Tag: technology

How Technology Has Made Home Business Easier

Kelli Richards July 28, 2014

Of the 28 million small businesses in the United States, 52 percent of them are home-based. Maintaining and organizing your business from home is easier with the advancements in mobile technology. With the latest apps and services you can organize your business’ finances, organize your team, market your product, and provide your customers with top-notch customer service. These technologies have made it easy for home businesses to streamline processes and produce products that mimic larger organizations.

Managing Finances

Managing your business finances can be challenging, to say the least. While you may want to consider contracting this job out to a savvy accountant, programs and apps can help you manage the task yourself. With a great business data plan from T-Mobile on a tablet like the iPad Air, you can even enter invoices and payment in the field or on the go. Quickbooks: The cloud-based platform from Intuit has been a stalwart in tracking expenses for businesses both large and small. The all-encompassing account software allows you to send invoices to customers and accept payment for any sales as well as track any expenses towards you make for your business. Also, if you have employees, it has a payroll feature to cut checks to your employees. Paypal: Paypal also allows you to receive or send payments through your mobile device. If you are on the go you can make sales on the spot. For an extra $30 a month you can customize the experience for your shoppers and even receive payments via phone, fax, and mail.

Organizing Your Team

If your team works remotely, the latest technology enables you to communicate with your team and track milestones: DropBox: Share files with team members seamlessly and securely through DropBox. Share large files with important data with your team members without the need to physically hand it to them. Skype: The leader in video conferencing software, Skype enables your team to communicate face to face and discuss anything related to the business. Omnifocus: This multi-faceted app allows you to organize your team and yourself, as well. Omnifocus let’s you create tasks for your team to complete and provide them with any material to complete any goals you place for them.

Marketing Your Business

The advent of social media has made marketing easier for all types of businesses, but there are plenty of tools home-based businesses can leverage: Buffer: Buffer allows you to manage all your social media accounts on one platform through your iPad. It enables you to schedule your content to publish when you think the most interaction will occur. TweetDeck: This is a great app for you to directly engage with the followers of your business and track what your customers and potential customers are chatting about. This allows you to engage swiftly and produce content towards your target audience.

Customer Support through Mobile Applications

These mobile technologies have allowed home businesses to provide top-notch customer service to their customers. Zoho CRM: Zoho gives you access to to your customer’s data through its mobile app. It saves and tracks all communication and transactions with the customer so you have all the data in one place wherever you are. Zendesk: Zendesk is used by companies worldwide, large and small, and creates a platform for addressing the issues your customers face.

Until next time,

Kelli Richards CEO of The All Access Group, LLC

PS, The right mentor should also have the right CONNECTIONS to move you forward.

Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.

A Hard Day’s Night for Digital Legacy – The Lost Beatles Recordings

Kelli Richards July 5, 2014

Great work will never die in today’s ever expanding online digital world. According to the IDC “The digital universe is growing 40% a year into the next decade. By 2020 it will contain nearly as many digital hits as there are stars in the universe.” In fact, according to Science Daily, 90% of all the world’s data has been written in the past 2 years. Wow. That is an incredibly daunting idea. Literally 90% of the information that is readily accessible to the world today was not available only 2 years ago.

While imagining the sheer magnitude of all this data is overwhelming, studying this information on a more local, individual level is far easier to wrap your head around.

Let’s take a look at the Beatles first Big Screen appearance in the film, A Hard Day’s Night, for example. In examining the 50th anniversary restoration process for the film, technicians needed to compensate for the original recordings (which had been lost) of what is now widely considered the most inspirational musical group ever. Imagine that, the original recordings were lost.

An incredibly foreign idea today in a day and age that with one quick internet search can find you thousands of Kids Pop covers of every song ever done. So how were these recordings lost in history? Well, despite Beatlemania, apparently some doubt still existed as to whether or not The Beatles would make a serious lasting impact; and who wants to track down and organize a possible “one hit wonders” second and third album? I’m 1960, the answer was no one; apparently not even for the Beatles. Today, this is routinely done for even small artists. It may have been a Hard Day’s Night to make a lasting footprint back then, but now, there’s almost no one left without an online footprint. The solid win for all of us is that great work never dies in today’s online digital world, and as a result, we are all, always building a digital legacy for lifetimes to come.

