As the country enters into its 75th year of independence or the Amrit Kaal, Jagriti Yatra celebrates the spirit of Udyamita (entrepreneurship) and nation-building through its special edition of Jagriti Amrit Kaal Yatra 2022.
The Yatra in in its physical format after the COVID-19 pandemic, will be taking 500 aspiring entrepreneurs on national exploration of small towns and districts for 15 days from December 24, 2022 to January 8, 2023 on a train journey across the nation to explore, understand and learn from the ‘Middle India’ – small towns and districts.
At the core of JY 2022 is the belief that entrepreneurial energy in ‘Middle India’ has to be mobilized for revival and growth. Properly supported, leaders in the Middle India can create local enterprise and local employment, building a national movement to help revive the country.
The programme has been running for 14 years. It has created an alumni network of 6,000 young leaders, with 40% women participation and 28% rate of enterprise creation, catalysing economic momentum in their region.
For Jagriti Amrit Kaal Yatra, the initiative has received immense support from Zoho Corp as Technology partner, SIDBI as Ecosystem partner, Oben Electric as Energy partner, Coca-Cola as Beverage Partner, SBI Foundation as Launch Partner and EDI as Valedictory Partner . Amit Chandra Foundation, StartUp UP, StartUp Odisha, HSBC, Tata Steel , MulticoreWare and LIC have joined as key partners.
During the journey, Yatris will interact with eight role models at key locations where the train stops and will participate in business plan competitions. The Yatra will have speakers like Mr. Ravindra Sannareddy, Managing Director of Sri City, Mr. Sridhar Vembu, Co-founder and CEO of Zoho Corp., and Mr. Nithin Kamath, founder and CEO of Zerodha, Ms Nivedita Bhide,All India Vice President of the Vivekananda Kendra, Kanyakumari.There will be engaging peer-to-peer interactions too, which form the core of the learning process.
The Amrit Kaal edition of Yatra, also marks the inception of Banyan revolution, which will be a nation wide movement of Udyamita based on the experience and processes formed in the Jagriti Enterprise Center – Purvanchal (JECP) which is to be launched on 29th March 2023.
The Yatra was launched today, at Yashwant Rao Chavan Auditorium in Nariman Point Mumbai. The day started with the registration of Yatris, who came from across the globe. The keynote address was by Chetana Gala Sinha, a noted social entrepreneur followed by enthralling stage performances and address by the Jagriti Yatra team.
The day ended with dinner and the train leaving CST station with its next stop being Kanyakumari.
Speaking on behalf of Jagriti, Shashank Mani, Founder of Jagriti Yatra and Jagriti Enterprise Center – Purvanchal said
The Amrit Kaal Yatra is dedicated to building a self-reliant Middle India. Jagriti as an organization is committed the inclusive growth story of India. For this during this Yatra we will soft launch a 25 year movement we are terming the Banyan Revolution for Udyamita in small towns and districts.
Ashutosh Kumar, CEO of Jagriti Yatra said, After COVID, this is our first Yatra, with the Amrit Kaal edition, we are looking to reignite the legacy of Yatra and further strengthen the entrepreneurial eco-system of the country.
About Jagriti Sewa Sansthan
Jagriti, a non-profit organization works on the core belief that well supported leaders can create local enterprise and employment to foster inclusive growth. Jagriti has demonstrated the impact of their work by inspiring leaders, creating networks, establishing enterprise templates with multiplier effect. It has worked on a 3 x I framework for its activities that link Inspiration, Incubation and Innovation in Tier 2, Tier 3 districts. A visionary incubation and innovation centre, Jagriti Enterprise Centre-Purvanchal (JECP) is being set-up in Deoria in eastern Uttar Pradesh has a 6-acre campus next to an inspiring Banyan tree which has been promoting small and medium enterprises in the 15 districts surrounding Deoria. It will have six Centers of Excellence (CoE), focusing on local innovation in Agro-processing, Healthcare, Digital, Women, Rurbanization, and Handicraft & Apparel.
Pre-Suasion: A Revolutionary Way to Influence and Persuade by Robert Cialdini
Robert Cialdini laid down the concept of pre-suasion in his book – Pre-Suasion: A Revolutionary Way to Influence and Persuade.
Pre-suasion is the practice of influencing the minds of your customers and making them sympathetic about your product even before you start pitching it.
In the words of Cialdini, “It is what you say immediately before you deliver the message that leverages your success tremendously”.
You don’t need to necessarily say something.
You can even create an environment where your customers subliminally start liking your product.
A guy got 3 great jobs by saying something before the interviewers start asking him the question.
In each of these interviews, the guy asked the interviewers – What was it about my qualifications or qualities that made you attracted to my resume?
Due to this question, the interviewers started focusing on the positive qualities of the person.
Cialdini describes two more instances where pre-suasion made people say yes.
The first is when a guy goes to shopping malls to get girls’ numbers as they pass by the stores. One of them was a shoe store and another one was a bakery.
In neither of them, he was able to get the girl’s numbers.
Although, when he tried asking girls for their mobile numbers near a flower shop he got very successful.
Flower shop worked because they get the girls in the mindset of romance.
In the second instance, a furniture-selling company tested one of their advertisement by changing its background image.
In one advertisement they displayed their furniture on clouds and in another one they used the image of coins.
When people saw the advertisement with clouds in the background they searched for comfortable furniture on the company’s website.
On the other hand, when people saw the coins in the background they searched for cheap furniture on the website.
As you can see, even with an image you can influence the minds of people.
Instead of directly selling your products you subconsciously make them like your product first and then start selling them.
Demonstrate Your Expertise and Knowledge
An Example- The website My Assignment Expert showcasing its years of existence along with other factors
You should always speak about your expertise first before you start telling the main idea.
When people know that you are someone who has a lot of experience and knowledge they will listen to you more carefully.
Speak about your famous clients, awards, and the books you have written.
If you are selling a product you can tell how many years your company has been there in the market and the total number of happy customers they have made over the years.
In this way, your chances of getting yes would increase.
Demonstrating your expertise can drastically change how the audience perceives your idea.
Get Them to Like You
Numerous research has proved that we feel connected and more likely to say to those we like.
A group of psychologists conducted an interesting experiment to test out this principle.
They sent survey forms to a group of strangers that had a note attached from the sender.
The sender’s name was either similar or dissimilar to that of the recipient.
Let’s take an example from a popular book “The Little Book of Yes How to win friends, boost your confidence and persuade others”, a person called Robert Greer might get the survey from someone named Bob Gregar, and a woman named Cynthia Johnston might get the survey from someone named Cindy Johanson.
Others received a note from a sender with a non-similar sounding name.
Those receiving the survey from someone with a similar-sounding name were nearly twice as likely to complete and return it compared to those who received a survey from a dissimilar name.
Now, likability doesn’t get limited to the sound of the name.
You can find shared interests, similar values, and common hobbies between you and the other person and use it as a tactic to get a yes.
Take your time and find genuine similarities between you and the other person.
Give Reason
Ellen Langer – A Harvard psychologist
It is very important to have a legitimate reason for why you are making the request. Always use the word because.
In the 1970s Harvard psychologist, Ellen Langer experimented to test the principle of reasoning.
Her research examined the circumstances under which people would be willing to allow a complete stranger to pushing in front of them in a queue.
To conduct this experiment Langer chose a busy office, specifically, by the photocopy machine.
In her first experiment. Langer arranged for someone who was part of the study, and a complete stranger to those to whom they were speaking, to approach whoever was next in line to use the photocopier and simply ask, “Excuse me, I have five pages, may I use the Xerox machine?”
When faced with this rather direct request, six out of ten people said yes.
