Thursday, 25 April 2019

From Employee to Entrepreneur to Employee

How much longer can I do this? How much longer do I want to?

Those are the questions I started asking myself last year regarding entrepreneurship. Was I passionate about continuing this strangely unstructured, personal/professional journey… or did I want out?

The answer wasn’t as clear as I hoped it would be.

Entrepreneurship has always felt to me like a massive crank that took herculean strength, and significant time to turn. It required consistent sustained effort which did not necessarily guarantee momentum. Stops and starts meant I was constantly starting the process over again. It was never easy.

There were times when running the company was fun. It was sometimes exciting, always challenging, but often mundane. As years passed, timelines became familiar, experiences cyclical. I could anticipate busy and slow seasons. Big contracts were only temporary solutions. The stress was ever present.

The anniversary marks slipped by. Eventually, my time as an entrepreneur matched my time as an employee. They were achievements, yes, but they also felt like victories of luck and circumstance. Even if it was my hard work that had created the luck I was experiencing, I still hated how it always felt like last minute luck. That kind of anticipation and worry frayed me from the inside out.

I just didn’t want to be a failure

How much longer could I do this? How much longer did I want to?

From the day I went out on my own, I had a deep conviction abandoning entrepreneurship at any point, even temporarily, would be to admit failure. Those landmarks you hear about for small businesses, about how many fail in the first year, the first two, the first five… they were always at the edge of my perception. They leered at me. I didn’t need to be a millionaire, I just didn’t want to be a failure. It is a tainted existence, avoidance. There is no gratification or fulfillment, there is only constant, temporary escape.

It is a great paradox of my own life. I know how much I learn from failure, but I am so embarrassed by it I avoid it at all costs. And yet, the vast majority of things I did as a business owner were failures. Maybe not big, public, soul-crushing failures, but failures nonetheless. Sales processes I couldn’t make work, marketing tools that didn’t do what they promised, insurance policies more expensive than I needed, or too cheap to be effective. Fail fail fail. Over and over.

And yet, each year I made a little bit more money than the year before. I paid my taxes. Saved a tiny bit. Fell behind again. The victories did not fulfill me as much as the frustrations exhausted me. I felt incompetent at times. People closest to me knew, but it isn’t something entrepreneurs share publicly. The unspoken mantra of entrepreneurs seems to be “Pretend everything is amazing, hide all your worries.” I didn’t want to admit defeat or incompetence publicly. I was hungry and paranoid enough to keep moving forward. To keep pushing. Or in the overused parlance of brash entrepreneurs cranking out self-promoting content on the internet; I was “hustling.”

The turning point

Life carried on. I met my fiancé, moved in with her, and proposed. The struggles of my life I shared with her became things she witnessed for herself. We talked about next steps. Her career, my business, and our future. We talked about travel, quality of life and adventure, ultimately deciding to move across the country.

So began my prolonged moment of self-conflict; would I keep my business or get a job working for somebody else?

Getting a job felt like giving up. Keeping my business felt like self-torture. While I had made a good living I was never comfortable. Worry was behind every decision I made. I knew I could keep going… but “could” wasn’t “want”.

I was still trying to prove something to myself.

I had read enough books to understand success was almost always about determination and commitment. Talent was only a portion of the formula. Grinding away at something when everybody else quit, when all obvious options were gone, that was how you reached a goal. I worried quitting meant admitting I didn’t have what it took.

At the same time, I also knew “success at all costs” didn’t interest me. While I understood sacrifices were important, I was never going to be somebody who stuck with something he didn’t love just to be successful at it.

My arguments against entrepreneurship

My mind began to create arguments against continued entrepreneurship:

  • Six years of experience didn’t guarantee success in a new city.
  • Despite my desire otherwise, nothing happens immediately.
  • It would take time to establish a new network and find clients; time I wasn’t sure I wanted to invest.
  • What kind of life would it be where I spent all of my time looking for clients instead of living my life?

Even though they were valid points, they originated in my brain and not my heart.

