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10 Ways to Use your Phone as a CRM Tool

10 Ways to Use your Phone as a CRM Tool

What is a CRM Tool? A Customer Relationship Management (CRM) tool is essential for fostering business growth. It enables businesses to effectively manage conversations and relationships with clients, ensuring alignment with expectations and the development of strong, positive business relationships. However, for the Nigerian business person, CRM tools can be both expensive and cumbersome, especially when considering that customer footfall might not always justify investing in the latest and most robust industry software. In my experience, a practical approach is to recommend starting with the use of mobile phones. By adopting effective note-taking and sales habits, individuals can take the initial step of utilising their phones as a makeshift CRM tool. The advantages of using a mobile phone for this purpose are noteworthy. It provides a cost-effective solution, particularly for those who may find traditional CRM systems financially challenging. 10 Ways to Use your Phone as a CRM Tool Here are some suggestions on how your mobile phone can be effectively used as a CRM tool to grow a business: 1. Contact Management: Use the phone’s contacts and address book to organise client information. Categorise contacts based on their importance, potential, or specific business criteria. One trick I do is to include notes on where I met people, the specific business or social context, and outstanding action items or agenda that we have in common. 2. Calendar and Reminder Functions: Leverage the phone’s calendar and reminder features to schedule follow-ups, meetings, and important dates related to clients. This ensures timely engagement and prevents missed opportunities. 3. Note-Taking Apps: Utilise note-taking apps or even simple text messages to record important details from client interactions. This helps in creating a comprehensive record of conversations and key points. 4. Communication Tracking: Keep track of communication history by using messaging apps or call logs. This allows for a quick reference to past discussions, making future interactions more informed and personalised. 5. Task Management: Use the phone’s task management apps to create to-do lists and set priorities. This helps in staying organised and ensures that critical tasks related to client management are not overlooked. 6. Email Integration: Integrate email accounts with the phone to manage client communication effectively. Respond promptly to emails and use folders or labels to categorise and prioritise messages. 7. Customer Segmentation: Group clients based on common attributes using features like contact groups or labels. This aids in targeted communication and allows for a more personalised approach. 8. Document and File Storage: Utilise cloud storage apps such as Google Drive or Dropbox to store important documents related to clients. This ensures easy access to necessary information, even when on the go. 9. Social Media Monitoring: Monitor and engage with clients on social media platforms through mobile apps. This helps in staying connected and understanding client preferences and behaviors. 10. Regular Backups: Ensure regular backups of important client data on the phone to prevent data loss. Use cloud services or other backup solutions to secure valuable information. Conclusion The beauty of adopting this approach is that individuals who become accustomed to managing their client relationships using their phones and establishing good habits can seamlessly transition to more comprehensive CRM solutions as their business grows. This initial step not only facilitates effective client management but also sets the foundation for a smooth integration into more sophisticated CRM tools. Also read: Leveraging Technology to Grow Your Business

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CatchLight Global Fellowship for Visual Storytellers ($30,000 Award)

The CatchLight Global Fellowship addresses a pressing need in the visual storytelling industry by supporting innovative leaders. Acting as an incubator, it provides financial support in the form of $30,000 grants, fosters personal growth, and develops networking and partnerships. The fellowship awards visual storytellers who are poised to ignite social change through their photography, videography or leadership by leveraging the power of visuals to create impactful  audience engagement and innovative distribution models.  You can apply for the award if you are a: Eligibility Requirements for the CatchLight Global Fellowship Proposals will be assessed on how they employ and strengthen new methods and potential solutions with an eye towards one or more of the following target outcomes: Benefits of the Fellowship Note: A CatchLight Global Fellowship is awarded for life. Fellows are encouraged to share expertise beyond their Fellowship cohort year, and CatchLight hopes that Fellows will offer and seek mentorship within the community throughout their careers.  Application Requirements for the CatchLight Global Fellowship Download: Free msmehub.org budget template Click here for more information about the fellowship. Apply for the CatchLight Fellowship here on or before December 9, 2023.

