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Energize Your Productivity

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Who isn’t looking for ways to maximize your productivity? You have responsibilities to tackle and a bucket list of goals and aspirations to work through. Ramping up and maximizing your productivity means more than just getting work done—although that in itself is a victory. Getting your productivity engine up to peak performance is how you make a go of creating a life that is meaningful for you, that enables you to attain your version of success.

There are many systems and tactics designed to enhance productivity and you are probably familiar with several. You may have your favorite rituals but when looking to optimize your performance, it can be worthwhile to evaluate new techniques. Acknowledging that you can potentially benefit from incorporating productivity hacks that fit your style is part of the fuel that gets you motivated and getting things done.

Prioritize tasks ABCDE

Numerous studies have shown that prioritizing tasks boosts productivity. It has lately become fashionable in corporate circles to promote the Eisenhower Matrix, a productivity system inspired by a quote made by Dwight D. Eisenhower, who was U.S. President 1953-1961. Another productivity system, one you may find both powerful and especially intuitive, is called the ABCDE Method and it is as basic and useful as its name implies.

To make the ABCDE Method work for you, simply rank the projects and tasks you are responsible for based on their urgency and work first on what is most urgent. That is the genius of the ABCDE Method. The method was developed by Brian Tracy, the acclaimed time management expert and author of numerous books, including Focal Point: A Proven System to Simplify Your Life, Double Your Productivity, and Achieve All Your Goals (2001). The ABCDE Method acknowledges that you already know which projects are front-burner and which are back-burner and what you need is a road map to help yourself get organized and motivated and that is precisely want you get here.

The elegantly simple and highly effective ABCDE method asks you to start by creating a to-do list that documents all that you must do today, this week, or this month—you decide—then rank your tasks from most important to least important. Below is your ranking template:

A Tasks: What is very important, possibly urgent. These you must do because there can be serious consequences if you fail to address them on time. If you have more than one front-burner project, rank them as A-1, A-2, A-3, with A-1 indicating your most urgent responsibility. Your A tasks and their completion largely determine the entire course of your career. Incidentally, The Pareto Principle, known as the 80/20 Rule, recommends that you focus on the most impactful 20% of your work to generate 80% of revenue or other desired results, giving another vote of confidence to the ABCDE productivity boosting method.

B Tasks: These are tasks you should do, but the consequences for delaying action will be mild—you may inconvenience someone. The rule is that you should never do a B task when there is an A task left undone. You should never be distracted by what is less important when there is a front-burner project on your desk.

C Tasks: What would be nice to do, but there are no consequences for not doing it at all or not doing it in a timely fashion. C tasks include phoning a friend, having coffee or lunch with a co-worker, or completing personal business during work hours. These activities have no effect on your work. Never complete a C task when there are A or B tasks left undone.

D Tasks: Activity that you can delegate to someone else. The rule is that you should delegate everything that you possibly can to other people. This frees up more time for you to engage in your crucial A Tasks.

E Tasks: Something that you should eliminate altogether. You can only effectively manage time and optimize your productivity until you stop doing things that are not necessary for you to do.

Take short breaks.

Inserting a few breaks during your workday can improve your productivity . You might decide to have a mug of tea or a glass of juice and listen to some music for a few minutes. Or maybe you’ll stretch for 15 minutes, or go outdoors on a half-hour walk or run. Then again, just closing your eyes and thinking of nothing might be the best remedy. Whatever you do, you’ll improve your energy, focus and productivity by temporarily taking your mind off work a few times during your work day. Productivity diminishes the longer you go without a break and productivity experts recommend that you work no more than 8 -10 hours daily (unless you have a deadline to meet). At a certain point, your body and mind simply cannot produce anymore and continually pushing yourself to work very long days can lead to burn-out.

Optimize your office space

The 4000-year-old Chinese philosophy known as Feng Shui advises us to clean and organize our living and working spaces, so that we can feel relaxed and content and also become more productive. Marie Kondo, organizing expert, television host and author of The Life-Changing Magic of Tidying Up (2011) echoes and amplifies that same message. You might not expect the environment in which you work to influence your productivity and mood, but evidence suggests that is the case.

Studies have revealed that a well-organized and aesthetically pleasing workspace can boost productivity, enhance creativity and reduce stress levels. An organized and attractive space that has good natural light can enhance your focus, reduce distractions, help you feel calm and promote a positive mindset that collectively help you get your work done. Simple changes, such as improving the lighting, adding plants and displaying personal mementoes like art and family photos can positively impact your work performance. Below are tips to get started on creating a beneficial work space. https://freelancetheconsultantsdiary.wordpress.com/2010/04/06/feng-shui-your-office/

  1. Declutter: Keep your workspace organized and free of unnecessary objects and you’ll limit time that would be wasted searching for misplaced items.
  2. Lighting: Introduce adequate lighting, preferably natural light, to reduce eye strain and improve mood.
  3. Ergonomics: Use furniture in your workspace that’s designed to help maintain good posture and prevent physical discomfort.
  4. Personalization: Add personal touches, e.g. plants, photos and art, that make your workspace pleasant and inviting.

Get enough sleep

A 2014 survey by the National Sleep Foundation found that 45%. of American adults get inadequate sleep and that the outcome of poor sleep causes between 23-45% of the population to lose more than two work weeks (10+ days) worth of productivity every year. Lack of sleep is known to undermine not only job performance and productivity, but also career advancement and job satisfaction. Furthermore, insufficient sleep is linked to job-related accidents, absenteeism and even counterproductive work behaviors. On the plus side, adequate sleep has been linked to improved memory and improved learning ability.

Matthew Carter, PhD, Assistant Professor of Biology at Williams College in Massachusetts and a sleep specialist, explains, “One of the biggest reasons that people don’t get enough sleep is because they feel they have too much to do, or because they are stressed about what they need to work on. So we’re not getting enough work done because we’re sleep-deprived and we’re not sleeping because we’re not getting enough work done.”

So how much sleep should you get? Carter says, “In reality, most people need somewhere between six and eight hours. A small percentage of people only need five hours and another group of people are on the other side of the scale and can need nine to ten hours of sleep.” In other words, “it depends.” But the fact remains, adequate sleep promotes productivity and creativity, while insufficient sleep erodes both.

Cancel multitasking

When we first heard of it, multitasking made sense—a practical way to get more done in a shorter amount of time. Sort of like doing a load of laundry while you clean the living room. However, research indicates that your brain can only handle so much work before becoming overwhelmed. Multitasking makes you prone to making mistakes, retaining less information and in general, erasing whatever gains you made by working on two or more tasks simultaneously.

Furthermore, the distraction that is inherent in multitasking does nothing for concentration or creativity. Productivity experts now realize that the smart thing to do is focus on one task at a time, instead of trying to do two things at once. When you devote your full attention and effort to each task, your work output improves—meaning you’ll avoid mistakes, access your creativity and ingenuity and overall, you’ll produce your best work. Whenever possible, do one thing at a time.

Thanks for reading,

Kim

Image: © EA Consulting, Houston, TX. Back office workers.

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Be the Leader Who Gets Results

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Freelancers and other business owners step into leadership from the moment you begin operating as a self-employed professional who provides products or services to customers. You are motivated by the desire to advance the long-term success of your organization. You understand that you must be an effective, and perhaps also an inspiring, leader who provides a clear vision of your organization’s mission, values and goals.

The method that you perhaps instinctively choose to express your leadership role is known as your leadership style. Your style defines how you guide, motivate, manage, or collaborate with your team to implement strategies and execute tactics that achieve the goals, objectives, or deadlines for which you are responsible. Your go-to leadership style is based on your personality and life experiences and may be influenced by your organizational culture and the goals you will achieve.

While there are several commonly used leadership styles Daniel Goleman, a psychologist renowned for his work on Emotional Intelligence, notes that, “Being a great leader means recognizing that different circumstances may call for different approaches.” Research supports his opinion, indicating that highly effective leaders recognize that circumstances may compel them to adapt their leadership style in response, be it changes within the team, a shift in organizational dynamics, or fluctuations in the business environment. Leaders who know how to get the best results understand that they must be sensitive to the composition of their team, understand the relevance of the goal that must be achieved and, most of all, they possess the agility to adjust their leadership style as needed.

As Goleman emphasized, “The most effective leaders switch flexibly among the leadership styles as needed…[They] don’t mechanically match their style to fit a checklist of situations — they are far more fluid. They are exquisitely sensitive to the impact they are having on others and seamlessly adjust their style to get the best results.” Below are leadership styles that may be useful for you.

