Sarah Pearce's Blog

Social media trends in 2019. Authenticity matters.

Social media has had a profound impact on the ability for companies, and individuals alike, to create and develop their own brands, build a client-base and connect with people all over the globe. But social media is a technology that never sleeps, constantly changing and evolving. If we want to stay relevant and connected to our target audience in 2019, it is vital to stay up with the trends and adjust our social media strategy accordingly.

Stackla have just released a 2019 report aimed at understanding the gap between how marketers in the US, the UK and Australia imagine their content is perceived and how it is actually perceived by the consumer.

An interesting finding is that we appear to be less influenced by celebrities. In 2018 only 8% of consumers indicated that celebrity endorsements had a high impact on their purchasing decisions; this is down from a reported 23% in 2017. Interesting that this drop comes amid other reports claiming the “huge value” of celebrity endorsements. For example, with 111 million followers, Kylie Jenner, apparently earns up to $1 million per sponsored social media post. Based on the findings in the Stakla report, the future of that income may not be so secure.

Important to note that while staged, paid endorsements are no longer resonating with audiences, authentic ones care. Most respondents reported a longing for user-generated content. User generated content is the act of users promoting a brand rather than the brand promoting itself. Content may be in the form of pictures, videos, testimonials, tweets, blog posts – and anything in between. The report revealed that over half of the respondents wanted to see user-generated content from brands they follow on social media; almost two-thirds of them indicated willingness to grant permission for a brand to use their own content; and more than half also said they would be more likely to continue patronizing or start purchasing from a brand that had shared their content. Another key takeaway is that preferred content type across all demographics was strongly visual – either photographs or video.

It is widely understood and accepted by most users today that an online persona very rarely, if ever, portrays the full truth of a person’s life or a company’s impact. Consequently, staged posts have far less impact. Today, consumers long for organic, real content. They want to engage in discussions with real people, and more than ever before, they want to belong to something that inspires them. Before they follow a brand, must users will have a good idea of its purpose and values, and whether they align with their own.

So, when positioned correctly, brands become part of their audience’s identity, extensions of their personas. Often this is created through a simple sharing of mutual dialogue on social media. With consistent communication, customers develop a sense of kinship and belonging and this can trigger a fierce loyalty to the brand. Distinct communities or tribes also then develop and the more inclusive these are for members, the tighter they become and the quicker they grow.

Let’s look at one of the most successful recent marketing campaigns to see all these elements at work. Fashion retailer asos asked their customers to use the tag #asseenonme when uploading a photo in which they are wearing clothing purchased from asos. Some photos are selected to appear on asos’s Instagram feed, providing them with free and authentic user-generated content. But the company goes one step further by promoting the people in their featured photos and allowing others to easily find them and their social media pages.

It’s a genius strategy with a dove-tailed outcome. The company is sending the message that they’d rather have the customer’s face associated with their product than, say, a Kardashian’s. The company gets to use free user-generated content, rather than paying spokespeople, hiring photographers, and renting set locations, while the customer feels valued in a way that other mainstream brands can’t achieve, and the customer may even get a rise in the amount of their own social media exposure too. This brand recognition – just for being a customer- is the type of community-creation activity that creates those fiercely loyal followers.

In the years to come we will see many more changes to social media and digital communication, but one thing is clear right now – more than ever before, people want to see something real and they want to talk about things that matter. If you or your organization aren’t using social media to your advantage like this, now is the time to start. Carrying on in the old way not only risks wasting time and resources but also risks burning your client base. So, research what your audience really care about, invest in meaningful dialogue, truly listen to their responses, adjust your offering and watch your business grow.

 

Sarah Pearce is a  professional speaker, business development strategist , social strategist and author. 

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Keep Your Promise. Keep Your Customer.

The pursuit of excellent customer service has been a debate point for decades, with many business professionals trying to figure out exactly what it looks like. Some would argue that it is the WOW factor – or the over-delivery of promised services. This is often interpreted as going ‘above and beyond’ ordinary customer expectations.

However, an alternative solution suggests that it may be as simple as consistently doing what we say we are going to do. Research has supported (Bitner, 1995) this premise time and again, showing that customers prefer businesses that are easy to work with; this means professionals that deliver on their promises. Can it really be that simple?

It can, in many regards. In others, it just isn’t. When you equate the company’s promise to its mission, it usually seems easy to identify and keep their promise.

Consider Nike, whose brand promise is “to bring inspiration and innovation to every athlete in the world.” When you initially read this, it is tempting to think that it would be a hard thing to measure, especially because their brand promise is so much larger than simply providing athletic gear. But it is not hard to find evidence of how Nike is doing this successfully. The most recent example is by hiring Colin Kaepernick as a brand spokesperson. While this move was considered controversial, its success cannot be denied. The company’s stock hit record highs in the immediate aftermath. Their decision to support a movement that embraces equality has truly been inspirational to people around the world, not just athletes.

In this example, it is easy to see what the promise to customers is because the phrase states it explicitly. But there are other examples of promises that companies make which are left unspoken. These are known as implicit promises. One great example of an unspoken, or implicit, promise is the expectation that most customers have when they encounter a problem with a product or service. Even if the company doesn’t directly state that they promise to provide superior customer service in the event that a mistake is made, most customers expect it anyway. This is simply a standard expectation, which makes it an implied promise.

Many times, though, when customers try to address an issue with an organisation, they are disappointed. When reaching out to a call center, as an easy example, they can suffer long wait times, and/or be transferred multiple times. This process is incredibly frustrating and represents a clear violation of the implicit (or unspoken) promise.