This means that 60 percent of people said yes to the request.
When the stranger’s request was followed with a reason – “Excuse me, I have five pages, may I use the Xerox machine because I’m in a rush?”- compliance jumped to 94 percent.
This means that when you give reasons to people for your request they are more likely to say yes.
The study also found out that even if you give a bizarre reason to people they might end up saying yes.
When the stranger asked “Excuse me, I have five pages. May I use the Xerox machine because I have to make copies?”
A whopping 93 percent simply said “OK, go ahead”, despite the fact that the reason was complete nonsense.
Although, when Langer increased the size of the request to strangers from five copies to twenty, the willingness of people to say ‘Yes’ dropped dramatically.
This means that giving reasons is not enough.
If you have a very big request you also need to give them an incentive.
The incentive could be monetary or you can tell them that you would help them in their future projects.
Before you ask someone for something make sure you know why you are asking it.
Create Scarcity
An Example – A product showing a limited stock alert on the selling page
The fear of losing out on exciting things can drastically increase the chances of getting a yes from your prospects.
Most people won’t take any initiative unless there is some scarcity.
The principle of scarcity is widely used everywhere while selling products.
You must have noticed that when you view the products on Amazon or Flipkart you see a limited-time discount or get a limited stock notification.
All these create urgency in the minds of the people and they quickly buy the products.
Point out to your audience what is genuinely rare and unique about your product. You can use this same principle in your day-to-day life as well.
For example, your friend might be more likely to join you if you tell them you are only free this Friday evening for the rest of the month.
Similarly, you can tell your colleague that if they help in doing your project they would learn new things and can add the project to their portfolio.
Trust me creating scarcity is one of the most effective ways to get a yes from people.
Principle of Reciprocity
The principle of reciprocity is a social rule that demonstrates the willingness of people to give back to others in the form of behavior they have first received themselves.
Remember the times when your neighbor or friend gave you a nice birthday present?
In such a scenario you would get an inner feeling to give them a present in return.
When companies give you free samples of their products in malls or newspapers they are using this same principle.
Research shows that when people use a free sample they are more likely to buy the product.
At the core of reciprocity lies the art of giving. If you want others to say yes to your request you need to do something good for them first.
When you provide help with an element of personalization the other person gets obligated to say yes.
The psychologist Randy Garner found that he was able to double the number of people who would complete surveys he sent them just by accompanying his request with a short handwritten message on a post that included their name.
A handwritten letter stands out because someone has taken the time and trouble to personalize it.
Thus, it encourages people to take the time and trouble to respond.
Get into the habit of asking, “Who can I help” rather than “Who can help me”.
‘Foot in the Door’ Technique
Example of Foot in the Door Technique
This is one of the salespeople’s most effective and popular techniques.
Here, you first ask for a small request and then later on move towards the bigger request.
The first small request should be something that a large number of people are capable of doing. It should also be very easy to use.
Most of our friends use this technique all the time.
They will first ask for a small amount of money and after some time they will ask for a larger sum.
In sales, you can ask your prospects to sign up for a questionnaire or a webinar first and then pitch the product.
Allow your prospects to fulfill a smaller request first that builds a commitment in your relationship. Later, on smartly ask for a bigger request.
As per the data published on Lifehacker, this technique has been found effective after doing a review of 42 psychology studies on 22,000 people.
According to this technique, after making a request you tell the other person that he/she has complete freedom to either accept or reject the offer.
See, most of us don’t like when someone forces us to do something.
We all want to make our own decisions and that is why you should always allow the other person to reject the request.
Show Social Proof
An Example – Sharda University sharing its students’ testimonials on its website as a social proof
Let’s say you have gone on a holiday to Mahabaleshwar. This is your first time visiting this place.
You are hungry and in search of good restaurants. You reach a place where you find two restaurants in the opposite direction.
One is jam-packed with people and in another one there are only 2-3 people.
Which restaurant will you go to?
The one which is filled with people right?
Similarly, when you are buying products online you would most likely buy the one which has a 5-star rating.
Many times we have to make decisions without knowing what the right choice is. At such times we follow others as we have done.
In terms of marketing, it is known as social proof.
The trick is to show the social proof of people that directly resembles your current prospect.
For example, if you are selling an online MBA course you should tell the stories of students of similar age and income levels.
When you persuade others, the advice is to highlight the fact that many other people are already doing what you would like them to do.
Tell Stories and Humanize Information
It is always a good trick to give facts and figures to your audience when you are persuading them.
But, at the same time, you should include stories in your pitch.
We as human beings are fascinated by stories.
When you tell stories your prospects get transferred to a different world.
Even politicians craft stories in their campaigns to get more votes.
Teachers and even motivational speakers use the art of storytelling to capture the attention of their audience.
According to psychologists when people are exposed to numbers they become very critical of what has been told to them.
Although when you tell a compelling story that connects with them emotionally their ability to detect inaccuracies in what is presented is often reduced.
You need to remember that your product or service would be used by a human being. So, have a warmer tone when you speak to them.
Instead of always presenting charts and numbers use pictures of real people. People become more attached to a subject when they see photos of real people.
A medical study investigated if doctors would conduct a more thorough analysis of a patient’s condition, order more tests and detect more abnormalities if a patient’s photograph was simply attached to an X-ray or CT scan compared to when it wasn’t.
By all accounts, the answer is yes. This shows that humanizing information will help you in getting a yes.
Understand your goal and bring it to life using a story. Find characters your audience can relate to and show their motivation and desires.
Labeling
Labeling is a technique of assigning a trait, attitude, or belief to a person before making a request. The request that you make should be consistent with the label.
Let’s say you have a colleague in your office who doesn’t deliver projects on time. Imagine that some of your colleagues are giving the wrong labels to that struggling colleague.
They are saying things like “he is not capable of doing any word” or “he can never submit a project on time”.
If the person hears such things he will lose his confidence and in the end deliver projects late.
Although if you remind them how hard-working and dependable he is the person will eventually deliver the projects on time.
Once he submits the project on time you can give him compliments like “I always knew that you were a reliable person”.
These compliments will further motivate your colleague and he will always give you high-quality projects on time.
Sometimes, it’s not necessary to give a person a label.
Instead, you can simply encourage them to ‘self-label’ by allowing them to confirm that they do in fact possess such desirable traits.
Get into the habit of genuinely labeling people with the sort of traits that are consistent with the request you are about to make.
We as human beings are self-centered and we like when someone compliments us.
One study found that people were more likely to respond favorably to a colleague’s request if that colleague had complimented them immediately before making the request.
Numerous other studies have found that giving genuine compliments can increase the chances of getting a yes.
Waiters get a bigger tip after complimenting diners for their excellent selection of dishes from the menu.
Similarly, hairstylists get a bigger tip when they tell their clients how much they liked their new hairstyle.
Even though a lot of people know that people usually give compliments to get work done for them, they still say yes to most things.
Although don’t give compliments too often since it will look fake. Don’t give generic compliments as well.
Before asking someone to do something for you, think of one good thing about them and include a compliment in your conversation.
Implementation
Even if you convince someone to do a task or buy your product online the chances of them actually doing it are very slim.
This is because making a promise and fulfilling it are two different things.
The boom of social media and the internet has made a lot of people, including me, big-time procrastinators.
Only making a to-do list won’t be enough. To really commit to a task we need to make an implementation plan.
When people make a concrete plan where they clearly mention what, when, and how they will do the task they are most likely to complete it.
Researchers called a group of voters and asked them if they will vote in the upcoming election.
Most of them said yes yet, on the day of the vote they didn’t show up.
On the other hand, they asked another group of voters at what time they will cast their vote and how they would get to the polling station. This group of voters showed up on the day of the vote.
