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Online Search: Every Generation Does It Different

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Eye openers:

  • 71% of Generation Z prefer mobile when shopping online.
  • 21% of 18-to 24-year-olds start informational quests with TikTok, while 5% start on YouTube.
  • Gen Z (62.7%) and Millennials (64.6%) are twice as likely as Baby Boomers (32.9%) to use multiple channels in their purchase journey.
  • On average, GenZ uses Google for searches 25% less than Generation X.
  • 30% of internet users aged 16-64 use voice assistants weekly.
  • 94% of GenZ trusts influencers over traditional ads for product recommendations.

Business directories are good business. Way back in the 19th century, the groundbreaking publication that became the Yellow Pages began in Cheyenne, WY and eventually became a national, then global, business resource. The Yellow Pages was available free of charge and was delivered to your door. Everyone in the US had access to the Yellow Pages, either combined with the (residential) white pages, or available separately. The original Yellow Pages still exists and remains a leading business directory, but how business customers search for information to start their buyer’s journey has undergone a radical reset. The Yellow Pages has joined the other global search platforms and has gone digital; the print version is now delivered to your door by request only.

Because you are a business owner or leader, you are intensely interested in the buyer’s journey that your prospective customers launch and experience. You know that the platform used when prospects search for information about your products, services and/or company can potentially impact how they discover and interact with your company. It’s likely you also know that the appeal of social media platforms and other digital resources is influenced by the age of the user and the appeal and influence carries over to shopping—i.e., buyer’s journey searches.

In other words, you can add another dimension to how you use customer demographic info and incorporate the age range/ generational cohort of target customers when creating your buyer’s journey. Do that and you’ll give yourself an important competitive advantage because every generation’s idiosyncratic search habits show you how to win them over. By aligning your marketing strategies and tactics to synch with generational preferences, you can enhance company visibility, promote customer engagement, build trust and, ultimately, generate sales revenue. Ignoring the search trend preferences of your target audience means you could be losing opportunities to cultivate potential customers.

Generational search trends and business strategies

A comprehensive understanding of how the generational groups prefer to search will enhance the power of your marketing strategies and ensure that your content reaches and resonates with the intended audience. Business owners and leaders can then, for example, create detailed content for Baby Boomers, showcase social media for GenZ and optimize mobile for Millennials. Below are insights that describe the search tendencies of different generations search and suggestions of tactics likely to appeal to them. The info was provided by Azira, a data intelligence platform that focuses on marketing and operations, in its consumer behavior report The Great Generational Shopping Divide, that surveyed 2,048 respondents in the U.S., United Kingdom and Australia in July 2023.

Generation Z (Born 1997-2012, age 12-27 years)

According to Hubspot, the inbound marketing and customer relations management platform, GenZ uses mobile phones more than any other device for online shopping and searching for information online. Optimizing the shopping experience for mobile is a must; and as noted above, 74% of GenZ shoppers use a mobile phone to do business, while just 16% use a computer. Of Gen Z, 28% have found new products by searching the web in the past few months.

Search Preferences: Short, fragmented queries on social media platforms like TikTok and Instagram.
Typical Search: GenZ users looking for pasta recipes might search “best easy Italian pasta recipes” on TikTok and watch influencer videos.
Preferred Content: Favors audiovisual, especially short videos.
Strategy: Utilize social media platforms and influencers. Create engaging, brief and visually appealing content to capture their attention.

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Millennials (Born 1981-1996, age 28-43 years)

Azira data found that 52% of Millennial customers engage in omnichannel shopping, meaning they use two or more online channels to conduct their buyer’s journey. GenZ and Millennial buyers are nearly twice as likely to engage in omnichannel shopping than Baby Boomers (63% and 65% vs. 33%, respectively). 70% use their mobile phones most often, compared to just 20% who prefer to use a computer, highlighting the importance of optimizing your site to be mobile-first. Millennials’ preferred channels for discovering new products are YouTube, Instagram and Facebook and 32% say they discover new products most often by searching the internet.

