Categories
Teamwork & Leadership

The Mindsets of Jack Welch

Mindsets are a leader’s mental lenses that dictate what information the leader focuses on, how the leader interprets such information, and the leader’s overall decision-making.

According to Upper Echelons Theory, a popular organizational theory, we should be uniquely interested in leaders’ mindsets. This is because Upper Echelons Theory suggests that direction and success of an organization is based upon what its leaders pay attention to. And, what leaders pay attention to is predicated upon their mindsets.

Of all organizational leaders, there are few that have had as much success as Jack Welch. Jack Welch is most known for being the CEO of General Electric from 1981-2001. During this tenure, he increased the market value of GE from $14 billion to $410 billion. He was also recognized as Manager of the Century in 1999.

As he recently passed away, it would do us well to identify what mindsets he possessed that led to him having such a positive influence on the organizations he led.

There are four success mindsets that I want to highlight.

Growth Mindset

When we possess a growth mindset we believe that we and others can change our abilities, talents, and intelligence. Research over 30 years has led experts to say: “Cultivating a growth mindset could be the single most important thing you ever do to help you achieve success.” This is because when we believe we can learn, grow, and improve, we become willing to approach challenges and failures as opportunities to advance, as opposed to things to back away from.

Based upon the following quotes, it seems as though Jack Welch possessed a growth mindset, one that was focused on learning and saw challenges and failure as opportunities.

  • “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”
  • “I’ve learned that mistakes can often be as good a teacher as success.”
  • “Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while.”

Open Mindset

When we possess an open mindset, we are open to the idea that we don’t have all the answers and that we can be wrong. When we possess this mindset, our primary focus is on thinking optimally and finding truth, which leads us to ask questions, invite new perspectives, and to see disagreement as opportunities to learn.

It is critical for leaders to possess an open mindset because it creates a psychologically safe and engaging environment that brings about the highest levels of innovation and creativity.

Jack Welch seemed to portray an open mindset when he stated the following:

  • “Arrogance is a killer, and wearing ambition on one’s sleeve can have the same effect. There is a fine line between arrogance and self-confidence. Legitimate self-confidence is a winner. The true test of self-confidence is the courage to be open — to welcome change and new ideas regardless of their source. Self-confident people aren’t afraid to have their views challenged. They relish the intellectual combat that enriches ideas.”
  • “The operative assumption today is that someone, somewhere, has a better idea; and the operative compulsion is to find out who has that better idea, learn it, and put it into action-fast.”

Promotion Mindset

When we have a promotion mindset, we have a clear goal or destination that we are headed toward and we are focused on making progress toward the goal or destination. In other words, we are purpose-centered. When we do not have a clear goal or destination, our default mindset is a prevention mindset, where our focus is primarily on not losing and avoiding problems. In other words, we are comfort-centered.

There have been multiple research studies that have verified that organizations with promotion-minded CEOs outperform organizations with prevention-minded CEOs.

Based upon the following quotes, it seems clear that Jack Welch has a promotion mindset:

  • “Set stretch goals. Don’t ever settle for mediocrity. The key to stretch is to reach for more than you think is possible. Don’t sell yourself short by thinking that you’ll fail.”
  • “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”
  • “If you want risk taking, set an example yourself and reward and praise those that do.”

Outward Mindset

When we have an outward mindset, we see those we lead as being as important, if not more important as ourselves. This is critical for effective leadership because it is only when we see others in this way that we value them as they truly are: as people. When leaders see themselves as being more important than others (i.e., inward mindset), the consequence is that the leaders will see those they lead as objects, and treat them as such.

Jack Welch’s outward mindset is evident in these quotes:

  • “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.”
  • “When you were made a leader you weren’t given a crown, you were given the responsibility to bring out the best in others.”
  • “Great leaders love to see people grow. The day you are afraid of them being better than you is the day you fail as a leader.”

Emulating Jack Welch

Because Jack Welch has these success mindsets, he was able to pay attention to the right things and process information in such a way to maximize his positive influence on the organizations and people he served. If you can develop these mindsets, you will also unlock a greater ability to have a positive influence on the organization and people you serve.

Through my research, I have unfortunately found that only 5% of leaders are in the top quartile for all four sets of these mindsets. This suggests that most of us can improve our leadership effectiveness by adopting these mindsets.

If you want to assess the quality of your mindsets, here is a free 20-question mindset assessment: https://ryangottfredson.com/personal-mindset-assessment. It will provide you with an individualized and comprehensive mindset report, including directions on how to improve your mindsets.

About Ryan Gottfredson:

Ryan Gottfredson, PhD., is a mental success coach and cutting-edge leadership consultant, author, trainer, and researcher. He is the author of Success Mindsets: Your Keys To Unlocking Greater Success In Your Life, Work, & Leadership (Morgan James Publishing). He helps improve organizations, leaders, teams, and employees by improving their mindsets.  As a respected authority and researcher on topics related to leadership, management, and organizational behavior, Ryan has published over 15 articles in a variety of journals, including The Harvard Business Review. His research has been citied over 2,000 times since 2014.

Ryan is currently a leadership and management professor at the Mihaylo College of Business and Economics at California State University, Fullerton.

He holds a PhD in Organizational Behavior and Human Resources from Indiana University and a BA from Brigham Young University.  He resides in Anaheim, California. For more information, please connect with Ryan at https://www.ryangottfredson.com

Categories
Sales & Marketing

Digital Marketing Tasks That Annoy The Hell Out Of Entrepreneurs

Digital marketing is essential for any business these days, whether online or physical. The rewards for doing it right means more customers, higher search engine rankings & an increased domain authority. Although digital marketing is important, to put it bluntly, it can be tedious and very boring.

If you’re an established business, you’ll probably have an expensive marketing team or freelancers conducting the digital marketing on your behalf. Congratulations & well done to you.

But when you’re starting a business in the absence of a big financial backer, you have to do the dirty work yourself. 

Running digital marketing tasks is by no means quick & easy. The activities consume a lot of time and can distract entrepreneurs from their actual business. Some of the aspects involve a lot of cold emails asking (begging) for something to happen.

You’ll soon find yourself away from the glamourous part of being an entrepreneur; making decisions, picking your strategy & ensuring your customers are happy. 

Instead you’ll find yourself pulling your hair out (if you still have any) over the grammar of a 2,000 word article. Sending hundreds of cold emails asking (begging) for something to happen. Or you might be starting to experience arthritis like symptoms from writing content crammed with your keywords. 

That 9-5 job you just left might now be looking more appealing.

Let’s look at some of the things entrepreneurs will for sure be annoyed about during digital marketing work

What is digital marketing?

So we’ve got eMarketing, email marketing, Internet marketing, digital marketing and so on. Rather than going through each one and writing up fancy definitions, lets keep it simple.

Digital marketing is all the online techniques you do to get more customers. Dividing the tasks into two buckets, you have 1. Advertising and 2. Growing your site’s authority.

Examples of Advertising Tasks are:

  1. Running Google Ad campaigns
  2. Creating social media adverts
  3. Runner banner ads
  4. Paying for solus emails
  5. Newsletter features
  6. Sending cold emails (known by many as SPAM, JUNK or “just delete it”)

Examples of growing your sites authority include

  1. Creating website content
  2. Creating backlinks
  3. Optimising your website for search engines (SEO)

Annoying things you’ll face during digital marketing

So now let’s explore what probably attracted you to reading this article in the first place – a 101 of annoying things you’ll face during digital marketing activities.

HARO – How can you just ignore me?

HARO is a great tool for getting journalists to write about you. Journalists post questions and you respond. In return your business gets mentioned on their site, often with a backlink.

The questions journalists ask can be very niche or vague & open to ideas. You need to review the type of questions being asked regularly and choose which to respond to

HARO sends 3 emails a day during the week so it’s impossible to respond to all relevant questions. 

Every so often, you’ll see an extremely niche question that seems as though it was written for your business as it’s so specific. 

So you own a vehicle rental business specialising in blue colored mopeds in California? Well imagine seeing the request “I’m looking to interview a moped rental business owner based in California to ask about how blue colored mopeds sell more that other colors”

So naturally, you get excited, write a well written response addressing exactly what the journalist was asking for. Then you submit the response and sit back waiting for the article to be published.

A few days pass & you hear nothing… then a few weeks pass and you begin to realise your response isn’t going to get featured.

But…But… your response was perfect!

It’s demoralising when you think you’ve hit the jackpoint with certain questions & getting nothing out of it.

It’s important to keep at HARO, consistent responses will be rewarded. HARO is a quantity, not quality game. Actually no, that’s wrong. HARO requires quantity and quality. 

Commit to responding to a certain amount of questions every day without losing the passion.

Make life easier for yourself, have introduction and closing paragraph templates that can be adapted to different queries ready.

Refine your templates. What can be added to increase your credibility? What needs to be removed to improve reading for the journalist?

Focus on requests wider than just your business domain. If you own a property business, for sure target property industry related questions. But you’ll no doubt have gained skills in sales, face to face communication, online conversions and so on. ‘Soft skill’ requests are included in HARO everyday, make sure you review those as well and see what value you can offer.

The backlink costs HOW MUCH?!

Creating backlinks improves your site’s authority and as a knock on affects your rankings for keywords.

As founder of Rent Round, Raj Dosanjh explains: 

“If people are naturally writing about your site and how great it is, fantastic. 

But if that’s not the case, you’ll need to reach out to bloggers to see if they are willing to write about how great your site is.

Bloggers & site owners as nice as they are, aren’t always as accommodating. Many will ask for a fee in return.

For newbie digital marketers, realising a blogger wants to be paid for posting your excellently written, over 2,000 words and original article can be an eye opener.”

Paying for backlinks has been part of the game for decades. You should expect fees to be quoted by most of the bloggers you reach out to. 

A site’s domain authority gives you an idea about how much you should pay, the higher authority the higher the cost.

What’s annoying is the actual costs some of the bloggers & website owners try to pitch. 

Fair enough, it’s their site, they control the content & choose their price. But 

I’ve been quoted prices over $300 for a site with a domain authority of 30. 

On the flip side, cooling some of the frustration, I’ve seen sites with domain authority over 60 charging less than $100.

When being quoted extortionate… No, I shouldn’t use that word. When being quoted higher than expected prices, you have two options.

