Digital Networking – Dutch Uncles

10 Success Lessons from Mark Zuckerberg

Bhuvana Rajaram — Sun, 23 May 2021 06:05:05 +0000

Born as Mark Elliot Zuckerberg in May 1984 in New York, Zuckerberg runs one of the most thriving global conglomerates and most valued companies in the world that is synonymous with success, vision, ideation, entrepreneurship, social media, and networking that has a market cap of 324.90 $ (April 30th).

If he has the same 24 hours a day that we all have and the same adult human brain that weighs around 3 pounds, what makes him so outstanding and so outperforming?

These are the questions many of us will well ask ourselves when we see him splashed across magazines, Television channels and discussed threadbare in B-Schools and in several entrepreneurship meets.

Surprisingly, this American computer programmer who dropped out of Harvard University after his sophomore year in 2004 spends only 50 to 60 hours a week at his office. However, the flip side is that he dedicates his full day to dwell and obsess over Facebook which is the mission of his life.

This 37-year-old tech CEO confesses to starting his day at 8:00 am by doom scrolling through Facebook, Facebook Messenger and Whatsapp to catch up with the rest of the world. So, if you were contemplating on a digital detox and telling yourself to meditate first thing in the morning – think again. Because Mark Zuckerberg does exactly this as soon as he wakes up.

This is where it all began…

In February 2004, when Zuckerberg was 19 years old, he launched the facebook.com (renamed Facebook in 2005), which was predominantly a directory in which fellow Harvard students entered their personal information and photos into a template that he had designed. And in no time, much of the student body had signed up. Zuckerberg’s roommates, Dustin Moskovitz, and Chris Hughes helped him add features and make the site available to other campuses across the country.
Facebook experienced swift success as registered users could create profiles, upload photos and other media, and basically keep in touch with friends. It had a key differentiator which was the feature of building a database of real people and including friends of friends which was a major hit.

In 2005, Facebook received its first venture capital funding of $12.7 million and then one thing led to another and as they say the rest is history. And today Zuckerberg’s net worth is at: $119.4 billion. Over the years Facebook has been mired in controversies and criticisms that even questioned if Mark Zuckerberg was really meant to be a CEO, but with each hurdle the company and the leadership has emerged stronger and rides successful till today.

Facebook and Mark Zuckerberg’s growth story will always be the holy grail for entrepreneurs keen on making it big. So, given below is a roundup of select key themes from Zuckerberg’s personal and professional lives that we can emulate. It is a motley list of management tips, life lessons and conscious behavioural changes for individual development and professional advancement.

Create a clear and compelling vision

Mark Zuckerberg has one of the grandest visions that any entrepreneur could possibly have – Of Connecting the World. With a world population of 7.9 billion people, and with Facebook presently having 2.80 billion monthly active users is striding forward on achieving its mission which is why it can attract and retain some of the best talent. Talent that wants to be a part of this vision. With a clear-cut vision comes the ability to lead the team forward in the right direction. Every entrepreneur must have a complete vision of what he or she wants to accomplish, and this is fundamental to entrepreneurial success.

‘‘

Facebook was not originally created to be a company. It was built to accomplish a social mission - to make the world more open and connected.

- Mark Zuckerberg

Give wings to goals with passion

Get completely immersed in your vision and allow it to consume and engulf you. It is not uncommon for Mark Zuckerberg to stay up late to programme while at Harvard nor for his company to conduct all night hackathons. Some of these nightly sojourns have given birth to the Facebook features that we casually use such as Chat and Friend Suggestions. While it is not about night and day, what is important is the fact that when you passionately obsess over your vision some of the best breakthroughs happen. Entrepreneurial success comes only when you give yourself completely to the vision and obsess over how you can achieve that vision that is burning within you.

“Ideas don’t come out fully formed. They only become clear as you work on them. You just have to get started”. Mark Zuckerberg.

Keep the customer in mind always

When businesses build and create products and services with the customer at the forefront, it is always a win. It is very easy to fall prey to your product and eventually stay in love with it and completely lose sight of what the customer wants. This is one of the most common failures of entrepreneurship when the founders end up spending time on convincing the customer that they need the same. Instead, if entrepreneurs pause and understand the customer mind and get under their skin to know what makes them tick and then marry it to the entrepreneurial vision, the outcome is easily saleable. Facebook works with the overarching theme of what customers want to share about themselves in a social platform which is the driving motto behind the backend of Facebook.

