Chris Ryan/Getty Images

When companies merge, customer experience (CX) is often overlooked — yet it’s arguably one of the most important aspects of any company. In fact, according to Gartner research, tomorrow’s companies are expected to compete primarily on customer experience.

I just took my company through an acquisition and found that even the smallest operational change can have a significant negative impact on both employees and customers. While keeping CX top of mind throughout the whole M&A process is challenging, the benefits are undeniable: It keeps your most coveted customers and your team intact.

Maintaining quality customer experience, we found, requires a mix of expert individuals and operational processes. Here are some of the best practices we learned:

Separate the M&A process from normal business operations. It’s easy to get caught up in the logistics of trying to integrate two organizations. After all, during a merger, that’s where all the action is. But if leadership allows itself to get distracted, the base business can quickly suffer.

In many cases, integration efforts can take up so much time, energy, and attention that managers and employees are distracted from their day-to-day roles. All too often, poorly managed systems migrations — or uncoordinated actions — can lead to miscommunications with customers. Our own focus throughout the integration process was to keep customer needs at the forefront of our decision making and actions. We did this by making sure communication and clarity were a high priority with our teams, to ensure there was no information vacuum consumed with gossip. In more practical terms, the CEO of business operations managed operational integration discussions, which allowed the COO to focus on delivering excellent service for our client partners.

Insight Center

Change can make customers uneasy, and they will be keenly focused on how the new relationship impacts them. They will also likely be hypersensitive to every process change. By consistently and effectively communicating the benefits and management of the new, combined organization, you’ll keep your customers happy and ensure quality. It’s also important to explain the changes that would have happened anyway — for example, process improvements, strategic shifts in the market, and realignment of structures — regardless of what is happening due to the integration process.

Create a dedicated deal team. A deal team is made up of professionals covering all aspects of the integration, including experts from business operations, legal, tech, and finance. Creating a separate, dedicated team to focus on M&A issues will ensure the process does not impinge on day-to-day business. Employees throughout the company can be pulled in on an as-needed basis but are otherwise free to focus on providing exceptional customer service.

Implement structures that are focused on keeping the customer experience at 100%. Research from Salesforce tells us that 75% of people expect a consistent experience wherever they engage with brands — whether through social media, mobile apps, or even in-person. Managers need to understand how CX models will be integrated during a merger, and keep a close eye on how changes may impact the customer experience. One common mistake companies make is waiting too long to put new organizational structures and leadership in place, causing talented executives to leave for greener pastures, and customers to switch to a competing brand.

Establish and standardize processes early so that everything that made you successful originally has the best chance of being repeated in the new company. Deloitte says the consumer’s decision to buy a product or service is impacted by their overall enjoyment of their experience. During our own merger, I knew that the most important structure I needed to retain and support throughout the integration was getting both operations and CX processes right. We did this by defining what was transactional in our customer experience and what was adding value to the brand. For example, we focused on the high-value-add elements of our customer experience, which included the operational framework we dubbed BCX (Beautiful Customer Experience), partner success relationship management processes, and high-complexity customer contacts. The more transactional elements of our service, which were less aligned to the core value proposition and therefore prioritized less highly, included financial back office, data analysis, and IT services.

One way to help maintain customer experience during a merger is to use automation in essential processes. Be smart with automated email correspondence with customers by communicating what they need to know and how it impacts their relationship with your brand. But don’t overdo it — they don’t need to know every detail of the integration. You can also use CX bots to host customers through routine experiences. This helps to free up valuable people for more-critical CX engagement. In doing so, you’ll stand a much better chance of making valuable customers feel loved.

