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davidraudalesuk · 4 years ago

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2 Shortcuts to Starting Your Own Business

Are you dying to start a business–now? Entrepreneurs are impatient by nature, so going through all the steps required to start a business—from writing a business plan to finding a location and applying licenses and permits—can be sheer agony for many.

There are two shortcuts to starting a business that can put you in the driver’s seat fast. Buying an existing business or buying a franchise are easy ways to start a business compared to starting up from scratch. Here’s what you need to know about both of these options.

Startup shortcut #1: Buying an existing business

When you start a business from scratch, you have to do everything from finding a location and identifying suppliers to developing a brand and hiring employees. When you buy an existing business, many of these steps are already handled for you. Another plus: Since an existing business has a track record and assets, it’s often easier to get a loan to buy an existing business than it is to get a loan to start a business from scratch.

Get the free Guide to Selling Your Small Business. Sponsored by BizBuySell

Before you start looking for businesses to buy, identify your skills and interests and what industry you’d like to go into. You can get an idea of the types of businesses for sale by searching on BizBuySell: With 45,000+ listings of businesses for sale at any given time, it will give you plenty of options. Is there a specific business in your community that you’re interested in? Reach out to the owners and see if they are open to the idea of selling—you never know!

If you want to search for businesses for sale or post a listing for selling your business, check out the BizBuySell platform. Sponsored by BizBuySell

What to ask before you buy a business

Once you’ve identified some potential businesses to buy, do your due diligence to dig up any problems with the business and make sure it’s worth the asking price.

Find out why the owner is selling. Are they retiring or moving? Or is there a problem with the business (such as a declining customer base or a “cursed” location) that makes them want to unload it?

What business assets will you be purchasing (such as equipment, real estate or inventory)?

Who are the key employees? If they are essential to the business, you’ll want to make sure that they will stay with your business after the purchase.

What type of brand recognition does the business have? Investigate the business’s online reputation, including online reviews, social media and the Better Business Bureau, to see if the business has a positive image.

Review all the business’s financial information, including bank account statements, receivables/payables, and at least three years’ worth of financial statements and tax returns. Find out if there any outstanding loans, liens or lawsuits.

Look at existing licenses, permits, contracts, trademarks, and other legal documentation to make sure everything is in order. If there’s intellectual property involved, make sure it is part of the sale.

Is seller financing available? Making payments to the seller over time can be a more affordable way to pay for a business than taking out a loan.

A business broker can help you find businesses for sale and negotiate a price. This is a complex purchase with several risk factors, so you should also have your accountant review the business’s financials once you get serious, and have an attorney review the contract before you sign.

Startup shortcut #2: Buying a franchise

In a franchise system, a parent company, the franchisor, creates a method for operating a business and sells licenses to franchisees allowing them to start their own location of that business. Franchisees pay a fee to buy into the franchise and use its name, trademarks and systems; they also pay ongoing fees and royalties during the life of their business.

As a franchisee, you’ll be responsible for opening your own business, but you will have the guidance and support of the franchisor to help you both during and after launch. This makes buying a franchise one of the best shortcuts to starting a business.

McDonald’s is probably the most famous franchise—and also one of the most expensive. However, you can find franchises for under $10,000 if you are on a low budget. The International Franchise Association (IFA) website, Franchise Gator and Franchise Direct are good places to look for franchise opportunities. These sites also have information about franchise trade shows, where franchisors promote their opportunities to attendees. Attending a trade show is a great way to learn about lots of franchises fast.

Once you express interest in buying a franchise, the franchisor is legally required to give you a Franchise Disclosure Document (FDD), and at least 10 days must elapse between getting this document and signing any purchase agreements. The FDD is a massive document that includes the background of the key players in the franchise, any bankruptcies or lawsuits of the system, initial and ongoing costs, financing options, territory and intellectual property information, what assistance the franchisor provides to franchisees (such as marketing, training, discounts on inventory or supplies, etc.), and the franchisor’s audited financial statements.

There are also names, addresses and phone numbers for both current and former franchisees. Make it a point to contact some of these and find out what they like and dislike about the franchise and, for former franchisees, or why they left the system.

What to ask before you buy a franchise

When reviewing a potential franchise, ask yourself:

Are the financials solid? What is the background and experience of the people in charge? Does this franchise seem like it will be around the long haul?

What type of assistance is provided? Is that assistance worth the initial and ongoing costs?

Does the franchise have a recognizable brand? A big part of what you’re paying for is being able to open a business that people are already familiar with.

How well does the franchisor restrict competition? You want to make sure that another location of the same franchise won’t open down the block from you the month after you open for business.

Well-established franchises are often expensive because they have time-tested systems and strong name recognition. New franchises can be more affordable, but may lack the brand recognition and systems of an older franchise.

You can learn more about how to buy a franchise at the Federal Trade Commission (FTC) and IFA websites. As with buying any business, an accountant and an attorney can be invaluable in helping you review the financial aspects and fine print of the franchise agreement.

Other Articles From AllBusiness.com:

The Complete 35-Step Guide for Entrepreneurs Starting a Business

25 Frequently Asked Questions on Starting a Business

50 Questions Angel Investors Will Ask Entrepreneurs

17 Key Lessons for Entrepreneurs Starting A Business

Don’t shortchange your startup

I know you’re impatient to start a business—but even buying an existing business or franchise takes some time. There’s no “quick fix” for business ownership, so don’t expect to snap your fingers and have a ready-made business at hand.

Starting a business requires research, planning and hard work, no matter which route you take. Sure, you can take a few shortcuts to starting a business—but don’t shortchange your startup by trying to take too many.

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davidraudalesuk · 4 years ago

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17 Key Issues for Clean Tech Startups

Clean tech companies seek to leverage the power of technology in order to profitably solve the world’s energy problems. These companies can span a variety of sectors: solar, wind, ethanol, biomass, geothermal, water purification, electric vehicles, energy storage, software, materials, data, and more.Clean tech companies should be cognizant of issues they will face when seeking capital and growing their business, as a number of high-profile failures in the past have made it more challenging for new clean tech companies to raise funding. Our goal in this article is to provide an overview of some ways clean tech companies can maximize their chance of fundraising success.We have structured the article into three main categories:I: Issues Important to Investors of Clean Tech Companies II: Types of Financings Available for Clean Tech Companies III: Regulatory Issues for Clean Tech CompaniesIssues Important to Investors of Clean Tech Companies 1. How Capital Efficient Will Your Company Be?Investors have been burned in the past by those clean tech companies that had large capital needs and experienced substantial monthly burn rates. To succeed today, clean tech startups typically need to show that they can be capital efficient and not require huge ongoing infusions of cash to become successful. In some cases this means starting with an initial product or service whose profits can sustainably fund other initiatives that are key to the corporate mission.Investors will want to understand how difficult it will be to scale the company. If traditional venture capital funding is limited (or not available or desired), clean tech companies should consider alternative forms of capital, including profitable early products or services, project financing, strategic partnerships, Kickstarter-style or early reservation-based capital raising, government loans or grants, and, where applicable, tapping bond markets. A number of these options are discussed in more detail below.2. Investors Will Be Keenly Interested in Your Profit MarginsInvestors will be concerned about investing in companies that have low profit margins or are in a commodity business subject to significant competitive pricing challenges. Prospective investors will be particularly focused on whether your startup will have significant profit margins. 3. Show You Can Manage the Anticipated Cash FlowInvestors will closely review your financial projections, seeking to assess the reasonableness of the numbers and the underlying assumptions. Cash flow/monthly cash burn will be a key metric reviewed.Fortunately, there are non-dilutive sources of funding available to creative clean tech companies seeking to manage their cash flow. Pre-orders (taking payment for goods that are promised but not yet ready for delivery) are generally legal so long as you do not engage in false advertising, and you allow for a “no questions asked” refund policy. Additional non-dilutive funding can come from enthusiastic consumers who are willing to provide money in advance through Kickstarter or other fundraising sites in exchange for receiving an early version of the product.Finally, one of the benefits of solving of the world’s energy problems is that you may be eligible for money from groups like Cleantech Open or the XPRIZE Foundation, or be the recipient of free access to experts and lab space through groups like Cyclotron Road or Greentown Labs.4. Prove You Have an Experienced Management TeamThe mantra of most venture capital investors is that the quality and experience of the management team is the most important characteristic in determining whether or not to invest in a company. This is particularly true in the clean tech industry, where regulatory, capital, and product issues can be particularly complicated. Be sure that you have a team that is experienced, dedicated, and passionate about the goals of the company. Be prepared to highlight particular expertise in the team that is relevant to the startup’s business model. 5. Show Evidence of Early Traction in the MarketA company that has obtained