Charismatic Leadership

The leaders of this style are expert communicators and possess a level of personal magnetism that inspires trust and loyalty and enables them to persuade others to follow their lead. They radiate warmth, sincerity, intelligence and authenticity; they inspire, excite and spark loyalty among team members. Well-known charismatic leaders include the Dalai Lama, the late Queen Elizabeth II of Great Britain and former President Barack Obama. For those who have that irresistible aura, this style is associated with social activists, motivational speakers and religious or political figures—leaders who need to inspire and gain the devotion of their followers.

Key characteristics

  • Charismatic leaders are very confident in their approach. They have a very influential personality and are not known to harbor self-doubt or second-guess their decisions.
  • They embody the values, beliefs and motives of their team and they believe deeply in the abilities of team members.
  • They have high expectations, are often highly competent and become a role model for team members.
  • Creates a sense of positive change.
  • Motivates and inspires the team.
  • Encourages teamwork and collaboration.

Coaching Leadership

This style of leadership believes in teaching and mentoring team members, to put them on their path to excellence. They are usually experts in their field of interest and are great communicators. This type of leadership is most effective with younger, inexperienced teams. By providing constructive feedback, setting clear goals and offering guidance, coaching leaders aim to empower their teams to overcome challenges and excel in their roles. This approach is particularly beneficial for long-term organizational growth, as it invests in individual team members’ skill development and career advancement.

While coaching management can bring substantial benefits to an organization, notably increased team member satisfaction and improved performance, it may pose challenges in situations where
immediate business needs demand swift and decisive actions. Moreover, the necessity of mentoring and professional development require a leader with patience. Works best for teams whose members need to be trained thoroughly to achieve peak performance.

Key characteristics

  • Coaching leadership works best with people who appreciate guidance and mentoring and are willing to learn from their leader.
  • Leaders should be ready to spend time and energy coaching and grooming team members to develop their competencies and improve their performance.
  • Empathy and trust are the pillars of this style of leadership.
  • Encourages innovation.
  • Gives team members constructive criticism.
  • Gives team members opportunities to become future leaders.

Autocratic Leadership

Autocratic leadership is the boss-centered approach to leadership. This leader controls the show. S/he follows a top-down approach to communication and it can be said that s/he doesn’t so much communicate as issue commands. Autocratic leaders make all decisions and expect team members to comply. They don’t collaborate because they are not seeking input from the team. Instead, they evaluate matters from their own perspective.

Autocratic leaders are often not interested in team bonding that begins with socializing and may include team-building activities. This leadership style typically exists when there is considerable lack of trust within the organization, which may explain why the leader, or those whom s/he represents, has the power to make all the decisions. This style may be the most pragmatic approach when consensus is not possible and the leader is required to make judgment calls.

Key Characteristics

  • Highly structured environment.
  • Facilitates quick-decision making.
  • May be useful where conflict is present.
  • Restricts creativity and innovation.
  • Can lead to low morale within the team.
  • Not suitable for companies that promote a collaborative culture.
  • Leaders may lack agility, or the ability to adapt or pivot.

Laissez-faire Leadership

Laissez-faire is a French term that in English means allow to do and the core of laissez-faire leadership is non-interference. Also known as Delegative Leadership, practitioners of this style adopt rather a hands-off approach. Laissez-faire leaders provide minimal direction and allow team members to work independently and without much oversight.

These leaders are likely to delegate much of the decision-making responsibility to the team, enabling them to take ownership of their work and make decisions independently. The laissez-faire leader is likely to spend most of the time focused on his/her own work rather than monitoring the team and in so doing cultivates trust and empowers team members to take control of their own tasks and projects.

This leadership style can be particularly effective in situations where team members are highly skilled, experienced and self-motivated and require minimal supervision. Works best if the leader has a group of people who already excel at their skills and team members thrive in an environment of independence, where they can hone their own leadership skills. 

Key characteristics

  • Considerable trust is given to team members.
  • Team members have great autonomy, which promotes creativity and innovation.
  • Employees get ample room for personal growth
  • Learning and professional development are encouraged.
  • Team members have the freedom to work in their own way.
  • There is no micromanagement
  • Faster decision-making.
  • Constructive feedback is a vital component of this leadership style.

Servant Leadership

The servant leader operates on the idea of service as the defining ingredient of leadership. The needs of team members are prioritized over his/her own and the focus is on supporting and empowering them so that they can achieve professional growth and development. Servant leaders provide guidance and support and actively seek out opportunities to help team members to succeed.

This style can lead to higher employee engagement, better job satisfaction and employee retention and an improved organizational culture and sense of community. Servant leadership is particularly effective in environments where team members have felt unsupported or undervalued. By putting their needs first, servant leaders can help build trust and respect and create a positive work environment.

At its core, servant leadership promotes ethical decision making by creating a culture and encouraging values where all participants will be inclined to make decisions based on what is right for everyone involved, rather than what will benefit a select few. This leadership style fosters an environment where creativity and problem-solving thrive as team members feel empowered to suggest new solutions and build upon each other’s ideas. Use this style when you lead a diverse team, where personalized management for team members is necessary.

Key Characteristics

  • This style has a high degree of awareness toward the team. Leaders of this category are great listeners. It gives them a better understanding of the team’s strengths and weaknesses.
  • Great for building respect, trust and loyalty.
  • Helpful in building a solid company culture.
  • Promotes ownership and responsibility.
  • Increases employee morale and confidence.
  • Builds trust and loyalty within the team.
  • Team members feel valued.

Transformational Leadership

Transformational leadership theory emphasizes the leader’s ability to inspire and motivate their team members and incite them to put aside their own self-interests for the greater good of the organization. Transformational leaders inspire team members by way of their vision, charisma and intellect, as they promote innovation. These leaders aim to motivate their team to transform systems, processes, or products and build a more successful and sustainable future for the organization.

This leader makes the team feel that all are fully on board with the cause of promoting the innovate vision and mission and will work hard to bring excellence. This feeling brings purpose that encourages bonding, loyalty to the organization, fellow team members, the leader and creates a sense of belonging. Transformational leaders give team members opportunities to explore different ideas and approaches and encourage them to let their creative juices flow.

The relationship between leaders and staff can help the organization, according to those who incline toward this style. As they see it, effective leaders inspire workers to go above and beyond what they believe they are capable of. Leaders develop a vision for their team members and motivate them to realize it.

Employee morale is raised and inspired by transformational leaders, which helps them perform better at work. These managers encourage staff members by their deeds rather than their words because they specialize in setting an example. Use this style in rapidly growing companies and in fast-paced or ever-evolving industries when business requires constant innovation and moving ahead of the crowd, from high fashion to high tech.

Key characteristics

  • The leader must set the example.
  • Give interaction a high priority.
  • Encourages team to self-manage and be proactive in their work.
  • Be open to new approaches and concepts.
  • Take chances and make difficult choices.
  • Works well when a new approach and fresh ideas are needed.
  • Can take the leader and team members outside of their comfort zone.
  • Encourages professional and personal growth of the leader and team members.
  • Encourages creativity.
  • Encourages change.
  • Maintains a focus on the big picture.
  • Regular feedback is essential.

Thanks for reading,

Kim

Image: Courtesy of the Neues Museum in Berlin, Germany. Nefertiti (1370 – 1330 BC), reigned as Queen Consort of Egypt 1353-1336 BC. She was the Great Royal Wife of Pharoah Akhenaton (born Amenhotep IV, 1379- 1336) who reigned in the 18th Dynasty of Egypt circa 1353 – 1336 BC.

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Freelancers and the Vacation Dilemma

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HoneyBook, an online business and financial management platform that serves entrepreneurs and Freelancers, conducted a survey of self-employed Americans and the results were depressing, yet not entirely surprising. The survey polled 800 + independent U.S. workers in May and June 2019 and found that while the Freelance economy provides flexibility, a factor routinely prized by the self-employed, 92% of Freelancers work on vacation and 60% of that cohort do so because they feel they must.

According to Freelance Forward 2023, an annual survey of Freelancers and other independent workers conducted since 2013 by Upwork, the online talent marketplace that connects Freelance talent with companies in need of their expertise, there are now approximately 64 million U.S. workers participating in the Freelance economy and they’re well aware that taking time off results in lost income, as reported in the five-year-old Honeybook survey. 1099NEC workers do not qualify for paid time off, whether for illness, holidays, inclement weather, or vacations. The 92% who feel compelled to work while officially off- line stand as irrefutable evidence that either fear of disappointing clients or fear of economic difficulty caused by lost revenue drives the practice of working during vacation. While 85% of Freelance Forward 2023 participants reported that the future of Freelancing is bright, caution reigns.

Furthermore, the Honeybook survey also found that 43% of Freelancers who vacation do not divulge their plans with clients; moreover, 41% of Freelancers hide from their intimate partner or vacation companions the client work they feel obligated to do while vacationing. Also, the data revealed a gender gap: 65% of female Freelance consultants reported they have felt the need to hide work they do while vacationing from their significant other and/or family, compared to only 41% of men — highlighting the fact that women feel more pressure than men to deprioritize their careers so that they can be fully available for their families.

