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How to Increase Employee Satisfaction During a Polycrisis

How to Inflation-Proof Employee Satisfaction We are currently living through what historians have called the ‘polycrisis’; the interaction of multiple crises at the same time. Globally, we are living through inflation which is reducing the purchasing power of many; climate change which is leading to a food shortage and higher costs for current supply; war and insecurity in many regions; as well as, supply chain disruptions as a result of global political unrest and the impact of COVID 19.  These crises are making people very uncertain and worried about their future. These people include your employees who live through these struggles, causing fear and panic ultimately affecting their mental health and quality of work.  And so, how do you alleviate some of these burdens they face so as to increase employee satisfaction, reduce their stress levels, and increase retention and productivity? Some of these tips are more feasible than the others depending on the size of the organization and its cash flow. Bottomline, it is important to show employees that you are all in ‘it’ together and your organization understands and empathizes with the situation.  References https://www.weforum.org/agenda/2023/03/polycrisis-adam-tooze-historian-explains/ https://www.weforum.org/agenda/2023/01/davos23-the-global-economy-is-under-pressure-but-how-bad-is-it-two-experts-share-insights/#:~:text=The%20global%20economy%20is%20under%20pressure%20from%20multiple%20complex%20and,have%20called%20a%20%22polycrisis.%22 https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/us-consumers-send-mixed-signals-in-an-uncertain-economy https://research.streetbees.com/the-four-facets-2023-report

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How to Sell to a Difficult Customer

Your main goal as a business owner is to provide solutions that genuinely address your customers’ needs, ultimately enhancing their quality of life through your products. However, it’s important to acknowledge that customers have had negative experiences in the past. When a product fails to fulfill its promised purpose, it leaves customers disappointed, cautious and most likely, difficult. Consequently, customers have become more logical, meticulously evaluating their options before making a purchase. They want assurance that what they buy will truly deliver on its promises, without the need for additional purchases. So, how do you sell to a difficult customer? 1. Use testimonials Customer segments are defined by age, social status, work environment, exposure, and place of residence. One of the ways to sell to a difficult customer is to mention individuals who have purchased your products and get them to talk about the satisfaction derived from these products/services. This is to assure them that their investment is secure. Logical, difficult customers, who possess the means to spend, seek reassurance before making a purchase. Their strong network also make them influential in referring others to your products, creating a potential customer segment with continuous demand. To build trust and credibility, it’s recommended to collect testimonials for display on your website or social media channels. These testimonials can take the form of text accompanied by customer photos. Alternatively, video testimonials are powerful as they visually convey trust through body language. Keep the video clips concise, ranging from 30 seconds to 1 minute. Sharing testimonials from satisfied customers serves as a powerful means of building trust, establishing credibility and instilling confidence in potential buyers. 2. Provide customer support and utilise customer feedback When customers are unsure about how to use a product, they often seek information and guidance. Capitalize on these conversations by providing the necessary instructions and support. It’s crucial to keep records of all customer interactions, including calls and text messages. These records serve not only for monitoring and improvement purposes but also for reaching out to them. Valued customers who experience the benefits they anticipated are likely to express their gratitude. You can showcase these conversations, starting from when they sought assistance to when their concerns were resolved. This display of customer feedback demonstrates your trustworthiness and reliability. 3. Offer discounts Customers have unfortunately experienced instances where their hard-earned money was taken advantage of, causing them to be cautious about future purchases. To foster long-term relationships and bring about a significant change in their perspective, you need to shift your focus away from short-term profitability to gaining trust. Rewrite the narrative and offer them something of exceptional value, surpassing their expectations. It could be in the form of discounts or even providing the item for free if it is not a high-priced product. By exceeding their perceived value and offering them an irresistible proposition, you can sell to a difficult customer, rebuild their trust and establish a solid foundation for a lasting customer relationship. 4. Offer free complimentary services Customers often have additional needs beyond their initial purchase. As a business, you have the opportunity to provide these supplementary services alongside the discounts offered. However, it’s important to approach this in a thoughtful manner, avoiding any sense of desperation. Consider making a promise to customers that after they have used the product and experienced satisfaction, they will receive complimentary services when they make a second purchase. This promise acts as an incentive for them to return and further solidifies their positive experience with your business. By offering these additional services, you enhance their overall satisfaction and create a compelling reason for them to engage with your brand again. In conclusion, it’s crucial to remember that the ultimate objective is to win over customers. However, it’s important to acknowledge that customers have the freedom to choose whether or not to return. Regardless, your goal should be to maintain a long-term business relationship with each customer, treating them as individuals rather than as a collective group. By focusing on personalized service and catering to their specific needs, you increase the likelihood of building loyalty and fostering repeat business. Remember, every customer is unique, and your commitment is to serve them on an individual level. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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How to Keep your Business Running after Working Hours