The research proves that when people make a concrete plan they act upon it.
To make an implementation plan you can make the If…When…Then plan.
For example, if you wish to exercise more you can write – If it is Saturday and Sunday when I get home from work, then I will go for a run.
When you are persuading others, encourage them to make a plan on how they will achieve the goal on a piece of paper.
End On a High Note
Have you noticed how singers perform their most popular songs at the end of their concerts, rather than at the beginning or during the middle?
They do this because they know if they sing their popular songs at the start their fans will instantly get happy and leave the concerts before it ends.
I am not saying first impressions don’t matter. They do matter since they pave the path to the rest of the conversation.
But, at the same time, you need to end your conversation on a high note.
What happens at the end of an experience is much more important and memorable.
Do you remember your presentation was going very well until your colleague dropped a jug full of water on the laptop?
Your holiday trip was memorable until your return flight got canceled and you had to spend half of your night finding a good hotel.
If you make subtle changes to how your conversations end your chances of getting a yes will increase tremendously.
Try to save the best news until the last. It will have a much bigger impact on people.
So, here are some of the most effective ways to get a yes from the people.
Before making a request, clearly understand your goal first.
Don’t be too pushy when making the request and always give them the opportunity to say no to your offer.
FAQs
How do you convince someone easily?
Establish your authority and speak with confidence. Try to find out some commonalities between you and the prospect and bring them up in your conversation.
Integrate stories in your pitch and make a smaller request first and then make a bigger one later on.
Show testimonials and create scarcity for your offer. Don’t be too pushy and give them the complete freedom to say no to your offer.
Once they say yes, tell them to make a concrete plan which has all the information regarding how and when they will do the task.
How do you convince a deal?
The method of convincing is different for different persons. Some of the common techniques to apply are to be specific, have a background check done before the deal, select a good time, have patience, and be polite.
What is the best way to persuade someone?
Some of the ways to persuade someone are to be consistent yet polite, have a proper selection of words while persuading, introduce logical points in the debate to increase onside weight, highlight the benefits of the opponent, and remain confident during the whole process.
How do you convince a customer to say yes?
Some of the simple tips to apply in order to convince a customer to say yes are to be consistent, have a logical conversation with the customer, show reciprocation and commitment, and present them with certain social proof.
Sean Parker is an American entrepreneur who is known for co-founding a file-sharing computer service Napster and serving as the first president of Facebook. He also co-founded Plaxo (an online address book); Causes (a civic technology app and website for campaigning ); Airtime.com (a group video chat app for iOS); and Brigade (a civic technology platform).
He is the Founder and Chairman of his philanthropic firm, the Parker Foundation. He ranked 380 on Forbes 400 (2022) and 1,096 on the Forbes 2022 list of the world’s billionaires with a net worth of $2.8 billion. Here is Sean Parker’s Biography, Personal Life, Education Professional life, Entrepreneurship, and Philanthropic life.
Sean was born to Diane and Bruce Parker, who was a U.S. government oceanographer and Chief Scientist at National Oceanic and Atmospheric Administration (NOAA). His mother, Diane Parker was a TV advertising broker.
He likes programming and hacking since his early teens. Sean was once convicted because he tried to hack a network of a Fortune 500 company and FBI agents tracked the 16-year-old boy through his IP address. He was sentenced to community service owing to his juvenility.
In 2013, he married Alexandra Lenas, who is a singer-songwriter. The couple has two children namely Winter Victoria Parker and Zephyr Emerson Parker.
Sean Parker – Education
Sean completed his formal education at Oakton High School, in Virginia and later at Chantilly High School. At school, he used to spend most of his time in the computer lab and practicing coding. Thus, he soon became a passionate programmer and used to intern at companies while studying in his high school.
He used to write codes for startup companies. He worked as an intern for Mark Pincus for his startup FreeLoader. He further completed his graduation in 1998. The Central Intelligence Agency (CIA) recruited him after seeing his winning potential at the Virginia state computer science fair for developing a Web Crawler.
While studying in his senior year of high school, he earned more than $80,000 a year through internships and projects. He convinced his parents to let him skip college and pursue a career as an entrepreneur. He was an avid reader and believed in self-learning.
He is also the managing partner at the Founders Fund, a venture capital fund founded by Peter Thiel. While working there, he invested in a Swedish streaming music service, Spotify to share Napster’s music legally. He also established a philanthropic firm named, Parker Foundation.
At age 15, Sean met a 14-year-old boy Shawn Fanning through the internet. Both of them fused over topics like theoretical physics and hacking. After two years, they founded Napster, a free file-sharing service for music.
Sean raised $50,000 and launched it in June 1999. Napster had 10 million users within a year but it was opposed by the recording labels, the Recording Industry Association of America, the heavy metal band Metallica and a few others.
Eventually, the lawsuits from several industries did not allow him to run Napster. However, Napster is considered the fastest-growing business of all time and it revolutionized the music industry. It is believed through some reports that Napster is an antecedent to iTunes.
Sean Parker – Co-founder of Plaxo
Plaxo Homepage
Sean Parker launched an online address book and social networking service, Plaxo in November 2002. It was initially a social networking tool, which would later influence the growth of companies like LinkedIn, Zynga, and Facebook.
Plaxo grew with 20 million users and became the first-ever brand to use viral marketing in its launch. In 2004, he was driven out of the company’s financiers, Sequoia Capital and Ram Shriram. It is said that he exited by allegedly hiring private investigators to follow him.
Sean Parker – Co-founder of Brigade Media
Brigade Homepage
Sean announced his new startup Brigade in April 2014. The platform was made with an aim of civic management, to counter a lack of political engagement and interest in all levels of government across America. He serves as the Chairman of the Brigade with an initial round of personal funding of $9.3 million. Brigade acquired an online platform for social impact and political activism, Causes in 2014.
Sean is an active Philanthropist and has assiduously donated to cancer research, global public health, and civic engagement. He even pledged $24 million to create the Sean N. Parker Center for Allergy Research at Stanford. He made a $10 million grant to create the Sean N. Parker Autoimmune Research Laboratory at UCSF.
He established Parker Foundation and declared in June 2015 to contribute $600 million to launch the organization to approach large-scale challenges, including, insight, capital, science and technology, organization building, and public policy.
He further donated $250 million to establish Parker Institute for Cancer Immunotherapy. He serves as a Board member of the Obama Foundation, Global Citizen, Parker Institute for Cancer Immunotherapy, Parker Foundation, and Museum of Contemporary Art, Los Angeles.
Sean Parker is recognized as a genius and credits his college education to the establishment of Napster, through which he eventually became competent in intellectual property law, corporate finance, and entrepreneurship. He further co-founded ventures like Plaxo, Airtime, Brigade, and Causes. He was the first investor at Facebook and became its president after five years of its establishment.
FAQs
Who is Sean Parker?
Sean Parker is an American entrepreneur who is known for co-founding Napster, a file-sharing computer service.
Which companies has Sean Parker founded?
Sean Parker also co-founded an online address book – Plaxo, an online campaigning platform – Causes, a group video chat app – Airtime.com, and a civic technology platform – Brigade Media.
What was Sean Parker’s role on Facebook?
He was the first president of Facebook. Sean Parker’s fortune stems from his brief tenure, at age 24, as Facebook’s president.
Is Sean Parker still part of Facebook?
After his brief stint as Facebook’s president, he returned to the music industry, investing early in Spotify and serving on its board until 2017. Parker began tinkering with a social network focused on politics in 2015 and has mainly focused his work on the political arena in the last few years.
Where is Sean Parker now?