My arguments against employment

  • Going to work for somebody else though meant a massive recalibration of my own expectations and a dramatic repackaging of my skills.
  • It had been years since I created a resume, and almost a decade since I interviewed for a job.
  • I had spent six years building out this very broad and unique skill set yet and I worried I had somehow become unemployable.

The ironic thing was after so many years of working for myself, of struggling through challenges, figuring things out, becoming more autonomous, learning to work from home (which took years), I felt like I was a better asset as an employee than I had ever been.

What about all of this equipment I had bought? It was more valuable for executing projects than whatever resale price I would get on the secondary market. The pile of gear weighing hundreds of pounds was a physical representation of how much the decision weighed on me. A monolith of potential guilt in the middle of my home.

Pros and cons. Back and forth.

Unlimited stressful freedom versus predictable structure (stress amount to be determined later). Thousands of credit card points vs. cheap health insurance. And the biggest of all, working from home versus going back to an office.

Working from home is an incredible luxury. And for two years I reveled in it until it eventually became isolating. The unbridled joy we all believe working from home provides has slowly waned. The Huffington Post and others have talked about the significant mental health toll it can take.

Security. Regularity. Connection. Clear expectations. Structure. All things I had grown to value so much… none of which I had.

There is also a lot of ego preservation I experienced while working for myself. My fiancĂ© asked me if I enjoyed what I was doing. And it was hard to tell. The gratification for me didn’t come in the day to day of running a business. Perhaps I am not naturally business minded, or don’t carry a general aptitude for entrepreneurship. But at a certain point, certainly, years in, wondering about that isn’t helpful. It’s just an added worry on a pile of more important worries.

The only options were forward or out.

I didn’t often ask myself; “Why the hell am I doing this? To what end? To what benefit?”

When I left the corporate environment I felt caged. I wanted freedom. I had witnessed so many people around me work from home or for themselves and they seemed elated. Granted, in hindsight, many of them were introverts who preferred working from home and/or were not accurately representing how hard it actually is

But after I had achieved that freedom, entrepreneurship became about proving something to myself. That I could spin this straw into gold. My value as a business owner was always been tied up in my ability to sign my next client. “A little further on from where I am now” seemed to be the only safe destination.

It is a destination that exists only in my mind. There are no guarantees. Just as going to work for somebody else is no guarantee of a better life.

An employee again

But, six years and six months after I quit my corporate job, I have started a new one. I am excited to get to work. To enter the fray. To learn quickly, adapt, and evolve within an existing structure with expectations and support I do not have to create from whole cloth.

I do not know what “defines” an entrepreneur, and frankly, I think we spend too much time trying to figure it out. My time working for myself taught me (at the very least) that I have what it takes to learn what I need to do in order to succeed.

It is a faith it took me a long time to find. I hope I never lose it.


Photo by Javier Allegue Barros on Unsplash

The post From Employee to Entrepreneur to Employee appeared first on Fizzle.



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Wednesday, 24 April 2019

The Lead Gen Fulcrum: 22 case studies to help you optimize for maximum perceived value

The Missing Ingredient in Your Workday: A 30-Day Challenge

I sat there staring at my list of tasks and projects. A stress-flash shot down into my chest. I’d never...

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Modern Marketing Influencer Blog Series: 5 Key Q&As About Influencer Marketing Success

The Modern Marketing Influencer Blog Series asked top influencers from across the marketing spectrum what’s on their minds and what topics and pressing issues in their fields they feel are begging for more insight.

The Oracle Marketing Cloud (OMC) marketing team recently sat down with Michael Krigsman, founder and host of CXOTalk, to discuss influencer marketing. Michael is an influencer and industry analysts and also regularly interviews influencers for CXOTalk.

 

When Does an Influencer Program Work, and When Doesn’t It?

First and foremost, it depends on whether your goal is raising awareness or generating leads. Influencer marketing is not the same thing as demand generation. There are blurred distinctions, but most of the time, people use influencer marketing for building awareness as opposed to posting a gated white paper or hosting a webinar to collect a bunch of leads.