Build simple but effective products

Making a product that is simple, easy to use, and addresses the key concerns of a well-defined target group is key. That is what Facebook excelled at. It never over engineered anything beyond a point and struck at an optimum point. In an overzealous attempt to dazzle the customer, entrepreneurs often make the product so feature rich that becomes counterproductive. As entrepreneurs it would be worthwhile to learn how to build a simple and effective product that fascinates the customer but never overpowers them as that puts them off.

“I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.” Mark Zuckerberg

Start small but think big always

While it’s admirable to have a grand vision and passionately think about it always. Actions are what will take you closer to the goal. Interestingly Facebook, while having the vision of connecting the world, took it small initially opening Facebook up only for college students, who are reachable and available. Scaling up immediately after founding can be extremely dangerous, however starting small and gradually building as funds and support trickle in will be a wise move. Entrepreneurial success is largely dependent on the first few years of stability which is when the team, customers, and money start to trickle in.

“I’m here to build something for the long-term. Anything else is a distraction.” Mark Zuckerberg

Rejig your teams as you move the needle

One of the sharpest things to do as an entrepreneur would be to know what type of team members you need at each stage of the company’s growth. This was something Mark Zuckerberg did intuitively. He shrugged off some of the founding members to bring in new talent as the company scaled. Facebook’s hire of Sheryl Sandberg as its COO was a prudent one and was instrumental for the company’s phenomenal growth. So, knowing what team should be in place at what stage of the company is required of business leaders. Entrepreneurs must keep the growth of the organization at the epicentre and never be clouded by emotions.

‘‘

I think as a company, if you can get those two things right--having a clear direction on what you are trying to do and bringing in great people who can execute on the stuff--then you can do pretty well.

- Mark Zuckerberg

Communicate consciously with your people

There are several reports on how Mark Zuckerberg is always walking around the office communicating with his team and getting to know them at a personal level. This is one of the smartest and simplest things that any entrepreneur can do. When one invests energy in team members you have their wholehearted support without asking for it. Every entrepreneur while spending time in forming the team painstakingly must also invest a similar effort in keeping the channels of communication open with them. This gives them the enormous opportunity to know what excites the team members and cater to it accordingly which also helps the business well.

“Treat your employees right so they won’t use your internet to look for new jobs”. Mark Zuckerberg.

Be the master of your mind

At the centre of it all is the mind and the power that lies within it. During the entrepreneurial journey one must traverse a lot. There are several junctures when you are at crossroads, when you encounter losses, failures, decisions backfiring, trolls and criticism. As an entrepreneur you will have to build the mental stamina to cut the clutter and shut out the naysayers and continue to believe in what you set out to do and never waver from it. This is something that Mark Zuckerberg has cultivated and uses the energy spent otherwise on negative emotions to fan his curiosity, creativity, and agility.

“You don’t let people deter you. That’s how you do it.” Mark Zuckerberg

Strive to have a healthy body

It is not about wearing the same grey T-shirt everyday like Mark Zuckerberg, which he does anyway. Setting yourself up for success means starting to respect your body and keeping it fit, flexible and filled with energy. Mark Zuckerberg runs/works out thrice a week apart from running with his dog. Entrepreneurship begins with having good health and realizing that spending time on yourself is an investment of time and effort in your business as well.

“Health is certainly extremely important, and we’ve done a number of things at Facebook to help improve global health and work in that area, and I am excited to do more there, too. But the reality is that it’s not either-or. People need to be healthy and be able to have the Internet as a backbone to connect them to the whole economy.” Mark Zuckerberg

There are several allegations and scandals associated with Mark Zuckerberg and Facebook. But the fact remains that for entrepreneurial success and stardom he continues to be an inspirational figure. And emerging entrepreneurs will benefit largely by looking at the multiple success factors of Facebook and of its famous founder. While the path to achieving business success is different for everyone, Zuckerberg’s journey can certainly act as the right reminder when you tend to question yourself when – overwhelmed by the entrepreneurial insurmountable risks.

The post 10 Success Lessons from Mark Zuckerberg appeared first on Dutch Uncles.

Digital Transformation: A Must Have For Start-ups

DU Desk — Mon, 25 Jan 2021 03:47:28 +0000

Established in 1980 Ramnarayan Blue Art Potteries deals in the art of Rajasthan blue pottery. Blue Pottery is a traditional Indian art from Kot-Jewar in Rajasthan, A labour-intensive craft, it has been facing a downfall due to lack of infrastructure and marketing resulting in more and more artisans abandoning it. RN Blue Art has been putting great efforts to revive this unique craft. A family business, run by the second generation works with rural artisans and workers and provides employment to rural workers. Today, the company exports to various countries after the company was driven to digital transformation.