  1. Walk away
  2. Make a lower offer

Walking away is fine, unless you really really really want to be featured on the site. Although you may want to ask yourself why that is, if the site’s domain authority is low. 

It may be the case that the site’s traffic converts well for your product. If the ROI works, then possibly the higher price is justified.

Making a lower offer is usually the best bet, although you’ll want to take care to not be insulting.

The initial high price may have been a result of the blogger or site owner trying to maximise their revenue.

When a site owner begins to chase you for a response after you’ve ignored their quoted fee, that may indicate they want your business.

Free Google Adword audits

If you’re paying for Google Adwords, you don’t need me to tell you how expensive & time consuming running campaigns can be.

Your eyes will be glued to cost per click, conversion rate & impression share metrics.

So much so, you’ll be tempted to try out a Google Adwords management firm. Often these firms will throw in a free audit of your campaign, which is where I start my moan.

Now my moan isn’t about large (expensive) Google Adword management firms. My moan is about the flurry of managers promising to manage your account at a low price.

As an entrepreneur starting your business on a small budget, these managers can be tempting. You’ll face yourself accepting a free audit at some point in your initial journey for sure.

The feedback will be underwhelming. I’ve had 3 audits on my campaigns and it’s basically a rehash of the Google Adwords recommendations tab that focuses on your optimisation score.

The audit will pull out the fact that your optimisation score is only 56% and the Adwords management team can bump you to 100% in no time. 

Sounds good right, a higher optimization score is sure to get you more profit… yeaaa not quite.

A lot of the recommendations won’t be adequate for your campaign or cost you more money.

Looking at recommendations for some of my current campaigns, I can see I can improve my optimization score by 8% if I increase my Adwords budget. Fantastic (for the shareholders of Google).

The best cost save, if you have the time, is to run your Adwords account yourself. There are so many online tutorials that learning the basics & some of the fancy features can be done quite quickly.

Once you’ve grasped the basics and have built conversion data, switching to Adwords automated bidding strategies may help. 

The automated strategies will use algorithms and your existing data to target specific users that are more likely to convert. 

If you’re planning to hire an Adwords manager, running the ads yourself or using an automated strategy to start with is essential. This will allow you to build metrics to compare to how well your manager is performing.

You need to ensure that the improvements the manager brings outweigh the cost of hiring them. Seeing performance before & after you’ve hired them gives you that analysis.

SEO Optimization Guru’s

Getting ranked high on Google and other search platforms is the holy grail for most entrepreneurs. You’ll get more site traffic and you can finally cut down on advertising costs.

At the risk of sounding like a simpleton, getting ranked high on search engines isn’t easy (yes, yes, I’m a genius).

Your site needs content, the right keywords need to be targeted and your site should have the right metatags & descriptions to name a few things.

As soon as you can press the “Go-Live” button on your site, you’ll be bombarded with offers to improve your sites SEO and get “ranked to number 1 in a few weeks”

Perfect!

My insightful/expert/genius comment on these types of promises is, the services won’t work. We all know that they won’t, but that doesn’t stop the irritating offers still continuously coming through.

The promises will no doubt come with the enticing offer of a free SEO audit.

It’s a similar vein to free Adword audits. The audit findings are pretty much based on free tools available across the internet that automatically scan your site for errors & improvements.

Run the tools yourself online, to see what errors on your site are impacting your SEO. The tools will identify issues such broken links or pages that cannot be crawled. These issues can have quite an impact on your site therefore it is crucial to get them fixed quickly.

While they are crucial to be fixed, it doesn’t mean you need to pay someone to identify them. There are plenty of free or partially free online tools available

Content, content, content. 

A key part of digital marketing is creating content for your website. Articles that talk about your industry and services are crucial to improve your search engine rankings.

When starting a new business, you probably thought you’d be focusing on big decisions and negotiations with clients. 

Whereas the reality, if you’re starting off small, is you’ll be spending a lot of time writing.

It can’t be any old drivel either. You need to;

  • Write well, keeping content as clear as possible
  • Avoid excessive promotional talk
  • Make sure articles are over a certain amount of words, ideally over 700
  • Include relevant images
  • Create original content 
  • Ideally, include research to backup your content
  • Choose your keywords to target the right traffic

Using the above criteria, it takes hours and hours to write good content. The objective is your content is good enough to start your site ranking for your keywords. In addition, your good content you hope will start to be picked up by other sites, who will then organically link to you.

The process of creating continuous content can be gruesome. Paying a writer can be an option. You will need to set clear guidelines on the content you want created and the keywords to target

Why the hell are my rankings dropped?

So you’ve got a bunch of backlinks, created bucket loads of content and fixed your SEO errors, so you should be on a upwards trajectory for your keywords rankings right?

Not always.

Rank tracking sites such as What’s My Serp show you how well you’re ranking for your targeted keywords.

You’ll soon find yourself checking your rankings on a daily basis. On the good days, when there’s a sea of green (meaning your rankings have gone up), you’ll be over the moon. You may even treat yourself to that muffin you’ve had your eye on.

However on other days, there’s red, red, red. Most of your rankings have dropped. That ever so important word that was just creeping onto the first page, now’s been thrown in the midst of other mediocrity on page 20.