Let’s look at the Lennon legacy. Everyone is probably aware of John’s journey from Liverpool, his work with the Beatles, his marriage with Yoko Ono and his untimely death. But what about his children? Julian, John’s eldest son, has expanded his own musical career, fighting through adversity often faced by platinum artists children, attempting to get out of the shadow of their musical parents. (Luckily for humanity, in addition to his music, Julian has made great strides in his White Feather Foundation, raising funds for a more sustainable future for the planet.) And Sean, John’s youngest son is touring with bands like the Flaming Lips and Tame Impala while releasing his own albums and unique sound.

Our digital footprints go beyond music, of course, Paul McCartney’s daughter Stella need only be Googled to find pages and pages of images of her enormous impact on fashion. And of course, the remaining Beatles themselves continue to make great music and build their legacy, both online and off.

So while the early pieces of Beatles history have been lost, their legacy will not be forgotten and in fact, continues to grow and grow. Living on in their new accomplishments, their children, their fans, and in an online database for everyone to access, so no one will forget.

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

PSS: Listen to an entire library of intimate discussions with industry visionarieshttps://bit.ly/AllAccessPodcastSeries (Priceless)

How Your Brand Can Rock the Socks Off A Music Festival

Kelli Richards May 26, 2014

Summer music festivals are full of sunshine, fun, and community, but they’re also packed with thousands of potential customers and brand advocates. Advertising at these events is nothing new, but startups that can find a way to become part of the festival can reap significant benefits.

People love music festivals because they feel like they’re getting more value by paying one price to see several great bands. The music and the atmosphere can produce strong feelings of belonging and elation that are memorable and often affect attendees deeply. Having people associate your brand with that feeling is priceless.

We’re not talking about putting up a banner and handing out T-shirts; we’re talking about actually becoming an integrated part of the experience.

Rocking a Unique Approach to Brand Awareness

Music festivals provide unique marketing opportunities for startups — if they can just follow the music.

If your brand shares a target audience with a given music festival, you should attend and actively engage festival goers so you are visible and associated with their memories. Not only can your brand gain access to content that can be leveraged on its website, social media, apps, advertising, and marketing campaigns, but — if leveraged correctly — music festivals can provide a brand with:

Awareness. Having your app deployed at a major music festival provides priceless visibility, exposure, and reach a startup could never afford to pay for otherwise. You can build your audience through mobile apps and social media initiatives by implementing social functions into your ads, making it easy for fans to share with their network.
Research. Music festival audiences are typically very receptive (and it’s a captive group in terms of mindshare). The opportunity to deploy your technology to this group gives you access to potential focus groups and case studies.
Networking. Working with a music festival gives you a chance to build relationships with artists, festival organizers, and other brands that can generate referrals and repeat engagements.
Word-of-mouth advertising. This is invaluable because it’s authentic, and consumers are more likely to respond to someone they know and feel good about. If you do a great job and offer value at the festival, attendees can become powerful brand advocates.

Ben & Jerry’s takes advantage of the vibrant atmosphere. The company, which over the years has made ice creams in conjunction with musicians like Jerry Garcia, Phish, and Dave Matthews Band, is a celebrated regular at the Bonnaroo festival and even gives out free scoops of Bonnaroo Buzz ice cream. The company also operates a tent in the festival’s Planet Roo eco-village, where nonprofits and other organizations promote environmental and social activism. These approaches lead to positive and loyal responses from music and ice cream fans alike.

Revenue. If your tech startup is new and unproven and you’re working with an event organizer for the first time, you may choose to reduce or waive the fees completely to gain the invaluable benefits listed above. However, if you’re more established or offering something truly unique and valuable, you can charge the festival organizers, artists, brands, and even the fans if there’s sufficient value.

How to Become Part of the Experience

Forever 21 helped launch the 2014 festival season with an epic “Party in the Sky” at Coachella in Palm Springs, Calif. The party featured performances by artists like Azealia Banks and included two gifting suites, the premiere of Forever 21’s “Summer 2014” fashion film, and a 20-foot party pod suspended above the main event.