Most organizations big or small have been facing unprecedented challenges since the last decade more so in the year 2020, this scenario has coagulated the value of digital transformation. The organizations high up in digital maturity ratings are performing better than the ones which are lowly ranked. Digital transformation enables businesses to interact and engage with the customer in a better way. Also, the adoption of digital technologies helps a business to collaborate better with partners and even employees eventually boosting business performance. Businesses and society at large are undergoing a digital change, and small businesses are no exception. Not engaging in digital transformation is not an option and businesses can’t choose to be out of it, it is a necessity and a question of survival.

The contribution of Small Businesses to the growth of an economy is undebatable. According to the World Bank the small businesses worldwide contribute to about 90% of total production. They specifically play a vital role in developing economies. In India, the sector significantly contributes to the country’s GDP. Apart from their contribution to the country’s total output, they also widely cater to the large industries sector and act as an ancillary unit. Their role encompasses beyond economic contribution, since they play a vital role in creating jobs, as a matter of fact, this sector employs around 60-70% of workers in both developed and developing countries. These units promote inclusivity by employing a workforce from rural and backward areas and nurture local sustainable development. The small businesses range across various sectors from manufacturing to transport, from construction to retail.

‘‘

Small businesses worldwide contribute to about 90% of total production. They specifically play a vital role in developing economies.

- World Bank

Digital transformation is primarily digitalising business processes, with a major objective of optimizing the operations with the support of digital tools and technologies like AI, mobile, AR/VR, etc., and certainly social media. Digital transformation can exist at various echelons from using customer data analytics, automation of processes and workflow, using cloud technologies, and making the most of widespread social media presence.

A yearly report by Cisco on small businesses and digital transformation conducted by IDC reveals that around 16% of the Small and Medium Businesses of the Asia Pacific region have reached the advanced maturity stages of digitalization. However, still, a large 31% of SMBs have not yet embraced digital. In other words, the majority of SMB’s are digitally indifferent.

The study also describes the region-specific data and reveals that about 68% of Indian SMBs have undertaken the path of digital transformation and have digitalised various products and services. Around 60% are aware of digital transformation efforts by competitors and are willing to adopt further to match up with the rival’s efforts. Additionally, 50% of businesses are considering using digital technologies due to the shift in customer preferences. India currently ranked 9th in Asia Pacific AMB Digital Maturity Ranking List whereas it ranked 44th in World Digital Competitiveness Ranking.

Enhancing Customer Experience

Customer-driven by the internet and technology, social media, and mobile culture is more connected than ever. To drive customer value, integration to digital technology is essential for all big enterprises as well as small businesses. An increase in competition and a need to enhance the value for the customer has made Customer Experience a top priority. It is established that companies offering better customer experience are more profitable. For holistic and sustainable growth small businesses should place the customer in the centre of all the decisions related to goods and services they offer to them. New technology offerings can give these businesses an edge to develop an enriching customer experience.

Essential for Customer Acquisitions

Evidently, customer loyalty is at its lowest in the last decade, when a retained customer is more profitable than acquiring a new one. This is where the new technologies which are part of digital transformation like AI provide support to the businesses. On the other hand, a strategy to acquire a new customer by widening the customer base cannot be ignored. Small businesses can use increased digital engagement to cater to a large customer base with minimal increase in operational cost.

Digital not only provides improved customer experience and connects organizations with new customers but also helps them to improve their supply chains and permit the small businesses to compete with their bigger counterparts in the industry.

Digital transformation can help organizations especially small businesses to focus more on customer-centric strategies. To be customer-centric a business needs to understand their customer, their buying journey, and insights into their buying behaviour are imperative. Data comes into play here. The amount of data available now through digital techniques is humongous and very insightful. This available data can be leveraged by the small businesses to enhance the customization and provide better services to their customer in the process making the organization a customer-centric organization.

Providing Agility

The customer-centric organisations are inclined to be more agile and responsive to any shifts in consumer demands and patterns. Using this generated data supports the goal of small organisations to cater to consumer needs by personalizing the products and services and helps in predicting consumer needs and usage as well.

Streamlining the Operations

Reducing costs has been on the agenda of business organisations for long, more so it is an important aspect for small businesses since most small businesses listed lack of financial resources as one of the major constraints they face. Automation, robotic technologies help small organisations to reduce the operating cost and enhance their productivity which successively leads to more profitability. The cost of digital infrastructure set up and acquiring a customer is much more economical through digital methods than traditional methods and small businesses can capitalize on this.