Parker is now a venture capital investor and philanthropist. Parker’s interest in music led him to invest in Spotify in 2010. He left the Board of Directors in June 2017.
Over the years, the world of startups has become fiercely competitive with people fighting for every last ounce of funding they can get. But with ideas in abundance, the failure rate for startups to has risen significantly with several enthusiastic and inspired entrepreneurs getting the short end of the stick.
With governments becoming more welcoming to startups, young minds have slowly started to come up with their unique set of products, services, and new ideas for startups. However, not everyone can find the desired response ultimately leading them to drop out of the race against their wish.
Despite the immensely high competitive market, people have found a way to work around this competition, protect their products and ideas, and set their own pace for the development of their startups.
To achieve their dreams of having their startup, people are now starting to launch their startups in absolute secrecy for a short period. This temporary state of secrecy in a startup is what the 21st generation refers to as stealth mode.
As the name suggests, activating stealth mode allows entrepreneurs to set the tone and pace for development and keeps their products away from the spotlight before the company goes public.
So, what exactly is a stealth mode startup? How does it work? What are the pros and cons associated with it? Let’s find out.
Despite being one of the most widely used techniques, stealth mode startups do not get discussed enough. But that is precisely what this type of startup aims for. Whether you’re a venture capitalist, investor, or aspiring entrepreneur, knowing what a stealth mode startup is and how it functions is key.
Judging by the name, many tend to assume that a stealth mode startup is built with a sense of privacy. However, there is more to a stealth mode startup than just privacy. A stealth mode startup refers to a startup that aims at keeping its true agenda hidden at all times before going public.
For this, the startup resorts to several legal means to keep its product, service, or idea under wraps. Therefore, a stealth mode startup avoids the public startup by hiding every last piece of information about itself. Apart from a general description, there is nothing more available to the public.
A stealth-mode startup remains in absolute secrecy until it’s ready to go public. This startup mode is widely used primarily by inexperienced entrepreneurs or those that have developed a sense of paranoia about their product information getting leaked.
Apart from startups, several major companies such as Apple, Uber, Google, and so on undergo a stealth mode every time there is a big product under development. Entrepreneurs believe that their products can impact the market significantly.
Therefore, such people prefer to opt for a stealth mode startup. This gives them enough time to test their product without worrying about anyone finding out about it. Moreover, stealth-mode startupshave control over themedia narrative.
This helps buildmore focus on product development and get it ready for the public without any worry of speculations or negative feedback hampering product development. Finally, stealth mode startups have the potential to come out all guns blazing and get all the public attention to themselves upon launch.
All this allows a stealth-mode startup to gain an advantage over an overly competitive market and set its own pace for its product’s market development. Therefore, launching a stealth mode startup will allow you to get effective feedback on the following:
There are two different types of stealth-mode startups. Based on a company’s needs, requirements, and urgency, it may choose to opt for either one. Before we get to discuss the benefits and limitations of a stealth mode startup, it is key to know the two types of stealth mode startups.
Total Stealth Mode
As the name suggests, total stealth mode refers to the state in which a new company operates in absolute secrecy until it’s time to launch. The majority of the newer companies or organizations go the extra mile during total stealth mode by having zero web presence or a public profile.
Moreover, startups launched in stealth mode often tend to control the media narrative by simply avoiding the public spotlight and completely refraining from making any public announcements about their products and services.
By undergoing total stealth mode, a company keeps everything secret from the product description and other key pieces of information. Several startups in stealth mode are known to operate using aliases so that the line of business would remain under wraps.
In-company Stealth Mode
An in-company stealth mode is somewhat similar to total stealth barring a few exceptions. A company undergoes an in-company stealth mode when it is developing a new project, service, product, or idea that needs to be kept out of the public eye along with the investors and shareholders.
Although it may appear deceiving at first, it is a technique used widely by all major and minor organizations alike. There are several motives as to why a company undergoes an in-company stealth mode.
The primary intent is to keep all new ideas to be dismissed prematurely. As a result, companies often resort to using codenames for new endeavors to hide the true purpose of the product. This technique is primitively associated with major multinationals such as Tesla, Uber, Apple, Google, etc.
Given the immense amount of money that goes into it, these big companies cannot afford leaks at any given point in time. As a result, the employees working on such secret initiatives are legally binding to sign a non-disclosure agreement (NDA) to protect the property and keep the product under wraps at all times.
Over the years, the corporate world has taught us that not everyone can be trusted. And now, we have finally reached a point where no one can be trusted. Similar to real-life situations, firms prefer to keep their core values and purpose under wraps until the right time.
While this may bring along a few difficulties, it does have certain benefits attached to it which is precisely the majority of startups prefer entering stealth mode. So, what are these pros we keep referring to? Let’s find out.
Little to No Early Public Attention
As we mentioned earlier, a stealth-mode startup aims at keeping the company out of the spotlight until it decides to go public. Several newly launched startups tend to encounter several issues early on. This can negatively portray them.
To ensure that this doesn’t happen, people launch a stealth mode startup so that the developers can hide their new product to avoid issues and work out the issues if any before the product is made available to the public.
Catch The Competitors By Surprise
A stealth mode startup often aims at going public at the last possible minute. And once it does, it catches the competitors by surprise, giving them little to no time to react. This period helps a stealth-mode startup set a firm foot in the industry and gain a foothold over the audience.
With the competitors surprised, the time allows the stealth mode startup to secure more funding to aid its development.
Secure
Before a company can go public, it has to ensure that everything is in order from a legal standpoint. Right from their product to their registered trademark, everything needs to be on the books. Even if the product is ready for launch, at times the product could be far from ready.
This is where stealth mode comes in. When in stealth mode, you can secure your intellectual property from a legal point of view. This gives your startup enough time to cater to your product and ensure it hits the ground running right away.
Control Over Product Development And the Market pace
One of the greatest competitive advantages of launching a startup in stealth mode is that you have absolute control over the market pace. With control over the marketplace, you can allot additional valuable time toward your product’s development.
Stealth Mode Startup: Limitations
Without any limitations, a stealth mode startup is nothing but a startup that follows the standard operating procedure. Although there are a few pros associated with launching a stealth mode startup, there also are a few limitations one must be aware of.
Limited Funding Opportunities
Stealth mode startup gives you enough time to get your product ready for launch and work on the documentation. However, securing funding is the biggest challenge when launching a stealth-mode startup. This is because, in a stealth mode startup, your product is kept under wraps.
Since your product is under wraps, you lose a key chunk of the investor market. Simultaneously, you tend to miss out on several venture funding opportunities. This pushes an entrepreneur to arrange private meetings and seek funding in absolute secrecy.
Minimal Customer Feedback
Not only are your funding opportunities limited, but so is your customer feedback. With the product under cover, your business cannot interact with the customers thus keeping you from accessing key information such as customer feedback, reviews, and opinions.
Little To No Public Attention
In its initial stages, every business tries to get as much publicity as it can. However, in a stealth mode startup, there is no free publicity present. When in stealth mode, startups generally invest a huge chunk of money towards making a big reveal or similar launch campaign. Until then, it continues to evade the public eye.
Despite the number of advantages associated with stealth-mode startups, they too have their share of risks. At the same time, a stealth-mode startup could be a valuable diamond that investors often look for when exploring unique investment opportunities.
Just like every other business, launching a stealth-mode startup needs hard work, vision, and like-minded investors that are experienced and insightful about such independent ventures. Every entrepreneur starts a startup to create a significant impact on a highly competitive market.
This vision, backed by hard work, grit, initiative, and intuition makes a stealth-mode startup worth the additional risks. Keeping your product under wraps needs a whole lot more than just personal restraints. However, when in the long run, this strategy can yield rewards you wouldn’t have anticipated.
