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With many tools and resources now readily available, it is easy for entrepreneurs to build successful businesses. 

Not surprisingly, in the US as an example, somewhere around 27 million are entrepreneurs, and 69% of them started their businesses at home, according to the Global Entrepreneurship Monitor report from researchers at Babson College and Baruch College. 

In the Philippines, according to the Global Entrepreneurship Monitor, “6.2% of the adult population are established business owners and 18.4% are engaged in early-stage entrepreneurship (TEA). The country’s TEA rate is far higher than the average for Asia and Oceania (13%).”

That this is a career path worth considering goes without saying.

However, according to “Medium”, 90% of new startups fail, with 20% failing in their first year and 34% closing within their first two years. Just over 50% of businesses make it to their fifth year.

So if you’re considering becoming your own boss, follow some biz tips to put your entrepreneurial dreams in motion.

From entrepreneur Russell Brunson – who started his first online company while he was still in college; co-founder of ClickFunnels, a software company that helps entrepreneurs get their messages out to the marketplace; and author of “Traffic Secrets” – here are some tips.

1. Find a Proven Business Model

There’s no need to reinvent the wheel. Many entrepreneurs have already blazed trails, run tests and figured out what kind of business models work. If you can find someone who’s succeeding at doing what you want to do, then put a fresh spin on their methods.

2. Identify Your Dream Customer

After you’ve chosen your business model, work to identify your dream customers. The better you understand your potential customers, the easier it can be to find where your customers congregate (off- or online), understand their wants and needs, and attract them to your product or service with organic and paid campaigns.

3. Build Your Sales Funnel

Using his success with ClickFunnels as evidence, Brunson advocates using online sales funnels to build business and revenue. The basic sales funnel begins with a low-risk offer, captures shipping and payment information, offers an upsell and concludes with a simple confirmation.

“Every year, tens of thousands of businesses start and fail because the entrepreneurs don’t understand one essential skill: the art and science of getting people to find you,” Brunson said.

4. Grow Traffic and Collaborate

Build relationships with people – e.g. influencers – with the goal of pitching collaborative opportunities that benefit both of your businesses.

Particularly if you are selling anything online, or trying to generate leads online, no matter what industry you’re in, these can help attract more eyeballs, Brunson said.

Visit grabtrafficsecrets.com for similar tips.

Strategies

3 Rules to provide seamless customer experience

Customer experience is a silent game-changer set to regain customer inflow, especially for businesses or companies who had to move away from physical, on-ground set ups. While this experience was initially designed to just provide support or troubleshoot problems for customers, it has now evolved into a deeper and dynamic understanding of what customers go through–especially during this time.

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With the shift towards the digital marketplace last year, both businesses and their respective customers are going to continue working and interacting remotely in 2021. With that comes a very important aspect – ventures should definitely place emphasis on a seamless customer experience. 

Customer experience is a silent game-changer set to regain customer inflow, especially for businesses or companies who had to move away from physical, on-ground set ups. While this experience was initially designed to just provide support or troubleshoot problems for customers, it has now evolved into a deeper and dynamic understanding of what customers go through–especially during this time.

Customer feedback, in addition, has provided crucial insights and points of action for businesses to integrate as they build experiences that can adapt to each customer’s needs.

“Designing experiences for customers now requires a more deliberate and ever-evolving approach, entailing precision, customization, and thoughtful details,” said Regional Vice President Rajiv M.Dhand from TELUS International, a leading digital solutions and customer experience (CX) provider.

“At a time like this, when companies like ours have access to insights from customer feedback, we treat them as a valuable stimulant to adapt to as we create a more personalized and unique experience for each customer, which is our goal for each and every interaction,” Dhand explained.  

Undeniably, digital platforms have given the much-needed flexibility for customers during this time. As these platforms are here to stay, TELUS International Philippines shares these three important learnings on customer experience that can help businesses improve how customers experience their brands in the current situation and for the years to come. 

1. Being digital-first should put a premium on data privacy and security

The swift migration of businesses to digital solutions heightened the focus on immediate accessibility and user experience; however, it can also leave loopholes in data security if done in      haste. This movement paved the way for leaders in tech and CX to stress the need for firms to ensure that they have the proper IT and data security systems and tools to ensure that data and transactions are always secure. 

With adaptation now more settled for companies, setting standards and stricter systems on oversight for remote work should be the next priority to ensure longevity when investing in these tech solutions.

2. Remote or hybrid set-ups demonstrate the power of cloud

Applying remote work set-ups happened faster than expected even with the limitation of stable internet infrastructure in the Philippines. Businesses were able to continue and adjust with the enforcement of skeletal capacity in workplaces with the aid of cloud-enabled platforms.

Cloud solutions paved the way for smoother transitions and collaborations for users in different locations. This has become instrumental for companies who are designing their way forward. Even traditional businesses who are new to this kind of work, now improve process flows with the real time updates they get from operations managed by the cloud technology. These significant improvements have ushered in efficient ways of working, which will be here to stay.