Small Businesses do not aspire to become big organisations which is quite agreeable but they want to grow to their full potential. Small Businesses with limited budgets find themselves constricted in static business solutions and find scalable solutions more relevant. Digital transformation can help small organisations achieve the scalability they desire. Cloud-based solutions are one of the examples of techniques of digital transformation which has proven to be a principal enabler for small businesses and assisting them to be competitive with bigger organizations in the market.

Digital transformation reduces redundancy in organizations by automating monotonous and tedious tasks. It can help eliminate human errors in the day-to-day tasks, consequently increasing the efficiency and optimizing usage of other important resources.

Nurturing Partnerships

Apart from, being an enhancer on the consumer front, digital transformation can be a facilitator of business partnerships as well. Today customers look for a complete solution from a single touchpoint. However, to provide this convenience an organisation has to integrate its value chain. To create an effective network with numerous vendors, digital transformation is highly effective. Digital provides a framework which encourages and enables collaboration and communication across departments and organisations as a whole.

Digital Transformations supports Exploring new Business Models

Undoubtedly, today the organisations have a different business model as compared to earlier times. Data-driven products and services dominate the markets now. Digital transformation allows an organization to investigate its existing business model and offers tractability to change to the appropriate business model and in turn, helps the organisation remain relevant. Besides, flexibility and agility are the hallmarks of small businesses and it empowers them to adapt or change into the newly adopted appropriate business model.

Not A Cake-Walk

Although digital transformation is a boon and a necessity for small businesses, digital transformation should not be considered as means to an end. It is not a prescription and cannot fix a bad process. Of course, it does provide an opportunity to the organization to undergo scrutiny and see the loopholes in the system but then again it can involve making difficult choices, revamp the way business is done, but it will not be able to magically turn things into gold. Needless to say, digital transformation is not blindly picking up new technology for implementation but a well-laid strategy that complements the business strategy as a whole.

Requires Cultural Change

Digital transformation is not only the adoption of technology, it also involves the change in the culture of the organization and how people working in the organization adopt it. Its results are dependent on the reaction of all the stakeholders of an organization, customers, employees, and organizational partners. The right mindset of people and organisations is one of the reasons why digital transformation efforts of some organisations have been successful whereas for few others it fails. For the successful implementation of digital transformation mechanisms, the organisations should embrace a corporate culture encouraging a digital mindset, which facilitates the implementation of digital technologies. But then again, a higher level of digital literacy and adoption of a digital mindset could be a longer process than thought to be.

The study administered by Cisco on Indian Small Businesses clearly depicts that Indian small businesses find the absence of digital skills and access to talent as one of the major challenges they face on their digital transformation journey. Furthermore, these businesses have low digital awareness and make it difficult for them to choose the right platform required to cater to their requirement. Additionally, they also lack basic technological infrastructure due to both awareness and financial constraints. Despite these challenges, it is recognizable that small businesses need to adopt digital technology tools for survival in the present data-driven ecosystem. Ignoring technology may lead to a loss in the competitive advantage held by these small businesses. It can harm sales too, in fact, a study by Google showed that organisations that shifted to digital increased their revenue by 27% apart from various other strategic advantages.

‘‘

Digital transformation allows an organization to investigate its existing business model and offers tractability to change to the appropriate business model and in turn, helps the organisation remain relevant.

Government Initiatives

Realizing how crucial digital transformation is for small businesses, the Government of India has been proactive in its approach to promoting this transformation. To address the basic gaps like inadequate awareness, shortage of digital skills, and lack of technology infrastructure, the Government of India has launched many initiatives. Coincidentally, the private sector has also pitched in this effort of the Government. To improve the access to information public, increasing transparency to reduce corruption, the Government has taken governance online. E- governance assists small businesses to register online, make available expert advice, and formation of virtual clusters. Another program Digital India has a wide scope and has a clear objective of Digital Empowerment of Citizen along with Digital Infrastructure Development. Localization of production and focus on zero dependence on imports of ICT devices are part of the mandate in an effort to develop the digital infrastructure. Seeing the biggest challenge faced by the industry is the lack of skilled human resources in this area, the Government has launched many skill development initiatives under the Digital India Program.

Small businesses will be able to reap benefits by acknowledging data trends. The key to success in the future lies in the set of factors, which includes building capabilities for the workforce to take leverage of digital, technical skills training, and a cultural shift that radically supports digital is necessary. Additionally, communication is the key to the successful implementation of digital transformation.

