Archives for October 2018

October
31, 2018

6 min read

Opinions expressed by Entrepreneur contributors are their own.

Many entrepreneurs and business owners believe that a company’s “brand” is simply the company’s name and logo. That’s not true, of course: A brand is more than just its underlying company’s name and logo.

Yet, it’s also true that that a name and business logo are key ambassadors for a brand, so it’s important that both be strong.

Related: Top 10 Reasons to Rebrand Your Business (Infographic)

Your company’s own brand is the sum total of the experiences your customers and prospects have with your company. A good brand communicates what your company does and how it does it. A good brand also establishes trust and credibility with your prospects and customers. And because a brand evolves over time, many companies, including some of the most successful ones, rebrand.

You may have noticed recent rebrands by Dunkin’ Donuts, Weight Watchers, Uber, Unilever and others. That’s why it’s worthwhile to look closely at why companies rebrand and what your own company should know to successfully rebrand your business. When should a company even consider rebranding? Here are ways you can know when the time is right.

Companies should rebrand to better differentiate from the competition. 

If your company name is generic and similar to that of other businesses, you’re hurting your brand. A generic logo will similarly hurt your brand. A related problem occurs when you use stock art in your branding or marketing materials: You may be hurting your brand because everyone recognizes stock art when they see it; and those photos may turn up being used by your competitors.

This is where rebranding comes in: It can help your business stand out from your competitors’ by showcasing the things that make your company different and better.

Even the best companies change their brand identity. For example, did you know that Google started with the name “Backrub” or that Accenture started out as “Andersen Consulting”? It’s not unusual for a company to outgrow its name and look for a fresh, unique business name that can help grow its business. Maybe it’s time that your company do the same.

Companies should rebrand to give new life to outdated branding. 

It’s possible that your Comic Sans font, flash-based website or 1990s color palette is dragging your brand down and making your business look outdated. What are you going to do? The answer is “rebrand,” something even the most successful businesses do, as seen from the various iterations of the Airbnb logo:

Smart companies rebrand because they know that good design can make or break a business, because they know they’ve outgrown their original mission. Maybe your business started off selling personalized t-shirts, but now you want to add customized coffee mugs. If your branding revolves around t-shirts, customers won’t know that they can look to you for mugs, too.

This is a common problem,. and we always advise clients to make sure their business name is not too narrow or literal.

Related: 5 Signs It’s Time to Rebrand Your Company

Companies should rebrand to outgrow their poor reputation.

Uber’s recent brand overhaul was necessary to break ties with its bad reputation and visibly demonstrate a commitment to a new, improved culture. If your business is struggling to overcome a negative reputation, a rebrand can help consumers see you in a fresh new light.

Companies should rebrand when their business evolves.

Sometimes, a business gets the opportunity to expand or target a new market. When that happens, it’s important to ensure that your new customers and prospects can connect with your brand. That’s what happened with Pabst Blue Ribbon, a low-price U.S. beer popular with fraternities and hipsters. China’s version of PBR — the stately sounding Pabst Blue Ribbon 1844 — sells for $44 a bottle!

This happened because Pabst saw a chance to re-market itself to the Chinese craft beer market — a market unaware of its budget reputation in the United States. By doing its homework, Pabst expanded into a new demographic and significantly grew its business.

6 things your company needs to know to rebrand successfully

1. Start by understanding your mission and values. Before you rebrand, it’s crucial that you clearly understand your company’s mission and values. Consider and assess what makes your company special. Why does your company exist, and what values does it have that are essential?

2. Develop a rebranding strategy that works with your existing branding. Many companies don’t have the luxury of starting from a clean slate. If you’re doing a partial rebrand, make sure to take the existing brand assets into account. BrandExtract, a branding firm with over a century of experience, explained why consistent branding is important, saying:

A consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better quality customers with higher retention rates and raising the perceived value of your products or services …. In contrast, erratic,
inconsistent behavior quickly leads to confusion and mistrust.

3. Consider the market and your competition. Before you rebrand, do your due diligence. Research what your competition does. Determine how you stand apart from your competitors, and what your true value proposition is. It’s vital that your new brand be fresh and relevant, but not so of-the-moment that it ends up looking dated too quickly.

4. Collaborate with your team. Your brand may be one of your most important company assets, but just as valuable are the people that help grow your business every day. Include voices from across your company: Some of the best ideas and most valuable feedback come from departments you might not expect.