Search engine rankings are determined by complex algorithms that only the aliens who created them understand.

It’s vital to understand ranking well isn’t a sprint, but a marathon. 

Especially for new sites, your keyword rankings won’t be stable. You’ll see large fluctuations, good and bad. Don’t cry based on a small period of adverse ranking trends.

However it’s important not to be passive either. OK so your rankings are doing well? Good, keep doing what you’re doing and don’t rest on your laurels.

Ratings are going down the pan? Don’t panic and look into why. There could be a whole host of reasons aside from natural volatility a new site incurs.

For example, a few of the reasons are below (deep breath):

  1. Lost backlinks: A site with a high reputation may have removed their link to you
  2. Server issues: If you’re site isn’t stable, it will reflect in your rankings
  3. Google updates: If Google have changed the way they rank sites, if could have a negative impact to your site specifically
  4. Sudden surge in backlinks: If your site has suddenly had a lot of backlinks created, it indicates a promotional activity, as opposed to organic growth. This upsets Google.
  5. Penalties: You naughty entrepreneur. If you’ve paid dodgy sites to backlink to you, Google knows this & will put you on the naught step..

Conclusion

Being an entrepreneur and starting your own business is fun and fingers crossed, rewarding. But that’s not to say it can be frustrating as hell. Overcoming daily annoyances is key to consistency. Use the analogy of a gym head. No one packs on muscle just by training for a few weeks. It takes months & years of consistent & quality training to build one’s desired body. Treat your business the same. Be consistent and keep motivated – don’t let the bad times doubt yourself. 

Author: Raj Dosanjh founded Rent Round, a letting agent comparison site that is taking the property industry by storm. Raj Dosanjh also founded a consultancy that works with large banks including the Bank of New York Mellon, Barclays & Deutsche Bank. He has been featured in the Harvard University research portal and numerous tech & property articles.

Categories
Entrepreneurship

6 Struggles Every Entrepreneur Will Face in the Beginning

Becoming an entrepreneur isn’t as easy as some people think. Some motivated entrepreneurs are fooled into thinking coming up with an idea and throwing some money at it is enough to succeed. Although you do need an innovative idea and money, there are many other factors to consider.

Success looks different for every new business owner and while no two paths are the same, there are some common struggles that every entrepreneur will face when they’re just starting out. Some of these hurdles are expected, but others might surprise you.

Let’s take a look at some of the biggest struggles you’ll face as an entrepreneur in the beginning and tips for tackling them with grace.

  1. Being a Boss is Hard Work

Many entrepreneurs are fooled into thinking that being your own boss means you get a cushy position at the top. While this might happen eventually, it takes a lot of hard work to get there.

Being your own boss also comes with its own set of struggles.

All of the pressure to succeed, responsibilities, and stress fall squarely on your shoulders. Many new business owners find themselves working long hours to save money on payroll. You may even become obsessed with working to guarantee your business succeeds.

It’s difficult to set boundaries as an entrepreneur and you’re never really “off the clock”.

When your livelihood depends on your success, you’ll experience quite a bit of pressure and stress. Customer service becomes crucial — without happy customers, your business will likely fail. 

There’s also no guarantee of steady income. Having a financial cushion going into business ownership is a good idea to compensate for slow times and unexpected expenses.

If you’ve worked for someone else all your life, you may be accustomed to someone else swooping in and cleaning up the mess. Now that someone is you! 

One way to help combat this stress is by hiring reliable people who are just as passionate as you about your business and idea. This helps take some of the pressure off of you and lets you focus your attention elsewhere.

Just remember, it’s hard to find reliable employees that care about your business as much as you do.

  1. Money Troubles

People say you need money to make money. Starting a new business means having enough financial backing to get things off the ground, as well as having an “emergency fund” to fall back on if things go south.

Once your business is established, you’ll rely on regular customer payments and other revenue as your steady stream of income. But what happens when that stream isn’t so steady?

Your income pays for things like overhead, operational costs, inventory, and advertising. When customers can’t pay on time (or you don’t have any customers), you need to think on your feet to make sure the bills are paid. 

One way to do this is by creating automated payments for certain clients. This means guaranteed revenue regardless of foot traffic. 

If your business generates bills for customers, try creating a detailed payment schedule or require payment upfront. Most customers have no problem paying you before they receive the product or service — just make sure you deliver to salvage your reputation. 

In the event customers don’t pay, put a hold on their accounts. This may seem harsh but it’s necessary to make sure you don’t fall behind financially.

A few late payments for entrepreneurs could be the difference between paying your mortgage or having your lights turned off due to a late electric bill.

  1. Blood, Sweat, and Tears

Entrepreneurs can’t just throw money at the problem. While some things can be addressed by investing more money or hiring more people, there are other tasks that need your undivided attention. 

This is especially true when you don’t have a lot of money just starting out.

One way new business owners save money is by doing a lot of the work themselves. After all, you’re “free” labor. But that also means you’ll be performing all sorts of jobs you never planned on doing.

Successful business owners aren’t afraid to get their hands dirty and work alongside their employees.

You may only have a handful of employees to start. Everyone needs to share the workload and that means doing jobs they’re not accustomed to — and that includes you! 