Don’t neglect your culture. Every organization has its own set of cultural norms, values, and assumptions that govern how people conduct themselves and act with one another. One of the biggest challenges of most acquisitions or mergers is figuring out what to do about the combined company culture. Typically, the acquirer wants to maintain its own culture, which underpins the strategy. Sometimes the acquirer hopes to infuse the target company’s culture into its own. During the M&A process and negotiations, it is important to think of the cultural elements that are essential to the business’s substance. Throughout the negotiations, having a discussion about which cultural elements will be core in the new company will help simplify the later integration process and the effectiveness of post-deal delivery. Whatever the situation, commit to the culture you want to see emerge from the integration, talk about it, and put it into practice. Then executives from the CEO on down need to manage the culture actively.

A study by The Economist and Genesys suggests that in companies where the CEO or another high-level executive oversees CX initiatives, the wider company is more likely to believe in the strategy. Consequently, the company is more likely to be profitable. For us, that meant creating an organizational structure and decision-making principles that were consistent with our desired culture. As the leader, I took every opportunity to be the role model for the desired culture, and we’re now stronger than ever.

Constant, consistent communication is essential during mergers and acquisitions. Provide clarity so that your team understands what’s happening. The change that inevitably happens can lead to uncertainty for many people, so managing change — for both internal teams and external customers — needs to be the CEO’s number one priority.

Regardless of the motivation behind the merger, companies who keep the customer experience at the forefront during the entire process will not only keep current customers but also set the company up for future success.

06 Jun 15:41

Link Outreach Emails: The Right and Wrong Approach

by Ryan Shelley

If you create content on any level, there’s a good chance that you’ve received an email from someone asking for you to add one of their links to your site. This is a very popular backlinking tactic that when done well, can benefit both parties. But, these tactics have also been badly abused. The goal of this post is to give you some insight into this link building approach as well as some ways to tell if the persona reaching out is someone you want to engage with.

When it comes to getting eyes on your content, there is a lot more you need to do than simply post blogs. Sure, blogging is important, but you also need to share your content, promote your content and yes, build or earn links to your content.

While there are a number of ways to build links, one popular way is email outreach. This avenue grew to even higher levels of popularity with the growth of Brian Dean’s “Skyscraper Method.” Here is a brief overview of the process.

Step 1: Pick a Keyword to Target

Step 2: Create Better Content

Step 3: Get High-Quality Links Through an Email Outreach Campaign

While in theory, this strategy is a good idea and can work well in a number of niches, it’s not a full-proof one. In fact, there are a lot of people who have invested a lot of time and energy trying to execute this without much success. The key to any SEO or digital strategy is to learn from others and adapt ideas to fit your unique needs and strengths.

Now, I want to make one thing clear. Email outreach for link building can be very effective when done properly. Unfortunately, many people on the web just scrape ideas and run with them without putting much thought or empathy behind them.

So, let’s look at a few examples both good and not so good backlink outreach emails.

The Bad

Let’s start with looking at a few of the most common things I see in bad link outreach emails.

Email #1 Seriously? You Want a Link Where?

This first email is so obvious that they didn’t read my site or take the time to ensure that the automated tool they were using even pulled a relevant link. Notice the “post” they want me to add a link to. It’s not a post, but my blogs RSS feed.

If you are going to send an email asking for a link, make sure you actually take time to see that the page your asking for a link on is relevant to your request. This went straight into my spam folder.

(Side note: I have seen this exact same email template at least 1000 times)

Email #2: No Connection

While this second email is about guest posting (which they’ll add a link to their site for sure), it still is poorly executed. The email itself isn’t the problem, it’s the context. The blog they are referring to has nothing to do with them vertically. Sure, the customer loyalty part is connected, but our blog is focused on marketing and digital services, not POS systems.

Links should make sense on a number of levels. Just because we are talking about a similar topic, doesn’t mean it’s a good fit. When reaching out to sites that you believe you can add value to, make sure that they not only fit contextually but thematically and vertically. It doesn’t have to be the same industry, but it should be naturally related.

This next email isn’t terrible, but it lacks a few things that made me decide to ignore and trash.

