Monthly Archives: December 2021

Business Strategy , , Leave a comment

Making Sense of Your Data

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When you think about it for a minute, you might agree that basically every aspect of your business can benefit from relevant and timely information—-i.e., data. However, your potentially helpful data can leave you with a puzzle to put together, unfamiliar terrain to navigate, before you can make sense of the information and understand the picture it’s trying to show you.

The puzzle pieces that contain your data could be expressed in various formats, e.g., columns of numbers, pie charts, bar graphs, or the written opinions of researchers and thought leaders. Furthermore, the data sources often use different benchmarks and measuring standards and make getting a sense of things sort of a wrestling match.

Analyzing data reminds me of buying produce at Trader Joe’s and Whole Foods. At Trader Joe’s, the bananas are 19 cents each and there are no scales. At Whole Foods, bananas are 49 cents a pound. How can I calculate what I’m paying for the fruit or the other produce that I buy at each market and compare prices?

Data analysts and other experts say that for much of the information we access, tools that cut through the maze and bring focus to the picture, such as identifying patterns and trends for you to consider, are a must. Otherwise, you’ll be unable to fully comprehend the data’s story, unable to make good use of the information and enable it do what you need it to do, which is to support good decision-making. Micrsoft Excel or Power BI, Python, Jupyter and Apache Spark are among the most highly rated data analytics tools.

Among the most common functions that data analysis is called upon to provide insight are:

Marketing teams use data to examine website visits, often by way of Google Analytics and social media stats, by way of services such as BuzzSumo, Sprout Social, or HubSpot. Understanding what’s happening in the company’s marketplace and revealing customer behavior by analyzing Descriptive Analytic data is a typical goal.

Sales teams use data to understand the customer buying journey and learn what motivates a sale, along with revealing customer buying patterns. With access to unlimited online information, prospective customers are better informed about potential purchases than they’ve ever been. B2B sales researchers have documented that prospects are usually 80% of the way through the buying cycle before making contact with a sales team. Customers are in the driver’s seat.

Finance/ Accounting teams have always had access to the reams of data that’s attached to invoices, accounts payable and receivable transactions, sales revenue, inventory counts and other movements of money and resources.

Operations teams are charged with continually reviewing any number of business processes, from how to source or manufacture the products and services that a company sells, to recommending the most optimal methods to connect those products to customers, to ensuring that company offices are equipped with effective HVAC systems. Obtaining data that reveals operational efficiencies and enables business functions to be executed in the easiest, fastest and least costly or risky methods is the eternal goal.


Yet the question has always been, how can anyone—-multinational conglomerate or Freelance solopreneur—-maximize the value of your data?

  • Put data to work Your data is wasted unless you examine it, interpret it and let it guide your actions and decision-making.
  • Sort and analyze Appropriately grouping, categorizing and analyzing your data makes business intelligence tools necessary when working with large amounts of data. Today, data analysis means Artificial Intelligence. AI-powered systems will in mere seconds collect, sort, analyze and make meaningful recommendations for you and your team to review and evaluate. If that’s not enough, your AI tool will ”learn” from the data you feed it and the recommendations it makes to continually refine and improve the outcomes.
  • Strengths into opportunities Let your data show you where you shine. Maybe it’s your amazing referral rate or customer retention rate. Maybe it’s the memorable customer experience that you create or the loyal followers who’ve turned into brand cheerleaders for your company.
  • Prioritize Get clear and pragmatic about goals and objectives the organization would be wise to pursue over the long and short terms. Your customers and their emerging preferences and priorities are certain to influence the strategies and actions that emerge at the head of the line. Let the marketplace guide you.

Thanks for reading,

Kim

Image: © Warner Brothers Pictures. Malcolm McDowell in A Clockwork Orange (1971), directed by Stanley Kubrick 

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Pro Bono Quid Pro Quo

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I’ve often recommended that Freelancers seek out speaking opportunities as a way to meet potential clients or referral sources, enhance your brand, add names to your mailing list to support leadgen activities and to generally build name recognition and expand your influence. Speaking before an audience, in-person or virtual, is a golden opportunity and, as noted, confers many tangible and intangible benefits. But the cold fact is, speaking engagements often do not pay, or pay only a modest amount.

As a seasoned professional with wisdom to share, you deserve to be paid for speaking engagements but unfortunately, that is not always the case. While occasional pro bono speaking engagements might be building blocks for your brand, it nevertheless makes sense to get some quid pro quo. Use some creativity and moxie to first, think about acceptable substitutes for money and then ask the organizer what can be done for you. In other words, redefine what it means to get paid and negotiate for an alternative form of payment that will compensate you for the value you’ll deliver. The alternative payment might be tangible or intangible. The idea is to not walk away empty-handed and create a win for yourself and the organizer.