You might find yourself stocking shelves, processing payroll, or working the register if your business is a retail establishment. Some business owners find this frustrating or even below them. Don’t let your pride get the best of you.

There are actually benefits to being so involved in the daily operations of your business. You get to work the front lines and see, first hand, how things operate. You can identify customer pain points and address them before they turn into major issues.

This could actually save you money and aggravation in the long run.

The good news is, as your business starts to grow and make money, you can hire other people to perform these tasks. But don’t become so far removed from the daily grind of your business that you lose sight of why you started or the needs of your employees.

Another benefit to being so hands-on in the beginning is that you can lead by example. Working alongside your employees means showing them exactly how you want things done. That means less confusion and a more streamlined process that aligns with your values and work ethic.

  1. Check Your Ego at the Door 

Are you strong-willed, opinionated, and stubborn? While this might be fine in your personal life, it won’t work as a business owner. You need to be humble and able to take constructive criticism. Remember that your customers are your lifeline – without them, you will fail.

As founder of Rent Round, Raj Dosanjh explains:

“Customer service should be at the top of your list of priorities. Especially in a world where one bad online review could do irreversible damage to your reputation and your bottom line.

Unfortunately, one bad review for a small business just starting out is much more damaging than even a dozen bad reviews for a larger company. Big businesses can burden several bad reviews because they’re often overshadowed by countless positives. They also have more resources for combating them.

One of your best lines of defense against bad online reviews is a quick, professional response. Don’t let negative reviews linger online without addressing them. And be careful how you respond.”

Don’t get overly defensive or try to make excuses for what went wrong. Instead, offer a sincere apology with a coupon or other offer to make it right. Even if you don’t win over that unhappy customer, other potential customers will see how you handled things in a positive and professional manner and be more inclined to give you a chance.

You, on the other hand, as an entrepreneur just starting out, rely heavily on positive reviews from customers, as well as recommendations and referrals.

Another struggle associated with bad customer reviews is how it makes you feel. While it’s important to separate your emotions from your business in many respects, negative feedback can feel like a personal attack. It’s not!

Instead of viewing negativity as a bad thing, use it as inspiration to improve and make things better. What things are customers complaining about? How can you improve the customer journey?

As an entrepreneur, you won’t get everything right from the onset, and customer feedback is one of the best sources for making things better.

  1. It’s Lonely at the Top

Your business is your baby. You’ve likely poured your heart, soul, and bank account into it. One struggle as an entrepreneur is realizing that not everyone feels the same way as you.

You might find a handful of employees that care enough about their jobs to give 100% every day. But you’ll also encounter a lot more than view their role in your company as just a job. This can be both disheartening and frustrating.

Similar to negative customer feedback, don’t take this personally. It has nothing to do with you. Instead of expecting your employees to bend over backward for you, highlight their strengths, and capitalize on those. Don’t try to change them but instead, utilize their unique skills and talents.

In addition to employees, third-party suppliers and vendors may also put your needs last, which can be both frustrating and costly. In many ways, you’re just another number to them. They don’t feel your same sense of urgency. 

If you notice one particular vendor is always behind, account for that when you place your order. Or, find a new vendor!

In business, you should always have a plan B to reduce stress and create consistency. 

  1. Toughen Up

Remember how we said it’s lonely at the top? Part of being a successful entrepreneur is having a thick skin. It’s not as glamorous as most people think and takes years to get to a position of making stress-free, passive income — for some business owners, that never happens.

You need to stay strong mentally — there’s no time for hurt feelings in business.

It’s sometimes difficult to draw a line between having a thick skin and not caring. You still need to be passionate about your business and its success, but without taking things personally or being blinded by negativity. 

This is sometimes easier said than done. After all, you’ve invested money, time, and hope into your business. Surrounding yourself with encouraging, like-minded professionals can help keep you grounded.

Remember that the first few years of any new endeavor are always the hardest. Your hard work will pay off in the end.

Check your emotions at the door and focus on tangible decisions and benchmark gains. Take one day at a time and before you know it, you’ll be a great success! 

These six struggles for entrepreneurs can be tough to handle but they’re not impossible to overcome!  With the right mindset, you can achieve anything.

Take negative feedback in stride and learn from it. Always have a backup plan and expect the unexpected. As hard as it is to forge on, it’ll be harder to live with yourself if you give up.

The hardest times come with the sweetest reward.

Author: Raj Dosanjh founded Rent Round, a letting agent comparison site that is taking the property industry by storm. Raj Dosanjh also founded a consultancy that works with large banks including the Bank of New York Mellon, Barclays & Deutsche Bank. He has been featured in the Harvard University research portal and numerous tech & property articles.

Categories
Online Business

10 Ways to Increase E-commerce Conversions for Your Tech Start-Up

Maximizing your online conversions is a must for any e-commerce tech start-up. It’s like attracting foot traffic in a brick and mortar store. With over 90% of the world’s shoppers turning to the Internet, e-commerce stores are the wave of the future. Not knowing how to maximize your conversions could end your business before you ever get it off the ground. 

Unfortunately, you have a million tasks on your mind from staffing and payroll to advertising and financing. Sometimes, conversions fall to the wayside. Don’t let them! 