“Whenever the customer wants it, you should be there” Many offices typically operate from 9:00 AM to 5:00 PM due to the costs and effort of running night shifts or servicing the office at night. However, the concern is that your customers don’t sleep. When they want a solution, they want it immediately and the earlier they speak to someone, the less anxious they feel. Knowing that most offices are closed after 5:00 PM and on weekends, customers often seek alternative ways to reach out during these times. As an entrepreneur whose business is centred on customer satisfaction, here are some options to keep your business running after working hours: 1. Social media pages To effectively keep your business running after working hours, it’s important to be active on social media. Creating pages on platforms like Facebook is crucial. These pages can be set up to automatically respond to messages with customized replies. The platform also lets the customer know when they can expect a response, based on the average reply time. This helps reassure the customer that they are dealing with a customer-centric organization, whether it’s during working hours or not. In fact, the message can even include an emergency contact if needed. Here’s an example below: 2. Auto-responder An auto-responder is a system organisations use to send an email when they’re out of office, on leave, on a particular assignment or outside their country of operation. The email often contains information regarding when messages will be read and replied to or an option to contact another individual in the organisation that could process the enquiry. Below is an example of an automated message. 3. A 24/7 Office Phone I read a story online about a customer who needed a product on Monday morning. They tried calling a supplier they found online but nobody answered the office phone. They kept searching and found another supplier who answered immediately and delivered the materials on time. It made me think, what’s the point of having an office phone if nobody picks up? Nowadays, an office doesn’t have to be a physical place. It’s about the people and processes that can operate from anywhere, anytime. Every office should endeavour to use mobile phones, with someone available to handle calls and respond to inquiries anytime. It’s important to keep the business running smoothly all day, while still maintaining good telephone manners. 4. Online Support Services To make the most of an organisation’s online presence, it’s important to consider all platforms. Websites should have a support system that works on both computers and mobile phones, accessible anytime with an internet connection. These chat boxes should be automated to respond to messages, and allow users receive notifications for answers to their any enquiries. 5. Integration of Chatbots Chatbots use artificial intelligence to respond to questions from customers. They analyze similarities, patterns, and keywords to provide consistent answers. Chatbots serve as a temporary solution for basic information until a human representative takes over when the chatbot can no longer handle the customer’s requests. Implementing this system across platforms requires a fully integrated technology team. A successful business focuses on promptly addressing customer needs, keeping communication open, providing clear information, and delivering on time. When these elements work together, a business can definitely become a household name. 

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How to Build an Online Business from Home

The internet has revolutionized the way we do business. With the rise of e-commerce, it is now easier than ever to start an online business from home. However, building a successful online business requires more than just setting up a website and waiting for customers to come. In this article, we will discuss the steps you need to take to build a profitable online business from home. Step 1: Identify your Niche The first step to building an online business from home is identifying your niche. This means finding a specific area of interest or expertise that you can focus on. It could be anything from selling handmade crafts to providing digital marketing services. To identify your niche, start by considering your passions and skills. What are you good at? What do you enjoy doing? Once you have identified your niche, research the market to see if there is demand for what you are offering. Step 2: Build your Website Once you have identified your niche, it’s time to build your website. Your website is the foundation of your online business and will be where customers come to learn about your products or services. When building your website, make sure it is user-friendly and visually appealing. Use high-quality images and clear descriptions of what you are offering. Make sure all links work properly and that there are no broken pages or errors. Step 3: Develop your Brand Your brand is how customers perceive your business. It includes everything from your logo and color scheme to the tone of voice used in marketing materials. To develop a strong brand, think about what sets you apart from competitors in your industry. What makes you unique? Use this information to create a brand that resonates with customers. Step 4: Create Content Content marketing is an essential part of any successful online business strategy. This involves creating valuable content that attracts potential customers and builds trust with existing ones. Create blog posts, videos, infographics or any other type of content that will be useful to your target audience. Share this content on social media and other relevant platforms to reach a wider audience. Step 5: Drive Traffic Once you have created valuable content, it’s time to drive traffic to your website. There are many ways to do this, including search engine optimization (SEO), social media marketing, and paid advertising. SEO involves optimizing your website for search engines so that it appears higher in search results. Social media marketing involves promoting your business on social media platforms like Facebook, Twitter and Instagram. Paid advertising involves paying for ads on platforms like Google AdWords or Facebook Ads. Step 6: Build Relationships Building relationships with customers is key to building a successful online business. This means engaging with them on social media, responding promptly to emails and providing excellent customer service. Offer incentives like discounts or freebies for repeat customers and encourage them to leave reviews or testimonials on your website or social media pages. In conclusion, building an online business from home requires hard work, dedication and patience. By following these steps, you can create a profitable online business that allows you to work from the comfort of your own home while doing something you love.