3. Conveying empathy and transparency through digital channels are an edge

Minimiz     ing face-to-face interaction and boosting virtual ones does not mean losing empathetic forms of communications. In times of crisis, silence or canned responses may seem impersonal or out of touch leading to customers’ disinterest or worse, mistrust. 

Companies need to level with that by bringing the same personal experience and empathetic messaging to any channel available to its customers. This comes with being more transparent on what companies can offer, as well as what their limitations are, during this time. It helps manage customers’ expectations and lead them to proper channels where they can be serviced better. 

“Through these learnings, we are able to go beyond simply delivering easy, real-time support to our customers. There is another layer of care and thoughtfulness that we add in the overall experience. While that might seem intangible, it makes a great difference,” said Dhand.

Technologies will become more advanced as tech and CX experts in companies like TELUS International Philippines relentlessly find ways to bridge needs through digital solutions.

For TELUS International Philippines, their commitment to providing world-class customer experiences will create a sustained evolution as more people rely on digital solutions as the world continues to transition and learn from the wave of experiences that the COVID-19 pandemic has brought about.

Dhand added, “In the years to come, the surge of innovations and omnichannel solutions will continue to define how customers experience different brands, but one thing that will remain constant is how, as a company, we can show our care and dedication as we design human-centric customer experiences.”

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Strategies

Workplace study during pandemic finds managers should talk less, listen more

For communications professionals, remote work made it harder for them to build trusting new relationships. They, like others, felt isolated, missing critical conversations and small talk.

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Photoo by Vana Ash from Unsplash.com

Workplace communication often took a back seat this past year, as employees and employers rushed to work remotely, struggled with technology barriers and adjusted to physical distancing. But the pandemic has resulted in valuable lessons for communicating on the job, according to a Baylor University study.

During the onset of COVID-19 — along with accompanying layoffs and a recession — “there likely has never been a moment with such demand for ethical listening to employees,” said lead author Marlene S. Neill, Ph.D., associate professor of journalism, public relations and new media at Baylor.

“Ethical listening” was defined by one communication manager as “listening with an open mind and being able to hear the good, the bad and the ugly. Strategic listening is then taking the good and the bad and the ugly and knowing how to use the information.”

For the study, published in the Journal of Communication Management, researchers interviewed 30 communication professionals in the District of Columbia and 13 states in the USA: Arkansas, California, Delaware, Massachusetts, New Hampshire, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Virginia and Washington. Interviewees represented technology, financial and legal services, food and beverage, hospitality, energy, health care, trade associations, transportation, higher education and consultants.

The professionals interviewed stressed the importance of protecting confidentiality so employees feel comfortable giving feedback and do not fear retribution.

When COVID-19 hit and workers often no longer shared physical quarters, the use of Zoom soared, whether for large group meetings or one-on-one sessions, researchers noted. And while senior managers valued communication, it became less of a priority as companies made such quick changes as mandated quarantines.

For communications professionals, remote work made it harder for them to build trusting new relationships. They, like others, felt isolated, missing critical conversations and small talk.

“We heard that the pandemic posed challenges in internal communication due to the alienation many employees experienced, and it prompted us to reevaluate the moral responsibility communications holds for keeping employees feeling connected to their teams,” said co-researcher Shannon A. Bowen, Ph.D., professor of journalism and mass communications at the University of South Carolina.

The study shed light on companies’ challenges, how they strove to meet them and how they might use those strategies in the future.

For example, a communication manager for a trade association of the hospitality industry said that its members also are primary stakeholders in their companies.

“There were stakeholders who were saying, ‘I’m going to have to close my doors. Please do something.’ And there’s only so much we can do. It called for a different type of empathetic listening. This is these people’s livelihood. In hospitality, that’s like any business owner, that’s their baby. But it’s not just their baby. It’s a baby that generates income for the employees they deeply care about. It’s not just that it impacts them; it impacts their employees, which is a double cut to the heart.”

Meanwhile, a communication manager in health care encouraged senior leaders to schedule 30-minute “walk-around” sessions — whether masked and in person or via technology.

“Trust has to be built with actions and follow-through, not just words,” Bowen said.

For all the organizations studied, “the desire and follow-through to ethically listen to employees appeared to be a challenge,” Neill said.

Most participants said the ratio of management messaging to employees compared to feedback was lopsided, with far more talking than listening.

“We cannot promise we are going to fix everything,” said a communication manager in the financial services industry. “But we have the mantra if you are asking for feedback, it is critical that you close the loop and say that.”

Communications managers often have limited staff to analyze feedback. They also contend with a lack of communication between departments, especially in larger organizations.

To solve those problems, some communications professionals suggested having a team member to sit in on department meetings and serve as a liaison. One professional in a law firm said she makes it a point to invite the less vocal members to share their thoughts, while another uses on-on-one meetings for them.

“They open up a lot more when it’s just one on one,” she said. “In groups, large groups, they do not speak as freely, because there’s a hierarchy. If the older, more senior people are not saying anything, then the younger less seasoned attorneys more than likely will not say anything.”