Here we’ll cover a few ways to quickly and easily improve your e-commerce conversions without sacrificing your start-up success.

  1. A Fast Paced World Wants Fast Results

We live in a fast-paced world of instant gratification. Visitors don’t want to wait for your website page load. In fact, they won’t wait. If your website takes longer than three seconds to load, chances are, you’ll lose them to a competitor.

Don’t get discouraged, though. There are a few simple ways to increase your page speed.

  • Move servers to countries with the majority of your customer base
  • Run page diagnostics 
  • Improve caching techniques
  • Remove oversized images 
  1. Get Rid of Those Pop-Ups

There’s nothing more annoying than a pop-up that blocks your view of the page content. Most visitors close them without another thought. Or worse, leave your site because they get frustrated. 

Advertisements and banners can also hurt your conversion rates. 

While you need to advertise your company, you don’t want to annoy visitors. You need to promote a positive customer experience. Visiting your website should be an easy, positive experience. Happy customers are more likely to convert.

If you can, remove unnecessary pop-ups and reduce the number of ads cluttering your page.

  1. Give Customers Options to Pay

If your customers want to give you money, take it! And give them plenty of ways to do it. Many e-commerce start-ups offer a variety of payment methods including PayPal and Google Pay. These portals make it convenient for customers to make purchases without using their bank information or credit card.

Your tech start-up website needs to accomodate all types of these audiences. Multiple payment portals help attract a wide range of visitors, encouraging them to convert. Offering payment portals does require more integration, but it’s well worth the investment.

  1. Provide Valuable Information

Converting more sales on your e-commerce site isn’t just about the all mighty dollar. Providing visitors with valuable information in easy to find places is another way to earn credibility and will eventually result in increased sales. 

A convenient way to do this is by creating a FAQ page. Here, customers will find answers about your products and services.

This helps boost the customer’s confidence in you and your products. Add a search feature to help visitors find answers and information more easily. 

A live chat or a chatbot is another popular choice and an excellent way to help customers in real-time. While this feature is expensive, it’s one of the best customer support techniques available.

This is especially true in the fast-paced world we live in where the use of customer support phone lines is nearly nonexistent. People prefer live chats over sitting on hold listening to elevator music.

If live chat options are too expensive, try a cheaper alternative like automated responses. Chatbots mimic real life people based on the keywords visitors use.

Having clear and easy to find contact information is another way to build trust and authority. Customers are more likely to convert if they know they can contact you if need be. 

  1. Display Quality Images

A picture is worth a thousand words. And in the world of tech start-ups, the right image can make or break your conversion rate.

Quality images don’t just make your site more attractive but they help attract the right kind of attention and engage visitors on a different level. Think of your target audience and what images speak to them most.

For example, if your target audience is property owners, you should be targeting men over the age of 35. Choosing images that appeal to teenagers or older women wouldn’t be appropriate. Tapping into your audience’s interests will increase conversions. Property industry site Rent Round, does this by choosing images that best suit its target audience

It’s also important that your images are high-quality. Low-quality images look unprofessional and reduce conversions.

  1. Positive Reviews Speak Volumes

Most people read reviews before they visit a website or even think about making a purchase. There are countless customer review websites that customers turn to. The best way to create a good reputation is to ask happy customers to leave you a positive review.

Add positive feedback to your sales page to help improve credibility and increase conversions.

  1. Utilize Social Media Platforms

Social media isn’t reserved just for teenagers and superstars. These media platforms are often an untapped resource for e-commerce tech-start ups. If you want to increase conversions, you need to increase your social media presence.

Not only do you need to post on your accounts consistently, but you need to engage with your followers. Responding to their comments and feedback helps boost customer loyalty, which leads to increased conversions.

Your social media efforts should be equally focused on branding and customer interaction.

  1. Create Different Package Options

Similar to offering different payment options, you also need to give customers different packages to choose from. Some people prefer paying up front for everything while others like to extend payments over several months.

Upfront payments are often cheaper, but not all customers will have that chunk of change. They may prefer monthly payments, even if they end up paying more in the long run. The more package and payment options you offer, the wider your customer base will be.

Common packages include basic, standard, and premium. 

  1. Keep Your Customers for the Long Haul 

Subscription-based packages and buying options are some of the best because they lock your customers in for long-term agreements. 

Most agreements start with a free trial. Once the trial period is over, customers are locked into a certain number of monthly payments. Of course, you need to tell the customer the parameters of the agreement but this arrangement helps provide you with consistent income. 

In many cases, people don’t realize that they have a subscription with you. It may even take them several months for them to realize and take the necessary steps to cancel. This means extra income for you. Just be sure to explain the cancelation process, including fees.

You can also offer monthly rolling payment options. While this isn’t the same as locked-in revenue, flexible plans allow you to charge a higher fee.

  1. Everyone Likes Freebies

While your customers might like freebies, what will you cost you? A little sacrifice now could lead to increased conversions later. Offer free trials that allow customers to use your services for a specific time frame before having to pay.

If you offer a quality product or service, chances are, these free trials will turn into a membership or long term partnership. Before this point, try to enroll members in an auto-renew plan so that their membership fees start the minute the free trial ends. 

Always be upfront with your customers regarding billing, timelines, and fees. The worst thing you can do is deceive a customer. This will tarnish your name and reputation. 

