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The Secrets to Effective Business Networking

Category: Growth Hacks

The Secrets to Effective Business Networking
Mohab Growth Hacks 0

The Secrets to Effective Business Networking

In today’s super-connected world, networking is of utmost importance for promoting your business. The process of networking basically involves interacting with a varied group of people in order to form mutually beneficial relationships. While the art of networking does not come natural to many people, it can be easily learned and honed. Here are some of the tips to help you connect with other people and network better to take your business to new heights.

  • Expand Your Horizons: Generally, attending industry conventions and meetings are touted as good networking options. However, the focus on your own industry may prove to be limiting in today’s world. In order to create more meaningful networking relationships, you should step out of your industry borders. When you interact with people from other industries as well, you become aware of broader trends and may even discover new synergies which may have not been exploited by your competitors.
  • Give First: While networking is considered to be a mutually beneficial relationship, it is important that you don’t overdo the ‘taking’ part. Make sure that you clearly state the advantages you can bring to your collaborator. This will help both of you in creating a more meaningful relationship. This approach will also ensure that your network lasts longer than the networks which are created with a lopsided approach. So, it is important that you are able to bring more to the table, helping build a cordial environment.
  • Customize Your Networking Plan: There is no one networking plan that will work for all. You should design your networking strategy as per the industry you are in. Further, the life stage of your business will also have a strong influence on your networking pursuits. If you are looking to expand your business internationally, then it is advisable to join cross-border chapters of your target organizations, instead of being a part of local centers.
  • Design Your Elevator Speech: This refers to a concise and clear statement of introduction. The concept is especially important for networking as you need to grab the attention of your target in a short period of time. Instead of rambling on and on about yourself and your business, you should prepare a short speech which can provide the vital information to your new acquaintances. The ideal length of an elevator speech should be around 30 seconds and it should contain all key information.
  • Ask for Mentorship: You can easily elicit a positive response from people when you seek their advice. It provides a soft start and helps make your new contacts feel more comfortable. With this type of opener, you can put your new acquaintance at ease, helping them understand your requirements in a better manner. Further, you also get to keep your options open. For example, if you are looking to start a venture in a new market, ask them for marketing advice. This way you can get some unique and creative ideas.
  • Follow Up: All these endeavors are in vain if you are not following up with your leads and contacts. This is important not only for new contacts but also for older networks which may need some reviving. You should ensure that you periodically get in touch with your collaborators and keep them aware of the latest happenings in your professional life. With this step, you can ensure that your relationship with them remains fresh. Whenever you meet a new contact, make sure that you send them a thank you note, to show appreciation for their time.
  • Remain Active: Networking is not a one-time endeavor, but rather a continuous process. Your network has to keep evolving with time. The art of networking should become a part of your personality so that you are able to connect with people, irrespective of the set up. Some of the best contacts are generally made at unexpected places and through chance encounters. Always keep an open mind and friendly approach towards people and you will be able to grow a meaningful network in no time.

The art of networking is a useful skill that can help you tremendously in your professional life. With the above tips, you can not only start your network but can also nurture it with a long term approach.

4 years ago
Understanding the Risks – The explosion of cyber-fraud and why you need to protect your business
Mohab Growth Hacks 0

Understanding the Risks – The explosion of cyber-fraud and why you need to protect your business

As more and more businesses are going online, the incidents of cyber-fraud are also increasing manifold. As cyber attack can have catastrophic impact on a business, it is important to ensure that your online venture is adequately protected against such frauds. Such attacks can be especially devastating for small and medium sized online businesses. Online attacks can not only shake the foundations of your business but may also expose your collaborators and customers to potential abuse. In order to keep your business safe and sound, it is imperative that you fully understand the concept of cyber fraud and take appropriate measures.

What is a Cyber Fraud?

Cyber frauds are also known as cyber crimes or internet frauds. These are the frauds which are mainly perpetrated through internet and involve misrepresentation. Cyber frauds may be perpetrated in a variety of ways including attacks against computer software and hardware. Such crimes may also take the form of financial frauds and identity theft. Either way, the businesses may be hit hard with such crimes and it is important to take anticipatory actions so as to keep the business and its clients safe.