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How to Determine the Price for your Products

Determining the price for your products is often a challenging one. As an entrepreneur, you continuously ask yourself and others who care to listen; “how much should I charge?” Making pricing decisions worse are the intrigues of rising prices (inflation), unstable and largely unpredictable foreign exchange (FOREX) fluctuations. Without the aforementioned complexities, price fixing is a little bit dicey and puzzling, hence this article is to guide you in product/service pricing. The article explores what goes into determining the selling price of a product or service and how to manage the many questions that might bother the mind regarding determining an appropriate price, a suitable price, a sustainable price, and an unbeatable price as the case may be. Considerations What should be considered in determining the price for your products? I highlight some few points to consider below: Asides cost, there are varying schools of thought on the extent of things to include as well as their considerations. Some hold that you use an industry average, others go with intuition, while for some, it is pre-determined. For example, some persons hold the view that their profit loading on cost should be the barest minimum while others will charge the maximum. This is not the focus of this article, as I dwell majorly on cost determination. Pidgin English attributes “cost” to being expensive. However, for the purpose of this article, a layman’s definition of cost is the amount used to produce a product or amount incurred in rendering a service. In accounting, it is conventionally believed that the cost of producing or rendering a service is significant in determining its selling price regardless of other compelling qualitative considerations as highlighted earlier. Categories of Products/Services Broadly, in professional accounting view, there are four categories of products/services. Identifying your type of product/service is only a first step. Applying the principles of the four costing methods requires more than intermediate knowledge of accounting. However, since this article is written for general knowledge purposes, I will try to simplify some key principles. However, I must note that the need for a Management Accountant for pricing decision cannot be ruled out especially for growing businesses with varieties of products/services. Elements of Product or Service Cost In determining cost, entrepreneurs are encouraged to consider that there are three (3) elements of costs (materials, labour, and expenses/overheads). Simply, a quick formula to use to determine your product/service cost is: Product/service cost = Production cost (Direct cost + Indirect cost) + A fraction of Administrative cost + Selling and distribution cost + Profit loading. It is quite easy to determine direct cost, because they are directly attributable to the product/service e.g., wood for furniture. Indirect cost is harder to identify sometimes, because they are not directly attributable to the product or service. Any cost that goes into producing a product or rendering a service but cannot be directly identified with the product/service is indirect. Examples include factory electricity, factory supervisor’s salary, compliance fees, etc. For emphasis, electricity bill may be paid monthly, so it is difficult to say that product A or service X gulped Y% of electricity. To resolve this challenge, we apply apportionment of cost using both scientific and non-scientific methodologies. The same apportionment goes for administrative cost and selling and distribution costs except where directly identifiable. For profit loading, some argue that a % of total cost should be used, while some use an arbitrary or market-based %. (Please note that these broad-based calculations and assumptions apply largely to unregulated products and services.) Given these considerations, it should be easy to determine your selling price knowing that identifying and computing product/service cost is a significant step. The best way to compute product/service cost is to document all forms of cost incurred either considered relevant or not. Many entrepreneurs will for example not include the cost of their own service rendered in the production process assuming that profit will cover for them. But you should note that if you hire someone to do what you do, they get paid, so include your own cost if and when you contribute to the production process. Conclusively, what is an appropriate price, a suitable price, a sustainable price, and an unbeatable price? Appropriateness in this context means that your selling price covers all your cost including a profit load. However, as earlier mentioned, that may not be suitable for particular markets or jurisdictions. In this case, a suitable price may have to be determined, considering the market dynamics. A sustainable price as the name conveys is a price that is appropriate and includes social and environmental considerations. Finally, an unbeatable price relates to a market-based price that is generally accepted as minimum. Please note that in other contexts, this classification may differ.

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How to Get Reviews from your Customers

I’m not sold on bugging people for reviews. Something about it just feels very unreal plus the way business owners hound me for them sometimes is just tiring. When I cave in, it turns out to be something I just do so you can let me be. That’s the problem I have with it; it usually comes off as pretty unauthentic and people can tell. Well, that was what I thought until I had to get them myself. I was proud when I started writing this piece, some weeks back, but after struggling to get reviews from a pretty successful workshop – let’s just say I am now humble. What we think; if people love a product, they will recommend it, whether or not you beg them. What happens in reality is that people are busy, have tons of messages hitting them every second and really do not have all the time in the world to give you feedback without being reminded. It will happen naturally with some people, but with the rest, you’ve got to creatively prompt them. You have to tread carefully though because if you push them too hard, they get irritated (you don’t want that). If you don’t push them at all, they don’t consider it important. So what do you do? How do you get reviews? I have a few tips for you. Ask tough, clear and specific questions: What do you like about the shoes? What do you dislike about the shoes? Did it come in with no damages? Was the order process stressful? Will you tell people about how much you loved the product? Ask the painful questions and resist the urge to defend yourself; you’re not in court. Grow a thick skin too though, those things can hurt. Call your customers: Sometimes you just need to pick up the phone and call the customer. Tell them you want to ask about the product and ask for their consent to use their feedback for marketing. Let them get comfortable. Ask different unrelated questions, related questions and then talk about the order. Capture their excitement, especially the oohs and ahs. Schedule quarterly or yearly focus groups: Use these to get in-depth information on how your business is doing.. They can also double as product tasting events. I’m a genius in organising these; I have done so many and the results are always jaw-dropping. What to do when you get customer reviews? Share the good and the not so good: This may be an unpopular opinion but reviews are a lot more authentic when we see both. Maybe not the ones where you’ve really pissed of the customer though; might be safe to leave those ones out for everyone’s good. Get creative in your use of reviews: Please not every time ‘blanking out whatsapp and making screenshots of names’. Sometimes take the time to turn your reviews into a work of art. How about a mini cookbook or user generated recipes? There you go, you are welcome. Use every channel you’ve got: I have gotten some great reviews using Instagram stickers and then turned them into a video. Sometimes I relied on scribbling furiously during a workshop or painfully going through the replay of a conference to get the awesome moments. One thing is certain though, the struggle is REAL ! But, you can do it. These are just a few ideas that I’m hoping will help you get creative on the different ways you can get reviews from customers. You need them. Testimonials are important and when they are creative, they are powerful. What are you going to try out today?

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How to Combat Cyber Threats in your Business