Customers have a wide range of expectations (or implicit promises) for different companies that can range from trusting that a product is safe to feeling comfortable when out shopping. This means it is an important and ultimately very productive exercise for organisations to clearly identify what implicit promises they are making their customers — and what their customers expect.

In addition to understanding the difference between explicit and implicit promises, its useful to look at the role of branding, because branding usually adds another layer of promises that companies must keep. It is less straight-forward though, usually because it is rooted in feelings or emotion. This is seen when Subaru states: “Love. It’s what makes a Subaru, a Subaru” or when Honda describes itself as “the power of dreams.” These are not concrete promises that can be kept, they appeal to our feelings.

Alternatively, look at Toyota’s tagline of “quality, safety, and innovation” or AirNZ’s promise of “liberating travelers from the ordinary.” These are concrete promises that can be verified by researching the performance of Toyota’s vehicles or flying on AirNZ. You can’t research whether or not love actually transforms your Subaru or whether your Honda powers dreams.

This doesn’t mean that AirNZ and Toyota aren’t targeting emotion in their brand-building efforts; they are simply appealing to different emotions. But this tactic does make it easier for them to live up to the explicit, or stated, promises they are making to their customers. Once that brand promise is determined it is easier to develop a plan to convey the promise to customers through marketing and advertising efforts.

Once a company understands the differences between their stated and unstated promises, they are in a much better position to identify what those promises are, which then, makes it possible for its staff to consistently deliver on these promises, or do what they say they are going to do.

In the rush to deliver ‘exceptional customer service’ the critical role of promises made to customers is often overlooked, at the company’s peril. Thoroughly understanding what you promise your customer, along with what they actually expect, leads to delivering genuine value consistently. It should be central to everyday functions on a broad scale.

As Shep Hyken states, “Customer service is the experience we deliver to the customer. It’s the promise we keep to the customer. It’s how we follow through for the customer. It’s how we make them feel when they do business with us.” When you keep your promises, you keep your customers.

 

Sarah Pearce is a  professional speaker, business performance coach , social strategist and author. 

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Diversity Done ‘Right’

Diversity in the workplace is a subject riddled with social and emotional landmines. Many organisations deal with it by simply avoiding the topic altogether. That’s no surprise really, especially, when we see headlines like the one that broke just the other week: “Facebook has a Black People Problem.” Admittedly, Facebook has faced an onslaught of technological failures and data handling accusations lately, but this headline is a bit different, and will prompt many leaders to second-guess their own diversity policies. After all, Facebook’s headquarters lie in Silicon Valley, one of the most diverse and progressive areas in the world… If they can’t get diversity right there, what hope does anyone else have?

Still, it’s important to realise that even though diversity can pose a big challenge in business, once we identify and implement sound diversity policies and training it can be a wonderful catalyst for growth, creativity, innovation and allow for genuine competitive advantage. This makes sense, because when we surround ourselves with others who hold a different worldview, we get to see things from a different perspective, hear their stories, interpretations, preferences, concerns. We get to open our minds and ( in the words of Steve Jobs) “think different.” This helps us grow, both personally and professionally, and add more value to our business and our customers as a result.

A key component in creating any successful business is realizing that your customer base must extend far beyond those who are like you. A great way to serve a diverse customer base is to ensure that your organisation has a diverse set of staff who can speak to the different concerns, needs, and perspectives of your clients. It allows us to service wider markets with broader solutions. While many are struggling in this area, some companies are incorporating diversity in ways that are leading to meaningful social and cultural change. There is much to learn from the following two examples.

NZ Case Study: Fonterra

Fonterra, whose research and development office is located in Palmerston North, received the Ministry of Business Innovation and Employment Diversity & Inclusion Leadership Award in 2017, and is recognized by Deloitte for their diversity policies as well.

Their policies, which stem from a business initiative they put in place called Fonterra Disrupt, sought to foster diverse viewpoints, increase diversity among senior leadership, and implement initiatives to assist with diversity at the ground level. This includes programs that develop Maori leaders, scholarships for the economically disadvantaged and partnerships with outside organisations that promote diversity, including Global Women and Champions for Change.

Initially run as a pilot in Australia, China and New Zealand in 2016, Disrupt went global in 2017 and the differences are being seen everywhere. In Saudi Arabia, their female employee population went from 0 to 8% – a huge leap in a country that has additional cultural barriers that make workplace diversity even more challenging.

The company also forms international teams that work together to solve complex problems which spur further innovation since their teams are made up of individuals with different skills, backgrounds, and worldviews. This is Fonterra’s new strategy and it is working very well for them.

Case Study: Hyatt International

Hyatt Hotels Corporation is another company that is often lauded for its diversity policies. And while they have been ranked as one of the most diverse and inclusive companies for the last several years, they remain committed to these principles and continue to lead the front in terms of adopting better policies that promote diversity.

Earlier this year, they joined 2 major global diversity initiatives. The first is CEO Act!on for Diversity & Inclusion. This initiative features over 400 C-suite executives across industries and around the world who commit to 3 key organisation actions that encourage positive change.

To support open discussions regarding diversity and inclusion within the company.
To expand training that addresses unconscious bias.
To share best practices with their larger community.

Hyatt also signed on as a supporter of the United Nations LGBTI Standards of Conduct for Business. This global set of standards contains 5 core principles designed to protect people from discrimination based upon their sexual orientation or gender identity.

Though these actions are the most recent pledges that Hyatt has made, they have long been recognized as a top performer, even earning a perfect 100% rating on the annual Human Rights Campaign Corporate Equality Index every year since 2005. In addition, the company is regularly featured as one of Forbes and Fortune’s top-rated companies for diversity.