early traction in some way will be viewed positively by investors, and this will often result in better financing terms for the company. Examples of early traction can include the following:The creation of a beta or minimally viable product Pilot customers, especially high-profile customers Strategic partnerships Positive press coverage and other accolades Customer testimonials Admission into competitive programs such as Y-Combinator, Cleantech Open, Cyclectron Road, or other technology accelerators or incubators 6. Make Sure You Understand the Competitive LandscapeThe company’s competitors will always be an issue to investors. You will need to be prepared to answer the following questions:Who are your company’s chief competitors? What gives your company a competitive advantage? What are the key differentiating features of your offering? You must show a thorough understanding of the current competitive landscape and be prepared to answer questions about your competitors. If you don’t fully understand your competitors, the investor may conclude that you really don’t understand the market. The company’s competitors will often be large, well-capitalized companies, so expect the inevitable question about how you can reasonably compete with such companies. 7. Is Your Intellectual Property Differentiated and Protectable?Investors will be particularly interested in your underlying technology (both existing and that in development), including:The basic technology backbone Key intellectual property rights the company has (including patents, patents pending, copyrights, trademarks, trade secrets, domain names, and rights in data including how you intend to use customer data in a world where customers will be increasingly sensitive to such use). Why the technology is or will be superior to competitive offerings Why it will be difficult for a competitor to replicate the technology Is your company dependent on third-party IP or technology that could be difficult to obtain (or comes with significant strings attached)? See 10 Intellectual Property Strategies for Technology Startups8. Show That the Market Opportunity Is SubstantialInvestors want to invest in big opportunities with large addressable markets. Make sure you are able toDefine the initial market you are in. Set forth the dollar value of the market size. Show that your company will be positioned to capture a large part of the total addressable market. Consider other markets that your company’s technology can address beyond your initial market. Consider markets your technology can “unlock” for strategic partners in other industries. 9. Address the Length of Your Sales CycleInvestors will be particularly interested in the length of your sales cycle and are often leery of companies that have a very long sales cycle for customer adoption. You need to show why your product will stand out in the marketplace and will be a “must have” with customers. While utility customers have a notoriously slow sales cycle, consumer- or business-facing companies may have a leg up. Since the sales cycle can often be equally time consuming for sales to small and medium-sized enterprises (which tend to make smaller purchases) as it is with large enterprises (which tend to make larger purchases), companies able to land large enterprise contracts could be at an advantage.10. Broaden the Appeal of the Business Beyond Just “Clean Tech” InvestorsSome investors, having lost money in the clean tech space, may be leery of making purely “clean tech” investments. Fortunately, many clean tech companies can legitimately claim one or more additional labels that may be appealing to a broader range of investors. These labels could be:AI company Big data company (initially or down the road) Consumer product company Energy technology company Energy innovation company IoT company Materials company Mobility solutions or delivery company Robotics company SaaS company Software company Supply chain management company Types of Financings Available for Clean Tech Companies 11. Angel Financing for Clean Tech

StartupsAngel investors invest in early stage or startup companies in exchange for an equity ownership interest. Angel investing in startups has been accelerating, and high-profile success stories have spurred angel investors to make multiple bets with the hopes of getting outsized returns. Here are some key things to understand about angel investing:The typical angel investment is $25,000 to $200,000, but can go much higher. Angel investors particularly care about the quality of the management team and how big the market opportunity is. Angel investors want to understand the big problem you are attempting to solve. Angel investors run the gamut from friends and family to professional angel investors. You can find angel investors through attorneys, other entrepreneurs, angel investor networks (such as AngelList), venture capitalists, investment bankers, and crowdfunding sites like Kickstarter and Indiegogo. Angel investors like to see a clearly articulated elevator pitch for the business, an executive summary or PowerPoint pitch deck, a prototype or mockup of the product or service, evidence of early traction, and support as to why there will be a large demand for the product or service. Don’t bother asking angel investors to sign a non-disclosure agreement; most won’t do it and it will only slow down the process. Entrepreneurs need to be prepared to show financial projections and the reasonableness of underlying assumptions. There are a number of good articles on the subject of angel investing, including:Angel Investing: 20 Things Entrepreneurs Should Know 50 Questions Angel Investors Will Ask Entrepreneurs The 10 Commandments for Obtaining Angel Funding for Your Startup 12. Venture Capital Financings for Clean Tech StartupsAfter a round of angel financing, clean tech startups often seek venture capital financing. Venture capital firms provide capital; strategic assistance; introductions to potential customers, partners, and employees; and much more. In exchange, venture investors will typically obtain a preferred equity position in the company, seats on the Board of Directors, veto rights, anti-dilution rights, and a say in how the business is to be run.Here are some key things to know about venture capital financing:Venture capitalists typically focus their investment efforts on specific industry sectors, on stages of a company’s life (early stage seed or Series A rounds, or later stage companies that have achieved meaningful revenues), and geography (e.g., San Francisco, Silicon Valley, or New York). Entrepreneurs need to be mindful of a firm’s focus before approaching the firm. Valuation of the company will likely be one of the main issues, and it is negotiable; there is not one “correct” valuation methodology or formula to rely upon. If a venture capitalist is interested, it will submit a non-binding “term sheet,” which will set out the key terms of its proposed investment. Experienced corporate counsel should be engaged to help navigate and negotiate on the issues. The amount of control and Board seats will be important for both the entrepreneurs and the venture capitalists. The venture investors will insist on anti-dilution protection and the right to participate in future rounds of financing. Entrepreneurs should anticipate that the venture investors will perform extensive due diligence before consummating the investment (a venture financing process could take 30-90 days to close). Venture investors will want to make sure the founders have incentives to stay and grow the company. If the founders’ stock is not already subject to a vesting schedule, the venture investors will likely request that the founders’ shares become subject to vesting based on continued employment (and then become “earned”). After a financing is completed, venture investors will often hold a minority interest in the company. But they will typically insist on “protective provisions” (veto rights) on certain actions by the company that could adversely affect their investment or their projected return. There a number of comprehensive

articles on the venture capital financing process, including:A Guide to Venture Capital Financings for Startups 65 Questions Venture Capitalists Will Ask Startups 28 Mistakes Entrepreneurs Make When Pitching to Investors 13. Government Loans and Grants for Clean Tech CompaniesThe federal Energy Department supports a number of grant, loan, and financing programs for startup energy businesses or for companies with proven technology that need help reaching commercial scale. These programs include:Office of Science Funding Opportunities Fossil Energy Funding Loan Programs Office Funding Opportunities from the Office of Energy Efficiency and Renewable Energy Funding Opportunities from the Advanced Research Projects Agency-Energy Nuclear Energy Funding from the Office of Nuclear Energy Small Business Innovation Research and Small Business Technology Transfer programs Accelerators and incubators such as Cleantech Open, Cyclotron Road, and Greentown Labs can assist clean tech companies in securing funding and grants.Additional resources for grants and funding include the Small Business Administration (SBA), the grant program run by the U.S. Department of Agriculture, state programs (such as funding opportunities from the California Energy Commission and the Clean Energy Fund at the Washington State Department of Commerce), and even bank funding (such as through the Clean Technology Group at Wells Fargo).14. Project and Bond Financings for Clean Tech CompaniesCompanies with a healthy balance sheet, commercially proven technology, and experience in developing renewable energy or other infrastructure projects may be able to take advantage of project financing at the project (not corporate) level. Project financings are a form of limited, non-recourse financing for large projects in which the project lenders’ sole recourse is to the cash flows generated by the project itself. It usually requires that a suite of project contracts, including a firm off-take agreement with a high credit counterparty, is in place. Over the past decade, project financings have been used extensively in solar projects, and are now being used to finance large battery energy storage projects.State and local bond financing is increasingly a powerful tool for clean energy investment. Bond financings for infrastructure (roads, bridges, hospitals, etc.) have numbered in the trillions of dollars over the past 20 years. And now, bond financing has been increasingly used for some clean tech projects as well, even for projects owned or operated by private companies. This is particularly true for projects that dispose of or recycle solid waste (including household garbage, food waste, wood waste, and plastics) or convert solid waste to energy.Projects that have qualified for tax-exempt bond financing include facilities that have processed solid waste to produce pipeline quality gas and biofuels, including for aviation. Some states have very specific bond financing statutes that delineate a relatively narrow list of applicable projects and financeable attributes, such as California’s Community Facilities Act and Enhanced Infrastructure Financing Districts legislation.15. A Great Investor Pitch Deck Is Essential for Presentation to InvestorsStartups frequently prepare a “pitch deck” to present their company to prospective investors. The pitch deck typically consists of 15-20 slides in a PowerPoint presentation and is intended to showcase the company’s products, technology, and team to the investors.Raising capital from investors is difficult and time consuming. Therefore, it’s crucial that a clean tech startup absolutely nails its investor pitch deck and articulates a compelling and interesting story.Too many startups make a number of avoidable mistakes when creating their investor pitch decks.For an invaluable list of do’s and don’ts to follow when preparing your pitch deck, as well as a sample pitch deck you can customize, see How to Create a Great Investor Pitch Deck for Startups Seeking Financing.Regulatory Issues for Clean Tech Companies 16. What Regulatory or