It isn’t always possible to avoid situations that tempt you to get early momentum in the market. But when in stealth mode, the key is to not succumb to these temptations. Ignoring the temptations will allow you to focus more on your product leading to the development of a world-class service.
FAQs
Why would a startup choose to be in stealth mode?
The most important factor in choosing a stealth mode of business is to protect a new product, especially in the burgeoning stage of the product.
Which type of startup chooses to be in stealth mode?
Companies that deal in a competitive market or in IT software development are more prone to choose Stealth mode. For example, Google, Microsoft, Apple, etc.
It was in May 2022 that news began circulating about the world’s largest technology companies that lost over USD 1 trillion in value over just three trading sessions. This was in direct response to the Federal Reserve raising its benchmark interest rates.
The year-over-year inflation rate has remained abnormally and consistently high and peaked in June 2022 at 9.1%, according to the Consumer Price Index Data. It fell to 8.2% in September 2022, which was well above the inflation rate of 2% that is preferred by the central bank.
The Federal Reserve Bank has been struggling to control and bring down the inflation rate, and working towards this had announced a 0.75% interest rate hike. This is the sixth interest hike by the Federal Reserve in the hope that it can cause prices to reduce by slowing down the economy.
Top Companies Valuation (2020-22)
As stocks at large began selling off with the Federal Reserve’s announcement of yet another interest rest hike, the technology sector felt the tremors more than any other sector. The world’s most valuable company, Apple, shed USD 220 billion followed by Microsoft which lost USD 189 billion, Amazon declined by USD 173 billion, Alphabet lost USD 123 billion, and Meta which lost USD 70 billion. Investors are also showing an increasing interest in pushing their money toward the safer market pockets as opposed to stocks that drove business during the strong bull market in recent years.
As much as the numerous interest rate hike by the Federal Reserve Bank have impacted trillion-dollar companies to lose valuation, the entire burden for this decline does not rest on its shoulders alone. There are reasons, external and internal, that hugely impact the fluctuation in a company’s valuation.
External Factors
Many external factors affect the valuation of any company these includes-
Government Policies
Macro-Economic Forces
Industry Life Cycles
Company’s Own Life Cycle
Personal Needs and Desires of the Owner
Capital Markets
Each of these factors is of considerable importance which makes it tough for a company to accurately time any transaction. However, historically, credit markets have proven to be one of the most powerful external forces that decide thevaluation of a company. There are two primary reasons for this.
1. Rate of Return
Economic risks are measured by determining the rate of return required for an equivalent investment facing an equivalent level of risk, known as the ‘discount rate’. Simply explained, it means that as the interest rates go down, current values go up which ensures that the company’s valuation increases. Contrarily, the higher the interest rates, the lower the valuation as borrowing money becomes more and more expensive. This decreases a company’s valuation.
2. Supply of Money
This particular concept heavily influences business valuations. As the economy slows, the Federal Reserve lowers the interest rate driving the capital markets to loosen purse strings by buying stock cheaply. What then happens is that there is more money that competes for a limited number of assets which, then, consequently, drives valuation higher making investors take on more risks due to easy access to debt and lower discount rates. This period of speculation ignores the fundamentals where the growth is high.
Internal Factors
An Enterprise’s value also depends on these critical micro-business valuation factors which are largely internal and within the control of the management team.
Companies that lose valuation do not do so overnight. There are warning signs that come to the fore before the actual valuation drops. These warning signs, if not recognized and corrected at the right time can prove to have devastating effects on businesses.
A sharp drop in revenues
Delayed payments to creditors
Default on statutory payments
Delay in payment of employee salaries
Numerous red flags were raised by auditors, analysts, and fund managers in the annual accounts
Huge churn in the company’s top management
Company stocks being sold off quickly by institutions
Promoters exiting their stake
Deteriorating performance in comparison with competition
Consistently dropping return ratio on ROE, ROCE, ROA, NPM, OPM, etc.
Here are the famous top 3 companies that lost 1 Trillion in Market Cap
Economic downturns are a harsh reality in the global world. However, if companies are consistently losing valuation despite external factors like stable federal reserve interest rates and a bullish capital market, the reasons are more than likely internal. It is, then, to an investor’s advantage to conduct a deep study of the business itself and its internal functions to realistically assess the risks of investing.
FAQs
Did Amazon Lose $ 1 Trillion and What Are the Reasons?
Yes, Amazon becomes the world’s first publicly listed company to lose its $1 trillion market cap. Worldwide economic slowdown, the Ukraine-Russia war, rising inflation, and tightening monetary policy are the key reasons for Amazon’s loss.
Which Company Is Not a Part of The $ 1 Trillion Market Capitalisation Club Anymore?
Amazon, Tesla, and Meta (Facebook) are not part of a trillion-dollar market now.
What Skills Are Required to Predict the Shrinkage of Organizations?
Understanding Macroeconomics, consumer behavior, and socio-political happenings are vital for an understanding of business workings. By applying mentioned knowledge one can forecast to some extent.
Food is the most basic necessity of life. It has been like that since the beginning of time and life. For ages, we humans have tried to figure out a lot of stuff and eventually provide food for our society. As society grows as a whole, we see change everywhere. Even in the food business. Food is not just a basic necessity anymore, it has outgrown that definition of medieval times. Food is now taste and experience in the modern world and not just some source of nutrition and fuel for work.
Of all that has happened to food, one thing is supremely visible. Food has become faster, its chain has been becoming faster and faster. People want it fast and now without compromising the quality of food. Fast food stores like Mcdonald’s, and Domino’s are the new kitchen for the young and fast-living generation. Here in this article, we will talk about one such food joint. It is famous and has evolved so much in its lifetime and continues to evolve and reinvent the wheel every time something change in society and behavior. The name is Dunkin Donuts, the famous donut joint that got rid of the donuts from its name and its menu recently in 2018. Let us see why they left the donut alone and moved on with the beverage rage in the world.
Dunkin Donuts is a popular name, it is almost everywhere in the market these days. You go to a mall and you see DD, you go to a nearby market, and you see it there too. They are a fast food chain that primarily caters to its customers with donuts and supplement beverages. These beverages could include a range of options, from cold coffee to shakes to tea.
It took its steps in the market in 1948 and since then it is one of the most famous and most liked brands by foodies. Donuts were famous in the past as they were fast to prepare and eat. These were the most common breakfast around that time. War soldiers and when they returned to their homeland, were given these to quench their hunger. Slowly from that culture, donuts picked up and quickly moved to the general public and became a hit breakfast. This fashion in breakfast habits turned out a seed for ideating dunkin’ donuts into what it is today. Started by restaurateur William Rosenberg, it is today one of the most valuable fast food businesses with franchises that can be situated all over the world.
Starting from a humble donut and coffee on their menu they moved to more lines of business. Now they serve coffee, burgers, wraps, and everything in between. They have their game in and around 42 countries of the world, which is pretty insane. This is an example of business around the morning ritual of people who love their cup of coffee and any beverage that they could think of. Caffeine is fuel for many people and others just want to pour something into the neck, this is where Dunkin comes into the picture. A one-stop destination to quench every sort of thirst.
Rebranding
The starting was good but the late time was not so good. Dunkin saw some trends in the food market and the behavior of customers. This made them rethink some of their strategies, or even shift their entire focus to one or more lines of product. Let us see how they got to know the shift in preferences and later shifted to a whole new business sphere. This was considered one of the biggest business shifts in this line of business and Dunkin is applauded for the same.
