Alexandra Levit's Water Cooler Wisdom

Conduct Market Research on a Budget

Business success today depends on understanding what market trends are most prominent, what your customers need and what types of competitive strategies are the most effective. After all, there's nothing worse than spending precious resources launching a new product or service that ultimately flops in the marketplace.

Fortunately, advancing technology makes it possible to conduct competitive market research more rapidly than in the past. Let's explore how to conduct a market analysis efficiently, as well as strategies that facilitate quick learning of key market trends.

Conducting a Customer Needs Analysis

The first step in mastering market trends is getting to know your customers. You should use any information and feedback collected to divide your customers into segments. Segments should share a common characteristic (such as age or location) and be large enough to warrant individual marketing attention.

Within each segment, it's helpful to develop buyer profiles. Picturing your customer as a human being, you'll describe:

• their demographics and background,
• motivations and challenges,
• what they spend their lives doing,
• how they communicate with the businesses they patronize and
• the messages that are most likely to appeal to them.

Your last customer needs analysis step will be connecting each target buyer's needs to a product or service. Call out your benefits, why the target buyer would or would not choose you over a competitor. If there are holes, consider refining your offerings to better address critical customer pain points.

For the rest of the article head over to the AMEX Business site.

Learning Resources to Help You Keep Up With Your Growing Business

Effective strategies for managing a growing business change all the time—the onus is on the owner to develop a mindset of continuous education. It's in your best interest to identify learning resources in a few key areas that are critical for growing your business.

Let's focus on debt consolidation, business loan attainment, supply chain  management and sales and marketing tracking because they all affect your ability to generate positive cash flow and ensure that your operations solidly support your growth objectives.

Debt Consolidation

When growing pains hit your business, you could unexpectedly find yourself in a mountain of debt.

Rather than letting the situation get out of control, you might consider debt consolidation, which involves taking out a new loan to pay off the debt and associated interest across your accounts. Debt consolidation loans are typically installment-based, meaning you pay them off monthly over a set time period.

Provided you procure a loan with a lower interest rate than that of your other balances, debt consolidation may make sense for you. Learning resources that teach the ins and outs of debt consolidation include a local credit union, CreditKarma, Debt.org and NerdWallet.

Business Loan Attainment

Once upon a time, getting a business loan meant walking into your local bank branch and convincing the lender to take a chance on you. Fortunately, there are more online options than ever before, but you must know what to look for.

 

Your growing business can benefit from a variety of financing solutions with low interest rates. Some common solutions include term loans, in which a lender provides a lump sum that you may back over a specified time period of one to five years; and business lines of credit, in which you borrow a maximum credit limit and pay interest rates on only the capital borrowed from the credit line.

And unlike the loans of yesteryear, you don't have to wait very long. Most online business loans get you the money you need within a few days. If your business needs a capital infusion to keep up with industry changes, check out learning resources like the Small Business Administration and Fundera to identify the loan that best addresses your business requirements and unique financial situation.

For the rest of the piece, check out the AMEX Business site.

How Working Parents Can Hack Their Professional Development

Considering the average working parent's schedule, most don't have time to pursue an additional degree or attend lengthy onsite trainings while parenting and working full time. 

However, keeping skills current is essential to gainful employment through the automation age. Let's have a look at six alternate ways working parents can upskill without drowning in additional commitments.

1. Read a book on your phone.

In my home office, I have a stack of business books I've been meaning to (at least) skim, but the idea of sitting down with 250 pages overwhelms me. 

Instead, working parents should consider downloading a relevant professional development book onto their smartphones, and stealing a few minutes to read while waiting in line at the grocery store or sitting in the doctor's waiting room. 

You'd be surprised how the time adds up! Employing this strategy, I went from reading a book a quarter to a book a month.

2. Listen to podcasts on your commute.

On a related point, commuting by car, train or foot involves at least an hour a day for most working parents. You can stay entertained and learning about your field by searching podcast directories, such as Apple's Podcast app, Google Play Music and Spotify, and choosing one that appeals to your sensibilities and development goals. 

Usually spanning 30 to 60 minutes, podcast episodes are the perfect size to consume while making your way to and from work.

3. Take an online course during lunch or after bedtime.

Massive open online courses (MOOCs) are free, short or long-form courses provided by established universities like Stanford and Yale, as well as specialized sites like Coursera, EdX and Udemy. These offerings include a mix of learning modalities including filmed lectures, readings, quizzes and online community interaction. 

The good news is working parents can sign in whenever they have time. You might also consider standalone webinars from third-party associations or companies in your space. For example, I regularly attend webinars sponsored by the American Management Association and the Human Capital Institute. If I can't make the live events, I'll listen to the recordings after my kids are in bed.

For more where this came from, head over to the AMEX Business site.