Political Hurdles Will Need to Be Overcome?Investors will be interested in understanding what regulatory issues and hurdles the company will face. Many tech companies are not subject to significant regulation, but any operations involving the use of physical materials or products (including electricity) may be subject to regulatory and permitting requirements. Those requirements may limit and increase the cost of operations conducted by the startup, or they may affect the market for the product. Are those hurdles manageable and solvable in a reasonable period of time? Will any permits or approvals be obtainable quickly and at a reasonable price, or are there significant permitting delay and cost risks? Permits and regulations can substantially increase the cost of operations.Another example of a regulatory issue that may impact certain startups is electricity rate design. For example, rate design can greatly affect the business model for certain electric vehicle charging infrastructure, and it is also central to making energy storage competitive with other energy infrastructure.Regulatory and permitting issues can arise at the local, state, and federal levels depending on the technology, and can take years to resolve if not addressed proactively. Investors will be interested in seeing that regulatory counsel or experts have both already identified the potential issues as well as begun to address the ones that could have the longest lead times.The contemporary political environment will also be relevant here. Will the company have sensitive technology or data issues? Will the government’s energy policy be favorable or detrimental to the company? These factors may make permits and regulation more difficult or less difficult, depending on the policy orientation of a particular administration.Regulatory environments also vary from state to state, so the locations of both operations as well as markets for products may be critical to enterprise planning. If a company will produce significant jobs and tax revenues for any applicable governmental jurisdictions, that is a useful story to tell.17. Be Engaged in Policy Making to Shape or Capitalize on Government RulemakingThe energy industry is highly regulated at the state and federal level. Depending on where your company fits in the “energy ecosystem,” you may be highly impacted by the actions of legislators or policymakers. For example, energy startups may be materially impacted as jurisdictions adopt carbon taxes (directly or through “cap and trade” or other mechanisms) or renewable portfolio standards, time of use pricing, or favorable tax treatment for certain technologies. Technologies used by public utilities are subject to rate regulation and review by state authorities such as the California Energy Commission and California Public Utilities Commission.Clean technology companies may be able to benefit from programs designed to encourage clean technology innovation, such as ARPA-E at the federal level and similar state programs. A company can stay abreast of developments (and learn when and how to effectively reach out to legislators or participate in rule-making processes) by being a member of industry groups. These could be industry specific groups (e.g., American Wind Energy Association and Solar Electric Industries Association) or broader policy-oriented groups such as Environmental Entrepreneurs or the Sierra Club. You can be sure that your competition (and incumbent players) have a legislative or policy strategy—you should, too!ConclusionClean tech companies still have the opportunity to change the world. While difficult, financing for such companies is available through multiple avenues. While clean tech companies that don’t adapt their business models to changing circumstances are likely to fail, those that are nimble and willing to adapt have the potential to flourish. Related Articles:A Guide to Venture Capital Financings for Startups 10 Intellectual Property Strategies for Technology Startups How to Create a Great Investor Pitch Deck for Startups Seeking

Financing 28 Mistakes Entrepreneurs Make When Pitching to Investors Thanks to Bob Lawrence, Rohit Sachdev, and John Wang of Orrick, Herrington & Sutcliffe, and to Steve Westly,Ted Lamm, and Ethan Elkind for their helpful feedback on this article.Copyright © by Daniel K. Yost and Richard D. Harroch. All Rights Reserved.About the AuthorsDaniel K. Yost is co-chair of the Technology Transactions practice at Orrick, Herrington and Sutcliffe in Silicon Valley and a prior co-chair of Orrick’s Technology Companies Group. He is recognized for negotiating complex commercial and technology transactions and intellectual property counseling. Daniel has counseled clients on commercial law, copyright, licensing, marketing, patent, privacy, strategic alliances, trademark and trade secrets matters. Daniel has represented companies in various industries, including biotechnology, consumer electronics, energy, entertainment, hardware, Internet, media, semiconductor, services, software, telecommunications, and wireless. His energy clients include clients in the solar, ethanol, biomass, geothermal, and water purification sectors. He can be reached at [email protected] or through LinkedIn.Richard D. Harroch is a Managing Director and Global Head of M&A at VantagePoint Capital Partners, a large venture capital fund in the San Francisco area. His focus is on Internet, digital media, and software companies, and he was the founder of several Internet companies. His articles have appeared online in Forbes, Fortune, MSN, Yahoo, FoxBusiness, and AllBusiness.com. Richard is the author of several books on startups and entrepreneurship as well as the co-author of Poker for Dummies and a Wall Street Journal-bestselling book on small business. He is the co-author of the recently published 1,500-page book by Bloomberg: Mergers and Acquisitions of Privately Held Companies: Analysis, Forms and Agreements. He was also a corporate and M&A partner at the law firm of Orrick, Herrington & Sutcliffe, with experience in startups, mergers and acquisitions, and venture capital. He has been involved in over 200 M&A transactions and 250 startup financings. He can be reached through LinkedIn.

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davidraudalesuk · 4 years ago

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5 Best Ways to Boost Your Customer Retention Rate

As we’re halfway through the year, entrepreneurs across the globe are preparing themselves to rise above the negative impact of COVID-19 and hoping to get a strategic jump on crucial business aspects such as customers.

It’s often perceived that gaining new customers is like hitting a home run. Although this notion is true, no business should just be focused on expanding their customer base; instead, they should make efforts to retain the existing ones.

Did you know it costs 5X as much to earn a new customer than it does to retain an existing one? The point is nothing beats the value of keeping the right customers. Customer retention is beneficial for the overall profitability of businesses:

An existing customer who purchases often can increase your total transactions.

An existing customer can suggest your services to others, hence bringing more sales through word-of-mouth.

Are you intrigued to learn how you can engage your customers for the long-haul? Check out these five actionable tips:

1. Design Personalized Offers Using the CRM

It is essential to know your customers because the more you know, the more personalized your sales approach can be. If you have deployed any customer relationship managment (CRM) system such as HubSpot, Salesforce, or Freshsales, you can instantly understand your customer’s buying history with you clearly, which would help design appropriate offers for them.

Whether it’s giving them a 20% discount on your service or sending a complimentary product bundle, this will ensure your business stays on top of the customer’s mind. At the end of the day, it’s all about making your customers feel understood and appreciated.

2. Recognize and Take Extra Care of VIP Customers

With your CRM system’s help, you can identify those customers who contribute a lot to your revenues. These customers are generally known as VIPs. There is no doubt you would not want to lose them and affect your profitability in the process.

The challenge is, how do you retain them? Don’t worry – with your CRM system’s help, create a list of these essential people, and follow up with them, offering incentives and rewards – anything to make them feel special.

3. Craft a Customer Loyalty Program

To strengthen your relationships with your customers, build a loyalty program to reward those who have repeatedly purchased from you. For instance, organize a prize draw wherein you automatically enter your top 15 customers. This enables them to win something big, so it’s an excellent way of thanking them for their loyalty.

Alternatively, deploy a bonus-point campaign wherein customers who recommend your offerings on their social media accounts are eligible for a generous reward. This not only drums up excitement among them but also enhances your brand visibility on social media.

Whatever loyalty program you decide to craft, keep it simple so your customers can participate easily.

4. Build a Personal Connection on Social Media

It doesn’t matter whether you’re a startup or an established business, social media has got to be an essential marketing element for your business. As of 2019, 79% of the U.S. population is on social media, highlighting massive potential for you to tap!

For starters, analyze the platforms where your customers are most active. If they spend most of their time on Twitter, create relevant content perfect for that channel. Conduct polls, post product/service videos, share testimonials (and tag the people who give them on Twitter), and solve issues promptly whenever they arise.

The stronger you connect with them, the likelier they are to purchase from you again. It’s all about going that extra mile to make your customers feel unique and valued!

5. Make Your Online Tribe

The newest marketing tactic being deployed by businesses involves creating an online community where your customers can pour their hearts out. Whether you do this on Facebook or LinkedIn, such a platform will enable you to connect with them personally.

Moreover, your customers will always be the first to know whenever you publish a new blog or launch a new service/product, further enhancing their sense of belonging.

However, the main idea is not to sell your offerings (which you must from time-to-time). Instead, talk about the problems or issues faced by everyday consumers in your industry. Such a tribe thrives when customers talk about their problems, and where you, as a business, get to give tailor-made resolutions.

Over to You

The best recipe for excellent customer retention is personalization. And if you invest your resources in understanding what every customer of yours wants, you’ll better predict their future requirements, thus increasing your chances of making a sale.

What is your favorite custom retention strategy? Do share it with me in the comments below.

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davidraudalesuk · 4 years ago

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Why Your Branded Search Results Are Your Most Important Digital Asset

A business’s online image extends far beyond the content it publishes on its website. As your business grows and more people hear about your products and services, the more often other people on the internet will publish content that mentions your brand name.

From third-party review sites to social media posts, to blogs and news articles, there are many digital locations where your business’s reputation can be harmed. But of all the digital locations, the most important is what shows up on the first page of Google for your branded searches.

Why your branded search results are your most important digital asset

1. People go to Google first when they research brands and products

Studies show that 81% of all consumers conduct research before making an online purchase. And because Google owns 92% of the search engine market share, the majority of that research starts with Google.

Unlike social media or news websites, people go to search engines when they have high search intent and are looking for a specific answer or piece of information. For most businesses, the customer journey doesn’t begin once consumers arrive at your website, but with everything they might find on that first page of the SERPs before they even click.

If you don’t know what’s showing up on the first page of the SERPs when people type in your brand name, then you might be allowing other publishers to shape your online reputation.

2. Negative content showing up on page 1 will cost your business customers

Would you pursue a strategic partnership with someone who had a bunch of negative articles showing up about them on the first page of search results? Probably not. So it should be no surprise that negative content ranking higher up in branded searches can cost you potential customers.

Just a single negative review can have enough of an impact, but the losses continue to compound from there. Three negative search results can lose you nearly 60% of customers who are researching your brand.

The truth is, negative content has more impact on the customer journey than positive feedback, but if your SERPs are clean, customers will feel more confident in making a purchase decision.

3. High domain authority sites easily rank on page 1

Sites with high Domain Authority (DA) are much more likely to rank in search engines. That’s because site authority is a signal to Google of how well a website is trusted by others on the internet.

Backlinks, social signals, and direct traffic all communicate these trust signals. So if one of those high DA publishers mentions your business in their content, there’s a good chance it will show up on page 1 for keyword searches that include your brand name.

Some example of high DA sites include:

Third-party review sites (e.g., Yelp, Trustpilot, Glassdoor, etc.)

Social media accounts

News articles

Wikipedia pages

Google Images

YouTube video results

Online directories

These types of websites often rank on the first page in a business’s branded searches, so being proactive in monitoring and shaping the narratives about your brand that are communicated across all of them is essential to any reputation management strategy.

Ultimately, your goal should be to improve your own site authority. That way, the content you create can start showing up more often on the first page of the SERPs when people conduct searches with your business’s name.

In the meantime though, your marketing or public relations team should do the work to ensure your business is represented well by higher DA websites.

4. Search results can last for years

Many businesses spend a lot of energy and time worrying about the social media posts or comments that mention their brand name. The reality is, though, the impact of negative attention on social media is a bit overstated.

Social media algorithms have strong recency signals, meaning those mentions of your business will likely disappear and fade away after a week or so. Negative social media attention can usually be mitigated by a strong public relations response.

But evergreen content can survive on page 1 of Google for years, and influencing those search results doesn’t happen overnight. That’s why businesses should be directing more resources and attention to making sure their reputation looks good on page 1 of the SERPs.

No brand can fully control what others choose to say or publish about them online, so the question is, how do you go about making sure your branded search results are positive?

More articles from AllBusiness.com:

14 Steps to Online Reputation Management

5 Tips for Effective Online Reputation Management

How to Effectively Manage Your Company’s Online Reviews

13 Steps to Creating a Successful Small Business Marketing Strategy

7 Effective Ways to Increase Engagement With Facebook Ads

Use the building blocks of SEO to improve branded search results

The good news is, the fundamental building blocks of SEO can be used as reputation management tools. SEO strategies like link building, content marketing, and on-page optimization can all be used to help improve your branded searches.

Here are a few SEO strategies you can use:

Create original content: Any original content your brand publishes can also rank in Google. If there is a search query that is producing negative results for your brand, try to rank on that first page with an original piece of high-quality content

Invest in link building: Improving your site authority will help your existing content rank better and more often for searches with your brand name.

Level up your social media: The highest DA sites out there are social platforms like Facebook and Twitter. Make sure you have a strong and positive social presence so your business profiles rank on Google’s first page.

Build links to positive press: You can use link building to elevate existing positive digital locations that you want to see on page 1.

Use public relations tools: Tools like HARO (help a reporter out) can help your business get mentioned in relevant news articles that easily rank at the top of the SERPs.

Guest blogging: Contributing thought leadership and expert commentary to authoritative websites is a great way to help produce more positive branded search results. These sites are often authorities in their industry niches and can easily rank on page 1.

Because SEO agencies are able to create content at scale, working with the experts for your reputation management plan can mean faster, more impactful results. But still, any business or digital marketer can take ownership of their branded search results and reputation management strategy.

Why your business needs an SEO reputation management plan

If you don’t pay attention to your branded search results, you may find that the effort you’ve put into marketing your business goes to waste. Make sure you set a Google Alert with your brand name or the names of any key leaders or stakeholders so you can keep track of how your image is being portrayed across the internet.

Also, start thinking more creatively about how SEO can help shape your brand’s online narrative. The reality is no business has a perfect reputation, but how your business looks on the first page of Google is arguably your most important digital asset.

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davidraudalesuk · 4 years ago

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The Riches Are in the Niches

Instagram is the second-largest social media platform in the world – second only to its parent company Facebook. Every entrepreneur should be using this remarkable free platform to leverage their audience into sales, impact, and community.

Having a large, engaged group of followers can expand your reach online, keep you clued into the desires of your community, and help you build a tribe of raving brand ambassadors. All of this can and will happen without spending a penny – organic marketing at its finest.

But with over 1 billion people using the app, how can any solopreneur stand out on Instagram?

The most important factor to growing a profile is understanding your niche like you understand exactly how much coffee you’ll need to make it through the day.

When we’re establishing our marketing plans in business, we often take time to define our niche and then niche down. Carrying that same strategy into Instagram will allow us to attract our ideal followers then turn them into paying customers.

Establishing Your Niche

Many new entrepreneurs confuse their niche with their industry. For example, let’s say that your company sells gym equipment. Your industry would be fitness but maybe your niche is in-home fitness.