Digital transformation has proven a successful strategy if implemented accurately and has a great scope for small businesses as it can help these businesses to retain their competitive advantage, bring in more profit and improve their business performance. Digital transformation can empower Small Businesses tremendously, as revealed by Cisco SMB Digital Maturity Study 2020, adoption of digital transformation by Small Businesses may add US$ 158 to 216 billion to India’s GDP by 2024.

The post Digital Transformation: A Must Have For Start-ups appeared first on Dutch Uncles.

Business Networking Just Got Tech Smart

Shalmoli Sarkar — Wed, 23 Dec 2020 03:46:27 +0000

Technology Has Made Business Networking Smarter

Michele Jennae, the award-winning author of the book ‘The Connect worker’ made a witty quote that said, ‘Networking is not just connecting people. It is about connecting people with people, people with ideas, and people with opportunities.’ For new ventures to set their foot in the territory of entrepreneurship, good business networking is critical for personal growth, business development, getting more clients and projects, etc. Networking is the exchange of useful information and contacts. It is about building lasting, supportive relationships with people who share a common interest or goal.

Going by the famous proverb ‘Rome was not built in a day’, new businesses need time to set their foot firmly in the entrepreneurial realm and will face a multitude of challenges. Networking here plays a pivotal role in forging relationships with the industry experts, or with start-up owners just like you, who help in guiding you for any problems. Fostering strong relations brings numerous advantages to the table.

Benefits of networking

Increase knowledge

Knowledge is power. Networking is an excellent method to share ideas and increase the knowledge base. When we share an opinion, insight, or feedback with others we tend to expand our knowledge base as well as others. When we meet people belonging to different ethnic and educational backgrounds, we receive different perspectives to approach problems and gain more knowledge from them. Also, through networking, you will come in contact with individuals who have faced similar hurdles that you are facing currently . It will provide an opportunity to learn and avoid certain pitfalls.

Attract investors and opportunities

Through business networking, we can attract investors as well as improve the reputation of the venture. When we gradually start building connections and share what we know, we will eventually attain a reputation as being someone who likes to interact and share knowledge with people, which in turn helps to build credibility. Hence, paving the path for being noticed and opening new avenues for better opportunities like- business partnerships, client leads, proposal for joint ventures and business sales, etc. Networking helps in spreading the word to the potential investors by which we can easily set up presentation meetings for funding that otherwise would have been a herculean task.

Get mentored

People who begin new in entrepreneurship have limited knowledge and are unaware of probable business risks that might occur. In such cases, we need a mentor who can handhold us for what can be the best for that scenario. It is essential to network with the industry experts who will act as a mentor to give clarity on how to grow from thinking of ‘how to make things happen’ to ‘why it will happen’, which is a far better context to work from and will yield better results.

Get confident

Networking helps in improving your interpersonal skills that will elevate your confidence. The more you do it, the better you will become at convincing people, which is a required quality for a business owner. The way we talk, convey our message, and make connections, strongly impacts the business.

Business Networking before

Imagine this, we appear at a business summit and get into a conversation with industry experts at the high tea followed by the exchange of business cards. The bunch of business cards collected at the event will either end up in a drawer or the dustbin. The networking of recent times has gone beyond the collection of business cards and a few handshakes. People tend to forget with whom they interacted what and the memory of the interaction is erased from the mind. Networking needs to be more personalized that should leave an impression at the back of peoples’ minds. A business card is a piece of paper with ink and images on it. Here no such relationship has been formed. Hence, this networking strategy is not effective.

‘‘

Use of advanced technologies like AI and VR will shape the novel ways of networking in the post-pandemic period.

Business networking now in Covid-19

The pandemic year of 2020 has thrown hiccups to the businesses in which they operated. The deadly contagion has pushed the workforce indoors and has demanded minimum physical interaction. It begs the question of how to build networks in such unprecedented times. The pandemic is catalyzing the businesses to quickly adapt to digital ways of networking as well as incorporate advanced technologies AI and VR. Hence, business networking has just got tech smart.

For building new networks and connections

Use of social media

We have been using social media for entertainment and leisure purposes. But now, this medium can act as an effective way of connecting with people. For entrepreneurs and small business owners, LinkedIn is the most dominant platform for online networking. Here are some ways that will help small entrepreneurs in networking.