So, while diversity in the workplace continues to be a challenge for many businesses, and the path to embracing it is not simple, perhaps the first step is in understanding that rather than “managing” diversity, we should instead be valuing it — and appreciating just how much it can enrich our own lives, as well as the success of our business. After all, we are all unique, every single one of us, and as these case studies clearly demonstrate, when differences are both welcomed and enjoyed they can be an excellent asset.

 

Sarah Pearce is a  professional speaker, business performance coach , social strategist and author. 

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Why Mindfulness Matters at Work

Over the last 20 years, we’ve seen an exponential growth in the number of peer-reviewed journal papers about mindfulness. Scientists all over the world have been examining the effectiveness of mindfulness in various contexts, including the workplace, healthcare, education and more. And while some might dismiss it as the ‘buzzword of the day,’ practicing mindfulness can result in incredible benefits, especially for those working in high stress situations.

 

Simply put, being mindful means to invest all of our focus in the present moment, rather than distracting ourselves with thoughts of the past or worries about the future.

 

At its essence, it is a heightened awareness of self, surroundings, and internal dialogue. This focus can be especially important given that the average worker reportedly wastes approximately 60 hours every month through distractions. Three of the top five distractions today are reportedly technology-based, and include cell phones and texting, the internet, and social media. Given the fast-paced, hyper-competitive, time-poor digital age we now live in, anxiety, stress and loss of general well-being are on the rise.

 

Practicing mindfulness can be a powerful tool in combatting the lure of digital and social distraction, and ultimately can provide for increased productivity, efficiency and performance.

 

A key benefit for busy professionals is that it dramatically sharpens decision-making skills. For example, when you are aware of your thoughts, you are empowered to pause and choose your response, rather than just making a knee-jerk reaction. As you can imagine, this small step can have profound and far-reaching effects.

 

The positives of mindfulness cannot be understated. There are studies showing that it improves attention span, focus, resilience, mood levels, creativity and the ability to feel empathy. It also reduces feelings of loneliness, perceptions of pain and can even slow down neurodegenerative diseases. The culmination of these benefits in the short term, at least, lead to lower overall stress, depression and anxiety, greater productivity and better communication skills.

 

 

In the longer term, research shows that the regular practice of mindfulness produces permanent changes in the brain: increased grey matter density, quicker action and better quality of neural connections. This leads to improved memory, cognitive functions, innovative thinking and emotional balance. All of these benefits are so valuable in a professional setting and that fact has not been missed by powerful corporates.

 

Many major companies today, including Apple, Google, Nike, Target, General Mills and Goldman Sachs, have built extensive corporate programmes to foster mindful practices with their workers. This is no surprise really, given that high stress levels can cost organisations  a great deal of money — up to $2,000 annually per employee, according to one report.

 

So, how is mindfulness done? There are different ways to practice it but at its heart is the ancient practice of meditation, a very simple act that everyone can do.

 

Meditation starts by sitting quietly and focusing on your breath. Next, you allow yourself to become conscious of the weight and warmth of your body. Like a noisy child, the mind will clamor for attention and that’s okay. The secret is to allow the thoughts to drift past, but not follow or engage with them. As Jon Kabatt-Zinn said, “You can’t stop the waves but you can learn to surf.” The aim is to keep quietly bringing your attention back to your breath and your body.

 

Many people experience a sense of calm and peacefulness when they meditate, saying it is a relief to have a break from all the usual mental ‘white noise.’ Meditation doesn’t have to take long, neither does it need to take place in a natural setting, it can be practiced anywhere.

 

Other tips for practicing mindfulness include spending a small amount of time each day focusing on your steps as you walk and repeating mantras related to your goals throughout the day. These small steps incorporate mindfulness into everyday life in a manner that is not disruptive.

 

From a greater level of attention and memory, through to better health, happiness and reduced healthcare costs, mindfulness is a powerful tool to use both on a personal and professional level. It is an easy practice to incorporate into almost any company, and its benefits dramatically outweigh the small time commitment required.

 

Incorporating mindfulness as part of your business success strategy, and as a regular office engagement exercise, can help to build great careers within an exceptional company culture.

 

Sarah Pearce is a  professional speaker, business performance coach , social strategist and author. 

 

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The Road to Resilience

-Fall seven times, stand up eight.

What is resilience? It’s the ability to bounce back from tough situations; both mentally and physically. It’s the ability to endure. It does not mean that you don’t​ feel ​the intensity of the situation, instead imagine resilience as the speed that someone returns to their relaxed state. Pretty much, it’s your ability to keep pushing through when times are tough.

 

 

Resilience is a skill. We aren’t born with it but we can develop and strengthen it through deliverable focus on specific habits. Here are some tips to help you on your way.

Surround yourself with the right people​ – Resilient people understand the value of keeping good company. They steer away from those who might drain them, and spend time instead with positive people who provide solid support and a wider network of resources.

While his career can be criticized for many reasons, the manner in which Walt Disney built his team is admirable. He surrounded himself with family, friends and other top animators. These were the people he knew would help elevate his dream to success. The depth of their relationships is so well-known that this team is referred to as ​Walt’s ‘Nine Old Men.​’

 

 

Know thyself -​ When we feel burnt out and stressed, it is difficult to accomplish ​anything​, let alone remain resilient in the face of adversity. A key characteristic of resilient people is their self-awareness. This means knowing when they need time for self-care or nourishment for their emotional needs. It also means knowing their personal boundaries and limits, as well as knowing how to solve them.

Former President Barack Obama did something no other presidential hopeful did during his 2008 campaign. He knew he needed to bolster the younger demographic, but he wasn’t in tune with social media on a level that was required. He ​called on his friend ​Chris Hughes, a Facebook co-founder, to manage it instead. Through knowing and outsourcing his weakness, Obama outshone the competition.