Email #3 So Close

As you can see, they were polite, suggested a link that made sense and made a nice ask. Where I thought this email fell short was the “why”. Why should I link to your site? Who are you with and what makes you credible? These are very important questions to know the answers to before ever adding a link to your content. If they would have taken time to introduce themselves and build credibility, I may have engaged in a conversation.

The Good

The two emails below aren’t perfect, but they were good enough to get me to stop and read. While I didn’t add their link, I was at least intrigued enough to see what they had to say and respect their viewpoint.

Email #4 Law of Reciprocity

What I liked about this one was the individual established credibility up front. While title dropping doesn’t always work, knowing this person was hiring up on the totem pole let me know I could possibly engage in co-marketing with them.

They also took time to find a contextually appropriate link and make a nice ask. But what makes this great is that they offer to promote my content as well. When asking for something, always be willing to give something. The law of reciprocity works.

Email #5: Out Reach Done Right

This email has a lot of the same wins as the one above, but they take it to another level. They show that they at least looked at our post by calling out our author. This is huge. If you want a “link” from someone you should at least have the decency to read their content.

They even take the time to acknowledge they are emailing me “cold.” Mad respect for this move, because they show empathy.

Lastly, not only do they tell me they will share our content, they tell me where they want to promote it. Transparency builds trust!

Best Practices

Link outreach can work if it’s done right. It’s also very time consuming and you usually don’t get a huge response so be ready for a lot of rejection. With that being said, you can increase your chances if you do the following:

  • Be transparent: They know you want a link so don’t beat around the bush
  • Tell them who you are: Share your title or position if relevant
  • Empathize: If you’re cold-emailing them, acknowledge that and let them know you understand the feeling
  • Be Relevant: Don’t spam any email you find. Only connect with relevant sites and niches.
  • Reciprocate: Let them know you are willing to share the love and help them out as well.

Conclusion

Email is a powerful tool for creating and connecting relationships. But it can also be a huge pain when you receive hundreds of spammy requests. I have used this technique to earn links and build relationships with other marketers. I’ve also had to block a ton of people. If you choose to do email link outreach, take the time to do it right. Even if you don’t get the link, you may earn respect and that could lead to future opportunities.

06 Jun 15:41

4 Reasons to Change Your Business Model

by Choncé Maddox

Free-Photos / Pixabay

Changing your business model can be a tough decision to make, but it’s crucial for some business owners who are in it for the long run. Industries evolve and markets change. Not to mention, your goals and values as an entrepreneur will change over time as well.

In many cases, you’ll need to pivot and change your business model at least once or twice. Here are a few reasons why you might want to make the switch.

You’re Unable to Reach Enough Customers

While I say if it’s not broke don’t fix it, if it is broken, you need to figure out which changes you can make to fix it. If you feel like you haven’t been reaching your target audience for some time now, it’s time to switch things up.

Perhaps you are talking to the wrong customer, or the audience you intended on creating value for don’t really care that much about the problem you are trying to help them solve.

Alternatively, your issue could be not having a big enough target market to serve in order to grow and scale your business. Whatever the reason, you’re not getting enough customers to sustain your business and it’s probably affecting your profit and growth.

You need to consider changing your business model so that it can either be more appealing to your target audience or focus on an entirely new audience by reaching their pain points.

Your Intentions Aren’t Specific or Focused

When your intentions and goals aren’t specified, it’s easy to get lost in the shuffle. If you’re trying to serve everyone and your products and services become generalized and no longer unique or valuable.

It’s important to narrow down your focus and offerings and this often means changing your business model.

Start by cutting out what doesn’t or hasn’t been working and dedicate more time and energy to what has been successful.

The Industry Is Changing

Sometimes, external forces that you have no control over can affect your business. If the industry you work in is changing, this may prompt you to change your business model as well.

Online and technology-based industries are constantly changing which is why you must keep up with the curve and diversify your business.

The way you made the bulk of your income last year could be a declining trend this year. Or, you may find that your business has more competition now and needs to set a new trend to bring in customers. This could involve making moves like discontinuing a product line, adding a new product or service, or enhancing the value you can provide.