Update and curate your profile

When we send a connection request on LinkedIn or Facebook, the recipient is intrigued enough to check the profile or bio of the sender. After all, the profile of the individual is the first selling point. Make sure that your profile has all the necessary information such as – the previous company you have worked for, the current business you are into, skills that you possess, certifications and courses completed, academic records, etc. For example- a new sustainable fashion boutique owner wants to send a connection request to an investor. The profile should be updated and highlighted with the latest fashion brands she/he has worked with, the concept of the sustainable fashion brand, various blogs written on sustainable fashion, posts, etc. It gives a glimpse of our work as well as you as a person. If we are networking through Instagram, we need to prevent the recipient from going through the entire page since they do not have adequate time. The information should be readily available and should contain three major things at the top of the profile: providing context to the nature of the work, establish authority in your work, and show social proof.

Comment opinions and insights

Merely sending friend or connection requests and liking their posts is not going to help us in networking. We need to present ourselves as an individual who is well aware of the industry to the newly made connections. It can be done by liking the posts of the connects and commenting on something useful and relevant to the post. When we give a piece of valuable information as a comment, people tend to like it which eventually is followed by their responses as well. In this way, it creates a mini discussion within a discussion. Through this, we start becoming noticeable to the people.

Craft the right message

Be it LinkedIn, Facebook, or Instagram for messaging someone on social media, it is necessary to make the message have a personal touch and conciseness. Exchange pleasantries and appreciate their work. For example – Hi (recipient), I am also a (your occupation) who does (service/business). I will be interested to give my two cents/would like to give advice/to be mentored etc. Keep the message for an open invitation for a conversation.

Online communities for business networking

The entrepreneurial journey is not a bed of roses. Right from managing the staff to developing the business and to increase sales, the budding entrepreneurs face plenty of challenges that needs to be tackled. Even if the business is doing well, one needs to be aware of various government policies and rules that might impact your business in the future so that beforehand we can be cautious of it. With the everchanging government regulations and trade policies, the small business owners need support and advice to keep taking the business to the next level by joining online communities. These online communities are a group of like-minded entrepreneurs where they share experiences, advice, and tools to succeed in business. Here are a few advantages to be a part of these online communities:

Great resource

On joining the community, the members will get all the vital information right from business planning to growth strategies to website building in one place. Online communities act as a free resource centre for new business owners with loads of information to help them in any area of the business. One learns best practices, share and receive advice from other small business owners who have faced similar challenges in the past as you. By participating in the discussion forum, one can get their doubts cleared by posting questions. By doing this, the small business owners feel supported and motivated.

Market your business

Online communities are a great marketing platform for a new business or start-up. When the start-up owners join the community, they should invest time to build a strong profile where information is clear and captivating to anyone reading it. The profile must contain the website address, the solutions your company provides, with whom you work, etc. It will help in finding potential clients as well.

Networking and relations

The online communities are the hub for building relationships and networking for free. We can network with other small business owners and talk about your business and what your company does differently. Networking in online communities allows you to generate leads and increase your business and can also help us find joint venture partners.

Some examples of free online communities for entrepreneurs are – Start-up Nation and The Small Business Bonfire.

For nurturing the networks

Networking within the organization

It is crucial to network among colleagues as well. Networking internally with the colleagues and creating a relation of camaraderie benefits the company as there is an exchange of great ideas, collecting more industry information, and learning more about functional roles, etc. The emergence of the pandemic has led companies to work with employees remotely, which has reduced communication and has left them with a feeling of isolation. Hence, business owners must catch up with their remote employees for a virtual coffee or video call session.

‘‘

Online communities are a group of like-minded entrepreneurs where they share experiences, advice, and tools to succeed in business.

Using technology for networking

Artificial intelligence

In usual video conference meetings, we hardly come to know if the person speaking or present is an angel investor or a potential client. Sitting on the other side of the screen, we fail to establish connections. Meetings like these can prove to be unproductive. Artificial intelligence (AI) in business networking can make meetings efficient, fruitful, and pleasant. Below are a few advantages that AI helps in business networking.

Manage contacts

Maintaining contacts through business cards can be a daunting task since business cards can get lost. Michael Guta from SmallBiz trends says that artificial intelligence relationship tools use machine learning algorithms and Natural language Processing (NLP) that helps to build a database of connections that classifies the external contacts as advisors, partners, investors, or mentors. Based on the number of conversations made through emails and the number of meetings held with the contacts, AI tools can automatically display a list of prospects with whom we are having the most conversations. It helps us in making informed decisions to identify opportunities for referrals and introductions.

How AI helps in virtual conferences?

During the meeting, AI can give detailed information about the participant’s work history, blog posts, current company, and links to social media accounts, directly in the meeting. So that one does not have to search to learn about the background of participants in the meeting. Through facial recognition, it allows us to put a face to the name for easy identification when there are multiple participants in the virtual conference.

