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Why Customer Engagement Should Be Every Business’s Top Priority in 2020

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Everyone’s talking about customer engagement — but why is it so important, and what does it really mean? How does customer engagement look in action, when you’re a business trying to connect with your customers today?

We already know a lot about the customer journey — how it’s made up of numerous touch points, from search to purchase to post-purchase support. And we know that providing a good customer experience at each of those touch points is critical to building and maintaining a solid reputation for your brand. But customer engagement is often overlooked, even though it’s critical to nudging customers along their journey.

Customer Engagement Impacts Profitability

Customer engagement is about inspiring your customers to interact with your brand and willingly take part in the experiences you’re creating for them. If you do it right, you’ll grow your brand and build customer loyalty — and, in turn, drive revenue.

In fact, there’s a direct and proven correlation between the level of customer engagement and business profitability. A study by Constellation Research reported that companies who improve engagement can increase cross-sell revenue by 22 percent, up-sell revenue by 38 percent and order size by 5 to 85 percent. Reputation.com research backs up these findings —  a high rate of customer engagement increases Reputation Score, and we’ve found direct links between high Scores and revenue in multiple industries, including Automotive and Healthcare.

Today In: Small Business

Despite the immense financial impact engaging with customers can have, some companies are still not doing it.

Case in Point: Retail

In the recently released Retail Reputation Report, data scientists at Reputaiton.com found that most retailers simply don’t respond to reviews — particularly negative ones. Think about the message that sends! I’m a customer who’s had a bad experience with a business, so I do the only constructive thing I can do to express my frustration: I write a review.

Probably like most consumers, I assume the business will care if I have had a negative experience and try to fix it. If they do, they’re better off. If they don’t, I might be left feeling like they simply don’t care what kind of experience I’ve had. Am I likely to buy products from that business again? Well, much less likely, right? And if I do, I’m not going to feel good about it. I may tell my friends I dislike that business, and they’ll probably avoid it in the future, too. Perhaps most importantly, I will almost certainly not say GOOD things about the business to my friends.

When someone takes time to leave a review — good or (especially) bad — it’s the ideal time to engage. We all get this, but surprisingly, the average response rate to negative reviews among leading retailers is just 2 percent. It’s no wonder Amazon is eating away at retailers’ market share, with their frictionless shopping experience and infinite inventory.

Now let’s consider a brand who does a good job of engaging with customers. Nordstrom and Nordstrom Rack scored exceptionally high for engagement, compared to many other retailers (61% and 79% respectively). That’s because they place a premium on delivering exceptional service and ensuring their customers are happy and engaged. And maybe that’s one of the reasons that, while many retailers are struggling to keep their doors open, Nordstrom and Nordstrom Rack are still reporting strong profits.

Investing In Customer Experience Is a Huge Lever for Revenue

The power of engaging and connecting with customers isn’t limited to the B2C world. According to Econsultancy’s Annual Digital Trends report, B2B companies identify customer experience — the product of meaningful customer engagement — as the single most exciting opportunity for 2020.

Temkin Group reports that companies that earn $1 billion annually can earn $775 million more within three years of investing in customer experience with “modest” results. The report found that to be true across industries, with software companies earning the most ($1 billion over three years). Success, effort and emotion, according to the report, were the three factors impacting customer loyalty, and an improvement in emotion increases loyalty more than any other factor. A meaningful customer engagement is the best way to stir up the positive emotions that keep customers coming back.

Take a Walk In Your Customer’s Shoes

So how do you connect with customers on an emotional level and improve customer engagement? Here are a few starting points:

  • Analyze the customer journey. How else can you know what the customer’s experience with your brand or locations is like? Take their journey, and take note of and sticking points or frustrating interactions. Are the emails you’re sending helpful and informative, or intrusive and self-serving? Are your locations easy to get to and welcoming? Is your staff friendly and professional? Do you follow up after customer interactions and respond to reviews? Every one of these customer touchpoints presents an opportunity for engaging with your customers in a mutually beneficial way. Make sure you’re doing that, and if you’re not, it’s time to start.
  • Listen to what customers say about you. Today’s customers are vocal, and it’s easy to find feedback on Google, Facebook, G2 and other review sites. You should also invest in social media management, so you can actively monitor social commentary and reviews as they come in — 42% of customers expect a response within 60 minutes, and a delayed response is almost as bad as no response.
  • Deliver seamless omnichannel experiences. If you analyze the customer journey properly, you’ll find brand interactions occur across many channels — search results, emails, websites, physical locations and even text. Make sure to deliver a consistent and pleasant experience every time you engage with your customer, regardless of channel. One bad or confusing interaction can ruin the opportunity to engage effectively, and could even begin to break down the trust and loyalty you’ve invested in building.
  • Pay attention to all factors that comprise your Reputation Score. Increasingly, brands are turning to Reputation Score as the most accurate measurement of customer experience. It’s more thorough than NPS, because it takes into account all the factors affecting your reputation. A critical component of the score is engagement, as measured by your brand’s performance across every customer touch point. Knowing and monitoring your Reputation Score is an essential step to mastering the art  — and reaping the benefits — of customer engagement.

Don’t Force It

An important thing to remember is you can’t force your customers to engage with you. As HubSpot’s Paul Greenberg said, “Customer engagement is the ongoing interactions between company and customer, offered by the company, chosen by the customer.” The customer decides how to interact and engage — you can only create the opportunities, and ensure that your diligent effort and reputation inspire people to take action.

Follow me on Twitter. Check out my website.

I’m the Founder and Chairman of Reputation.com. I started my business because digital privacy, Big Data and online reputation are issues that impact everyone from individuals to massive corporations. People should be the center of the Internet machine – not cogs in its wheel. More empowerment online, not less, not what we have now. Follow me @michaelfertik.

Source:https://www.forbes.com

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Session recording from Industry Preview 2018. Session abstract: Salesforce Marketing Cloud Chief Strategy Officer, Jon Suarez-Davis (“JSD”) keynotes an engaging session drawing upon real life examples from working with some of the world’s biggest brands, shares Salesforce’s vision for the future of marketing, and makes some predictions about what’s coming next.