As you consider what you may be willing to accept in place of monetary compensation, remember what is required to prepare a talk. Typically, a one hour program consists of about 45 minutes for the presentation plus 10-15 minutes allotted for your introduction and Q & A. Presentations require numerous hours to prepare—slides must be designed and created and maybe handouts, too. Practicing your delivery and figuring out how to best integrate the visuals can take three hours or more. You’ll want to negotiate for a fee alternative that for you will be a high-value commodity, even if it’s not money. Here are seven possibilities to consider:

Networking opportunities

There is value in relationship-building conversations with leaders. Request an introduction and 30 meeting with a leader or decision-maker within the organization to build broader deeper networks. This creates long lasting connections after your talk. Research the organization to help you prepare a list of questions you can ask and to also help you understand how you can be a resource to the organization and vice versa.

Testimonials

Ask an organizer in a leadership role to provide a flattering quote or endorsement that can be uploaded to your website or LinkedIn profile. If there is a heavy-hitter in the audience, ask the organizer to introduce you and ask if the VIP would be willing to supply a quote that you can record as a video.

Referrals

Request that if your talk receives positive feedback from the audience, you’ll be invited to speak again in 24-36 months. Or, if the organizing body happens to be the local chapter of a regional or national organization, ask your local contact to recommend you as a speaker at the regional or even national level. You can also ask to be referred and recommended to speak at a related organization or conference. The goal is to use this first opportunity as a stepping stone for upward mobility.

Discounted memberships and dues 

Many speaker series programs are hosted by organizations whose members and programs can provide networking and professional development opportunities for you. Consider asking to receive a waived or discounted one-year membership, to help expand your network, upgrade your skills and save money as you do. Or you might request comped admission to certain upcoming programs that you’d like to attend.  

A public speaking coach to build your skills

Ask your con if the organization has affiliations with professional storytellers or public speaking coaches. If so, request that the coach meet with you for an hour or two, to give feedback in advance of your talk. Or, ask for the coach to attend your presentation to evaluate you and provide verbal or written feedback. Using your talks as opportunities to improve your speaking skills is always a good strategy.

High-resolution event photos

Some speaking engagements are still virtual, but if your talk will be in-person , request that a photographer, if available, takes action shots of you at work, speaking at the podium and interacting with the audience. You might also request that the photographer take a headshot of you. High-quality photos are an important resource and images of you in action are especially valuable, but may be difficult to obtain. High quality, recent photos are guaranteed to be excellent additions to your print or online promotional materials, from website to media kit.

Social media boost

Ask the organizer to record the presentation, whether virtual or IRT, and send three of four five-minute highlight video clips for you to upload to social media. Teaser videos can also be used to promote your content and speaking style. Use the material as a demo reel to help solicit further speaking opportunities.

Thanks for reading,

Kim

Image: Former first lady of Argentina (June 1946 – July 1952), Eva Peron electrifies a crowd

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So What’s Your Lead Magnet?

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As Freelance consultants and owners /leaders of businesses of every size work to attract and retain customers and convert leads into sales obtaining contact information, particularly email addresses, is of paramount importance. Email addresses are a foundational resource and govern your ability to communicate with current and prospective clients. A healthy email list is remarkably valuable and building and maintaining a good list is something you want to do.

The challenge is, how can you obtain email addresses quickly and efficiently? You can buy email lists; you can use online services such as Contactout, Clearbit connect, Finder.io, Discoverly, or even Google, to help you find the email addresses of decision-makers you’d like to reach. The problem is that contacting those individuals would constitute spamming because they have not agreed to share contact information with you. Blindly sending promotional emails, or even your newsletter, to those who you assume are prospects, but who have never engaged with your company in any way, is a turn-off. Delete.

Building a money-making email list takes time, effort and ingenuity. To successfully obtain email addresses, it is necessary to create conditions that motivate potential prospects to surrender them. The original method by which email lists were built was through teaching or other speaking engagements. If pre-registration was required, voila, you harvest email addresses. Sign-in sheets that request emails were/ are another harvesting method. It’s a slow process, but the leads are authentic.

More common now and in theory, a faster and easier leadgen method, is to somehow attract prospects to your website and social media platforms. Bringing inbound leads to one of your sites is a victory, but you still need a hook to persuade visitors to remain onsite and engage. To create that bit of magic, you need an appealing offer, a lead magnet. You also need to call attention to and sell your lead magnet with a persuasive call-to-action. See the link to review our CTA conversation.

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A lead magnet is often content given away to someone in exchange for their email address. Instead of asking website visitors to buy your e-book, for example, tell them they can have it at no charge, if they kindly provide their name, email address and maybe also the name of the company for whom they work (or own) and their job title. You can do the same with other resources that may be considered valuable and desirable.

You must give customers a compelling reason to provide you with their contact information. Most people today are inundated with emails, so your lead magnet and CTA must be stellar to convince people to add yet another email to their inbox. Simply inviting people to add their names to your mailing list no longer generates the results it once did. You must give something of value in order to receive something of value.