5. Manage the rebrand carefully. A rebrand is often a complex and lengthy endeavor. Without a careful plan of attack and a well-managed process, the rebrand can quickly go off the rails. Set deadlines and mitigate going down those pesky rabbit holes with a well thought-out project plan.

6. Launch your rebrand and tell the world. Even the most incredible rebrand is wasted if you never actually launch it. Make sure you plan your rebrand launch and be prepared to explain why you rebranded. Minimize the risk of customer confusion through a carefully planned launch that showcases the story behind the rebrand.

Related: Dunkin’ Donuts Announces Big Rebrand. 3 Things to Know Today.

A rebrand is a declaration of your company’s commitment to upward growth. Change is never easy, but sometimes, as the song goes, a change will do you good.

October
30, 2018

8 min read

Opinions expressed by Entrepreneur contributors are their own.

I just got back from my honeymoon to Egypt and the Seychelles islands, and it was life-changing. As I flew and traveled to my various destinations, I thought about traveling as an entrepreneur and how it’s been one of the best ways to grow personally and professionally. While a number of my trips in the U.S. and abroad were for personal reasons instead of business purposes, they all had an impact on how I ran my companies and my view on the world.

Here are some of the reasons why I believe traveling as an entrepreneur is vital to success and a few of the places I recommend visiting.

It’s easier and cheaper than ever.

First off, it’s easier and cheaper than ever to travel anywhere in the world. Personally, I like to ball out when I travel, but if you’re a bootstrapped entrepreneur, there are hundreds of different tools that can make your trip easy and affordable.

Kayak and Google Flights allow you to find the most affordable airfare possible.

Related: 5 Science-Proved Reasons Vacation Will Boost Your Brain

Entrepreneur travel hack: I put everything I charge on one business credit card that provides a ton of benefits and points. Using one credit card for all of my company’s charges creates a massive influx of points that can be used for airfare or lodging. I recommend United’s Visa or if you have the spend, the Centurion by AMEX.

While booking my most recent trip I used Booking and noticed that the site let me schedule a pickup and dropoff ride for the same price I’d pay for Uber or Lyft. So, instead of waiting for my Uber, my driver waited for me. This made the whole taxing process painless. I dug around and found out the service was offered by Mozio. They power Booking, along with Hotels.com, SkyScanner, Despagar and a slew of others who’ve integrated with their API, making it easy for travelers to schedule ground transport rides. As an entrepreneur, I’m always looking for ways to save time and cut redundant corners. Being able to book and schedule everything from one site, at the same price, was a big win in my book. You can see the excitement on my face below. 

Also, you don’t have to book a hotel anymore and can use Airbnb pretty much anywhere, if that’s your cup of tea. Its experiences are super cool too, which allow you to book activities at your travel destination. I’ve used it a handful of times, and have been more than satisfied each time.

You see the world from a different perspective.

If your business does any work with another country, you need to see the world from their point of view. It doesn’t matter if you’re outsourcing, purchasing products or selling your merchandise to those outside the U.S., it helps to learn how people approach life in general. This can help you with negotiations, marketing and understanding your customer in general.

I recently went to Spain. I have clients in Spain, and to see how they conduct themselves, the culture firsthand, and the day-to-day life of how people interact opened up my eyes. My clients are typically hard to get a hold off late in the afternoon. I’ve obviously known of the Spanish Siesta (translated to nap in Spanish), but until I was actually there in person, I couldn’t grasp the magnitude of what it meant. Siesta typically lasts from about 2 to 5 p.m. and pretty much everything shuts down: restaurants, businesses, even public transportation. If it wasn’t for going there and witnessing this in person, I don’t think I ever would’ve truly understood why I couldn’t reach my clients daily during their late afternoon.

Related: 7 Entrepreneurs Who Built Businesses Off Their Love of Travel

I also went to the Bahamas a few months ago. I stayed at the beautiful Baha Mar hotel, which was gorgeous and new, with a ton of delicious restaurants and a manmade coral reef on their beach. I highly recommend it if traveling to Nassau. While there, I snorkeled with all types of animals from squid, to sea turtles and even sharks. Snorkeling with sharks was incredible — being with sharks underwater created a million different feelings for me. I realized there were a lot of feelings that can be associated with starting a new business or daily emotions I experience as an entrepreneur, such as excitement, fear and uncertainty. Once we were done, I had a bunch of new ideas and mapped out a growth plan for one of my companies that had been an ongoing obstacle leading up to the trip.