Already you can see that gym equipment could easily apply to commercial gyms with thousands of members where in-home fitness boils down to people working out privately.

A niche is a specialized segment of the market for a particular kind of product or service. The key phrase being ‘specialized segment’. A niche is a small fraction of the entire market that you’re in.

The more specific you are with targeting only your niche, the easier it’s going to be to appeal to the right follower on Instagram. I like to tell my students that the riches are in the niches because the more you niche down, the closer you get to generating revenue in your business.

Determine Your Sub-Niche

Once you’ve established your niche, take things up a notch by determining your sub-niche.

Niching down again will eliminate any confusion to a potential follower regarding if your Instagram profile is the right for them. At a glance, a potential follower should see products, services, verbiage, and imagery pertaining to them.

Sticking with our in-home fitness example to niche down again you could go from in-home fitness equipment to home-based workouts for expectant and new mothers. Expectant and new mothers looking to stay active have a unique set of challenges and desires that need to be addressed.

Design the elements of your Instagram account from top to bottom to appeal to expecting and new moms eager to stay healthy throughout pregnancy and thereafter. What are the goals they would like to accomplish? What issues are standing in the way? That intersection is the sweet spot of marketing where you want your Instagram to live.

Everything in your brand should speak directly to them offline, online, and on social media. Take the marketing package you have offline and on your website and translate them into content built for Instagram. Company slogans, logos, brand colors, and your brand voice should all be transformed into bite-sized posts perfect for consumption on social media.

Niching down twice to zero in on your ideal follower is essential to designing an Instagram account that is irresistible to your ideal follower.

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davidraudalesuk · 4 years ago

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Why the Boston Startup Scene is Perfect for Women Entrepreneurs

More articles from AllBusiness.com:

Investing and the Rule of 72

5 Business Expansion Strategies to Consider When Times Are Good

Put Your Money to Work: Increase Your Wealth by Investing Your Business Assets

The Importance of Diversification

Analyze Your Spending

6. Ensure your childrens’ financial well-being by teaching them about finances

Fostering financial wisdom is a powerful way to help your children and grandchildren build a solid, stable knowledge of the financial markets. It will help them with their independence while giving you the ability to pass along your values to the next generation.

Communication is the key. The most successful families start educating their kids about finance at an early age. You might also consider including your loved ones in conversations about your goals and priorities.

7. Put your estate in order

It’s critical to have a will, or you will let the courts decide how to distribute your assets when you pass. While Covid-19 raised estate planning awareness, especially among younger people who may not have thought much about it before, two out of three adults still do not have a will. Regardless of your age or health, talk to your heirs about how you want to distribute your assets upon death. Have these conversations while you’re still around so your heirs can understand what your intentions are. Don’t leave it up to them to figure it out. This could save a lot of heartache down the road.

8. Don’t let emotions dictate your investment decisions

Fluctuations are a normal part of investing. Don’t get emotionally involved in the ups and downs of the market. Be careful listening to the “media experts” because they look at things on a daily basis. As an investor, you should be looking more long-term and not worried about the daily movements of the market. If you’re about to make an emotional financial decision, talk to someone who has no “skin in the game.”

9. Spread the wealth

Should you be one of the fortunate ones who has achieved financial well-being and made enough money to live comfortably on through retirement, consider spreading that wealth and supporting causes that are important to you. Involve your children so they can learn important lessons about philanthropy.

Consider setting up a donor-advised fund, a private fund created for the purpose of managing charitable donations, and having your children be responsible for finding a charity to donate to.

10. Hire the right professionals to help you achieve financial well-being

As your financial situation becomes more complicated, consider hiring a professional to help. Look for professionals who have your best interest at heart and ones that have a fiduciary responsibility to put your needs ahead of theirs. When evaluating different options, ask how they get paid and what you can expect from working with them.

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davidraudalesuk · 4 years ago

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The 5 Biggest Sales Funnel Challenges Every Marketer Faces—and How to Solve Them

The different stages of a sales funnel correlate to the step-by-step journey of your customers as they move down that funnel. Customers start out being mere visitors on your website, they next turn into prospects, and then ultimately become qualified business leads ready to make a purchase.

The funnel metaphor makes the entire sales process appear relatively seamless, and rarely accounts for an array of challenges marketers often face. The truth is, the journey is more nuanced and layered than it appears on the surface.

Here, we discuss five key sales funnel challenges every marketer faces and ways to overcome them effectively.

5 biggest sales funnel challenges and how to solve them

1. Generating more leads

Generating quality leads poses a perpetual concern for most marketers. Around 61% of the marketers say generating leads and traffic is their biggest sales funnel challenge, according to a report by HubSpot. Safe to say, B2B lead generation is becoming a significant challenge as more brands are competing for leads in the market every passing year.

Solution: Today, without a doubt, inbound marketing practices have become crucial to generating quality leads. Content marketing, in particular, will be your ultimate weapon. Innovative and informative content creation will put you on the radar of your ideal audience, allowing you to attract leads more easily.

Two other tactics you can employ are:

A/B content testing to understand what type of content your prospective customers are attracted to, including content narrative, headlines, etc.

Marketing automation software to bring more qualified leads into your sales funnel and help you nurture them to successful conversion.

2. Rising above the market noise

Increased market competition has made B2B selling incredibly harder. Regardless of how compelling your inbound marketing efforts are, you might still lose out to your competitors. Also, for most marketers, lead nurturing has become more challenging given how buying behaviors keep evolving. Furthermore, the touchpoints across customer journeys are becoming more diverse, making the process a relatively demanding task.

Solution: Outperforming the competition rests exclusively on how you differentiate your brand from others. You need to highlight your value propositions and communicate your brand offerings precisely.

Build on your brand’s core competencies to attract prospects while simultaneously providing evidence of your product/service quality via case studies, testimonials, demos, etc. Craft your content and sales pitch accordingly. Having a solid value proposition will compel your ideal audience to sway in your favor rather than your competitor’s.

More articles from AllBusiness.com:

The Fundamentals of Creating an Outstanding Sales Funnel

Get Better Leads: 5 Ways to Improve the Quality of What Goes in Your Sales Funnel

Using the Sales Funnel Approach to Improve Your Forecasting

4 Low-Cost Digital Marketing Tactics for Startups

Email Marketing: Still the Most Powerful Tool to Take Your Business to the Next Level

3. Creating persuasive content

Content creation, especially in the B2B landscape, has become the ultimate marketing mojo to drive better ROIs. Whether you cater to niche clientele or a broader network, every stage in the sales funnel demands a different type of content, and the right content can help you overcome your sales funnel challenges.

The only problem? There is a vast amount of information already available online so your content may fail to bring back the desired returns.

Solution: Remember, you’re not selling to everyone. One of the best ways to create persuasive content is to first understand the problems your target audience is facing and the solutions they’re looking for. Only then can you publish content they will find relevant and attract new prospects readily.

As Swedish marketing expert Jon Buscall puts it: “Content marketing is a commitment, not a campaign.” Prioritize content creation based on your current business needs to boost your website traffic and online brand presence.

4. Reducing the sales cycle

Successful conversions can be one of the biggest sales funnel challenges that B2B companies face. Why? Because the sales cycles are long and demanding. Today, B2B buying decisions are typically made by a committee of members, who resort to extensive market research and thorough internal discussions before they invest in any products/services. As such, they tend to slow down the sales cycle.

And as you may know, a lengthy sales cycle typically means increased costs, uncertainty, and lead dropouts. Sometimes, it even stretches out your budget unnecessarily.

Solution: Following up on sales leads on time can prove immensely effective. To do this, you can automate the process using a CRM (Customer Relationship Management) system. Track leads behavior and organize prospect data to nurture them proactively as they move through your sales funnel and closer towards conversion.

A robust CRM system will also allow team members from the sales and marketing departments access to relevant prospect information anytime. As such, your teammates will always be on the same page, allowing you to streamline sales funnel activity and reduce the sales cycle in positive way.

5. Tracking performance metrics accurately

Trends in digital marketing change quite rapidly, meaning that tactics bringing results today may become obsolete tomorrow. In such a scenario, keeping track of your ROIs becomes vital to optimizing your sales funnel. But the question is: are your ROIs even trackable/traceable?