What type of lead magnet should you create? Other than an e-book, you might also offer the results of a comprehensive survey that examined a hot topic, or a live taping of a webinar or podcast in which an interesting subject was discussed (and perhaps in which you participated). Other possibilities include:

  • A content marketing calendar
  • Your newsletter
  • A case study
  • You invite a client to tell the story of how you solved a problem and provided a solution that worked especially well
  • A white paper
  • The purpose of a white paper is to promote a certain product, service, technology or process that your company offers or plans to offer soon. The writer aims to (you) discuss and in so doing persuade current and prospective clients that the solution is highly effective and may be useful for their organization when certain circumstances, problems, or goals exist. A white paper is intended to provide compelling and factual or technical evidence that your offering (the product or service) is a superior method of achieving the goal or solving the problem. In general, white papers are written in an academic style and they’re often about 2,500 words in length.

Just remember that you’ll have to do more than dangle an alluring treat before your visitor’s eyes. it’s not just about the lead magnet. You’ll want to create a persuasive, come-hither CTA pitch that motivates readers to covet your lead magnet and hand over some personal information to posses it.

Thanks for reading,

Kim

Image: The magic hand of Steve Spangler, the Science Guy on KUSA-9News in Denver, CO on February 25, 2019

Administrative , , Leave a comment

Survey: Freelancing in America 2020-2021

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Upwork, the largest online marketplace for connecting Freelance workers with those who might hire us, continues to examine the state of Freelancing in America, a project the company began in 2014. I last reported on the survey in 2017.

As you probably guessed, the number of Freelancers, and clients willing to hire independent workers, continues to grow. To study the current state of Freelancing, Upwork’s 7th annual report, researchers surveyed 6,000 Freelance workers in the U.S. Survey respondents covered the spectrum—full-time, part-time, the side hustle (formerly known as moonlighting) and occasional workers. The data revealed that 59 million Americans performed Freelance work of some sort during the previous 12 months, an increase of 2 million Freelancers since 2019 and representing 36% of the U.S. workforce.

The response of businesses to the coronavirus shutdown that began in March 2020 caused seismic changes in the workplace. Impacting mostly white collar office workers, the Work From Home revolution would become a turning point for employees and their employers. By spring – summer 2021, COVID-19 vaccinations were well underway and many employers began to ask their employees to return to the office, but there was sometimes pushback. As children returned to school, working parents found it easier to WFH when the burden of toggling between paid work and supervising classroom lessons had ended. According to researchers at Upwork, it is anticipated that 40 million or more employees will work from home at least one day/ week by 2026.

WFH had more reach than could have been imagined, giving rise to the unprecedented Great Resignation. The U.S. Department of Labor reported that from April – June 2021, 11.5 million workers quit their jobs; in September, another 4.4 million left their places of employment. It appears that employees are done with office politics, done with endless meetings that have no purpose and done with bosses who withhold pay raises and promotions because they enjoy controlling people’s lives.

As you might expect, the Great Resignation impacts Freelancers because they have to make a living somehow. Furthermore, the WFH phenomenon has speeded up a growing acceptance among managers of hiring Freelance workers. Upwork in August 2021 reported that 53% of managers are now more willing than pre-pandemic to hire Freelancers for selected projects and tasks, as a result of their experience with remote workers in their own organizations.

See the full Upwork report for more details. https://www.upwork.com/i/freelance-forward

  • As of July 1, 2021, 59 million workers in the U.S. performed Freelance labor over the past 12 months, an increase of 2 million workers since 2019 and representing 36% of the workforce
  • Freelancers annual earnings in aggregate were $1.2 Trillion, an increase of 22% since 2019 and representing 5% of the country’s Gross Domestic Product
  • 36% of Freelancers now consider themselves full-time, an 8% increase since 2019
  • The number of Freelancers in the United States has increased by almost 12% between 2014 and 2021
  • 75% of workers who quit their jobs to become Freelancers report that they earn the same income, or greater
  • Freelancers earn, on average, $28 an hour for performing skilled services
  • Young professionals have embraced Freelancing and half of the Generation Z workforce has done Freelance work
  • Freelancers age 55 + comprise 26% of the Freelance workforce and they primarily do skilled and project-based work
  • 50% of Freelancers provide professional level services such as computer programming, software development, marketing, social media, translation and business consulting, an increase of 45% since 2019
  • 51% of Freelancers have participated in skills development training in the past 6 months, as compared to 36% of traditional employees
  • 19% of Freelancers earn $75,000 to $99,999 per year, 12% earn $100,000 to $149,000 per year and 5% earn $150,000 or more per year
  • 58% of freelance workers in the United States have worked with more than 5 clients in the past 6 months
  • 58% of traditional employees who are WFH due to the pandemic are now considering Freelancing in the future

Thanks for reading,

Kim

Image: A Freelancer in America at work