Be adaptable -​ The ability to adapt is going to become more and more important. The rate at which technology is currently changing the world is unprecedented. The ability to adapt has been a constant in evolutionary terms, but instead of a slow and gradual process, ​today it must happen quickly in order to stay competitive and relevant.

 

 

Kodak is a great example. They went through many prosperous years as a provider of high end film, but then the rest of the world went digital and Kodak failed to keep up. They eventually faded into obsolescence. Today, Kodak has adapted by announcing a cryptocurrency product, ​doubling the value of its shares​ practically overnight.

Keep a positive mindset –​ Positivity also provides the fuel to keep trying for success, even when the odds are not great. When Emily Blunt started acting, as a 14 year old, she had a major stutter. She used to struggle just to sit and​ talk​ with someone, never mind performing on the big screen. She didn’t let that get in the way though. She stayed upbeat and soon discovered that when she tried faking accents or changing her voice for auditions, her stutter lessened. Today, she’s a Golden Globe nominated actress.

Be persistent –​ There’s a big difference between persistence and patience. Patience is passively waiting for things to happen, persistence is actively pushing towards your goal while waiting for better circumstances. In business this makes all the difference!

 

 

J.K. Rowling​ is a prime example. Despite the fact that her first Harry Potter novel received tons of rejections, she refused to give up. Before it was published, she ​couldn’t afford​ a computer or even to pay for photocopying, so she manually typed the hundreds of copies that were sent out. Rowling’s dogged persistence eventually paid off, making her one of the richest women in the world, and also one of the most charitable.

Communicate – ​Shutting down and holding stress internally is not good for you. Find a sounding board! Having someone to confide in is important. Just speaking about your situation out loud helps put your issues into perspective. And once you can put the problem into words, then you can talk about how to solve it.

In business and everything else in life, your resilience will be tested often. Like any other skill, the more practice you have, the better you become. While nobody wishes for hard times, there is simply no way to avoid them completely. So when this happens, take a deep breath and commit to progress and triumph, one day at a time.

As Henry Ford said, “​When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”

 

Sarah Pearce is a certified business coach, professional speaker and author. To book her for speaking or training go to sarahpearce.co.nz

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Deconstructing Roger: Success insights from the world’s greatest tennis player

Roger Federer. It’s not a name that’s often whispered in awe in business circles, like Elon Musk of Tesla fame or Marillyn Hewson, CEO of Lockheed Martin. Even if you aren’t a raving tennis fan, you probably heard him make the news earlier in the year – when he won his 20th grand slam while playing in the Australian Open. He’s been winning grand slams for the last 15 years, making him pretty much the best tennis player in the world for much of this time.

Here’s the thing. Roger is not just resilient, he is resilience personified. I’ve watched his career over time and become increasingly curious: what makes Roger Federer successful? Or, more specifically: what makes Roger Federer so enduringly successful – in spite of all the usual setbacks? Let’s deconstruct his success and see what business insights can be learned.

 

 

First off, what setbacks has he endured? A lot, actually. For starters, he’s old (for a pro athlete), he’s also had injuries, suffered a major illness, and he has to compete with the younger, hungrier generation coming through, who are always snapping at his heels.

He’s also already been incredibly successful and this factor in itself can be dangerous to endurance. Any successful business leader will testify that when you’ve ‘made it,’ it becomes more and more tempting to justify kicking back and resting on your laurels.

 

 

So what makes Roger keep going and keep winning? Here are 6 main ingredients.

 

1. He maintains a positive mindset.

“I’m a very positive thinker, and I think that is what helps me the most in difficult moments.”

-Roger Federer

When Roger first started playing on the big stage, he was the typical brash young athlete who smashed tennis rackets, scowled a lot, and even fought with the umpires. Today, however, he’s matured as a person and is committed to remaining mentally upbeat, regardless the circumstances. We often see this in his public demeanor. He’s always smiling and can be seen to uplift his opponents – even when he’s crushing them on the court.

In business, positivity is a key success factor too. Look at leadership for example. There are leaders who are generally miserable, embody negativity and ultimately end up being hated by all employees. They use fear as a driver to create success. But this is rarely sustainable, good people eventually leave them, and the organisation is pathologically political in its culture.

 

 

Then there are other leaders who remain positive and inspire success by making everyone want to produce great results for them. We all know of these leaders, and if we don’t work for them, we tend to envy those who do. Positive leaders build a positive culture – this is great for productivity, increases retention, attracts the very best people, and ultimately maximises revenue. Like Federer, these leaders are the real winners.

 

2. He never gives up.

 

 

“When you are the best at something, you don’t really want to give that up – and for me  it’s tennis.”

That’s what Federer said after his 19th grand slam victory. It’s impressive, given that the average age of retirement for tennis players is 27 years old, while Federeris 37. And, as mentioned, it hasn’t always been easy for him.

In 2013, his season was cut to only one win due to injuries. In 2015 he underwent knee surgery. Yet, here he is, back winning Wimbledon and the Australian Open. He has never won 3 grand slams in less than 12 months before, and if he had given up any sooner, he never would have. Look at him go! Passed his ‘prime’ and on the road to advance from 2nd best in the world to top of the list.

 

3. He works hard.

 

 

There is no way around hard work. Like Roger, you just have to embrace it. You have to put in the hours because there’s always somewhere in your business that you can improve. Slacking off is for losers.

Federer used to schedule his events in groups. He would play 2 or 3 tournaments, take a few months off, then repeat. Once his trainer, Stefan Edberg, joined the team, Federer increased his workload, cramming 15 tournaments and daily training into his yearly schedule. This helped him maintain a rhythm, kept him powering toward his end goal, and got him in fantastic shape.