Search Preferences: Short, conversational queries; mobile devices and voice search integrated with social media are prominently used.
Typical Search: Millennials searching for a travel destination might use voice search to ask, “What are the top travel destinations for 2024?” and look for recommendations on Instagram.
Preferred Content: Prefer visual and audiovisual content; they trust peer reviews/opinions and want social proof.
Strategy: Optimize for mobile and voice search. Leverage visual content and social proof to build authenticity and trust.

Generation X (Born 1965-1980, age 59-44 years)

One in three GenX’ers say they prefer to discover new products through social media and 28% say that social media is how they discover new products most often. Additionally, 35% of GenX have discovered new products through online search in the past three months, placing it among the top discovery channels. Two-thirds of GenXers say they use their mobile phones most for online shopping, while 16% are on a computer and 11% use a tablet most frequently.

Search Preferences: Mix of specific and general queries using both search engines and social media.
Typical Search: A GenX consumer looking for a fitness tracker might search “best fitness trackers 2024 comparison” on Google and check reviews on Yelp.
Preferred Content: Seek quick access to practical information, relying on review sites.
Business Strategy: Provide efficient, practical insights and reviews. Balance traditional and modern search methods to cater to their adaptable nature.

Baby Boomers (Born 1946-1964, age 60-78 years)

Baby Boomer shopping habits stand out the most of any generation. For example, more than half of Baby Boomers have discovered new products through television advertisements in the past three months and 40% say their TV set is where they discover products most often. Baby Boomers are comfortable searching the internet, with 46% of them having discovered a new product through online search in the past three months. Additionally, 33% of Baby Boomers prefer discovering new products in online stores over any other channel. When asked about their preferred way to discover new products, just 17% say through social media; in fact, social media and ranks behind all the channels mentioned in the Hubspot survey, as well as word of mouth and direct mail (snail mail). Moreover, just 20% of Boomers have discovered a product on social media in the past three months and only 8% have purchased a product on a social media platform.

Search Preferences: Prefer detailed, specific queries on traditional search engines like Google and Bing.
Typical Search: A Baby Boomer looking to buy a new refrigerator might search “best energy-efficient refrigerators 2024 reviews” on Google.
Preferred Content: Favor comprehensive, well-researched articles from trusted sources.
Strategy: Create detailed, authoritative content that addresses their specific needs and concerns. Focus on building trust through thoroughness and reliability.

Thanks for reading,

Kim

Image: © Kyonntra for Getty Images

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Design Social Media Content to Fit Your Goals

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News flash—creating social media content that advances your company marketing goals may demand more attention than you might’ve guessed. Checking social media accounts might be something you do while having lunch—why not log into Facebook to see what’s up?—but the “free” resource known as social media works best when you are strategic when using it. Effective marketing in any format demands precise planning.

Keeping a strategy in mind as you develop social media marketing content means that all posts—text, images, audio, video—will be designed to work in concert. That’s your recipe for social media that clearly communicates talking points, tells the story, follows the strategy and delivers the desired return on investment. So whether the plan is to promote brand awareness, cultivate customer relationships, or facilitate customer service, for example, there is documented evidence that well-executed social media campaigns are able to deliver the results you want. Your job is to create the right content and post on platforms your audience trusts and follows.

If your company maintains a presence on more than one site, keep in mind that content posted on multiple channels may be tailored to fit the unique strengths of each platform used, but content will be most effective when aligned across channels. You want to ensure that you communicate a unified message to the audience on all platforms used. Unaligned, inconsistent messaging can confuse audiences and undermine brand credibility.

Budget

Let’s start with money, the ultimate commitment. A financial investment is worthwhile for companies that are serious about social media marketing because a well-developed strategy that has the potential to achieve marketing (think revenue) goals can be realized only if all aspects of the content match your aspirations. If your marketing goals require a high-performing social media campaign, the strategies that get you there must be enabled by the right budget. Can you strike a balance between the funding needed to support the campaign you want and a financial commitment you can tolerate?

If the money is there, you might decide to hire a social media specialist to produce all text and image content. If your budget is modest, or you prefer to copywrite the text yourself, you could focus your spend on audiovisual elements and invite a pro to shoot and edit the visual elements.

Authentic

Today, “raw,” unscripted content sets the standard for what’s considered authentic and credible—i.e., trustworthy. Cinema verite is where it’s at and conversations and actions that feel scripted and rehearsed are a turn-off. Your followers want to see a slice of life—tear off the band aid, peek behind the curtain, get the view from backstage.

So, if you’re scheduled give a talk at a business association program, your social media audience may find it interesting to watch you getting ready to take the stage. Recruit a friend or ask your social media specialist, if you’ve hired one, to video you en route to the venue. Your commute to the venue can be filmed and you can supply background info about the organization during the ride. If the sponsoring organization allows, you can also be shown meeting the host, being introduced and walking to the podium to launch your presentation. If allowed, your talk can be filmed in its entirety and short clips can be edited to use in future marketing collaterals.

Interactive

Rather than waiting for your social media audience to make the first move, recognize that they will probably need a compelling invitation from you as motivation to engage with your content. The good news is that invitations to interact with your audience are not difficult to design.

For example, some of your viewers may agree to take a quick survey or poll that gauges their feelings about a particular topic (which may not directly involve your products or services). Social media users often enjoy opportunities to connect with the brands they follow. From time to time, just be sure to include a question or two about what they’d like to see added to your line, or what might make a useful upgrade for your product or service. Your audience will feel more connected to your brand if they feel as if they’ve contributed to your company’s product development.

Soft sell

The hard sell no longer works. The soft sell, like soft skills, is the new champion of today’s marketplace. Instead of coming on like a carnival barker on the midway and shouting “Step right up, folks!” the preferred approach employs social media platforms as a conduit to current and prospective customers who would like information about your products, services and you and your company. Customers, prospects (and influencers, if you’ve caught the eye of one) would like to get to know you. They often don’t trust or respond to aggressive sales tactics. A smart sales strategy is designed to cultivate a steady stream of customers and prospects who engage with your content and then make purchases and referrals, give testimonials and become brand cheerleaders, too.

Avoid over-sharing

It is true that being reliable and predictable—consistent—is reassuring and you should keep that in mind as you post content to your chosen platforms. But how do you know how often to post? Two posts a month is probably too little; two posts every day of the week is definitely overkill. You want site visitors to see worthwhile information—not always serious, sometimes amusing, always interesting and never a waste of time.

You don’t want your content (and company) to be perceived as annoying and irrelevant, a burden that clogs their feed with filler. Working with a good social media professional can help you determine how often you should post and how you might diversify your content to enhance interest and keep viewers coming back.

Call-to-Action

Remember to include a call-to-action in your social media content. It’s a feel-good to see great numbers when reading the statistics of your site’s impressions and views, but you won’t get your full reward unless followers are asked to do something—take an action—so you’ll receive a tangible result of some sort.

Your CTA completes the social media experience by inviting your audience to click a link and—-watch a video, request a free 30-minute consultation, register for a webinar or course. The CTA allows you to both collect and measure the ROI of your social media marketing campaign. You’ll be certain that your campaign goal is reached—brand awareness and brand loyalty enhanced, customer relationships nurtured, names added to your customer list (through the sign-up), warm leads created.

Thanks for reading,

Kim

Image: © Rex Features. British actor Sean Connery (August 1930 – October 2020) with Anthony Sinclair of Anthony Sinclair Suits, his Savile Row tailor in London, during the 1960s James Bond movie era.

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Marketing Enters the Echoverse

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In the 21st century, savvy business owners and leaders must be aware of developing trends and determine which behave like a passing fad and which seem capable of delivering value that make it worthwhile to get on board. One such trend— that looks more like an inflection point than a trend—was documented in 2016 by researchers from the University of Maryland Robert H. Smith School of Business, the University of Tennessee and the University of New Zealand and it’s a must-do. It’s been impacting your business for five years or more, but you may not have figured out the big picture and didn’t know that it has a name.

Introducing the echoverse, a communications phenomenon that describes where digital communication is now and will be for the yet-to-be-determined future. The echoverse was born of cross-channel marketing messages that are initiated by brands, customers, influencers, media outlets, investors and anyone else with a keyboard and bounce and reverberate in feedback loops. These simultaneously independent and co-dependent parties continually add their responses to posted content, chattering on as they follow and listen to each other across all available digital platforms. The outcome of the call and response is the echoverse, a communications environment that enables content to circulate, amplify, morph and echo.

Understanding the echoverse

As you continue adjusting to early 21st century marketing communication practices, keep in mind that the echoverse is controlled by a hyperconnected, 24/7 environment that’s touched by many players—brands, customers, media, AI-powered artificial agents—who contribute to and echo each other’s messages, as summarized below:

  • Communication is omnidirectional. Messages flow in all directions, they may originate from any source and they are subject to reinterpretation through interaction with multiple participants.
  • Influence is communal. Traditional roles of message sender and receiver are waning. Any interested party may initiate conversations and modify, contradict, or reinforce whatever messages are sent in response. Every participant is both a creator and a consumer of content and empowered to impact, contradict, or verify fellow participants.
  • Messages evolve. Messages are impacted, influenced, or amplified by feedback loops and participants whose participation is continually and simultaneously changing.
  • Value creation is shared. What is considered valuable is not necessarily created by a single, all-powerful taste-making source. What’s accepted as worthwhile is co-created and co-owned by all participants, with each one adding unique context, interpretation and/or resources.

Marketing in the echoverse

In traditional marketing communication, the brand drove the bus—defined marketing goals, created all content and chose how messages were sent to customers and prospects. Echoverse marketing has introduced a new playbook. The influence once held by brands has diminished because that entity is now just one agent in a cast of characters who develop and disseminate their own spin as they follow, listen and act upon the official brand messages. Meaning, successful navigation of the echoverse requires brands to pivot from leading to guiding, persuading and encouraging self-appointed and vocal stakeholders through (ideally) well thought-out and presented opportunities to contribute to a process of value co-creation and strategies for promotional communications.

  • Echoverse marketing for Freelancers and SMB

No doubt you understand that both challenges and opportunities are associated with the echoverse. To develop effective and responsive marketing strategies and tactics, marketing managers in companies of every size must embrace its omnidirectional, feedback loop reverberations and prepare for the possible influence of self-appointed stakeholders who thrive in the echoverse.

Like their counterparts in enterprise companies, Freelancers and SMB owners must adopt big-picture thinking and manage all marketing communication channels as an integrated, holistic, interdependent system—a compartmentalized, silo approach will not achieve goals. A cohesive strategy that considers the interactions between various media is essential—an integration of traditional media outlets, social media, your company website, email marketing and other brand promotional activities to create a unified brand message that is consistent and compelling at every touch point.

  • Proactive Customer Engagement

Social media is ideal for allowing brands to engage with customers and curious prospects in a personal and immediate manner. Engaging with customers on social media allows you to hear and quickly respond to compliments, comments, suggestions and complaints. It is the best defense against negative talk that may be expressed by competitors and haters whose agenda is to attack and subject your brand to reverberating echoverse slander.  Brands should focus on consistent, authentic communication that addresses customer concerns and other feedback promptly and effectively.

  • Leveraging Predictive Analytics

If you can budget the expense, investing in social media listening can provide valuable insights into emerging trends and potential problem (or helpful) issues or developments. Being proactive enables brands to anticipate and respond to changes in customer priorities, preferences, or concerns before things get ugly. Tools that analyze data generated by various platforms can help brands identify patterns and adjust their marketing /branding strategies accordingly.

  • Utilizing AI and Internet Technologies

AI tools and other internet based technologies are transforming marketing communications within our complex, interactive communication landscape. In this environment, a diverse network of human and nonhuman participants—including customers, brands, AI agents, traditional and digital media outlets and platforms—continually interact, influence and reshape messages across platforms. Traditional one-way and two-way communication models have given way to omnidirectional communication for the foreseeable future.

Thanks for reading,

Kim

Image: © Swiss Yodeling Association. Alpshorn players create echoes in the Swiss Alps.

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Reinvent and Rescue Your Failing Business

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Those of you who follow astrology know that the planet Mercury is currently in retrograde meaning, as a result of an optical illusion, the planet appears to be moving backward in its orbit. Mercury began to retrograde on August 5 and the phase ends on August 28. The third and final Mercury retrograde of the year will occur November 25-December 15 (the first retrograde Mercury of 2024 was April 1- 25). All nine planets can appear to retrograde and it is said that when they do, the effect can scramble our best laid plans. For example, signing contracts is said to be ill-advised during retrograde Mercury (and also during retrograde Venus, Mars, or Jupiter). However, there is an upside associated with the downside of retrograde Mercury—you may be able to rectify what went off the rails.