Solution: Before you start measuring ROIs, you must determine the KPIs (Key Performance Indicators) and goals you want to track or whether they are quantifiable. How else would you know if your efforts are paying off? You will need appropriate data to back your ROI performance and plan for your future revenue goals accordingly.

Pay attention to these following metrics:

Click-through rates

Website visits

New leads acquired

Website bounce rate

Cost per conversion

Search rankings

Each tracked metric will help you understand what works in your sales funnel and what requires modifications. CRM software can also ease the tracking process by helping you create well-researched reports and eliminate guesswork.

Overcome sales funnel challenges and convert more customers

Having an understanding of your sales funnel will give you insights to know where prospects can drop out, resulting in failed conversions. And by overcoming these five sales funnel challenges, you can improve your company’s sales performance.

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davidraudalesuk · 4 years ago

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How to Write Sales Proposals That Actually Win Sales

Do you write sales proposals? How confident are you that you will actually make a sale after you write a sales proposal? All too often, sales professionals spend a lot of time writing proposals, then days or weeks later they learn that a competitor got the sale. Here’s how you can write sales proposals that get results.

What does your sales proposal promise?

What are you promising customers? Your sales proposal should be stating that promise. All too often, when salespeople write proposals, their sales proposal titles are an afterthought; their titles end up being boring and ineffective.

How effective do you think sales proposal titles like these are?

A Proposal From Company XYZ for Company ABC

A Sales Proposal From Company XYZ.

Those titles don’t exactly compel you to grab your wallet and buy something, do they?

Instead, consider sales proposal titles like:

$50,000 Savings From Downtime Reduction at Company ABC

25% Increase in Productivity at Company ABC From XYZ Software Implementation

A proposal with the cost savings in the title helps you accomplish a sales objective. In order to buy, the customer has to actually read the proposal, and not just simply flip to the pricing page. An effective proposal title makes the reader want to read the proposal and find out how they can get those results.

Does your sales proposal get the reader to do something?

You may think your competitors in the marketplace are your competition. That’s only partially correct. There are customers who seek proposals just to see what the current market offers. They really aren’t interested in doing something more than what they are already doing. What does that mean for you? It means that your true competition is the customer who is doing nothing.

An effective sales proposal title shows the customer the cost of his/her doing nothing. It is hard for a customer to do nothing when a customer has downtime costing him $50,000 or she is missing an opportunity to increase her productivity by 25%. Your effective title shows customers they have a big enough problem that needs to be addressed by buying something from you.

More articles from AllBusiness.com:

5 Steps to Take Control of Your Sales Process

Indirect Loss Costs Are Big Cost Drivers

8 Easy Steps to Writing a Winning Business Proposal

The 5 Biggest Sales Funnel Challenges Every Marketer Faces—and How to Solve Them

Every Winning Sales Proposal Contains These Essential Elements

Are you ready to write your sales proposal?

What if you can’t determine the cost of your customer doing nothing? That means you don’t have enough information to write a sales proposal. You may not have asked enough questions to get to the root cause of your customer’s problems. Perhaps you aren’t asking the right questions to quantify the issues you are learning about. Either way, it’s too early to write a sale proposal.

Only write a sales proposal when you can quantify what the customer’s problem is costing them. What can you do if you find that you can’t write the sales proposal? Go back and ask more questions to learn why your customer wants a proposal from you. What existing situation has caused the customer to ask for a proposal. Ask about how that situation is impacting their business. Calculate the dollars the issues is costing the company. Find out what other companies are also being asked to write a sales proposal.

Note: If you don’t have the quantified cost of the issue, you are making it too easy for your customer to stay with their present supplier or select a competitor who has a lower price.

Importance of a strong sales proposal

It takes a lot of hard work for a salesperson to reach the point where a customer considers them to be a supplier. You don’t want all your work to be futile because you wrote a poor, ineffective proposal. Write your next sales proposal when you are ready to deliver a compelling sales message that is impossible for your customer to ignore.

And that’s how you will make the sale.

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davidraudalesuk · 4 years ago

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Microsoft's CEO didn't work from a home office before the pandemic. Having to do so made him rethink how his company's products work.

Microsoft CEO Satya Nadella didn't have a home office when the pandemic hit in March 2020, according to a new report from The Verge.

Nadella told the publication's editor-in-chief, Nilay Patel, in a wide-ranging interview that the health crisis, which drove people inside and shuttered physical offices and schools, made him rethink how to work from home.

"Suddenly, I found myself [saying], 'Oh my God, not only do I need a home office,'" he told the outlet. "'I have all my girls home and they need all their own independent PCs.' Without the PC, we wouldn't be able to do remote education, remote work, telemedicine visits. It became mission critical."

Nadella said the experience made him realize the importance of larger screens on Windows home products since we can't do everything from the smaller displays on our mobile devices.

He said the realization helped inform his thinking behind the Windows update strategy.

"We came out of the pandemic with — I would say — a renewed sense of why we need to do some of our very best work in serving [the] customers we have today," Nadella told The Verge.

Microsoft unveiled its Windows 11 on Thursday, and as Insider's Lisa Eadicicco noted, is the company's most promising attempt yet to make PCs run more seamlessly between desktop and mobile modes.

Windows 11 will launch later this year.

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davidraudalesuk · 4 years ago

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TikTok salaries revealed: How much the company pays for US jobs in engineering, product, data science, and more

TikTok has become a household name in tech and media.

Its user base exploded last year, passing over 100 million monthly active users in the US. The ByteDance-owned company tripled its US employee headcount last year to meet growing demand. And it's promised to add tens of thousands of more roles going forward. It currently has around 1,100 job openings listed on LinkedIn.

The company also appears to have successfully navigated political headwinds started by the Trump administration, which threatened to ban the app last year. President Biden signed an executive order revoking Trump's efforts earlier this month.

Insider analyzed disclosures released by the US Office of Foreign Labor Certification on work visas to shed light on what TikTok and parent company ByteDance pay for certain roles.

The public data show how much the company offered to pay foreign staffers it sought to hire in the US for jobs including product, engineering, and data-science roles.

It includes wages from 190 foreign-labor-certification applications that were submitted by TikTok and ByteDance, and certified between October 1, 2019 and March 31, 2021. The majority of the applications were for roles based at the companies' Mountain View, California offices, but there were also positions based out of Bellevue, Washington; New York, New York; Culver City, California; Austin, Texas; and Alpharetta, Georgia.

The ByteDance staffers included employees who focus on corporate-support functions like finance that could apply to any division or product within the company (which operates seven apps globally), while TikTok employees focus on TikTok-specific roles in areas like product development and growth marketing.

The wages in the disclosure data are the minimum amounts the company declared in foreign-labor-certification applications to pay specific workers, according to US Department of Labor documentation. The salaries are based on the average compensation that similar employees with comparable qualifications in each job and industry are paid, which is known as the prevailing wage.

Companies may choose to pay employees more than the figures reflected in this data or compensate them in additional ways, like through stock options and grants. TikTok, for example, also offers stock options to some of its US-based employees as another source of compensation.

The data also excludes pending cases.

Based on the data, TikTok and ByteDance offered in 2020 and 2021 annual base salaries ranging from $59,700 to $480,000 for various roles.

TikTok did not respond to requests for comment.

Product and engineering — $108,000 to $480,000 base salary

TikTok and ByteDance offered staffers on US work visas in product and engineering roles annual base salaries ranging $108,000 to $480,000.