Cyber threats in your business must not be overlooked because they can steal your data and destroy the credibility of your business. Although online businesses may have benefits, there’s also a greater chance of hoaxes and cyber threats. Therefore, safeguarding your business against cyber-attacks is crucial because, if not prevented, it may require reestablishing your business. In extreme scenarios, these attacks can force you out of business permanently because you might be unable to make up lost revenue and customer loyalty as clients want to feel safe during transactions. The good news is that you can always take preventative actions to combat cyber threats in your business, thus safeguarding your company before it’s too late. Preventive Measures to Combat Cyber Threats in your Business 1. Install devices and network security software Verify that your operating system and security applications are scheduled to update automatically. Updates might include vital security upgrades for recent malware and threats. Most updates allow you to schedule them at the most convenient time, typically after office hours. It’s imperative to consistently follow update prompts since they frequently fix serious security issues. Also, install security software to help prevent bugs on your business’s PCs and mobile devices. The software should have anti-virus, anti-spyware, and anti-spam filters to avoid compromise on your business gadgets. Moreover, setting up a firewall between your devices and the internet prevents your connection from viruses. Always maintain a robust firewall by regularly updating to the newest patches.  2. Use passphrases and authenticators If possible, take extra precautions to make your security difficult to access. Instead of using passwords, use passphrases to secure networks and devices that host sensitive company data. Passphrases are phrases or collections of words that are used as passwords. Humans find them easy to memorise, but computers find them challenging to decipher. A secure passphrase must be at least 14 characters long and include a mix of capital and lowercase letters, digits, and special characters. For each of your accounts, use a different passphrase. In addition to using passphrases to prevent cyber threats in your business and protect your company data, multi-factor authentication (MFA) can be used to ensure that only legitimate staff are granted access. Before anyone can access their account, two or more forms of identification must be shown. Additional security for your accounts is provided by two-factor or multi-factor authentication. 3. Enable network encryption The data that will be sent into and out of your company system needs to be encrypted after you’ve configured your authenticators. Before sending your data over the internet, encryption transforms it into a hidden code. Make sure your network encryption is enabled and that all data received and/or stored online is encrypted. This lowers the danger of theft, destruction, or tampering by limiting data access to parties that possess the encryption key. When utilizing a public network, you can enable network encryption by adjusting the settings on your router or by setting up a virtual private network (VPN) program on your computer. 4.  Backup your data Data backup is one of the cheapest ways to guarantee that your information can be retrieved in the event of a cyber-incident or computer issue. Additionally, it is a less demanding technique to prevent future attacks. Although firewalls, antivirus software, and other security measures may malfunction, keeping a backup provides you the advantage over attackers. To ensure the protection of your data, use a range of backup techniques, like routine incremental backups to a mobile device or cloud storage. Include weekly, quarterly, and yearly server backups as well. It should be regularly checked to see if this data is functioning properly and can be recovered. Store several copies of your backup offline, if possible. 5. Develop cyber security and data sharing policies Your staff and device operators are responsible for your company’s security. Businesses should have clear cyber security and data sharing policies that inform staff on what is appropriate while using computers and visiting websites. Your personnel should receive internet safety instructions that inform them of the dangers they can encounter and their responsibilities for keeping your company safe. It is essential to teach them how to recognise, avoid, and handle cyber-attacks as well as use strong passwords and passphrases. Keep track of all the computing hardware and applications that your company uses. All the hardware and software that your company employs must be documented. Any software and hardware that are no longer in use should be disconnected from the network, and sensitive data should be deleted. Older, inactive hardware and software won’t likely be updated, and they could be exploited as a “backdoor” by thieves to attack companies. In similar vein, you ought to deny access to former workers and people who have switched roles and no longer need it. 6. Build a safe online transacting environment It’s crucial that you protect clients’ information because your company’s reputation will suffer if you misplace or compromise their information, and you might face legal repercussions. Ensure your company invests in a safe online transacting environment that protects stored customer data. Find out what your payment gateway provider can do to stop online fraud if you accept payments online. Consider purchasing cyber insurance to safeguard your company. Dealing with a cyber-attack may cost far more than simply replacing computers, enhancing security or repairing databases. Your company may benefit from the cost savings provided by cyber liability insurance coverage for attack recovery.

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How to Choose your CFO Wisely