If you want to gain brand recognition by becoming part of the music festival experience, it’s time to get creative. The goal is to authentically integrate your startup into the experience beyond just being a sponsor. Provide something tangible that endears your product or service to fans. When leveraging a music festival to enhance brand awareness, there are three approaches you can take:

Deepen and enhance the fan experience.

Use your technology as a tool for making the music festival experience better for attendees. FanFootage, for example, crowdsources fans’ videos and syncs them with high-quality audio of the show from the mixing console at the venue to preserve memories with optimal fidelity. You can also deploy a mobile app or social media campaign that’s contextually relevant and delivers value. Give fans a game to play or a chance to win prizes to make them want to share it with their friends.

Deploy “festival support” technology.

Festival goers aren’t the only people you could target; you can also develop tools geared toward artists, event organizers, and promoters. BeatSwitch is a relatively new event planning platform that helps streamline scheduling in fast-paced concert or festival environments.

Deploy “fan support” technology.

You can use your technology to ensure fans don’t miss a band they want to see or an event they want to attend. Songkick allows you to track your favorite artists to ensure you never miss them when they come to town. You can also achieve this on a smaller scale and allow fans to schedule reminders for specific sets or events during a given music fest.

Another great way to support fans is by appealing to their ancillary needs. What else do they need besides festival tickets and food when they’re at a live event? WaterIn is an app that reminds users to drink water, and Wi-Fi sponsors setting up stations at remote locations become heroes. Pamper festival attendees by giving them something of value, possibly offering special discounts and coupons that are available at the airport or hotel when they arrive in town for the festival.

If you’re on a budget, you don’t have to compete at really big events. Smaller local events still pull in large crowds and can sometimes provide better opportunities to increase brand awareness. Whether you’re headed to Bonnaroo or to the local blues festival, take advantage of these unique opportunities to get your name out there and demonstrate your value to all the parties in the festival ecosystem.

Until next time,

Kelli Richards
CEO of The All Access Group, LLC

PS, The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisor ship, possible collaboration and even funding.

3 SEEMINGLY OBVIOUS TECH MERGERS WE’RE STILL WAITING FOR

Kelli Richards May 12, 2014

THESE TOP COMPANIES DO BIG THINGS SEPARATELY; IMAGINE WHAT THEY COULD ACCOMPLISH TOGETHER.

One of the best parts of working in the tech industry is having a ringside seat to watch heavyweights like Google and Apple duke it out for market share and to be the first to develop the next big thing.

When tech titans acquire smaller, hotter companies or struggling enterprises that have been around the block, the result is often an exciting jolt of innovation and a threat of a bold industry upset.

When Google acquired Nest Lab this year for example, it was great for business and the consumer. Google had a vision for Nest as a game changer in the smart home category, and Nest enjoyed a long list of benefits. Google accelerated Nest’s strategic initiative, took it off the market to prevent its competitors from acquiring it, and boosted its own brand appeal. Nest was young, sexy, and desirable–an image that Apple has dominated for years.

Likewise, Facebook acquired Instagram in April 2012, when it was extremely small, for $1 billion–inheriting a rock-solid user base and carving out a larger chunk of the social sphere.

Successful mergers drive the tech industry forward and make new devices and services accessible to the average person. In the case of Nest, it made the young company able to reach more consumers with its clean tech initiative, and Instagram’ following quadrupled to more than 150 millions monthly active users after its acquisition.

There are several tech giants that have been dancing around some promising acquisitions for a while now, and I think I speak for everyone when I say they just need to do it already!

1. APPLE ACQUIRING DISNEY OR NETFLIX

Everyone knows that Apple has a huge war chest to buy relevant companies, and of course they’ve employed it several times over the years.

While Apple devotees around the world were disappointed to learn an Apple-Tesla merger was not in the cards for Elon Musk (at the moment, anyway), a more likely scenario is that Apple will try to acquire a major content company like Netflix or Disney in the near future.

Of course, Disney would be a big catch for Apple. The brands both embrace creativity, innovation, and delivering an amazing customer experience. In a merger, Apple would be able to ship the long-awaited Apple TV with access to ESPN, Pixar movies, and other Disney content. Consumers would have access to a much broader content library largely on-demand in the cloud, and Bob Iger and Tim Cook would be a dynamic duo that could boost shareholder confidence and inject innovation into both brands.

Netflix boasts a similar advantage of on-demand streaming and high-quality original content. An acquisition would reinforce Apple’s commitment to a seamless customer experience by offering a completely integrated content ecosystem. Owning a major content company would give Apple greater leverage when negotiating other forms of movie, TV, and sports content and make it virtually unstoppable in the media space (beyond its existing bench strength).

2. AMAZON ACQUIRING RADIO SHACK OR BEST BUY

Amazon has long expressed a desire to have a retail footprint, and Radio Shack and Best Buy both need a savior.

Brick-and-mortar electronics stores can’t match Amazon prices, but people still want to go into a store to play with the products or speak with a knowledgeable representative. Most people will go to Best Buy to kick the tires, then turn around and buy a product for less on Amazon.

It makes perfect sense that Amazon would want to offer the best of both worlds. Jeff Bezos has expressed the idea that he would be interested in physical retail locations, but only if Amazon had a “truly differentiated idea.”

What better way to accomplish that goal than to acquire a chain of established stores and existing real estate in local neighborhoods?

3. SAMSUNG OR GOOGLE ACQUIRING FITBIT

These companies are focused on innovation, delivering seamless data integration across all their devices, and creating functional, stylish products that consumers rely on daily.

The race for the ultimate wearable is on, and both Google and Samsung have thrown their hats into the smart watch solutions ring.

Samsung released its Gear Fit fitness tracker in April. The verdict is still out about Gear Fit’s performance, but if it’s not a blockbuster success, Samsung may want to consider buying Fitbit to knock out its chief competitor. Samsung would also gain Fitbit’s audience, technology, and great customer experience.

Google hasn’t come out with a smart watch yet, though the Google Gem is rumored to be almost ready for market. The Gem is reportedly clunky, so it may fail to take off simply because it’s too large and unwieldy. The ability to offer consumers the sleeker Fitbit may appeal to Google, especially because it would take the company off the market for Apple or Samsung.

Industry behemoths will only make a move to acquire another company when they see the potential for huge returns (or a threat from a partnership with their competitors).

These players are primed to disrupt the industry together, and these acquisitions would also bring exciting changes for the consumer. These companies already provide a great customer experience individually–just imagine what they could do together.

Until next time,

Kelli Richards, CEO of The All Access Group.

Originally posted: https://www.fastcompany.com/3029955/3-seemingly-obvious-tech-mergers-were-still-waiting-for

Important Security Measures for Small Businesses

Kelli Richards April 28, 2014

With business data breaches becoming a common story on the evening news, small businesses need to be vigilant about securing their systems and technology to protect their customers and their operations. Symantec’s 2014 Internet Security Threat Report found that web-based attacks, targeted attacks and the number of breaches all significantly increased in 2013 and one in eight websites have a liability vulnerable to attacks. Make your business data difficult to access and manipulate so criminals move on to easier targets by knowing how data breaches occur, minimizing risk and regularly monitoring security.

How Data Breaches Occur

Equifax Personal Solutions Senior Vice President Scott Mitic cautions companies that data breaches aren’t just happening by anonymous hackers in cyberspace. Although breaches do occur this way, companies are also vulnerable to security breaches from physical access to sensitive confidential information. Physical access to systems can be by employees who use databases, vendors or outsourced IT service personnel who are onsite to perform work. A company’s website or interface are opportunities for hackers to try their hand at finding weaknesses in security that they can exploit to get further access to business financial data, employee data and customer data. Red flags that indicate data breach activity include missing company equipment such as laptops, smart phones, or tablets that may have sensitive data and suspicious phone calls about employee remote access to systems or password resets. Reports from systems monitoring programs or services about unauthorized access attempts help small businesses know when their systems are being targeted so they can increase security measures.

Minimizing Risk

Adam Levin, writing for Forbes on “How to Prepare Your Small Business for an Inevitable Data Breach,” recommends taking proactive security measures rather than waiting until something occurs that puts your data at risk. He recommends doing the following:

Implement security policies and procedures and put someone in charge of maintaining compliance with them.
Train employees on your security policies and procedures and about security issues such as phishing emails that try to get them to reveal or reset passwords and not leaving unsecured physical files or devices unattended.
Limit and monitor access to systems and databases and put someone in charge of doing so, along with assigning someone secondary responsibility for checks and balances.
Put financial systems on a separate, isolated computer than other systems in use.
Use an outside security audit for regular review of systems threats.

Regularly Monitor Security

Make security a top priority with regular, ongoing security monitoring. Conduct and document frequent network penetration testing to determine if there are ways to get unauthorized access and fix any vulnerability as soon as you become aware of them. Automate security alerts for unusual activity on your systems to be able to take action right away. Identity theft protection software, such as LifeLock, can protect your personal and business information and monitor all of your data. Make it a mandatory policy to regularly install all new security updates on all equipment, even smart phones and other hand-held devices your employees bring in to work. Take care with vendors and require them to follow the same security policies and procedures as your company. William Hughs, Guest Blogger for the All Access Group, LLC

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PS: If you’re building a team to move your best projects forward, remember that the music to making it all work is your mentor. A powerful mentor should be an ally who sees your vision, a leader who brings the very best people and advisors, and a clear picture of how to get from starting point to end game. If you’re looking for that, I’d love to have a conversation with you.

https://www.forbes.com/sites/adamlevin/2014/02/13/how-to-prepare-your-small-business-for-an-inevitable-data-breach/

Kelli Richards

Want to Take Your Project to the Next Level? Collaborate!

Kelli Richards April 7, 2014

Although our culture tends to celebrate the idea of the “lone creative genius,” the truth is that a look behind the scenes of any success story will very often reveal the work of a stellar team; a group of passionate people who worked together to challenge and motivate one another. Steve Jobs famously promoted collaboration to increase productivity and creativity at Apple. It was one of the benchmarks of all the work that went on during my years there, and it continues to be a best practice of the corporation, and the alum that worked there.

How does this apply to you? Here’s the truth: If you want to take your creative project to the next level, it’s time to give the focus on individual productivity a break and shift toward harnessing the amazing power of effective collaboration.
Remember this rule as you go forward: A team is more than just a group of individuals. Creating a cohesive team unit depends on a variety of factors that, if properly understood, can help you optimize your team selection and work habits. Here are a few facts to get you started:

1. The mere presence of others can boost your performance.

Ever wonder why so many creatives seem to enjoy working in a crowded café, surrounded by strangers? Evidence suggests that the energy of other people can act as a surrogate team, even if we’re working solo. In a 1920 experiment by social psychologist Floyd Allport, a group of people working individually at the same table performed better on a whole range of tasks even though they weren’t cooperating or competing, This is now known as the “social facilitation” effect – the way the mere presence of other people engaged in the same task as us can boost our motivation.

2. Team effectiveness depends on social sensitivity.

The ability of teams to perform well across a range of challenges is referred to as “collective intelligence,” and interestingly it is not based on the average IQ of individual team members. Rather, the collective intelligence of a team is derived from the way team members take turns during conversations – and this often correlates positively with the proportion of women in the group. Which brings us to number 3…

3. Teams perform better when they include both men and women.

A 2012 analysis of nearly 2,400 international companies found that those with at least one woman on their boards tended to be the strongest performers, and the benefits were especially apparent in tougher operating conditions. According to a 2011 experiment by European researchers, the optimum gender balance is 50-50.

4. A good team needs a balance of extroverts and introverts.

Our culture tends to idolize the extrovert, but evidence suggests that the perceived value of introverts in a team setting increases as time goes on, whereas the perceived value of extroverts actually falls – as demonstrated in a recent study by UCLA. While extroverts tend to grab our attention and introverts tend to take longer to showcase their abilities, often it is a balance of complementary personalities that makes for the most effective mix.

The Grand Takeaway? The best teams are built from diverse perspectives and abilities. When creating your dream team, seek out people with different specialties, personalities, and problem-solving styles. If there is friction, don’t give up; instead, train them in better communication.