Second, for an influencer program to work, you as a marketer have to be able to give up some control, so think carefully about this. Influencers have their own audiences and stakeholders, as well as rules of engagement for those groups. You can make requests or suggestions regarding what influencers do and say, but you aren’t in complete control, even if they are being paid directly or indirectly. Think of influencers as having their own brand separate from yours, and your relationship is an area of overlap where you collaborate to benefit from more awareness about your separate-but-aligned messages.

So naturally, you need to make sure you are clear on what your message is and how it aligns with the influencer’s message. And be sure that your marketing strategy includes opportunities to include influencer participation, whether for blogging, quotes in longer-form content, social awareness, or events participation.

Can You Provide Some Tips for Finding the Right Influencers?

The first hurdle is, do they have an audience that is an audience you want to reach? You are looking for someone who can spread your message by expanding your existing audience or reaching a different, adjacent audience.

Next, for B2B marketing, make sure the influencer has subject matter expertise — that is, a deep understanding of the products or services. This isn’t always important for B2C marketing, but it is especially important for B2B because these purchases tend to be much larger dollar-wise and are more technical.

And third, make sure you are on board with how the influencer will engage people. Part of that is, do you feel comfortable with the influencer? Do you like that person? You are going to collaborate together, so chemistry is important.

What’s a Good Way to Approach an Influencer to Ask Them to Collaborate?

You can ask the influencer how you, as a brand, can get them engaged. I think that's a reasonable thing to ask. Rather than just send a cold email saying, “Hey, would you come to our event?” Why not send an email that says, “Dear Influencer, We love what you do, and think that you're a great fit to work with us. How do you prefer to work with our brands? We’d like to have a conversation with you.”

How Do Influencers Differ?

Different influencers work in different ways. For example, the more prominent the influencer, the more stringent their demands will be. This is because in a particular niche or subject domain, the more prominent the influencer, the more opportunities are constantly being presented to them, and these can be small, high-value niches. For example, I’m very focused on senior-level executives. That’s a pretty small niche, but it’s a very high-value niche.

So the more in-demand the influencer, the more often they are invited to events, to dinners, having attention thrown at them, lavished on them, things like that. Can you give them what they want? That needs to be considered.

Another difference comes in distinguishing between broad influencers and micro-influencers. A broader influencer is someone who might have a million followers on Twitter. A micro-influencer is somebody who has 3,000 followers on Twitter, but those followers are engaged and part of a very focused group that’s of interest to the marketer. Both of these types of influencers work well. Just remember that someone with a million followers is going to have a much more heterogeneous audience.

Influencers also vary by where they are in building their own brand, and this will affect how they want to engage with you. For example, an influencer who’s just starting out will be more than happy to attend your event for three or four days if you pay for travel. But somebody who's more prominent is not likely to want to do that. They've done that lots of times, and they receive many of those invitations, so they’ll want to do something different. Be clear on what that is, and if that fits your goal.

How Do You Define Success of an Influencer Program?

That's simple. When you're done, you look back and you say, “We are happy with what we got out of it, and the influencer is happy with what they got out of it, and everybody wants to do it again.”

Like you, the top priority for influencers is to build and engage with their audience — people who like what they do and like to hear what they have to say. If you align on the other things we’ve discussed, it should be the start of a great relationship.

                                        

Influencers marketing can pay great dividends, but for any marketing campaign to achieve success you need the right tools to accomplish your goals. Find out how Oracle Marketing Cloud (OMC) can help you upgrade your marketing game.



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Segment of One: A Glimpse into the Future of Digital Marketing

At Modern Customer Experience in Las Vegas, Shashi Seth, SVP of Oracle Marketing Cloud, described how the future of marketing is basically looking at a segment of one (in a panel called "The Future of Digital Marketing). 

It all started with mobile, which has impacted digital marketing in a huge way. Seth pointed out that consumer behavior has changed with the times, too. Customers now expect more from their brands,  and micromoments count. What is a micromoment? It involves a consumer interacting with a brand at the touch of a button and in real time. The challenge for digital marketers now lies in intersecting people at micromoments with relevant marketing messaging that adds to their lives rather than disrupting them. 