Former Upwork CEO Stephane Kasriel, who is now head of Commerce and Financial Technologies at Meta, recognized that hesitancy to take time off for vacations is widespread and not limited to Freelance consultants and other independent workers. He pointed out that many American workers, whether full-time W2 employees or full-time or part-time Freelancers, often do not take the vacation time that they deserve (and W2 employees will be paid to take). Mental health professionals and leadership development coaches have long publicized the need for workers to physically and psychologically refresh themselves by stepping away from work to relax and/or take part in enjoyable activities with family or friends.

“Truly logging off is a common challenge for most professionals today, ” Kasriel said. “The Honeybook study surveyed self-employed respondents; other research, including data produced by Glassdoor, shows that the average employee who receives paid time off will have only used about 54% of available PTO in the past 12 months and of those who do take PTO, the majority don’t log off completely,” he went on to say. To remedy the dilemma, Kasriel suggested a few easy to implement vacation planning strategies that Freelance professionals can adopt to help themselves occasionally step away from work to relax and enjoy themselves for a few days.

7 steps to enjoying a relaxing and stress-free vacation

1. Know that it’s good to take vacations. Time off provides many health and productivity benefits, including improved energy, creativity, focus and decision-making ability, along with limiting the possibility of burnout. Putting aside work responsibilities every so often helps you become a more effective worker.

2. Create a vacation fund. Treat vacation time as an investment in you and plan for it in your business budget by earmarking what you consider a manageable amount to set aside each month to fund your annual vacation. Consider saving $100 a month for 12 months to finance a modest one week vacation. Do that and when the time comes to put down client work for a week, you’ll enjoy your vacation without worrying about taking on debt to pay for it.

3. Schedule vacations strategically. If there is a seasonal rhythm that influences your business cycle, or if you know of an important project that’s on the horizon, schedule your vacation in a way that enhances your ability to meet all milestones and the target completion date and enable yourself to completely avoid work responsibilities while you are officially out-of-office. Remember also that your vacation does not have to happen in July or August—every season has a unique appeal!

4. Roll in anticipated time off when calculating your project rate. Since Freelancers have no paid time off, consider this strategy—throughout the year, discreetly insert into project proposals additional hours that gradually allow you to accrue paid time off, via your project fees. An annual total of two to three weeks (10 – 15 business days per year) can function as your paid time off, buried in billable hours.

5. Give clients an early heads-up and firmly set expectations and boundaries. If it makes sense to let clients know that you’ll be off-line for a week or two, communicate that info immediately after confirming your vacation dates. In all communications — phone, email, text, in-person or video meetings — share upfront that you won’t be available or checking email while vacationing and remind clients again one week before your departure. Schedule meeting time to discuss the status of your projects so that everyone is on the same page and you won’t need to discuss work while vacationing.

6. Create an out-of-office auto-reply and turn off alerts. While you’re away, use technology to confirm that you are unavailable during specified dates. Remember also to turn off message notifications so that you can enjoy your vacation without constant interruptions.

7. Hire a virtual assistant. Virtual assistants aren’t as costly as you think. The going rate is about $8 an hour and many services do not entail lengthy contracts, hourly minimum amounts, or set-up fees. Delegating administrative tasks to someone else will allow you to focus instead on having a good time with your friends or family.

Thanks for reading,

Kim

Image: Dreamstime

Marketing , , , , , Leave a comment

Thoughts on B2B Pricing

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The prices assigned to a company’s products and services are an important element of the company’s marketing strategy. Pricing strategy plays a key role in determining a company’s revenue and overall financial picture and cannot be treated as an afterthought. Those of you operating in the B2B sector especially will note the codependent relationship between product and service pricing and the ability to attract and retain customers. B2B purchases are complex, involving multiple stakeholders, an extended sales cycle and high-value contracts. According to Marketing Chart, 63% of B2B buying committees consist of at least three decision-makers.

Identifying the optimal price range is critical business intel. If prices are too low, it becomes difficult to attain the sales revenue goal; there will be extra work and worry caused by the need to fill the sales pipeline with evermore prospects and hope to convert enough of them into paying customers. Price at a level that prospects find excessive may alienate them and possibly drive them instead to do business with a lower priced competitor. So your mission here is to find a sweet spot price range that prospects will tolerate and become your loyal paying customers.

Evaluate your industry and competition

As you contemplate pricing you will benefit by first identifying benchmarks by investigating pricing norms, in particular, standard mark-ups and the typical profit margin range in your industry. Next, check out the prices of a few competitors. Evaluating these numbers will also reveal whether or not your product and/or service production or acquisition costs are reasonable relative to the typical selling price range found in your industry and used by competitors.

Be advised that while knowledge of competitive pricing will help you determine an acceptable price range for your products and services, it would be ill-advised to merely apply a competitors’ prices for similar items to your line. Let factors that are unique to your situation guide your finalized pricing strategy.

Determine your pricing potential

It’s critical to identify a price range for your products and/or services that aligns with your brand and market position and is also accepted by your target customers. Knowing where on the value spectrum customers classify your products and services is essential information for every business and that knowledge is particularly important for pricing. You’ll confirm pricing potential when you understand customer perceptions of your company value and brand position. You may decide against pricing at either the upper or lower extremes of customer price tolerance but by considering key factors, including acquisition or production costs, competitive pricing intel and knowing the price tolerance of target customers, you can determine which end of the pricing spectrum will be most advantageous for your line.

Remember also that Freelancers and business owners in nearly every industry continue to grapple with the unfortunate effects of depressed wages, which for many have not kept pace with inflated prices that were declared “over” in 2022 but that we can’t seem to outrun. Customers remain cautious with their spending and most companies realize that pricing competitively to attract and retain customers is a must. Here are some common B2B pricing strategies that may help you find your sweet spot.

Cost-plus pricing

This strategy employs an uncomplicated mark-up formula. The business owner calculates the acquisition or production costs of the product or service, adds a certain sum for overhead expenses such as rent, payroll and utilities and arrives, tacks on the desired profit margin and arrives at a price that will cover all costs and deliver the margin. Also called mark-up pricing, this strategy focuses on internal factors like production or acquisition costs rather than external factors like brand reputation and competitive prices. 

Premium pricing

A premium pricing strategy aims for the maximum amount a customer is willing to pay for a product or service, rather than focusing on production/acquisition costs, competitive pricing, or other factors. Selling your product or service at a premium can mean deliberately pricing higher than competitors, as a way of demonstrating to your target market that your product or service is of a higher quality and more desirable than what’s sold by competitors and is therefore worth the additional cost. If marketing and branding activities convey high-end status and particularly when customers and influencers provide good word of mouth, a premium pricing strategy will be a brand-building asset and fulfill customer expectations.

Loss leader pricing

AKA penetration pricing, this strategy is enacted when a business assigns an irresistibly low price to a high-volume product or service with the intent of enticing customers to abandon competitors who sell a similar product or service at a noticeably higher price. The hope is that customers drawn to the loss leader will be motivated by the availability of other desirable items, and already happy with their bargain-priced item, will purchase those products or services that bring in a higher profit margin and make up for the low, or nonexistent, profit margin of the loss leader. Some B2B companies use a “freemium” version of loss leader pricing and allow new users to access a limited version of a product or service at no cost in the hope they’ll convert to paying customers. The strategy can also be effective for lead generation.

Trader Joe’s customers will be familiar with the chain’s quite successful use of loss leader pricing. For 20+ years, bananas at Trader Joe’s were priced at 19 cents each (increased in March 2024 to 23 cents each, as a result of rising transportation and farming expenses). The price of an organic banana was returned to 29 cents each, after being priced at 25 cents each for a few years. Trader Joe’s Markets is a privately held company and does not publicly report income, but it is believed that annual earnings are about 13 billion annually—so loss leader pricing appears to work for them.

Competitive pricing

Monitoring competitive pricing is time-honored business strategy. When the pricing strategy is influenced by a close competitor, prices are set relative to rivals and follow the going market rate for similar products and services. Prices may be set slightly lower or higher depending on factors such as product quality, target market and the marketing strategy. Proprietors of relatively new B2B companies often benefit from using this strategy because existing brands have already determined what customers will pay for similar products and services.

Tiered pricing

Most businesses serve a wide range of customers who have different business needs and operate under different financial conditions. Tiered pricing addresses the diversity of customers by offering price points for products and services that reflect the addition of features included at each level. Lowest cost versions include only basic features and highest price versions offer the most, and most desirable, features. Tiered pricing can increase revenue by enabling the business to sell to a wider range of customers.