Time-Saving Ways to Stay Up to Date on Market Trends

Business success today depends on understanding, in real time, what your customers need and what types of competitive strategies are the most effective. After all, there’s nothing worse than spending precious resources launching a new product or service that ultimately flops in the marketplace.

Fortunately, advancing technology makes it possible to conduct competitive market research more rapidly than in the past. Let’s explore how to conduct a market analysis efficiently, as well as strategies that facilitate quick learning of key market trends.

How to Conduct a Customer Needs Analysis

The first step is getting to know your customers, which we’ll discuss in more detail in the next section. You should use the information and feedback collected to divide your customers into segments. Segments should share a common characteristic (such as age or location) and be large enough to warrant individual marketing attention.

Within each segment, it’s helpful to develop buyer profiles. Thanks to the below information on how to conduct market research, you’ll hopefully have a complete understanding of your target buyer’s needs. Picturing her as a flesh and blood human, you’ll describe her demographics and background, her motivations and challenges, what she spends her life doing, how she communicates with businesses she patronizes and the messages that are most likely to appeal to her.

Your last customer needs analysis step? Connect each target buyer’s needs to a product or service. Call out your benefits, why the target buyer would or would not choose you over a competitor. If there are holes, consider refining your offerings to better address critical customer pain points.

How to Conduct Market Research without Spending Months or Millions

You don’t need to spend a fortune with a prestigious market research firm to gain valuable customer insights. There are a number of low cost, time-efficient ways of examining market trends – many of which are online. One go-to strategy is crowdsourcing. You can use social media or online surveys emailed to your database to collect feedback about what’s working (or not) for your existing customers. Be sure to ask the tough questions, encourage honesty, and reward customers for their participation via coupons, discounts, or gift cards.

In some cases and especially if you are developing a new product to service, you might want to access the larger market. Online services like TYLM (Tap Your Larger Market) and Gutcheck allow you to use targeting criteria like gender and income to ask a series of open and closed questions to millions of pre-qualified individuals. In addition to completed surveys, these tools can capture customer emotions via one-on-one video responses and can analyze and summarize the results so you don’t have to spend time sifting through raw data.

You might also deduce market trends through the use of text analysis software. These tools help business owners gain insights from structured and unstructured text data using natural language processing (or a program’s ability to process human speech patterns). Leveraging data from a variety of sources including public reviews, emails sent to your organization, surveys, and phone transcripts, text analysis software can pull out key language patterns that get to the bottom of customer sentiment. As an example, Thematic gathers customer feedback from your existing data sources and, by distilling common themes, analyzes your best route to keeping customers. Similarly, Chattermill takes unstructured input and translates it into clear actions meant to improve customer experience. And best of all, many steps can be automated!

Of course, your market trends analysis won’t be complete without competitor monitoring. If you’re not sure how to find competitors of a company, searching them out via Google and comparing and contrasting the features and benefits listed on their websites is an excellent place to start. A number of paid tools also help with competitor monitoring, including SEMRush, which provides data about your current online performance as well as that of your competitors and helps you accurately assess the search terms leading to your company and competitors. A second option is SpyFu, which allows you to search for any competitor and download their keywords.

While conducting a customer needs analysis and market trends research doesn’t have to take over your life, it may still be worthwhile to hire an intern or freelancer to employ these strategies on your behalf. While you should probably repeat your analyses annually, you will also get more proficient at minimizing time spent!

Why We Haven’t Fixed Our Diversity Problems

I’ll be the first to say I don’t have all the answers when it comes to diversity and inclusion. I don’t think anyone does, but least of all me. The closest I’ve come to discrimination is being told I had to be three times as smart, competent, and amusing as male speakers because I was a small, young-looking woman. And, sometimes people ask “odd” questions about my religion (Judaism).

But just because we don’t have all the answers doesn’t mean we shouldn’t keep asking the questions. The question I’m constantly addressing with other human capital experts today involves why we haven’t made greater progress with respect to D&I in the organizational setting.

It doesn’t quite make sense. After all, the business case has been clear for decades. Diverse organizations perform better, are more innovative, and have more engaged employees. In terms of our collective degree of tolerance for those different than ourselves, we’ve come a long way. We now even have software that’s supposed to help us mitigate unconscious bias. So why is D&I still such a thorny problem? Here are three speculations.

Issue #1: We focus too much on recruitment.

Most organizations understand the need to solicit talent from diverse sources and are successful at doing just that. Thanks to new partnerships with high schools, universities, associations, and community groups we may never have engaged with in the past, new employees come in the door looking and thinking differently. Here’s the thing, though. What happens after these diverse hires start? Usually, they’re simply swallowed up by the system. We fail to create an onboarding experience that’s customized to be rewarding to the individual, we don’t provide them with the right skill acquisition and we don’t provide mentors to whom they can relate. So they leave – often with  speed and disillusionment – and we are forced to start over with fresh recruits.