Sometimes in meetings, we mistakenly skip writing vital points. In AI-enabled virtual meeting platforms, transcripts of the meetings are available so that we know what parts we have missed.

Virtual Reality

The present pandemic situation demands minimal physical interactions. With heightened concerns of maintaining social distance organizing business summits and trade exhibitions have taken a backseat for now. Such events used to be beneficial for business networking to attract business leads and investors since a business could showcase the working of its product. In a remote setup, with the use of VR technology a company can demonstrate a product functioning in the environment and helps viewers imagine what it might be like to own the item. The photorealistic visual element of VR technology persuades the brain to believe that what is being real and that leads to increase conversion and sales. Recently, IIT Bombay using VR technology has hosted their 58th convocation ceremony. They created a personalized avatar of each student receiving the degree certificate from the institute director.

How will the Tech Induced Business Networking be beneficial?

Here are some benefits to the technology or digital infused business networking:

Develop personalized relationships

Networking through video and web conferencing results in agile decision making and meaningful conversations. Instead of depending on long email chains, video or web conferencing lets individuals connect in real-time as if they are present in the same room. It allows you to attach a name with a face that brings up the contributor’s personality.

Structured meetings

Time is precious. Physical meets might lead to exceeding the time limit discussing irrelevant things. Whereas on video or web conferencing platforms, people irrespective of belonging to different time zones and geography can connect with a clear agenda in mind and the meeting can get over on time.

Focus on content

In a virtual set up the focus is more on the meeting agenda or business content at hand, as the entire focus is on the discussion and what is being shown. In a virtual setting, the distractions arising from people gossiping or chit-chatting or the surroundings, etc. are eliminated.

Showcase more information

In face-to-face meetings, we make PowerPoint presentations that are generally predefined content at hand, whereas in a virtual meeting anyone can share any relevant content instantly. This easy sharing of digital content will not be possible in physical meetups.

Clear doubts

Small business owners being the members of the online entrepreneurial community now know whom to reach out to when countered with a problem. If there are any queries, they can immediately receive answers and suggestions for the same.

Saves time and money

It saves a great deal of time and money that goes on travelling and booking rooms and spaces in hotel and exhibition halls. Now anybody can join a meeting irrespective of geographical boundaries.

In such unprecedented times of the pandemic, companies should now embrace newer technologies or mediums to network and put health on a higher pedestal.

The post Business Networking Just Got Tech Smart appeared first on Dutch Uncles.

Social Media Marketing: Kickstart Your Digital Journey

DU Desk — Sat, 19 Dec 2020 01:44:10 +0000

You have probably heard of Social Media Marketing (SMM) a million times by now, but if you are a new business owner or someone who is keen to understand the basics of business promotion across social platforms, you need to read this article. Given the zillions of TikTok videos, selfies and DIYs up there on social media, it may seem to be the global hub of fun-filled informal activities. But in recent years, it has started playing a crucial role in brand marketing.

What Is Social Media Marketing?

In its simplest definition, it is the use of social media platforms to get the brand’s name out into the public domain in a fast and wide-spread manner. SMM includes activities such as posting witty ads, creative videos and even using memes in certain cases. All these activities come together to achieve a single goal – directly connecting with customers and engaging them.

‘‘

Social media has grown from being just a causal domain for entertainment to a tool that can capture the attention of the masses. It penetrates every aspect of our lives these days - use that to your advantage.

Is It Professional Enough?

Many still hesitate to use social media for businesses as they think it is not professional enough. It might have been true when social media was just starting out in the early-to-mid 2000s, but it has come a long way. In fact, it is the fastest-growing network of global communities since the Internet. With the likes of Facebook, WhatsApp, Twitter and LinkedIn sharing content 24×7, businesses can broadcast their stories and day-to-day operations, core culture and values to gain exposure and traffic.

This works just as well, if not better, than traditional, generic advertising or data-driven digital marketing. If a brand gains a significant following on social media, the chances are that it is doing something right. So, to answer the question – yes, social media is professional enough. Nowadays you cannot function as a business without a social media presence.

Why You Need Social Media Marketing

Wide reach

Social media gives your brand access to a global audience. It can reach them instantly and engagingly. The more attention you get, the more brand recognition you achieve.

Ease of access

One thing that is often overlooked is how easy it is to use. There is no need for any special equipment to use social media. You just need a phone and a decent internet connection, and you are good to go.