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Managing Rising Inflation in Nigeria

No doubts, inflation can stop a country from creating value and becoming wealthier because it affects how productive the country can be. Unfortunately, this is what’s happening in Nigeria right now. The value of the Naira is going down every day. This makes things more expensive for Nigerians. What is Inflation? Inflation is the annual percentage change in the value of the Consumer Price Index (CPI). It helps us understand how the prices of various goods and services change over a year. In 2022, the CPI increased by 15.60 percent compared to January of the same year, according to data from the Nigerian Statistics. According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate rose from 9.0 percent in 2015 to 17.71 percent by May 2022, when comparing the years. It’s clear that the value of money in Nigeria has been decreasing over time, causing negative effects. Normally, inflation is expected to decrease purchasing power by around 2 percent or 3 percent to bring things back to stability. However, in Nigeria, inflation has gone beyond 10 percent. This situation is pushing Nigeria closer to hyperinflation, which drastically reduces the value of their currency, the Naira. Over the last decade, Nigeria has faced challenges with prices going up for food, goods, and essential items. This has also led to a decrease in people’s ability to buy things, which hasn’t really improved in the market. Causes of Inflation in Nigeria Inflation is brought on by the following among others: ●       Changes in the cost of production and distribution. ●       An imbalance in the money supply and demand. ●       An increase in the tax rate on goods. As it is known, the value of money decreases when the economy undergoes inflation, which is an increase in the price of goods and services which as a result, a given unit of currency now buys less products and services. Implications of Inflation The effects on consumers are the harshest – people can no longer maintain a budget since their income is so low. Consumers find it challenging to purchase even the necessities of life due to the high cost of everyday goods. They are forced to request higher pay as a result, which gives them no choice. Inflation Control In order to manage inflation, the government and the central bank typically regulate the economy through monetary and fiscal policies. Monetary policy is the principal strategy employed (interest rates fluctuation). However, inflation can be controlled with the following measures: 1. Monetary policy – When interest rates go up, it leads to reduced economic growth and lower inflation. This happens because people and businesses tend to borrow less when interest rates are high. The central bank might raise interest rates to control inflation. As interest rates increase, borrowing money becomes more expensive, while saving money becomes more attractive. When interest rates are higher, people have to pay more for things like loans and leases, which leaves them with less money to spend on other stuff. This means that households can’t spend as much as they used to. Similarly, businesses become less likely to invest and grow because borrowing money becomes less appealing. So, when interest rates rise, it has a big effect on slowing down both business investment and consumer spending. This slower spending then leads to slower economic growth. And as the economy slows down, inflation also tends to slow down because people aren’t buying as much, which keeps prices from going up as quickly. 2. Money supply control – According to monetarists, there is a direct correlation between the money supply and inflation, hence reducing the money supply can indirectly reduce inflation. Reducing inflation should be possible if the expansion of the money supply can be managed. Measures advised by the monetary school of thought include; budget deficit reduction (deflationary fiscal policy), elevated interest rates (contracting monetary policy) and government’s ability to control the currency type and quantity it issues. 3. Supply side fiscal policies – Initiatives to make the economy more efficient and competitive, which will drive down long-term expenses as inflation is frequently brought on by ongoing cost increases and weak competition. The economy may become more competitive and inflationary pressures may be reduced with the aid of supply side policies. For instance, more accommodating labour markets, industries and production activities might help ease the strain on inflation. However, supply-side initiatives may take some time to implement in Nigeria due to the time required for construction and setting up manufacturing operations. In the meantime, this is likely ineffectual against inflation caused by growing demand. 4. Fiscal policy on tax increment – Increased income taxes may have a moderating effect on demand, spending, and rising inflation. Taxes (such as VAT and income tax) can be raised thus decreasing spending by the government to lower inflation. By lowering demand in the economy, this serves to improve the government’s budget condition. These two measures both slow the expansion of the overall demand, which lowers inflation. Also, reduced Aggregate Demand (AD) growth can lower inflationary pressures without triggering a recession if economic growth is fast. 5. Wages and price control – Theoretically, attempting to restrict wages and prices could assist in lowering inflationary pressures. However, because they are mostly ineffective, they are not frequently employed. Limiting wage growth can aid in containing inflation if wage inflation (produced, for example, by strong unions negotiating for higher real wages) is the primary cause of inflation. Lessening wage growth will lower business expenses and result in a decline in the economy’s excess demand. However, it can be challenging to control inflation through income programs, especially if the unions are strong. Furthermore, pay regulation calls for broad economic cooperation, but businesses that are experiencing a labor shortage will be more motivated to hire staff, even if it means going above and beyond government salary limits. 6. Global investment and exportation – Nigeria investing in remunerative products such as oil-investment can help manage inflation. Moreover, less importation and increased exportation can give the Naira a worthy value. Nigeria becoming a producer nation should not be overlooked as currently, the least items are imported. Exchange rates and other

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A New Dispensation: 9 Focal Points for Nigerian MSMEs

In many countries, including Nigeria, a change in government always precedes the implementation of new policies, modification and/or the overhauling of existing ones. This often translates into new responsibilities, opportunities for citizens, sectors and industries. So, what does this mean for you as a Nigerian entrepreneur? This article will focus on nine (9) focal points to note. They include: 1. Taxes This administration seeks to take the payment of taxes more seriously, so, if you haven’t started paying your taxes or your books aren’t in order, you should start planning to sort these out. The current government has proposed to review “the corporate tax system” and possibly create technological systems that’ll make it easier to collect tax, identify defaulters and sanction them. 2. Loans and Credits Does your business create employment opportunities for youths year-in, year-out? If yes, you might be entitled to tax credits, holidays and reduced interest rate loans. This government intends to provide these to businesses that hire a certain per cent of youth in their workforce and offer on-the-job training and mentoring for their young employees. 3. Industrial Hubs Industrial hubs focused on different aspects of production may be developed in different parts of the country to increase development and Gross Domestic Product (GDP). Furthermore, household items including dishes and pottery will be manufactured in cities or towns with clay. Regulated mining will also be implemented in the North West and North Central to control unlicensed gold mining activities. 4. Agriculture Are you in the agri-business sector? Then, this might interest you. Some of the intended developments in this sector include: 5. Education New accreditation standards and curriculum may be introduced into the Nigerian educational system. Peradventure you’re a primary, secondary or tertiary institution founder, you might want to start preparing for this possible change. 6. Health The health sector may experience an improvement in health research as the government aims to collaborate with the private sector to fund local research with 1% of pooled health insurance funds for new drugs, vaccines and disease epidemiology. 7. Digital Technology There’s a likelihood that startup founders will have increased access to financing as this administration proposes to “develop and implement innovative policies to support local funding opportunities and access to capital for start ups and encourage foreign investors to continue investing in Nigeria.” Moreover, blockchain and cryptocurrencies will undergo a reformation that will ensure effortless accessibility and use. 8. Entertainment and Culture This administration proposes to create a special investment fund for young entrepreneurs and businesses in the creative industries to easily access grants and affordable loans. It also seeks to launch a hospitality training program to equip young Nigerians with the skills and knowledge required to operate in the tourism and hospitality industry, and an animation hub for animators to foster idea creation and collaboration across diverse teams. 9. Youth Empowerment & Entrepreneurship Other specific plans for young Nigerian entrepreneurs include: To gain an in-depth overview of the specific plans of the new government for Nigerian entrepreneurs, download the manifesto here.

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Managing Nigeria’s Debt Portfolio

The fact that Nigeria’s debt portfolio keeps increasing without any corresponding economic growth is concerning. In January 2023, President Muhammadu Buhari authorized the appropriation bill, which had been originally proposed to be signed into law at a cost of N20.51 trillion, to be increased to N21.83 trillion. The president then announced a planned loan of N1 trillion that will be sourced by Ways and Means, totaling a bill of N23 trillion that will be securitized. According to the Debt Management Office (DMO), the incoming administration is expected to inherit a debt stock of N77 trillion in May or June 2023. The Debt Management Office (DMO) is a governmental office responsible for the management of Nigeria’s debt. The management of public debt is as crucial as generating revenue. However, the goal of public debt management is to guarantee that the government’s financial requirements and payment commitments are met over the term duration at the lowest cost possible, along with a reasonable level of risk. Nigeria’s economy continues to be in a gloomy position due to poor management of debt and the constant rise in inflation. For the purpose of reviving the economy, the government might need to employ a variety of measures for controlling and servicing Nigeria’s debt portfolio. These include: Many times, problems with public debt management can be linked to policymakers’ disregard for the benefits of sound debt management. This uncertainty can be decreased with a proven track record of implementing sustainable macro policies, assessing risk and cost considerations, coordinating debt and utility accountability, repeating the debt limit, and reevaluating the costs of the debt burden. It will be vital for the government to improve its debt management processes, including outlining precise rules for borrowing money and ensuring that it is done in a way that is transparent and accountable. 2. Financial Reforms Instead of raising the tax rate for current taxpayers, the tax net can be widened. The government would generate more income and have less debt to pay off if more taxpayers paid their fair share of taxes. Also, the government’s revenue would increase dramatically with even a little increase, which might result in lowered tax rates for all taxpayers. In order to lessen its reliance on short-term financing, the government must take action by going for longer term obligations. If bonds are issued, this can mean increasing the long-term financing options available. Although Nigeria’s crises is not majorly caused by debt management policies, the government should make an effort to guarantee that the rise of its public debt is structurally manageable and can be repaid under a variety of conditions while satisfying risk and cost obligations. Furthermore, it is important to carefully build public debt portfolios, taking into account the foreign debt’s currency composition, term structure, and interest rate commitments. Enhancing economic growth should be the government’s top priority as this would necessitate a combination of structural reforms and focused investments in major sectors of the economy. Therefore, conscious efforts must be made to eliminate the high rates of fraud and waste in governmental operations as well as to diversify the nation’s productive capacity.

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3 Habits of Efficient Entrepreneurs

Regardless of how many years we have been in business, we are still all works in progress, and we still all need to pick up new habits from time to time. The beginning of a New Year is a great time to ”level up” and this could mean adopting proven habits of efficient entrepreneurs, some of which are enumerated below. Time tracking: Time tracking is one of the daily habits every entrepreneur should master. This is because entrepreneurs set daily goals via their to-do lists but fail to actually track where their time is going. One way to overcome this is to monitor your activities by measuring how much time you actually spend on each task vs how much you planned to spend. You could use an online tool or spreadsheet that could throw up some interesting insights! Daily Marketing Habits: Marketing coach Tsavo Neal recommends five marketing ‘’musts’’ for entrepreneurs – content creation, publishing, promotion, direct outreach, and networking. Try incorporating all five into your daily routine and you’ll be pleasantly surprised to find that they will ignite deeper relationships with your clients and customers.  Accountability Partnerships: Having accountability partners for your major 2023 business and personal goals is a wonderful idea. Having an accountability partner helps you stay on track, keeps you motivated, provides you with ongoing support, and helps you push your limits. What’s something new you’ve tried recently? Did it work? Let us know in the comments!

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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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The Importance of Digital Skills for African Professionals

The United Nations Educational, Scientific and Cultural Organisation (UNESCO) defines digital skills as using digital devices, community applications and networks to access and manage information. These skills may give you an advantage in specific technical careers such as marketing, design, development and data science. Learning these skills strengthens your existing skills to meet the demands of the digital world. Since many individuals lack the expertise to operate in the digital era, digital skills training is required worldwide. To be effective, it must be needs-driven and tailored to individual and national context     Importance of digital skills According to the 2017 Global Innovation Index, several African Countries, including Kenya, Uganda and Senegal, have been classified as ’Innovation Achievers’.’ Despite this, many African nations haven’t benefitted fully from global technological advancements. However, in today’s world, technology plays an increasingly important role in the economy and society as a whole. Digital skills can help you increase employability prospects, advance your career and make the most of modern technology. Acquiring internet skills is essential as the world is a fast-evolving digital world. Current technologies are being replaced by more advanced ones rapidly, so having a strong digital skillset and feeling confident in your capabilities to navigate a constantly changing digital environment will be very important for future employment. I strongly believe that building or owning a digital skill set will help you: Adapt the right digital devices, applications, software and systems. Find, review, organise and share information effectively Handle data appropriately and establish good data security practices. Be able to communicate and collaborate in digital setting. Use different online resources and tools to help study remotely and engage effectively with your learning Understand how to protect yourself, other colleagues, to stay safe in digital environment.  Conclusion Digital capabilities are the skills, knowledge and understanding which helps individuals to live, learn and work in a digital society. These skills help us use variety of technologies appropriately and effectively in different spaces and situations. Not only do digital capabilities help to engage and communicate with other people in your personal life, they also help you to succeed in the world of work. Employers are increasingly looking at what digital capabilities applicants and employees have. Skills in creating documents, presentations, spreadsheets and communicating via email and social media are important to many organisations. They want people to use technology to access information, be creative, innovative, solve problems, communicate, participate, learn and support others in digital spaces. Building and developing digital capabilities will definitely help to become better prepared and relevant for increasingly digital world.

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Overcoming Imposter Syndrome: Tips from an Award-Winning Entrepreneur

At one point in your life, you’ve probably experienced imposter syndrome. You felt like your success at something isn’t “all that”. You felt like everyone was exaggerating, and your success was “luck”. If you didn’t know, these pangs of doubt are called “Imposter Syndrome”. What is Imposter Syndrome? The Harvard Business Review (HBR) defines it as “a collection of feelings of inadequacy that persist despite evident success.” To understand this mind-boggling feeling from the perspective of a Nigerian entrepreneur, we spoke to Olabanke Subair, a participant of the Orange Corners 2019 Cohort, and Founder of Cyrus45, an art-inclined, eco-interior furnishing company. She describes imposter syndrome as self-doubt. “It almost feels like you’re not confident in yourself. Despite the accomplishments, achievements and visible track record, you feel like you’re a fraud because you doubt your abilities”, she says.  “Basically, it feels like being a fraudster”, her sentence drifting to an end with a chuckle. “Even when I get awards for things I’ve visibly succeeded at, I find myself asking questions like— Did I really deserve this award? Could I have done better?”       How to Overcome Imposter Syndrome as a Nigerian Female Entrepreneur “As an entrepreneur, I remember when I first started. My business was a unique one at that time, so I started questioning myself and asking why everyone was interested in my art, person, and creative skills.” Olabanke detected this feeling of imposter syndrome early in her entrepreneurial journey by asking herself why she felt she wasn’t good enough. She did some research, and found the terminology ‘imposter syndrome. For her, it was easy to say, “how can I deal with it? How can I fight this terrible feeling that deprives me of achieving my full authentic potential?” She was able to surmount this feeling by doing these:  Acknowledging that you feel unsure about your abilities is the first way to conquer imposter syndrome. When you acknowledge something, it means that you recognise it and you’re committed to finding ways to tackle it head-on. Celebrate the littlest thing! Even if it’s getting up from bed or checking off something from your to-do list, celebrate that. Olabanke would be very excited when she’s able to finish things on her to-do list, even if it entailed calling someone, or posting on social media. When you celebrate these things, it gives you a level of confidence that you’re able to achieve something. Confide in trusted friends. Tell them, “This is how I feel; this is what I’m going through.” Good company gives you good advice and helps with the support you need. They echo good things you already know about yourself but aren’t so sure of. Last year, a client wanted Olabanke to do a wall mirror for her house. She stalled for a long time because she lacked confidence in the sketch’s first draft. In fact, she almost backed out. But her friend and husband motivated her to share the sketch with the client, which she unenthusiastically did. To her utmost disbelief, the client loved the sketch. One thing that people who deal with imposter syndrome tend to do is decline new opportunities. This isn’t because they’re incapable, but because they’re scared of not doing well enough, despite evident track record. Ignore this feeling. Close your eyes and do it afraid. Most people that suffer from imposter syndrome also suffer from the “perfectionism” syndrome. Try not to believe that everything has to be perfect. Tell yourself that perfectionism is a façade. Nothing can be perfect. Just do it afraid and release. What you deem imperfect, someone else will find perfect. Whatever you’re working on, don’t hold back from releasing it. Do it first, then receive feedback before concluding it’s not good enough. Overcoming imposter syndrome is never easy. It takes a lot of work and self-determination to cripple these nagging thoughts that make you feel so small. But, as long as you choose to keep believing in yourself daily, you’ll definitely overcome.

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