If you’re building a team to move your best projects forward, remember that the music to making it all work is your mentor. A powerful mentor should be an ally who sees your vision, a leader who brings the very best people and advisors, and a clear picture of how to get from starting point to end game. If you’re looking for that, I’d love to have a conversation with you.

Until next time,
Kelli Richards

CEO of The All Access Group, LLC

PS: The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.

The Who What Where When & Why of Startups

Kelli Richards March 31, 2014

Essentially, startups form because a group of rebels are fueled to the brim by enthusiasm, innovation and passion about their ideas and products. Sadly, those assets are not enough though. Without the resources, infrastructure, and / or the knowledge to develop it on their own, it’s very likely to go supernova before it ever develops a comfortable orbit. Mentoring is a core part of running a successful startup.

Too many startups are unable to move from the ‘pitch’ phase into the ‘construction’ phase and are lost as a result. Having a reliable sounding board to provide practical advice is one way to be smart about the startup process. In fact, many statistics show that startups with mentors are 90% more likely to succeed. The secret sauce, of course, is to find a mentor with the right expertise in your vertical, the bench strength in management and the powerful connections and relationships to accelerate the success. Expertise from a seasoned veteran can make all the difference.

Successful startup mentors start at the bottom with the companies and are strongly integrated into the vision and process. It’s natural to want to create your own spin on the product or add outside value from the get-go, but everyone on the team has to fully understand the project in its most basic form before moving forward. If they see the vision and the possibilities, the right mentor could come in at any time.

Every product is designed to address a problem, so you’ll need a deep understanding of both the cause, or problem, and effect, or product. With broad understanding and a level head, a mentor may have to deliver some harsh news, but it’s always for the good of the cause. As a mentor, it’s not your pride and joy on the line, it’s someone else’s success – their baby. So while any criticism must be delivered tactfully, it’s also important to remember that the project needs your guiding voice, no matter which direction it leads

Entrepreneurs and mentors have to create a solid bond and trusting connection if their relationship is going to thrive for the success of the endeavor. The mentor has to be knowledgeable, rational, and tactful – and the entrepreneur has to be willing to be mentored – to NOT have all the answers. Passion and drive only go so far when starting a business, and in order to learn from a trusted coach and successfully implement the ideas and changes discussed, the startup needs to be flexible and accept the information that’s given. Getting a business of the ground is difficult, but with hard work, positive thinking, and reliable advice from the right mentor, it is definitely possible – and far more probable than going it alone.

Until next time,

Kelli Richards
CEO of The All Access Group, LLC

4 Steps to Ace an Early-Adopter Culture

Kelli Richards March 24, 2014

In this era of rapid innovation, a new technological breakthrough can shake an entire industry in an afternoon, and consumers are hungry for the most advanced gadgets available. Businesses are constantly expected to be at the forefront of emerging technology.

When Corning’s “A Day Made of Glass” video series went viral in 2011, the company leaped in the spotlight. In the process, consumers and businesses alike found themselves considering the company’s role as an innovator in specialty-glass technology for a wide range of uses.

For consumers, the roles of early adopter and a thought leader often become intertwined. Customers tend to gravitate toward companies that can speak credibly about new technologies and apply them to product development and business processes.

Being at the forefront of emerging trends will make your business more sought after by the media as an authority within your industry sector and your staff will be viewed as capable of speaking with intelligence about the latest developments’ impact on your niche or sector.

But being an early adopter doesn’t come naturally to every business — nor can it be achieved overnight. Creating a culture of early adoption and keeping your business ahead of the curve requires a change in mindset at the leadership level. To grow a thriving business on the bleeding edge, savvy leaders would be wise to take some of the following steps:

1. Make the latest tools available to employees. Having the latest gadgets available for staffers to play with encourages a culture of innovation, experimentation and evangelism. It gets employees thinking about how new technology can be used and it encourages a cross-pollination of ideas. For example, when Google Glass was released, forward-thinking businesses made the product available for their employees to try and discuss.

2. Encourage team members to engage with new technologies. For its own part, Google requires its employees to take days off to simply experiment with the latest technologies and test ideas. Ensure that your employees engage with the latest from Silicon Valley by asking them to take an hour from their workday to acclimate themselves with a gadget or tool. Or have an employee do a presentation summarizing the applications of a new device so your team can focus on its possible impact on your industry.

3. Create incentives and reward innovators. Give your employees a reason to keep up with tech news and drive innovation by rewarding those who do so. Grant the employee who discovered and implemented a new task-management platform a paid day off. Reward the staffer who forwarded the latest news to the rest of your team with a free lunch.

4. Lead with an early-adopter spirit. Cultivate a company mindset of curiosity by being a leader who embraces change and risk in the name of progress and cutting-edge disruption. Starbucks CEO Howard Schultz revealed his hunger for innovation when he invested $25 million in Square — a startup few knew about at the time. What seemed like a risky and questionable move to some ultimately paid off. Through collaboration with Square, Starbucks now accepts mobile payments globally, paving the way for other companies hopting to implement mobile-payment systems in their operations.

The pace of technological change is faster than ever before and businesses that wait too long to embrace innovation can easily be deemed irrelevant by consumers. Instead, infuse the early-adopter mindset throughout your company’s culture — and you may well end up being celebrated as a forward-thinking visionary within your industry.

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

How to Vet a Crowded Industry for Hidden Innovation Opportunities

Kelli Richards March 10, 2014

Few people look at a thermostat and think, “Now there’s an exciting business opportunity!”

As a device, it’s a boring commodity — a relic of a stagnant, saturated market. So why did the co-founders of Nest decide to build a multimillion-dollar company around the reinvention of the thermostat?

Where others saw an industry that offered no room for new ideas, Tony Fadell and Matt Rogers saw potential. Most of the 10 million thermostats sold every year throughout the U.S. were clunky, inefficient, and impossible to program, but a simple, Wi-Fi-enabled device that could be programmed via a smartphone — that could be a game changer. Fadell and Rogers saw this opportunity, left their jobs at Apple, and got to work.

Within just three years of unveiling the Nest Learning Thermostat, the company has reduced energy usage across the U.S. and Canada by at least 225 million kilowatt-hours. They’ve saved consumers more than $29 million in heating and cooling bills. And earlier this year, Google bought Nest for $3.2 billion in cash.

What gave Fadell and Rogers the confidence to dive into an overcrowded market? They saw room for innovation. Here’s how you can see through the crowd to the opportunity.

How to Vet a Crowded Industry

When a market has a reputation of being fully saturated or crowded, many potential entrants will steer clear without a second thought. But popular perception isn’t always reality. Though it may not be immediately obvious, there’s often room for innovation and more than one player in the most stagnant of industries.

If you’ve got an idea that you think could disrupt a crowded market, it’s critical that you vet the industry before launching.

Do your homework. Who are the key players in the industry? What are their strengths and weaknesses? A comprehensive understanding of the competitive landscape is vital for determining your strategy.

Clarify your value-add. What makes your idea different? Are you cheaper, faster, better, or more innovative than everyone else? You can’t survive in a saturated industry without clearly being different and better.

Know your customer.Are consumers satisfied with the current market? If your product or idea can effectively address unmet needs and pain points, you’ll be able to capture significant market share.

Position yourself as a trailblazer. People aren’t expecting innovation in a stagnant market. Find the gap by researching industry trends, then stake a bold claim as the “next big thing.”

Prepare for scale.When you unveil a great idea on a commodity market, you have to be ready to handle a sudden wave of demand. Had Nest not been able to keep up with the brisk pace of adoption, the company would have tanked. They were prepared, though, and rode the wave all the way to a multibillion-dollar acquisition in a relatively short period of time based on mass adoption by consumers.

Surviving the Changes in Your Industry

Once you’ve made the leap into the market, you need to be proactive to survive your industry’s lifecycle changes. Achieve the following, and you’ll not only keep your head above water — you’ll thrive.

Stay up to speed on the latest trends and technologies. That way, you can remain nimble and capable of edging out competitors.
Get the word out. Make sure customers know about you — and know that your solution is superior.
Make sure you offer the best possible customer experience. You’ll garner loyalty and brand equity, and you’ll reduce the churn factor.
Optimize key elements: pricing, service, process, and customer satisfaction. Piece these components together in a way that tells a compelling brand story to attract your target audience.
Always strive to stand out from the crowd through your marketing, products, and customer experience. When you delight your customers, they’ll become brand advocates and stay with you in the long run.

A Matter of Perception

When an industry undergoes a fundamental transformation, many people wrongly assume it’s vanishing forever.

Consider the entertainment industry, for example. Just 15 years ago, film studios, record labels, and media distributors believed that file-sharing technology would ruin their entire livelihood. Those who were stuck in their ways wanted to put an end to the technology.

Savvy, forward-thinking tech entrepreneurs, on the other hand, saw an opportunity to pioneer change. While everyone else was lamenting the death of entertainment, they harnessed the disruptive power of technology to meet market needs.

Now, decision makers in the industry are embracing next-generation distribution technology because it enables them to reach global audiences and create new revenue streams.

It takes a keen eye and a great idea to capitalize on lifecycle changes in a crowded market. The risks, however, are often a matter of perception. By seeing potential where others don’t, you can access a world of opportunity and profits.

A highly sought-after consultant, mentor, speaker, producer, coach, and author, Kelli Richards is the CEO of The All Access Group. She and her team facilitate strategic business opportunities in digital distribution between technology companies, established artists and celebrities, film studios, record labels, and consumer brand companies in order to foster new revenue streams and deliver compelling consumer experiences. Kelli is also the author of the bestselling e-book, “The Magic & Moxie of Apple — An Insider’s View.”

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

The Benefits of BYOD Across Different Company Sizes

Kelli Richards January 27, 2014

Anyone connected to the business world has heard about the rampant popularity of bring-your-own-device policies, better known as BYOD. The trend will continue for the near future and likely beyond, with Gartner analysts claiming that 50 percent of companies will mandate a BYOD platform over the course of the next five years. The popularity and gains in morale aside, however, does a BYOD set of policies make sense to a company on a financial standpoint? In terms of dollars and cents, some businesses may get more out of BYOD than others.

Small Companies

Could a BYOD platform benefit the larger conglomerates more than the small, home-based businesses that employ so many independent workers? The answer may be no, but not necessarily due to the basic revenue-expenses flowchart on your bookkeeping. The risk to small companies with a BYOD system lies in the security or lack thereof. V3 made headlines by proclaiming that a small business with BYOD is one cyber-attack away from bringing the company down. A small company may not be able to afford training or security to keep a BYOD network afloat, resulting in a far higher risk of a data breach. When that happens, the savings of a few hundred dollars per employee becomes trivial: The average data breach costs a company no less than $6.75 million dollars and an average of over $200 per compromised customer, Poneman research reports.

The Muddled Middle

Medium-sized businesses may have the resources to put a comprehensive BYOD platform in place to allow for security and increased safety, yet few end up doing so. CSO Online estimates that between 60 percent and 80 percent of businesses have no formal BYOD policies in place whatsoever. Businesses with the luxuries of modest resources and relative flexibility must think long and hard about the dollar value of each employee under its company umbrella. The advantages of cost savings and increased productivity often win out, since a medium-sized business rarely has to hire more than a handful of new staff members to police BYOD or train employees. When a medium-sized company has had limited success with safety, however, it may find a BYOD platform to be an unpalatable risk.

Corporate Policy

When your company employs hundreds or even thousands of workers, the solution becomes quite simple: Go big or go home. The math firmly stands in the BYOD camp, with Cisco reporting that a basic BYOD platform generates $350 per employee per year, while comprehensive policy boosts that figure up to $1,300 per employee per year. Risks remain, of course, and risks become more expensive as the size of a company grows, but when the benefits start climbing in to the millions of dollars, a corporation with a large workforce would greatly limit their growth potential by restricting BYOD policy in favor of uniform devices. There are also platforms that allow BYOD devices to switch from personal to business mode, keeping the two areas separate.

Until next time,

Keith Hart, Guest Blogger for the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

PSS: Listen to an entire library of intimate discussions with industry visionaries https://bit.ly/AllAccessPodcastSeries (Priceless)

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Tag: technology

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