Dunkin has always been about business and food combined. They know when something is not fit with food and behavior and then they change that. Starting in 2009, Dunkin noticed that the sales of donuts were repeatedly slowing down. On the other hand, the beverage side was getting heavier and heavier every day. This made them think about their strategies for the future. So they decided to put more weight on the beverages on their menu. That is what they did and saw great results. Let us see how much and how.
Over the year 2009 to 2019, Dunkin has gone through a lot of changes and branding, and rebranding. With all that rebranding, the food joint has been able to benefit and has incorporated more and more branches into its belt. With beverages at their side, They went from having 6000 stores to adding 3600 more branches to their franchise list. Thus, making them 9630 in 2019. Moving from all sorts of donuts and stuff to beverages mainly, This was not an easy shift to make but somehow the company took it. This was a slow and tedious process but what we see now is one of the biggest business moves that shifted the company from dying to flying numbers. Anything could go wrong but this move made billions not millions. Let us see how the shift actually happened and what were some of the reasons behind this shift in business.
The shift to Beverages
In the year 2018, Dunkin Donuts decided to drop the donut from its name and move on with beverages mainly and supremely. This move came after the fact that out of all the revenue, about 60% was coming from the beverages side of the total menu. This made them drop the donut in 2018. There were several reasons why beverages were becoming the new rage in the new century. Let us see some of the most noticed reasons –
First, Coffee – Coffee was all the rage (still is) at the time. The new generation is just some people with short attention spans running on less sleep. Which makes them people who would jump on caffeine to power them or fuel them. This fuel can most abundantly be found in coffee. Coffee is easily available, it is cheaper than others, and has fast and rapid consumption. This built-in coffee demand led to an increase in the Dunkin business of beverages. So people would just come and drive through with a coffee cup in their hands. Mornings are always like this for people in the operating areas of Dunkin. Thus, leaving or lessening donuts was probably the most straightforward way to look at this new trend.
Caffeine is Addictive – As this new beverage, coffee got to the taste of people, they all got addictive. Caffeine is the prime ingredient in coffee and it is not some surprise that it is addictive. As more and more people got the hit of caffeine, that became an addictive habit.
Consumer Habits – This was the time when Starbucks was expanding its business operations all over. The coffee business is a habit business and Starbucks was building customer buds for a long time now. Dunkin really thought to benefit from this effect in the market and tried selling cheaper expressions to the public. With advancements in its beverage menu, it provided more and more beverages to its customers to build a habit in them to ditch Starbucks and eventually save some bucks.
Beverages Expansion
Dunkin knew that about sixty percent of its revenue comes from selling beverages. These were fast and easily made donuts, so they thought about getting rid of the donut and continuing with the beverages section. Over the next few years from 2009, they built more and more beverages to cater to its customers. This was also an effect of fighting with Starbucks and lurking customers from their side. In those years, they introduced many drinks and beverages that were cheaper and better than Starbucks. This move also proved to be beneficial later as people would like to come and go take a beverage. It is fast and you could get it on the go.
Evolution since Inception
Donuts were the prime show stopper for Dunkin Donuts since the inception of the store in 1948. Dunkin was started by William Rosenberg. Rosenberg was a restaurateur and wanted to start a chain of stores for something that is fast and can be easily eaten. Not a fine dining restaurant but a quick meal sort of place. Thus, came the idea of Dunkin Donuts. It was a store made for donuts and beverages like tea and coffee. The name comes from the fact that people used to dunk donuts into tea and other beverages before putting them in their mouths. So the name stuck and it became ‘Dunkin Donuts’
After the inception of donuts, they grew, as people wanted those quick meals a lot. It was good for the business until it was not. Eventually, they got to know that beverages were more famous than donuts and could easily influence sales for them in the future. So they decided to drop the donuts and move to beverages. Moreover, they increased the offerings on their menu and provided their customers with more flavors and tastes to choose from. This was a good move and was responsible for the multifold growth of the franchise. It was fast to take, easy to carry around and it just stuck with people. This rebranding helped them move from having 6000 stores to having 9630 stores in 2019. Which is pretty much good growth. Then came the covid 19. The virus attack in 2019 halted everything all over the world. Every business was affected and Dunkin too had some rough days. As people moved to a model of working from home, their breakfast habits changed. So, people began making breakfasts for themselves and stopped ordering the basic Dunkin order. As this picked up later in the year, Dunkin reported a cut in sales and revenue. This was a clear effect of the coronavirus pandemic. As the virus changed eating habits, new habits were formed too. Like that of evening snacking.
Evening snacks which were not mostly covered by Dunkin, they now got involved. Soon after the pandemic and even towards the end of the pandemic, markets faced something. People begin to order Dunkin ‘in the evenings. This proved good for the business but eventually faded away as old habits kicked back in. Soon people were back to the normal routine of having breakfast at the Dunkin.
Looking back we can track that Dunkin went from serving coffee and donuts in the 1950s to a big shift in menus. They moved to more and more beverages. They dropped donuts off the name and also the menu. They moved to the beverage market and then started to control and dominate the market in that sphere. In a report by NPD, it was reported that Dunkin’s share of the coffee market was a whopping 58%. On the other hand, other brands like Starbucks and everybody else had a combined share of 42%. This was the effect of Dunkin’s focusing on only beverages and making them their specialties.
With advancements in business etiquette, they were also faced with franchising opportunities. They had a lot of deals and people wanted to start a Dunkin for the return on investment. So they were flooded with franchises. With all these rebrandings that took from 2009 to the year 2019, they went from having 6000 stores to more than 9650 stores. Their share in the beverages market grew from 60% to 70%. They were the topmost coffee sellers in the year 2011 in the whole country. In 2011 they had about 6800 locations which were focussing on beverages and breakfast like that.
Conclusion
A famous name in the fast food chain market, Dunkin made its appearance in the markets in 1948. William Rosenberg, who was the founder of Dunkin Donuts, thought of starting something which catered to quick customers. Something that was not a fine restaurant but more of a breakfast option for the consumers. That was how the company was born.
Since its inception, it went on a ride to change and edit and re-edit its menu and business strategies. They went from selling donuts with coffee in the 1950s to focusing more on beverages. Then they left the donut alone and cut it out from their name in 2018. This was by far the best decision that Dunkin ever made since its inception. Moving into the beverage line, their profits and revenue multiplied. Their franchises rose by a significant number and their business got through the roof. The reason is that coffee is love for people and caffeine is highly addictive. Also, Dunkin now not only serves coffee but a hundred more beverages and people love to drown themselves in choices. This single move to the line of beverages made this business a billion-dollar machine.
FAQs
Who owns Dunkin?
Dunkin is owned by Inspire Brands.
Who is the CEO of Dunkin?
David Hoffmann is the CEO of Dunkin.
Where is the headquarters of Dunkin?
The headquarter of Dunkin is in Massachusetts, United States.
If you are tired of working for somebody else’s business and feel ready to become your own boss, start reading to find out what you need to launch a successful electrical contracting company.
After a couple of years of the trade school and apprenticeship, every electrician starts dreaming of becoming independent and investing time and money only in their own business. If this idea seems alluring to you, too, it’s time to take the first steps toward your dream. In this article, you will learn how to properly plan, prepare, and start your first-time business in the electrical contracting industry.
Why starting an electrical business is a good idea?
Becoming an entrepreneur may seem like a challenging and long path to go. But don’t get discouraged right away! You can overcome any trouble and achieve your goals if you clearly understand all the benefits it will bring to your life. Let’s look at some of them:
Electrical businesses always have a lot of work. Today, we all rely on electrical devices and cannot imagine everyday life without properly functioning electrical systems.
A skilled electrician that provides a high level of service always finds clients. Residential and commercial clients need electrical services, you just have to specialize and decide who it is better for you to work with.
A good source of income. Independent electrical contractors are paid well, especially if compared to other trades. Moreover, you can double or even triple your business’s profit when your business grows.
Freedom to select what to do and who to work with. Whether you like installing new wires in buildings, working with electric cars’ charging stations, or repairing malfunctioning electrical systems like fire alarms, you can choose your specialization and your clientele. And change your mind at any time.
Cost of opening and operating an electrical contracting business
Now, we are going from dreaming straight to numbers. Every business requires a solid financial ground so you have to assess what budget you will need at the start and later each month. Your startup costs will vary depending on your area and available assets (e.g., power tools, a van, and an office).
As a professional electrical contractor, you may have collected the necessary tools to do the job properly, so your equipment costs will be low. An exception is if you want to specialize in the area where you need unique equipment. When purchasing new tools, pay attention to their quality, as it is crucial in keeping yourself safe and offering excellent service.
As electrical services are mostly mobile businesses, you will need a vehicle to travel to the client’s side and carry your equipment. If branded, your truck can also be an additional marketing tool. So, don’t forget to factor in this investment.
There will also be some overhead costs that you have to be prepared for. These include rent of property for your office, utilities, insurance, and certification renewals. Subscriptions to digital tools also fall into this category. These are business management software for electrical contractors, online accounting solutions, job scheduling tools, etc.
To cover your startup investments, you can use your personal savings, ask friends or family to support your new venture, use small business loans, find an investor, or apply for a government grant.
Work hard on your first business plan
Writing a business plan aims to make you think through all the aspects of running a company and prepare for possible challenges and opportunities.
Although you will need to show this blueprint to lenders and investors, preparing it is more valuable than the final document. Remember the following points to review when writing your business plan:
Your business goals and objectives. Outline achievable results you want to achieve from a short and long-term perspective. Be sure to plan your business development as well.
Finances. You should prepare a detailed analysis of how your business will generate money. Calculate your break-even point, cash flow and sales forecasts.
Marketing strategy. Here, you should describe your target audience and how you will attract potential customers.
If this is your first business plan, this task will seem overwhelming, so don’t hesitate to ask for professional assistance. Remember also that you should regularly review your business plan to track progress and adjust it accordingly.
Prepare everything you need for legal operation
The legal aspects of creating a business are worth taking your time to study carefully. Electrical businesses are highly regulated, so you must receive licenses and permits before working with electrical systems. To get everything set up right from the start, do good research or consult specialists regarding the following points:
What are government regulations in your area?
What are the requirements to obtain a business license?
What kinds of insurance policies do you need? Would business insurance and property insurance be enough?
What is the best business structure for your future business? Should it be a limited liability company, a partnership, or a sole proprietorship?
What taxes should you pay? How can you optimize small business taxes?
This part of the work is not fun, so be prepared for it to take some time. As a result, you won’t worry about your business being fined for not complying with the law.
Decide on prices for your electrical services
Charging the right price is a pain point for many business owners. You want to be competitive while getting profits and delivering a good quality of service. To find the balance between winning more jobs and doing a better job, follow these tips:
Calculate your ideal price per hour and compare it to the average one on the market. What would you offer your customers as additional value if you want to price higher than your competitors? Why should they choose you over other electricians with the lowest prices in the area?
After you put together your list of services, you should track what jobs bring in more profit, what is prevalent among your clients, and what you can stop providing. According to the Pareto principle, you should dedicate 80% of your time and resources to the most profitable jobs.
Prepare to defend your estimates. When pricing an electrical job, you should be confident about your prices and be ready to explain to clients what value they get for the price they pay.
Take the first steps towards starting your own electrician business
The essential part of every planning is the actions you take after. Success starts with small steps, so be brave to take your first ones. Depending on your business strategy and goals, your to-do list may vary but some tasks remain essential for every entrepreneur:
Let your family and friends know that you are working solo from now on. This will help you build your network and get referrals.
Find reliable suppliers of electrical equipment and inventory.
Purchase the necessary tools and consumables, and prepare your office and van.
Create a website and social media accounts and get listed on maps and small business listings.
Print out business cards and necessary marketing materials.
Open a bank account to divide your personal money from your business.
Sign up and configure the software and services you need to keep track of your work and finances.
Join professional associations and find a mentor to support you.
And the most important is to keep doing what you love despite any challenges you may face on your exciting road as a business owner. Celebrate every win and treat failures as opportunities.
Conclusion
Starting a small electrical contractor business is an attractive career path for skilled electricians. The demand for this service is consistently high, so you shouldn’t be concerned about missing jobs. There are many things to do before you can operate on your own: planning, financing, registering, licensing, marketing, and executing your strategy. If you do everything right at the start, you will avoid many pitfalls and build a profitable business.
Whether you are a marketer or a website owner trying to promote your website, link building is one of the essential tools to make it happen. While there are a variety of methods to create high-quality backlinks, one of the most effective and cost-efficient ways is through email outreach.
With the right approach and strategy, email outreach can be an incredibly powerful tool to gain backlinks with minimal effort.
Domains with the largest number of backlinks worldwide
In this guide, you will get to know all the information you need in order to create a successful email outreach campaign that will result in quality backlinks for your website.
Email outreach is the process of sending emails to potential customers or partners in order to establish connections or partnerships.
It’s an effective way to reach out to people who may be interested in what you have to offer, while also providing value in return.
Generally, email outreach can be profoundly used for various purposes that include:
Introducing you or your business
Offering collaborations
Asking for feedback on a product or services
Link building
Influencer marketing
Cold emailing
Generating leads or sales
How Does Email Outreach Help With Link Building?
Email outreach helps build relationships, gets your content in front of new audiences, and can even help generate more links for your website.
By using email outreach as part of your overall link-building strategy, you can get more targeted links pointing back to your website.
Targeted links are more likely to result in higher search engine rankings since search engines tend to favor sites with strong links from other well-established websites in the same industry or niche.
Targeted links may also result in referral traffic from those websites, which means more people will be aware of your business and its products or services.
It’s also important to note that email outreach can be used not only for link building but also for content promotion and networking purposes. By reaching out directly via email, you can establish relationships with other webmasters or even influencers who could potentially promote your content on their own channels – generating even more exposure for your business.
Anyone can shoot off generic emails to random people with a copy-and-paste template. But, that does not give you the desired results.
From finding the right people to crafting your message in an impactful way, there are certain aspects that you should consider for an effective email outreach campaign.
Here are the most important strategies that you must consider in order to make your email outreach strategy for link-building successful.
Step 1: Effective Targeting
Effective Targeting for Email Outreach
Targeting is an important part of any successful email outreach campaign, as it ensures that the emails you send out reach the right people.
By targeting your emails to the right audience,
you’ll be able to increase the chances of conversion.
you’re able to narrow down your audience to people who are actually interested in what you have to offer.
you can save time and effort by eliminating people who might not be interested in the product or services that you’re offering.
you can create focused messages that will help build relationships with relevant people
In order to go about targeting the right people, here are a few steps you should take. So, the goal of this step is to, find the right website owner or influencer to reach out to for link building.
Understanding Your Niche
For a successful link-building campaign, it is important that you understand your niche and the industry in that you’re operating.
By doing this, you’ll be able to identify potential partners who can help promote your business or link back to your website.
Finding Potential Prospects
Once you know what kind of audience you want to target, start searching for potential prospects who can help you build backlinks.
You can use various tools to search for websites in your industry, or even use social media platforms such as Twitter and LinkedIn to find contacts that would be interested in working with you.
Check for Broken Links
The most effective way to find websites to outreach to is by looking for broken links on other websites.
