10 Tips to Help You Make the Most of Your Time as a Small Business Owner

Small business owners only have a finite amount of hours each day. How you use them can have a major impact on your overall success. If you want to make the most of your limited time, you need to increase productivity in new and creative ways. See what has worked for members of the online small business community below.

Transform Your Day with a Morning Routine

A productive morning helps you set the tone for the rest of the day. If you want to get more done on a regular basis, a set morning routine can help. In this post and podcast on the Duct Tape Marketing blog, you can learn all about creating the right routine for your business.

Clean Up Your Bookkeeping

Constantly working through messy bookkeeping documents can waste a ton of time. If your want to improve your finances and save time, going through a thorough cleanup process is a must. This Acuity post by Kenji Kuramoto includes tips for doing just that.

Improve Employee Performance

If your team can get more done each day, you can save time on your own tasks while still keeping up with your business goals. So how can you improve performance across the board? In this SMB CEO post, Ivan Widjaya goes over some of the top strategies you can try.

Rapidly Master Social Media

If you’re not already a social media master by the time you start a business, you need to learn the ins and outs quickly so you can make the most of those platforms. If you don’t have a ton of time to lose, this Pixel Productions post by Hermit Chawla might help. You can also visit the BizSugar community to see what other business owners are saying.

Measure Your Marketing Impact

Lots of business owners spend too much of their time on marketing. If you want to make the most of your day, you need to focus on the things that make the biggest impact. That means you have to measure what works and what doesn’t. In this SmallBizDaily post by Tobias Foster, you can learn a few easy steps to measure your impact this year.

Blend Work and Leisure Travel

Travel can benefit your business in a number of ways. It can open you up to opportunities in new markets, help you make valuable connections, and give you a change of pace that may boost your creativity and motivation. If you’re interested in enjoying your travels on a personal level while still growing your business, read this Smallbiztechnology.com post by Ramon Ray.

Increase Traffic with Push Notifications

Increasing traffic to your blog or website can be really time consuming. Instead of trying to balance ten different marketing channels, why not try something that can provide an instant boost? Neil Patel outlines how he’s used push notifications to drive traffic in this blog post.

Chart and Track Google Trends

Keeping up with the latest online trends can make a big impact on your SEO strategy. But constantly checking in on Google Trends can be time consuming. So using tools like Python can help you keep up without wasting time. Learn more in this Search Engine Land post by Hulya Coban.

Understand the Purpose of SEO

Some business owners may overlook certain aspects of marketing simply because they don’t understand them. But if you’re not making an informed decision, you could be wasting tons of time on less effective techniques. If you need help when it comes to SEO, check out this Mostly Blogging post by Janice Wald. Then head over the BizSugar community to see commentary from members.

Look at New Business Opportunities

Some businesses allow you to earn an income without actively providing service on your own time. If you’re interested in starting a new business in your spare time or want to add another revenue stream to your current operations, Nellie Akalp of CorpNet goes over how to start a vending machine business in this post.

If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.

Image: Depositphotos.com

This article, "10 Tips to Help You Make the Most of Your Time as a Small Business Owner" was first published on Small Business Trends

What Your Small Business Needs to Know About Coronavirus and What You Should Do Now

Coronavirus has made its way to the U.S. And the CDC recently released guidance for businesses that are concerned about its potential impact.

Coronavirus, also known as COVID-19, is a virus that causes a wide range of symptoms. Mild cases include cough, shortness of breath, fever, and respiratory issues. Severe cases can lead to viral pneumonia, which cannot be treated with antibiotics. It’s part of the coronavirus family, which has mainly impacted animals in China to this point. It has since spread to several countries around the world, including the U.S.

For businesses, the spread of coronavirus may also impact the workplace. It’s possible that your employees may need extra time off to get medical attention for these symptoms, or to care for loved one who have been affected.

However, it’s usually better to deal with a few absent employees than the alternative. If people feel pressured to not miss any work and an infectious disease spreads around your office or facility, employees may miss significant time and put others at risk. For the good of your team, customers, business, and the community, it’s best to exercise caution when it comes to employees showing symptoms.

