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Bring Your Own Device to Work: Establishing a BYOD Policy for Your Small Business

Posted: 25 Jul 2019 12:00 PM PDT

Allowing your employees to use their own devices in the workplace could be hugely beneficial to your small business. It can save money, encourage a mobile workforce, boost overall productivity and create a more relaxed environment for your team. On the flip side, it can also bring up a lot of issues for you as the business owner and for your employees as well. 

This article will help you establish necessary guidelines, so you can protect your interests as a small business and also maintain a competitive edge as an employer. Indeed, savvy job-seekers who are willing to use their own technology will most likely expect a prospective employer to have a BYOD plan in place already.  

Before you officially authorize your staff to start using their own devices, you – and they – will most certainly have some questions about privacy, security, and compensation. Your responses to the following FAQs will help to shape your BYOD policy. 

Should I compensate my employees for using their own laptop for work? 

For companies with a clear BYOD policy in place, the answer to this question is typically "no." Employees are not usually reimbursed for using devices they already own. The benefit lies in the ability to use the type of technology they want to use. Remember, too, that you are not renting the equipment from your staff; you are simply permitting them to use their preferred device.  

On the other hand, if you are implementing BYOD instead of providing computers, then sure, you might offer some money for that. The reason for this is that your competitors aren't asking their employees to furnish their own electronics.

Can I require that devices adhere to certain cybersecurity policies?  

Yes and no. For your policy to be effective you need to have a certain level of control over the personal devices that are used on the job. While you can't mandate everything, you can set certain expectations. Then, make it perfectly clear that employees can use their own smartphone, computer and such, only on the condition that those expectations are met.  

Ultimately, you need to create a work environment where trust is mutual. This is an important part of implementing your BYOD policy and ensuring its success. If you set too many restrictions, then it may make your workers feel like you are stepping on their personal freedoms.

For instance, it may seem logical to forbid the use of apps like YouTube and Facebook while your employees are on the job. But before you do so, imagine how your staff would perceive this rule. As long as your team is getting their work done, there is no need to be so restrictive.   

Rules you might consider include: 

  • All company-related assets must be password protected. If you or your employees need help coming up with strong passwords that are also easy to remember, see this list of helpful tips from Workful.  
  • All operating systems, applications and software must be updated regularly. Software that is out of date is more vulnerable to security breaches. If your OS system is prompting you to update, it probably has less to do with a new design or feature and more to do with closing a security gap.
  • Data must be backed up regularly. Everyone – even non-BYOD employees – should periodically back up the data on their devices. The importance of this is especially obvious if the device gets stolen, lost, or stops working. 
  • Devices must have antivirus protection installed. This may be something that you can provide. There are many affordable off-the-shelf antivirus and security applications that protect devices from common threats.  
  • Devices must be equipped with and registered in a "Find my Device" service. Not only can they help you track down a missing device, but some of these services can even wipe a device remotely. 

Where should my employees store company data?  

If you are considering BYOD, chances are you already use a cloud-based storage solution for your company data. If not, now might be the perfect time to start.  

Cloud-based solutions enable authorized users to access and share data anytime and from any location. It's really no surprise, then, that cloud-based solutions and BYOD go hand in hand. Still, not all cloud storage offers the same amount of security. To keep your company data protected on employee-owned devices, you might consider a Mobile Device Management (MDM) solution. MDMs offer a range of security features, but the purpose of an MDM is to monitor, manage and secure the devices being used in your small business. Some can isolate an employee's personal apps from the business's apps on their computer. If a device is lost or stolen, an MDM can wipe the data remotely.  

Editor's note: Need cloud storage or a backup solution for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.

 

What happens when an employee leaves the company? 

The fact is, an employee who leaves will inevitably take some data with them – even if it is as basic as company practices or upcoming marketing initiatives. Knowing this, one of the most proactive things you can do is to select your applications carefully. Make sure that your employees don't have to download data to their personal device. You may consider even having your employees sign a nondisclosure or confidentiality agreement as part of your BYOD policy procedure.

If you expect to wipe an employee's personal computer when they leave, make that abundantly clear as well. 

And finally, plan for the worst but demand the best. Hire good, trustworthy employees from the outset. The less turnover you experience, the less you will need to worry about the exit strategy. 

Now it's time to write your BYOD policy. Here's how to do it: 

  1. Define your objective. Make it clear why you have a BYOD policy in the first place. Perhaps you are looking to save money for your business or to foster an environment of trust and independence.  
  2. Decide which devices are allowed. Smartphones, computers, tablets, oh my. Be specific about what type – and possibly even what brand – you will accept. 
  3. Manage expectations. Be straightforward about what you will cover and what your employees will be liable for. If you plan to provide software, security, applications or insurance, spell it out in your policy. If your employees need to purchase any of these items on their own, let them know that as well.
  4. Clearly state your security requirements. Increased cybersecurity threats are a downside to a BYOD policy. Explain to your employees that they may only participate on the condition that your requirements are respected. 
  5. Define your exit strategy. Describe what your protocol will be if or when an employee leaves the company. Will you have them sign a nondisclosure agreement? Include that in your policy. Will you ask to wipe their device? Be very clear about your process.

Is Your E-Commerce Business Overlooking These Security Basics?

Posted: 25 Jul 2019 10:00 AM PDT

In 2018, SMBs made up 43% of all data breach victims, per the Verizon Data Breach Investigations Report (DBIR).

Here are 5 important, but sometimes overlooked steps, you can take now to safeguard your online store and keep your customers' trust. 

Invest in a top-of-the-line SSL certificate.

Almost everyone with a website knows they need a Secure Sockets Layer (SSL) certificate to show that their site is trustworthy. What many e-commerce shop owners don't know, especially when they first launch their stores, is that SSL certificates are not all the same. 

The free SSL option that comes with many web hosting plans may work well enough for a small site that doesn't have a lot of visitors entering payment information. But for the strongest possible encryption to protect your customers from data theft, and to fully validate your website's trustworthiness, you need an Extended Validation (EV) SSL. With an EV SSL, your visitors see the green padlock and a green bar with your company name, proving that you have the strongest SSL protection for their data. 

Getting an EV SSL requires more steps than getting a free, basic SSL. You'll need to give your certification provider proof of:

  • Your business license or registration
  • Your DBA 
  • Your physical address
  • Your personal information 
  • Your signature on the EV SSL agreement

EV SSL fees start at a few hundred dollars a year. This is a worthwhile investment that protects your business and assures your customers that they can shop safely with you.

Get serious about patches and updates.

Timely software updates and patches are a must for every business, especially online stores. One of the top three ways hackers stole customer data from retailers last year, according to the DBIR, was by exploiting vulnerabilities in merchants' web apps. Hackers are happy to exploit other software vulnerabilities, too.

It's tempting to assume that security patch alerts are rare, but they're not. As of this writing, a quick glance at the tech headlines shows security patches deployed this week by Apple, Microsoft, Dell, Atlassian and other major tech providers. Hackers are always probing for weak spots where they can break in, which means that fraud prevention – including code patching – is a constant race to see who can stay a step ahead. 

Keep hackers from stealing your customers' payment card numbers and login credentials by keeping all your software up to date. Act on critical update alerts from your providers right away, follow the news on security patches and consider using a patch management service that continuously scans for and schedules patches and updates.

Make malware scans a priority.

With a program for patches and updates in place, your store will be protected against many types of malware. However, cybercriminals are always finding new ways to attack. When they spot a vulnerability that no one else has discovered, they can use it to put malware on your site. 

When that happens, you're looking at a zero-day exploit – one for which there's not yet a patch because the good guys don't know it needs patching. Worse, that zero-day exploit may go undetected for days, months or even longer. During that time, your store can leak data until the vulnerability is found and patched.

There are other malware risks, too. Consider formjacking, a relatively new type of data theft. Formjacking steals data from website forms in a way that's often compared to card skimming at fuel pumps. Formjackers exploit weaknesses in web apps – often third-party tools that stores add to their sites – to insert code that steals customer data as it comes in. Without regular scans of all the code on your site, formjacking can be impossible to detect. 

The consequences of formjacking can be severe. In 2018, British Airways was formjacked by cybercriminals who stole payment data from more than 400,000 BA customers as they bought tickets. In addition to damaged customer trust and bad publicity, British Airways now faces a $229 million dollar penalty – dubbed the "biggest data protection fine in history" – from the UK's Information Commissioner's Office. 

To reduce your risk of formjacking and to detect zero-day exploits as soon as possible, your site needs anti-malware protection that continuously scans the code for elements that don't belong. 

Put password security on your agenda.

We all know we should use unique, secure passwords on all our accounts – especially on our business accounts. We also know that no one should get 500 attempts to log in to your website. Unfortunately, bad password habits are still common, and they can make data breaches easy. If criminals can guess your login credentials, crack them with brute-force bot attacks, or buy them online, you can end up with strangers in your system, rummaging through your company's emails, databases and web apps.

Step up your password game by finding out if you're already compromised. Have I Been Pwned? is a website run by Microsoft regional director Troy Hunt. It has found more than 7.8 billion breached passwords for sale on the dark web. You can use the site to see if your passwords have already been compromised, so you can change them right away. You can also sign up for notifications, so you'll know if your team's passwords are ever stolen.

Next, strengthen your company's passwords and login process. Require everyone with internal access to use a strong password that's not used for any other account. Limit the number of login attempts that employees and vendors can make before they're locked out of the system and have to contact tech support. Though this may be a hassle for forgetful team members, it can prevent brute-force password cracking.

Cast a net to stop spear-phishing.

Phishing today is so much more sophisticated than the badly written cons of a few years ago. Now, criminals may attempt to impersonate you or members of your team in emails. For example, they may pose as you and email your…

  • Employees, requesting urgent wire transfers.
  • Payroll team, asking them to route your direct deposit to a new bank account.
  • Customers or employees, telling them to log in to a site (that then steals their account credentials). 
  • Vendors and partners, requesting sensitive information.

Whether they're after money, privileged information, database access, reward program information, or customer payment data, phishers are a serious problem. They know how to make urgent requests seem compelling. They know that people won't send login credentials via email, so they've ramped up their use of phishing sites that look legitimate but capture login data. And, their messages can get past secure email gateways that were originally designed to look for links and attachments that contained malware. 