Your Business Isn’t Growing

Lack of business growth can be a huge reason to change your business model and head in another direction. Maybe you feel like you’ve hit a ceiling and can no longer move forward in your business.

If scaling is difficult or near impossible, your business will be unable to grow. In this case, you need to find ways to get your time back and explore more profitable niches.

Your business model should always have room for growth and expansion.

Summary

When you become an entrepreneur, realize that your business model doesn’t have to be set in stone and should probably change and evolve over time.

If something isn’t working or you’re not reaching your audience well enough, that should be a huge red flag that’s it’s time to pivot and change things.

Ask yourself if these 4 reasons could be prompting you to make a change.

06 Jun 15:40

A top tech dealmaker says that everyone's going to have to get used to giving up personal data — or the free internet will die

by Jay C. MacDonald, Digital Capital Advisors

unnamed 4

  • Jay C. MacDonald, CEO at the investment bank Digital Capital Advisors, says that consumers have had an awakening when it comes to how their data has been exploited for marketing online, thanks to Facebook's various scandals and GDPR.
  • He argues that if the ad business doesn't get better about explaining the tradeoff between some data collection and access to digital content and utility, the entire industry could suffer. 
  • "Make no mistake, real advertising, content and e-commerce revenue is at risk."
  • If regulators and industry leadership isn't careful, ad giants Google and Facebook will only become more dominant.

When news first broke of Cambridge Analytica’s harvesting of Facebook user data for political benefit, few could have imagined that just weeks later the CEO of one of the world’s most powerful companies would be on public trial.

The loosely veiled charge? Crimes against the Internet. Or as other’s call it, people-based marketing.

Even staunch industry insiders riling against Facebook’s market dominance have conceded that Facebook CEO Mark Zuckerberg did a fine job explaining how Facebook collects and manages user data; rightly recognizing their responsibility (and admitted, repeated failure) to keep users’ personal data safe while empowering people to better manage their personal information.

More work is desperately needed to ensure user rights are understood, enforced and respected, with the GDPR a powerful catalyst driving the agenda on a global scale. But with the #deletefacebook movement rapidly fading and Facebook recently delivering stellar earnings marked by continued user growth, it seems people, especially US users, have implicitly voted for utility over privacy.

Gauging how users respond to data privacy issues on both sides of the pond will be an important smoke signal for regulators and opens a fundamental debate over the price of ‘free’.

With the bright lights of both US and EU governments and regulators firmly shining on the Internet giants, Zuckerberg knows only too well that Facebook and its peers have an existential duty to make good their wrongs, in his case making moves to shore up their position - from the exclusion of 3rd party data in its Partner Categories ad offering, to limits on 3rd party API calls in Instagram and data access across its services.

These kinds of moves may actually serve to bolster the Walled Gardens’ dominant market positions in advertising. But how will consumers respond?

On the dawn of GDPR the ad industry is waking up to the severity of the situation; while users are waking up to countless email and pop up notifications asking them to opt back in. Make no mistake, real advertising, content and e-commerce revenue is at risk; highlighting the need for a more nuanced understanding of and discussion around user data, the consumer quid pro quo of advertising and its role in enabling a free and open Internet creating value for all market participants.

But we must forgive users for not being fully up to speed. It is here – the tradeoff between privacy and utility - that a bright spotlight must be shone if we are to create an informed and educated dialogue between digital publishers, walled gardens, marketers, tech vendors, consumers and regulators alike. The price of getting it wrong: a broken internet and dysfunctional global economy, and a lot less consumer facing innovation.

Since the dawn of advertising, attention has gone hand in hand with content. If consumers want content at an affordable (read free) price, then all they need do is give up a small fraction of their time and attention. There’s no doubting the increased relevance, quality and performance of well targeted digital advertising, making the consumer trade off and the price of ‘free’ more palatable.