The CDC statement reads, in part, “All employers should be ready to implement strategies to protect their workforce from COVID-19 while ensuring continuity of operations. During a COVID-19 outbreak, all sick employees should stay home and away from the workplace, respiratory etiquette and hand hygiene should be encouraged, and routine cleaning of commonly touched surfaces should be performed regularly.”

What Small Businesses Can Do Now

More specifically, the CDC recommends that businesses adopt flexible sick time policies and avoid making employees adhere to limits or obtain doctor’s notes. Place posters or literature around your office or business to explain any policy changes to employees and make sure they know to take time off and let a supervisor know, if needed. You may need to take alternative measures to make up for a potential loss of man hours, like outsourcing or asking some team members to be on-call.

The agency also stresses the importance of proper hand washing and environmental cleaning. So make sure sufficient cleaners and hand washing stations are present around your facility.

The coronavirus outbreak could prove potentially even more troubling. Especially to business owners or professionals who travel on a regular basis. Do you or a team member take frequent trips? Heave they flown recently to countries where there have been outbreaks? Then look out for symptoms. And contact a healthcare professional right away if you experience any.

Overall, businesses need to take the risks of coronavirus seriously. And plan for potential absenteeism. This may become necessary if employees need to get medical attention. Or if they need to assist sick family members. However, the CDC also notes it’s also important to maintain confidentiality. Protect the privacy of those who may be dealing with coronavirus symptoms. And never make determinations based on other factors like race or country of origin.

Image: Depositphotos.com

This article, "What Your Small Business Needs to Know About Coronavirus and What You Should Do Now" was first published on Small Business Trends

Notivize makes it easier for non-technical teams to optimize app notifications

A new startup called Notivize aims to give product teams direct access to one of their most important tools for increasing user engagement — notifications.

The company has been testing the product with select customers since last year and says it has already sent hundreds of thousands of notifications. And this week, it announced that it has raised $500,000 in seed funding led by Heroic Ventures.

Notivize co-founder Matt Bornski has worked at a number of startups including AppLovin and Wink, and he said he has “so many stories I can tell you about the time it takes to change a notification that’s deeply embedded in your stack.”

To be clear, Bornski isn’t talking about a simple marketing message that’s part of a scheduled campaign. Instead, he said that the “most valuable” notifications (e.g., the ones that users actually respond to) are usually driven by activity in an app.

For example, it might sound obvious to send an SMS message to a customer once the product they’ve purchased has shipped, but Bornski said that actually creating a notification like that would normally require an engineer to write new code.

“There’s the traditional way that these things are built: The product team specs out that we need to send this email when this happens, or send this SMS or notification when this happens, then the engineering team will go in and find the part of the code where they detect that such a thing has happened,” he said. “What we really want to do is give [the product team] the toolkit, and I think we have.”

So with Notivize, non-coding members of the product and marketing team can write “if-then” rules that will trigger a notification. And this, Bornski said, also makes it easier to “A/B test and optimize your copy and your send times and your channels” to ensure that your notifications are as effective as possible.

He added that companies usually don’t build this for themselves, because when they’re first building an app, it’s “not a rational thing to invest your time and effort in when you’re just testing the market or you’re struggling for product market fit.” Later on, however, it can be challenging to “go in and rip out all the old stuff” — so instead, you can just take advantage of what Notivize has already built.

Bornski also emphasized that the company isn’t trying to replace services that provide the “plumbing” for notifications. Indeed, Notivize actually integrates with SendGrid and Twilio to send the notifications.

“The actual sending is not the core value [of what we do],” he said. “We’re improving the quality of what you’re paying for, of what you send.”

Notivize allows customers to send up to 100 messages per month for free. After that, pricing starts at $14.99 per month.

“The steady march of low-code and no-code solutions into the product management and marketing stack continues to unlock market velocity and product innovation,” said Heroic Ventures founder Michael Fertik in a statement. “Having been an early investor in several developer platforms, it is clear that Notivize has cracked the code on how to empower non-technical teams to manage critical yet complex product workflows.”

OneSignal raises $7M for its free push notification tools

Pioneer founder Daniel Gross on bringing remote teams together

There are plenty of accelerators aiming to sway young startups to join their ranks rather than apply to Y Combinator, but Pioneer‘s sell is a bit different.

First off, they are fully remote; founders selected to participate in the program chat with advisors via video chat. Second, Pioneer is largely looking at companies that aren’t companies yet, framing themselves as more of a “startup generator” than an accelerator that aims to help entrepreneurs outside Silicon Valley zero in on exactly what kind of startup they want to build.

Earlier this month, I wrote about the accelerator, which is helmed by former YC partner Daniel Gross.

Ex-YC partner Daniel Gross rethinks the accelerator

My interview with Gross had some interesting longer bouts I didn’t have space to include, so I’m including the salient bits here. This interview has been edited for length and clarity.

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TechCrunch: Remote work seems to have its challenges; how have you overcome some of the humps of being a remote accelerator?

Daniel Gross: My overall view is that remote can replace the majority of real-world interaction. But there’s less inertia, if that makes sense, and so I think you can build real rapport and real relationships through a group video chat on the internet, but it will require much more thinking and effort around it than if you were just meeting up in the real world.

Top Story: What Your Small Business Can Learn from Apple

How does one of the largest and most recognized companies in the world (Apple) make its money? More importantly how has it stayed on top for all these years?

In this week’s roundup, an infographic by SellYourMac goes beyond asking how Apple makes its money. It looks at how Steve Job created a culture of dominance. According to the infographic, it is by creating great designs, high quality products, exceptional marketing, bold leadership and innovation.

These are all concepts any small business can follow in order to keep a company growing and remain a leader.

To go along with theme of longevity, the roundup also looks at the oldest companies in the world. Would you believe there is a company in Japan that is 1,428 years old? How can you build a company with the same longevity?

The weekly roundup highlights articles that show small business owners how their companies too can realize great potential. While you are at it, take a look at the rest of the news in the roundup.

Success Stories

Creative Selection – Inside Apple’s Design Process During the Golden Age

Creative Selection Steve Jobs is a business icon whose influence beyond his company Apple is still felt today. Much was written about him and his legacy after his death, and since Jobs’ passing Apple has transitioned into a new era under current CEO Tim Cook.

How Apple Makes Its Money

Apple is a brand with instant name recognition. And this recognition is responsible for making it the first U.S. publicly traded company to reach a market value of one trillion dollars. How Apple Makes Its Money So, how does Apple make its money? A new infographic from SellYourMac asks this very same question.

What Are the Oldest Companies in the World?

When entrepreneurs start a business, their goal is for it to keep running forever. With that in mind, have you ever wondered about the oldest company in the world? A new and incredible infographic (with some great graphics) from Businessfinancing.co.UK thoroughly answers that question.

Finance

Things Every Small Business Owner Needs to Know About the SECURE Act

The Setting Every Community Up for Retirement Enhancement Act (SECURE) is part of the government’s spending bill that includes numerous provisions intended to strengthen retirement security across the country. It is designed to open up opportunities to segments of the workforce that was previously not covered in retirement plans.

Management

How Leaders Can Better Track the Health of Their SMBs

The first quarter of the new year is a time to set goals and implement changes that will transform your business and help you achieve even greater success in the year to come. But while setting lofty goals is nice, executive leaders must also consider how they will keep track of business health in 2020.

Sales

Motivational Sales Quotes to Inspire You

Sales is a challenging vocation. But if you keep yourself and your team fired up, the rewards can be awesome. So how do you get motivated? Is it with upbeat music? Or some exercise? Maybe a few words of praise? How about some motivational sales quotes to inspire success! Success is dependent on the drive and attitude of each individual salesperson.
Startup Stories

Why was Philadelphia the Perfect Place to Launch Hospitality Tech Startup xtraCHEF?

Philadelphia’s culinary and hospitality scenes are booming. In fact, VISIT PHILADELPHIA and the James Beard Foundation have even announced a special partnership to drive foodies to the city. Here’s more proof. xtraCHEF is a cloud-based, mobile-friendly restaurant management tool based there.

Other Small Business News

29% of Small Businesses Will Start a Website This Year

Kudos if you have a website for small your business because many small business owners still don’t have websites for their businesses. According to the latest survey from Visual Objects, about one-third of small businesses (29%) plan to begin using websites for the first time in 2020. Needless to say, a good website can work like a well-oiled machine to generate leads.

Only 32% of Consumers Feel Comfortable About Private Companies Using Facial Recognition

Only 32% of consumers feel comfortable about having their face scanned by private companies. This means a significant majority aren’t at ease with companies using facial recognition. Facial Recognition Statistics The stats come from  a study by the business app recommendation engine, GetApp. The survey asked 487 US consumers about their views on facial recognition technology.

Diverse Small Businesses are More Successful, Data Shows

Employees in your small business often have a direct impact on your business success. If you have a diverse team on board, your business is more likely to be successful. According to the latest data compiled by SCORE in the form of an infographic, small businesses having diverse teams are more innovative and better perform financially.

PRO Act That Threatens Freelancers Nationwide Passes US House

The controversial Protecting the Right to Organize Act (Pro-Act) passed by Congress continues to divide opinions with critics claiming it would tilt the playing field in favor of labor unions at the expense of employers and employees. The bill passed 224–194 with 12 not voting on February 6 mostly along party lines.

69% of Employees Say Working at Home Improves Their Mental Health

Today 69% of employees in the United States say working at home improves their mental health. And a whopping 90.4% of employees believe working flexible hours can help with their mental health. Almost half of employees (46%) say they don’t feel like they have enough support at work. That specifically applies to their mental health. A separate study by FlexJobs, reiterates the benefits.

20% of Remote Workers Struggle with Loneliness

More people are working remotely and in most cases they are doing it alone. This is responsible for 20% of remote workers saying they struggle with loneliness. This according to the 2020 State of Remote Work Report by Buffer and AngelList.

Small Business Operations

Does Your Small Business Create a Personal Prison or Provide Financial Freedom?

For many small business owners, starting a business is a dream of financial freedom; doing what they love and working when they want. Unfortunately, more often, it becomes a personal prison where they are required to work more hours than any job and serve customers they dislike.

eCommerce

Amazon Seller Certifications Highlight Women and Veteran Owned Small Businesses

There are currently more than 8 million sellers on the Amazon Marketplace, with nearly 120,000 signing up just in the past year. This makes it one of the most popular spots for small business owners and side hustlers to make money online. But it also makes it one of the most difficult places to really stand out.

Image: Depositphotos.com

This article, "Top Story: What Your Small Business Can Learn from Apple" was first published on Small Business Trends

End Game, the startup behind Zombs Royale, raises $3M

End Game Interactive CEO Yang C. Liu has a refreshingly straightforward description of what he and his co-founder Luke Zbihlyj are up to: “We’re just building games. And to be honest, we don’t know what we’re doing.”

Despite this self-proclaimed ignorance, End Game has just raised $3 million in seed funding from an impressive group of investors: The round was led by the game-focused firm Makers Fund, with participation from Clash of Clans developer Supercell, Unity CEO David Helgason, Twitch COO Kevin Lin, Twitch VP Hubert Thieblot, Danny Epstien and Alexandre Cohen of Main Street Advisors, and music executive Scooter Braun.

Liu told me that he and Zbihlyj got their start by building websites tied to existing games, such as PokeVision, a site for finding Pokemon in Pokemon Go. However, they were inspired by the success of simple, browser-based multiplayer games like Slither.io to create games of their own — first Zombs.io, then Spinz.io, then Zombs Royale.

Altogether, End Game says its titles have attracted more than 160 million players, with 1 million people playing in a single day. Zombs Royale, in particular, seems to have been a hit — the battle royale game (where a single map can pit up to 100 players against each other) was one of 2018’s most Googled games in the United States.

Liu said the team’s success convinced them to focus their efforts on game development: “Do we want to make products that people simply use, or games that people think about out when they’re going to school, or going to work, or dream about?”

Zombs Royale was supposedly built in less than four weeks, but Liu said that after its launch in early 2018, the team spent most of the year maintaining and scaling the game. Then 2019 was all about building a team and creating the next game, Fate Arena, a title in the new Auto Chess genre that’s supposed to launch on PC, mobile and other platforms soon.

Liu noted that unlike End Game’s previous work, which featured simple 2D art (“On Zombs Royale and Spinz, I did the art, and it’s terrible”), Fate Arena will feature a “3D, high-fidelity art style.”

But even as the company’s games start looking a little less primitive, the goal is still to develop and iterate quickly. Liu said his goal to fund “many tries” at building other cross-platform, multiplayer games with this seed round.

“We pride ourselves on rapid experimentation,” he said, adding that the key is “not biting off more than we can chew. We design [our games] to scale from the beginning. We don’t necessarily need to be World of Warcraft, where you need to make 100 quests as the baseline. We’re focused on games with a small starting point that can scale into something much bigger.”

Supercell Developer Relations Lead Jaako Harlas made a similar point in a statement included in the funding announcement:

Many companies are quick to point out how fast-moving they are. Then you come across a team like this and realize what being lean and moving fast really means. Yang, Luke and the team have already shown that they can ship accessible games that showcase a real flair for fun, and we look forward to supporting them in their quest for the next big hit game.

This new venture fund has more than $180 million to invest in interactive entertainment startups

 

Public markets fall yet again as venture deal counts appear to slip

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

All around, this has been a tough week. The coronavirus is spreading and worry is running high as infections mount. In economic terms, global markets were repeated declines last night (domestic results here), and the U.S. indices are off again this morning.

There’s been plenty of bad news to read, even in our private market, startup-focused world. Yesterday the impact of COVID-19 on earnings became more apparent, bringing what has, for months, been an external concern to domestic technology companies. The problems are now. The past week’s market collapse into correction territory hasn’t helped,.

But the story so far has largely been public-market focused and with good reason: You can see the public markets contract in real-time. It’s far harder to see into the shifting dynamics of the private market. Today, however, we are going to try, all the same, by digging into some preliminary venture capital data.

I realize that the last few days have been awful. So, at the end of this piece, I’ve excerpted a quote from a recent interview I held with the CEO of Smartsheet, Mark Mader, about tech cycles, downturns, and getting through tough times. It’s perhaps useful today as the downward trend appears to continue.

Let’s start with a brief reminder of how elevated stock prices remain and what that means for tech multiples, and then look at early February VC results from the U.S., China and Europe. With that, in Sanskrit: अभिमुखी करोति.

Multiples, Markets

Before we dig into the venture capital data, a reminder that, even with recent declines, we’re still in warm waters as far as tech valuations go.

Teen hit Yolo raises $8M to let you Snapchat anonymously

It wasn’t a fad. Yolo became the country’s No. 1 app just a week after launch by letting teens ask for anonymous replies to questions they posted on Snapchat. But nine months later, Yolo is still in the top 100 iOS apps and has 10 million active users. Now it’s safeguarding the app from predators while revealing a smart new feature for spinning up anonymous group chats, powered by $8 million in fresh funding.

“What we are trying to build is a new kind of network where there’s a fluidity to identity,” Yolo co-founder Greg Henrion tells me. “We weren’t sure if Yolo was here to stay, but we’re still ranking well and there seems to be a real opportunity in anonymity starting with Snapchat Q&A.”

Yolo is the first big win for Snapchat’s Snap Kit platform that lets developers piggyback on its login, Bitmoji avatars, stickers and Stories. This lets tiny development teams build apps that hundreds of millions of people, teens in particular, can instantly sign up for in just a few taps. Another Snap Kit app for meeting new people called Hoop recently spiked to No. 2 on the charts

We haven’t seen this kind of social platform success since Zynga’s empire rose atop Facebook. Spawning more blockbusters like Yolo could ensure that a Snapchat account is a must-have utility for the next generation.

Sleepless nights atop the charts

“For two weeks we basically didn’t sleep,” Henrion recalls about the chaos he and co-founder Clément Raffenoux endured after Yolo shot to No. 1 last May. “You’re trying to stay afloat. It was very, very wild.”