Issue #2: We make D&I a program rather than a culture.

This second problem is related to why diverse hires don’t stay. The D&I “function” is often relegated to a single person, or maybe a team, that’s responsible for creating initiatives. Beyond talent acquisition, such programs might include affinity groups and unconscious bias training. But many employees, especially those in the millennial generation, find a narrow focus on D&I stranger than no focus at all. A 28-year-old recently told me: “When I work at a company, I just want to walk into the lobby and see all kinds of people. I should have no idea whether they’re in the c-suite or a cube based on how they look. It’s weird when a company tries too hard, you know? We’re a diverse country, why isn’t this more natural?” And how do we make it “more natural,” exactly? The importance of D&I must be embedded in the organization’s vision and goals, consistently communicated from the top, and reflected in measurement of performance.

Issue #3: We’re creating biased software.

Hiring and performance management software that removes common barriers to inclusion and prompts us to awareness of potential bias is no doubt a brilliant invention. But this software is currently designed and programmed by a very non-diverse pool of people from a limited number of organizations, and this setup has the potential for technology to make bias worse. If we truly want to leverage algorithms as partners in this cause, educational institutions and software companies need to train and employ developers who accurately represent today’s employee populations. This is the only way to ensure that the resulting products come to the table with the right lens.

Want to learn more about the challenges and opportunities of the next generation of D&I? Join SilkRoad’s human capital futurist Alexandra Levit for a free webinar on December 10, 2019 at 2PM EST.

How to Prepare for Leadership Disruption

As a futurist and the host of the Workforce 2030 podcast, I’m frequently asked the most important trait leaders need to develop to effectively govern 21^st century workforces. The answer is easy: agility. The business world’s only certainty is that the environment WILL change quickly, and the fastest way to organizational obscurity and failure is to deny that major disruptions are bound to occur and that regular strategy pivots will be essential.  These questions will help leaders navigate a climate in which an approach that worked yesterday is unlikely to work the same way tomorrow.

Is My Organization Agile Enough to Shift Direction Rapidly?

Many companies are bureaucratic and unwieldy, where one must wade through layers of hierarchy before receiving the green light to change a process. As we move toward 2030, the pace of change will demand real-time monitoring of markets and customer demands, as well as infrastructures and mechanisms to drive immediate action when an approved strategy no longer serves.

Have I Customized My Management Style?

We have moved from a workforce of many to a workforce of one. Today’s employees are more diverse than ever. They have different work arrangements, personal priorities, and career aspirations. Leaders must tailor their styles to the individual rather than insisting on a one-size-fits-all approach, and they must be willing to diligently supervise multi-generational, virtual, remote, and contract teams as well as traditional full-time, onsite ones.

For the rest of the article, check out the SilkRoad blog.

Guiding Your Team Through Evolving Work Structures

Whether you’ve been with the same organization or moved around, if you’ve been a manager for a while, you have probably experienced a lot of changes regarding how, where, and when people work. The boundaries for what’s acceptable and what isn’t have shifted dramatically over the last 10 years, and many agree that the waters are growing even murkier.

As we approach 2020, every organization is different with respect to policies on flexwork, technology-facilitated collaboration, virtual teaming, contract hiring, meetings scheduling and logistics, and the like. And because the dos and don’ts frequently evolve, your responsibility as a leader is to ensure that protocol is clear and that your employees can function happily and productively in the context of new structures. Here are a few suggestions for a successful transition.

Understand what the rest of your organization is doing

Before you provide guidance to your team, talk to HR or c-suite leaders about any top-down work structure-related policies, procedures, and resources that already exist and can be tweaked or updated to meet your team’s needs. If another leader is blazing an innovation trail, learn from their experience and aim to take workable arrangements to the next level.

Understand each individual’s unique needs

We now operate in a workforce of one, where every employee governs their career differently. Prior to revising a structure or process (or starting a new one), survey your team members about the most effective ways to get their jobs done with maximum impact and minimum stress, and notice commonalities in the feedback.

Choose pilot over permanent

Complete transitions to new structures gradually and on a small scale. For instance, if you want to move your team from 100 percent in-office to 80 percent, with the option of working from home or another location the remaining 20 percent, start with a three-month trial. Outline rules and expectations upfront and select a metric like productivity to ascertain how well the new protocol is working.

Educate your people on politics

If you’re reading this piece, your team may be on the cutting-edge of 21st century work. This means that your employees could run into snafus with other departments that operate differently. Think through potential complications early, manage perceptions, and ensure that your team can address objections from and continue to build trust with more traditional areas of the business. In other words, don’t let other leaders think your people are lazy or off the grid.

Encourage frequent communication

Any change process must be accompanied by more discussion than you think you need. Schedule group and individual check-ins at least twice a month so that your transition is smooth and hiccup-free as possible, protocols are consistently implemented from one team member to another, employees have an opportunity to provide feedback, and business is running as usual.  