Types of Cyber Frauds

Cyber frauds may be perpetrated in a variety of ways. Some frauds involve setting up malicious codes on computers and stealing the vital details, while others may involve sending spoof and phishing mails. Some other types of internet frauds are charity fraud, tax frauds and online gift card fraud. In many cases, the website may be attacked using fake traffic, denying services to their genuine customers. Such attacks are called DDoS and may lead to theft of customers’ data.

Steps to Protect Your Business

While cyber attacks have become commonplace, it is important that businesses take steps to minimize the damage caused by them. Following are some of the main steps which may help you in protecting your business and your clients.

  • Take a Proactive Approach: Businesses should not wait for a cyber attack to happen and instead should remain prepared to counter it. It is important that you anticipate different ways your business may be vulnerable to cyber attacks. The top management should also devise the methods to counter such risks as and when they happen. For this purpose, periodic analysis of the cyber fraud landscape should be undertaken. The businesses should also identify their most critical functions and should take extra precautionary measures to protect them.
  • Take Comprehensive View: Cyber frauds may focus on damaging your online presence through software or they may focus on harming your hardware. It is imperative that businesses take comprehensive approach towards safeguarding itself against online attacks. The software side of precautions involves the installation of antivirus and other software, while the hardware side of action includes the protection of hardware through the use of locking devices and supervised access to the machines. The physical safety of the machines is also important as their loss may lead to the loss of vital information.
  • Make it a Team Work: Protecting the business against the cybercrimes is not just the responsibility of the IT department but of all the employees. Organizations should take measures to educate all its employees against cyber threats. The employees should also be updated about security measures undertaken to protect the operations against online crimes. The use of company resources by the employees should also be closely monitored. In many cases, the frauds are committed through infected software installed by the employees on company computers. Such installation may be deliberate or accidental, however, in both the cases the results may turn out to be catastrophic for the business. Therefore, the organization should check both types of actions.
  • Built-in Security Measures: in order to ensure security of the business, it is imperative that its various policies and procedures are designed in such a manner so as to minimize the possibility of such attacks happening in the first place. The company’s IT resources should be carefully checked and monitored on a periodical basis and any loophole found should be patched in a prompt manner.

With the help of the above steps, organizations can not only protect themselves and their clients against online frauds but may also enhance their efficiency and reliability.

4 years ago
How can Brands Benefit from Using Subscription Services
Mohab Growth Hacks 0

How can Brands Benefit from Using Subscription Services

The subscription-based revenue model is fast emerging as one of the most sought-after option for businesses. While the model has been around for quite some time, its popularity has sky rocketed in recent times, owing to advancements in technology and changing consumer preferences. The subscription model has proved to be successful for various services such as health clubs, magazines and newspapers in the past, but now it has been extended to several other segments as well. Here are some of the main benefits offered by subscription model.

Promotes Customer Loyalty

Subscription model is highly customer centric and provides robust value to the clients. This proposition, in turn, promotes customer loyalty towards the business as it helps in building long-term relationships. Automation of the purchase process leads to brand awareness while the convenience of the model prompts customers to come back. The model also offers various other benefits such as flexibility and savings. As the customers are required to sign up and then set up the schedule only once, it also saves time for them. A subscription-based model promotes accountability as well, since the businesses are required to ensure that they keep providing their products and services at existing standard of quality or exceed that.

Scalable

The subscription-based model is not only good for customers, but it is highly convenient for businesses as well. One of the biggest advantages of this system is that it is very flexible. As the business grows and the customer base expands, the revenue model should be able to accommodate higher volume. This feature is beneficial for the customers as well since they can adjust their purchases without undergoing additional paper work. This model is suitable for scalability as it is easy to set up and understand. The companies may plan their work load in advance since they can predict the demand in a more reliable manner. Such forecasting may also help businesses in designing their marketing strategies in a way that their operations become more efficient and economical.

Budget Friendly

This revenue model helps both the businesses and clients in the budgeting process. As the businesses have useful data in the form of predictable revenue stream, the process of forming plans and budgeting becomes a lot easier and more robust. They are better able to form their expansion plans and strategies. Similarly, customers are also aware of their future expenses and are assured of no surprise escalations; they can design their personal budgets well in advance. They are also able to exercise better control over their expenses. The predictability associated with this revenue model makes future planning more convenient.

Economical

The subscription-based revenue model also tends to be more economical as it allows businesses to acquire customers for a longer period of time, thus reducing the costs related to customer retention. Once the customer has subscribed, the business may then focus on providing them with the best possible experience through their products and services. The model is economical for customers too as they are assured of a flat rate for a fixed period of time. Many times, such a model also allows the business to achieve economies of scale, which may then be passed on to the clients. The subscription model has also been found to offer higher margin and thereby bigger profits.

Value-Added Service

While the subscription-based model is related to revenue management, it offers a host of other services as well. The data provided through subscription plans can help you carry out better analysis. You can get detailed information about the type of subscriptions which become more popular and the various criterion used by the customers to make their decisions. With the help of such data, the business may tweak their marketing and operational activities. It can also aid the funding process of nascent firms as they can get more reliable data about their future revenue and expenses, thus providing better business valuation.

The subscription-based model is now prevalent in almost all the business segments. The model helps in optimizing customer acquisition and retention costs, improving the margins for the organization. However, it is important to design the subscription model as per the features of your target market.

4 years ago
Holiday SEO Tips: Make It Big on Black Friday and Cyber Monday
Mohab Growth Hacks 0

Holiday SEO Tips: Make It Big on Black Friday and Cyber Monday

Holiday season is here and it is the time to boost your revenue stream to end the year with a big bang. The season is full of different festive occasions to let you market your products in an innovative manner. Whether it is the Black Friday or Cyber Monday, you and your business should be prepared to provide the best services to your customers during this rush time. The online sales volume during this time period is on the upward trajectory and tends to set a record every new year. So, here are some SEO tips to help you make the best of this holiday time period.

Review Your SEO Strategy: the holiday season is the perfect time to unleash your creative potential. However, before you put all your ideas into practice, it is advisable to review your existing SEO strategies. You can start by optimizing the technical credentials of your website and fix the ways your pages are crawled and indexed. This exercise will form the foundation of finally getting your website properly ranked. You should work towards resolving your 404 error page issues and fix broken links, if any, on your websites. Further, to ensure that your website works smoothly during holiday rush hours, you should optimize meta tags and add appropriate keywords to your content.

List Holiday Specific Keywords: once you have optimized the bare bones your websites, it is time to introduce keywords to the content on your website. First off, you need to prepare a hit list of holiday related keywords. There are various resources available which can help you identify these keywords. Next step is to incorporate these keywords into your content in a seamless way. It is important that such keywords blend smoothly into your website and do not seem to be planted. You can also customize these keywords according to specific holiday you are preparing for.

Spruce up your Landing Page: landing pages are your first interaction with your potential customers, so it is important to get the first impression right. You can incorporate keywords into the data provided on landing page. It is also imperative that you design your website landing page with appropriate keywords, meta tags and descriptions. An attractive headline can keep your customers interested in exploring your website further. Some other recommended SEO tactics in this regard are the use of timestamps where you announce upcoming big events. This will not only entice your customers but also make them coming back for more. You should also ensure that your landing page has appropriate key words embedded.

Integrate SEO with your Marketing Plan: In order to get the best performance during your holiday season, it is important that your holiday marketing strategy makes appropriate use of SEO.  Such integrated policy would mean that you make optimal use of social media as well, which, in turn, should be aligned with paid advertisement strategy. This omni channel approach to holiday marketing planning will help you make the best of this time period. For this purpose, it is also advisable to properly analyze previous year’s trends.