The different perspective can be culturally or a natural shift in thinking like being underwater with a bunch of sharks. Regardless, the shift that occurs will benefit areas of your business you may not even imagine.

You’ll get inspired.

When you see the same things every day, you tend to get stuck in a rut. Traveling will open you up to new experiences that will inspire you. You may come up with a new product idea or see a way of solving a challenge you’ve been facing. Often, I find myself being hit with inspiration when I’m traveling and relaxing. While I consciously focus on the beautiful blue ocean or the fascinating landscape, my subconscious is solving problems I’ve been dealing with for weeks at home.

I also recently visited Kauai, where I stayed at the Kiahuna Plantation, a hotel I stayed at while I was a kid, and ate at some amazing local restaurants, including the Beach House restaurant in Poipu, Da Crack Tacos and Papalani Gelato. I always find that eating local cuisine, especially when I’ve never had it before, pushes me out of my comfort zone. Something as simple as eating different food or waking up to a different sight outside my window is all it takes to inspire me with new visions for my life, new ideas or to help existing obstacles I’m facing in any of my companies.

Entrepreneur travel hack: TripAdvisor is great for local info, but the best way to find the best local spots is to ask the locals! Anytime I travel I ask locals the best things to do, the coolest places to stay and the best food to eat. It’s a failproof plan to travel and experience the local culture.

You’ll recharge your batteries.

If you’re coming home every day feeling exhausted and simply have little desire to get up and do work in the morning, you need a break. Traveling gives you that. Get away from your normal routine and try something new and different. It’s not enough just to take a few days off work. You need to escape.

My most recent trip to Costa Rica was a complete escape for me. I needed a break from everything, so my wife and I took off.

Entrepreneur travel hack: I never turn my phone plan on when traveling. Rather, I just use wi-fi wherever it’s available. It’s so much better and allows me to stay disconnected rather than tethered to my phone, messages and emails. Plus, when I’m on wi-fi it helps me get things done faster, knowing I have a finite amount of time to use the network. I also use tools to keep me off social media, like Antisocial, an app that allows me to limit the number of minutes I am allowed on social media per day. It’s great to keep my habits in check.

Related: 4 Tips That Will Help You Actually Afford Your Dream Vacation

I’ve been to Costa Rica three times, and during this last trip, we spent most of the time snorkeling and white water rafting through the jungle. My wife and I love to stay in Manuel Antonio because it gives us the ability to go to the ocean and jungle easily. The combination of ocean and jungle is unlike anywhere else I’ve traveled; pair that with wild monkeys, fresh fruits, food and lush green wilderness and you’ve set the stage for the most disconnected and recharging trip of your life. When I came home, I felt completely renewed and ready to get back at it. Our favorite jungle tour company is Amigos del Rio, and we’ve white water rafted with them three separate times.

It’s easy to feel like the only solution to get more done is to work more hours, but I’ve found the opposite to be true. Yes, it’s imperative to work your butt off, and although it may seem counterintuitive it’s also vital to drop everything and travel. If you need to recharge, need inspiration or want to view the world from a different point of view, I highly recommend traveling. You’ll find that the many different experiences you have will make you a better entrepreneur.

October
29, 2018

6 min read

Opinions expressed by Entrepreneur contributors are their own.

It took a while for many business owners to realize the power of social media — to understand that this wasn’t just a fad nor a  means for sharing family photos. Iit was a tool that could grow a company’s relationship with its target audience and drive sales.

Related: 10 Important Skills Your Social Media Manager Needs in 2017

But now that most of us are aware of the benefits that come from a strong business social media presence, it still can be difficult for many of us to master, especially when we have so many other aspects of our businesses to manage.

That’s where hiring a social media manager comes in. This position can lessen your workload and potentially  create masterful social media strategies for your company that get results. So, considering that your first task here is to find the right person, how can you tell if a candidate is a social media pro and not just, say, a regular Facebook user?

To find the answer, take a look at these six tips for hiring your first social media manager.

Does this person understand your brand?

A social media presence that’s not in line with your brand voice will confuse customers. Even though a social media manager might have exciting, innovative ideas for your Twitter or Facebook account, this person has to make sense for your business. If he or she doesn’t get that, this individual won’t be a good fit for your business.

For instance, Wendy’s social media accounts are known for their humor and light-heartedness, but those qualities obviously won’t be appropriate for every business.

Image credit: Wendy’s Twitter

Tip: A good social media manager will be able to adapt to your brand’s voice and understand how to connect with your ideal audience on social media.