The positions included:

Applied Machine Learning Engineer: $225,000 median; ranging from $150,000 to $250,000

Backend Engineer: $158,000 median; ranging from $150,000 to $190,000

Backend Software Engineer: $160,000 median; ranging from $145,000 to $210,000

Data Engineer: $167,500 median; ranging from $145,000 to $210,000

Frontend Engineer: $160,000 median; ranging from $147,000 to $220,000

Frontend Software Engineer: $190,000

Interactive Engineer: $235,000 median; ranging from $125,000 to $235,000

Machine Learning Engineer: $192,000 median; ranging from $170,000 to $225,000

Mobile Software Engineer, iOS: $215,000

Product Lead: $286,000

Product Manager: $190,000 median; ranging from $162,000 to $228,000

Product Marketing Manager: $126,000 median; ranging from $108,000 to $144,000

Product/UX Designer: $180,000

Research Engineer: $150,000 median; ranging from $126,000 to $220,000

Security Engineer: $168,000

Senior Backend Software Engineer: $210,000 median; ranging from $200,000 to $220,000

Senior Engineering Director: $460,000 median; ranging from $440,000 to $480,000

Senior Frontend Engineer: $250,000

Senior Interactive Engineer: $240,000

Senior Machine Learning Engineer: $211,000

Senior Product Manager - Core Ads: $240,000

Senior Product Manager: $187,000 median; ranging from $182,000 to $192,000

Senior Researcher/Architect: $210,000.00

Senior Technology Auditor: $155,000

Site Reliability Engineer: $138,000

Software Development Engineer in Test: $195,000

Software Engineer: $180,000 median; ranging from $145,000 to $280,000

Solutions Engineer, Ads: $167,500 median; ranging from $130,000 to $185,000

Tech Lead Manager: $204,000

Technical Program Manager: $170,000 median; ranging from $140,000 to $187,000

Data science and research — $96,000 to $230,000 base salary

TikTok and ByteDance offered staffers on US work visas in data science and research roles annual base salaries ranging $80,000 to $265,000.

The positions included:

Analytics Manager: $80,000

Ad Integrity Data Analyst: $95,888

Data Scientist: $193,500 median; ranging from $155,000 to $210,000

Senior Data Analyst: $160,000

Data Analyst: $165,000

Research Scientist: $230,000 median; ranging from $180,000 to $235,000

Lead Data Analyst: $265,000

Monetization-focused roles — $70,000 to $224,000 base salary

TikTok and ByteDance offered staffers on US work visas in monetization-focused roles annual base salaries ranging $70,000 and $224,000.

The positions included:

Business Intelligence Analyst: $147,500 median; ranging from $95,000 to $200,000

Commercial Product Public Relations Specialist: $70,000

Cost & Contract Analyst: $90,000 median; ranging from $80,000 to $100,000

Growth Marketing Manager: $130,000

Head of Global Agency Relations: $167,241

Measurement Partner: $205,000

Monetization Product Strategy Manager: $224,000

Monetization Strategy and Operations Manager: $168,000

Partnerships Global Project Manager: $165,000

Strategic Partnerships Manager: $165,000

Overall — $59,700 to $480,000 base salary

Overall, TikTok and ByteDance offered staffers on US work visas annual base salaries ranging from $59,700 to $480,000.

The median salary was similar across the company. TikTok's median annual base salary was roughly $188,500 per year, based on data from 44 foreign-labor certification applications. ByteDance's median annual base salary was $180,000, based on data from 146 applications.

Other key roles included:

3D Artist: $120,000

Accountant: $75,000

HR Business Partner: $168,000

HR Generalist: $68,408

HR Specialist: $85,000 median; ranging from $73,800 to $210,000

Simultaneous Interpreter: $107,500 median; ranging from $74,000 to $141,000

Staff accountant: $59,700

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davidraudalesuk · 4 years ago

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Don't quit your job. Do these 2 steps to get more money or a new boss instead.

Beware of "contagious quitting."

That's a term my colleague used, in a casual Slack conversation, for the sudden impulse to leave your job because everyone around you is doing it.

And everyone around you might be doing it. In April, 4 million US workers quit their jobs, marking a 20-year high. These workers are likely emboldened by the fact that hiring is picking up — US job postings on Indeed on June 4 were 28.6% above what they were in February 2020 — and that employers are increasingly looking for talent all over the world.

Some amount of turnover might be contagious: A 2001 paper from the University of Washington found that employees are in certain cases more likely to quit when they see their colleagues leaving.

But if your job treats and pays you reasonably well, it's worth trying to tweak your work experience so it better suits your skills and interests. If that doesn't help, and if you're still curious as to whether another type of work would make you happier, you can always make a move then.

You might have more leverage than you think

There are a few ways to frame increased turnover at your company. One is that the company is a terrible place to work and that it's more reasonable to quit now than it was during the pandemic recession. In that case, you should probably get out, too.

Another way to look at the turnover is that the company is a fine — or even good — place to work. But your colleagues are so tantalized by the prospect of seeing what else is out there, or exiting the rat race entirely, that they can't bear to stay a minute longer. And in that case, you should think twice about quitting.

With so many people leaving, your employer could be bending over backward to keep folks around. The New York Times reported that employees are steadily gaining the upper hand over employers. Karen Fichuk, who runs the staffing company Randstad North America, told The Times that "companies are going to have to work harder to attract and retain talent."

Which means that if you want to, say, work from home full time, switch assignments, or get paid more, your manager might very well be willing to accommodate that, just so you don't hightail it to the exit like everyone else.

Try switching managers or assignments before you quit

There are ways to improve your work experience that don't necessarily involve quitting. Those strategies are even more relevant now that managers are listening (and catering) to what employees want.

One option is moving to a different team or area of the organization. The technical term for this is "internal mobility." If you're committed to the overall mission of the organization but can't stand your manager or current projects, a change like this could be refreshing.

And if you're a high performer, you can also tell your manager you're unhappy. Workplace strategist Erica Keswin said she worked with a consultant who was about to leave his job and pursue a nonprofit career. But his boss valued his contributions so much that she urged him to stay, and let him tweak his schedule so he could spend two days a week job-searching.

"The key is to the think about the goal," Keswin said. "Quitting is one option to get there, but definitely not the only option."

Bottom line: The decision to quit is up to you. Just make sure you've exhausted all your options before you move on — you have more of them than you think.

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davidraudalesuk · 4 years ago

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'Another sucker ordering stuff on Amazon': A video of a UPS driver railing against Amazon deliveries showed the tech giant's impact on the entire courier system

A TikTok showing a UPS delivery driver unhappy with the number of Amazon packages he had to deliver to a customer went viral on Wednesday before it was deleted.

"This is absolutely ridiculous. Another sucker ordering stuff on Amazon," the driver could be heard saying to himself as he carried a large Amazon box to the front door. "'I got this great deal here on Amazon. I need to buy 16 million things because Amazon told me to.'"

"We appreciate our employees' hard work," a UPS spokesperson told Insider in a statement. "But these comments do not reflect our commitment to exceptional customer service."

Lorelai Mentzer, who captured the moment on her Ring doorbell, usually makes TikToks about her dog to send to friends and family. She said she had no idea how viral the video — which had 219,200 views in just one day — would become.

"My initial reaction was that my feelings were hurt," Mentzer told Insider. "I was a little embarrassed by the number of packages I had and thought to myself, did I really need all those? Am I a bad person for ordering this many packages?"

Mentzer is seven months pregnant, and her husband is recovering from colon cancer, making Amazon Prime delivery a safe and convenient option for the couple. This shipment included a breast pump, 30 pounds of dog food, and vitamins.

With this week's Amazon Prime Day breaking sales records — Amazon said its Prime customers bought more than 250 million items — delivery drivers were overwhelmed with packages.

"I'm sure he had seen enough Amazon packages probably to last a lifetime this week," Mentzer said of the delivery driver.

While much has been written about Amazon delivery drivers suffering from the stress of increasing package counts, the tech giant's popularity affects the nation's entire delivery system. Amazon also uses FedEx, UPS, and the United States Postal Service to deliver billions of packages every year.

Amazon's annual shipping costs skyrocketed from 2019 to 2020, increasing to $61.1 billion from $37.9 billion.

Mentzer ultimately decided to delete the video. "This is why people don't want things to go viral," she said. "You have such a mix of some nice support ... and then you have people who are really, really upset."

On Wednesday, she asked her local UPS office if she could buy the delivery driver lunch, she said.

"My intent is certainly not to get him reprimanded," Mentzer said. "I just want him to understand that while it may look like we're sitting here just ordering packages willy-nilly, there are people who can't go to the store."