Presuming of course consumers understand and willingly opt-in to a more targeted experience in return for something of value; whether that be content, offers, experiences, or utility. Save me time, save me money, delight me. 

minority report

So, where’s the disconnect? As digital ad dollars have increased, propped up by aggressive Walled Garden growth and a bullish cycle of VC and now PE investment, adtech’s and tech companies’ capacity to do smart stuff with data has grown exponentially. Now – and in the future as AI assistants, connected homes, TVs, cars and cities become the norm – there’s a real risk of abusing personal data for Minority Report-style corporate benefit.

For some this is welcome. For most, a dystopian, Orwellian nightmare – especially when you layer on the reality of cyber warfare, misinformation and fake news.

Yet, if we want personalized experiences, better products, and services, on our terms and at an affordable price, we need to be willing to give up some data. And that doesn’t mean throwing it over the fence. That means engaging in consensual, permissioned, at-will relationship with the companies and services we care about.

But there’s a lot of explicit education to be done. Looking forward it’s time for us to all better understand and choose our future; an untargeted, non-personal internet where publishers and content suffers (the ‘long tail’ Internet), a targeted, Walled Garden inspired Internet where we get more but trade our data, or an Apple/Netflix inspired premium Internet where money talks, not attention.

The reality is that for most, whether we like it or not, advertising (and the data behind it) is the fuel that powers an open, free and democratic Internet. It is now the job of governments and regulators to ensure they don’t hand over this future to all but a handful of walled gardens with ubiquitous logins and aggregated consent. That’s the type of open, ‘free’ Internet most of us can get behind and one Zuckerberg and his peers would benefit greatly from truly championing, for the benefit of them, and all.

Jay C. MacDonald is Managing Partner and CEO at Digital Capital Advisors, an investment banking firm which focuses on digital media companies.

Join the conversation about this story »

NOW WATCH: How to stop robocallers

06 Jun 15:39

4 Strategies to Help You Improve Your Company Sales

by Lilach Bullock

Are you thinking of changing up your sales strategies? Or maybe looking for more ways to help improve your sales? Technology and digital marketing practices help bring about many opportunities for salespeople, if only they are properly leveraged.

In this blog post, I’m going to share 4 useful sales strategies to help you improve your company sales.

Try value-based selling instead

What do you focus on when selling products or services? The features they bring, what benefits they have?

One other way to sell is to focus on the value your product/service brings to a specific client. Basically, you need to learn everything about their business, how it runs, what their needs are, and what their issues are so that you can then put together a tailor-made proposal that will show them how you can help them achieve their business objectives.

The big difference between focusing on value rather than benefits is that you’re effectively personalizing your sales pitch to specific needs – something that is happening more and more throughout marketing strategies too (like content marketing, email marketing and automation, website content, and so on).

Don’t forget about sales enablement

In order to grow sales, you need to invest in your salespeople. And that’s what sales enablement is: helping your sales team become more efficient and successful by giving them the tools and knowledge they need to improve their productivity. This can mean both the tools salespeople need for themselves to use internally, and also the resources they need for their conversations with prospects and the content they need for potential buyers.

But, while sales enablement sounds simple enough – providing your salespeople with the right information and tools – implementing it is not that straightforward as it can be different for everyone.

To help, you can use a sales enablement platform; for example, tools like MindTickle can help through every stage of the process, from onboarding and training to progress updating and measuring success. You can pretty much automate onboarding and coaching specifically for each salesperson’s role and measure results as you go along – and, also worth mentioning, all of this can be done on the go with mobile apps too, so your salespeople will be just as efficient while on the field too.

Another useful platform is Repsly, which is a sales CRM tool built with sales enablement in mind. Like MindTickle, there is a sales enablement mobile app as well where salespeople can get access to all the tools and information they need to sell (such as their full customer history). And, among other features, you can also track your sales team’s performance so you can further optimize your sales strategy.

