In an ideal world every client and buyer you encountered would fit into a precise target market (preferably one that your marketing department has staked out). These clients and buyers would use your product for its intended purpose 100% of the time, which would allow you to create new products for different needs. But we don’t live in an ideal world–especially not today, where technology has become so advanced that a single device can fulfill hundreds of different requirements for a buyer.
Though traditional radio has fallen off in the age of smartphones and MP3 players, podcasting has taken off in its place. Podcasts allow anyone, including hobbyists, professionals, and businesses, to put together a simple radio show on any topic. These files can easily be downloaded to smartphones, MP3 players, tablets, and other mobile devices, making them a great way to get a message out to people on the move. Unlike streaming Web radio, which has to be listened to live, podcasts are downloaded when a user has Internet access and can be listened to at any time. Users can also subscribe, receiving podcasts from a given content creator whenever they are available.
The world is changing faster now than at any time in its history. Never before have people and businesses had to adapt to so many changes at such a fast pace. Despite the stress and chaos of it all, Amazon.com founder, Washington Post owner, and Blue Origin creator Jeff Bezos has been successfully leading new businesses in new frontiers.
[Read more…] about Lessons from Blue Origin on Modern Business
After the initial rush that comes with being hired or promoted into a managerial position there’s a lot of room for dread and anxiety to set in. Some new managers have a hard time coping with the transition, since their responsibilities and efforts might be newly focused on tasks that don’t always have immediately measurable impact (mentorship, team growth, et cetera). However, some evidence suggests that people who ascend to leadership positions actually feel less stress than in their former positions when they feel that they have a raised sense of control. One of the best ways to feel confident in a new leadership position is to know what to expect, and what to focus on, before day one.
A 2014 infographic called Women in Sales: Top Trends of Female Sales Professionals, which analyzed millions of LinkedIn profiles to measure the representation of women in the sales workforce, showed that there is still a wage and career gap that exists between male and female sales professionals. According to the analysis women made up 39% of all sales professionals in the LinkedIn network (up from 36% in the past 10 years), with only about a third (30%) of those women being in director level or higher positions.
The dialogue on whether corporations carry responsibilities to more than just their shareholders has been going on for decades, and for the most part, the question is still open. While many share the opinion of Nobel laureate Milton Friedman that corporate social responsibility is a self-defeating enterprise, many businesses have begun to swing the other way, and a new generation of corporate leaders seems to agree. One survey conducted in 2012 by Net Impact showed that nearly two-thirds of MBA holders inquired wanted to make an environmental or social impact through their work, and thousands of businesses have joined the effort to improve human rights and environmental protections the world over.
While it can be tempting to think that every customer is valuable, some are more valuable than others, and others just aren’t worth the effort they require to retain. Whether it’s because of consistently late payments, excessive support requests, or simply a divergent way of doing business, sometimes a company and a customer just aren’t the right fit for each other. Customer divestment has become more common in the last decade, with a Harvard Business Review study from 2005-2006 indicating that 85% of executives in certain sectors had already undertaken divestment with some customers.
Don’t underestimate the power of the Internet to change how people view your company. From online reviews to your social media presence, it doesn’t take much to turn a 5-star rating into an embarrassment. And, unlike a bad reputation in high school, kids in the corporate world are not as quick to forget.
The sunk cost fallacy is simple: once someone has spent something unrecoverable, one should avoid throwing more after it in an attempt to “honor the cost” or “try to make the best of it” if the potential benefits outweigh the new cost. In everyday life, trying to repair an old car can often fall into this category. “I’ve already spent $20,000 trying to fix this,” one might say, “I can’t just give up.” If the car’s still not working, giving up is indeed the smart thing to do; nothing will get that money back, and there may be a better way to invest the remaining funds.