Some internal communicators also said that during the pandemic, they saw a need for shorter, more focused meetings, in part to cut down on stress. And one consultant said that more visual communications, such as videos and video conferencing, seemed to help employees feel that they are cared for.

“I’m making sure that I have my eyes trained on the screen on the facial expressions,” said a communication manager for a trade association. “Part of active listening is also looking for visual cues of the reactions of your colleagues.”

Neill said the researchers were encouraged by the heightened level of empathy for the impact of organizational decisions on employees’ lives.

“We recommend that senior leadership and communication professionals seek ways to continue to improve moral sensitivity well after the global pandemic has receded, which can lead to more ethical decision-making,” she said.

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Strategies

The market advantage of a feminine brand name

What do iconic brands Nike, Coca-Cola, and Disney have in common? They all have linguistically feminine names. In fact, the highest-ranking companies on Interbrand’s Global Top Brands list for the past twenty years have, on average, more feminine names than lower-ranked companies.

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Photo by Erica Zhao from Pexels.com

Researchers from University of Calgary, University of Montana, HEC Paris, and University of Cincinnati published a new paper in the Journal of Marketing that explores the linguistic aspects of a name that can influence brand perceptions without people even realizing it.

The study, forthcoming in the Journal of Marketing, is titled “Is Nestlé a Lady? The Feminine Brand Name Advantage” and is authored by Ruth Pogacar, Justin Angle, Tina Lowrey, L. J. Shrum, and Frank Kardes.

What do iconic brands Nike, Coca-Cola, and Disney have in common? They all have linguistically feminine names. In fact, the highest-ranking companies on Interbrand’s Global Top Brands list for the past twenty years have, on average, more feminine names than lower-ranked companies. How can you tell if a name is linguistically feminine? Easy–does it have two or more syllables and stress on the second or later syllable? Does it end in a vowel? If so, then it is a feminine name. Linguistically feminine names convey “warmth” (good-natured sincerity), which makes people like them better than less feminine names.

A brand’s name is incredibly important. In most cases, the name is the first thing consumers learn about a brand. And a brand’s name does the work of communicating what the brand represents. For instance, Lean Cuisine conveys the product’s purpose. Others, like Reese’s’ Pieces, have rhyming names that promise whimsy and fun. Making a good first impression is critical, so it is not surprising that the market for brand naming services is booming. Boutique naming fees can run as much as $5,000 – $10,000 per letter for brand names in high-stakes product categories like automobiles and technology.

Specifically, the number of syllables in a name, which syllable is stressed, and the ending sound, all convey masculine or feminine gender. People automatically associate name length, stress, and ending sound with men’s or women’s names because most people’s names follow certain rules. Women’s names tend to be longer, have more syllables, have stress on the second or later syllable, and end with a vowel (e.g., Amánda). Men’s names tend to be shorter with one stressed syllable, or with stress on the first of two syllables, and end in a consonant (e.g., Éd or Édward).

We often relate to brands like people–we love them, we hate them, we are loyal to certain brands but sometimes we cheat. We associate brands with masculine or feminine traits based on the linguistic cues in the name. So, attributes associated with gender – like warmth – become attached to a brand because of its name. “Warmth” is the quality of being good-natured, tolerant, and sincere. Researchers believe that warmth is incredibly important because deep in our evolutionary past, primitive people had to make a quick, critical judgment whenever they encountered someone new–is this stranger a threat or not? In other words–is this stranger dangerous or warm? If the newcomer was not warm, then a fight or flight decision might be called for. People still rely on warmth judgments every day to decide whether someone will be a good partner, employee, or friend.

So, it is no surprise that warmth is an important characteristic of brand personality. And because linguistically feminine names convey warmth, features like ending in a vowel are advantageous for brand names. As Pogacar explains, “We find that linguistically feminine brand names are perceived as warmer and are therefore better liked and more frequently chosen, an effect we term the Feminine Brand Name Advantage.”

But does all this matter in terms of dollars and cents? Yes, according to the Interbrand Global Top Brand rankings, which is based on brand performance and strength. Angle says that “By analyzing the linguistic properties of each name on Interbrand’s lists for the past twenty years, we find that brands with linguistically feminine names are more likely to make the list. And even more, the higher ranked a brand is, the more likely it is to have a linguistically feminine name.”

After observing this feminine brand name advantage, the researchers conducted a series of experiments to better understand what is happening. Participants reported that brands with linguistically feminine names seemed warmer and this increased their purchase intentions. This pattern occurred with well-known brands and made-up brands that study participants had no prior experience with.

There are limitations to the feminine brand name advantage. When a product is specifically targeted to a male audience (e.g., men’s sneakers), masculine and feminine brand names are equally well-liked. Furthermore, people like linguistically feminine names for hedonic products, like chocolate, but may prefer masculine names for strictly functional products like bathroom scales.

It is important to note that results may vary based on the linguistic patterns of name gender in the target market country. Lowrey summarizes the study’s insights by saying “We suggest that brand managers consider linguistically feminine names when designing new brand names, particularly for hedonic products.”

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