The Changing Landscape of Marketing

According to Seth, customers now expect a unique, connected, and seamless experience across all channels and instant gratification. You only have a micromoment to capture their attention and hold it with a strong message and delightful and engaging experience. If you don’t, they will move on to the next offer. This has made the old methods of marketing obsolete.

Thus, modern marketers must adopt a mobile-first approach with their global audiences. You must keep in in mind that customers:

  • Desire to all be treated uniquely.
  • Are in charge. They decide when, where, and how they’ll interact with your brand. They want a frictionless experience and to be able to start a conversation on any channel, which can carry seamlessly onto another channel if they choose.
  • Wish to be served in the least amount of time possible but with the most convenience.
  • The walls between B2C and B2B are breaking down. The delightful experiences people have had with B2C are making them expect more of the same from B2B, but really, you are always marketing to people, regardless of whether it is B2B or B2C. You could say that it is now B2ME.

Traditional segmentation is vanishing, and every customer wants the most relevant and personalized experience possible tailored to them. How can you connect and engage with them? They are basically asking for not just personalization but hyper-personalization. They want to be treated as a segment of one.

Get Ahead of the Curve

This might be the future, but the future is now. It is happening right in front of everyone’s eyes. You cannot afford to be left behind. In fact, you best get ahead of the curve.

But how can a smart, savvy digital marketer do so? Seth feels that these are important actions to take:

  • Adopt a data-first mindset. More data fluidity and making better use of the data you have will allow you to better understand customers and anticipate their needs and not waste even an iota of their time.
  • Push automation and intelligence to the max. The huge amount of data you will need to capture and process along with and customers expecting to be served in real time requires marketing automation to help you. You have to be able to do more with what you have, and marketing automation will allow you to save precious time, effort, and money.
  • You must treat every customer uniquely, differently, and appropriately. You need to take the intelligence you derive from micromoments and stitch them together for a fuller picture of your customer and to create a more connected experience.
  • Embrace omnichannel fluidity. You have to be ready to engage with customers across any channel and in real time and keep up with them if they go from channel to channel.

Data Versus Intelligence

To create the right marketing message, Seth thinks that you need both data and intelligence. What is the difference between the two? Intelligence is data put together with the right and most proper context to put it to work. The right context provides a deeper understanding of customer needs, behaviors, values, and preferences.

Intelligence helps you hyper-personalize and craft better and more effective marketing. It helps you anticipate customer needs and get right to the point when addressing them to engage with them and pique and hold their interest. It will allow you to create content that takes into account where a customer is when they receive it and speaks more directly to them.

                                            

Find out more about data and how to craft effective marketing based off of it with “Getting the Digital Handshake Right.”

 



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Tuesday, 23 April 2019

10 Tips to Transform an Elusive Goal into a Doable Project

When you work with clients, their projects become your projects. And when you’re consumed with helping others achieve their big...

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How to use surveys to research your target audience

A well-designed survey can reveal what your customers want, what motivates them to buy and how to carve out a competitive advantage in the marketplace — a critical step for startups and small businesses planning to launch new products and services. The following details who you should send surveys to, which survey questions to ask and how many surveys you should send to effectively research your target audience — and position your business for success.

Who to send surveys to

Start with a basic understanding of your audience demographics, then send surveys accordingly. For example, a B2B software company might know it wants to target real estate agencies with at least ten agents and $5 million in revenue. Or, a lawn care service might know it wants to target parents with household incomes greater than $250,000.

If you’re targeting the general population, it’s OK to send surveys to friends, family and colleagues; but the better you target your surveys, the more usable insights you will glean. If you need help, try these tools for researching your target audience.

Survey questions to ask

The best survey questions are designed to yield responses you can use to fine-tune your marketing.

Demographic questions

The answers to these questions will help you create targeted marketing campaigns that reach your customer base.