The only downside to this scenario is that you may see a dip in conversions when a handful of customers drop off following the free trial period. 

These 10 tips can help you improve conversions for your tech start-up. Just a few subtle changes can improve the customer journey, boosting conversions and your revenue. 

Maintain your reputation by providing a detailed, clear, and speedy buying process. Never lose another customer to a competitor!

 

Author: Raj Dosanjh founded Rent Round, a letting agent comparison site that is taking the property industry by storm. Raj Dosanjh also founded a consultancy that works with large banks including the Bank or New York Mellon, Barclays & Deutsche Bank. He has been featured in the Harvard University research portal and numerous tech & property articles.

Categories
How-To Guides

How To Control A Massive To-Do List

How To Control A Massive To-Do List

I don’t know about you, but sometimes I feel like I have 10,000 balls up in the air, whilst conducting an orchestra of wasps in the middle of a hurricane…

We all let our to-do lists get the better of us at time to time. 

In this article I am going to share with you some strategies that I have used to get my to-do list under control, remove the overwhelm, and systemise my tasks to prevent future chaos from the same tasks currently clogging it up.

No Dollar, No List

When I have a massive list of stuff that needs doing, I personally prioritise my tasks like this:

  1. Will it IMMEDIATELY make me money if I do this now?  If the answer is yes, I do that FIRST
  2. Will this get a client contract or job (that is ALREADY paying me) finished? If the answer is yes, I do that second. 
  3. Will it make me money in the short term if I do this now? If the answer is yes, I do that next.
  4. Will it make me money in the long term future (not instantly).  If the answer is yes, I leave it for later.
  5. Will this make me money at all?  If the answer is no, delete it completely. 

What Is Your Time Worth?

Before we can start deciding what to remove from our list, we need to get an idea of how much time we are wasting in the form of money.

Write down what your hourly rate is (or would be) if you charge out yourself to clients.

Audit Your Time

For The next 2 weeks, write down absolutely EVERYTHING that you do through the day by 15 minute intervals.  Eg:

7am-7:15am: Scrolled facebook

7:15am-7:30am: Replied to emails

This will start to give you a really good idea about how your are spending your time and will be very enlightening for you.  Please do this – it will amaze you when you see it in black and white and make the next steps in this article much clearer for you.

Pick ONE Thing

Many of us get scared about picking one goal, as we think we will sacrifice other opportunities if we narrow our focus to one thing.  But trying to catch two rabbits often results in us catching none.

Pick ONE major goal for the year – one thing, that should you achieve it, will knock down every other dream or goal that you have in some way. 

Make sure that every single activity you have written on your to-do list directly aligns to achieving that particular goal.  If it doesn’t, delete it.

Sarah’s Hierarchy of Filtering Your Tasks

Now that you have your tasks lists, let’s see what we can take off of our burden, lighten the load and have you only focusing on the high value tasks.

Time to audit everything, measure it next to our ‘hourly rate’ to see if each task is worth our personal time doing, or if it is in fact more profitable to hire someone else to do it.

For instance, if you have decided that you want your annual turnover to be $500,000 a year, then you need to be earning $240 an hour.

So why would you spend 8 hours mucking around with trying to make some posters for your event (wasting $1,920 of your time), that would have cost you only $20 for a freelancer to do for you?

You Can’t (and Shouldn’t) Do Everything 

This next stage is about getting realistic with what you are putting your time into and how you are managing your tasks.

For every single task in your list, you are now going to ask yourself the following questions in this order:

  1.   Can you ELIMINATEit? If yes, then delete it.  If not, move to the next stage.
  2.   Can you AUTOMATE it?  If yes, set up the automation.  If not, move to the next stage.
  3.   Can you OUTSOURCEit?  If yes, find your contractors.  If not, then move to the next stage.
  4.   Can you DELEGATEit?  If yes, delegate it.  If not, then move to the next stage.
  5.   Are you SUREthat you are the ONLY person that can do this?  Are you absolutely POSITIVE that there is no other way of doing this?  If yes, then add it to your personal list.  If there is another way of doing it, do it the other way!

I will further extrapolate on each of these hierarchical stages now:

Eliminate

The next stage of systemising your business model is to then look at everything you do to sell, produce and deliver your product or service and then decide what can be eliminated.  sometimes we have steps we do not need, or options we give our customers that just cause confusion, or resources that are not required – even tasks we do ourselves that are not really required. 

Delete everything and anything that is not absolutely critical to the process. 

Just get rid of it.

Automate

Automation has been huge in my ability to take on more customers, create more consistent customer experiences and ultimately scale my business.

By using automation tools such as online order forms, online quote request forms, online payment forms, a customer record management system, automated email sequences and a combination of online apps, I have been able to replace people – including myself – in many parts of my business in a way that has significantly improved my customer experience.

By using technology instead of people, you can remove inconsistent operations, ensure that business is being taken care of 24/7, never have to worry about holidays, weekends, sick days, bad moods, pay rises or international time zones – not to mention, massively reduce your overheads.

Outsource

You may have identified parts of your business that require human input, skill and talent. 

But before defaulting to ‘if I want it done properly, then I should do it myself’; or ‘Oh no, now I have to train people in something I’m not amazing at myself’, first consider outsourcing.