I start by highlighting that while Accounting and Finance share a thin line, it has been argued that Finance is an element or a subset of Accounting. However, their ends are the same – provision of information and insights to enhance decision-making. C-suite execs are appointed/selected based on academic and professional qualifications, exposure, and experience as well as other underlying considerations. This article underscores one of such considerations. The c-suite position of the Chief Financial Officer (CFO) is a high-level cadre with responsibility over the finances of an entity. Other c-suite positions include Chief Executive Officer (CEO), Chief Information Officer (CIO), Chief Technical Officer (CTO), Chief Security Officer (CSO), Chief Operations Officer (COO) amongst others. A CFO may be highly professionally qualified but be overqualified for an entity, while another entity might consider a CFO professionally underqualified. The article delves into intricate character-specialty of CFOs and how to make an informed choice. The CFO albeit has oversight over the accounting functions of an entity is not the Chief Accounting Officer – this is ascribed to the CEO who has overall oversight on the operations of an entity. The responsibilities of CFOs vary largely depending on size, ownership structure, and organisational culture amongst others. In appointing a CFO, by statutory regulation, there are certain requirements for specific organisations especially public interest entities (PIEs) and significant public interest entities (SPIEs). However, generally, a CFO should hold both academic and professional qualifications. I must note that currently in Nigeria, professional qualifications by ACCA, CFA, ICAN – in alphabetical order – are highly sought after. Beyond the professional qualification, is a significantly taken-for-granted phenomenon – “specialty competence”. Broadly, there are five (5) specialties in the Accounting and Finance profession – audit and assurance, performance management, taxation, financial reporting, and financial management. These specialities find relevance in both public and private sectors as well in both local and international markets. A (potential) CFO cannot be “jack of all trade”. Each (potential) CFO by interest, exposure, experience, and training aligns with a specialty and this is the question I address. Who does a business need as their CFO? An auditor? A tax expert? A financial management expert? A reporter? A performance manager? All five specialties are most assuredly represented in all organisations, while some are outsourced. Who should lead the team since we can only have one at the helms at a time. My take is this and quite subjectively – each business should review their peculiar needs and make their choice. This does not resound like a solution, but please follow on. Contingency theory helps us to understand that there is no best approach to a situation especially in different contexts, hence my escapist approach to the question of who should lead. Quickly, I will highlight few significant strengths and weaknesses of each specialty and I hope this should help businesses understand the behaviours of their CFOs too. 1. An auditor is prepped as a compliance officer and is wired for due diligence. As a CFO, they will “over scrutinise” communications that pass through their office. It is likely that the CEO and other management staff will have “issues” with them, and the major complaint will be – “don’t you trust me?”. Funnily, when an auditor hears this, it is a red flag to dig deeper. They tend to be quieter, “very” observant, a good listener and slow to act. They are critics, hence quickly identify errors. Businesses that want to develop their organisational structure will find them helpful in navigating thorny strategic issues. Additionally, given their grasp of regulations, they can ensure compliance, which is significant for businesses to thrive. 2. A tax expert is focused on maximising value for their organisation with respect to taxes. They have very good manoeuvring skills, and they use their skill to help in detecting loopholes in tax legislations and taking advantage of such loopholes. They are skilled planners, very calculative and quickly form relationships. Tax experts have the capacity to be manipulative and argumentative as well. A tax-inclined CFO will help businesses with planning, budgeting, forecasting and value. They understand the importance of value and help significantly in that regard. 3. Performance managers are tactical and strategic; always working towards value maximisation, optimisation, and realisation. They are more interested in results than process. Due to their high computational skills, ability for sensitivity analysis and tact, they are more vulnerable to quantitative results. Hence such a person as a CFO may not ordinarily consider qualitative factors that influence performance. They stick heavily to the numbers and always say that “numbers don’t lie”. A performance-based CFO is more suitable for established businesses. In a new business, they can drive performance but there is evidence that their driving force may be aggressive and inconsiderate. 4. Reporters are very versed, because of the awareness of all transactions and events in an organisation. They are not ordinarily involved in the approval process, but they are the dumping ground for all financial transactions and events. They also understand the implications of a transaction on the outlook of an organisation. It is believed that when an entity winds up, it is likely that a reporter would have resigned earlier. They know about the organisation and understand its financial position. Financial reporters are diligent and have eyes for error detection. They talk less and are confidential. The presentational skills of reporters are top-notch, and they also can be manipulative by presenting outcomes of similar transactions and events differently to different users. Reporters can help businesses to understand the implications of a transaction or event even before they occur. This helps planning and decision making.   5. Finally, but not the least are financial managers in charge of treasury. Their goal is how to raise funds and maximise value. As a CFO, they are more likely to be preoccupied with portfolio (investment) drives. Ordinarily, they are stingy and want justification for each spend. They are highly motivated and are not emotional spenders. A downside about

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How to Win at the Negotiation Table

“Be willing to walk away where negotiation is not profitable, not in line with best practices (statutorily compliant) or at variance with your core values”- Perita Kimeng Has there ever been a time you got way less than you deserved? You gave so much value, yet, at the end of the day, the value you got wasn’t commensurate. Well, this is bound to happen when you aren’t skilled at negotiating. Don’t feel terrible; we’re here to help. Ms. Perita Kimeng, Executive Director, StreSERT Services Limited and alumna of FATE Foundation (EEP 22) brings you negotiation strategies that have worked for her for 17 years as a management consultant. Find them below:  1. Never Assume: Clearly define the scope of the engagement, such as meeting venue, agenda points, presenting parties and focus of negotiation before the process. Ensure that all parties have the same understanding of the scope, and get them to acknowledge their understanding formally. 2. Adaptability: The ability to determine what is most important to you during negotiation is a skill to possess. Parties may decide to change demands at the last minute, so you must be able to adapt the scope and structure to suit your goals while ensuring that it remains profitable. You must also ensure that the new structures are in accordance with best practices.  3. Have a clear idea of your value: The greatest asset to have when going into a negotiation is a clear idea of the value you bring and the outcome you expect. Furthermore, patience is required as decision-making is a process that may take some time. Be careful not to erode your brand or reputation by settling for anything that is unsustainable or against your values. Here are some other salient points to note: Always try to present the value you are bringing in tangible and economic terms, even where the economic value is not easily quantifiable. It allows for a clear cost-benefit evaluation of the engagement. Where possible, provide an approximate EVA – economic value added. Explore and present alternative solutions where possible or applicable. Present similar solutions offered to other clients and the benefits derived therein. In conclusion, it is important to note that establishing a common ground is a sure-proof way to have a win-win outcome. You should always identify areas of common agreement, and then seek to understand the other parties’ point of view. While engaging, listen for cues that speak to the areas that resonate with you and leverage those while negotiating.

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How to Use FOMO in Marketing

The fear of missing out (FOMO) is more powerful than the fear of losing “― Naved Abdali Crocs are not that cute, let us be honest. There is no other way to say it, irrespective of how many charms you put on them and how well you spell your name, they are still not that cute. Only three years ago, some of you would never be caught dead wearing them. I have a pair, but hey, I choose comfort over beauty ALWAYS! Geles are torture and you cannot afford that Aso-Ebi. If we know this (and yes, deep down we do) the question is, why do we still put ourselves through so much grief? Why do we use our money to buy pain? I will tell you why: FOMO; the fear of missing out which some refer to as peer pressure. It has led us to do things that are the opposite of how we truly feel, all because we do not want to feel left out. Interesting right? I still remember my first encounter with FOMO. It was years ago in my university days when a doughnut seller would chant with such energy ‘Hot doughnut.’ She always managed to ‘appear’ when my tummy was rumbling. Interestingly, I remember not liking doughnuts very much (I still don’t) but the scramble and the fear of ‘missing out’ got me out of my bed to join the hustle to get her to my room. It was not just her then, there were jewellery sellers, makeup, and clothes sellers who came at the right time and brought with them this fear. It made no sense to me then, how could it? I was just an innocent consumer. Fast forward to a few years later and FOMO resurfaced even stronger than before. I felt it in movie trailers, the streets of Instagram, at work and even restaurants…it was everywhere. Just in case you still have not noticed it, I will give a few examples: Ever rushed to watch a movie because everyone was raving about it? Ever went to a restaurant that you knew could do long-lasting damage to your pocket because the food bloggers labelled it cool? Ever started running on Lekki bridge (when you know you hate running) because all your friends were recording Nike steps on Instagram? Ponder no further people; it is FOOOOOOMMMOOOO! Now that we can recognise it, we must also know that FOMO, like every other potential marketing strategy, can be used for good or bad. It is important that you are responsible with it and note that you must not abuse it. I am here to teach you how to use it for good. It starts with offering a superior product or service. I cannot overemphasise how important this is; if not I am afraid, the only person missing out will be you. The next step is to identify your Unique Selling Point-USP (I know you have heard this before, but trust me, it’s important). You must know what truly stands about your business; this can be recyclable packaging, an ingredient, flavour, secret recipe or even the way in which your product or service is sold. When you have figured this out, the next step is for you to know what value is to your consumer, what they care about. Do they care about their clothes folded in triangles or do they want their laundry dropped off for them? Do they want their beans picked or in powder form? This information, you must have. Next step is to weave the needs of your customer with the USP and then launch the 3C’s! Communicate this clearly, creatively, and confidently (say it with your full chest, my friend) . Nobody will appreciate that selling your biscuit in recyclable packaging is great for the environment and that it can change different colours till you tell them with your full chest. Next step, try limited and exclusive offers ‘not every time, it is available till eternity. Sometimes, create something unique that is not always available’. Leverage your reviews (the real ones please) that project what stand about your product or service offering. They should be your secret weapon; hold on to them and use them as your ‘pepper them spray’ that you can sprinkle when you need to. Now that you have learnt, lesson is over, please feel free to raise your shoulders high, you have officially arrived!  You now know what FOMO is,  go forth and use it strategically and responsibly.

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