Affordability

Compared to old-school advertising like billboard and newspaper ads, social media is a steal. Most of the social features for official business accounts are free, and even if you had to pay for something, the cost is nominal.

Market pulse

Social media – with all its analytical tools which rake in tonnes of customer data – offers a unique opportunity to keep track of the latest trends that customers are engaging with. This allows you to jump on the bandwagon and make the most of the crowd’s attention at any given time by pushing/promoting your own product or service while you have everyone’s attention. What’s more, these trends will help you push search engine marketing as you will be aware of the most searched topics in real time.

Greater control

Say goodbye to surveys and questionnaires. Social platform tools like ‘Instagram insights’ and ‘Facebook analytics’, can help control who sees what and when. Analytics gives you all the data you need to come up with strategies that you know the audience will like. It even lets you target a specific group of people for a streamlined approach.

Avoid These Common Mistakes

Don’t be generic in your approach

Posting something and hoping it reaches your target customer won’t work. With billions of people across the globe using social media, your brand can easily get lost in the vast ocean of businesses on social platforms. Identifying a target audience and knowing what they like goes a long way.

Never ignore user feedback

Social media is not one-way communication. It offers the business a chance to communicate with the customer and truly understand what they like. Use the feedback, especially the negative feedback, because that is what will tell you where your brand needs to make the most improvements.

Don’t be a one-trick pony

A common mistake that businesses make on social media is failing to diversify the content they put out. Yes, consistency is good, but not repetition. Social media has a huge number of tools, content sharing options and formats – use them all!

Don’t lack passion, purpose

Breathe some personality into your brand. Show customers the human side of the company. The nature of social media allows one to take a less formal approach and opens the door to forming a community. Telling people your story of how you came to be, the challenges you faced and the value you are trying to bring to everyone’s lives, will work wonders in forming customer loyalty.

Rather than being a faceless corporate entity, show people that you are just a person with a business. Giving people something to relate to, creates a connection that eventually translates into brand loyalty. For example, if you look at influencer marketing, that is how they gain an audience. They grow their brand on social media channels, like YouTube or Instagram, using them to try to give audiences content that entertains them based on feedback.

Many businesses nowadays turn to influencers to help promote their brand because of the influencers’ massive following. People connect better with you if you actively engage with them. Whether you look at it analytically or are simply trying to get ahead of the competition, you need to keep in mind that your customers are people. It is called ‘social’ media for a reason.

‘‘

It always helps to have a game plan with SMM. It may seem random but there are intricate algorithms and metrics that will determine how far your reach extends.

The Game Plan

Analyse your brand

Look at the different aspects of what makes the brand unique. Once you narrow down the niche of the brand into something a little more streamlined. You need to ask yourself: What do I want my brand to say?

Choose your platform

Social media platforms all serve a similar purpose, but each one has its style, format, audience and reach. You need to choose the one that best suits your business. A lot of businesses make the mistake of trying to diversify across as many different platforms as they can and end up spreading themselves too thin. It would be better to choose one or two platforms and use them consistently.

Be consistent

While social media may not be hard to grasp, it is time intensive. If you hope to see some actual results, get ready to invest serious time into it. It does not matter if you are a famous brand or just starting, without a consistent social presence, the audience will lose interest.

Know your audience

Show people you can provide that ideal solution for them, but to do that you need to understand what they are looking for. Gather data on where they live, what they like, the age demographic that you attract, social media usage habits, how often they are online and so on. All these data points help you narrow down what they as an audience want and you can easily get this from sources like Facebook analytics and Instagram insights.

Decide on your goal

There are two main things that you can expect to achieve through SMM. One is brand awareness and the other is conversion rates (a higher revenue). If brand awareness is the goal, then your content will be more oriented towards building familiarity and trust with the customers. If you are looking at conversion rates, then the content will be a bit more advertisement oriented with lots of paid promotions.

What A Good Strategy Works On Social Media

Sony’s PlayStation witnessed an unprecedented growth during the COVID-19 lockdown, thanks to its unique social media strategy. As everyone was stuck at home, the company took to Twitter and pushed the #PlayAtHome campaign and gave users free games to download. More than revenue, it aimed at audience reception and the strategy worked! According to an interview done by CNET, more than 10 million people downloaded those free games, showing that the strategy was a clear success.

Sometimes that is all it takes – a clear cut goal and a simple plan to help you get there. Social media, at the end of the day, is just a channel through which you can reach the masses and work on your Public Relations strategies.

The post Social Media Marketing: Kickstart Your Digital Journey appeared first on Dutch Uncles.