 

4. He now also works smart.

With coach Severin Luthi, we see Federer being super strategic about which tournaments he performs in. They will turn down opportunities in order to save Roger for the ones that matter, and ones that they know he will win. For instance, Roger only played 12 tournaments in 2017 and skipped the entire clay court season (including the French Open) in order to continue playing on the ATP World Tour for as long as he could.

These decisions were made because Federer took the time to determine what he ultimately wanted to accomplish, then mapped out the most efficient way to get there… and stuck to it. In business, strategic planning plus stringent follow-through is equally critical to your enduring success.

 

5. He adapts to change.

“Change is the only constant in life.”

–  Heraclitus

This is true in tennis as well as in business life. The sport has changed quite a bit with its rise to popularity. Even in Federer’s career, the industry, its standards, and the rules and norms have all changed in some fashion. One example is found in the racket itself, which traditionally measures 9 inches (22cm) wide and 27 inches (68cm) long. Today’s standard has the racket measuring 10-12 inches (25-30cm) wide, while still 27 inches long. One writer refers to this change as “the inch that changed tennis forever.”

Federer swapped his older racket for a larger one in 2014 and, after a period of adjustment, he gained confidence and later even credited his improved backhand to the change. His ability to adapt is admirable. Many other successful people (and businesses) are reluctant to change, fearing that it will ruin their ‘formula for success.’ Yet, often, it is this very reluctance to keep up that contributes to their eventual demise.

Roger’s adaptability in general has not gone unnoticed by his peers either. As Boris Becker observed, Federer “has been able to adapt to the opposition all the time. That’s why he’s been so good for so long.”

 

6. He loves what he does.

“He does play like the cliché – like he is broke – and yet he has got everything.” 

-Mark Petchey (Tennis commentator and writer)

Anyone who watches Federer play can tell that he does it with an incredible passion. While the other items on this list might not be immediately obvious, this one is. When watching him play, it feels like you are watching someone do what they were born to do.

Federer himself acknowledges the role of passion in his success, and he attributes it to his fans too. He has said that without their dedication and commitment to showing up and cheering him on, the thrill of it all might have waned long ago. Whether that is true or not, it has nevertheless been a source of motivation that keeps him moving forward in a game he adores. This quote from Roger sums it up perfectly, “If you’re great at only one thing, make it everything.”

 

But when all’s said and done.

Roger Federer is one of a kind. He happens to have truck-loads of raw talent, along with those 6 ingredients above. But you don’t have to be him to succeed like him. We’ve taken the time to reflect on how he has become successful, and I highly recommend that you do the same for yourself: analyze or deconstruct your own success.

What ingredients have worked for you in your life/business? How can you improve on them? Which can you identify that aren’t supportive? Now you’re aware of them you can choose to let them go. Ask yourself, who else inspires you – personally or professionally? What makes them unique? Break it down. Can you adopt what they do?

In business and in life, we should always be curious and always be learning. Try approaching your world with some of the success ingredients you identify in others, and, like Roger, you will see some amazing results too.

 

Sarah Pearce is a professional speaker, business coach , social strategist and author of Online Reputation: Your Most Valuable Asset in a Digital Age.

 

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Top Reasons Your Business Will Fail in 2018

Here you are, you finally did it! You took the plunge and opened your own business, after dreaming about it for what seems like forever. Now, I hate to be the bearer of bad news, but statistics show that one out of 5 new businesses do not survive their first year, and only 2/3s make it through their second. This number decreases to only 30% by the 10th year.

 

 

Ouch! That sounds depressing. Truth is that many people fail to even get to the point where you are, simply because of those disheartening statistics. Still, to think that there is no difference between those that fail and those that succeed would be a grave mistake. Let’s empower ourselves with information on what not to do. Here are the top reasons businesses fail today:

Not having a vision – Many people think that loving something or being passionate about something is enough of a reason to open a business. But opening it is not the end game, its just the starting point. You have to understand the broader picture, including the role your business can have in the community and where you would ultimately like to see it be in 5, 10, or 20 years. Without an end vision, you shouldn’t begin.

 

 

Not having a plan – So even if you have a vision, that’s still not enough. You need a specific plan of attack. A business plan provides the opportunity to articulate your vision clearly, then includes many vital elements or milestones that can be tracked and measured along the way. Your vision tells you what your goal is, but your business plan tells you how, specifically, you are going to get there.


Failure to focus on profitability – Profitability should actually be central to your business plan. Even the best idea in the world needs to be profitable. Smart TVs are ubiquitous now, but before this, WebTV offered the same service. Why did one fail while the other went on to monumental success? Simple: WebTV used a poor business plan that was ultimately unprofitable.Once you do achieve profitability, continue to monitor it, small changes in costs can have huge impacts on your bottom line. As the owner, you need to understand what happens when the numbers change.

 

 

Poor record keeping – Detailed and accurate record keeping allows you to track trends and understand patterns, which ultimately help inform your decision-making process. As the saying goes, “you don’t know where you’re going, unless you know where you’ve been.” If record keeping is not your strength then outsource it – promptly!


Hiring the wrong people – Making the right hiring choices can be a real struggle, especially for a new company. You may not have a large budget to work with and you may not have any experience in knowing what type of person works best in your environment. This is why hiring decisions should be made slowly and thoughtfully. Thoroughly vet all potentials, and utilise a probationary period where possible. This gives you some latitude in adjusting your team composition if you find that a new member is not a good fit.