Related: 10 Important Skills Your Social Media Manager Needs in 2017

Is this person capable of managing multiple channels?

If you want your business to make a big splash on multiple social media channels, you’ll need a social media manager who can juggle multiple different accounts. An effective social media manager won’t rely just on a sharp memory and good multitasking skills; this person should be familiar with the tools that will make his or her social media management more productive.

Tip: Make sure your first social media manager hire is well-versed in a social media management software like Buffer or Sprout Social. Using one of these tools will demonstrate that this person is organized to a “T” and capable of stepping up your social media game on not just one platform, but many.

Is this person committed to collaboration?

Your social media manager may not have to come into your office every day; he or she might even be a full-time remote worker, but what’s necessary is that this person be willing to collaborate with you. That means not being isolated from the rest of your team. It means staying up-to-date with what’s going on in order to run your social media accounts effectively.

So, having a familiarity with communication tools like Slack or Trello will be vital for your social media candidates. If a candidate has experience with these tools, chances are that he or she has collaborated successfully with a team before.

Is your candidate a good writer?

An awesome social media manager knows that to increase engagement and sales, it’s not just about posting a pretty image online; the manager has to be able to write copy that converts. And he or she has to convince users to buy, or at least engage with the post, in just a few short sentences.

Related: Barack Obama’s Former Social Media Manager Breaks Down the Future of Digital Strategies

Consider giving your applicants a test to write numerous versions of a headline for the same story. That way, you can see their writing skills in action and test out their creativity.

Does the candidate have a strong online presence?

A social media manager without an online presence is akin to someone applying to a job without a resume. So, when looking for a talented social media manager to add to your team, do a little digging and check out candidates’ social media profiles.

It’s not just about how many followers they have — it’s about the quality of those followers. Are any of them experts in the industry or other key influencers? Also take a look at what type of content candidates regularly share with their followers. Your candidates’ profiles should give you an insight on how well-versed they are with the platform.

Is this person analytical?

An effective social media manager doesn’t just keep your social media profiles up-to-date; he or she constantly strives to improve. Having an analytical mind is a major win in a social media manager because it means always being on the lookout for strategies your company can borrow, to explode your social media presence.

For instance, it’s a great sign if your candidate has experience using a tool like BuzzSumo, which monitors what blog post topics, social media posts and listicles are popular with users online.

Image credit: Buzzsumo 

You also need a social media manager who knows how to report on ROI. So, make sure the candidate has an understanding of analytics and can navigate the dashboard of a tool like Sprout Social, which can provide invaluable insights on which content works best, among other important factors.

Related: 14 Tools Every Entrepreneur Needs for Managing Social Media

Over to you

Your social media profiles don’t exist just for looks. If they’re managed well, they can actually grow your business. Take advantage of these tips when hiring your first social media manager, and watch your online presence blossom, your reach widen and your sales soar.

October
28, 2018

1 min read

According to an infographic by Cyber Security Degrees, 62 percent of Americans own at least one smart device. The most common of these is a smart TV, which nearly half of American adults own. These devices, like a smart watch or a connected car, can sync with the internet or your mobile device and make your life easier. 

However, they also come with plenty of risks. This infographic breaks down some of those dangers, which include: 

• Malicious endpoints
• The Mirai botnet attack
• The Senrio devil’s ivy attack

By making yourself aware of these pitfalls, you can secure the devices that mean the most to you and make sure that others can’t take advantage. Check out the infographic to learn more about the dangers involved with the internet of things and how you can be safer.

Source: CyberSecurityDegrees.com

October
27, 2018

1 min read

Everyone has their own strengths and weaknesses. Some of us might be great leaders, great teachers or great speakers. Others might know every aspect of their business, but struggle when presenting in front of a crowd. If you are one of the latter people — either because you think you’re a poor public speaker or simply because you don’t like it — it’s not the end of the world. You can always improve and grow, turn weaknesses into strength. 

Whether you  need a little practice, some coaching or something else, you can get better with time.  

Even if you have a fear of public speaking, there’s still hope. Some mindfulness and meditation tricks can help you improve in this aspect. This infographic by Buffalo7 can help you conquer that fear and crush your next presentation by giving you six great tips. Start by focusing on turning your nerves into positive energy. Try to stay as positive as possible, because negativity can be its own self-fulfilling prophecy. 

Check out the infographic below to learn the other five steps and beat public speaking anxiety.

Source: Buffalo 7