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These Married Co-Founders Poured Their Life Savings Into Their Company. Then a Mistake Almost Cost Them Everything

In 2017 Farzan Dehmoubed, a marketer, and his wife Jennifer, a schoolteacher, created the Lotus Trolley Bag, a set of washable bags with attached rods that can be hung inside a shopping cart. The bags, with features like secure pockets for egg cartons and wine bottles and an insulated pocket for frozen foods, quickly became the top-selling reusable bag on Amazon, and are now sold in stores like Wegman’s, Albertson’s, Kroger, and TJ Maxx. But getting to that point required overcoming a mishap that nearly sunk their startup. –As told to Kevin J. Ryan

We invested $45,000 into our first inventory. It sold out in 10 days. We were really excited. We called up our manufacturer and placed another order. We wired them $50,000–everything we made on the first batch and more.

Six weeks later a big container arrived. We had our friends and family help us unload it. We opened up the boxes and looked at the product, and it was nothing like the first set of bags. It looked the same from a distance, but when you actually looked at the stitching and the quality of the printing and the logo, it was not what we had ordered. My wife and I looked at each other and said, “This can’t be real.”

I remember thinking to myself, ‘We can fix this, maybe it’s just some loose thread.’ But it wasn’t salvageable. We placed a complaint with the manufacturer, even though we knew it wouldn’t go anywhere, since we were just a family business with very little leverage. We later learned it had outsourced the order to save pennies on the dollar.

We decided pretty quickly we couldn’t sell the bags. We didn’t feel comfortable putting our name on them. That meant we would have to take the $50,000 loss. I don’t think Jenn and I talked for the rest of the day. It took a day or two to absorb the shock. 

Even though the manufacturer promised us they would do better the next time around, we weren’t going to be fooled twice. I flew to multiple manufacturers in Vietnam until we found a new one we were happy with. We hired a third-party quality check company. When the goods were ready to ship, they would go in and do an audit: open up each box and check them, and send us videos. We kicked ourselves for not doing that in the first place.

We placed a new $50,000 order, which required emptying our life savings and practically maxing out our credit cards. It was two months before the new inventory came. We were pretty upfront with our customers during that time. We told them very frankly: The bags didn’t come out the way we ordered them, the shipment is going to be delayed, and we really thank you for your patience.

I think letting your customers know you’re just like them, and that you’re just trying to provide a product that they’ll be happy with, goes a long way. People related to us. They were very understanding.

We still had a lot of orders canceled though, and we gave discounts to customers who had been patient. We were nervous when the new container came–if the product was bad, we would have lost everything. But it was exactly what we’d ordered. We sold out almost right away. Because of the discounts, we didn’t make much money at all on that order, but we had our reputation.

Not putting that product on the market was one of the best decisions we ever made. If we had, I can guarantee you we wouldn’t be where we are right now. It would have killed our reviews. It would have ruined our brand.

We now have a 4.6-star rating on Amazon with more than 700 five-star reviews. We’re on pace for $3 million in sales this year. We just launched our second product, a reusable produce bag, and those same early consumers are buying it.

As a business owner, you have to make your decisions for the long-term. For us to take that financial hit was scary, but we had bigger goals in mind. We got through it. And we made a lot of loyal fans in the process.

By Kevin J. RyanStaff writer, Inc.

Source: These Married Co-Founders Poured Their Life Savings Into Their Company. Then a Mistake Almost Cost Them Everything

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Every business has risk associated with it. In this video Mr. Ashok Ajmera in very simple words talks about various kind of risks and how to manage them which can be very useful in any business.

This Family Business Has Thrived for 64 Years by Selling Old-School Products Popular With Nostalgia Lovers–and the Amish

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Editor’s note: This tour of small businesses across the country highlights the imagination, diversity, and resilience of American enterprise.

Galen Lehman will take on anyone with his scythe. “I can cut grass fast or faster than a weed eater,” he says. Furthermore, after that grass is shorn, his electric-tool wielding opponent will be left with ears ringing and the stench of burnt oil clinging to his skin. Not Lehman. “I won’t smell like petrochemicals,” he says. “And my ears will have been filled with birdsong and the gentle swish, swish, swish of my scythe.”

Lehman’s, a family business in the small farming community of Kidron, Ohio, harks back to the days when a product’s bells and whistles were actual bells and whistles. In 1955, while the rest of the country swooned over newfangled inventions like wireless TV remotes and  microwave ovens, Jay Lehman started selling all things non-electrical to the local Amish population. Over the next six decades, others discovered the business, says Galen, who is Jay’s son and the CEO. (Jay’s daughter, Glenda Lehman Ervin, is vice president of marketing.) Today, gardeners, environmentalists, preppers, homesteaders, and the chronically nostalgic flock to this 120-employee business for their cook stoves and canning jars, candle-making supplies, and composting toilets.

Galen Lehman, CEO of Lehman’s.Angelo Merendino

What those populations share is the desire for a simpler life. Simple doesn’t mean easy, Galen explains: “It is not simpler to light an oil lamp than it is to flip on a light switch.” At Lehman’s, simpler means closer to nature. It means labor performed with your hands. It means understanding how products work just by looking at them. Often it means working alongside neighbors: easing one another’s loads.

Those values are cherished by the Amish, who still account for 20 percent of retail sales. The company also wholesales some products, like gas refrigerators, into Amish communities. In addition, about 250 of Lehman’s roughly 1,600 vendors are Amish. “Now we are buying more from Amish manufacturers than we are selling to the Amish,” says Jay Lehman, 90, who remained active in the business until a few months ago.

As more tourists and other outsiders (known as “English” in the Amish community) have descended on the store, most of Lehman’s Amish customers have retreated to the company’s second, smaller location in nearby Mount Hope. “The outsiders are sometimes a little invasive with their cameras and their questions and even just staring,” says Galen.

The Lehmans, who are Mennonite, embrace technology for their company: using high-tech to sell low-tech, as they like to say. E-commerce comprises half of sales, and the business is active on social media. But walk in the store on a given day and you might see a wood carver fashioning country scenes for display in the buggy barn or wander into a yoga class that incorporates goats.