Not understanding your customer– Many new businesses make the mistake of assuming they know their customer– this is deadly. If for example, your ideal customer is most likely to visit your business on the weekend, and you’re only open weekdays, you can’t offer them what they need when they need it. Not only are you missing an opportunity to create loyal customers, you are also helping your competition succeed.First off, make it a priority to define your target market, then research them carefully to learn what they value. And once you have a good customer base don’t just assume that they will be around forever. Seek constant feedback (both in person and online), learn from the insights provided, and make changes to your business as required.


Not networking face to face – It’s so important to get face-to-face with existing and potential clients, but this type of interaction is becoming less and less common as more people opt for digital communication methods. Too many business owners today default to sending emails as their primary method of communication — and occasionally making a phone call…it’s not enough. We might live in a digital age, but we are still real people and in-person communication is still the most effective way to create trust and grow loyal customers.

 

 

Not having a strong and positive online presence – While networking in-person is great, in order to reach the largest number of potential customers you must also ensure they can access you digitally.Fact is that today most of your customers are online. When they look you up, how do you show up? Are you even there? If not, you are missing an enormous opportunity and putting yourself at risk of having your competitors manage your reputation for you.


Underestimating the competition – In order to truly understand your place in any market, it’s important that you also understand the competitors, and take any threat seriously.MySpace used to be the biggest social media platform in existence, and they passed up a chance to buy Facebook for $75 million. Now Facebook is worth over $500 billion. Does MySpace even exist anymore? If they do, I’m sure they wish they could go back in time and take their competition more seriously.


Not standing out – In line with underestimating the competition, it’s also imperative that you don’t look too much like them either. You need to differentiate. You need to give people a reason to choose you over all the other opportunities available out there.A good example here is with the grocery chain WholeFoods. Within a rather bland industry, WholeFoods managed to create a point of difference. They branded themselves as a ‘green’ market, ensured each store had a local focus, partnered with cooking shows to promote their foods, hosted events, maintained blogs, and even created their own app to connect with their customers. In short, they made themselves visible, showed how they were unique, and stood out from the competition.


Not adapting to change – We are at a point in time where change is happening at an unprecedented rate. Technology and globalization are making an impact in every market. It is vital to keep up!Who would have guessed the impact that a smartphone would have on daily life, had they been asked twenty or thirty years ago? Next to no one could have predicted it, yet as smartphones became more ubiquitous, smart companies leveraged this by offering apps early on. Many times, those same companies became industry leaders.

 

 

Thinking YOU are the right person – Now, I’m not saying that you inherently can’t lead your company to profitability, nor are you born into failure. And I’m certainly not saying that Steve Jobs is the only person who could have taken Apple to the heights that it reached. But, he was not the right person. Instead, he knew the right people, he networked with the right investors, and he hired the right people. Jobs recognized the value in bringing all of these elements together to create something special, and that helped boost Apple to become the most valuable company in the world.

 

There is no magic formula to turn failure into success, but you can swing the odds in your favour by learning from others and not repeating their mistakes. Now you are aware of these top pitfalls, make it part of your game-plan to strategically avoid them.

And do keep in mind that any new endeavour involves some level of risk, at least you have thrown your cap in the ring and made a start. As Mark Zuckerberg says: “In a world that’s changing really quickly, the greatest risk is not taking any risk at all.”

 

Sarah Pearce is a professional speaker, business coach , social strategist and author of Online Reputation: Your Most Valuable Asset in a Digital Age.

 

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The Forgetting Curve

‘The most complex entity known to man resides between your ears.’ – Deane Alban

The brain is a mysterious and remarkable thing. There are plenty of statistics that demonstrate this. For example, I could tell you that the brain produces 50,000 thoughts per day — and disturbingly, it’s estimated that in most people, 70% of these thoughts are negative.

I could also share that 90 minutes of sweating can temporarily shrink the brain as much as one year of ageing. Or tell you that about a quarter of our cholesterol resides in the brain, and it uses fat as it’s best source of fuel.

The problem is, you will probably forget these things almost immediately after reading them, because the brain is far from perfect.

 

 

In fact, the brain’s ability to retain and recall whatever you may have just learned is surprisingly unremarkable. Even the memories you think you do remember are unreliable. They can be altered with emotion, motivation, subtle hinting, time and a whole host of other influencers that change what you learned into what you remember.

The brain’s ability to forget, on the other hand, is phenomenal. Research indicates that within just one hour, people forget about 50% of new information; it’s 70% after 24 hours and about 90% after one week. This effect is called the “Forgetting Curve.” The curve highlights just how difficult it can be to retain new information even if you do fully grasp the topic you were studying.

 

Why we forget

Forgetting has an important function though. It allows your brain to clear space for something new. It’s like deleting last year’s sales database off your servers to make room for this year’s numbers. The problem is that it’s not entirely indiscriminate. The brain often chooses to remove things that you really wanted to keep. There’s nothing much to tell it which data you feel is important, it only knows the things that you use.

 

 

So, how do we train our collective brain? Are there any approaches we can take to improve our ability to remember and make it easier for ourselves and our staff to retain information that is presented to them? Or is all that sales training, coaching and conference-attending that we go through a temporary ‘feel-good’ but, ultimately, a complete waste of time?

 

Top tips for retention

The good new is that studies have been conducted on how to learn in a way that will allow for long-term retention. Here are some helpful takeaways.