Tiered pricing can also support the pricing strategy known as price anchoring. By offering three or more pricing tiers, the business can position its premium option as a psychological reference point as the best value for the money and use this story to encourage customers to accept up-sells.

Subscription pricing

With a product or service that requires repeated sales, e.g., access to software as a service (SaaS) or attending a monthly networking meeting, Freelancers and other business owners will turn to the subscription pricing model. Subscription pricing is usually a win-win for both customer and business owner because monthly costs are locked in with (typically) an annual contract. Both parties know the amount of money that will be paid or received each month or quarter. Subscription pricing delivers the advantage of expense (the customer) and revenue (the business) predictability that will encompass a predetermined length of time that also supports business planning for both the customer and the Freelancer or business owner.

Thanks for reading,

Kim

Image: ©TK Kurikawa for Shutterstock 1457812421

Sales , , , , Leave a comment

Six Strategies to Spark Sales

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As every Freelancer and business owner eventually learns, an occasional sales revenue slump is not unusual. The precipitating factor can be anything from the potential for federal legislation that if passed would impact your industry, fluctuations in your local economy, or maybe even a social media meme that’s sweeping the country. Beyond the expected seasonal variations, sales revenue can wax and wane for mysterious reasons, making it a necessity to have financial reserves available to allow your company to continue operating as usual.

What this observation reveals is this—being successful in business means being resourceful. The best way to survive revenue peaks and troughs is to devise a remedy that revs up revenue and creates robust cash-flow that positions your company to thrive. Taking action to stimulate sales is always good business. For inspiration, please see here insights from a survey of the 14,000 member companies of the National Association of Manufacturers conducted by the Chicago, IL based global risk management, tax and consulting firm RSM McGladrey. Identified in the survey are strategies that you’ll recognize as low-hanging fruit selling opportunities that have excellent potential to generate revenue now and into the 4th quarter.

1. Increase market penetration

More than 60% of survey respondents considered it smart to focus on what their business does well—selling to current markets. Expanding penetration into your market segments is considered a wise revenue-generating strategy, since competitive advantages and all necessary systems are in place—relationships are favorable and communication protocols are familiar; you know how to facilitate the sale and know how the client wants products or services to be delivered; client pain points and priorities have been documented; and, most of all, you’ve earned client trust.

Pave your path to success by becoming more diligent and systematic about marketing outreach strategies, tactics and follow-up. Email marketing, social media posts, newsletter and blog articles and telephone calls are among the activities that effectively transmit personalized messages known to stimulate sales and expand market penetration.

2. New extension to your line

Consider extending your product or service line to include an inventive complementary addition that will enhance the desirability of the solutions clients buy from you now. This strategy is linked to your ability to leverage customer knowledge and relationships in a way that reveals seldom expressed frustrations or aspirations when using your category of products or services. When you make time to talk with clients and understand what matters most to them, you will eventually learn how your organization can more effectively provide solutions that solve problems, achieve goals, eliminate glitches and deliver an exemplary client experience as you do. Do this and your company will become more indispensable to their operations and more orders will flow to you.


3. New add-on or upgrade

More than 40% of respondents believed that providing add-on or upgrade options to the products and/ or services sold would likely be embraced by enough clients to become an efficient and effective growth strategy. Certain of your clients may feel that a more comprehensive version of your basic product or service brings an advantage that they consider to be worthwhile and they’d be willing to pay more to have it. Inviting clients to “trade up” can sometimes rather easily produce a revenue stream for your business. Best of all, you may be able to create the enhanced version of your product or service for a modest cost and sell to clients at a premium.

4. New distribution channels

Identifying new sales channels could make doing business with your outfit more appealing to certain client segments and result in an increase in sales revenue. Additional sales distribution channels will expand the availability and visibility of your products and/or services and encourage more sales. The additional revenue can soften the effects of whatever erratic purchasing patterns that might occur throughout the year and help stabilize cash-flow.

If you haven’t done so already, enable clients to purchase some or all of your products or services directly from your website and social media accounts. Depending on your product line, explore the possibility of placing selected items on consignment in retail outlets that fit your brand. You might also evaluate the feasibility of opening a pop-up store.

5. New service

Whether your company sells B2B or B2C, you may be able to develop a new service that both aligns with your current products and/or services and solves a problem by providing a solution that your market segment finds desirable. When a product or service line comprehensively addresses what clients have in mind, sales growth will result. Presenting more reasons for clients to do business with your company builds brand loyalty and value along with sales revenue and that can include repeat business and referrals, too. What practical and appealing new service do your clients hope you can offer?

6. Price to tempt

What creative pricing offer might intrigue your clients and persuade them to do business now instead of later? While it is preferable to sell on value and quality, limited time loss leader pricing tactics do little harm to gross sales and have been known to stimulate purchases of higher profit margin items in your product and service lines—exactly the outcome you’re looking for!

Thanks for reading,

Kim

Image: © DAX MELMER/The Windsor Star.  Business is brisk at Bouchard Gardens on opening day of the Downtown Farmer’s Market in Windsor, Ontario (Canada) on Saturday, May 30, 2015.

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Bidding Tactics: Let Prospective Clients See Your Best

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An invitation to submit a proposal for an upcoming project is always a big deal. You’re excited and want so much for your bid to be accepted but even if you don’t make it this time, the opportunity to be a serious contender for a contract is always a vote of confidence. The bidding process itself is your opportunity to shine. At every facet of your proposal package, you have a chance to make a favorable impression. Step by step, you can give your prospect reasons to say yes to you!

You win the prize by telling the story of your company in a way that communicates your expertise and dependability. Your strategy is to first anticipate the questions that project decision-makers can be expected to have about a candidate and second, provide information that is likely to make the decision-makers feel confident that your organization is right for the role. In sum, you want to package and present your company in a way that radiates credibility.

First, you must decide whether or not you will submit a proposal for the assignment. It is important that you understand the company and the project before immersing yourself in developing a proposal. A reading of the project specifications will confirm if the assignment is a fit for your organization. A tour of the company website will familiarize you with the company’s products, services, mission and values and indicate whether you’ll be comfortable working closely with this company.

It’s also advisable to ask your contact at the organization to share with you the primary goals of the project, so you’ll gain a perspective of what the project means to company leaders. Finally, ask your company contact to share with you the metrics that will be used to measure project success. These insights will help you to decide whether or not to submit your proposal.

If you decide that this is a go, you want to give the decision-makers for the project every reason to select your proposal. Below are documents and other information to include in your proposal package that answer nearly every question about your entity, products and/or services and as it communicates your Experience, Expertise, Authoritativeness and Trustworthiness and advances a narrative designed to please the project decision-makers (and also the Google algorithm).

Capability Statement

Capability Statements are used to evaluate and weed out contract applicants, so submitting one that’s eye-catching and presents your company’s strengths can be the difference between winning and losing an assignment. Furthermore, a Capability Statement can help you to identify and describe your core competencies and unique value proposition.

Succinctly introduce yourself and your company’s products and/or services and tell the project decision-makers your story—exactly what your organization can do for them and why your organization is the best option. Your story must clearly demonstrate that you (and your team, if applicable) are capable and prepared to produce the deliverables on time and within budget, happy to provide excellent customer service and a pleasantly memorable customer experience.  Below are attachments that can accompany your Capability Statement and enhance its impact.

  • Bio
    A personal introduction to you, your (usually one page) bio will provide a concise overview of your most relevant educational and professional qualifications and accomplishments.
  • Client List
    If you have prestigious, high-profile clients in particular, list them (unless there is an expectation of client confidentiality). If you have very few clients, add jobs and your employers, projects and volunteer work, focusing on assignments and posts that relate to the project you would be hired for.
  • Portfolio
    Include relevant and persuasive samples of your work, to demonstrate that you are qualified and can be expected to excel in the role. 
  • Testimonials
    Ask those with whom you’ve worked closely, whether clients or those who have supervised you. Three to five recommendations is ideal.
  • Workflow
    This section shows clients you have a process, a system for writing and working on projects. It tells clients you’re a professional and gives them clear expectations. Most important, as they read it, they begin imagining what it will be like to work with you.
  • Schedule of Estimated Investment
    AKA, your pricing. Prospective clients will be interested in the scope of products and/or services that your company offers and the range of your fee schedule.

Once you’re hired (and you will be hired because you are the best candidate!) you can take a few steps to streamline and enhance your on-the-job performance:

  • Task Prioritization Begin by identifying your most critical tasks and deadlines. To-do list tools, project management apps (e.g., Asana or Trello), or time management techniques like the Eisenhower Matrix can help you prioritize effectively.
  • Project Calendar develop a project calendar to visualize deadlines and milestones for your your project. This helps you allocate time appropriately. For example: A Freelance digital marketer can create a calendar to manage social media campaigns for the client, ensuring posts are scheduled strategically and are uploaded according to plan.
  • Time Management Time management is the engine of successful Freelancing. Learn to allocate your time wisely and pace yourself to ensure that you maintain the energy, concentration and creativity that are the foundation of your professional expertise.
  • Time-Tracking Tools Utilize time-tracking apps (e.g., Clockify or My Hours) to monitor how you spend your work hours. This also helps identify areas where you might be losing productivity.
  • Communication Maintain timely and clear communication with your clients. Keep the project point person informed about your workload, progress, achievement of milestones and any potential delays or obstacles.

