Connect with us
Cloak And Track Your Affiliate Links With Our User-Friendly Link Cloaking Tool, Try It Free

AFFILIATE MARKETING

How Keeping Things Simple Helps Your Company Innovate and Grow

Published

on

How Keeping Things Simple Helps Your Company Innovate and Grow

Opinions expressed by Entrepreneur contributors are their own.

According to Steve Jobs, “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.” It seems obvious that keeping things simple will help your business succeed. And yet, it’s surprisingly difficult to do it.

If simplicity is this challenging, you need to be intentional to make it happen. That’s why many successful companies actively prioritize it as a value. Ikea’s focus on simplicity comes across in its designs, catalog, store experience and more. One of Nike’s 11 management maxims is “simplify and go,” focusing teams on moving fast to adapt to new technologies and fashions.

I believe that simplicity is a driver for genius innovation. In fact, my journey as an entrepreneur began with an idea to simplify a complex and bureaucratic process. Today, the success of that idea has created new challenges. We serve millions of customers across over 100 countries, with many different needs — to meet them all, we’d need a ton of different features. So, we have to find the simplest ideas that will improve the experience for the largest number of users.

Related: Here’s Why You Should Embrace Simplicity as a Strategy (and 3 Ways to Do It)

Simplifying innovation is a recipe for success

Some people think that to be an entrepreneur, you have to bring groundbreaking technological innovation to the world. But actually, there’s a lot of room to innovate on top of new technologies, simplifying them and packaging them for specific use cases.

If you think of two of the technology giants of our times, Google and Apple, neither of them invented their core technologies. Apple wasn’t the first company to create a home computer or cellphone, Google wasn’t the first company to develop a search engine. They made existing innovations simpler and more user-friendly, and it was a recipe for success.

This is particularly relevant right now in the middle of a revolution fueled by generative AI. There are definitely huge opportunities in creating new AI-driven technologies, but there are even more opportunities in finding ways to package these technologies into user-friendly software for specific use cases.

To do this, first master the tech, and then put yourself in the shoes of your potential user. Try to understand what is really useful about the innovation and what barriers people might face when trying to use it.

The key is to find a way to simplify the technology, making it easier for your target users to understand and adopt it. Do this, and you’re onto a winner.

Work smarter by simplifying communication

Another part of any business where simplification is super important is communications and processes. As companies grow, it becomes harder to get people on the same page or ensure continuity between departments. Poor communication creates misunderstandings, which can lead to mistakes. The more people involved in a project, the more likely it is that workflows will become complicated. This all slows things down, wastes time and restricts your ability to make an impact on the business.

Let’s start with communication. Using a single, simple language across the company is crucial for people to be able to understand each other. For example, try to use less jargon and fewer three-letter acronyms, or make sure to explain them if you do. By creating organized archives of historical documents and plans, you help onboard new people and anyone can find important information fast when they need it.

Create a culture of transparency where different departments share their plans with each other. Create frameworks to facilitate this, like quarterly reviews or roadmap deployments. It’s not possible for employees to be actively involved in everything going on in the company, but by helping everyone take part passively, you’re making sure they’re on the same page and can facilitate ideas and collaborations across teams.

When you do have to communicate, encourage your teams to do it in the most straightforward way possible. By simplifying communication and making it easy to understand, discussions are more focused and decisions are made faster.

Related: The Key to Effectively Communicating Important Messages Is All About Simplicity

Put simplicity at the heart of your product

A simplification mindset can also be applied to product development. By making small incremental changes, sometimes with test groups of users, you can use the inspect and adapt methodology to understand their adoption, as well as any issues, and innovate further accordingly. Every so often, you can combine all these small changes into a large product update that you roll out for everyone.

For example: A company added a lot of extra value to its product with new features and releases. In theory, this was great for the users, but some found the UI overwhelming and new pricing options confusing. To use a metaphor, some people are happy to be given ingredients to make their own meal, but most would prefer the chef do the cooking so they can enjoy the final result.

Having understood this through their feedback, the company introduced a change to its UI that helped users get the end result they wanted, without having to work hard to achieve it themselves. By simplifying, the company maximized the impact of the value of all the new additions to the product.

Related: Keep It Simple: Why Simplicity Is Key To Making Your Brand Win

Richard Branson once said: “Any fool can make something complicated. It is hard to keep things simple.” Simplicity won’t come about by accident — you need to be intentional. You have to call it out and make it a focus for the whole company. You need to put it at the heart of everything. And when you succeed, the impact will be huge.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

AFFILIATE MARKETING

Barbara Corcoran Says All Good Leaders Have This 1 Quality

Published

on

Barbara Corcoran Says All Good Leaders Have This 1 Quality

Corcoran Group founder and “Shark Tank” star Barbara Corcoran knows how to run a tight ship — but she also knows when to relinquish control.