In a business world where every employee’s journey is different, facilitating effective transitions is just as critical to engaging and retaining top talent as more traditional lifecycle focuses like onboarding and performance. Join sponsor SilkRoad and me for a webinar on August 29, 2019 at 2PM EST and come with questions!

 

Humanity Works Book Tour: Glimpses of the Future

One of the highlights of the last year was my #humanityworks tour in the UK, from which these six videos resulted. Check them out for short and sweet advice on what's to come in the workforce of 2030 and beyond.

Episode 1: Don't Worry about AI Stealing Your Job, Worry about Your Lack of Skills

Episode 2: Why You Should Develop Your Interpersonal Sensitivity Skills

Episode 3: Technology Will Create New Jobs

Episode 4: Will Technology Develop Consciousness?

Episode 5: Workplace Agility: The Crucial Skill for Your Career

Episode 6: 3 Important Technologies for HR and L&D

 

AI's Relationship to Team Collaboration

Artificial intelligence, or AI, is all the rage in business. Owners hoping for more efficient operations and better team collaboration are eager to take advantage of smart machines, but where should you start?

First described by Stanford computer scientist John McCarthy in 1956, artificial intelligence refers to computer simulation of human intelligence. Let's explore the categories of AI most businesses are implementing today, as well as the things to keep in mind when considering AI-based collaboration tools.

We can place nearly all available AI programs into two categories: narrow artificial intelligence and general artificial intelligence. Narrow AI completes simple, routine tasks and can usually do so more quickly than human counterparts. This form of AI does not possess understanding or insight—it does exactly what it's programmed for. (Most automation in manufacturing and business environments is the product of narrow AI.)

Narrow AI is transforming team collaboration by taking over administrative functions and freeing human workers to focus on more mission-critical tasks. Alexa for Business and Google Assistant, for instance, are intelligent assistants your whole team can use via a shared console. These AI assistants interact with your team's other digital systems to set up meetings, send reminders, print necessary materials and run your presentation in a conference room.

Artificial general intelligence possesses greater cognitive abilities. A system using this form can come across an unfamiliar task or situation and generate solutions, although currently not to the level of abstraction possible for human workers. Still, as computer scientists devise increasingly sophisticated machine learning applications, which actively learn from prior experience by recognizing patterns in their own data, the productivity of team collaboration skyrockets.

For the rest of the article, please head over to the AMEX Business site.

Supply Chain Strategies for Smaller Businesses

Supply chain management refers to overseeing the processes that transform a raw material into a final product and ensuring that goods and services proceed smoothly from initial manufacturing to customer delivery. Effective supply chain management involves streamlining the flow in a way that maximizes the organization's bottom line and the end customer's value.

Experts believe the future of supply chain management will include increased automation, along with a focus on analytics, sustainability practices and complex supplier relationships. And women are leading the charge—according to a 2018 survey conducted by Gartner Research, there has been "sustained strong representation of women in the senior-most ranks of supply chain organizations relative to other functions. We also find more supply chain leaders spearheading their own initiatives to attract, retain and advance women."

To that end, I asked a few women supply chain leaders what they are doing to further their careers as well as the missions of their organizations.

Smart Analytics

Collecting data from a variety of sources and using it to derive relevant insights for the business can have an positive effect on supply chain performance.

Jill Keto, CMO of Easy Metrics, a cloud-based supply chain visibility provider, has moved up in her career by developing tools that help organizations optimize their largest controllable expense—labor. 

“Using big data in warehouse environments to track labor is a strategy that has paid huge dividends," Keto says. “My customers see improved team engagement, 40 percent productivity improvement and 15 percent labor cost reduction simply by using data to capture the labor costs of every action.

“In a tight job market where labor demand is outpacing supply," she continues, "and where customer requirements like same-day shipping and small orders are the norm, distribution operators are running into challenges that didn't exist before."

Keto leverages the interplay of the Internet of Things, machine learning and big data to bring a degree of calm to the chaos.

Sustainability Focus

Before founding her company virtue + vice, which advises fashion brands on impact sourcing and sustainable supply chain management, entrepreneur Melanie DiSalvo worked in supply chain management, product development and production for major fashion brands. 

DiSalvo's intimate experience with the fashion supply chain and global market trends, particularly strategic regional sourcing and operations, provided the know-how to launch her own company.

“My in-depth understanding of how each level of the supply chain works has gotten me ahead," she says. “My time spent living and working overseas in factories and mills was invaluable because it taught me exactly what's possible and what isn't, and shapes how I solve problems for my customers every day. 

"Because I know what goes into making each component of a clothing item, I can come up with environmentally sustainable workarounds that most people would never think to try," she adds.

For more insights, check out the full piece on the AMEX Business site.