Regularly Update Your Portfolio Periodically refresh the content of your online profile with updates that display the most current examples of your best work and simultaneously demonstrate the demand for your products and/or services. Writers will provide links to recently published articles and those who’ve worked on a big project or worked with a prestige client will document the experience to verify your professional expertise and the power of your brand.

When to Say No Avoid taking on too many projects simultaneously and overextending yourself. Politely decline offers that you can’t accommodate without compromising the quality of your work. Effective management of your Freelance assignments is essential for sustaining success and maintaining a healthy work-life balance. By prioritizing tasks, managing time efficiently, staying consistent and handling multiple projects strategically, you can thrive in the Freelance sector.

Thanks for reading,

Kim

Image: © Shutterstock Asianmaninterview.jpg

Professional Development , , , Leave a comment

10 Titles: Business Reads Summer 2024

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Summer is the perfect time to dive into books you may have learned about earlier in the year, but were too busy to read. During the typically less hectic days of summer, you might also be inclined to browse a bestseller list or two, in search of authors and topics that are new to you and seem like a good fit in the here and now. Reading is always an adventure!

I am happy to continue my summer reading list tradition, started in these posts in 2011 as a way to encourage professional development (yours and mine). I hope you’ll find one or more books here that not only enlighten, inform and inspire you as you live your entrepreneurial journey but also, I hope you discover books you’ll enjoy.

1. Build a Better Business Book: How to Plan, Write and Promote a Book that Matters (Josh Bernoff, June 2023)

Acquiring a reputation as a thought leader confers great status In the business world, delivering to the holders of that position a highly respected brand reputation and considerable influence and renown. In addition to building a lucrative business, perhaps one that services A-list clients, entrepreneurs have also discovered that a business book is a powerful brand-enhancing tool that can elevate you to the position of thought leader.

A well-written business book will establish your authority in your field, can grow your customer list and bolster business revenue, is likely to attract good PR and may even open doors to unexpected opportunities. “Business books are a way to propel thinkers to prominence,” author Josh Bernoff shared. The power of a well-written business books is that it can become a catalyst that elevates the author to new heights of recognition.

https://www.barnesandnoble.com/w/build-a-better-business-book-josh-bernoff/1143149280

2. Clear Thinking (Shane Parrish, October 2023)

While it is not possible to directly teach anyone how to think logically, exercise sound judgment, or make good decisions, author Shane Parrish provides in his book actionable tactics that will encourage the development of those skills, so that you can use them effectively when confronting what matters most in your life. Parrish has written a guide to recognizing life’s pivotal moments and learning how to take the best path forward. He also discusses how to avoid cognitive biases, behavioral default modes that he calls instinctive thinking—reflexive thinking patterns woven into human nature. If you fall back into default mode thinking when embroiled in a high-stakes situation, instinctive thinking will undermine your ability to make wise decisions.

https://www.barnesandnoble.com/w/clear-thinking-shane-parrish/1142907883

3. Big Bets: How Large-Scale Change Really Happens (Rajiv Shah, October 2023)

Shah is president of the Rockefeller Foundation and was administrator of the U. S. Agency for International Development (USAID) during the Obama administration. Here he presents an innovative blueprint for creating large scale change that’s been inspired by his involvements with some of the largest humanitarian projects of our time, from helping to vaccinate 900 million children at the Bill & Melinda Gates Foundation to the race to stop the spread of the deadly Ebola virus in West Africa. As we witness a world that’s embroiled in many vexing crises, it is easy to become cynical about the ability to find and implement practical remedies that are capable of bringing about substantive, positive change; in frustration, many throw up their hands in defeat.

Shah eloquently and passionately argues against such cynicism.  He distills his real-world strategies for positive creating change, pointing out that big bets have a surprising advantage over cautious ones: a bold vision can attract support, collaborations and fresh ideas from key players who might otherwise be resistant.  Shah presents the playbook and thus the power to fight, work and innovate our way to a better, more just future. This awesome read will make you more hopeful about the world and your own capacity to change it in big ways.

https://www.barnesandnoble.com/w/big-bets-rajiv-shah/1143030232

4. The Daily Entrepreneur: 33 Success Habits for SMBs and Freelancers (S.J. Scott and Rebecca Livermore, October 2014)

Entrepreneurship can be exciting; it can also be stressful, frustrating and filled with challenges. Most aspiring business owners and Freelancers are motivated by a strong desire to achieve financial freedom, but reality may not live up to the expectation. Even highly successful entrepreneurs encounter challenges that are not entirely dissimilar from those that you face. The difference is that successful entrepreneurs have found ways to defeat their challenges. Their secret? They’ve cultivated specific daily habits that give them the wherewithal to overcome and prevail. 

Scott and Livermore attest that the power of developing beneficial habits is an indispensable ingredient of creating success. The authors claim that if you study the lives of highly successful business leaders the problems they’ve faced are common to most – if not all – entrepreneurs.

While successful business owners often have the same fears and limitations as you, they’re able to take consistent action because they’ve trained themselves to do so. You can give yourself an advantage by developing the habits used by entrepreneurial super-stars–-Entrepreneur Success Habits—and make them part of your routine. Scott and Livermore offer 33 examples of beneficial habits designed to position you to conquer your obstacles and achieve meaningful goals.

https://www.walmart.com/ip/The-Daily-Entrepreneur-33-Success-Habits-to-Take-Your-Business-to-the-Next-Level-S-J-Scott-and-Rebecca-Livermore/5857134450?wmlspartner=wlpa&selectedSellerId=101558808

5. Virtual Freedom: How to Work With Virtual Staff (Chris Ducker, April 2014)

Entrepreneurs typically assume that they must do everything themselves—they are the boss and also the sales rep, HR manager, marketing copywriter, operations manager, data analyst and so on. Author Chris Ducker, an outsourcing expert, knows how Freelancers and small business owners can obtain much-needed help and also manage the costs of doing so. Entrepreneurs holding modest financial reserves will discover that virtual employees can enable them to create high-functioning teams to help support, sustain and grow their enterprise.

Ducker presents a step-by-step guide that every entrepreneur needs to build his or her business with the asset of working with virtual employees. Focusing on business growth, the author explains every detail you need to grasp, from figuring out which jobs you should outsource to finding, hiring, training, motivating and managing virtual assistants. This book is the ultimate resource of the knowledge and tools necessary to build your dream business with the help of virtual staff.

https://www.barnesandnoble.com/w/virtual-freedom-chris-c-ducker/1116852690

6. Build the Damn Thing: How to Build a Successful Business (Kathryn Finney, June 2022)

Here’s a book for aspiring entrepreneurs striving to create an enterprise in a world that has overlooked and underestimated them, the essential guide to knowing, breaking, remaking and building your own rules of entrepreneurship in a start-up and investing world designed for and by the “Entitleds.” Visionary venture capitalist and pioneering entrepreneur Kathryn Finney has written a battle-tested guide for entrepreneurs who the establishment has left out.

Finney, an investor and start-up champion, explains how to build a business from the ground up, from developing a business plan to finding investors, growing a team and refining a product. Leaving no stone un-turned, she not only empowers entrepreneurs to take advantage of their unique networks and resources, but also arms readers with responses to investors who say, “great pitch but…”

https://www.barnesandnoble.com/w/build-the-damn-thing-kathryn-finney/1140221664

7. Trust Me, I’m Lying: Confessions of a Media Manipulator (Ryan Holiday, July 2013)

A revealing look into the 21st century media ecosystem that exposes how the practices and incentives of online media and the 24-hour news cycle work to polarize their audiences by stirring up controversy, fear and anger. Author Ryan Holiday is a veteran marketer and publicist whose media manipulation tactics centered on maneuvering blogs in service of his PR clients. He exposes the inner workings of a modern media machine in which financial incentives make it impossible for the version of reality depicted in the media to come close to resembling the truth.

The tactics Holiday confesses to might make your skin crawl. They involve deliberate provocation, bribery, impersonation and complete fabrication. If you are an author yourself, or a marketer, entrepreneur, or entertainer, for example, you are on a mission to get your message out to your audience; be advised that your fellow competitors for media attention are using the unsavory tactics Holiday describes. Understanding the process is a good way to understand the mechanics of media. You can use this knowledge to consider telling your story in less nefarious ways.

https://www.barnesandnoble.com/w/trust-me-im-lying-ryan-holiday/1111395738

8. How to Make Money: An Honest Guide to Starting and Building a 6-Figure Successful Business (Nafisa Bakkar, February 2023)

How do I start a business on a budget? How do I find my first 100 customers and make my first $100,000?How do I build a network and get my business noticed? Whether you want to transform a fledgling side-hustle into a full-time endeavor or simply have an idea that’s keeping you up at night, this is the ultimate blueprint for building a successful enterprise.

With no network, no capital and no previous experience, author Nafissa Bakkar created her business from scratch and then went on to help hundreds of aspiring founders to do the same. In her book Bakkar shares honest, inspiring and game-changing entrepreneurial advice. From how to nail your sales strategy and branding message to learning how to build a network, the author spills the tea on business culture and questions everything you think you know about the business world.

https://www.barnesandnoble.com/w/how-to-make-money-nafisa-bakkar/1144513521

9. 100 Proven Ways to Acquire and Keep Clients for Life (C. Richard Weylman, March 2024)

Every successful business can credit its success to long-lasting client relationships, but what secret sauce persuades clients keep returning to your company? Freelance consultant C. Richard Weylman addresses the question in his client success management book. In it, the author that maps out how to optimize the client experience your company provides as it reveals best practices that ensure clients will feel valued. Each chapter examines effective ways to utilize empathy, thoughtfulness and assurance to deliver a satisfying and memorable client experience that encourages repeat business and a favorable brand reputation.

Embarking on a B2B consulting agreement with a Freelance expert or multi-person company can be stressful for many clients; communication may not be clear and the client may feel that his/her needs are not being heard. Freelance consultants can neutralize client doubts or anxieties by continually demonstrating to your clients that you are the right provider for them.

https://www.target.com/p/100-proven-ways-to-acquire-and-keep-clients-for-life-by-c-richard-weylman-hardcover/-/A-90005323

10. Grit: The Power of Passion and Perseverance (Angela Duckworth, August 2018)

Why do some people succeed while others fail? Psychologist Angela Duckworth informs those who strive to succeed, be they ambitious entrepreneurs, determined athletes and others, that the secret to outstanding achievement is not always talent or intelligence, but rather a blend of passion and persistence that she calls grit. Duckworth identifies grit as a personality trait that motivates and sustains perseverance, hard work and goal-setting and she maintains that grit can surpass talent and intelligence when working to achieve success.

Duckworth sees present-day culture as entirely too enthralled by the allure of talent and intelligence. Her observations show that an obsession with talent pushes other valuable characteristics and behaviors to the wayside and causes us to inadvertently send the message that those often unacknowledged characteristics and other factors don’t matter as much as they do. In the book, the author explores the elements of grit, where it comes from, how it drives success and how you can develop it.

https://www.barnesandnoble.com/w/grit-angela-duckworth/1122569881

Happy 4th of July to my American readers and thanks to everyone for reading!

Kim

Image: ⓒ Ekua Holmes Precarious (2018)

Business Plan , , , , Leave a comment

Build A Budget, Build A Business

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Fact of life—if you run a company, even as a Freelance solopreneur, you’re going to have to suck it up and put together a business budget every year. If you fall into avoidance behavior and tell yourself that you’ll do it “next month,” it is almost certain that 1) you won’t do the budget anytime soon; and 2) your business could eventually slide into financial chaos, taking with it the money and time you invested. Failure to mind business finances is business sabotage.

For many people the mere thought of budgeting brings a sour feeling to their stomach, but the fact remains—budgeting supports business success and your organization is unlikely to thrive, and may not survive, unless you do it. You may find budgeting to be an onerous task, but there is a silver lining—a budget is empowering!

Budgeting is integral to effective financial management and allows you to make informed decisions and take calculated risks that can move your company into a stronger position. Budgeting brings to light the reality of your company’s fiscal health and performance. Problem areas will be recognized and you’ll be able to propose and implement remedies designed to rectify the lapse. You will be positioned to develop reasonable, reachable, goals.

The budget is your buddy

While budgeting often brings to mind thoughts of scarcity and sacrifice, saying no when you want to say yes, you’ll feel much better when you reframe your thinking about budgets; budgeting need not always result in cutbacks. Instead of focusing on limitations, why not flip the script and think about growth? It is reasonable to view budgeting as a pathway to business success, a tactic that enables your entrepreneurial ambitions. Rather than obsessing over cutting expenses, utilize your budget as an element of your strategy to manage expenses and drive growth and profitability.

In fact, only when finances are in order can you operate from a position of strength and make good decisions. When the cash-flow and business reserve fund are healthy, you can demonstrate business savvy—you might hire one or more employees, whose productivity will positively impact sales revenue; you might move the company into a larger space; you might upgrade office or manufacturing equipment that introduce operational efficiencies that benefit anything from your marketing campaigns to the customer service and customer experience your company offers, enhancements that reward your business with loyalty, good word of mouth and returning customers.

Build the budget

Your primary goal will be to ensure that there will be enough money to operate the business, from covering selling and marketing expenses that generate revenue to meeting fixed expenses such as payroll, rent, utilities and insurance. Among the projected expenses you’ll calculate will be those specific to acquiring or creating your product or service, that is, the cost of materials or the time involved in crafting what you sell. You’ll budget for the year, so it will be necessary to make reasonable projections of future expenses and sales revenue. You also want to set aside funds you can invest in business growth, whether to carry out specific initiatives or maybe take advantage of an unexpected opportunity as well.

You will be wise to structure your budget to predict somewhat modest sales revenue and anticipate expenses that are somewhat higher than the previous year. Planning for a less than rosy scenario is the safest strategy, giving budgetary wiggle room by encouraging you to trim expenses where possible to help you build up the business growth fund.

Once you make revenue and expense projections, you can run different potential scenarios and refine your estimates of likely cash-flow and sales revenue income, to enhance your trust in your estimate of how much will be available to finance marketing and business growth.

Create a spreadsheet

A spreadsheet is one of the most powerful tools available to create a budget, not only to make it easy to view and analyze your data, but also to make it easy to change your projected data and evaluate different business scenarios. You can do the same when reviewing projected costs and sales revenue associated with carrying out a proposed business goal.

Get comfortable with the Microsoft Excel spreadsheet and learn to call up different combinations of projected revenues and fixed and variable expenses that will enable prudent decisions in every aspect of your business, from pricing to hiring additional employees. Take a Microsoft Excel for Beginners tutorial .

Monthly budget reviews

Your budget will be useful only if you review it regularly, to assess your company’s performance. Get ready for the big reveal when you discover whether (or not) actual spending aligns with the amount budgeted. If certain expenses are consistently higher than anticipated, you may need to revise the budget to reflect reality, or find ways to reduce those costs. Likewise, your budget will also reveal if sales revenue projections are either too optimistic or too conservative.

Responding to changes in your business environment ensures that your budget functions as a useful tool for financial planning. Finally, the budgeting process will, over time, become a repository of company performance data and provide an important historical overview that could be useful when anticipating seasonal fluctuations or other patterns that support your projections of future business performance.

Thanks for reading,

Kim

Image: © Mee Ko Dong for Shutterstock

Marketing , , , , , , , Leave a comment

Social Media Marketing: Hacks that Help

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There are now more than 5 billion social media users worldwide who participate on several platforms, making the practice a marketing juggernaut that provides countless opportunities for B2B and B2C businesses in every industry to connect with customers and prospects. Once limited to developing brand awareness primarily in B2C industries, the influence of social media on businesses global and local now impacts customer experience, sales strategy, product development, content marketing strategy, competitive intelligence and more.

Because time means money where business is concerned it should come as no surprise that the timing of social media posting is sufficiently consequential to have piqued the interest of marketing researchers. Think about it—when planning to contact a customer or prospect, do you not consider what might be the best time to reach out? You probably avoid making important phone calls, or perhaps even sending an email, on Monday mornings or Friday afternoons. It’s a guessing game, but you aim to reach out when you expect your customer or prospect to be in a receptive mood, so your message will receive the consideration you feel it deserves. A similar approach to timing applies to social media posting. I first reported the best times to post on five platforms in June 2020. https://freelancetheconsultantsdiary.wordpress.com/wp-admin/post.php?post=20744&action=edit

When posting content on social media, the most important goal of marketers is to maximize the number of viewers who see their content. Platform algorithms prioritize engagement and posts that quickly attract attention are typically shown to more users, giving high engagement content an algorithmic boost that helps it to be seen by even more viewers.