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davidraudalesuk · 4 years ago

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Disney is offering $1,000 bonuses to recruits who sign up to become housekeepers and kitchen staff, amid the labor shortage

In an attempt to address the issue, the world's biggest theme-park operator is offering $1,000 sign-on bonuses to attract workers, according to the company's website.

Housekeepers, earning $16 an hour, and line cooks, making $18, are entitled to receive the money if they stay in the position for at least 90 days, the website states. The first payment of $250 will be made after that 90-day period, and the second payment after 150 days, it adds.

The news of Disney's staffing struggles comes only nine months after it dismissed 28,000 back employees in September amid the pandemic. That later rose to 32,000 throughout the company, as Insider previously reported.

Retention of workers is also a problem. At Disney World, only about 33,000 of the more than 41,000 members of the Service Trades Council Union have returned to work, according to Matt Hollis, president of the union, per Bloomberg.

The struggle to recruit and retain workers is yet another sign of a labor shortage in the US, which has caused some businesses to slash operating hours, reduce production, and raise prices.

The Chamber of Commerce has described the shortage as a 'national economic emergency' that's getting worse by the day. Its president and CEO Suzanne Clark said it "poses an imminent threat to our fragile recovery and America's great resurgence," as Insider's Grace Dean reported.

Some hotels are even offering long-term perks, like higher wages and expanded healthcare access. As previously reported by Insider, the Gansevoort Meatpacking hotel in New York City gave senior workers a $1,345 connected-fitness machine when they returned to work.

Companies including McDonald's and Subway are also among the firms grappling with the tightened labour market, which has led to some employees working longer hours and suffering from burnout.

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davidraudalesuk · 4 years ago

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Tesla will update its Autopilot software on around 285,000 vehicles in China because drivers are switching it on by mistake, a state regulator says

About 285,000 Tesla vehicles in China will have their Autopilot software updated remotely because drivers were accidentally turning it on, a state agency said on Saturday.

China's State Administration for Market Regulation announced the remote software "recall" for vehicles made locally and abroad, according to Reuters and Bloomberg News.

Some drivers in China accidentally turned on the assisted driving software while in motion, causing their vehicles to either quickly speed up or slow down, the regulator said in its statement.

"Due to issues with the cruise control system ... the driver can easily activate the cruise control function by mistake," the regulator said, according to Agence France-Presse. "A sudden increase in vehicle speed will occur, which could ... in extreme cases, cause a collision, posing safety hazards."

Tesla filed the recall plan with the regulator. The company will begin the updates on Saturday, the regulator said.

The EV maker will update the software on 211,256 Model 3 vehicles made in China, along with 35,665 imported Model 3 vehicles. The software on 38,599 Model Y vehicles made in China will also be updated.

Insider reached out to Tesla for comment.

China remains the world's top market for electric vehicles, and it's an important market for Tesla. As Insider's Anna Cooban reported, the company has invested in a Shanghai factory to produce vehicles, allowing it to offer more competitive prices in the region. Some analysts have worried Beijing may attempt to rein in the company.

The company's China operations were "ramping up quickly," CEO Elon Musk told investors in April. China and the US accounted for 69% of the company's revenue in 2020, up from 56% in 2015, according to Morningstar analysts.

Tesla's May sales in China jumped by about 29% from the previous month.

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davidraudalesuk · 4 years ago

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13 SEO and SEM Tips for Businesses With Limited Budgets

Thanks to search engines leveling the marketing playing field, even the smallest business can today benefit from the reach that search engine marketing (SEM) offers. But when you’re short on money, time, and resources, learning all about SEO and SEM—and how to leverage them effectively in your digital marketing strategy—can be a challenge. Here, 13 leaders from Young Entrepreneur Council share SEO and SEM tips that work for them, and that won’t break the bank.

For solopreneurs and small business owners with limited budgets and time, what’s one easy way they can take advantage of SEO and SEM for their business?

1. Invest in high-quality content

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Search engine marketing relies heavily on quality content that converts readers into customers, so outsourcing your content production to an expert copywriting team with great knowledge of SEO strikes a good balance between having a limited budget and not enough time to create content yourself. The cost will pay for itself in no time. —Mark Stallings, Casely, Inc

2. Blog weekly about related topics

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One easy way small business owners with limited budgets can take advantage of search engine marketing for their business is to start a blog and post an article a week about the most interesting topics related to their business. Over time, this will build an audience and the business will slowly rank in the search engines, which will bring traffic to the site. —Alfredo Atanacio, Uassist.ME

3. Write long articles on key services or products

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The key to ranking high is putting out content that users want to read. Create the best articles on a specific topic. Write detailed articles and post them online in an easy-to-read format. Once you’ve done that, you will rank higher through the natural sharing of links. —Peter Boyd, PaperStreet Web Design

4. Allow expert guest posts on your website

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An effective way for a small business to ramp up its search engine marketing is to allow other experts to write guest posts or write on its blog. This is a great way to get free content while helping another expert with their expertise and authority. It’s a win-win for both parties. —Kristin Kimberly Marquet, Marquet Media, LLC

5. Optimize your website for voice search

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One low-cost way to boost your SEO ranking is to optimize your site for voice search. Consumers are using voice-activated devices more than ever before. As a result, their search habits are changing. If you implement this strategy, you could see more traffic, sales, and engagement. The best way to get started is to use keyword variations that reflect what someone might say when searching. —Chris Christoff, MonsterInsights

6. Leverage YouTube SEO

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Don’t forget YouTube SEO! What most people don’t realize is YouTube is the second-largest search engine behind Google. Videos on YouTube are a powerful way to boost your SEM for the long run since YouTube videos are part of Google search results, too. Videos are also an opportunity to increase brand awareness and build an audience of interested potential customers. Make sure to include YouTube in your SEM strategy. —Devesh Dwivedi, Idea2Inception

More articles from AllBusiness.com:

How to Optimize Your Blog Content and Get Noticed

4 Things You Need to Do to Start a Successful YouTube Channel

9 Tips for Promoting Your Brand on YouTube

6 Tips for Brainstorming Brilliant Blog Topic

7. Index all your website pages

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One way to take advantage of search engine marketing is to index all your website pages for major search engines like Google, Bing, etc. This will help you boost your visibility in different search engines, which is a great way to increase your brand reputation. It will also help you increase brand awareness and attract new leads to your website. —Josh Kohlbach, Wholesale Suite

8. Leverage social media marketing

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Part of SEM is implementing those practices into your social media marketing strategy. If you’re well known on social media or your posts gain traction, you can use that to perform search engine marketing that pairs relevant keywords to your brand. —Stephanie Wells, Formidable Forms

9. Optimize for the local user base

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One way to take advantage of search engine marketing is to optimize your website for the local user base. This will help you boost your website visibility to your local users and help you to appear in more relevant local search results. You can do that by using local terms on your website homepage, like “best gift store in Mumbai.” Also, add a page with your address, contact number, business name, etc. —Thomas Griffin, OptinMonster

10. Improve your Google My Business listing

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Google My Business is a free profile for your business, and for many businesses it will be the first place your customer interacts with your brand. More and more, consumers are finding what they need from their GMB listing and taking action from there. Depending on your industry, a large percentage of users may not even make it to your website. —Kevin Getch, Webfor

11. Leverage internal linking

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Internal linking within your website is key. This looks like linking references on one of your webpages that sends a reader to another page on your own site. This action will help reduce your bounce rates and keep your audience within the confines of your site for longer periods of time. Not only that, but it also will help Google index your website. —Matthew Podolsky, Florida Law Advisers, P.A.

12. Get more outbound links

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You can improve your search engine position by getting more outbound links. One way to accomplish this task is to look for guest posting opportunities. Check out publications in your industry and see if they are accepting credited guest posts. If so, pitch your idea and wait for a response. Once you get posts published, you’ll get more links to your site, which will result in SEO growth. —John Brackett, Smash Balloon LLC

13. Offer a helpful tool on your site

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A low-cost way to build backlinks and improve your SEO is to create a helpful tool on your website. This can be a calculator, a content analyzer, or some kind of unique and helpful tool that answers a need for free. You can also offer a library of helpful content. Free tools create backlinks in a legitimate way. You can hire people to make these tools or buy them at low cost online. —Blair Williams, MemberPress

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