There are freelancers, contractors, small businesses and companies who specialise in every type of skill you could imagine. 

People who have dedicated their entire lives, education, professions and business resources to that thing you need done and if you look around hard enough you will find people willing to work on an ‘as needs basis’, meaning that you get professional work done without the stress or the overheads.

Outsourcing means sending it to somebody else to do.

There are lots of ways to outsource. 

The cheapest ways are to find freelancers on sites such as Upwork.com, where people from every industry you could imagine, with every skill you could wish for, are there to offer you their services as required. 

You post your ‘job’ with a full description and a budget, and freelancers will bid against one another to get your post. 

You can also outsource to other businesses who may specialise their entire suite of services around that one thing that you need.

Outsourcing can be hard to find the right people and takes a little getting used to.  Like any form of ‘employment’, outsourcing requires you to know precisely what you want first, and then to implement a process of selection, onboarding and offboarding.

If you’re thinking ‘but i can’t afford it!;, remember how much you cost per hour.  I bet the money you are losing by doing it yourself is far more expensive than it would cost to get a contractor to do it, whilst you focus on income-generating and client-facing work. 

Start Small and Slow

Get freelancers to first do a trial job for you and get more than one to do the trial – pay them for the trial.  Base their skills on what they show you that they can do, not on what they say that they can do.

Secondly, when it comes to finding ‘experts’, make sure you check out a few things before you get fooled by any false claims.

  • Experts have at least 5 years demonstrable experience in their area of expertise and can back that up with historical evidence, customer testimonials, a portfolio of work, published work. 
  • They have qualifications and formal training in their area of expertise. 
  • These days it’s also worth looking for a website and social media presence – if they can’t afford it or can’t be bothered with it, it tells me a lot about how seriously they take their business – and their customers’ business.

What Not To Outsource

Outsourcing has certainly changed my business, but make sure you do it in the right places with the right people.

Things I do NOT outsource are my social media (excluding advertising), or content creating such as blogs, books and courses – courses because that is my own area of expertise, but the others because these are your ‘voice’. 

The way you speak, write and communicate say everything about who you are and can only be uniquely you. 

Nobody else can capture your essence other than you. 

So my personal advice is that if you don’t like writing, don’t outsource it, instead learn how to get comfortable on camera and do videos that you can later get transcribed and edited by an outsourcer; or do audio recordings or use the Google Voice Recording tool to dictate out your written content through speech. 

But don’t ever give someone else the power to take your voice and your most powerful relationship building tool from you.

It is your voice that will attract those most like you, and therefore the ‘perfect match’ customers for your personality and style. 

Get someone else to ‘speak’ for you, and you’ll be attracting people that connect with ‘their’ voice, not yours – and that is not a good thing.

Believe in yourself, you are capable of learning every skill in the world.

However, for everything else – find a good collection of people who can do it for you.

Your life will never be the same when you master outsourcing, but ease into it with the same level of caution that you’d apply to employing a full time legal employee so that you don’t make any rash decisions on the wrong partners.

Delegate

Sometimes outsourcing is not an option. 

There could be an onsite requirement, a multidisciplinary team that need to be together or privacy and security issues that require an on-location, employee based delivery. 

In which case, before taking on any tasks yourself, first see if you can delegate it to someone else. 

If it is something that will need to be done more than once ever again in the foreseeable existence of your life, then take the time to write up some epic instructions for the task or role, and then take someone on and give them the opportunity to do their life’s best work through some good training.

ACTIVITY: Finalising Your Systems

Now that you understand each of the actions that you can apply to deal with each task, go back to your list of tasks and finish your ‘Task Audit’ that you started earlier in this section.

Make another column in your tasks list (processes and procedures list) against every item on your list and write one of the following letters based on what you can do with that task:

E: Eliminate

A: Automate

O: Outsource

D: Delegate

K: Keep Doing

Keep Doing

The final stage of the task filtering hierarchy, is the ‘keep doing’ stage.

This method may only be used if there is absolutely no way whatsoever that it can be done in any other of the ways listed in the previous stages.

This is stuff that only you can do, such as high level strategy planning, the ‘you’ specific client consults or flagship IP courses, workshops and public speaking.  

It could be writing your blog posts, writing books, filming your educational videos and sales videos as the ‘face’ of your business.  

Of course these are not the only things that could fall under you, but make sure that there really is no way that this could not be replicated.  Even sales calls can be outsourced.

When items fall into this stage of ‘you need to do it yourself’, then make sure that you are charging for it accordingly.

This is the highest end of the spectrum in my pricing model as you are exchanging your personal time as ‘done with you’ or ‘done for you’ and thus are top of the price range.

Remember your hourly rate?  This better be that, but multiplied by a lot.

Conclusion

If you are to be successful and scale your business, it is essential that you streamline, automate and eliminate everything that will hold you back.

Too many of us entrepreneurs and course creators waste our precious and highly valuable time on things that we really shouldn’t be doing.

Be BRUTAL with what you spend your time on – focusing only on income generating tasks that align to your ONE goal.

I hope you found this useful!

Contributor name: Sarah Cordiner

Contributor website: www.sarahcordiner.com