A study of the Best Times to Post on Social Media in 2024 conducted by the social media marketing entity Sprout Social examined six platforms—Facebook, Instagram, LinkedIn, Pinterest, TikTok and X (Twitter)—to measure the influence of time on the potential reach of posts. Posting content on days and times shown to be popular with viewers may help increase the audience for that content and amplify the clout of your social media marketing campaigns.

But a word of caution—before scheduling posts to reflect your platform’s peak engagement times as identified below, compare Sprout Social results with your company’s social media data analyses. You may discover that your target audience is not uniformly aligned with the data presented here.

Best Times to Post on Facebook

  • Mondays from 9 a.m. to 12 noon
  • Tuesdays from 9 a.m. to 2 p.m., also at 5 p.m.
  • Wednesdays from 9 a.m. to 3 p.m., also at 5 p.m.
  • Thursdays from 8 a.m. to 2 p.m., also at 5 p.m.
  • Fridays from 9 a.m. to 11 a.m.
  • Best days to post on Facebook: Mondays through Thursdays
  • Worst days to post on Facebook: Sundays

With 3.05 billion active members per month, Facebook is the most widely used social media platform in the world and utilized by 89% of marketers worldwide. Facebook ties with Instagram for the distinction of social media platform that generates the highest marketing ROI, at 29%. The platform is an excellent showcase for online content of every type, from images and videos to live streams and audio content.

Best Times to Post on Instagram

  • Mondays from 11 a.m. to 2 p.m.
  • Tuesdays from 10 a.m. to 4 p.m.
  • Wednesdays from 9 a.m. to 4 p.m.
  • Thursdays from 9 a.m. to 1 p.m., also at 2 p.m.
  • Fridays at 11 a.m.
  • Best days to post on Instagram: Tuesdays, Wednesdays and Thursdays
  • Worst days to post on Instagram: Sundays

Instagram is a free photo and video-sharing app and social media platform that now has 2 billion monthly active users. Owned by Facebook (Meta) since 2012, Instagram is the place to share images, videos, reels and live streams. Instagram ties with Facebook for the distinction of social media platform that generates the highest marketing ROI at 29%.

The key to Instagram is that it is based on visual content. The photos and videos you upload will appear in your followers’ feeds, where they can like, comment, or share your visual post. The more likes or comments you get, the more “relevant” your post becomes and the higher it is placed in followers’ feeds.

Best Times to Post on LinkedIn

  • Tuesdays and Wednesdays from 10 a.m. to noon
  • Thursdays at 10 a.m.
  • Fridays 9 a.m. to 12 noon
  • Best days to post on LinkedIn: Tuesdays through Thursdays
  • Worst days to post on LinkedIn: Weekends

With over 1 billion members in 200 countries and regions, LinkedIn is the Mount Olympus of B2B communication for both the 1099 and W2 sets, who can share their expertise as they generate warm leads, announce new products and services, find co-marketing partners, investigate new employment opportunities, or attract talent to hire. Furthermore, users have found an ideal environment for professional storytelling, facilitated by LinkedIn Videos, and professional development at LinkedIn Learning.

Best Times to Post on Pinterest

  • Mondays: 2 p.m to 4:00 p.m and 8:00 p.m. to 9:00 p.m.
  • Tuesdays: 2 p.m. to 4 p.m. and 8:00 p.m. to 9:00 p.m.
  • Thursdays at 3 a.m.
  • Fridays: 3:00 p.m.
  • Best days to post on Pinterest: Weekdays
  • Worst days to post on Pinterest: Weekends

As of April 2024,  Pinterest has 89 million users in the United States and generated a a 7.5 % growth in users between 2022 and 2023, putting its growth rate ahead of Facebook, YouTube and Instagram. Pinterest is known as the platform where users research and discover DIY projects and inspiration products often focused around lifestyle ideas, home décor and recipes.

Women aged 25 to 34 years comprise the largest share of Pinterest’s global audience and the platform presents companies with creative opportunities to expand their community and build brand awareness. Brands that use the platform appreciate Pinterest’s benefits, in particular spotting emerging trends, building brand recognition and authority and driving website traffic. Pinners, as platform users are called, search for inspiration on this virtual mood board and curate their space.

Best Times to Post on TikTok

  • Tuesdays from 4 p.m. to 6 p.m.
  • Wednesdays from 9 a.m. to 11 a.m., noon, and 2 to 6 p.m.
  • Thursdays from 9 a.m. to 11 a.m. and 2 to 6 p.m.
  • Fridays from 4 p.m. to 6 p.m.
  • Best days to post on TikTok: Wednesdays and Thursdays
  • Worst days to post on TikTok: Sundays

With TikTok comes a whole new playbook for B2B social media marketing. Today, you can’t develop a social media strategy without considering TikTok. B2C brands led the way but as the platform has matured, it’s been recognized as a desirable resource for B2B marketers as well. Keep the following suggestions in mind when formulating your TikTok B2B marketing campaigns:

  1. Be authentic: Authenticity matters on TikTok. B2B brands will do well to showcase their unique personality, culture, guiding values and expertise. Share behind-the-scenes peeks, stories of the company founder(s) and employees and other relatable content.
  2. Find your niche: Identify your target audience and create content that resonates with them. Whether it’s tech enthusiasts, entrepreneurs, or industry professionals, tailor your content to their interests.
  3. Interact with the community: Engage with other TikTok users by participating in challenges, responding to comments and collaborating with influencers. Building a community around your brand is essential.
  4. Educational content: B2B companies can benefit from posting educational content. Share product demos, explain complex concepts, or provide industry insights. Remember that authenticity matters more than polished video production values.

Best Times to Post on X (Twitter)

  • Mondays from 10 a.m. to 12 noon
  • Tuesdays from 9 a.m. to 3 p.m.
  • Wednesdays from 9 a.m. to 3 p.m.
  • Thursdays from 9 a.m. to 3 p.m.
  • Fridays 10 a.m. to 12 noon
  • Best days to post on X: Tuesdays through Thursdays
  • Worst days to post on X: Sundays

X (Twitter) is the platform to monitor breaking news and trending topics and voice your opinions in up-to-the-minute conversations that align with your brand values and show customers and prospects what matters to you. X doesn’t offer the array of posting options that build engagement as do Instagram or Facebook. Rather, X focuses on conversation threads, replies, mentions, microblogging and enticing readers with eye-catching results from a survey you’ve conducted.

Twitter has a new name, but it’s still the place to express uncensored opinions. To increase audience engagement consider Twitter polls, which allow you to pose a question in a tweet, invite respondents to choose one of four possible answers to the question and will send the poll results to you, to announce and invite discussion. Polls are a great way to stimulate audience engagement because they’re quick and fun.

Polls are also a mechanism to invite uncensored feedback from customers about their preferences and therefore augmenting the validity of your market research—in the development phase of new products and services or customer service protocols for example. Polls are not a substitute for traditional market research, but they’ll provide quick and useful insights.

Thanks for reading,

Kim

Image: © Gala-Salvador Dalí Foundation. The Persistence of Memory “Melting Clocks” (1931) Salvador Dali, courtesy of The Museum of Modern Art, New York, NY. Dali portrait by Lies Wiegman (1961), retroactively colorized, courtesy of The Dali Museum, St. Petersburg, FL © Gala-Salvador Dalí Foundation

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SEO 2024 and the Core Update

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On April 19, 2024, Google went live with its March 2024 core update, a process the company calls “more complex” than what was done previously and brought changes to numerous core systems. Google also rolled out its spam update, completed on March 20.  An approximately 45% reduction in low quality and spam content was the primary outcome of the updates, as confirmed by a Google spokesperson, “The updates led to larger quality improvements than we originally thought – you’ll now see 45% less low quality, unoriginal content in search results, versus the 40% improvement we expected across this work.”

It is popular in America to say that change is good but unfortunately, the core update has left many small business owners grappling with declining search rankings and softening website traffic and uncertain of how to respond. Google says the remedy is to create higher-quality content, with a company spokesperson explaining, “As the web and spam tactics continue to evolve, we’ll continue to work to reduce low quality, unoriginal content in Search. As always, we appreciate and encourage feedback from users and site owners alike.”

Well, what did you think they’d say? Look at it this way—if you haven’t examined your SEO strategy lately, you now have motivation to take a comprehensive look at how you’ve managed this essential business function so far and decide how you can effectively respond to the search engine update. SEO is about maximizing your company’s online visibility, the gateway to appearing more credible and receiving more website traffic. Below are suggestions of SEO tactics that are mostly DIY and free—and most of all, deliver an effective response to updates made by the search engine that according to StatCounter GlobalStats as of February 2024 controls 91.62 % of the global search queries market.

The purpose of SEO

It’s not an option, but a given and the purpose is straightforward. Effective Search Engine Optimization requires an holistic approach that combines multiple strategies that work in tandem to improve your website’s visibility in search engines, chiefly Bing, Google and Yahoo.

  • Improve online visibility: to power-up your website ranking on search engines and enable more prospective customers to learn about your brand.
  • Drive organic traffic: to attract prospective customers to your website, those genuinely interested in your content, products, or services.
  • Establish authority: through your website and overall online presence—social media, published articles, your published quotes in media outlets—present yourself as a trustworthy and authoritative source of valuable information.

SEO impact is typically organized into segments—on-page SEO, off-page SEO and technical SEO—that describe how the process influences your website to amplify its visibility to search engines. As you contemplate your SEO strategy, which is a component of your inbound marketing success, be certain to develop and implement strategies and action plans designed to address each SEO category.

ON-PAGE STRATEGY

Google and other search engines look for sites that are trustworthy places for visitors and also provide content that’s useful to those in need of information. On-page SEO is the process of tailoring your website to maximize its visibility to search engines by demonstrating the availability of worthwhile content that can be found in a trusted source. Effective on-page SEO positions your website to attract new visitors who are potentially prospective customers. By taking specific actions, such as including certain keywords in your content and by adding internal links and optimizing URLs within your content, you might boost the assigned ranking of your website in the list of search results.

1. Post relevant long-form content

Posting relevant long-form content is a pathway to increased search visibility and Google’s core update has just made the presence of good content still more impactful. The process starts by writing about topics for which there is an audience—discover the topics that people want to learn more about. To enhance the authority of your posts, keep the following in mind:

  • E-E-A-T (Expertise, Experience, Authoritativeness, Trustworthiness): The 2024 core update reinforces Google’s commitment to the E-E-A-T principles introduced in 2018. Websites that feature expertise and experience in the chosen field, authoritative content and trustworthiness will receive higher search ranking
  • Use of credible data, statistics and case studies to support your points and provide evidence for your claims
  • Include your byline in all articles that you’ve authored and also identify your guest posters. Industry experts should be credited with a brief bio, to highlight their credentials, expertise and authority
  • Use headings and subheadings to present content in an organized fashion, to improve readability
  • Include engaging and relevant visual content, including videos, photos, charts and/or graphs
  • Address all aspects of the topic thoroughly to create a comprehensive resource on the subject
  • Regularly update your articles to reflect new research, perspectives and information

2. Keyword research

Keywords are the words or phrases typed or spoken into search engines by visitors looking for information. By using keywords in your content, search engines will include that content or website in a list of sources that include the cited key words, therefore making it possible that you’ll receive a high page rank in results for those search terms. It makes sense to identify as many keywords as possible, including long-tail phrases, so that you’ll maximize your options when creating content that will capture the attention of search engines.

Be aware that simply packing posts with keywords in every sentence is not effective. Search engines seek out content that’s well-written. Place keywords naturally in target areas, including your headers, intro and metadata.

3. Keywords locations

While keyword density is not a viable strategy for improving search ranking, placing keywords strategically throughout your content is important for SEO. The trick is to use keywords organically and in the right places to show search engines that your content is relevant. Drop keywords here:

  • Introduction: to set the context for readers and search engines
  • URL: to help search engines understand the topic
  • Title: to improve your click-through rates and rankings
  • Body: copy to support topical relevance
  • Headers: to structure your content and signal importance to search engines
  • Metadata: description to improve click-through rates

4. Interlink your pages and blogs

Internal linking means creating hyperlinks in your content, so that website and blog readers can click as they read and check out your other posts or website pages. Internal linking supports on-page SEO because the availability of internal links invites readers to other pages within your website, or to other blog posts, and keeps visitors around longer, demonstrating to search engines that your website is valuable and useful. Also, the longer visitors are on your website, the more time search engines have to crawl and index website pages, helping Google et al. to obtain more information about your site and potentially rank it higher in search engine results. If you’ve got the techie gene you may want to take this on as a DIY project. Click to understand how internal linking is done (most may want to contact a professional). https://www.linkedin.com/pulse/best-practices-internal-linking-structure-2024-m-a-mamun-bhk0c

OFF-PAGE SEO STRATEGY

Off-page SEO refers to actions taken to impact your search engine ranking that are outside of your website. In other words, off-page SEO is how you manage external factors, for example, guest posting, social media activity and the presence of online reviews. While off-page activities do not directly involve your website, their effects can potentially increase website traffic and support your inbound marketing in the process.

  1. Social Media Presence

Active engagement: Consistently post relevant content and engage with your audience platforms such as Facebook, X (Twitter), Instagram and LinkedIn. An engaged social media audience that regularly interacts with your brand demonstrates brand authority and trust and therefore gives a vote of confidence to search engines.

2. Content marketing

  • Content: Create and share high-quality, relevant and valuable content that includes backlinks to credible websites
  • Infographics and visuals: Appealing visual content increases viewer engagement and content sharing
  • Document Sharing: Share presentations, webinars, or documents such as white papers, brochures that showcase your products and/or services, or training materials on platforms like SlideShare and Scribd to expand your audience

3. Press releases

When you have a newsworthy announcement to make, e.g., to broadcast a talk you’ll give at a business association or chamber of commerce, or your participation in a popular local charity or community event, write a press release and post it on distribution sites such as EIN Presswire or eReleases . Not only will you take an important step to get your story out to your audience and your local community, online press release distribution is a great way to generate organic backlinks, since many online publications will automatically pick up relevant press releases. Within each press release, be sure to include one to two links to your website.

4. HARO requests

Help a Reporter Out (HARO) is a website that connects journalists and bloggers with expert sources—you!—for articles they’re writing. Journalists submit a query for expert quotes and will choose the top responses to include in their content. Oftentimes, the journalist will provide a backlink to your website as attribution for the quote. To increase the chance of being quoted, respond quickly and provide a complete and soundbite punchy answer.

5. Influencer marketing

Influencer marketing is an effective way to increase brand mentions and social media interactions, both of which are positive off-page ranking signals for search engines. If you can get onto the radar screen of a social media influencer who has a relevant audience for your brand, you can partner with that person to create an influencer marketing campaign that promotes your brand and its value proposition along with providing links to your website or social media profiles where applicable.

6. Backlinks

Building backlinks is important for SEO because it signals to search engines that your content is trustworthy and valuable. The more high-quality backlinks you have, the better your chances of ranking higher in search results.

While backlinks remain crucial for SEO, recent algorithm updates have shifted towards needing fewer but higher-quality backlinks. Earned links, in which editorial publishers or consumers mention your brand organically, are most highly favored. Built links, however, require some effort on your end, such as reaching out to content publishers for link attribution or mention. You can acquire backlinks through these common link-building strategies:

  • Guest posting
  • Link insertions
  • Creating link-worthy content
  • Building relationships with bloggers and website owners
  • Using social media

7. Online Reviews

Online reviews provide a strong signal that’s taken into account when ranking your content online. They can build a lot of credibility and trust since they’re submitted by third parties who’ve interacted with your brand. Focusing on generating positive five-star reviews from legitimate customers can help your off-page SEO tremendously. You can generate these reviews on third-party review sites such as G2 as well as your local Yelp page.

TECHNICAL SEO

Technical SEO refers to how you can best optimize the technical elements of your website—primarily speed, security, user-friendliness and site structure. Technical SEO is about improving your website to make it easier for search engines to find, understand and store your content. Technical SEO focuses on user experience factors, such as making your website faster and fully visible and navigable on mobile devices. Do it right and technical SEO can enhance visibility in search results.

  1. User experience (UX)

The UX provided by your website is a concern to search engines. If your website offers an intuitive browsing experience, quick loading times and is mobile-friendly, you will be positioned to receive higher page rankings. Google now uses mobile-first indexing to determine search rankings. Ensure that every page of your site is mobile optimized, ideally using responsive design, and that all content is the same between the desktop and mobile versions.

2. Site security
Security plays a huge role in how people experience your website. When people feel that your website is secure, they interact more freely (and longer) with it. Google penalizes sites that do not secure their traffic with an SSL certificate and modern browsers mark them with an insecure site warning. SSL certificates are obtained through site your hosting provider. Click here for more information: https://www.linkedin.com/pulse/5-top-ssl-certificate-providers-2024-digital-expert-online-aezde

3. Index site

Indexing means adding a website and its pages to search engine databases so that the site can appear in search results. Indexing is pivotal in how Google and all search engines work. The presence of a “noindex” tag on your website or blog pages will cause search engines to ignore your content and prevent your site from being recognized and ranked—a situation that you want to avoid.

Noindex tags can be removed and this is another DIY project that I relegate to those born with the techie gene; I recommend that everyone else would be wise to consult a professional to do the work. FYI, here are remedies: https://www.linkedin.com/pulse/how-fix-google-indexing-issues-2024-md-belal-hossain-0cszc

Thanks for reading,

Kim

Image: © diki_pt at Freepik