If you target consumers, examples include:

  • Age
  • Gender
  • Income
  • Marital status
  • Parental status
  • Education level
  • Own/rent a home
  • Ethnicity

If you target businesses, examples include:

  • Industry
  • Annual revenue
  • Annual marketing budget
  • Number of employees
  • Number of customers

Behavioral questions

The answers to these questions will help you understand your audience’s values, motivations and behaviors. That information will in turn help you develop your unique selling proposition, so you can compete in the marketplace. Examples include:

  • Who makes purchasing decisions?
  • Which competitor products do they use?
  • Where do they buy? Online, offline, from catalogs, etc.?
  • How often do they use a given product?
  • How often do they buy a given product?
  • Which competing brands do they buy from or recognize?
  • How do they research products and services before buying? (reviews, social media, online articles, search engines, etc.)
  • What are their biggest challenges?
  • What are their goals?
  • What features and benefits do they value in a product? (price, quality, convenience, etc.)
  • What is their level of happiness with their current source? What would they change about them?

survey questions

Survey question design

It’s important to design your survey questions to elicit accurate and measurable responses. Multiple choice, drop-downs, matrix ratings and star ratings make it easy to understand the results of your survey at-a-glance without the need to tediously sift through responses.

Text fields can be used for questions that require custom responses, though you should limit your survey to just a few of these to simplify analysis. Images can help customers understand your questions or provide visual comparisons; for example, if you want to know which logo they prefer.

Survey questions can be required or optional; however, the most important questions should be required so you can glean the insight you need.

More advanced surveys can employ skip logic, which alters questions based on previous answers. This can be used to funnel different customer segments to the most pertinent questions.

An online survey creator makes it easy to create different question types and deploy your survey in a mobile-friendly format that works on all devices. Some survey tools, like VerticalResponse, instantly analyze your results so you can act on insights right away.

survey results

How many surveys to send

You need to send enough surveys to generate a sample size that accurately represents your target audience, or population, with minimal margin of error.

In the survey world, two terms are used to describe the validity of surveys: confidence interval, which is margin of error, and confidence level, which is how certain you are that the results are accurate. In general, you should strive for a five percent or less margin of error and a 95 percent confidence level.

There are complicated equations that can project the confidence interval and confidence level of a given survey based on population size and the number of surveys sent, but you don’t need to reference those to send a successful survey.

Instead, use the following steps to determine how many surveys to send.

1. Estimate population size

Determine how many people are in your target audience.

2. Determine how many responses you need

The number of responses you receive is your sample size. For small audiences, you want to survey as many people as you can; for larger audiences, ten percent is a good representation, but only up to a few hundred responses. You don’t want to waste time and resources collecting survey responses you don’t need.

To simplify things, use the following guidelines to determine how many responses you need according to the size of your audience, adjusted to yield a five percent margin of error.

  • 200 audience members: 132 responses
  • 500 audience members: 217 responses
  • 1,000 audience members: 278 responses
  • 2,500 audience members: 333 responses
  • 5,000 audience members: 357 responses
  • More than 5,000 audience members: 384 responses

3. Determine how many surveys to send

Average survey response rates are 10 to 15 percent, though some surveys can yield 20 to 30 percent response rates. To be safe, estimate a 10 percent response rate.

Since you know how many responses you need, you can divide that number by .10 to get the number of surveys you should send. For example, if you need 357 responses, you should send 3,570 surveys.

That works for larger audiences, but what about smaller audiences? If your audience size is 1,000, you need 278 responses to yield a five percent margin of error, but the math doesn’t work out, because you’d need to send 2,780 surveys to achieve that. That’s more than the number in your audience! In this case, you can opt for a ten percent sample size. Your margin of error will be closer to ten percent, but if most of the responses are similar, that won’t matter. You can factor the margin of error into your results.

For example, if 70 percent of respondents say they like blue and 30 percent say they like pink, a ten percent margin of error would mean that 60 to 80 percent like blue and 20 to 40 percent like pink. In either case, you’ll still know blue is the preferred color, and your survey will still be valid.

Armed with these tips, you can develop winning surveys that yield actionable results that grant your business a competitive advantage.

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© 2019, Brian Morris. All rights reserved.

The post How to use surveys to research your target audience appeared first on VerticalResponse Blog.



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