If you are trying to learn something, consider how soon afterwards you’ll be able to use that new information. Why? Because the more times a certain memory is recalled or, essentially, the more times your brain has to find information, the more likely it is to become a part of your permanent memory. In a nutshell? Use it (straightaway) or lose it.
And if you didn’t learn this in school already, now’s a good time to let you know: cramming doesn’t work. Rather than stuffing your brain full in a short session, spend a little time every day on studying or learning new concepts. This allows the information to ‘trickle in’. Repeatedly visiting it again afterwards then allows the new information to become fairly permanent.
Try to minimize the rest of the things  your brain might pick up on: reduce potential distractions and unnecessary new data. For example, try studying in the same place each time, keep your environment quiet, set up a routine and stick to it. When it comes to where and how you learn,  boring is good.

 

Have fun and get engaged

If you are training employees, there are also key steps that can be taken to optimize your impact and memorability. Although the use of PowerPoint is near ubiquitous in training, it is simply not as effective as active learning. The best case scenario is to combine both, make the session fun, and get the audience actively involved.

 

 

Active learning settings are designed to have the participants engage directly with the material and with one another. Allowing for high energy discussion not only keeps enthusiasm high for the material, but also helps keep the audience engaged throughout the session. The inclusion of humor also helps to improve retention of information.  As famous writer and physician, Alfred Mercier, once said: “What we learn with pleasure we never forget.”

 

Know thyself

Effective trainers should know what their strongest assets are as a presenter, and play to those strengths. Examples of these may be: great communication, expansive knowledge, unique experience in a particular area, the ability to powerfully influence, a passion for learning or educating, open-mindedness, flexibility, the knack of including creative elements in the training, or something else. Very few people are great at all of these things, but all effective trainers will have at least one of these traits and will find a way to adapt their personal style to their teaching style.

Many trainers also incorporate online material, visual aids, or handouts for the trainee to use during and after the session. This makes the material easier to access, and since we now know that the more times the learner reviews the material, the more likely they are to retain it, it’s a real advantage to have this option available.

 

Awareness, action and accountability

The final piece to this lies in accountability. Learning is an active process for both the trainer and the trainee, and if the information is a key part of an organisation’s strategy, then it’s vital that it be retained.

Employers should be accountable for providing the material in ways that make it easy to access, and that allow for different learning styles. Employees should be accountable for actually learning it, interacting with it, and incorporating it into their duties. A regular review of the training material along with periodic assessments can help determine whether the information was learned and is in fact being utilised.

 

Inspiration and perspiration

So it seems the real key to success in learning is about repetition and persistence. If you look at the most successful professional athletes, you will find that  their training was typically rigorous from a very early age and maintained religiously over many years. The same is true for many professional vocalists, artists and top performers in any other field.

As Thomas Edison famously said, “Genius is one percent inspiration, ninety-nine percent perspiration.” While we are not all geniuses, everyone has the ability to learn something new with the proper motivation and dedication. It’s getting our amazing but remarkably unreliable brain to remember it that makes all the difference.

 

Sarah Pearce is a professional speaker, business coach , social strategist and author of Online Reputation: Your Most Valuable Asset in a Digital Age.

 

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4 Ways Chief Executives Should Manage Their Social Media Presence

A fancy job title means instant credibility. Ask anyone in your company who has the biggest influence in the world, and most will point to the C-Suite executive or, at the very least, a senior manager. There’s no denying one simple truth: Any name followed by a three letter acronym starting with a C has instant credibility.

 

 

On the other hand, built in credibility is not something that the everyday Joe or Jill Bloggs in business have naturally. Because of that, their social media efforts have to begin with establishing credibility. While C-Suite executives aren’t immune to losing their credibility, they can be much more relaxed about building their presence from scratch. Often they can jump straight into creating the right content and determining best message delivery.

There are obvious benefits to being an influencer online, which we’ve talked about in the past. Catch up by reading: https://sarahpearce.co.nz/blog/the-power-of-personal-branding-in-business/

 

If you do want the advantage of having a great presence online, here are 4 simple tips to fast-track your success:

 

1) Talk about what you know

With credibility being a fragile thing, it’s safest to talk about the things that you’ve developed over time. Unless you’re some kind of child prodigy, you’ve had years to develop what made you who you are and a valuable leader.

I recommend choosing your top 3 areas of expertise and stick to those topics as much as possible. Don’t know what they are? You can talk with some of your managers and ask them.

 

2) Create something valuable (it doesn’t have to be you!)

There’s 3 ways to create content for your social media. You can sit down and type out 1000 words on your topic of choice. This will get your thoughts exactly the way you like them on the net, but it takes a lot of time.

Alternatively, you could pay someone to write something for you. Freelancers are easy to find and relatively cheap but you won’t be displaying your expertise… you’ll be displaying theirs.

I recommend sharing things that you come across that interests you. By adding your 100 words to an existing piece, you’re highlighting your expertise while keeping your time investment low. Share the things that you would read anyway so that you double up on your benefits!

 

3) Stay consistent

It doesn’t matter what platform someone discovers you on, your message has to be consistent across everything you’re presence graces. Why? Because they’re all linked together. If you Google my name, you’ll see a message that I try to stick to. If I Google your name, how many messages will I read? What skeletons might I find?

 

 

This consistency of presence extends to your profiles. If your LinkedIn profile tells us you’re a CTO of a Fortune 500 company but your Twitter profile says CFO, a reader will start to question you. Questioning the validity of your online persona is a death knell for someone hoping to be an influencer – you need to be above reproach!

I recommend using a 3rd party service like Hootsuite or TweetDeck, where you can place your carefully curated message into different social media sites from the same window. These kind of services gives you the best overview of what you’ve said.

 

4) Use your connections

Along the way you’ve developed connections. You’ve met with other CEOs, networked with people with established social media presences, and/or met with business royalty. Connecting with the right person, having a natural conversation in public on a social network will have a huge effect on your presence.