The 75-year-old real estate pioneer and entrepreneur took to Instagram on Wednesday to share advice on hiring and delegating.

Related: Barbara Corcoran: All ‘Really Successful Entrepreneurs’ Do This

First, she says, embrace your inner “control freak” — it’s part of the job.

“Anybody who’s a good boss, I’ve learned, is a control freak. It just comes with the territory, and control freaks have a heck of a hard time delegating,” Corcoran explained. “They’re the last people who want to give away what they do so perfectly.”

Corcoran says in order for your business to grow, though, it’s important to find someone who can do the job 80% as well as you can. If you find a candidate who can do that, invest in them to “build your business and move it ahead.”

Corcoran said she goes through a three-question litmus test before hiring someone to create a strong pool of employees.

Related: Barbara Corcoran Issues Statement, Warning on NAR Settlement

“I ask myself, ‘Are they happy? Do they work hard? Are they talented people in one regard or another?’ And if they are, I hire them, and I delegate something to them that’s above their pay grade, above their talent pool, so they have to reach and show me how good they are, and that’s how you develop talent,” she said.

“It’s not just a matter of delegating, it’s a matter of developing talent, and then delegating to the talent,” she added.

Corcoran’s net worth is an estimated $400 million.



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire

Published

on

Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire

Opinions expressed by Entrepreneur contributors are their own.

True story: Recently, my daughter was at a major brand car dealership with her boyfriend, intending to purchase a pre-owned car. Note I made up the numbers for the sake of my daughter’s financial privacy, but the takeaways are still the same.

The dealership asked for, let’s say, $26,000 “all in” for the car, but my daughter had already decided that $20,000 was the most she would pay. There was a lot of ground to cover to actually make a deal happen. After some discussion, the salesperson did his best, dropping the price to $25,000. But that still left a big gap, so he told her, “Let me go check with my manager and see if he has any ideas.”

After five minutes, the salesperson and his manager entered the room together. The manager explained that at $25,000, this was a great price; it was already well below their MSRP, and the deal was “very thin” as it was for him. He then used the famous line, “Okay, here’s what I’m going to do to get you into this car today.” The manager pulled out a piece of paper with revised numbers that showed his price now at $23,995. He explained to my daughter that this was the absolute best possible price. He was “all in;” this was his “best offer,” and he told her to take it or leave it. For the grand finale — keeping in mind that this is a 100% true story — the manager took out a big red ink stamp and smacked it down on the paper. The stamp read “FINAL” in bold red ink. $23,995. FINAL.

My daughter responded, “Thanks, but I’m sorry; it looks like it’s not going to work out.” Without hesitation, he immediately blurted out, “How about $22,500?”

When my daughter told me the story, I had a wonderful laugh. After the big show, the manager held his price for a full six seconds. And the idea of the red final stamp just made the story even better. But the more I thought about it, the more I realized there’s actually quite a lot to unpack here regarding sales tactics, psychology and effectiveness.

Related: 3 Unconventional Sales Tactics That Will Close More Deals

I’m not in the car business, and I’ve never sold cars, but I can see some familiar sales tactics (and mistakes) playing out here:

Playing the waiting game

All this went down after my daughter had spent hours on the lot. It was getting late in the day on a Saturday, and the manager knew she was hoping to get it done. At some level, the manager was wearing her down and playing out the clock, playing the “waiting game.” It didn’t work in this case, but often, this notion of using time as a weapon can be very effective. Utilizing time as a strategic element in the negotiation process can be effective, but it must be used carefully and respectfully. Pushing too hard on time constraints can backfire.

Closing the deal by changing the sales lineup

When the salesperson reached his personal negotiation line or felt he would lose her, he brought in his manager. In addition to adding some time to the clock, this step created a new opportunity for a new dynamic. The dealership never really wants a potential buyer to walk out the door, so if one person doesn’t get the job done, it’s always worth trying someone else. Involving a manager or company administrator in the negotiation process can create new dynamics and opportunities for closing a deal.

Proposing your best and final offer

Although I laughed hysterically when I heard about the red stamp, I soon realized it was actually a smart move. Once upon a time, I’m guessing some sales and marketing people sat in a room, and someone said, “I have an idea — let’s make a red stamp that says final and use that during negotiations.” Everyone probably laughed, and they would have said, “No, I’m serious!” And then everyone thought about it and agreed, as funny of an idea as it was, it actually made sense. It’s one thing to tell someone something verbally, but when it’s “official” and in red ink on paper, it’s human nature to believe it and take it as indisputable. Using psychological sales tactics to create a Fear Of Missing Out (FOMO) effect, such as a “Final Offer” stamp, can be effective in conveying seriousness and finality, but you have to honor your word, or you will likely lose credibility.

All the tactics I outlined above were smart, but here’s where I think the dealership dropped the ball:

Trying a shutdown move too soon

The manager came in cold, and rather than take some time (again, time is on their side) to talk about the value, create some alignment, and build some rapport, he went straight for the kill. That tactic may work, but I felt it was too aggressive. He would have been better off discussing the pain points and goals concerning the product, coming up with some extra incentives, etc. Understanding the customer’s needs, discussing the product’s value and building rapport and trust can be crucial in successful sales.

Related: How to Master Your Sales Success — Why Every Answer and Rejection Matters

Putting an out-of-reach offer on the table

The manager decided to go for the close in a fairly aggressive way. In some cases, that tactic makes sense. But he played it all wrong with the numbers. He knew they were a full $5,000 or 20% off, and he decided to put it all on the line at $23,995. Obviously, given how fast he dropped another thousand, he had plenty more room. If he was going for the hard close and “FINAL” offer, he should have made it more compelling. By putting on the big show and then immediately dropping his price, he completely lost credibility and lowered the odds of closing. In this case, he lost my daughter’s trust and the sale. In negotiation, it’s important to understand the other party’s budget and limits before making an offer. Being aware of their constraints will increase the likelihood of closing a deal.

Saying your offer is “final” when it’s not

If you offer something of value at a good price and tell them it’s “final” (which I personally don’t recommend as a sales tactic), then stand by it and mean it. Your word has to mean something. Once he realized his “final” price was not going to work, rather than lower it, he could have thrown in some additional valuable incentive, perhaps some amount of free service or some kind of special financing. If a “final offer” is presented, standing by it as your final word is essential. If adjustments are needed, they should include additional incentives or value to maintain trust and credibility.

Sales is an art, no doubt about that. A great salesperson builds a relationship, asks questions and listens, understands the client’s pain points, is honest and transparent, and operates with integrity. Of course, strategies, techniques, incentives, and a lot of human emotion and psychology are at play, but all of them can happen successfully without losing your credibility.

So, the overall moral of my story? Choose wisely before using the big red stamp!

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

Why Morgan Stanley Analysts Doubled Apple iPhone Predictions

Published

on

Why Morgan Stanley Analysts Doubled Apple iPhone Predictions

Apple entered the AI game last month with Apple Intelligence, a suite of new features designed to bring AI straight to iPhone, iPad, and Mac screens. Apple’s AI has a catch though: it only works on the newest iPhones and it could be the reason why millions of iPhone users with older models seriously think about upgrading, say Morgan Stanley analysts.

Morgan Stanley analysts named Apple a top-pick stock on Monday, after which Apple shares jumped to an all-time high, per Bloomberg. Apple Intelligence is a “clear catalyst” for iPhone upgrades and will enable Apple to sell nearly half a billion iPhones in the next two years, analyst Eric Woodring stated.

Apple Intelligence is expected to come out this fall for the iPhone 15 Pro and 15 Pro Max — older iPhones will not have access to Apple’s AI. The update offers AI-generated emojis, a smarter Siri, and direct access to ChatGPT, though some anticipated Siri AI upgrades may arrive next year.

Related: Apple Is Expanding What The iPhone Can Do. Here’s What’s Changing Right Away.

“We believe that there is record level of pent-up demand entering the iPhone 16 cycle later this year,” Woodring noted, adding that Apple Intelligence delivers “unique-to-the-Apple-ecosystem” value.

Morgan Stanley previously forecasted that Apple would sell around 230 million iPhones in the same time frame, making the new prediction more than double the previous one.

Apple is also uniquely positioned to be the AI “base camp” for its customers, “just as it has done for digital content (iPod) and social media (iPhone),” wrote Morgan Stanley analyst Ananda Baruah.

Apple CEO Tim Cook waves to customers before they enter Apple’s 5th Avenue store. (Photo by Drew Angerer/Getty Images)

Other analysts at different firms have made similar predictions. Wedbush Securities analyst Dan Ives told Reuters in June that more than 15% of existing iPhone users could buy the new iPhone Apple is expected to release this fall.

Related: Apple Labels These 3 Iconic Products ‘Vintage,’ and Soon-to-Be ‘Obsolete’

Ives estimated that 270 million iPhone users have not bought a new model in the past four years.

More than half of Apple’s overall revenue in the second quarter of 2024 came from iPhones; Apple has the majority of the market share for smartphones in the U.S.

At the time of writing, Apple was the largest company in the world with a $3.584 trillion market cap. Microsoft, Nvidia, Google, and Amazon followed.

Related: Warren Buffett Had to Work From His iPhone After Telephone Lines Went Down at Berkshire Hathaway: ‘I’m Glad We Didn’t Sell All of Our Apple’

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending