Loading...

Follow TheNextWomen on Feedspot

Continue with Google
Continue with Facebook
or

Valid

The internet has drastically changed businesses and how they run for good, with many differences between the businesses of twenty years ago and today. When considering investing in or setting up your own business, it is important that you understand these developments to utilize the internet and technology to its best effect for your business.

Physical Stores Moving Online

Once, if you wanted to set up a business, your only option was to run a business from a physical store, with the rise of the high street becoming one of the most critical factors in commerce. However, now, physical stores are beginning to close up and head online, where consumers are attracted to the ease of access, lower prices, and larger choices. Many start-ups instead create their businesses online instead of in physical stores, which helps to reduce start-up costs such as rent and energy bills.

Case Study: This is what happened to traditional betting stores, where people used to travel to a destination to place their bet and see the odds. Websites such as Unibet have replaced these, allowing gamblers to make bets and play gambling games online from any location.

Ease of Communication

Not only this, but the internet is also changing how businesses run in terms of communication, with many businesses now opting to use applications such as the Cloud to share work with employees, store data instead of keeping paper files, and ensure that employees can access data at any time. Communication has also been improved by internet-based communication application such as Whatsapp and social media apps including Facebook, which allow free and instant messaging that are perfect for holding conference and business calls from any location.

Case Study: This has led to an increase in the number of people that are self-employed due to the ease of communication, finding jobs, and connecting with clients online. There is now a significant proportion of people in the Netherlands who are self-employed.

Creation of E-Commerce Platforms

The internet has allowed businesses to buy and sell their wares online, meaning that anyone can now set up a business and begin to trade their products. Through payment applications such as Paypal and Apple Pay, businesses can now offer multiple payment methods to their clients, making the transfer of money easier.

Case Study: This has led to an increase of online marketplaces such as Etsy which allow anyone to buy and sell their creative crafts and homemade items through their third-party platform.

Changing Advertising

The internet has also changed advertising, with many businesses now opting to advertise their products online rather than through physical marketing methods such as banners and door-to-door marketing. This has led instead to common digital marketing methods such as utilizing SEO, e-mail marketing, and using social media to drive traffic to your website.

Case Study: Business giants often create their own hashtags to get themselves trending on social media and spread awareness of special deals, promotions, and products. Many charities use these hashtags to promote their causes and generate awareness and donations.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

There’s a lot going on in the world of business today. With so many new strategies, ways of approaching problems and metrics to be analyzed, it’s not surprising that one can feel a bit lost in the hustle and bustle of marketing. One thing business people use that can make it even harder to get your head in the game? Acronyms. 

I loathe acronyms.

I work for a company called Antler in venture capital which means that on any given day I hear at least 50 acronyms for different marketing and sales terms.This is surely a time-saver for those in the know. But it does mean that more often than I care to admit I have to slyly pull my phone out underneath the table during a meeting and Google what the hell Dave from accounting is talking about when he says “CMRR” for the 10th time. 

That’s: “Committed Monthly Recurring Revenue”, for those of you who haven’t had the chance to Google it yet.

So to keep you from having to perform the meeting phone flip I’d like to help you get to grips with some of these acronyms. Here’s the 7 most important ones I think every marketer worth their salt should know:

KPI

This is undoubtedly the acronym I hear the most on a daily basis. It’s used in almost every type of business and often rears its ugly head in conversations based around goals or targets to reach for a given marketing strategy. 

It stands for Key Performance Indicator. 

Essentially, if you’re doing something in marketing that takes effort (i.e. everything), you should be tracking your KPIs. An example would be: the number of sign ups you got from a post about the pet grooming product your company created. (I can’t be the only one who has seen those ads about 10,000 times on SM. SM = social media, there’s a bonus one for you.)

So let’s say Sally wants to generate 100 new leads from a newsletter she’s doing. Her KPI then could be: Lead Generation, Click Throughs or Conversions. 

Got it? Good, moving on. 

OKR

Oh OKRs, you’re such a thing I love to hate. OKR stands for Objectives and Key Results. These three letters also get bandied about in conversations that discuss goals, quarterly reports and content strategies. You may be thinking: “well that sounds a lot like KPIs, so they’re basically the same, right?” No…Or so it has been explained to me. 

OKRs are different in that they are much more high level than KPIs. Essentially KPIs should inform your OKRs. Confused? Me too. 

Think of it like this. You have your Objective: “By the end of Q3 we want to increase our Brand Awareness by 20%”. This is your goal or destination. The Key Results part are the metrics you will track to gauge the success of the goal or how close you are to reaching it. Let’s take the Sally example from before: Sally wants to generate 100 new leads from a newsletter she’s doing. 

Her Objective is probably something like: “Increase sales by generating 500 new leads by the end of September.” The Key Results are likely then: “Have 5 posts that generate at least 100 new leads.”

Still not getting it? Then I suggest reading this piece: Understanding OKRs and how it benefits your business. Understand it now? Sweet, let’s continue our acronymic adventure. 

USP

Alright, here’s an easy one. USP stands for Unique Selling Point. It’s actually an acronym I have caught myself using several times in my personal life when trying to sound smart around my friends. However in a business case, it does exactly what it says on the tin. What is it about your product or company that makes it unique compared to the competitor’s?

As an example: you might say that the iPhone X’s USP is it’s incredible camera and end to end screen. Whereas, Huawei might argue that its P30 Pro has superior operating power and longer battery life. In marketing it’s super critical to make people aware of what your company’s USP is in order to position yourself correctly. A well executed MVP not only pleases your early customers, but  also informs design choices later down the lifecycle of your product. 

My mother always told me my USP was my personality… 

MVP

Sorry sports fans, this doesn’t mean Most Valuable Player, not in the world of marketing anyway. In marketing and sales this means Minimum Viable Product. In the realm of venture capital, you hear this term a lot. To break it down. MVP = what is the easiest sellable product you can make that will appease early buyers. In other words, what features should your product have from the very beginning and which ones can be left for later development. One well-documented MVP is how Amazon started out as a simple bookstore before growing into the world’s third-largest retailer. 

If you’re feeling inspired and would like to read more, this article provides several interesting examples of MVPs that ended up becoming global businesses: 8 inspiring examples of an MVP.

BR

BR, when you’re not using acronyms means Bounce Rate. It’s one of the most important metrics that I monitor when reviewing Antler’s site analytics. If you aren’t familiar with what bounce rate is, this is the metric that looks at user interaction with your web page. Whenever a user is directed to your site and then leaves it without interacting with anything on the page, this is referred to as a “bounce”. So you’re bounce rate is the percentage of users who come to your site and leave without interacting with it. 

Part of marketing is branding and nothing should encompass your brand more than your website. So if your site has a sky-high bounce rate you need to get in there and figure out what’s preventing users from engaging. A great tool to track user interaction and inform changes to your site is HotJar, and they didn’t even pay me for that endorsement; it’s just a good tool. 

GDD

This leads us nicely into my next acronym: GDD, or Growth Driven Design. GDD centers around making data driven incremental changes to your website or media assets over a period of time. You might think this is more of a designer’s job, and depending on the business it could be. But more often the designer’s job is done once the site is live and the initial changes are made. From then on it usually falls on the marketer’s shoulders to analyze data and make these informed changes. In short, you should always be reviewing your site and making informed changes to it to provide a better UX for your visitors. (UX = user experience, there’s another freebie for ya).

EOD

Last but not least. The best and sometimes worst acronym there is in the world of business: EOD = End of Day. Also known as, COB or Close of Business. 

Good case: “I’ll have that report over to you by EOD, should only take an hour.”

Bad case: “Sharon’s on holiday, so I need you to do all her quarterly reports, pick up my dry cleaning plus do all your own work by EOD.”

And there you have it. The 7 most important marketing acronyms to know. Now go and tell Dave in accounting to tell you what the USP is for his MVP by EOD, that’ll teach him. 

P.S., if for some reason you’re bored and want to know even more amazing marketing acronyms, I suggest you check this out: 60 marketing & sales acronyms everyone needs to know. 

__

This article was written by Hayden Young. Originally hailing from Dallas Texas and now settled in Amsterdam, Hayden is the marketing manager for the Amsterdam office of the startup generator, Antler. He has held a range of marketing roles in the industries of Aviation, Music, Beer and Simulation and has now turned his eye to Venture Capital. You can learn more about Antler’s startup generator program here.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The internet has drastically changed businesses and how they run for good, with many differences between the businesses of twenty years ago and today. When considering investing in or setting up your own business, it is important that you understand these developments to utilize the internet and technology to its best effect for your business.

Physical Stores Moving Online

Once, if you wanted to set up a business, your only option was to run a business from a physical store, with the rise of the high street becoming one of the most critical factors in commerce. However, now, physical stores are beginning to close up and head online, where consumers are attracted to the ease of access, lower prices, and larger choices. Many start-ups instead create their businesses online instead of in physical stores, which helps to reduce start-up costs such as rent and energy bills.

Case Study: This is what happened to traditional betting stores, where people used to travel to a destination to place their bet and see the odds. Websites such as Unibet have replaced these, allowing gamblers to make bets and play gambling games online from any location.

Ease of Communication

Not only this, but the internet is also changing how businesses run in terms of communication, with many businesses now opting to use applications such as the Cloud to share work with employees, store data instead of keeping paper files, and ensure that employees can access data at any time. Communication has also been improved by internet-based communication application such as Whatsapp and social media apps including Facebook, which allow free and instant messaging that are perfect for holding conference and business calls from any location.

Case Study: This has led to an increase in the number of people that are self-employed due to the ease of communication, finding jobs, and connecting with clients online. There is now a significant proportion of people in the Netherlands who are self-employed.

Creation of E-Commerce Platforms

The internet has allowed businesses to buy and sell their wares online, meaning that anyone can now set up a business and begin to trade their products. Through payment applications such as Paypal and Apple Pay, businesses can now offer multiple payment methods to their clients, making the transfer of money easier.

Case Study: This has led to an increase of online marketplaces such as Etsy which allow anyone to buy and sell their creative crafts and homemade items through their third-party platform.

Changing Advertising

The internet has also changed advertising, with many businesses now opting to advertise their products online rather than through physical marketing methods such as banners and door-to-door marketing. This has led instead to common digital marketing methods such as utilizing SEO, e-mail marketing, and using social media to drive traffic to your website.

Case Study: Business giants often create their own hashtags to get themselves trending on social media and spread awareness of special deals, promotions, and products. Many charities use these hashtags to promote their causes and generate awareness and donations.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Sustaining growth is not straightforward in today’s economy. Companies must rapidly and continually reach out to new markets with better products, all while supporting their current customers more efficiently than ever before. They must be proactive, rather than reactive. 

What’s different now compared to even 5 or 10 years ago? Mobile and Cloud technologies have created new business models which has lead to numerous consequences:

  • Power has shifted from companies to consumers
  • Market entry is faster and easier
  • Competition is increasing on a global basis

Corporations are not prepared enough for extensive regulatory requirements and the increased speed of technology. 

So how can they sustain growth? Here are 5 key ways: 

  1. Business Process Improvements (BPI)

 BPI focuses on working more efficiently, operating faster or producing more cheaply by streamlining activities. This will not only add value to your current offering (better, faster, cheaper), but will also free up resources to apply to new growth areas. Some examples of BPI include Six Sigma, Lean Management, Agile Management, Kaizen, Design Experiments and Process Excellence. While popular in the 1990’s, by today most companies have already realized what BPI has to offer.

  1. Scaling

 To scale means to do more of what you are currently doing. Ie. selling more products or services in your current market(s). To be able to scale effectively, you will need the right infrastructure. A company must consider the ability of its current leadership team(s), business (ICT) systems and pricing models to handle the increasing pressure of potential fast growth, and it’s important to have a solid strategy in place coupled with the ability to execute.   

At a certain point, your products/services will have saturated their current market, whereby it’s time to consider new markets and innovations. This can be done either organically or inorganically.

  1. Strategic Acquisitions

Strategic acquisitions are usually made to acquire a new geography, customer segment, new product/service or new capabilities.  It is important to consider synergies and corporate culture fit when reviewing possible targets. As most mergers fail to create value, primarily due to improper culture fit, these acquisitions are done best initially on a smaller strategic scale. You can read more on why acquisitions fail in this article by Business Insider.

  1. Innovations

To innovate is to develop entirely new and improved products and services to meet rapidly changing customer or consumer demands and needs. (Eg. a new business model, service, diversification, new customer set etc). Innovation systems, dedicated teams and top level buy-ins are critical to performing in-house innovations. Today you will also need to make use of predictive analytics, big data and digital strategies.

  1. Growth Capital

If you are an early stage company without a sufficient cash surplus, you may also need to raise growth capital in order to grow your business and expand abroad. Growth capital is obtained through angel investors (seed capital up to ~ €1m), Venture Capitalists (~€2m – €50m), or Private Equity firms  (< ~€ 50 m+), depending on the stage of your venture and capital requirements. 

It’s not all that simple, of course. The above growth methods are continuously evolving. As you scale or innovate, you will need to consider business improvements. And when you acquire a new company, you will need to focus on achieving efficiencies through synergies.

This formula will help any leadership team keep apace in today’s disruptive economy. Overall, it’s good to focus on creating a continuous flow of s-curves – new products, services or acquisitions to scale within systems of constant innovation. If your company can not accept the failure that often comes from developing entirely new products and services, you just may need to buy your innovation.

___

Kim Oreskovic is a partner at Antler, a global startup generator and early stage VC. Kim leads Antler’s capital raising process in Amsterdam and ensures every co-founding team understands the best approach to fundraising. She brings together her expertise in fundraising and corporate innovation to boost the local startup scene. Apply to be a founder at Antler today and help build the next wave of tech.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Your business’s network should be treated as well as you would treat a precious jewel or a loved one. That may seem like an extraordinary thing to say, but imagine if your network was compromised in some way; imagine if a cybercriminal could get inside. What would happen then? You would lose money, business, your reputation, and your customers. In other words, you could quite easily lose everything.

Therefore, this is the one area of running your business that you cannot ignore. Your top priority should be ensuring that it is all kept safe. Without a secure business network, you might not have anything at all. Read on to find out just how you can protect this most important business asset.

Keep Your Router Physically Safe

The first thing you should do when starting the process of protecting your business’s network is to keep your router somewhere safe, where there is limited access to other people. These units often come with reset buttons, and if someone is determined to destroy everything you have worked for, pressing this button is an easy way to do it – your security settings will be removed, and they will have immediate access to your network.

It is best to keep the router in a locked room and only have one key. You shouldn’t need to access it much at all, and the fewer people who can get to it, the better. Even if there is no malicious intent, accidentally hitting the button can leave you vulnerable to attack.

Use Endpoint Security

The equipment that is used to carry out your work, and that is connected to the network, such as a laptop, desktop, or potentially a tablet or smartphone must be protected at all costs. The best way to do this is with endpoint security so that if someone has access to your network, they won’t be able to do a lot with that access if they are blocked when they reach the endpoint. 

Using endpoint detection and response from www.mcafee.com will give you endpoint monitoring in real time, showing you exactly what is happening in your network. It will also collect data to show you where you are most potentially prone to attack and allow you to ensure that you take measures to make things safer.

Update Your Settings

Every now and then you will have a notification on your device that asks you to restart the unit for updates to take place. It’s tempting to ignore this when it happens since it will result in your computer shutting down and delaying your work.

However, it’s best to let those updates occur. The more up to date the software you are using is, the more sophisticated it is when it comes to cyber attacks, giving you the best chance of staying safe. Cybercriminals look for out of date software as this gives them an easy way into a network; updating everything when it needs to be done will help to keep you safer.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Alyona Galyeva | Foreign Founders | Episode 8 | July 8

In this series we’re having an honest conversation with the foreign founders in our community about the perks & downsides of starting a business in the Netherlands.

In this episode we sat down with Alyona Galyeva, moved to the Netherlands 4,5 years ago and was drawn t to the Netherlands for the following two reasons: the concentration of smartest minds per square meters and the possibility for women to hold leading positions.

Stay tuned for the other foreign founders sharing their entrepreneurial story in the upcoming weeks!

This podcast was recorded at: VondelCS – Media & Cultuur LAB AVROTROS.

https://www.thenextwomen.com/wp-content/uploads/2019/06/TNW-Podcast-Alyona.mp3
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Written by: Susie Sugden, CCO & CMO at Temple & Webster, and Advisor at Antler. It has been lightly edited for clarity and length. Read the original article here.

Throughout my career, I have launched four startups in the real world, and dozens more in my head. Some of them, like Lazada – Southeast Asia’s largest eCommerce group, have gone on to be incredibly successful. Most of them have failed, but I am proud of every one of them.

 Although, in nearly every business I have been the only woman in the room.

I think this is partially because we get told a lot of myths about building a startup. For example: you need to be “technical,” or building a business is an innate talent, not a skill that can be taught, or even that you need to commit everything to the business, including your full-time job, your life savings and your family time.

 It is these myths that impact women the most. Women are less likely to have a technical degree, but that doesn’t mean they can’t build successful businesses. I don’t have a computer science background, neither does Mel Perkins from Canva, or Cyan Ta’eed from Envato, or Naomi Simson from Red Balloon

Building a business is also a lot easier when you have the support of a coach or a network. I learned a lot from other entrepreneurs and advisors when I was building Lazada, as well as from my boss Mark Coulter now that I work at Temple & Webster. But these people and groups aren’t always easy to come by. 

 These are all issues that entrepreneurs looking to establish startups face and for female founders, it’s always a much more difficult path to walk. Through the Antler program, all these matters are addressed. You don’t need a startup. You don’t need a team. You don’t even need an idea. Antler helps with all of that. Build the next wave of tech and join Antler today.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Ela Slutski | The Holiday Sitters | Episode 7 | July 1

In this series we’re having an honest conversation with the foreign founders in our community about the up & downsides of starting a business in the Netherlands.

In this episode we sat down with Ela Slutski, co-founder of The Holiday Sitters. The platform’s aim is to change babysitting as we know it. With their multiple services (babysitting services on holiday, but also; babysitting services during a conference!) they aim to make the lifes of ambitious women easier.

How The Holiday Sitters has evolved ever since Ela & Galit decided to move to Amsterdam and start their business, Ela shares with us in this podcast.

This podcast was recorded at: VondelCS – Media & Cultuur LAB AVROTROS.

https://www.thenextwomen.com/wp-content/uploads/2019/06/TNW-Podcast-Ela.mp3
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Written by: Prerna Sharma – Head of Recruiting for Antler

Antler’s head of recruiting, Prerna Sharma hired hundreds of people for Uber’s Southeast Asia operations as well as for companies like Flow Traders, a Dutch proprietary trading firm which has the same hiring values as any growing startup. She has several years of experience in recruiting talent for startups. She lists the crucial prerequisites you need to consider before building your team:

1. Work closely with both the recruiting and marketing teams

It is important for both departments to work together closely in order to carry out an excellent recruiting strategy. Wait for the media launches to happen and have the marketing team sell your company story on why your organisation is great. Identify the right target audience for the roles you are hiring and tie these up with media articles, events and launches. The important thing is to work cross-functionally with industry experts to utilise the right channels that reach out to the right audience.

2. Spread your net far and wide

It is crucial for any recruiter to be hands-on and on the ground. You cannot simply stay behind your computer and expect great talents to apply. Head out for recruiting and networking events that are specific to the industries and job functions you are after.

Events – Hosting small events can be a cost-efficient way of reaching a larger pool of people. Organise intimate and industry-specific happy hour sessions or try to attend similar events hosted by others. Share your company’s story and vision to attract like-minded individuals who resonate with your key ideals.

Team networks – Everyone is a recruiter. Founders, employees, investors and advisors are your sounding board to spread the word that you’re hiring. Ask people you know to look through their LinkedIn contacts, find five to ten smart talents, and refer them. Ask your college professors, friends and former colleagues to recommend strong candidates.

Social media – Encourage your team to share the roles you are hiring for on their own social media channels as well as in alumni and industry groups. LinkedIn is a great resource to search for candidates and reach out to them via either 1st or 2nd-degree mutual connections. A personalised & warm introduction is always advised when reaching out to these leads.

Word of mouth – Everyone is a brand ambassador for your company, encourage your team to talk about the company in all kinds of situations. You never know where your next great hire or customer will be at. It could be a dinner party, at a conference or an industry event, you never know.

A rockstar recruiting team – At some point, you will need a hardworking and product-centric recruiting team to make things work. While hiring them, you need to look for their innate passion and commitment towards your company vision. Great recruiters bring great talents.

3. Be careful with your first employees

The first couple of employees really need to have the drive to “make-things-happen” coupled with an ambitious spirit. When assessing this, I look at what they have done in their past careers and personal lives. For example, what are the things they are passionate about, what motivates them in general? It is absolutely crucial that the first employees believe in the product or idea, as people are not getting hired for a specific role, they are getting hired for a company or a product that they believe in and will be expected to wear many different hats throughout the formation of the business.

4. Look for some key signs

Recruiting doesn’t have a standard formula. If you follow something strictly, you will miss some amazing people. Different roles need different considerations. I always look for signals in candidates’ profiles showing they are high achievers. For example, their hard work, smartness, drive, and ability to get to the next level by overcoming obstacles and transcending boundaries, is always a plus. If someone has not studied computer science but encountered tasks that required computing skills and stepped up to the challenge, it shows his or her ability to pick up necessary skills and adapt to any role. Some other key considerations include: noticeable career progression, depth of role beyond what was required of them and any extraordinary achievements and goals reached.

5. Set an example for your team

Work hard on yourself as a leader and trust the incredible team you have chosen!

Grit – Set the benchmark high for yourself and strive to be self-driven. As a founder, you will face many obstacles and you need to tackle these without giving up.

Strong personal impact – Your most important role is to attract employees, investors and partners. Try to successfully influence and impact people positively to support and stand by their ideas. Lifelong learner – As a founder, you must have an insatiable desire to learn. You will constantly face new challenges and make mistakes, you need to be able to quickly learn, adapt and move on.

Apply to be a part of the next Antler cohort here.

__

Prerna is the recruiting director at Antler and oversees founder recruiting efforts globally. She was an early employee at Uber Asia, where she hired hundreds of high performing individuals to help scale Uber’s growth in the region. After Uber, Prerna successfully laid the entire framework for the HR & Recruitment function of Flow Traders Asia (Singapore & Hong Kong), a leading Dutch proprietary trading firm, specialising in ETFs.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Amy Brown | Phoenix Brand Strategy | Episode 6 | June 24

In this series we’re having an honest conversation with the foreign founders in our community about the up & downsides of starting a business in the Netherlands.

In this episode we sat down with Amy Brown, founder of Phoenix Brand Strategy. As a global brand strategist with an entrepreneurial spirit, a passion for the art of reinvention and storytelling, and over a decade of experience building and leading award-winning teams at Ogilvy and Iris Worldwide – Amy shares her knowledge in this podcast.

Curious to hear her 5th piece advice to other female founders listening? “Innovation is advantaged by proximity to differences” – Nicholas Negroponte.

Stay tuned for the other foreign founders sharing their entrepreneurial story in the upcoming weeks!

This podcast was recorded at: VondelCS – Media & Cultuur LAB AVROTROS.

https://www.thenextwomen.com/wp-content/uploads/2019/06/TNW-Podcast-Amy.mp3

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview