Rituals and Recovery

This week I have another coronavirus coping strategy for Freelancers to consider and it boils down to this—do what you’ve always done, except when you have to pivot or adapt. Psychologists, sociologists and others who observe human behavior know that routines and rituals have real power. Michael Norton, professor at Harvard Business School and member of Harvard’s Behavioral Insights Group and Francesca Gino, professor of organizational psychology at Harvard Business School and author of Sidetracked: Why our Decisions get Derailed (2013) found that routines and rituals are stabilizers that ground us and help us to keep going when we’re feeling out of sorts, when we’re grieving the loss of a loved they keep families and friends closer they help to maintain the bond between martial partners.

There is a psychological benefit when, in times of uncertainty and stress, we return to our old routines and habits. Some routines that we turn to can be harmful, it is true. Binge eating, smoking and drinking come to mind. If those activities have been among your habits, I suggest that you leave them in the past. As we crawl our way through the coronavirus shutdown it will be the good rituals and habits, the sometimes silly and often idiosyncratic ways about us, that will nurture us and give us the strength and determination to see our way through this long dark tunnel.

Weddings, christenings, funerals and holiday dinners are all steeped in ritual (that is, habit). That is why whenever someone makes a change to the Thanksgiving or Easter dinner menu, there might be a mini riot. Even those who don’t love mashed turnip or mincemeat pie may complain long and loud if those items are not served on the fourth Thursday in November. The decision to serve an Easter ham or Easter lamb could lead to an armed standoff.

Routines and rituals are often small habits. One always wakes up at a certain hour, so as not to feel lazy. One always exercises in the morning (or in the evening) because at first it fits a schedule but now it is defining act that supports and even comforts.

Oddly, Norton and Franco found that a ritual or routine did not have to be practical or useful to be habit-forming and compelling. Competitive athletes are known to sometimes wear a favorite pair of socks or necklace, or eat a certain food for the pre-competition dinner because they feel the need for a good luck charm.

So what can you do to keep it together as you push through what is probably the most formidable challenge a Freelance consultant will face? As I said earlier, keep doing what you’ve been doing. If you always woke up at 6:30 AM on the weekdays, then continue to do so. If you always headed out to the gym at 7:00 AM, here is where you pivot and make an adaptation. Because gyms are closed, devise a combination run and power walk routine that lasts for 30 minutes.

This is a holiday week for Christians and Jews and I suggest that you apply the ritual usually practiced during the December holidays and send cards to your clients. Because you don’t know who is working from home and who is in the office, send an e-card (I use Jacquie Lawson).

Create a new ritual and visit online gig economy sites such as LinkedIn and Upwork. Tell yourself that you’ll check in on Tuesdays and Thursdays (or Mondays and Wednesdays) and use self-discipline to keep the routine going throughout the shutdown and beyond, because we all need money and we need lots more cash than the government stimulus will provide.

Another ritual that you can either continue , learn, or resuscitate is meditation and focused breathing. Both medical and psychological research has demonstrated that this technique promotes healing of the body and mind.

Thanks for reading,

Kim

Photograph: Kim Clark. Long-time Boston favorite Giacomo’s Ristorante pivots out of sit-down service and into takeouts, per the Commonwealth of Massachusetts coronavirus rules.

A View From the Lockdown

I am one who likes to be productive. I’ve grown weary of the enforced furlough that the civil servants have foisted upon the good citizens (and properly documented guests) of the empire. Sitting on the bench as life passes us by is a tragic waste of time and as we know, time and the tides wait for no one. We can never reclaim our lost days.

It occurred to me that education can soften the blow, at least somewhat. If we educate ourselves, we’ll come out of this madness better than we were when we went in. I’ve heard that many parents are taking a stab at home schooling their children and there’s no reason why we grown-ups cannot home school ourselves.

So after you’ve rearranged closets, done laundry, dusted & vacuumed, put spring plantings into the garden and window boxes and ranked the client list according to revenue potential, you might feel ready to pursue some professional education, ideally in the form of short workshops that are offered at no charge or low charge (because you may not be getting paid for a while). LinkedIn could have what you need.

LinkedIn Learning has 15,000+ workshops and tutorials that will grow your knowledge and the price range seems to be $20 – $40. A revolving sample of workshops are free at any given time and I’ve taken three. All were useful and very well presented. https://www.linkedin.com/learning

Whatever your specialty, you are sure to find a LinkedIn Learning workshop that will supply you with relevant information that will help you serve your clients more effectively. Not only that, but you’ll earn a certificate that will look nice on your profile.

What follows here is a sampling of workshop topics that nearly every Freelance consulting specialist and business owner might appreciate.

Business Finance

So many business owners and Freelancers shrink from the financial management aspects of our ventures. It can be intimidating. A good teacher will break it down and show you that you already know how to do most of this stuff if you’ve ever had a job and paid rent and other expenses.

What is needed is confidence and big- picture thinking. Discover the guidance that business finance workshops will provide to support the growth and health of your venture.

Financial Modeling and Forecasting Financial Statements will explain the basics of your financial statements and how to learn from them, help you figure out cash-flow, plus teach you how to use your company’s past financial data to predict future financial performance.

Brothers Jim and Earl Kay Stice will lead you through step by clearly explained step. Earl Kay Stice holds a Ph.D. in Accounting from Cornell University and he teaches the subject at Brigham Young University. Jim Stice received his Ph.D. in Accounting from Brigham Young University, where he is the Distinguished Teaching Professor of Accounting.

Microsoft Excel

There are numerous Excel workshops and tutorials available and I am ready to dive into two or three of them, at minimum.

Excel spreadsheets make data analysis so much easier. There are even tutorials on functions as basic as filling the cells and adding highlighting color and fonts to make your data pop.

There are workshops that teach learners how to create a basic dashboard and how to create charts in Excel, from classics like bar graphs and pie charts to more recent configurations such as funnels and Pareto.

Value Based Pricing

Your business will not be optimally profitable until you learn how to properly price your products and services. Pricing for B2B services is especially challenging. The concept of Value Pricing is an excellent strategy and you can learn how to apply the principles to your venture after dipping into this most useful course.

Strategic Planning

Take your pick—Strategic Planning Foundations, Strategic Planning Case Studies and Assessing & Improving Strategic Plans, all taught by Mike Figliuolo, author, West Point graduate, former assistant professor at Duke University, author and former McKinsey consultant.

Listening Skills

I took a great one hour listening skills workshop taught by Dorie Clark, adjunct professor at Duke University School of Business, author and frequent contributor to the Harvard Business Review. Excellent communication begins with active, meaningful listening. Listening well will help you to become more persuasive, a better negotiator, a more successful sales professional and an effective leader.

Thanks for reading,

Kim

Photograph: Kim Clark. Social distance grocery shopping March 2020.

COVID-19 Crisis Management

How are you holding up? I assume that you are taking steps to manage the impact of our coronavirus crisis and that you’re feeling somewhere between frightened and overwhelmed? This thing has hit like a tidal wave that has upended all business and taken nearly every Freelancer under, at least in the short term.

The shelter in place orders that panicked public officials have instituted have the ability to do particular harm to self-employed professionals and small business owners. We are concerned about public health and we understand more than most about the need for decisive action because our livelihoods depend upon it and our money and our brand are always on the line. We wish that along with epidemiologists, economists and even ethicists would also be invited to the decision-making tables.

The strategy that’s seen as quick fix crisis management by ventures large and small is to shed all or most Freelance workers and review all supplier and vendor contracts, with the purpose to renegotiate and trim fees.

I agree that cost-cutting measures are prudent and if I presided over a larger entity I would recommend such actions to my leadership team. Yesterday, I read that Exxon Mobil will follow exactly the same strategy.

Yet being perceived as expendable does nothing to improve one’s ability to sleep nights, to say nothing about one’s ability to pay living and business expenses. If a survival strategy ever was needed, the time is now! So what can we do? The short answer is to get practical, be resourceful and use online tools wherever possible because the practice of social distancing will be with us for a number of months.

TECH ENABLED TOOLS

I teach business courses and present workshops and that means I have an audience. Or maybe I should say I had an audience. For the time being, public speaking and gatherings as we have known them are over. I’ve already been in contact with two clients to discuss how educational programs will proceed.

One client has been doing online workshops for a number of years and they’re conducted over Skype and so my ID for that platform has been sent to them. Unfortunately, what was scheduled in the near term was cancelled, but since they have clients to satisfy and need me to achieve that imperative, I know that by late April I’ll be presenting on Skype.

To another client I recently sent an email and suggested that we postpone by a couple of weeks the workshop that I was scheduled to present and repackage it as a webinar. I offered to come to their place of business to use their equipment (and also guarantee a quiet studio, something that a home broadcaster can seldom provide what with the sirens of emergency vehicles passing by, however occasional).

A third client has for a number of years hosted social events that regularly attract 500 – 1000 visitors. I will soon reach out to my contacts there and suggest that they experiment with an online format. The logistics, format and flow will have to be carefully considered, but for several years many people have attended meetings virtually and the concept is no longer novel.

While on a recent (audio only)conference call meeting of 18 participants, three or four spoke up about using online platforms to conduct social events that have been successful. One caller spoke of online dinner parties that she and her husband share with their adult children who now live in other parts of the U.S. Another caller spoke of attending and enjoying a virtual cocktail party, where participants dressed up, poured themselves a cocktail or glass of wine, nibbled hors d’oeuvres and engaged in conversation with other guests all from their kitchen or dining room tables. Apparently, they had a blast.

Finally, to the writers among you, this crisis is the perfect time for clients —and Freelancers ourselves—-to review marketing strategies and update our messages and materials where needed. Stay the course and be brave.

Thanks for reading,

Kim

Photograph: Kim Clark. Star Market, Prudential Center Boston MA March 23, 2020

Continue reading

5 Clients You Need to Fire

It takes all kinds of people to make a world and unfortunately, from time to time one is destined to encounter an individual whose mission in life, so it seems, is to attack others and make them unhappy. Such people obtain a perverse pleasure from making the lives of others miserable. These people like to criticize, demean, diminish, bully, gaslight and even humiliate those with whom they interact, professionally and personally.

I’ve met more than my share of these damaged creatures (even one is too many!) and my recommendation is to keep them at arm’s length and whenever possible, cut ties with them altogether. There is no relationship compelling enough to justify any level of abuse as the price of interaction. Forget about keeping the peace. Troublemakers never worry about keeping the peace (but they will throw that excuse at a target, as a way to maintain control).

Some relationships are difficult to avoid but when it’s a client (or for that matter, a close relative), I guarantee that there is nothing positive that will ever be derived from a dysfunctional relationship. The best course of action is to politely cut the cord. Have you met any of the characters in this rogue’s gallery listed below? Deport and build the wall!

Commitment phobics

Some prospects prefer to shop around and consider several options before they decide which solution to invest in. That’s a smart thing to do; shopping is not a problem as long as the prospect is really a prospect and serious about finding a good solution for their needs. However, some “prospects” fall into analysis-paralysis quicksand and never move forward to get the project done, no matter what they promise you. They just string people along and waste time.

Fee hagglers

Start-up entrepreneurs, more than a few small business owners and many Freelance consultants, whether their venture has high growth potential or is likely to become only modestly profitable, may have limited funds. Likewise, leaders at not-for-profit organizations may direct as much of their financial resources as possible into supporting the mission, which may be a cause about which s/he feels passionate.

If you are offered an assignment that while it has a very modest budget but that you nevertheless feel is worthwhile, whether it advances a cause about which you are also passionate, or you’ll be able to take on a project that will, for example, allow you to expand into a niche that you’d like to enter and therefore has significance for you, then accept a lower than usual fee. Just don’t allow yourself to get bullied and frightened into lowering your fee by someone whose aim is to exploit. Respect that you must adequately cover the time and expertise that you will devote to this project. Be aware of what matters to you and set clear boundaries when deciding whether to accept “charity” cases. Establish a “walk-away” amount for every fee negotiation and accept nothing less (it’s not easy, I know).

Abusive

Along with time, expertise, judgment and resourcefulness are among a Freelancer’s most valuable and marketable attributes. In order for us to perform at peak efficiency, so that we can fulfill the needs and expectations of our clients, it is tremendously helpful, if not necessary, that those with whom we work, our clients, respect who we are and what we can do for them. Uncommunicative, uncooperative, unethical or just plain obnoxious clients greatly diminish our ability to do our best.

Behavior that persistently negative, undermining, passive-aggressive, micro-managing or outright verbally abusive are unacceptable and should never be encountered in the professional (or, for that matter personal) sector. Watch and listen for sign of this type of behavior in client meetings. If you see a red flag in the distance, back away quickly. You may need a contract, but you’ll pay back every dime that you earn in misery.

Complainers

Some clients are never satisfied, no matter what you do to please them. When clients provide negative feedback about your pitch or the work you’ve done, it’s important to determine its validity and make improvements as indicated. But some people make it a habit to continually criticize and complain about everything because nothing is ever good enough for them. It makes sense to avoid these clients whenever possible.

Slow payers

Late payers (or God forbid, no-payers) have no place in a successful business. A business requires steady cash-flow. Clients who don’t pay invoices on time disrupt your financial viability and make it difficult to effectively manage business and personal finances. Slow pay/ no pay clients can even prevent you from making important investments in the business or yourself.

Clients who constantly delay payment don’t appreciate the value that you and your organization bring to their business. While in fee negotiations with a client, remember that the best defense is a good offense; establish a protocol that will minimize, if not eliminate, the slow-pay/ no-pay risk.

A reasonable risk management fee collection strategy is to request a certain amount of the total fee at the signing of the work contract, maybe 15 %, before commencing work. Get agreement from the client on one or two project milestones and tie payments of 25% to them. Invoice the client for the final amount within two weeks after project completion and ask for payment upon receipt of the invoice.

Thanks for reading. Stay healthy!

Kim

P.S. Apologies for not publishing this post on March 17, as was my intention. The publish button was clicked and I thought that the post had published.

Image: “ The Scream, “ 1893, by the Norwegian painter Edvard Munch (December 1863 – January 1944) courtesy of The National Gallery in Oslo, Norway.

Create Your Crowdfunding Campaign

Crowdfunding has caught on among entrepreneurs in need of funding for their start-up ventures and numerous business incubators across the country now offer information on crowdfunding sources. Crowdfunding veterans know that the fundraising campaign is won or lost before the campaign goes live and that the most important decision a campaigner will make is to choose the most suitable platform for the business or project that will be funded. Please see my March 3rd post for a sampling of crowdfunding platforms.

To get an insider’s understanding of how a smart crowdfunding campaign is created and managed I spoke with Alice, a neighbor who is a documentary filmmaker. Alice said that she spent about 8 – 10 weeks, working about 4 -5 hours each day, to prepare for her campaign kick-off and another 4 weeks or so running and managing the campaign while it was live on Indiegogo. The post-launch phase was easier, focused on follow-up and updates.

To create her campaign, Alice asked a friend to build a 6 page campaign website, she filmed a pitch video (she is a filmmaker, after all) and developed a synopsis to further explain and “sell” her film concept. She even planned a small campaign kick-off party to encourage friends and family to participate on day one and create momentum and good results that often make the difference between reaching the fundraising goal or falling short.

Once the campaign was in motion, Alice estimated that she spent about 10 hours/ week on upkeep during the second, post-launch, month. This phase involved follow-up, consisting mostly of engaging updates and donor outreach on social media and in emails.

Keep at top-of-mind that your campaign is unlikely to succeed without a total commitment on your part. Think of crowdfunding as a full-time job while you’re driving your campaign goals. Leverage every relationship and marketing channel available to you. Crowdfunding campaigns are a lot of work but if you build it right, you can possibly meet and or even exceed your funding target. 

Storytelling

Help potential funders understand how backing your product or business idea can benefit them. Tell them who you are, what you’re planning to do, where the project idea came from, what your budget is and why you’re passionate about it. Show that you’ve thought through your idea, which helps prove the legitimacy and credibility of your project. Communicating your story through visual imagery is particularly effective and many successful fundraisers create a 5 (or so) minute video.

Make sure to create an eye-catching campaign landing page image as well as a persuasive video pitch. The video quality must be good, your story must be clear and compelling and your product must shine. Show that you are knowledgeable and articulate as you clearly outline your concept and the benefits and demonstrate exactly how it works.

Connect emotionally by expressing your story in a way that helps potential backers to relate. Show and tell why your product is desirable and unique. People need to know what problem you can solve and why the solution will appeal to target customers. Be advised that your backers are of primary importance. When you show them that you care, they’ll be more willing to trust you and may even reach out to friends to share your campaign with them.

Funding goal

Research your business start-up or expansion costs. Prepare 12 month P & L and Cash Flow Statements, plus a Break-even Analysis, to confirm with confidence both your expenses and when you expect that sales will equal and then surpass expenses. Furthermore, be realistic about your fundraising potential as you estimate how many of your friends and family might be willing to donate. Based on that information, set your fundraising target. Alice predicted that while your campaign might attract the attention of new people, most of your support will come from those who know you. BTW, your fundraising goal cannot be changed once you’ve started the campaign.

The rewards

People will support your project if they think it’s worthwhile, but it’s always good to have interesting donor perks, since people expect a little swag. You might check out the Kickstarter Creator Handbook to figure out what you can and cannot offer, as there are some common restrictions that you’ll need to know. Also, be mindful as you structure your rewards in terms of price points. It’s fine to promise big rewards, but remember that delivery can take considerable time and effort.

Promoting and updating

Your Crowdfunding platform may have built-in tools that allows campaigners to update project backers and send messages to them and you should take advantage of these tools. Email marketing, your blog or newsletter (you might create either or both for the campaign) and social media can be effectively employed to spread the message about your campaign and its progress. Continually keep your project backers in the loop as you move forward with the campaign. Fail to share regular updates and you risk losing donor interest and that can result in a smaller donor pool. Be positive, yet transparent, in your updates. If things aren’t going quite as anticipated, let folks know.

Encourage product feedback

One of the most important things to do before starting a crowdfunding campaign is to run a beta-test and obtain some product reviews. Feedback is essential to making helpful product or process improvements before launching the campaign. You may have an amazing product or service, but that doesn’t mean it can’t become even better with a little extra work.

Deliver on rewards and promises

Your crowdfunding campaign isn’t over if and when you reach your funding goals. It’s over when you’ve fulfilled your promises. This means completing your project, delivering your perks or rewards and continually communicating with your supporters. Only when fulfillment is complete can you truly say you had a successful crowdfunding campaign.

Thanks for reading,

Kim

Photograph: ©Lai Afong, Hong Kong photographer and founder of Afong Studio, one of the first in China. Afong was considered the most influential Chinese photographer of 19th century China. His photograph shows men betting on and playing a game of Fan-Tan in Canton (Guangdong), China circa 1890s.

Crowdfunding for a Business

What do you do when you need money to either launch or expand your business venture and the bank won’t give you enough money? For many entrepreneurs, crowdfunding is the answer. Originally used to fund charity drives or creative projects like recording music or film making, crowdfunding is now recommended as a business financing strategy by organizations that support aspiring entrepreneurs.

That said, I remain skeptical. I understand the allure of crowdfunding—people will give someone money to finance a creative project or business venture and that person will, ideally, achieve the goal without taking on debt. In exchange for the financial support, the entrepreneur, in many cases, will promise to give backers a reward, or even a small equity stake (ownership) for certain investors.

But ask yourself—why would a total stranger contribute to a crowdfunding campaign for a start-up, unless it’s a not-for-profit venture and I believe in the cause and would like to support it? Well, some folks are just of a mind to be a part of someone’s success and that’s the best reward. However, campaigners are advised to align the reward offered with the project.

If the campaign will fund the production of a big special event, for instance, the campaigner might offer free admission, backstage passes, or even a chance to hop up onstage and jam with the band. For consumer products, the most obvious reward would be to provide backers with a digital or physical copy of the item in advance, or offer a purchase price that is far less than the typical retail value. Bear in mind that creativity pays: among the most consistently popular rewards are those that offer personal or unique touches, or provide singular opportunities, e.g, lunch with the founders or the inclusion of donors’ names in the new software product’s credits.

Since there is growing interest in the entrepreneurial community about this nontraditional funding source, I decided to research. Here’s the first half of what I learned. Next week, I’ll follow-up and examine how one might create a successful crowdfunding campaign for a business.

WHICH PLATFORM IS FOR YOU?

CircleUp—Best for fitness, food & beverage, technology

  • Campaign types: Equity, credit
  • Industry focus: Early-stage consumer brands
  • Funds you can keep: All or nothing
  • Funding fees: N/A
  • Payment fees (US): N/A
  • Startup locations allowed: Worldwide

If you’re an entrepreneur working to get your consumer product on the market, CircleUp offers an excellent array of services, including a platform for connecting with accredited investors, insights from machine-learning technology and access to special lines of credit for start-ups. Accredited investors must have a net worth of at least $1 million and earnings of $200,000 a year or more, per SEC regulations. In other words, the investors are quite affluent and capable of writing big checks.

While the focus is on early-stage companies, the platform is nevertheless best suited for more established start-ups looking to scale, rather than companies in their infancy.  CircleUp doesn’t charge any fees for friend and family investments and provides special access to funding through partnerships with Procter & Gamble and General Mills. 

Fundable

  • Campaign types: Equity, rewards
  • Industry focus: Healthy startups ready to expand
  • Funds you can keep: Whatever you raise for equity; all or nothing for rewards
  • Funding fees: $179 monthly subscription
  • Payment fees (US): 3.5% + $0.30 per transaction for reward campaigns
  • Start-up locations allowed: Must be headquartered in the US

Most crowdfunding platforms, whether equity or reward, take a percentage of funds raised. However, this platform just charges a flat monthly subscription fee. As long as you’re subscribed, you can create campaigns to raise money.

The flat fee makes it a great deal for many successful crowdfunding campaigns. The only problem is that campaigners must pay the fee whether or not one is successful. A failed campaign will lose you money, so Fundable is best for start-ups that have a high-potential business model.

But if you’d like a little extra help with your campaign, Fundable offers consulting services and will do everything from design assets to market your campaign. These consulting services do cost more than Fundable’s monthly fee; contact Fundable to obtain pricing.

GoFundMe—Best for not-for-profits and charitable causes

  • Campaign types: Reward, donation
  • Industry focus: People and causes
  • Funds you can keep: Whatever you raise
  • Funding fees: 0% for personal campaigns in the US; 5% for charities and countries outside the US
  • Payment fees: 2.9% + $0.30 per transaction
  • Start-up locations allowed: 19 countries

GoFundMe campaigns are donation-based and focus on not-for-profit start-ups and charities. If you operate a not-for-profit, or are trying to raise money for a cause, this is the preferred platform.

IFundWomen—Best for women entrepreneurs

  • Campaign type: Reward
  • Industry focus: Women-led businesses
  • Funds you can keep: Whatever you raise
  • Funding fees: 5% of all funds raised
  • Payment fees (US): 2.9% + $0.30 per transaction
  • Start-up locations allowed: 23 countries

Women entrepreneurs, who own a growing share of new startups, still face significant challenges in securing investment capital to get their businesses off the ground. iFundWomen offers a a solution to some of those challenges. The founders created the platform as a “fundraising ecosystem for women-led startups and small businesses.” It also provides coaching, marketing and other services for start-up owners.

Unlike some reward-based crowdfunding sites, iFundWomen lets campaigners keep whatever funds they raise. Of the money the site earns from funding fees, 20% goes back into supporting campaigns and services that benefit women business owners.

Indiegogo

  • Campaign types: Reward, equity
  • Industry focus: Tech and innovation
  • Funds you can keep: All or nothing; whatever you raise
  • Funding fees: 5%
  • Payment fees (US): 2.9% + $0.30 per transaction
  • Start-up locations allowed: Worldwide

A big plus is that Indiegogo allows campaigners to choose to structure either a fixed or flexible funding arrangement for your campaign. If you choose flexible funding, you still get the money even if you don’t fully reach your goal. Fixed funding is the same as all campaigns on Kickstarter. Reach your funding goal or the funds are returned to prospective backers (see below). Either way, campaigners must deliver the equity and/or rewards that you promised to supporters.

The site has millions of visitors and the traffic can, in theory, be great for your campaign. If you get featured in your category, your project will be exposed to a ton of people and possibly bringing in many backers. The problem with the mega-sites is that it’s difficult to get featured and your campaign can easily get lost in a sea of other aspirants.

Kickstarter

  • Campaign type: Reward
  • Industry focus: Creative arts
  • Funds you can keep: All or nothing
  • Funding fees: 5% of successful campaigns
  • Payment fees (US): 3% + $0.20 per pledge $10 and over; 5% + $0.05 per pledge under $10
  • Start-up locations allowed: US, UK, Canada, Australia, New Zealand, the Netherlands

Red alert people! Kickstarter campaigns are all or nothing. Meaning, if you can’t meet or exceed your funding goal, all the money is returned to your prospective backers. You had better know that you have enough check-writing friends to get your campaign to the first milestone and that the strength of your project, supported by a very compelling marketing outreach, will carry you across the finish line.

On top of that, the platform is highly competitive and carefully selects the projects allowed on the site. You cannot fund just any business on Kickstarter—you must “create something to share with others.” Your project also needs to fall under one of site’s curated categories, such as arts and crafts, fashion and design, film and photography, games, and technology.

Moreover, investors will expect some type of reward, so you’ll need something of value for the swag bag you must distribute to investors (and you must categorize rewards by their value, to correspond with the amount of donations). So if you’re trying to scale your Public Relations business, what might your reward be—3 years of free press releases? I dunno.

Kiva—Best for micro-loans

  • Campaign type: Debt
  • Industry focus: Startups interested in microloans
  • Funds you can keep: All or nothing
  • Funding fees: N/A
  • Payment fees (US): N/A
  • Start-up locations allowed: United States

If you will accept taking on debt, this not-for-profit style platform could be your most affordable option. Successfully funded Kiva campaigns give your start-up a 0% interest loan, the best of all borrowing options.

The loan must be repaid, but there are no funding or payment fees for you to worry about. Since Kiva requires that you prove your social capital by kicking off your campaign with donations from family and friends, that means convincing people you know to fund your business—but were’t you going to do that anyway?

Note that Kiva loans top out at $10,000; this is micro loan territory. But if you want affordable debt crowdfunding for your small fundraising goals, Kiva’s worth a look.

Publishizer

  • Campaign type: Equity
  • Industry focus: Book publishing
  • Funds you can keep: Whatever you raise
  • Funding fees: 30% of money raised
  • Payment fees (US): 2% – 4% per PayPal transaction
  • Start-up locations allowed: United States

Not all crowdfunding sites are giants, as are GoFundMe, Indiegogo and Kickstarter. In fact, most are smaller, niche-specific platforms, such as Publishizer, which was designed specifically to help authors crowdfund their books. Authors can certainly still use Kickstarter or Indiegogo, but this platform gives the benefit of having a specialized audience that supports authors and books.

Republic

  • Campaign types: Equity, reward
  • Industry focus: Start-ups with a focus on diversity
  • Funds you can keep: All or nothing
  • Funding fees: 6% for the startup + 2% Crowd SAFE fee
  • Payment fees (US): 3.5% per transaction
  • Start-up locations allowed: United States

As an equity-focused crowdinvesting platform, Republic is the new kid on the block and with it’s highly selective curated selection of companies, it’s not for everyone. But for growing U.S. companies with large revenue potential, Republic’s 95% success rate for selected campaigns make it one of the most enticing platforms for connecting with willing investors. Furthermore, Republic also looks for organizations with diverse founder teams.

SeedInvest

  • Campaign type: Equity
  • Industry focus: Technology startups
  • Funds you can keep: All or nothing
  • Funding fees: 7.5% of successful campaigns + 5% equity fee
  • Payment fees (US): $0 paid by the startup; 2% paid by the investor
  • Start-up locations allowed: United States

Founded by MBA graduates and experienced investors, SeedInvest started as a way to give technology startups access to capital from people willing to make sizeable equity investments.

To start, you need at least a minimum viable product or prototype, proof of concept and two or more team members. If you make the cut, you’ll get access to both accredited and non-accredited investors for campaigns starting at $100,000.

SeedInvest’s biggest drawback is its expensive 7.5% placement fee on all successfully funded campaigns. Still, the site has a growing base of investors and successful companies, as well as a positive reputation in the entrepreneur community.

I’ll be back next week with information on how to set up your campaign. Thanks for reading,

Kim

Photograph: ©David Cairns/ Getty Images. Roulette at the Playboy Club in London, England early 1960s

Press Release: To Send or Not to Send?

I’m impressed! You have news that you’d like to share with the world, with a particular emphasis on those who are potential clients and referral sources for your business venture, and you are sophisticated enough to think outside the box in an old-school way and consider sending—-ah ha!!—a press release. Yes, a press release remains a relevant tool, the standard route to media outreach.

While most everyone else chooses to make big announcements by way of social media you, sophisticated Freelancer friend, understand the reach and power of traditional media outlets, be it radio, neighborhood newspapers, or digital-format regional business magazines. Social media is great outreach but there are times when you want to get beyond your followers and obtain third-party support that implies objectivity and real world legitimacy.

Be aware that a press release is a marketing and sales tool. The idea is to communicate a message to customers and prospects through the vehicle of a print or online article, adding the authority and credibility of the publication to the message.

Before you go online and remind yourself how to write a press release—Who, What, When, Where, Why and How—first ask yourself these two questions and follow a couple of pointers. These may sound stringent but they’ll help you make a rational decision regarding media outreach for your organization.

  1. Am I newsworthy? Do you or your company that regularly receive media attention? If so, then you are newsworthy. Press releases by larger, established, household-name companies receive more attention than smaller companies and startups. Have you or your enterprise received any media attention at all? If so, that puts you at an advantage. Or, have you served on the board of your local chamber of commerce, library, or neighborhood business association? Are you a long-term and active member of a neighborhood group, school, Rotary Club, or place of worship? In other words, are you well-known in your community and can you leverage your renown to persuade an editor or reporter that you have sufficient name recognition among the media outlet’s readers or listeners that would motivate them to learn more about you?
  2. Is my story/announcement news? To get your message communicated through the publication, you’ll need to convince a reporter or editor that your message (or the story surrounding it) is newsworthy. Your story must have the potential to appeal to the readership of the publication, or listening audience if podcast or radio. So if your goal is to fill seats at a conference, don’t send a press release. The most important element of a press release is that it’s helpful to reporters, by offering them news of interest to their audience. Journalists don’t care to help fill seats at your conference.                                                                                                3. Write like a reporter   If your press release looks and feels like a real article, reporters will often just file it as a story with minimal editing. Therefore, it’s up to you to make sure that your press release looks and feels like a real news item. Avoid using business jargon.                                                     4. Call media outlets to confirm interest in your story Before sending a press release, call all media outlets on your wish list and ask to speak to the (business) appropriate editor or reporter. Do yourself a favor and read 3 – 4 issues to familiarize yourself with the types of stories that are carried and the names of reporters who cover your topic. Then, contact the reporters that you really want to cover the story. Mention that you’ve read their stories and name at least two. If you reach an editor, still make it known that you are familiar with other stories in your category.

Thanks for reading,

Kim

Photograph: (circa 1988) Phil Donahue (L) and candidate for president George H.W. Bush on The Phil Donahue Show.

How B2Bs Use Social Media

Take a look at the pie chart above. In response to the question, “I am able to measure the return on investment (ROI) for my organic social media activities,” only 44% of marketers in a recent survey that examined the use of social media in the B2B and B2C sectors agreed they were able to measure the performance of their organic social activities. This challenge has plagued marketers since the format appeared. Social media marketing is now included in most marketing strategies, yet a demonstrable ROI still eludes many. In my experience as a Freelance marketing professional, business owners and leaders still haven’t figured out how to effectively use the medium, measure its success or, for that matter, establish reasonable expectations for its benefits.

The wrong platforms are used. Content doesn’t fit platform. Investments are made in platforms that customers do not follow. Postings, after an initial burst of energy, appear only erratically after four or five months. Most of all, in an effort to both save money and simplify, social media all-too-often becomes  the company’s marketing strategy, rather than one component of the strategy.

The 2019 Social Media Marketing Industry Report, released by Social Media Examiner, surveyed more than 4,800 marketers with the goal of understanding how they use social media to grow and promote their organizations. for the past five years, the top benefits derived from social media are increased exposure in the marketplace and increased website traffic. Company exposure grew to 93% (from 87% in 2018) and website traffic improved to 87% ( up from 78% in 2018). Lead generation increased to 74% from 64% in 2018 and, most importantly, sales rose to 72% from 2018’s 53%, solidly demonstrating that B2B and B2C marketers see positive results derived from investment in social media. https://www.socialmediaexaminer.com/social-media-marketing-industry-report-2019/

Facebook remains the number one social media platform for both B2C and B2B marketers, who together account for 94% of business use on the platform. When B2C and B2B are examined separately, however, LinkedIn takes the number two spot for B2B, at 80%, while the number two B2C pick is Instagram, at 78%. Facebook and Instagram were the top two favorites of marketers overall in 2018.  

YouTube is still the number one video channel for marketers (57%) and Facebook’s native videos hold second place (50%). When the survey separated B2C and B2B responses, B2B marketers were found to choose LinkedIn native videos, while B2C marketers preferred Instagram stories and Facebook native videos. 

Of the platforms marketers regularly use for social media ads, Facebook is far and away the number one choice but once again, when separating B2B and B2C, the results show that B2B marketers use more LinkedIn ads while B2C marketers favor Facebook and Instagram ads.

Now, let’s look more deeply into 2020. A serious contender, at least in the B2C space, will be TikTok, an already massive platform beloved by Generation Z and Millennials. Launched in 2016, the site has more 500 million + active users worldwide; over one million of its 15 second videos are viewed every day. In January 2020, Statista reported that 37.2 % of TikTok users are age 10 -19, 26.3 % are age 20-29 and 16.7 % are age 30-39.

TikTok now has a shopping feature called “Hashtag Challenge Plus” that allows users to browse products that are associated with a sponsored Hashtag Challenge, all without leaving TikTok’s platform. Customers have now spent $50 million on TikTok purchases and 42% of all TikTok revenue now comes from the USA.

Did someone say influencer marketing? In 2020 and beyond, it’s safe to say that global brands whose customers skew to tweens and young adults will seize upon TikTok to spread their brand voice, engage with audiences and attract younger consumers, the golden key to future sales.

Thanks for reading,

Kim

A 360 Degree View of Your Brand

I recently gave a talk on branding, a term that we know gets used quite a bit, but I wonder if Freelance consultants and business owners fully understand what a brand means and how the brand can be put to work in service of the business? It is vitally important to first, recognize certain identifying characteristics of the business, which need not be complex or unique, and then spin those characteristics into a mythology or a story, a brand narrative or creation story, that is then packaged and marketed as a brand, destined to become a powerful selling tool.

Depending on your business, you might even build a brand around your location. Maybe you own a restaurant, or a hardware store, in Idaho. Common impressions that Idaho natives and Americans in general have about Idaho—rugged, outdoorsy, resilient, folksy, friendly, mountainous, beautiful—can be used to build a distinctive and compelling brand narrative. The essence of Idaho can become a defining characteristic of the brand.

Other branding possibilities are grandmas recipes (restaurants), the size of the establishment (large and comprehensive or small and curated), the longevity of the business, the number of generations that the same family has owned and operated the business, prestige clientele, expertise in a niche market, or superb customer service.

The function of a brand is to communicate. The brand is the reputation of the business. What a business leader must decide is the primary message that should be communicated and how to articulate that message.

What can the brand tell current and prospective customers? The brand tells them what to expect when doing business with you and your company—the available products and services, that the business can be trusted to deliver what they expect it to deliver, for starters. Branding is about reassuring. Branding is about consistency, predictability, trust, dependability, familiarity, the customer experience and comfort.

If the business owner or leader does it right, the brand will become habit-forming and the list of repeat customers will grow. Customers will be motivated to refer their friends, family and colleagues to the business. They will endorse the business on rating sites like Angie’s List, Yelp and Trip Advisor.

When examining and/or refreshing the brand, remember that the brand is two-sided. There is the internal brand and the (better-known) external brand. The internal brand represents what the business owner and leaders feel describes the brand. The external brand is how the business is perceived by the public, i.e., customers. The internal brand is self-image and the external brand is reputation.

It’s easier to start the brand examination internally—what do you, business owner or leader, want your organization to be known for? What do you interpret as its competitive advantages? What do you see as the value proposition or distinguishing characteristics?

The external view can be assessed by talking to customers, whether the best customers or occasional users of the products or services. In both cases, it’s important to ascertain what has persuaded them to do business with you. What brought them to your establishment, how do they feel about the experience and was the problem solved or objective achieved? Who is motivated to do business with you again and why? Who will not do business again with you and why?

In this way, business owners and leaders can determine what customers and prospects consider to be the defining competitive advantages and selling points. Conversations, face-2-face or by social media, and customer surveys are among the useful ways to learn what makes a difference and keeps customers coming back—or drives them away. If something can be summed up in a clever tagline, so much the better. Most of all, the business must promote what customers value most and express that message in language and symbols that will resonate.

When the value proposition, i.e., the value that the products or services will deliver to customers, perceived competitive advantages and selling points have been recognized and articulated, the business owner and leaders can confidently spread the word by way of promotional channels that customers and prospects trust and put the brand to work for the business.

Thanks for reading,

Kim

Photograph: Dwayne Johnson, aka “The Rock,” whose approach to branding has both a physical and professional dimension.

The Hidden Codes of Body Language

On Monday February 10 at 6:00 PM I’ll give a 1-hour presentation on the basics of branding your business — or yourself! Find me at Staples/Government Center in Boston. Learn how to sharpen your image and tell your story in 2020. Please click the link and RSVP to attend. Free. (and I will work on my body language!) https://www.eventbrite.com/e/your-brandknow-it-own-it-work-it-tickets-92254605007

Kasia Wezowski, co-Founder (with husband Patryk Wezowski) of the Center for Body Language, a firm based in Antwerp, Belgium that teaches body language training and decoding to business executives and co-author (with her husband) of The Micro Expressions Book for Business (2012) says that non-verbal communication is powerful behavior that can accurately predict one’s success or failure. Wezowski claims her research has proven that decoding someone’s body language can predict the outcome of everything from presidential elections or one’s inborn potential to have an advantage when in negotiations.

The Wezowskis have studied successful leaders across a range of fields and they’ve identified several positions which their data indicates are effective and persuasive body language that will help you bring listeners around to your way of thinking. In 2013, they delivered a popular TEDx Talk How Microexpressions Predict Success.

The box—trustworthy and truthful

Early in the political career of former President Bill Clinton, he would often punctuate his speeches with big, wide arm gestures that had the boomerang effect of leading audiences to perceive him as untrustworthy. To help Clinton keep his body language under control, his public speaking coach taught him to imagine a box in front of his chest and mid-section that would contain his hand movements within it. Since then, “the Clinton box” has become a popular term in the public speaking field.

Hold the ball—commanding, dominant and in-charge

Gesturing as if one held a basketball between the hands helps the body signal confidence and control. Do this and the audience will feel that you, learned presenter, literally have the facts at your fingertips. The Apple Computers co-Founder Steve Jobs frequently used this hand position while delivering one of his legendary speeches.

Pyramid hands—calm and self-assured

When people are nervous, their hands often flit about and fidget. When one feels confident and in control, one is usually also calm and still. Help yourself to communicate this state of being by clasping both hands together in a relaxed pyramid. Many business executives employ this gesture, so beware of overuse or pairing this technique with facial expressions that may telegraph anger or contempt. The idea is to show that one is relaxed, not smug.

Wide stance—confident and in control

How people stand is a strong indicator of their mindset. When facing an audience, one does not want to slouch! Instead, stand in this strong and steady position. The feet are about shoulder width apart; knees are relaxed and not locked. The spine will be erect and the neck and shoulders will also be relaxed. Now the speaker signals that s/he has important information to share and that s/he feels confident. In a 2012 TEDGlobal talk Your Body Language Shapes Who Your Are, social psychologist Amy Cuddy sparked a sensation when she modeled this and other so-called “power poses.”

Palms up—honest and accepting

This gesture indicates openness and honesty.  Media impresario Oprah Winfrey makes frequent use of this tactic during her speeches. She is a powerful, influential figure who also appears willing to connect sincerely with audiences, be it one person or a crowd of thousands.

Palms down—strong and assertive, yet calming

The opposite movement can be viewed positively too—as a sign of strength, authority and assertiveness. Former President Barack Obama has often used this technique to calm a crowd right after moments of rousing applause in response to his speech.

Thanks for reading,

Kim

Photograph: © Christopher Simon Sykes/Hulton Archive. Ronnie Wood (L) and Mick Jagger of The Rolling Stones strike Gods of Rock n’ Roll power poses at Madison Square Garden in New York City (1975 on the Tour of the Americas)