Astrologers claim that Mercury is the planet most closely associated with business activities. You would never launch a business during retrograde Mercury (or retrograde Venus, Mars, or Jupiter), when the planet seems to be orbiting backward, because the venture would almost certainly fail—you want forward movement to get things rolling. Instead, astrologers advise you to use retrograde Mercury to figure out whether a failing enterprise can (or should) be rescued and is worth the effort and money needed for the resurrection.

The prefix re– conveys the spirit of retrograde and signals that it’s time to pause and reflect on what has transpired and anticipate how the outcomes might influence next steps. The ancient practice of astrology recommends using retrograde Mercury to revisit, reconsider, repair, recuperate, or reimagine what appears to be broken but, with careful reassessment and cost-effective reengineering, can be successfully rebuilt.

Oh, why not? Do not allow the heartbreak and frustration you feel as your dream of entrepreneurship crumbles convince you to abandon ship too soon. You owe it to yourself to discover what might respond to a well-executed pivot and put the remedy in motion.

Review what went wrong

Conduct a thorough post-mortem to reveal which factors caused the failure. Was it the product or service offered, or were you too far ahead of a developing trend? Did you overestimate the size of your target market, or become too optimistic about demand for your offering? Were there operational problems that, e.g., interfered with product manufacturing or delivery, or was cash-flow the problem?

A comprehensive review of financial statements, sales data and customer feedback will help you recognize the glitches. With an accurate diagnosis of what has not been working, you can redirect your focus and develop a reinvention strategy.

Rethink the business model

A business model describes how the venture will make money—methods the company will use to sell the product or service to customers and how the business will drive sales, for instance. A business model also determines the type of products and/or services that make sense for the company to sell and how to effectively market and brand those products or services. The will identify the ideal customers the company should aim to capture, the depth of customer demand and anticipated operational and selling expenses. Miscalculations in the business model planning are almost certain to eventually result in unmet revenue expectations. Appropriate market research is the remedy for an ineffective business model. Study direct competitors and industry trends.

Reconfirm customer demand

Understanding your target customer’s needs and priorities is integral to start-up success, so obtaining psychographic data will help you clarify what is essential to them when they shop in your product category. Whether or not your business failure was a lapse of product-market fit, identifying and then learning how to communicate your offering’s value proposition is a key component of brand-building and achieving sales revenue goals. An insufficient product-market fit results in the product or service failing to resonate with prospective customers and results in weak demand.

Revisiting the buyer persona of your ideal target customer will also be instructive. Let your market research lead you to identify the right customer, the right product-market fit and just maybe, reveal a niche target audience with a readjusted offering, that differentiates you from competitors and paves the way to a loyal customer base that is your springboard to sustainable growth.

Reassess pricing

Pricing problems limit sales revenue, whether you’ve priced too high or too low. Incorrect pricing is often implicated in cash-flow and revenue difficulties. Get your bearings by researching three or four competitors to verify the price tolerance range for your product or service category and get an idea of how you might readjust your pricing—and maybe customer payment options, too. Being flexible and creative with how customers can purchase and pay for products and services—on your website, on social media, on consignment, with free delivery—can boost sales and build your customer base. But first, do your price comparisons to ensure any new pricing is competitive and fits your market tier and brand, whether luxury, midlevel, or economy.

Reexamine the sales strategy

Again, make it easy for customers to do business with you, whether you are a bricks & mortar shop, sell on line, or offer your wares through a subscription service. Also, shipping and delivery should be easy and priced at a level that customers accept.

Furthermore, inefficient or cumbersome business procedures can drain time and resources away from serving customers and growing the business. Investigate technology—marketing, financial, operational— to simplify workflows, delegate tasks, improve organization, speed up processes and reduce expenses associated with day-to-day operations.

Thanks for reading,

Kim

Image: © iStock for TheSchoolRun. The solar system.

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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