If your business is relying on email security tools that don't look for advanced email threats, it's time to shop for better protection, step up your anti-phishing training, and instruct your team not to transfer money or sensitive data without verifying those email requests by phone or face-to-face.

Each of these five steps adds a layer of security to your online store and your e-commerce business. But, there's one more layer to add: keeping up with e-commerce security best practices. When you stay up to date on cybersecurity, you protect your customers, your revenue and your brand and you won't have to worry about overlooking steps that can safeguard your business.

The Pros and Cons of Outsourcing Your Customer Service to an Offshore Call Center

Posted: 25 Jul 2019 07:50 AM PDT

Many businesses outsource their customer service to a call center to save time and free up staff to focus on tasks other than managing the phone lines. Call center services offer trained agents who handle your incoming calls based on a script or guidelines that you create for them. Call centers often engage in other services as well, including order management, complaints, technical support and outbound marketing campaigns.

To cut costs, some businesses look abroad for a call center service provider. While overseas call centers are typically less expensive than their domestic counterparts, there are some major considerations a business owner should keep in mind before choosing to partner with an international contact center.

Editor's note: If you're looking for the call center that's right for you, use the questionnaire below to receive information from a variety of vendors for free.

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What is an offshore call center?

It's no secret to many consumers that companies often outsource their customer service management to overseas call centers. India and the Philippines are the most prominent countries where offshore call centers are located. Overseas call centers typically offer lower rates, because the labor costs in these countries are much lower than in the U.S. However, it's important that companies not lose sight of what's important if they are considering moving their call center operations overseas.

Bryce Maddock, CEO of TaskUs, a California-based outsourced customer support provider with four offices in the Philippines, warned that costs aren't the only factor to consider. Maddock – whose clients include Tinder, Eventbrite, and Hootsuite – said that businesses also need to make sure the provider they choose won't compromise their brand and, most importantly, the customer experience.

"The most common mistake companies make when choosing a call center is focusing exclusively on price," Maddock said. "Service, reliability and cultural fit should never be discounted. Choose the call center that fits your brand and company culture, not just your price point."

For a long time, this has been the major point of contention between domestic and offshore call centers. Domestic contact centers claim native English speakers as agents and avoid the cultural barriers associated with offshore call centers. Domestic contact centers also tend to maintain a technologically superior infrastructure compared to overseas call centers. However, a more recent phenomenon has given rise to yet another kind of contact center: the nearshore call center. [Are you looking for the call center that's right for your business? Check out our reviews and best picks.]

Nearshore call centers

Nearshore call centers are designed to blend the quality of service found in domestic call centers with the cost-effectiveness of offshore call centers. These contact centers are typically located in Central America or the Caribbean and include significant numbers of bilingual agents, as well as native English speakers. Nearshore call centers also tend to minimize cultural barriers because there is more travel back and forth between nearshore countries compared to truly overseas call centers.

What to consider before outsourcing customer service to an offshore call center

Whether you select a domestic, nearshore or offshore customer service management partner, it's important to consider a wide range of factors. While costs are key, there is much more that goes into the decision to outsource your customer service. After all, you're trusting your partner with your brand image and your customers' satisfaction, two of your most valuable assets.

Language barrier

Naturally with an overseas call center, your customers are likely to encounter a language barrier at least some of the time. Not only is this frustrating for customers (many of whom are already calling about a problem,) it can reflect negatively on your brand.

Consumers often assume that outsourcing call center operations to an offshore service provider indicates an unwillingness to spend money on domestic customer service representatives. If you're going to partner with an offshore call center, test out their service first.

Cultural barriers

Even when language barriers aren't a problem, though, cultural differences can get in the way of customer engagement.

When outsourcing your customer service operations to an offshore call center, consider where the disconnects between agents and your customers might be found. In some cases, social conventions might clash; where an agent believes they are being polite, a customer might perceive them as rude. Where a customer asks a question about a product or service the agent has little direct experience with, the agent might not have a suitable answer.

Find out how customizable scripting options and guidelines are for agents, and how sophisticated their knowledge of your company will be before outsourcing your call center operations.

Technology

The underlying technology supporting call center operations is a key consideration when choosing a call center, especially one that is located abroad. Call centers should have redundant systems in place in case of a natural disaster or trouble with the local infrastructure. Otherwise, your customer service representatives could go offline leaving callers unanswered.

Customers expect brands to be responsive and helpful, and aren't typically sympathetic to gaps in service, especially when those gaps originate at an offshore call center.

Moreover, it's important to understand what level of security is being applied to the communications data moving through the call center you choose. This is especially true for businesses that operate in sensitive industries that might deal with privileged data, such as healthcare companies or law firms. Both software security and physical security at the facility itself are important considerations you should fully understand before making your decision.

Customer experience

The most important aspect of outsourcing your customer service, the true bottom line, is how well it supports your customers' experiences.

If a call center service offers you the lowest rate but agitates customers and harms your brand, the return on investment is not going to be worthwhile.

The best thing to do when choosing whether to outsource your customer service to an offshore call center, domestic call center or keep it in-house, is to consider your customers' needs and wants.

Put yourself in a customer's shoes and compare their perspective to what you know about each call center service you've investigated. If you're not convinced that the call center will leave your customers satisfied, it's too big of a gamble.

Client portfolio

Before finalizing your decision, look at the roster of companies the call center works with. Doing so will help you identify if the call center is a good fit for your business.

If the call center works with mostly large-scale corporate companies and you're a newly funded startup, that particular provider is likely not a good fit.

Examining the call center's clients can help you get a better understanding of what its offerings are and what companies it best suits. Ask providers who their top clients are, if they work with any of your competitors and if you'll be one of their largest or smallest clients.

Not sure where to start looking for call center providers? Check out Business News Daily's best picks page here.

Your customers should be your highest priority, not your budget

The main point of customer service departments is to ensure your customers are taken care of and satisfied. A satisfied customer is a return buyer and will recommend you to friends and family. An unsatisfied customer will likely never return, oftentimes without a complaint or explanation.

While it can be tempting to save every last dime, cutting costs at the expense of customer experience is never wise. Instead, balance costs with outsourcing your customer service to a call center that will represent your brand the way your own staff would.

Offshoring can be an incredibly effective way to achieve that balance, but only if you do your due diligence and find the right partner. Otherwise, you're better off using a more expensive domestic call center service or just keeping your customer service department in-house.

Anna Attkisson also contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.

What Is Trend Trading?

Posted: 25 Jul 2019 06:30 AM PDT

  • Trend trading is when traders make purchasing decisions on stock price trends over a set timeframe.
  • When done properly, trend trading can be a cost- and time-effective way to invest in the stock market.
  • Some technical analysis and stock market knowledge are keys to becoming an effective trend trader.

Investing in the stock market isn't a get-rich-quick scheme. While some people do find success as day traders, most day traders lose money. If you're looking to become an active trader, there are other options with more realistic chances of long-term success. One of those options is trend trading.

The basic definition of trend trading is straightforward. Trend trading is when a trader makes purchasing decisions based off trends. (I know, shocking!) More specifically, trend traders look at trends in a stock's price over time and compares those to market trends and other industry knowledge and reports to make trades. 

"Trend trading is a systematic approach to investing based on an asset's current momentum," said Ali Hashemian, president of Kinetic Financial. "A number of different trade signals can be used, and traditionally there are set rules and risk controls put into place when using this trading strategy. Simply put, this trading style captures gains by riding the upward or downward trend in an investment."

Although the definition is simple, there's more that goes into trend trading. Some strategies work better than others, and there's a whole lot of terminology that can confuse beginners. It's also important to set and follow specific boundaries and rules for trading. Trend trading is meant to be a systematic approach to trading.

"With time and experience, it becomes a detached, robotic and stress-free approach to the markets, as the initial risk is always very low and well managed and only the very best trades are taken," said Zaheer Anwari, co-founder of Sublime Trading.

Answering "what is trend trading?" requires more than just a definition, though. A lot of information goes into trend analysis and understanding the meaning behind different trend lines.

Trend trading basics

Becoming a successful trend trader is easier if you understand the basics of how trend trading works. We've established that trend trading relies on understanding large market trends, but what types of trends do trend traders most commonly use?

"Trend trading is commonly utilized by commodity traders," said Hashemian. "Most often this trading style will include price calculations, moving averages, and take-profit or stop-loss provisions. Traders will use price movement and technical tools to determine trading signals."

Not all trend traders are commodity traders, but trends for commodities are commonly reported on, which makes it somewhat easier to spot those trends. Traders who find trends expect them to continue when they decide to purchase that stock. For example, a trader could've spotted a trend in fast casual dining six months ago and decided to monitor Chipotle and Shake Shack. Once the trader saw an uptrend in both stocks, they could have bought them in hopes of the stocks continuing that trend. Both stocks have seen strong upward spikes since the beginning of the year, so this would've been a strong play.

Finding stocks likely to show an uptrend over six months or a year takes a good system of finding trends. Understandably, the best trend traders are elite at finding trends in different industries. This is where it helps to have a set of indicators that make you feel confident in your trend strategy.

Moving averages are one of the most common indicators for trend traders. A moving average helps traders block out the many fluctuations with each stock by focusing on an average. A moving average can be set to show you the average of a price across a set timeframe. For example, you can look at a moving average for a company's stock at the close of the stock market every day for a 10-day span. This will give you a better idea of where the stock's price has closed on each day over the span, and where the average price is headed. By doing this for longer periods, you can better spot trends.

You can also track moving averages for lows. Tracking the stock's lowest point over every day for a few weeks or months can also give you a better idea of how the stock is trending. Other common trend trading indicators include moving average convergence/divergence (MACD), relative strength index (RSI) and on-balance volume (OBV).

MACD helps signal when traders should buy or sell a stock using two moving averages. It fluctuates above and below zero, and traders use different points on the line to decide whether to buy stocks. The main goal of the MACD is to signal when trends might be intensifying.

The RSI provides a rating from 0 to 100, with the higher ratings meaning the stock is experiencing a strong upswing. If the RSI gets well above 50, however, it could mean the price is being overbought and is due for a dip. On the other hand, a lower RSI might mean the price is oversold and due for an uptrend. A higher RSI doesn't mean a better buying opportunity.

OBV helps measure volume, which is normally used to confirm trends. The OBV usually matches what a stock's price does, which helps confirm trends. Trend traders want to find positive and negative momentum on stocks. Once they do, they can either buy or short those stocks for financial gain. A good strategy requires using different indicators to find different stocks with momentum. Then it becomes time to act.

Those four indicators – moving averages, MACD, RSI and OBV – are useful tools to help traders see trends in a stock's price. These tools, along with an overall understanding of market trends, help trend traders find success.

How to start trend trading

If you like the idea of only making a few dozen trades per year while still making money, trend trading is a good way for you to start trading. Trend trading reduces much of the risk associated with day trading.

"Day traders are often ill-prepared, with an approach similar to gambling, whereas trend trading requires a business and investor mindset," said Anwari. 

Once trend trading piques your interest, a plan of attack is critical. You need to research the common indicators and determine the ones you think are the best for your trading goals. Once you decide on a few indicators, it's time to flesh out your trading strategy. How many stocks do you want to hold at one time? How much money will you put into each position? Once you buy a stock, when will you sell it?

It's a good idea to set standards and rules to follow during the trading process. By sticking to your rules no matter what, you'll be able to take emotions out of the decision-making process and focus solely on finding trends.

To start trading, you will also need a trading platform. Various platforms exist, and the selection process varies by your trading preferences. Fidelity Investments, TD Ameritrade and E*TRADE are all commonly used platforms.

Pros of trend trading

Trend trading doesn't require a ton of time, whereas day trading requires constantly monitoring daily fluctuations and different stocks. A trend trader can take weeks, months or even years to watch trends and hold stocks. For busy professionals looking to trade, this is an ideal situation.

It requires some technical analysis, and you need to implement trend trading strategies, but trend trading doesn't require the same daily grind that day traders undergo. Additionally, trend trading helps take the emotion out of buying stocks. Some traders (not just day traders) make decisions based on emotions or gut instinct. Trend trading reduces those human errors by focusing on technical analysis and data.

It's also less risky than day trading and allows you to focus on trends within different stocks and industries. This can be a good way to trade if you're willing to wait for long-term success. This waiting reduces the risk associated with trading.

There are quite a few benefits to trend trading, especially if you're well versed in the different indicators and how to interpret them. You'll spend time interpreting data, and you should know how to interpret a chart on trends. Trend analysis is key, but once you understand that, it becomes a straightforward, emotionless process. 

Cons of trend trading

The cons of trend trading mostly relate to timing. If you are impatient and want quick returns on stock purchases, trend trading likely isn't for you. It takes time to let trends play out, and you need to be patient during the process. Impatient people will struggle as trend traders.

Another downside of trend trading is the potential of setting poor restrictions and guidelines. Not all trends are going to continue exactly as you suspect.

"Signals can often cause a trade too soon, and thus full potential gains are not always captured," said Hashemian.

This means you can see a trend only to trade too soon based on your technical analysis and model and lose out on a bigger gain. There's never 100% certainty on a trade, and trend trading isn't a magical solution that makes it so you can only gain money. Mistakes happen, and creating a good model to analyze trends does take work and a strong knowledge base.

The bottom line

Trend trading is when you allow a trend in a stock's price to determine your buying and selling decisions. Trend traders can be successful. The trading strategy reduces emotion by putting technical analysis and data at the forefront of your decision-making process. That tends to be a good thing.

How to Solve CRM Adoption Deadlock

Posted: 25 Jul 2019 06:00 AM PDT

According to CIO Digital Magazine, between 18% and 69% of CRM implementation projects fail. Here are four outline common reasons why users may end up in a deadlock with a newly implemented CRM and countermeasures that have proved to be effective in our CRM implementation projects.

1. It requires excessive manual data entry.

One of the major concerns of sales reps and customer service agents is spending too much time on manual data entry in the CRM. For example, instead of moving a prospect through the sales pipeline right after it's discovered, a sales rep has to fill in extensive information about the prospect in the CRM. The same happens after interactions with the prospect take place. Logging emails and phone calls and recording the details of recent meetings become an inherent part of sales reps' daily duties. Thus, sales reps may refuse to adopt a CRM as they think it complicates their job and adds manual data entry tasks to their already high workload.

The solution is to integrate the CRM with external systems and automate certain sales processes to reduce CRM users' manual efforts. For instance, integrating the CRM with external databases and third-party systems (like ERP or ecommerce platforms) unburdens sales reps from manually filling in numerous CRM fields. Integration ensures the automated import of customer and company contact information from external sources and automatically updates the customer information in the CRM.

Automation of some aspects of the sales process (like customer outreach with quick email and call logging, and email templates with merge fields) can also tangibly shorten the amount of time that sales reps spent on manual duties.

Editor's note: Looking for the right CRM software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

2. It neglects the needs of some user groups.

A CRM that is designed for the needs and convenience of only one group of target users is another reason for poor user adoption. For example, sales managers are often seen as the primary users of a sales CRM. In such cases, the solution is tailored to provide manifold features for the sales process, such as efficient performance tracking and sales forecasting. But it may lack features that meet the daily needs of the rest of the sales team. For example, if the lead and opportunity records aren't properly configured, the sales reps may need have to look through multiple tabs to find or fill in certain pieces of information about a customer. Such constraints highly complicate sales reps' duties and stall their sales efforts.

To make the CRM truly convenient for your users, it's helpful to think about the needs of all user groups (such as managers and their reps or agents), their daily responsibilities and primary goals of CRM usage, and configure the system accordingly. For that, collecting user feedback by conducting user surveys may help. Discovering users' likes and dislikes, demands and issues allows you to clearly communicate usability problems to the CRM services provider. Empowered with this information, they can perform CRM customizations that meet the needs of different user groups.

Providing role-based user training on CRM features for each user group is another measure that can help manage the issue. Since different user groups have different goals and tasks with the CRM, it's essential to train them separately and show them the most efficient ways to interact with the system.

3. It has poor data quality.

Irregular CRM updates result in irrelevant or incomplete data, which may become a great obstacle to easy and efficient CRM use. Since data stored in the CRM is often shared between sales, marketing and customer service departments, all of them will be affected if the data is inconsistent. Spending time and money on pursuing "dead" leads and holding inefficient marketing campaigns may be an extremely expensive mistake.

Besides money loss, poor data quality causes the loss of customers' loyalty. For example, the quality of marketing activities declines due to inefficient outreach to prospects through wrong communication channels. The risk to customer service can be manifested in lengthy case resolution due to inability to contact a customer (because of outdated emails or phone numbers).

Regular CRM updates, which ensure data accuracy and reliability, are a must. For better enforcement of this idea, it should be driven from the top down. Managers should explain to their teams that if customer-related data isn't updated in the CRM, it does not exist. When the old way of working, like keeping an Excel spreadsheet, is no longer considered as a job done, using the CRM becomes the single option.

Another way that managers can show their teams that the daily filling in of certain CRM fields is not optional is to actively use the CRM themselves. In particular, they should use the CRM to monitor employee performance. If reps realize that their managers rely on CRM-generated reports to assess their work, they'll prioritize keeping the information in the CRM accurate and up-to-date.

4. It has insufficient post-implementation support.

The lack of post-implementation support means that there is no tailoring of CRM workflows to business process changes and no proper testing of changes introduced to the CRM. This may lead to inconsistent workflows or jumbled reports. Let's imagine that an in-house CRM administrator is required to add a few custom objects to the CRM for better report visibility. There's no post-implementation support from the support service provider, and the admin doesn't have CRM testing skills. The administrator would have modified the solution without thoroughly checking to find out if these objects properly reflected the necessary data and increased report visibility. As a result, the data output may be wrong.

Relying on help from a reliable CRM services provider for ongoing support services – such as adjusting CRM processes to reflect the business's process changes and testing CRM modifications – helps small businesses realize higher user adoption due to easier CRM use. If the CRM complies with business changes and repeatable user issues are solved in a timely manner, all-around CRM adoption is easier to achieve.

Prefer Going Solo? 10 Franchises That Don't Need Employees

Posted: 25 Jul 2019 05:10 AM PDT

  • Franchising can offer freedom and flexibility to those who are both persistent and organized.
  • Home-based franchises, as well as franchises that don't require employees, offer the advantage of a lower initial investment.
  • Aspiring franchisees are advised to choose an industry and a franchise that aligns with their experience and skill set.

While many of us may yearn to be our own bosses, few are willing to put up the risk. Marketing and initial overhead is hard enough; recruiting talent and managing schedules, salaries, payroll taxes and insurance further complicate the endeavor. Then there are those who would rather go solo.

This is where franchising can provide a risk-neutral middle ground. Investing in a home-based business franchise offers the freedom and flexibility of entrepreneurship without the risk of a startup.

Editor's note: Considering opening a franchise? If you're looking for information to help you choose the right one, use the questionnaire below and our vendor partners will provide you with information for free: 

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What is home-based franchising?

Franchising is a way for businesses to expand while mitigating risk. The way it works is that a franchisor (the company) will sell branding rights and the business model to the franchisee (the individual) for a certain location or period of time – all laid out in the franchise agreement. Typically, the franchisor will then make money in the form of a monthly or annual fee, while the franchisee gets to keep the profits (or suffer the losses) they make.

While most franchises involve brick-and-mortar locations (fast food is a common one), in this era of flexibility and cloud communications, home-based franchises are an increasingly popular career option. In many such arrangements, franchisees are free to work remotely, from a home office, or out and about in the community, walking dogs or selling real estate. The real attraction is that none of these require employees – all you need is your own accountability.  

Read before you proceed

Franchises offer a level of independence just short of ownership, but that also means that all the burdens of profit-making are on your shoulders. For that reason, those shopping for franchises should be realistic about the "level of persistence and organization" they possess, said Thomas Gibbs, experienced franchisee as well as franchise coach and consultant.

"In a home-based franchise, you will hold yourself accountable to achieving business goals," he said. "If persistence and organization are not strong areas, direct employment may be a better choice." [Read related article: How to Choose the Right Franchise for You]

The next step for those sufficiently self-motivated is to consider the worst-case scenario. Gibbs suggested prospective franchisees ask themselves how much money they could lose in 12 months and still be able to pay the monthly bills. "This thinking allows you to actually move forward with a decision instead of being paralyzed by fear on making an investment that might not work out."

If you ask yourself these questions and still fit the bill, start by selecting several franchises and doing your research. This may involve getting them on the phone to "gauge how well your values and the franchisor's values align," Gibbs said. Finally, be sure to leverage the fact that others have "been there, done that … call active franchisees and ask them if they would invest in the franchise again, knowing what they now know."

10 franchises that don't require employees

AdviCoach 

Do you have a knack for business strategy but lack the capital to start a management consultancy? Consider becoming a certified business coach through the AdviCoach franchise. Because of this business model's flexible scheduling and location, all you need to start your business as an AdviCoach – aside from the necessary knowledge and people skills – is a phone and an internet connection. Your initial investment includes training, operations and marketing support.

America's Swimming Pool Co.

America's Swimming Pool Co. (ASP) says it is the country's largest swimming pool service and maintenance franchise, and it serves both residential and commercial properties.

An ASP franchisee does not need to have any past experience in swimming pool service. The company provides dedicated training through its Pool School, which provides all the knowledge the franchisee needs to run the business, from product information to marketing strategies.

Century 21

Real estate has been providing careers for independent, self-motivated types for far longer than today's gig economy. Century 21 is one of the most recognized names in the industry, offering franchisees comprehensive training, support and exposure to its global network of real estate markets. For those unsure whether they possess the peppy real estate personality profile, Century 21 provides prospective franchisees a personality assessment to see if they would be a good fit for real estate sales.

Coffee News

Coffee News, a single-page publication of horoscopes and local happenings, is also a low-investment franchise for anyone with a sales or advertising background. Coffee News provides the content and printing services, while franchisees write their own "What's Happening" column, set advertising rates and sell ads in their designated territory. As with most sales franchises, your level of input determines your level of output, giving this the flexibility of becoming either a full-time job or a side gig that allows you to stay abreast of your community.   

Corps Team

Aspiring entrepreneurs with a strong professional network should consider investing in Corps Team, a national staffing firm that helps employers fill intermittent staffing needs. The initial startup cost includes new-owner training, a mentor program, operations and marketing systems, and back-office support. While there are ongoing franchise fees, a staffing business generally has low overhead costs, especially if you work out of your home. 

Fetch! Pet Care

For those ready to take their casual neighborhood dog-walking services to the next level, an investment in a Fetch! Pet Care franchise may be the way to do it. The pet-sitting and dog-walking brand offers opportunities in more than 1,500 national cities, with the corporate support you need to get your business up and running quickly.

Note that Fetch! franchisees must have a strong credit history and a minimum of $15,000 in liquid financial net worth. First-year franchise fees for a single area of operation include onsite training, equipment, marketing and supplies.

Fit4Mom

For new mothers seeking job flexibility, Fit4Mom purports to allow you "to have the best of both worlds – to become a successful business owner and have a career that is supportive of motherhood."

The group exercise program features prenatal and postnatal classes for moms and moms-to-be, including stroller-based workouts where attendees bring their children along. Franchisees can set their own schedules and run classes from anywhere, with the help of corporate training, support and partnerships. A Fit4Mom franchise investment depends on the size of the territory and whether you want to run a part- or full-time business.

Jazzercise

Like Fit4Mom, Jazzercise is a workout program franchise perfect for those trying to avoid desk life. As a Jazzercise instructor, you'll have access to the brand's training, technology, choreography and other support so that you can begin teaching classes in your local community. With an initial franchise fee of just $1,250, it's one of the more affordable options on the market. Total upfront investments depend on whether you rent studio space or want to open your own Jazzercise studio.

Lawn Doctor

While many Lawn Doctor franchisees go into business with a partner, this flexible opportunity is certainly manageable as a solo operation. Because the lawn care industry is founded on repeat service, franchise owners are well poised to achieve growth with the right customer service and marketing skills. Lawn Doctor franchisees should understand sales basics, but the company provides franchise training for anyone who needs it. It also offers in-house financing for eligible franchisees, as well as the opportunity to convert an independent lawn care business to a Lawn Doctor franchise.

Thriveworks

With a general shift in mental health care from inpatient to outpatient services, Thriveworks franchising offers a way for independent counselors to reach patients with all the insurance and administrative details taken care of. The initial fee ranges from $20,700 to $35,800 for converting existing practices, and $37,100 to $79,282 for opening new counseling practices. To get started, you must make sure you have the proper qualifications and certifications required in your state. From there, you'll undergo training to assure your clients are in safe and capable hands.

Additional reporting by Sammi Caramela.

How to Measure Social Media Marketing ROI

Posted: 25 Jul 2019 04:05 AM PDT

  • There is no one way to determine if your social media is successful, but a variety of tools and a good strategy can help you track your progress.
  • You need to know how you will track and use your analytics.
  • Focus on engagement, not vanity metrics.

"Are my social media efforts successful?"

It's a question we've asked ourselves since the advent of social media, but even now, more than a decade later, we're no closer to having a cut-and-dry answer. Because every business and every social platform is different, success has a different meaning for business professional and brand.

Social media has proven itself to be a mainstay of modern business, and so it is key that you have a strong, active online presence that engages with customers regularly.

And while there is no one way to know if you're "successful," there are plenty of ways to track your engagement rates, identify and fulfill your goals, and get a general idea of where you stand among your competition.

1. Have a plan.

The first step in determining your success in social media marketing is developing a detailed plan that addresses the following:

  • What you want your social media to do for you
  • How you plan to accomplish your goals
  • How you plan to track engagement, i.e., which metrics you plan to use
  • How you plan to analyze your results

"I would recommend starting with the objective," said Aalap Shah, founder of 1o8 agency. "Is it brand awareness? Is the campaign meant to drive in-store retail? Based on that, pick awareness or conversion metrics."

To determine your metrics and how you will track them, there is a variety of media management and sentiment analysis tools available to help. Google Analytics is a comprehensive website tool that is easy to set up and use. Hootsuite Insights lets you track engagement and build custom reports, and Keyhole shows you when your users are most active and likely to engage. 

You can then flesh out your plan by determining which metrics you want to track – like engagement, audience, reach, engagement or sentiment – and how you will apply that information to your strategy.

2. Determine your goals.

Many organizations that report having difficulty measuring social media ROI have not defined specific, tangible goals. The first step in successfully measuring ROI is to establish these goals and then build your strategy to specifically accomplish those goals.

"Set a clear outline around the metrics you are tracking," said Dan Willis, founder of the Millennial Motivator. "Each marketing effort should have clear community growth that is dialed in on actual engagement and conversion."

Try the SMART method – Specific, Measurable, Actionable, Realistic, Timed – to set your goals, and decide how you are going to accomplish them. You should be looking to increase engagement (likes, shares, comments), website traffic, brand awareness or in-store traffic, for example.

"For small businesses, goals should be established based on short-term goals, and built out incrementally and scaled from there," said David Azar, co-founder and CEO of Outsmart Labs.

You can also look back at what your company has done previously to help determine your goals.

"How effective has social media been for your business?" said Ellen Borza, SEO and PR manager for Web Talent Marketing. "What can you learn? Take a deep dive to establish a baseline first. From there, you can define attainable but challenging goals.'

3. Have a defined vision.

"One of the most common mistakes I see is that small businesses don't have a clear vision of how to measure the success of their social media marketing efforts," said Kaisa Suojanen, digital marketer at Upgrow.

As you set goals, have vision or end goal in mind that you want those smaller goals to work up to or achieve. This unifies your social media efforts.

Try to ensure that your end goal is in keeping with your business's branding and communications guidelines so that everything is uniform. You can also use your company's mission and vision statements to spark ideas for your social media strategy.

4. Ignore 'vanity metrics.'

Willis cautioned against "vanity metrics," which are flashy analytics, like a high follower count or page views where none of your followers engage with your content. 

"The reality is [that] your reach, likes and followers are relatively insignificant if that community is not engaging and converting," said Willis. "Scrap the vanity metrics, and double down on engagement."

Commit to examining your analytics and understanding exactly what they mean. It takes time to learn what comprises a successful post. Monitor your social media over an extended period until you start to see trends. You should see what works, what doesn't and things like best times to post. 

5. Build relationships with your followers.

"When it comes to organic strategy, it's about building up your brand image, cultivating relationships with your audience and proving yourself trustworthy," said Kiara Martilla, founder of Kiara Jennifer & Co. Marketing. "Your audience should feel comfortable enough to like, comment and DM you without being blasted with a sales pitch." 

When your followers feel that they have a relationship with you, they are more likely to engage with your content and follow through with a purchase or commitment to your business. 

In this age of consumers favoring authentic content, relationships are vital to your social media strategy. Respond to comments and messages, and offer frequent opportunities for followers to engage, like giveaways, asking for responses in the comments or featuring followers in your posts. 

Martilla said that staying true to the origins of social media – being social and making connections – helps you to stay authentic and avoid overdone posts that alienate followers.

"The more ways you can relate and connect, the more points of connections you can create with [your followers], the more they are going to feel drawn to you." 

6. Focus on quality, not quantity.

"Many small businesses use social media to establish an online presence," said Borza. "And while that's a valid reason to use it, don't just post for the sake of posting. Low- quality posts lead to low reach and poor engagement. Instead, focus on creating engaging content, even if that means you're only posting once a week." 

Make it a part of your social media strategy to give good thought to and have a reason for every post. Your social media is there to serve your business and achieve a goal, not just to exist. Spend time considering your photo, caption and hashtags as is appropriate for each platform. Publishing tools like Hootsuite or Later help you set up and preview posts before they go live. 

"Don't be impatient," said Azar. "While it may be tempting to jump to conclusions about the success of your campaigns early on, patience is essential. Rome wasn't built in a day, and neither is a robust social media marketing strategy."
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