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17 Design Elements Your Mobile App Needs

Posted: 15 Mar 2020 08:00 PM PDT

It's easier than ever for businesses to create a branded mobile application. However, creating an app that no one uses just for the sake of having one is a waste of your business's time and resources. If you're going to invest in an app, you'll want to make sure you're properly designing it to encourage repeat use.

To help you do this, we asked the members of the Young Entrepreneur Council to share some essential steps and elements that should go into designing a business app. The YEC is an invite-only organization of young entrepreneurs who represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. 

Here's what they said. Here are some approaches you can tap into in order to build an engaging, user-friendly branded experience that your customers will love.

1. Gamification

You can increase customer app engagement and retention by implementing a gamification strategy within your app. For instance, you could award badges to consumers based on their purchase history, forum comments and more. Consumers crave personalized experiences where they are having fun, even if they are on a website or application with the intent to pull out their credit card. - Chris Christoff, MonsterInsights

2. A straightforward UX

Any app, whether it be desktop or mobile, needs to be incredibly intuitive and user-friendly. In this age of distraction, if an app isn't straight-forward, then it's going to have extremely poor adoption, let alone retention. - Matt Diggity, Diggity Marketing

3. Loyalty rewards

Loyalty programs are still used by some of the biggest companies in the world. Many small- to medium-sized businesses have implemented their own loyalty program where users get cashback or rewards for using the app when they make purchases. Rewarding customers for their loyalty will result in repeated uses per download. - John Turner, SeedProd LLC

4. A sense of community

You need to give users a reason to come back to your app, and the best way to do that is to help them find their people within your app. Give them a way to easily communicate with these people and create a feedback loop, like a "heart" button, to ensure people come back. This is what all the major social media platforms do to ensure their apps are used. - Monica Snyder, Birdsong

5. Push notifications

No matter how cool or useful your app is, people are becoming more conscious about spending too much time on their phones. The majority of apps do not utilize the power of notifications to keep people coming back to them. MyFitnessPal is great at this by letting you know about "streaks" you're currently on or even reminding you that you haven't tracked your nutrition for seven days. - Karl Kangur, Above House

6. Filling a demand

Understanding the basics of supply and demand can't be underestimated. This is a concept that needs to be built into the product. Are you offering an in-app tool? Content? Service? How renewable is it? Can you build on and expand the tool, service or content to maintain engagement? Is it something that is providing the quickest solution to the problem? - Nicole Munoz, Nicole Munoz Consulting, Inc.

7. Easy navigation

An app's design should be intuitive and users should be able to find exactly what they want in a few steps. Create menus that lead to the most frequent or important actions that users take. Make it easy for users to learn how to use the app, give feedback and reach customer support. You'll ensure that customers don't quit your app in frustration by making the navigation simple. - Syed Balkhi, WPBeginner

8. A good onboarding process

If users don't know how to use your app or what benefits it will give them, they won't continue to use it. So, make sure you use onboarding best practices. This includes showcasing the benefits of using your app upfront, mentioning the core features and offering helpful instructions at the point of user action, instead of overwhelming them with information all at once. - Thomas Griffin, OptinMonster

9. A unique feature

If you really want to grab and keep users' attention, then you need to make your app stand out in ways that others don't. What feature does your app have that makes it better than the alternatives? For example, Bumble changed the online dating game by being one of the only apps out there that let women reach out to their matches first. The difference made them a popular choice for singles. - Stephanie Wells, Formidable Forms

10. A/B/n testing

However innovative your idea and however smart your designers, there is no substitute for user testing. Get your app out to beta testers as early as possible and pay attention to their feedback. Once you have a significant user base, invest in A/B/n testing. Testing helps to refine design ideas. Without it, you will struggle to build a UX that has real-world appeal to users. - Chris Madden, Matchnode

11. Streamlined content

Less is more. Don't overload your app with unnecessary content. Streamline it and make it as user-friendly as possible. If I visit a site and it is hard to navigate, that is the end of my visiting that site. - Colbey Pfund, HUGS Wellness