Improve sales with social selling

Social media can be an incredibly powerful sales tool if leveraged. It’s not only a great way to connect with your audience and customers directly, but it also helps you generate more leads for your business, shortens the time it takes to nurture your leads and prospects, and overall, helps improve your ROI.

However, social media is usually the (digital) marketing team’s playfield. And, in many cases, there is little collaboration between marketing and sales teams.

There are several ways that you can leverage social media for selling and it all starts with an established social media presence: i.e. posting new content regularly, on a daily basis, and engaging with other users.

Beyond that, follow these tips to help you get started with smart social selling:

  • Post a mix of different types of content that is targeted to your different audience personas. This way, you can generate leads and nurture them by providing them with content that they want to read/hear/see or better yet, content that helps them solve a problem. Use tools like Buzzsumo to search for content and Feedly to keep track of different publications, relevant news, and other useful content from your niche/industry

  • Use social media monitoring: monitor relevant keywords related to your business and your products or services to discover conversations and potential leads which you can then follow and engage with.
  • Monitor leads and prospects so that you can engage with them and nurture them into becoming customers
  • Use LinkedIn (or get a LinkedIn Pro account for more options) to search for companies, prospects, learn about them, and connect with them. As an alternative to Pro accounts, there’s also a LinkedIn tool dedicated to salespeople, the LinkedIn Sales Navigator, which lets you create more in-depth lead and company searches:

Use content marketing to create content for every stage of the buyer journey

Another marketing practice that can help you improve your sales is content marketing. Content is particularly great at generating leads and nurturing them, but can be used in a variety of ways to help improve your overall sales.

Create content for each stage of the buyer journey in order to move leads faster along the funnel:

  • The awareness stage (top of the funnel): at this stage, leads are only just learning about you. Use educational content to offer them value and help solve one of their needs: e-books, how to guides, cheat sheets, research papers, and so on
  • The evaluation stage (middle of the funnel): in this second stage, the lead is already familiar with your brand and now, you need to show them how you can help them. Use content such as webinars, product demo videos, and case studies to help them “evaluate” your products and business
  • The purchase stage (the bottom of the funnel): content so far has helped you generate leads and nurture them. Now, how can you use content to give them that final push to convince them you’re the right choice? This is the perfect stage to send your prospects free trials of your products, as well as give them a consultation to discuss their needs, or a live demo to not only show them how your product can help them, but also so you can personalize your pitch to their particular needs.

Conclusion

To sum up, we’ve discussed several different sales strategies and tactics in this article:

  • Using value-based selling to deliver personalized sales pitches
  • Using sales enablement to improve your sales teams’ productivity and overall results
  • Leveraging social media to improve sales and return on investment
  • Leveraging content marketing to improve sales and nurture leads

What are your preferred sales strategies and tactics? Which strategies have proven most successful in your personal experience?

06 Jun 15:38

Sales Playbook and CRM Problems - What the Data Tells Us

by Dave Kurlan

I can't remember a spring where the pollen was worse than in 2018.  You go to the car wash and an hour later your beautiful car is covered in yellow crud and you're out $20.  A waste.

Perhaps you have an irrigation system with a rain sensor that tells the controller that your lawn and flower beds don't need to be watered today because it is pouring outside.  Yet, when you look out the window you see that the sprinklers are running despite the existence of a rain sensor.  A waste.

Did you ever spend hours assembling a child's toy only to watch it sit unused until the kid outgrew it and you gave it away?  Waste.

For years I noticed that most people never touched the manuals, handouts, CD's, card decks, and books that were distributed to them for the training programs in which they participated.  How many books, studies, manuals and reports have you received that sat and collected dust, reside on your hard drive or in the cloud and remain unopened to this day?  In my office, I have 6 shelves full of books that I never read and probably won't read half of the books on my Kindle either!  Waste.

That leads me to the growing demand for Sales Playbooks.  Companies want them, get excited about them, believe they are important, pay tens of thousands of dollars for them, and invest many hours collaborating for a successful final document.  You won't believe the wasteful things that happen next!