Hank Rossiter, a retired nurse who lives nearby, has been buying sprinkling cans, kerosene lamps, axes, wood splitters, kitchen gear, and many other goods at Lehman’s for decades. Trying to give up plastics, he and his wife Marilyn recently went there to pick up some stainless steel drinking straws, and the tiny brushes to clean them. “I may think, how can I simplify this? How can I reduce my carbon footprint?” Rossiter says. “I’m pretty sure Lehman’s will have the answer.”

What would the Amish do?

Jay Lehman was born and raised in Kidron, a farm kid who plowed and planted, then worked as a mechanic in the local garage. In 1955, the owner of the local hardware store was retiring, and he got loans to take it over. For the first few years he had to pay rent on the building, so he drove a school bus while his father looked after the store.

Jay Lehman, founder of Lehman’s.Angelo Merendino

The previous owner had carried a large stock of goods for the Amish, and Jay decided to stick with that strategy. In the evenings, he roamed around the countryside in a pickup truck delivering purchases too large to fit in his customers’ buggies. “I would do it until the houses had no more lights in them,” says Jay. “Then I knew it was time to go home.”

The business grew slowly. Then, in 1961, Jay moved to Africa, where he arranged travel for missionaries. A period in New York doing similar work followed. His brother, David, ran the store until Jay’s return in the mid-’70s. The oil crisis was in full swing, “and everyone was panicking,” says Jay. “They said, what do we do? Well, what do the Amish do? They get along without these things. If the Amish can do this, we can do it too.” Sales soared.

Then a magazine called Organic Gardening published a laudatory article about the Victoria Strainer, a product sold by Lehman’s for separating out seeds from applesauce and tomatoes. Orders poured in from around the country; and the new customers wanted to know what else Lehman’s sold. The company mailed out product brochures and a catalog that by century’s end would reach more than a million customers and eventually earn Lehman’s a place in the Smithsonian’s National Postal Museum.

During the 1980s and ’90s, nostalgia largely drove new sales “People in their 60s and 70s wanted to do things the way they remembered when they were younger,” Galen says. Eventually, the rosy glow of a cherished past gave way to the dark clouds of an uncertain future. Lehman’s next big surge occurred in the late 1990s. Y2K fears stoked the Prepper movement, and even non-survivalists stocked up on lanterns, water filters, and kerosene cookers. Subsequent end-time panics–the end of the Mayan calendar, the blood moon prophecies–sparked mini-booms.

Angelo Merendino

But recently the Preppers have grown less important to Lehman’s. Galen is OK with that. “We don’t think being prepared means hunkering down and arming yourself against the zombie apocalypse or whatever is out to get you,” he says. “Being prepared is being ready with supplies that can help you and your neighbors and your family.”

Looking for the last big thing

For a business that regards “new and improved” as an oxymoron, sourcing can be a challenge. The non-electric market has been shrinking since the store’s earliest days, causing manufacturers to shut down or switch product lines. As a result, the Lehmans have sometimes scrambled for new suppliers, sourcing kerosene cook stoves from South America and gas refrigerators from Sweden, for example. The large majority of products, however, remain American-made.

The company has occasionally acquired expiring product lines, like apple peelers from the once-mighty Reading Hardware Company. In 2015, Lehman’s took over the struggling 108-year-old Aladdin Lamp Company, whose kerosene models incorporate a mantel over the wick to produce an unusually bright, hot light.

Occasionally, Galen designs products himself. Working in Lehman’s R&D facility–a corner of the store with some plywood benches and hammers–he recreated the Daisy butter churn, which had been out of production since midcentury. “It’s a pretty good replication of the original with some improvements,” he says. “It churns faster because of changes I made to the paddle.” He has also produced a hand-cranked grain mill out of cast aluminum rather than cast iron, which allowed him to cut the price in half.

Angelo Merendino

The store’s Amish-made products are extensive, ranging from rocking chairs and cherry baskets to whisk brooms and croquet sets. Amish manufacturers suit Lehman’s because they operate on a small scale and so don’t require huge minimum orders. The flip side is they typically can’t or won’t ramp up volume when demand for something unexpectedly surges. “A lot of times they will say, ‘I can’t make your product because it is time to make hay or I need to plant the fields,'” Galen says.

Wherever they’re sourced, many products arrive without instruction manuals or other documentation. As a staff resource, the company maintains a library of old books on subjects like canning and butchering. Galen has bolstered that knowledge by interviewing people in their 60s, 70s, and 80s about the finer points of operating old-style tools and devices. Working with an employee he created training programs for the company’s main product lines. Employees certified in the operation of oil lamps, water pumps, and other devices receive a bump in pay.

While the company’s nostalgia-driven demand is, by law of nature, declining, Lehman’s is enjoying both more and new business from other sources. The Amish population is growing both in the United States and around the world. And those notoriously screen-addicted Millennials have been surprisingly receptive to the company’s message of living simply and well.

“You talk to people who work in technology,” Galen says. “They go home, and more than anything else, they want to get some dirt under their fingernails.”

Leigh BuchananEditor-at-large, Inc. magazine

https://youtu.be/0WohxniaPHg

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Peter instills in us that doing things a different way can be the right way. Your own way. He walks the line of family business and business being his family flipping traditional business models upside down. While some would caution never to mix the two, he has by putting “place first” creating an environment that is welcoming to all those who are lucky enough to find this hidden gem of a restaurant – 2017 Restaurant of the year in Portland, OR – HAN OAK. With special thanks to core the TEDxPortland organizing team, 70+ volunteers and cherished partners – without you this experience would not be possible. Our event history can be found TEDxPortland.com In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized. Peter’s restaurant, the Korean-inspired Han Oak, was Portland Monthly’s 2017 restaurant of the year. Inside its walls unfurls a world rooted in both tradition and fresh interpretations on authentic cuisines. Peter cut his teeth in New York for 13 years in the kitchen of Michelin star chef April Bloomfield before his desire to be closer to his family called him to the Rose City. In 2017, he was recognized by Food & Wine as best new chef and is currently nominated for a James Beard Award for Best Chef Northwest. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx

Key Points To Consider When Developing An International Business Strategy

Let us take a minute to salute the international companies, those that have gone multi-market or are on that path. They deserve our applause and respect. When I led market entry programs , I observed that these international firms tended to outperform the purely domestic firms, but for a reason you might not expect.

Companies that were operating in many markets tended to do better than those that had a presence only in their home market, but this had more to do with the international journey than the additional revenue.

The process of going international forced a company to adapt for each new market. As a result, the international firm became a learning organization which encompassed several different successful models, and the lessons from each new market could be applied in other markets. So the international company tended to develop a feedback mechanism and process improvements more readily than the purely domestic company.

Indeed, if you ask the leadership of that purely domestic firm what they want to do tomorrow, you are more likely to hear that they want to do tomorrow what they did yesterday. In other words, many business people (like all of us) have a bias for the familiar. We all like patterns of behavior and we like to stay in our comfort zone. I see this regularly when I discuss China opportunities. We will have a nice conversation with a lovely mid-size company, but unless it has an international culture it will have an overwhelming focus on building out a successful domestic model. The management philosophy at these firms tends to be:

Today In: Asia

— Reliant on the organic growth that has served them well over the years;

— Highly structured organization, task-driven, with people looking at monthly and quarterly results;

— Heavily product-focused.

These companies tend to dominate their space or be a segment leader. All of this means these companies have a strong incentive not to expand their current set of activities, and not to think about what changes might be in order. The key principle at these firms is MOTS – More of the Same. We do what we did last year, but we do more.

More revenue, more customers, more market share, more net. A pretty common-sense approach. But this is not a strategy. This is a behavior pattern. Let’s do what we have always done, presumably because it has more-or-less worked. This approach makes sense if the world is static. If the world is standing still, if society is standing still, if technology is standing still, and if competitors are standing still– then it is ok if the business stands still as well. But there are moving pieces out there, so you had better move as well. Unless the business incorporates a bit of a change culture, it risks falling behind.

Therefore, some sort of strategy is in order. Strategy can mean the allocation of resources without the normal formula for a return, displaying some capacity for experimentation. Strategy can mean you are doing something different, and the constituency for this change has not yet been established. Strategy can mean clearer costs than benefits.

Strategy can mean a journey into the unknown. You are taking steps that require you to stretch beyond current capabilities. A new product launch could represent a strategy. A new sales channel. Or a new market.

For most companies, the decision to go into a new market is a matter of strategy, because growth is no longer MOTS. The best expression of this might be a decision to go to China. On any given day it might not make sense to have a strategy. It makes sense to do what you did yesterday. But cumulatively, this could lead to a disaster.

On any given day, it might not make sense to go into a new market. But over the long run it could cripple the company to stay only in its home market. I caught up with Jack Ma recently at the Forbes Global CEO Conference. Jack has stepped down as Alibaba ($BABA) chairman, but he is still fiercely passionate about helping companies enter the China market. I had not seen him in almost a year, but we immediately saw this issue eye-to-eye.

Sooner or later, every company needs an international strategy. Sooner or later, every company needs a China strategy. Strategy is possible. Cost-free strategy is not. Those companies that are taking the international journey, we salute you.

Follow me on Twitter or LinkedIn. Check out my website.

Whether in banking, communications, trade negotiations, or e-commerce, my professional life is helping companies enter and succeed in new markets, with a particular focus on China. As Founder and CEO of Export Now, I run the largest international firm in China e-commerce. Export Now provides turn-key services for international brands in China e-commerce, including market strategy and competitive analysis, regulatory approval, store operations and fulfillment, financial settlement and remittance. Previously, I served as Asia Pacific Chair for Edelman Public Affairs and in my last role in government, I served as Undersecretary for International Trade at the U.S. Department of Commerce. Previously, I served as U.S. Ambassador to Singapore. Earlier, I served in Hong Kong and Singapore with Citibank and Bank of America and on the White House and National Security Council staff. New market book: http://amzn.to/2py3kqm WWII history book: http://amzn.to/2qtk0wK

Source: Key Points To Consider When Developing An International Business Strategy

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Welcome to the Vodcasts of the IUBH correspondence courses. (http://www.iubh-fernstudium.de). In this video of the course “Managing in a Global Economy”, part of the “Master of Business Administration” program, Jürgen-Mathias Seeler discusses the topic “Strategy Development in International Business”. By the end of this lecture you will be able to understand the meaning of strategy in international business, the potential benefits from global strategies, the most important strategic choices in globalized business operations and how to manage strategy development and strategy adoption successfully. To find out more about the “Master of Business Administration” program, please visit http://www.iubh-fernstudium.de/unsere….

Bill Gates: High Schoolers Should Cultivate 1 Skill to Thrive in 2030 and Beyond

No one can predict the future. Not even Bill Gates. But the billionaire founder of Microsoft and philanthropist can tell you which skills he thinks will give you a competitive edge in the future.

Gates recently touched on this topic when he delivered a lecture at his high school alma mater, Lakeside School in Seattle. Fun fact: Another famous alumni is Microsoft co-founder Paul Allen. The two met when they were students there.

The first question the school’s head Bernie Noe posed to Bill Gates was this: “What do today’s students need to know to thrive in 2030 and 2040?”

You’re never too old to keep learning.

Gates encouraged the high school students to cultivate their curiosity. The more knowledge they seek out, the better they’ll be prepared for what’s ahead.

“For the curious learner, these are the best of times because your ability to constantly refresh your knowledge with either podcasts or lectures that are online is better than ever,” Gates said.

To do that, Gates said students must build your sense of curiosity and basic framework of knowledge. History, science, and economics are the subject areas he sees as being particularly useful to be successful in the future.

What Bill Gates predicts for the decades ahead.

During the decades ahead, the digital revolution will surprise us,” Gates said.

This is where that foundational knowledge and drive to keep learning will come into play. He thinks having the self confidence and willingness to keep learning will help prepare students for that revolution.

For example, he says changes that will take place in healthcare and climate change will require an understanding of the sciences.

He also believes teeangers must be more informed than ever on current affairs and past events. “Democracy is going to more and more require participants,” he said. He says understanding history — both of the United States and the entire world — will prepare students to understand why the world is in the situation it’s in.

Bill Gates is his own case study.

When Gates graduated from Lakeside in 1973, he didn’t know what the future would hold. There was one thing he took with him though that prepared him for his future success: “I had the ability to learn.”

He never expected that he would drop out of Harvard. In fact, Gates was so hungry for knowledge that he took extra classes in college just because they sounded fun and interesting. He admits that he wasn’t very sociable because his heavy course load was all-consuming. “I managed to get two and a half years there, and I loved every minute of it,” he said.

Gates dropped out of Harvard and started Microsoft with his former Lakeside buddy Paul Allen in 1975. The rest is history.

Betsy MikelOwner, Aveck

Source: Bill Gates: High Schoolers Should Cultivate 1 Skill to Thrive in 2030 and Beyond

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Check out these books by and about Bill Gates: * Business @ the Speed of Thought: https://amzn.to/2PAw27v * The Road Ahead: https://amzn.to/2QfWPDh * Gates: How Microsoft’s Mogul Reinvented an Industry: https://amzn.to/2PGLvmu * Who Is Bill Gates?: https://amzn.to/2PF7bzu * Bill Gates and the Making of the Microsoft Empire: https://amzn.to/2qrh5Xc He consistently ranks in the Forbes list of the world’s wealthiest people. He’s one of the best-known entrepreneurs of the personal computer revolution. He is also the second-most generous philanthropist in America, having given over $28 billion to charity. He’s Bill Gates and here are his Top 10 Rules for Success. * Join my BELIEVE newsletter: http://www.evancarmichael.com/newslet… 1. Have energy 2. Have a BAD influence 3. Work hard 4. Create the future 5. Enjoy what you do 6. Play bridge 7. Ask for advice 8. Pick good people 9. Don’t procrastinate 10. Have a sense of humor Sources: https://www.youtube.com/watch?v=ldPh0… https://www.youtube.com/watch?v=zGZb9… https://www.youtube.com/watch?v=pyg-D… https://www.youtube.com/watch?v=nJcFs… https://www.youtube.com/watch?v=EBdIe… https://www.youtube.com/watch?v=XS6ys… https://www.youtube.com/watch?v=ynQ5Z… https://www.youtube.com/watch?v=KxaCO… https://www.youtube.com/watch?v=IY2j_… https://www.youtube.com/watch?v=fI_xu… ENGAGE * Subscribe to my channel: http://www.youtube.com/subscription_c… * Leave a comment, thumbs up the video (please!) * Suppport me: http://www.evancarmichael.com/support/ CONNECT * Twitter: https://twitter.com/evancarmichael * Facebook: https://www.facebook.com/EvanCarmicha… * Google+: https://plus.google.com/1084697716903… * Website: http://www.evancarmichael.com EVAN * About: http://www.evancarmichael.com/about/ * Guides: http://www.evancarmichael.com/zhuge/ * Coaching: http://www.evancarmichael.com/movement/ * Speaking: http://www.evancarmichael.com/speaking/ * Gear: http://evancarmichael.com/gear SCHEDULE * Videos every day at 7am and 5pm EST * Weekends – Top 10 Videos: https://www.youtube.com/playlist?list… * #Entspresso – Weekday mornings: https://www.youtube.com/playlist?list…

The 10+ Most Important Job Skills Every Company Will Be Looking For In 2020

As the world evolves to embrace the 4th industrial revolution, our workplaces are changing. Just as other industrial revolutions transformed the skillset and experience required from the workforce, we can expect the same from this revolution. Only five years from now, 35 percent of the skills seen as essential today will change according to the World Economic Forum. While we’re not able to predict the future, yet, here are the ten most important job skills (plus a bonus one) every company will be looking for in 2020.

1.  Data Literacy

Data has become every organization’s most important asset—the “fuel” of the 4th industrial revolution. Companies that don’t use that fuel to drive their success will inevitably fall behind. So, to make data valuable, organizations must employ individuals who have data literacy and the skills to turn the data into business value.

2.  Critical Thinking

There’s no shortage of information and data, but individuals with the ability to discern what information is trustworthy among the abundant mix of misinformation such as fakes news, deep fakes, propaganda, and more will be critical to an organization’s success. Critical thinking doesn’t imply being negative; it’s about being able to objectively evaluate information and how it should be used or even if it should be trusted by an organization. Employees who are open-minded, yet able to judge the quality of information inundating us will be valued.

3.  Tech Savviness

Today In: Innovation

Technical skills will be required by employees doing just about every job since digital tools will be commonplace as the 4th industrial revolution impacts every industry. Artificial intelligence, Internet of Things, virtual and augmented reality, robotics, blockchain, and more will become a part of every worker’s everyday experience, whether the workplace is a factory or law firm. So, not only do people need to be comfortable around these tools, they will need to develop skills to work with them. Awareness of these technologies and relevant technical skills will be required for every job from a hairstylist to an accountant and everything in between.

4.  Adaptability and Flexibility

As quickly as the world is changing, the half-life of skills is constantly reducing. Therefore, people need to commit to learning new skills throughout their careers and know they must be adaptable to change. Important to this is understanding that what worked yesterday isn’t necessarily the best strategy for tomorrow, so openness to unlearning skills is also important. Additionally, people must be cognitively flexible to new ideas and ways of doing things.

5.  Creativity

Regardless of how many machines work beside us, humans are still better at creativity. It’s essential that creative humans are employed by companies to invent, imagine something new and dream up a better tomorrow. Tomorrow’s workplaces will demand new ways of thinking, and human creativity is critical to moving forward.

6.  Emotional Intelligence (EQ)

Another area where humans have the edge on machines is with emotional intelligence—our ability to be aware of, control, and express our emotions and the emotions of others. This ability will be important as long as there are humans in the workforce since it impacts every interaction we have with one another.

7.  Cultural Intelligence and Diversity

Organizations are increasingly diverse, and effective employees must be able to respect differences and work with people of a different race, religion, age, gender, or sexual orientation. Also, businesses are increasingly operating across international boundaries, which means it is important that employees are sensitive to other cultures, languages, political, and religious beliefs. Employees with strong cultural intelligence and who can adapt to others who might perceive the world differently are also key in developing more inclusive products and services for an organization.

8.  Leadership Skills

Leadership skills will be paramount for not only those at the top of a traditional corporate hierarchy but increasingly for those individuals throughout the company who are expected to lead in the 4th industrial revolution. Enabled by the support of machines, there will be more individuals who are in decision-making positions, whether leading project teams or departments. Understanding how to bring out the best in and inspire every individual within a diverse and distributed workforce requires strong leadership skills.

9.  Judgment and Complex Decision Making

Machines might be able to analyze data at a speed, and depth humans are incapable of, but many decisions regarding what to do with the information provided by machines must be still made by humans. Humans with the ability to take input from the data while considering how decisions can impact the broader community, including effects on human sensibilities such as morale, are important members of the team. So, even if the data support one decision, a human needs to step in to think about how a decision could impact other areas of the business, including its people.

10. Collaboration

When companies are looking to hire humans in the 4th industrial revolution, skills that are uniquely human such as collaboration and strong interpersonal skills will be emphasized. They will want employees on their team who can interact well with others and help drive the company forward collectively.

BONUS: In addition to the skills listed above that every company will be looking for in the 4th industrial revolution, there are several self-management skills that will make people more successful in the future, including self-motivation, prioritization/time management, stress management and the ability to embrace and celebrate change. Those people who have a growth mindset, are adept at experimenting and learning from mistakes, as well as have a sense of curiosity will be highly coveted in the 4th industrial revolution.

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Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

Source: The 10+ Most Important Job Skills Every Company Will Be Looking For In 2020

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5 Things Your Resume MUST HAVE To Get More Job Interviews: https://youtu.be/WATpBoVprRk J.T. Free Job Search Resource: https://www.workitdaily.com/why-shut-… Get hired faster by working with our team of experts. Learn more here: https://www.workitdaily.com/pricing/ Showcasing the right skill sets is essential when you’re on the hunt for a job. If you want to stand out in the hiring process, you need to consider other skills that can give you an advantage over the competition. Here are some skill sets that can give you a “leg up” in the hiring process (even if they don’t directly relate to the job to which you’re applying): 1. Experience With Relevant Technologies Do you have experience with any programs, applications, software, or other technologies that relate to your field? Be sure to emphasize them on your resume and LinkedIn profile, especially if they’re listed in the job description. 2. Fluency In A Foreign Languages If you speak another language, make sure you showcase it! Although most jobs don’t require fluency in other languages, it’s not a bad thing to add to your resume or LinkedIn profile. In fact, it can actually give you bonus points because there are so many people who aren’t fluent in other languages. 3. Customer Service Skills It doesn’t matter if you were a server at a restaurant, a customer service representative, or a retail associate, if you dealt with customers in the past, you likely developed some good customer service skills. The ability to work with people is such a valuable skill set. Even if you won’t be working directly with customers in the role to which you’re applying, these people skills you’ve developed can help you work with colleagues and navigate tricky situations in the workplace. These are just a few things you can do that can give you a leg up in the hiring process. However, there could be things you’re doing that are holding you back… To get insight into what these are and how to fix them, be sure to check out my free resource here: Thousands of other professionals have found this helpful, so be sure to check it out. Free Tutorial: https://www.workitdaily.com/why-shut-… And, if you want J.T. and her team to help you become a pro at interviewing, negotiating and more, then you need to check out our career support platform. Want to learn more about our affordable Premium Subscription? Learn more here: https://www.workitdaily.com/pricing/ Follow Work It Daily: https://www.workitdaily.com/ https://twitter.com/workitdaily?lang=en https://www.facebook.com/groups/WorkIhttps://www.facebook.com/WorkItDaily/ #JobSearch #JobSearchTips #Resume

Why You Should Try a Subscription Model for Your Business (and Some Tips on How to Do It)

Every entrepreneur wants consistent monthly income to fuel their cash flow and business goals. However, between economic cycles and changing customer interests, that regular revenue may be hard to achieve.

I’ve talked with more and more small business owners lately who use a subscription business model. It involves offering monthly subscriptions for various products and services. Options for these subscriptions cover all kinds of items. Maybe you know someone who receives a subscription box filled with clothing or makeup. Perhaps you’ve tried making meals prepared by Blue Apron or you receive shaving supplies from Dollar Shave Club. Millions of people enjoy Netflix and Spotify for streaming. Other companies offer toys for kids and treat boxes for pets.

The subscription e-commerce industry generates hundreds of millions of dollars in revenue each year. A 2018 McKinsey survey noted that nearly 60 percent of American consumers surveyed had multiple subscriptions. The monthly subscription economy doesn’t show any signs of slowing down. People love the time and money they save, as well as the excitement of personalization and convenience.

Besides attracting and retaining customers who want these benefits, there’s a significant advantage for subscription companies: recurring revenue. Instead of a one-time payment, monthly subscription businesses collect a monthly fee (or sometimes a year of fees in exchange for a lower monthly rate) before sending out the product or service.

This revenue model provides an upfront spike in cash flow along with a longer-term outlook for stable income. Moreover, you’ll get a better sense of product volume for inventory planning and management.

There is no time like the present to start a monthly subscription business to ride the lucrative wave. Here’s how to launch:

Decide on a subscription model type.

There are three main sub-models that can frame your monthly business within the subscription model. The curation model involves creating a personalized box for customers based on interests they share when they sign up. This might include sample-size versions of products related to a hobby or lifestyle.

The replenishment model is the one I use most often. It offers a regular stream of products the customer uses. For example, Amazon offers this under the name, “Subscribe and Save,” for many food items, cleaning supplies, vitamins, and more.

The access model provides a feeling of exclusivity for customers who get products and experiences not available to anyone without a subscription. Again, let’s reference Amazon. Its Prime program gives members special discounts, offers, and products not accessible to non-Prime members.

Consider a service-oriented subscription model.

You may be wondering how to find your niche. Consider a service-oriented skill set you have that could fit this approach. For example, if you specialize in graphic design, web development, or writing, consider this model for your monthly business.

In contrast to a monthly retainer model, a service-based subscription model provides upfront revenue while giving clients the opportunity to select a pricing tier with accompanying services that fit their needs.

Proceed like any business startup.

I’ve met many a startup founder that didn’t do the basics. Make sure you conduct research, determine a market need or interest, think about what the new product looks like, scope out any competition, and establish pricing.

Create a business plan that outlines your monthly business model, marketing plans, launch timeline, budget, and profitability forecast. Explore technology that helps automate the ordering, processing, and payment aspects of your subscription. I know entrepreneurs who use SaaS companies like Zuora or Zoho here. Also, study how other subscription brands have used marketing tools and platforms to launch and grow their business.

When you are ready to share your subscription business with your audience, consider a no-obligation trial. This entices people to try it on their terms and get excited to sign up for a longer period. In addition, make sure your website or social media promotion has a transparent subscription pricing guide that describes what customers receive at each pricing tier.

Taking all these steps prior to launch can set your monthly subscription business up for success. You want to know that you can attract customers and then deliver an exceptional experience so they maintain their subscriptions and spread the word.

Offer a recurring automatic payment method.

As part of establishing a successful subscription business, it’s ideal to offer old and new customers a way to select recurring automatic payments for their monthly subscription service. They can choose where to deduct the money from — a bank account or credit card.

This model works because it saves them from having to remember to make a payment each month. Instead, they can set up a payment method and comfortably receive the service on a regular basis.

By: John Boitnott

Source: Why You Should Try a Subscription Model for Your Business (and Some Tips on How to Do It)

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For more info: http://smarturl.it/COBS-YT Could doubling or tripling your revenue this year be a reality? Are you serious about growing your business and maximizing its success? Business growth is extremely teachable and you can “Clone” success strategies and tactics as easily as it is to learn a recipe and bake a cake! The Cloning of Business Success is a one-of-a-kind, live hands on business event where you will be guided through a proven process for creating the specific blueprint to dramatically increase your revenue and profits in the next 6-12 months. I realize this is a bold claim, but the truth is, there are a few key things that (when done right), will have an immediate positive impact on your business’ revenue. I know this to be true because I’ve done it may times myself and have shown thousands of small business owners all over the world how to do it for themselves. Now, it’s your turn. For more info: http://smarturl.it/COBS-YT Subscribe To My Channel: http://www.youtube.com/subscription_c… Facebook: http://www.facebook.com/johnassarafpage http://www.facebook.com/PraxisNowLLC Twitter: http://twitter.com/johnassaraf http://twitter.com/PraxisNowLLC Website: http://www.johnassaraf.com http://www.praxisnow.com

The Fear Fund: Nancy Davis’ ETF Aims To Protect Investors From Scary Stuff, Like Recession And Inflation

Stocks have recovered from last fall’s crash, low interest rates stretch out to the horizon and the VIX volatility index is half what it was at Christmas. Sit back and coast to a comfortable retirement.

No, don’t, says Nancy Davis. This veteran derivatives trader runs Quadratic Capital Management, where her somewhat contrarian view is that investors, all too complacent, are in particular need of insurance against financial trouble.

The Quadratic Interest Rate Volatility & Inflation Hedge ETF, ticker IVOL, is designed to provide shelter from both inflation and recession. Its actively managed portfolio mixes inflation-protected Treasury bonds with bets, in the form of call options, on the steepness of the yield curve.

Those options are cheap, for two reasons. One is that, at the moment, there is no steepness: Yields on ten-year bonds are scarcely higher than yields on two-year bonds. The other is that the bond market is strangely quiet. Low volatility makes for low option prices.

                                   

“Volatility has been squashed by central bank money printing,” Davis says, before delving deep into the thicket of option mathematics. If volatility in interest rates rebounds to a normal level, her calls will become more valuable. Alternatively, she would get a payoff if the yield curve tilts upward, which it has a habit of doing when inflation surges, stocks crash or real estate is weak.

If IVOL is all about peace of mind for the investor, it’s all about risk for its inventor. Davis, 43, has poured her heart, soul and net worth into Quadratic, of which she is the founder and 60% owner. If the three-month-old exchange-traded fund takes off, she could become wealthy. If it doesn’t, Quadratic will struggle.

The fund showed its worth in the first week of August, climbing 2% as the stock market sank 3%. But it needs a much bigger shock to stock or bond prices in order to get big. It has gathered only $58 million so far. A crash had better arrive soon; IVOL’s call options expire next summer. Quadratic, moreover, needs to somehow scale up without inspiring knockoff products from ETF giants like BlackRock.

Davis was a precocious trader. As an undergraduate at George Washington University, she took grad courses in financial markets while earning money doing economic research for a consulting firm. She put some of her paychecks into a brokerage account. “Some women love to buy shoes,” she says. “I love to buy options.”

This was in the 1990s, a good time to indulge a taste for calls. Davis made out-of-the-money bets on technology stocks, which paid off well enough to cover the down payment, in 1999, on a New York City apartment. Nice timing.

There may be a sour grape, but there’s also truth in her current philosophy that hedge funds are not such a great deal for investors. ETFs, she says, are more liquid, more transparent and cheaper.

Davis spent a decade at Goldman Sachs, most of it on the firm’s proprietary trading desk, then did a stint at a hedge fund. At 31 she quit to actively manage two kids. Returning to Wall Street after a three-year hiatus, she worked for AllianceBernstein and then did what few women do, especially women with children: She started a hedge fund.

Quadratic, whose assets once topped $400 million, used a hedge fund platform at Cowen & Co. When Cowen ended the partnership last year, Davis set about reinventing her firm. There may be a sour grape, but there’s also truth in her current philosophy that hedge funds are not such a great deal for investors. ETFs, she says, are more liquid, more transparent and cheaper.

IVOL’s 1% annual fee is stiff, but Davis says it’s justified for a fund that is not only actively managed but also invested in things that ordinary folk cannot buy. If you want to duplicate her position in the Constant Maturity Swap 2-10 call due July 17, you’d need to know what banker to ring for a quote, because this beast is not traded on any exchange. Each of these calls, recently worth $7.71, gives the holder the right to collect a dollar for every 0.01% beyond 0.37% in the spread between ten-year interest rates and two-year interest rates. The spread has to move a long way up before the option is even in the money. But at various times in the past the spread has hit 2%. Could it do that again? Maybe, at which point the option pays $163.

Starting a firm like Quadratic is like buying an out-of-the-money call: long odds, big payoff. Davis is doing what she was doing in college. You can’t stop a trader from trading.

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Source: The Fear Fund: Nancy Davis’ ETF Aims To Protect Investors From Scary Stuff, Like Recession And Inflation

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Nancy Davis, founder and CIO of Quadratic Capital Management, introduces her new ETF that takes advantage of interest volatility and inflation expectations: IVOL. In this interview with Real Vision’s co-founder & CEO Raoul Pal, Davis deconstructs the structure of the ETF, highlights the cost of carry associated with the strategy, and discusses her macro outlook and where she thinks the yield curve is headed next. Filmed on May 29, 2019. Watch more Real Vision™ videos: http://po.st/RealVisionVideos Subscribe to Real Vision™ on YouTube: http://po.st/RealVisionSubscribe Watch more by starting your 14-day free trial here: https://rvtv.io/2KHDkoc About Trade Ideas: Top traders unveil their specific plans for cashing in on the market’s next move. In these short videos, our traders cut straight to the point and lay out their thoughts on the best risk-reward trades of the moment. Each episode concludes with a visual recap of trade details including profit-loss potential and trade duration. About Real Vision™: Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today’s markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™. Connect with Real Vision™ Online: Twitter: https://rvtv.io/2p5PrhJ Instagram: https://rvtv.io/2J7Ddlw Facebook: https://rvtv.io/2NNOlmu Linkedin: https://rvtv.io/2xbskqx The ETF Play on Interest Rate Volatility (w/ Nancy Davis) https://www.youtube.com/c/RealVisionT… Transcript: For the full transcript visit: https://rvtv.io/2KHDkoc NANCY DAVIS: So we invest with options with a directional bias on everything. So our new product that we recently launched, IVOL, is the first inflation expectations and interest rate volatility fund out there. It’s a exchange traded product. RAOUL PAL: Does anybody even know what that means? NANCY DAVIS: So what we do is for an investor, if you’re an equity investor, you want to have tail protection, for instance. It’s hard to own equity volatility as an asset allocation trade because it decays so aggressively. So it’s a more benign way to carry volatility as an asset class from the long side using fixed income vol. It’s not as sensitive as equity vol, but it’s a lot lower level. Like, the vol we’re buying is 2, 2 basis points a day in normal space. So it’s very, very cheap, in my opinion, and it gives you a way to have an asset allocation to the factor risk of volatility without having as much decay as you would in the equity space. And then for a fixed income investor, the big risk there is obviously Central Bank policy, fiscal spending, trade wars, as well as inflation expectations. And we saw a need to really give a fixed income investor a way to capitalize on the deflation that’s been priced into the market for the next decade. I mean, so current US inflation is around 2%. The five-year break-even is 1.59%. So that’s an opportunity in an option space. And so it’s long options with TIPS. And so that gives investors exposure. It gives you inflation-protected income, but also options that are sensitive to inflation expectations. And we think it’s pretty– you know, you’re never going to time these macro calls perfectly. But given the Central Bank in the US is so focused right now on increasing inflation expectations, and there’s been so much talk about the yield curve inverting– and that’s kind of crazy. If you step back and you’re like, all right, we have a $3.9 trillion balance sheet. We have a fiscal budget deficit. We have unclear or radically changing monetary policy. If you look where we are now with so many cuts priced into the interest rate markets in the US versus where we were four months ago, it’s wildly different. And at the same time, interest rate volatility is literally at generational lows. Equity, while people talk about equity vol, I think VIX today is 17. It’s low, I guess, in the context. But when you look at a percentile, like one-year vol over the last decade in equities, it’s about the 70th percentile. So it might be low, but it doesn’t mean it’s cheap. Interest rate volatility is literally at, like, 2, 1, you know, 0.

You’d Be Better Off Just Blowing Your Money: Why Retirement Planning Is Doomed

Between interest rates and poor financial planning, the comfy retirement you may have dreamed of is most likely to remain a dream.

I know this is a bold, and possibly controversial title, but retirement planning is broken and leaving people broke.

The destructive narrative is, “work hard, save money in a retirement plan, wait and it will all work out in the long run.”

The reality is, without the ingredients of responsibility and accountability, there is no easy solution for retirement. Meaning, if we just work hard and set money aside, we are putting money into a market we have no control over.

The institutions are winning though. Taking fees along the way. Convincing us to separate ourselves from our hard earned money, encouraging us to take it out of the business we know and put it into investments we don’t.

Low interest rates are great for those borrowing money, but terrible for those wanting to take income from a retirement plan. Those low interest rates are not providing enough cash flow, so that even if you’re a millionaire on paper, you still may be living like a pauper. For example, if you could find 4% interest in a fixed income account, that is only 40,000 dollars a year per million in your retirement account. Oh, and that income is taxable if it isn’t coming from a Roth IRA.

The concept of retirement has robbed the public of the responsibility and accountability required with personal finance. It has become too easy to hand money over to so-called experts due to the busyness of business, kids, hobbies, and other obligations competing for our time.

The reality is, we have more opportunity for time now than ever. For thousands of years people were limited and constrained with the monumental duty of providing for their family by having to hunt, farm or provide shelter with less technology, efficiency and access to resources. We have become addicted to saying yes to things less important than financial stability and freedom…..

Source: https://www.forbes.com/sites/garrettgunderson/2019/07/16/youd-be-better-off-just-blowing-your-money-why-retirement-planning-is-doomed/#18c0d351302d

DoorDash Is Now Worth Nearly As Much As Grubhub After $400 Million Funding Infusion

Investor appetite in food delivery companies is growing, notwithstanding a rash of customer complaints about how these startups pay contract workers. On Thursday, DoorDash announced it had raised another $400 million in a Series F funding round led by Temasek and Dragoneer Investment Group. The cash infusion brings DoorDash’s total capital raised to $1.4 billion, of which $978 million came from funding rounds in the last year.

Source: https://www.forbes.com/sites/bizcarson/2019/02/21/doordash-funding-400-million-grubhub-7-billion-valuation/#3df12b267e10

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