12. A feedback mechanism

If your users are going to be using the system, they should be the ones giving feedback. The biggest mistakes I see designers do is think of themselves as the user and imagine what they would want in your app. There are so many nuances that you know like the back of your hand that your users don't. Intuitiveness for you versus your users are two very different things. - Saumya Bhatnagar, InvolveSoft

13. Intuitive finger movement patterns

The app needs to be intuitive with your finger movement patterns. The app needs to be easy to use, visually pleasant and fast. Secondly, the customer needs to be incentivized to come back. They need a reason and you need to provide it to them. What would be the reason they should come back? Why would they come back? - Anthony Davani, The Davani Group Inc.

14. Data gathering functions

There is a lot of valid advice out there on UX and designing for usability. But what is equally important is gathering minuscule data about every screen – the load times, what users click, errors and crash data, as these also tell a story about what users did with an app. This needs to be done from day one and not as an afterthought. - Subbu Viswanathan, Disprz

15. Incentivized prototype testing

Don't ever assume that the way you use your app is the same way that your customers will use it. It's always beneficial to run some user testing before you invest in building out a specific design. Reach out to some customers, offer them a gift card, and have them test out some prototypes of your app so that you can better understand how they use the app. It will pay off in the long run. - Dave Nevogt, Hubstaff

16. Short- and long-term value

It isn't easy to do, but the best chance at making a successful and popular app is to provide short-term and long-term value. Short-term value can be provided with daily rewards, updates or activities. Long-term value can be added through frequent login bonuses and exclusive offers for users who return after a long absence. - Bryce Welker, Accounting Institute of Success

17. A timeless idea

If your app is something that people can use well over time, then it stands a far better chance of out-surviving its competitors. Gaming apps rise and fall in popularity and use because, over time, it's the same thing over and over. Apps like Snapchat and Instagram can be used any time and still create curiosity and interest in users. - Jared Atchison, WPForms

How Dedicated Business Brokers Get Better Results

Posted: 15 Mar 2020 07:00 PM PDT

Working with a dedicated business broker versus a generalist delivers better outcomes for both buyers and sellers while also bringing more value in many ways, including: 

  • An in-depth knowledge of their market, allowing dedicated brokers to accurately value your business and provide buyers with critical information about the business model. 

  • A built-in customer base and knowing who your ideal buyer is and how to find them. 

  • Specialized vendor networks and connections with the right attorneys, contractors, and lenders in your industry. 

So you've decided to sell your business. You're not alone. According to BizBuySell's annual insight report, 9,746 closed sales were reported by business brokers operating through their platform in 2019. While the online marketplace for available businesses says this number represents a 5.5% decrease from closings reported in 2018, these are still impressive numbers because closings for 2018 topped BizBuySell's historical records — indicating that more and more business owners are electing to change course. You might be considering doing the same.

Maybe it's time to retire. Or, perhaps you want to move on to other ventures. Either way, you need to turn all those years of blood, sweat, and tears into some cash you can put in your pocket. Unfortunately, selling a business isn't like selling your car. You can't post your business on Craigslist, take a few calls, and then haggle with someone in your driveway over the final sale price. It's much more complicated than that. 

Unlike cars or houses, which are priced by the broader consumer market, there are many different ways to value a business. Not to mention factors like cash-flow, profit margins, depreciation, debt, and a dozen other considerations that could transform a seemingly profitable business into a money pit. This is why many business owners turn to business brokers for help. Not only can they help expedite a sale for possibly more profit, but they also allow the business owner time to focus on their own businesses while they handle the nitty-gritty details of the transaction or what comes before that during the marketing process. 

However, with 11,411 business brokers to choose from in the U.S., simply knowing where to go can be overwhelming. And, the options will only continue to broaden since this statistic from IBISWorld was paired with the statement that the business brokerage industry saw an average growth of 2.4% from 2014 to 2019. 

A key way to narrow down the widening pool of options is to seek out brokers who specialize in your specific industry. Before examining the key differentiators of specialized brokers, let's first examine the generalist's role to better understand the business brokerage industry overall. 

For years I worked as a general business broker, helping people buy and sell dozens of different types of businesses. One month I might be selling a software company, the next month a restaurant chain and the month after that a manufacturing company. As a result, my business was very wide, but not very deep. Every time a new client walked in my door, I made another dive into a new industry as I attempted to learn as much as possible. 

This learning curve had a significant impact as I worked to determine a business's profitability. Sales often get held up in due-diligence as the two sides work towards an agreed-upon set of financials. Whenever I worked within a new industry, I'd have to rediscover what is normal, abnormal, and exceptional to set an accurate value on a business. This slowed the process down tremendously and limited my ability to increase my own transaction volume. 

These factors all combine to make general business brokering a complicated, time-consuming process. However, this all changed for me in 2012 when a new opportunity prompted me to specialize exclusively in brokering FedEx routes.  
 

Now that I've had the opportunity to work as both a general and dedicated business broker, I see the value that comes with specialization.  

Deeper knowledge

Dedicated business brokers are specialists who develop an in-depth knowledge of their market. That makes it easier for dedicated brokers to value a business accurately — which speeds transactions — and allows them to provide buyers with critical information about the business model they'd like to buy into. Using a dedicated business broker in your industry will give you a level of expertise that generalist brokers simply don't have — and can't obtain — without specialization. 

A built-in customer base

There's a perfect buyer for every business. However, finding them is sometimes challenging. When you're a general business broker, you're continually looking for a new group of buyers to fit whatever business you're selling at the time. Dedicated brokers work differently. They know the ideal buyer and how to find them. As a result, they can navigate the sales cycle much quicker — allowing both the buyer and the seller to get back to their lives sooner. 

Specialized vendor networks

Every industry has its unique quirks. For instance, when buyers are interested in purchasing a FedEx route, there aren't many tangible assets banks can look at to justify the loan amount. This situation, which doesn't exist in other industries, requires a lot of lender goodwill. Fortunately, I've developed relationships with lenders who understand the business and are comfortable working with qualified buyers. General brokers won't always understand industry-specific nuances and lack connections with the right vendors like attorneys, contractors, lenders, or other professionals that can help close a sale.

The extra 10%

Dedicated brokers are also able to deliver added value in ways that aren't easily quantifiable. As one example, I've invested tens of thousands of dollars to rank near the top of Google's first page for search terms that will only benefit a specific group of buyers and sellers. Only specialized business brokers are able to invest the money and time necessary to better serve their clients within any given industry. Due to the nature of generalists, going the extra mile and building out systems is just not possible. So, in many cases, would-be buyers and sellers are on their own to secure financing and navigate each industry's challenges. 

While I was an excellent general business broker, my results exploded when I decided to specialize. This experience convinced me that specialization delivers better outcomes for both buyers and sellers, while also fueling improved results for brokers. So if you're selling a business, my advice is to seek out brokers with in-depth knowledge of your industry. They'll provide more accurate valuations and possess knowledge and skills you might not know you need. 

If you're wondering where to find these experts, the first place to start looking might be the easiest place to begin — among the industry connections you've undoubtedly worked hard to maintain as you've built your business. Ask your peers for referrals. Seek out those who've sold similar businesses to yours and ask if they were happy with the sale process and inquire about who they used to broker it. You might be surprised by the extra nuggets of advice you glean along this discovery process. If your referral network doesn't turn anything up, a quick search on BizBuySell under your industry might bring you some direction. And don't forget about the powers of our handy friends — Google and LinkedIn. Active brokers in your industry should be utilizing those platforms to show up for search terms related to your industry. 

And, if you are on the other side of the transaction working as a business broker, I strongly recommend looking for industries in which you can build your expertise. By leveraging the right opportunity, you could transform your career in the same way I did.

 

7 Ways To Create a Growth Mindset

Posted: 15 Mar 2020 07:00 PM PDT

People tend to have a mindset of either fixedness or growth, and either of these can shape your life in very different directions.

Having a growth mindset is a valuable trait in anyone. It's especially important for leaders to possess a growth mindset and to foster it in the workplace. Employees can make or break a business's success, which makes it vital to encourage a growth attitude. Businesses can benefit significantly from employees who are willing to grow, learn, and face challenges. 

Having the right mindset will impact one's personal happiness, productivity, and achievements.

In business, the right mindset can skyrocket an organization to success by shaping the attitudes of its employees.

What is a growth mindset?

To understand what a growth mindset is all about, it's useful to look at its opposite: a fixed mindset. 

A fixed mindset refers to believing that one's skills and abilities are innate. A person who has a fixed mindset thinks that if they are good at something, it's because they have an inherent ability to do it. If they are poor at something, then they lack the capacity to accomplish that task.

A growth mindset, on the other hand, does not consider skills or abilities to be inborn. People who have a growth mindset know that they can become better at anything by putting in the effort. For example, a person with a growth mindset knows that it's possible to become more intelligent by learning. They consider the skills and capabilities to be things that can be developed.

What are the differences between a fixed and growth mindset?

Need for validation: People with fixed mindsets need to get good outcomes from their work to assure themselves that they are gifted. Getting a poor result can create anxiety and self-doubt. Those with a growth mindset are more comfortable with poor outcomes as they place value on the effort they put in.

Risk aversion: People with fixed mindsets dislike taking risks since they desire to have only positive outcomes. They prefer to carry out activities and behaviors that are "safe" and confirm their sense of being capable. A growth mindset welcomes risks as an opportunity to develop and grow.

Desire to learn: Since fixed mindset individuals think that intelligence and other traits are intrinsic qualities, they do not see the point of learning. People with a growth mindset know that skills and great personalities come from time and effort. They are willing to learn and master their business skills painstakingly.

Fear of failure: The experience of failure lowers the self-confidence of a fixed mindset individual. They believe failure indicates a flaw in character. Growth mindset individuals understand that they are more than a failed outcome. They appreciate failure for the lessons it teaches them.

It is quite clear that having a growth mindset is far more valuable and empowering than a fixed mindset. Creating a growth mindset impacts your personal and professional happiness. Having this mindset is especially vital for entrepreneurs and business owners.

For example, if your goal is to become a successful blogger, then giving up after posting a few blog posts is unhelpful. It takes writing 24 to 51 posts to lead to a 30% increase in blog traffic. You'll rarely see success by giving up too soon.

Now that we've looked at what a growth mindset is, let's explore ways to develop it personally and in others.

How do you develop a growth mindset?

Accept imperfections

One of the healthiest beliefs a person can have is self-acceptance. This means that you accept your imperfections as part of who you are. Making mistakes is inevitable and accepting imperfections helps you learn from them and grow. You'll be able to move on and start over much faster.

Practice mindfulness

You can start building a growth mindset by being more present and by observing your thoughts and words.

When you find yourself focusing on personal flaws or other unhelpful thoughts, make a deliberate attempt to change these thoughts.

Being more mindful of your behavior, thoughts, and words will help you detect negative beliefs. You can then transpose them with more accepting and positive thoughts. 

Use the power of "yet"

You can add the word "yet"  to change the negative connotations of a sentence. Whenever you're evaluating yourself, others, or a situation, adding 'yet' to a statement can make it more empowering.

Add the word "yet" to statements like "I don't know something" or "I can't do it."

For example, "The team can't figure this out… yet." or "We haven't made a profit yet." Using this opens up new possibilities and maintains a positive frame of mind.

Keep learning

The act of learning embodies the growth mindset. Make a commitment to pick up new skills by joining an online course or doing a weekend course.

You can also listen to audiobooks while traveling and read books in your free time. One of the key traits of a growth mindset individual is the willingness to learn. Develop a drive to build skills in your professional arena, to grow your interpersonal skills, or to simply grow in any manner.

Leverage feedback

Use feedback as a way to grow or help others grow. People who have growth mindsets leverage feedback to get helpful information. If you run a business, create regular feedback sessions and encourage teams to share feedback with each other.

You need to use language in a specific way to make feedback-sharing effective. The next point shows you how your language can shape a growth mindset.

Making use of feedback in the form of reviews is also valuable to businesses. Research shows that 70% of consumers refer to online product reviews before making a purchase online. You can boost your positive reviews and improve your products and services using the feedback in customer reviews. This is a powerful way to develop a growth mindset at the organizational level. 

Praise effort, not abilities

When offering feedback or praising someone, highlight their efforts rather than their character. It's also important to recognize the actions a person or team has carried out rather than the outcome of their work.

Praising a person's character or a team's outcome can create more anxiety since people may feel like they need to be perfect to be valued.

Instead, by focusing on effort, you'll motivate your workforce to keep taking action.

Choose challenging and difficult tasks

One way to develop a growth mindset is to keep challenging yourself and to step out of your comfort zone. When you take risks, learn something new, or take up a challenging job, you learn new things.

Deliberately choosing difficult tasks can be exciting because it gives you a chance to grow your mind and get new experiences.

As you overcome challenges, you'll feel more comfortable and will strive to do more - which is what ultimately leads to positive change and success.

Developing a growth mindset will make you more effective as a leader and a businessperson. The growth mindset embodies all the significant traits that lead to success.

You'll develop the ability to take risks, learn new things, and tolerate discomfort, which is essential to manage a changing business environment. When you have a growth mindset, you'll also be more creative.

By using the tips given here, you'll be able to develop a growth mindset not only for yourself but also for your business organization. 

 

18 Trends That Will Impact E-Commerce Businesses in 2020

Posted: 15 Mar 2020 06:00 PM PDT

Over that last few years, we have come across numerous e-commerce fads and trends. In order to capitalize, it is really important for businesses to be able to distinguish between the fads and the trends because fads come and go, but trends have a long-term survival and impact rate.

In the e-commerce industry, trends are generally shaped by how customers purchase, what they purchase and how they react to marketing strategies. In the last decade, the emergence of new e-commerce trends has greatly impacted several businesses, including the giants such as Alibaba, Walmart and Amazon and they have devised appropriate strategies to take advantage of the trends.

Here's how the e-commerce industry has evolved over these years:

Programmatic advertising

These are targeted advertisements that are delivered to targeted audiences on the basis of consumption data. In other words, programmatic advertising is the process to deliver the right content to the right audience at the right time. With programmatic advertising, e-commerce store owners are able to reach a wider audience.  

Automated marketing campaigns

Marketing automation means more than just implementing scheduled social media marketing or automating email campaigns. It covers different facets of customer experience, including sending customized emails to customers, displaying products on the basis of customers' shopping history, and re-targeting customers with new offers.

Artificial Intelligence (AI)

Appropriate implementation of personalization strategies leads to more sales. However, this would typically depend on the availability of accurate browsing data, which is quite difficult to access. Businesses are addressing this challenge by collaborating with third-party service providers to leverage the potential of AI-powered tools to deliver personalized recommendations.   

Better shipping facilities

Things were quite modest in the shipping and logistics field and were mostly limited to free delivery options. In 2013, the industry got a real boost through the introduction of the same-day-delivery option. Of late, Amazon has started experimenting with drone-deliveries. These drones use Google Maps integration to deliver shipments to destinations.

The constant rise in mobile commerce

With online retailers reporting that people are increasingly using mobile phones to make online purchases, businesses are putting a lot of focus on designing mobile-friendly websites. So if you are still having a static website, make sure that you transform it into its responsive counterpart.

Augmented Reality (AR)

AR is being increasingly used in product visualization and this trend is more likely to assume a more enhanced form in times to come. In response to the introduction of the AR kit in Apple's new operating system iOS 11, Google introduced AR Code for Android-based smartphones. IKEA created a mark in this domain by introducing an app that allowed users to visualize furniture in their homes using their smartphone cameras with the help of 3D furniture models.

Voice search

Google has set new guidelines that recommend the inclusion of more textual content in the content for voice search. It is no wonder e-commerce stores have started including voice-enabled buttons on their websites and have been putting a lot of focus on optimizing content for voice search.

Click and shop online

Quite often, customers are being asked to click the photo of a product and order it from an online store. We have witnessed the launch of apps, such as CamFinder. This trend is most likely to promote the sale of affiliate products. 

Return of brick-and-mortar stores

The traditional retail stores are back after a downturn. These are new-era outlets that have the capabilities to provide in-person digital experiences to prospective customers who walk into their stores. For example, real estate businesses are now allowing prospective home buyers to get a 3D virtual view of their future homes through virtual reality headsets. Similarly, showrooms are using virtual car demos for first-time visitors.

Increase in subscription-based models

Subscription-based business models are on the rise. New e-commerce businesses can set up subscription-based models, which would give them recurring sales every month.

Use of AI-powered chatbots

With AI-enabled chatbots, businesses will be able to promote better customer engagement by providing their customers with relevant information. It is anticipated that chatbots would become cheaper, better, and more widespread.   

Blockchain-based transactions

The number of blockchain-based apps are on the rise. OpenBazaar is an e-commerce platform that accepts Blockchain payments. Tokens get generated in every transaction. This instills transparency in e-commerce operations. We are most likely to witness the introduction of several blockchain-based marketplaces, cryptocurrency payment systems, and inventory management systems. Different types of cryptocurrencies are emerging for specific markets. 

Rise of diverse social payment options

Social payments refer to cash transfers via social media. Major social payment systems that are commonly used are Facebook payments, Apple Pay, Twitter Buy, Google Wallet, etc. These payment systems operate in the same manner as digital bank accounts. Users may either use these systems to buy products from these social media platforms or from other online retailers' websites that allow for transactions to be carried out through these systems.

Delivery of personalized customer experience

Personalization would require online businesses to customize the content of their websites. This would, in turn, mean the display of contextual merchandising. Online businesses should analyze customer data on the basis of purchase history, social behavior, search queries, geographic location, shopping cart, etc. By using data to understand customer behavior, online businesses can enhance customer experience to a significant experience.  

Enhanced customer relationship management (CRM)

When e-commerce businesses have an effective CRM model in place, they get several steps closer to building a strong community. The success of e-commerce ventures depends on how entrepreneurs use data that they collect from several sources such as emails, Facebook messenger, on-site chat, order statuses, customer groups, referral programs, SMS, loyalty programs, etc. This year, it is expected that e-commerce businesses would boast stronger and better CRM systems so as to be able to make optimal use of customer data.

Rise in research online purchase offline (ROPO)

The e-commerce industry is anticipating a major rise in ROPO trends. Customers are choosing to look for products online just to purchase the products from retail stores at the best possible prices and while being able to get a proper feel of the quality.

Sales boost due to influencer marketing

Whether you believe or not, online influencers have a large audience and they can actually promote sales through referrals. It is quite surprising to note that customers purchase products based on the recommendations of both celebrity and non-celebrity influencers. Influencer marketing is still in its early youth and so online businesses have a lot to explore in this area. They should, however, make sure to utilize relevant influencers in their niches.

Increasing use of post payments option

Online businesses face losses worth billions of dollars due to cart abandonment that mainly result from the dysfunction of payment gateways or due to the fact that your potential customers do not have sufficient confidence in the quality of your products. By allowing customers to pay for the products after delivery, online businesses can reduce cart abandonment to a great extent.

The e-commerce landscape is witnessing developments and the developments would grow bigger and better day-by-day. Online businesses need to make the best possible use of the most relevant trends so that they can significantly boost their sales. 
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