Go Mobile Friendly: as more and more people are now opting for mobile shopping, it is important that your website is mobile friendly. Alternatively, you can think about investing in the development of your own app so that you are able to harness the ever growing mobile market. you may be required to make certain changes such as optimizing the size of various graphics and media used in your website. Further, your website content should also be AMP optimized to provide proper results. SEO is all the more important for mobile shopping as users tend to make more intensive use of search engines on their mobiles.

Review and Rework: once you have implemented your SEO strategy, it is imperative that you review it to ensure that all the details are going on as required. You can use several tools such as Google Analytics for this purpose, which will let you know the performance of various webpages. If there are any broken links, you should take prompt steps to fix them. Following an integrated strategy will help you achieve or even surpass your holiday season revenue goals.

4 years ago
5 Marketing Mistakes That Can Impact Your Cash Flow
Mohab Growth Hacks 0

5 Marketing Mistakes That Can Impact Your Cash Flow

For any business, cash is the lifeline and therefore, it is important to ensure that the business is fed with a consistent supply of funds and the chances of liquidity crunch are minimized. Cash flow management is essential for the long term survival of a business, as lack of fund at the required time may force an organization to go out of business. Here are some of the common marketing mistakes which can cause a business to struggle with its cash flows. The possible remedies for them are also stated below.

  • Failure to Identify Unique Selling Point: A unique selling point or USP not only allows a business to stand apart from the crowd but also forces them to fully comprehend the utility and the benefits of their products and services. This exercise may also allow them to position their product in the market in a better manner. However, failure to identify the USP can jeopardize your products and even your business’s future. If you are using a generic selling point, you are losing out on attracting a loyal customer base and thus hurting your cash flows.

You can fortify your cash flows by undertaking thorough analysis of your product and identifying the unique features associated with it. These unique points may in the form of features, functions or even location of the product.

  • Failure to Manage Costs: While the effective marketing of products may require substantial outlay of funds, unwarranted spending is no guarantee of marketing success. It is important that expenses incurred for marketing the products and services are carefully monitored to ensure that overall cash outflow remains on the conservative side. Further, the expenditure on any marketing activity should be justified by the revenue generated by it.

In order to maintain proper cash flow, a business should periodically evaluate its marketing strategies to identify the practices which are not yielding desired returns. Businesses should also note that increase in the number of customers does not automatically translate to higher cash flows as costs associated with such increase may be higher than the marginal revenue generated.

  • Failure to Collect Dues: You may employ strong marketing tactics to ramp up your revenue, but all your efforts are in vain if your business is not able to collect these revenues in a timely manner. If your marketing strategies are generating additional sales but the proceeds are not collected, then essentially your resources are tied up in unproductive avenues, soaking away the liquidity from your business. Such hold up of funds points to inefficient cash management practices.

Hence, businesses or firms should strive to collect unpaid dues on a regular basis. However, it should be noted that a proper balance between retaining clients and collection of funds is essential.

  • Failure to Vet Clients: Good marketing practices may bring you new customers, but it is essential that you properly vet these clients to ensure that they are of good credit standing. If you are more concerned about quantity than quality, then your marketing strategy might backfire as your business may not be able to extract funds lying with the clients.

In order to ensure that your business remains liquid and viable, you should carefully analyze your potential clients to ensure that your sales actually translate into liquid funds for your business.

  • Failure to Provide for Surprises: You may devise the most efficient marketing strategies, but if you do not account for unexpected changes in your internal and external environment, then you run the risk of compromising your cash flows. You should not only account for any possible changes in circumstances within your organization but also for potential changes in factors which are beyond your control. While you may not be in a position to exercise any control over such factors, you can certainly provide the safeguards against their impact on your business.

It is important to be future oriented while designing marketing strategies so that the impact of changes on cash flows can be adequately anticipated.

Profitability and smooth cash flows are the keys to a successful and sustainable business. By paying attention to the above pointers for charting out the future marketing course of action, you can ensure that your business does not suffer from cash crunch and remains well funded.

5 years ago