 

 

 

I recommend picking your most personable and influential contact and just asking a question. “Hey Sandra, that last conversation was enlightening – what do you think about *insert area of expertise-centric, hotly contested topic here*.

It’s like Julie Meyer said not long ago: Job number 1 of the CEO is to communicate his/her vision to the market. You’ve got to get the market’s attention wherever they are… and these days, they’re usually on their phones surfing social media sites! You have a head start with your instant job-title credibility, now maximise it. Be seen in the right places, in the right ways and leverage your leadership influence– both personally and professionally.

 

Sarah Pearce is a professional speaker, business coach , social strategist and author of Online Reputation: Your Most Valuable Asset in a Digital Age.

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Social Media and P.R.: Five Ways to Avoid Putting Your Digital Foot in Your Mouth

“Don’t say anything online that you wouldn’t want plastered on a billboard with your face on it.” Erin Bury’s warning rings true, especially as social media evolves into something more than its creators ever expected. Being authentic on social media is essential, very few manage to do it at all, let alone well. Others regularly screw up, with far-reaching consequences.

 

 

You can’t open Twitter anytime without reading about someone being offended about something that someone else said. No one is immune: CEOs, brands, and anyone who wants to make an image for themselves or a company online are at risk.

If you remember the backlash Delta airlines faced when a disappointed, well-known political pundit voiced her displeasure, you’ll know exactly how easy it is to put your digital foot in your mouth.

When challenged or under scrutiny, many brands and business leaders retreat into a world of scripted-sounding dialogue; making their tweets sound like the last 45 seconds of any dry medical commercial. Let’s take Uber for example. Earlier this year they were facing London lawmakers in an incredibly high-stakes situation. Scrambling to gain public support and sway opinion, their P.R. campaign included a series of tweets, starting with this: https://twitter.com/Uber/status/912091089196146688

Robotic sounding, right? I’ll guarantee that the rest of the points in that thread are copy-pasted out of a PowerPoint presentation. The response from the public was prolific and widely derisive. Rather than battling on, Uber’s social marketing team seem to give up and withdraw back into their shell.

 

 

Let’s take a close look at this tweet thread as a case study so that something can be learnt by the rest of us.  If you’re going to have a voice on social media:

 

1. Mean it

I sincerely doubt the social media writer who wrote that Uber piece was really feeling that passionate. It showed, especially in the follow up tweets to the thread. Reply tweets immediately challenged Uber on not paying taxes, under-paying their drivers and (hard to escape this one) called them out on their future vision: “Hows the driverless cars coming along? What will happen to the 40k drivers you’re so concerned about then?” @DickyBirdie1555

Bottom line is that the company cares more about their bottom line than their workers, and they should have owned it. There was a much smarter way to handle this situation. Imagine, for example, if the thread focused on the number of dollars earned and the number of London-based rides like they did in Montreal, Canada. That would have been more authentic to the brand and less vulnerable to complaints.

 

2. Make it clear that you are the Expert

The London government’s reasons for threatening Uber’s licensing were due to safety and insurance concerns. Safety was raised partly due to the scandals within the company but also to do with the lack of regulation on car maintenance. If Uber cars are as reliable as taxis, they should talk about it!

In the US, Uber provides insurance for its drivers while they’re driving with the app active… but it’s not clear if they provide the same service in the UK. This is something they should have addressed and made visible to the public if it was positively the case.

 

3. Use your words

Except for possibly chatspeak, acronyms don’t belong in your tweets. For example, where Uber wrote “… the same DBS background checks…” could have just been background checks. Other words included that you will find on any “do not tweet” list are:

Technical jargon
Words with double meaning
Repetitive phrases

Rule of thumb? Be a real person, sound like you are talking to real people and keep it simple.

 

 

4. Focus on the story

Particularly on social media, people care about the experience you are (or want them to be) experiencing. They don’t care for prepared statements — save those for the courtrooms. What the average Jane and Joe Bloggs today look for is adventure, experiences, and connections. Give them that with every blog post you write and send (or every tweet thread you create). Make it positive and something they can emotionally buy into.

 

5. Explain the benefits

No fan wants to know what you get out of the deal; they’re only concerned with what they get. Always focus on what they get, not what you do or make. People assign value to a product or service by what how they think it benefits them. Failing that, try using the “dove tailed outcome,” a technique that clearly show the win-win. Be clear about what’s in it for both you and your customer.

 

How would I have written this thread of tweets? The message would have been something more like this (but keep in mind most of these numbers are made up!):

Every day 20,000 rides are shared between Londoners and Uber drivers. That puts 75,000 pounds into the local economy.

Our 40,000 drivers keep 75% of this, and we are earnestly doing everything we can to keep your livelihood safe and secure.

London wants to stop us from achieving our goals, claiming we are unsafe. Safety, to all of us, is the forefront of our service.

We provide insurance and background checks for drivers. Our app tracks riders’ location and ensures payment protection.

Thank you, all 720,000 Londoners, who have signed the petition to keep Uber in London.

Also included in every tweet would be a picture of a famous Londoner happily catching an Uber. Why happy celebs? Because the fact is celebrities influence most of us, whether we like it or not. And like a fire alarm tells you that it’s socially acceptable to flee the building, faces in photos let you know what is socially acceptable to feel about a post.

By using all 5 of these steps on a tweet campaign, its easy to create a story that doesn’t begin with what Uber wants, but what they provide and why Uber’s story matters to the reader. It’s useful to remember that every time you post something on social media you either add value, take up space, or lose credibility. Post wisely!

 

Sarah Pearce is a professional speaker, business coach, social strategist and author of  Online Reputation: Your Most Valuable Asset in a Digital Age.

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