The basic premise of Yolo is that you write a question like, “Who’s my celebrity look alike?”, “What do people really think of me?” or “How could I be nicer?”. You’re then switched over to Snapchat, where you can post the question in your Story or messages with a link back to Yolo. There, people can anonymously leave a response; you can post that and your reply with another post on Snapchat.

Yolo co-founder and CEO Greg Henrion, in real life and Bitmoji

The result is that friends and followers feel comfortable giving you real talk. They don’t have to sugarcoat their answers. And that makes people race to open Yolo each time they get a message. Yolo has seen 26 million downloads across iOS and Android globally, with nearly 70% in the U.S.

Other anonymous apps like tbh (acquired by Facebook) and Sarahah (kicked off the app stores) quickly faded, and others eventually imploded due to bullying, like Secret and YikYak. Although tbh hit No. 1 in September 2017, it was out of the top 500 by November. It seems a combination of inherent virality via Snapchat, easy user acquisition via Snap Kit and sharp product design has given Yolo some staying power. It still managed 2.2 million downloads last month versus a peak of 5.5 million in its first month back in May 2019.

That June, Yolo quietly raised a $2 million seed round thanks to its sudden success. The team had been grinding since 2017 on a video reactions app called Popshow funded by a small pre-seed round from SV Angel, Shrug Capital and Product Hunt’s Ryan Hoover. They’d previously built music video-making app Mindie that eventually sold to influencer collective Shots Studios. Popshow never caught on, so the team began experimenting on Snap Kit, building a more official Q&A feature for Snapchat than predecessors like Sarahah and Polly. Then, boom. Days after launch, Yolo’s usage exploded.

But to keep users interested, Yolo needed to evolve. That would require more funding for the eight-person team split between Snapchat’s home of Los Angeles and Henrion’s home of Paris.

An honest way to chat

The concept of a social app where users could shift between full anonymity and representation via avatar attracted its $8 million Series A to invest in product and engineering. The round was led by Thrive Capital, Ron Conway’s A.Capital, former TechCrunch editor Alexia Tsotsis’ Dream Machine, Shrug, Day One, Goodwater, Knight VC, ex-Facebooker Bobby Goodlatte, Twitter co-founder Biz Stone and SV Angel’s Brian Pokorny.

That cash fueled the release of Yolo’s new group chat feature. You can set up a chat room, give it a name and generate an invite URL or sticker you can post on Snapchat, just like its previous question feature. Friends or friends of friends that are already in can join the group chat, represented by their Bitmoji instead of their name. Yolo suggests people join the more open “party mode” chats where their friends are active.

What makes this special is that once an hour, users can tap the Yolo Superpowers button to send  a totally anonymous message to the group. More Superpowers are coming, but there’s also an anonymous “Someone has a crush on [name]” message so you can secretly profess your affection to anyone or someone else in the chat.

“The limits of Q&A is that it doesn’t generate real conversation. It’s an ice breaker, but we also want conversations to happen,” Henrion stresses. ” ‘What do you think about this dress?’ The group chat is more about ‘let’s talk about the dress.’ ” The chats could be focused on people you actually know offline, or those you share interests with. The option to restrict group chats to either just your contacts or friends of friends “limits the amount of meeting strangers,” Henrion explains. “This is very different from the public communities like Reddit or the dating apps.”

Can “anonymous” be synonymous with “safe”?

Still, anonymous apps have consistently proven to be havens for cyberbullying and unsafe behavior. Without the accountability of having your name attached, people are free to say awful things. That can be even worse amongst teenagers who might get in trouble for being mean at school but not on an app.

Yolo first focused on messages blocking 10% of overall messages that contained offensive content. That meant blatant hate speech and trolling couldn’t spread through the app. “We’re strict on moderation. When looking at the reviews about bullying, it’s like nothing compared to any other anonymous app. I think we solved 90% of the problem.”

Now it’s working with Snapchat to safeguard the group chats feature. The goal is to ensure Yolo doesn’t actively recommend chat amongst adults to minors and vice-versa. Henrion says this update should roll out soon.

“It’s 2020 and we need to be very responsible” Henrion tells me. “Moderation and growth are the most difficult things to balance. It’s moderation first for sure. We don’t care about growth if it’s not healthy or sustainable.” The new funding also gives Yolo the luxury of pushing back monetization while it focuses on safely adding more users.

By making anonymity more private, Yolo has a chance to sidestep some of the worst elements of human behavior. Making fun of someone has less appeal if there’s no wider audience like trolls exploited in the feeds and comment reels of Secret and YikYak.

That could let the brighter side of anonymity shine through: vulnerability, honesty and deep connections that are enhanced by the absence of embarrassment. With all the change, uncertainty and anxiety that’s part of growing up, teens deserve a place where they can be open with each other and speak their minds. After all, you only live once.

Coronavirus corrections and the rise of remote work

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

What a week. What an insane, heart-stopping, odd, and stuffed week. I’m utterly exhausted. But, in better news, all of that great fodder for podcast and chat, so today’s Equity is pretty ok if I may say so.

Danny and I chewed through all the stuff that we couldn’t get out of our heads, like the markets falling apart and DoorDash’s initial movement towards going public. But in keeping with the real beating heart of Equity, we also went over four venture rounds and spent some time talking about SoftBank.

We were also a little tired, so come laugh with us and avoid taking things seriously for a few minutes.

Here’s the week’s rundown. And, yes, I did figure out my mic in the end:

• The markets have lost faith in themselves, with indices falling sharply.
• DoorDash is going public! We talked through the company’s known numbers and results.
• Roblox raised $150 million at a $4 billion valuation.
• Three low, or no-code startups raised money, including $51 million for Unqork, $6.3 million for ProtoPie, and $3.9 million for Gyana.

We wrapped with whatever this is, other than utterly hilarious and terrifying. We wish you all a lovely weekend. Chat you Monday morning.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

These Brands Build Emotional Bonds with Customers – Can Yours?

Not all brands are equal when it comes to connecting with customers. Some successful brands can bond with their audiences emotionally. As a result, it creates a lasting relationship between brands and their customers.

MBLM recently released its annual Brand Intimacy Study 2020, ranking the top ten most intimate brands. Amazon topped the list with a narrow lead over Disney.

For small businesses, finding customers and keep them loyal is a big challenge. However, knowing how some big brands bond with their customers to build an intimate relationship can certainly help small businesses create a loyal customer base.

Top 10 Most Intimate Brands

Every year, MBLM looks at brands based on emotion to create a list of the top 10 most intimate brands.

This time, the company surveyed consumers to know their experience with nearly 400 brands across 15 industries to prepare its list of intimate brands.

Here are the top 10 most intimated brands:

Image Source: MBLM

How MBLM Ranked Brand that Create Emotional Bonds With Customers

MBLM has developed its brand intimacy model over a decade. What’s more, it has validated its model through quantitative and qualitative research.

The company surveys the users of brands to asses their emotional connection with brands, characteristics of their bonds with brands, and degree of intimacy to prepare the list of top most intimate brands. Then, it assigns an intimacy quotient (1-100) to brands based on the percent of users who are intimate with brands, the characteristics of their bonds, and the intensity of their bonds.

How Customers Bond With Brands

MBLM gauges characteristics of users’ bond with the following patterns:

• Fulfillment- delivering products/services of supreme quality
• Identity- showing admired values
• Enhancement- becoming better through using products/services
• Ritual- users include brands in the day-to-day lives
• Nostalgia- users having good memories of brands
• Indulgence- creating a close relationship around moments of joy

And to assess the intensity of the intimate brand relationship, it looks at following three stages:

• Sharing- users and brands interact
• Bonding- it is users feel an attachment towards brands
• Fusing- it is when users and brands are co-identified

Here is the most intimate brand, Amazon, on the list:

Image Source: MBLM

Mario Natarelli, managing partner, MBLM stated, “We are thrilled to celebrate our 10th year of examining brands based on emotion. The concept of Brand Intimacy is important for marketers because emotion has been proven to drive purchase decisions, and also long-term customer bonds. Our yearly study reveals the changing landscape including which brands or industries perform best against different demographics,”

“Amazon’s rise to the top is something we forecasted for years based on the insights we’ve been gathering. The brand’s dominance and breadth of portfolio have formed both intense and essential bonds with consumers. Examining top performers like Amazon can give us clues on how others can achieve their growth and success,” he continued.

Key Takeaways for Small Businesses

Intimate brands, as the survey states, outperform Fortune 500. So, small businesses should make efforts to turn out as intimate businesses. And there is only one way to do it – to make a bond with consumers.

Following are some tips for small business to build emotional bonds with customers:

• Never adopt a one-size-fits-all approach
• Always treat your customers as people, not just as money transactions
• Embrace the speed and simplicity of social media to reach out to customers
• Show your appreciation to your customers

Last but not least, you should strive to offer top-class products/services.

About the Survey

MBLM and Praxis Research Partners surveyed 6,200 consumers across the United States, Mexico, and the United Arab Amirates to evaluate brands. The main objective of the survey was to know how customers bond to brands. You can click here to know more about Brand Intimacy Study 2020.

Image: Depositphotos.com

This article, "These Brands Build Emotional Bonds with Customers – Can Yours?" was first published on Small Business Trends

Talk to Your Family Before Diving into a New Venture

This article, "Talk to Your Family Before Diving into a New Venture" was first published on Small Business Trends

Indian research firm Convergence Catalyst is ready for its second act

A 9-year-old is smashing the shuttle far and wide, and frantically pacing back and forth on the court in Bangalore, India, as her competition refuses to back down. Her rival is not a human. She is playing against a machine that is mimicking the game of badminton legend P.V. Sindhu, toned down a few notches to adjust for the age difference.

By the court, her father, Jayanth Kolla, is watching the game and taking notes. Kolla is a familiar name in the tech startup and business ecosystem in India. For the last eight years, he has been helming the research firm Convergence Catalyst, which covers mobility, telecom, AI and IoT.

When his daughter showed interest in badminton, Kolla rushed to explore options, only to realize that the centuries old sports could use some deep tech.

He reached out to a few friends to explore if they could build a device. “I have always wondered how a younger version of players who have made it to the professional arena must have played like,” he said in an interview.

Months later, they had something better.

Sensate Technologies

Kolla founded Sensate Technologies last year and has hired many industry experts and data scientists from Stanford, MIT, and India’s IIT. Sensate is building solutions on deep technologies such as AI, ML, advanced analytics, IoT, robotics and blockchain.

In the last year, the bootstrapped startup has developed seven prototypes, five of which are for sports. It holds eight patents. Which brings us back to the court.

One of the prototypes that Sensate has built is the machine that Kolla’s daughter is playing against. In a recent interview, he demonstrated how Sensate was able to accurately map how a player moves on the court and goes about smashing the shuttle by just looking at two-dimensional videos on YouTube and mobile camera feed. This has been built using Computer Vision AI.

It then fine tunes the gameplay in accordance with the age difference, which is input into a machine that can now mimic that player to a great level, said Kolla.

A handful of startups and established players have sought to address the sports tech market in recent years. SeeHow, another India-based startup, builds and embeds sensors in bats and balls to track specific types of data that batsmen and bowlers generate.

Kolla’s aim is to turn Sensate Technologies into a global deep tech venture foundry and build 20 odd products that would then branch into multiple companies operating in 11 different industries.

Microsoft last year partnered with Indian cricket legend Anil Kumble’s company Spektacom to work on a number of solutions including a smart sticker for bats that contains sensor tech designed to track the performance.

But Kolla’s ambitions go way beyond sports tech.

“The best part about deep technology solutions and platforms is that you build solutions on these technologies to solve a problem in a particular sector and with very little incremental effort, they can solve problems in a completely different sector,” he said.

Kolla, a former product manager at Motorola and Nokia, among other companies, said the startup is also in discussion with one of the world’s biggest companies that is looking to license its tech for their healthcare stack. “This validates our approach.” He declined to name any potential clients as the talks have not materialized yet.

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