Broken links are essentially dead pages, and the website owner may be interested in replacing them with your link in order to ensure their visitors have a better experience.
This technique also helps you build relationships with other sites as they’ll appreciate you taking the time to point out the broken link.
Check Competitor’s Backlinks
If you want to find out which websites are linking to your competitors, a backlink analysis can be very helpful. You can use tools like ahrefs, semrush, etc. for this task and you can analyze others’ websites.
By doing this, you’ll get an understanding of the types of websites that might also be interested in creating links with your business.
Find the Right Contact to Reach Out
Finding the best website to ask for backlinks is not enough. You’ll also need to find the right person who can help you gain those links.
You can do this by finding LinkedIn contacts of the businesses’ employees or the owner of the website or using email finder tools like Hunter
At the end of this step, you will have the contact details of the people to reach out to for requesting a backlink.
Step 2: Crafting a Personalized Message
Crafting a Personalized Message for Email Outreach
A simple message asking for links in return for some value will not work in most cases as it is often seen as spammy.
Therefore, it is important to craft a personalized message that will be more likely to get a response.
Your message should be targeted specifically at the website or influencer you are contacting and include an explanation of how both parties could benefit from working together.
Here are a few things to do to ensure your message is effective.
Researching Your Prospects
In order to craft a message that resonates with your target audience, it is important that you do some research on them before sending out the email.
Look into their website or social media accounts and try to get an idea of what kind of content they produce and what their interests are.
You can use tools like Google Alerts or Buzzsumo to stay updated on new content that your prospects are publishing and interact with them by leaving comments or sharing their content.
Tailor Your Message
Hook your prospects by framing your message in a way that meets their needs.
Make sure to address any specific issues your target audience is facing or explain how you can help them meet their objectives.
Points to keep in mind while crafting the message
Use a subject line that is short and concise and compels to open.
Make sure your message is clear in what you want the recipient to do.
Focus on how they can benefit from working with you instead of just promoting your business.
Have a strong hook with a story and make sure to mention why their website is a good fit for your link. Include all the relevant information like social media handles, website URLs, etc.
Proofread your message before sending it out and use a professional tone throughout.
Use an effective pitch template that you can customize for each website.
Suggest an article or a page on their website where your link can be placed.
Clearly define the broken link or the opportunity to get a link and explain how it is beneficial for both parties.
End with a clear call-to-action stating how they can get in touch with you.
Send the Email at the Right Time
Timing is key when it comes to sending out outreach emails.
To maximize your chances of getting a response, try to figure out the best time to send the message based on when your target audience is most likely to be active and respond.
Now you can proofread and send out your email.
Step 3: Following up
The success of your link-building strategy will depend heavily on how fast you are able to respond to the queries of your prospects.
In order to ensure that you get a response, follow up with a polite reminder if you don’t hear from them within a few days.
Follow-up emails should be timely and personalized for maximum effectiveness.
Make it very clear in the follow-up message that you are checking on the status of their response and be sure to express your appreciation for their time.
Step 4: Track & Optimize
Not every attempt to get a backlink will be successful but it is still important to track your outreach efforts and analyze the response rate.
This will help you identify areas of improvement so that you can optimize your link-building strategy for maximum effectiveness.
By regularly monitoring and optimizing your outreach efforts, you can build strong relationships with influencers and get quality backlinks for your website.
The process of link-building can seem overwhelming at first, but if you follow the right steps, it will become much easier to execute a successful strategy. With patience and hard work, you can build quality backlinks for your website and reach a wider audience.
Start by researching your target audience, then send a personalized message, follow up if necessary, and track & optimize your efforts. Doing so will help you build strong relationships with influencers and get valuable links that can benefit your website in the long run.
FAQs
What kinds of backlinks should one avoid for link building?
We all know that not all kinds of backlinks are important for backlinking, and we should avoid below mentioned backlinking.
Backlinking from irrelevant niches
Website having an excess amount of backlinking
Backlinking from a bad reputation website
Etc.
How do you politely ask for a backlink?
While asking for a link, few things to keep in mind.
Add value first to the backlink provider.
Convey your wants clearly and don’t insist if they do not agree.
Appreciate their decisions.
What are essential tools for Email Outreach?
Email Outreach is the biggest task to do if you are doing it manually. Therefore, many companies have tried to make it simple for us. These companies include Clearout, SendPulse, Zerobounce, etc.
What is the best way to create backlinks?
The following are proven ways by which you can create backlinks for your websites or blog:
Write a blog post for other websites and blogs in your niche.
Do networking with the same niche publishers.
Create great content continuously and offer backlinks to the best websites in your niche if they approach you and ask them to do the same.
Get interviewed on various podcasts and Youtube Channels.
Software as a Service (or SaaS) is a new method for delivering software applications over the internet. It does not require any installation or maintenance of the software to avail of the services. The software is hosted by a third party and one can access it by paying a subscription fee.
The benefits of the SaaS model are clear. It provides lower costs, lower commitment risk, and a try-before-you-buy model, which gives customers a remarkable opportunity to assess a product before making a purchase. Indeed, the benefit is so clear that a 2017 study conducted by BetterCloud found that 86% of organizations estimate that 80% of their business apps will be delivered through the SaaS model by 2022.
Growth chart of SaaS business apps in companies
In 2022, the SaaS market valuation is at $186.6 billion and has an annual growth rate of around 18%. It is projected to grow to $700 billion by 2030.
For software businesses, on the other hand, the SaaS model presented an entirely new way to build, distribute, market, sell, and support a software product. It affects every single part of a software operation. But the most significant change that the SaaS model brought — the one at the root of all the other changes — was the SaaS revenue model. The Software as a Service (SaaS) revenue model is associated with regular, ongoing payments over a defined period, in exchange for using a software application or other tool.
SaaS is referred to as a software distribution model in which a cloud provider hosts applications and makes them available to end-users over the internet. In this model, an independent software vendor may contact a third-party cloud provider to host the application.
SaaS is one of the categories of cloud computing that include infrastructure as a service (IaaS), and platform as a service (PaaS). SaaS applications are mostly used by IT professionals, business users, and personal users. Products ranging from entertainment services, like Netflix, to advanced IT tools come under SaaS. SaaS products are mostly marketed to B2B and B2C customers.
As per recent McKinsey & Company study, technology industry analysts have predicted further growth in the SaaS market, and expect to see the market for SaaS products close to $200 billion by the year 2024.
All About SaaS
SaaS Revenue Model & Its Phases
Before SaaS, the software revenue model was transactional and all that mattered was the initial sale of the software product. Big, fancy salesmen sold long-term deals for one, two, or even five million dollars a pop. Done. Hands dusted, gong rung, contract signed — all the revenue that was going to come from that deal had been generated. Enter the SaaS revenue model. It swapped the single point of revenue with three essential phases: Initial sale → Retention → Expansion
SaaS Revenue Model
There are three phases of the SaaS Revenue Model as listed below.
Phase 1: The Initial Sale
Phase 2: Retention Revenue
Phase 3: Expansion Revenue
Phase 1: The Initial Sale
It still exists! And it’s still an essential part of the SaaS revenue model. “Closing” an initial sale includes everything from a simple self-serve upgrade to an annual contract shepherded by an inside salesperson.
If you play this phase well and show strong initial sales growth, you’ll get somewhere with your SaaS business. You’ll probably be able to raise some money, maybe even have a mini-brand — excellent! But these days, an initial sale brings in far less revenue than in the traditional SaaS revenue model. It’s still extremely important — you need a flow of new customers — but you also need to move on too.
“You mean we have to keep them happy? Forever??” – Early SaaS pioneer
Quite so, Mr. Early SaaS Pioneer. There’s a new (SaaS) revenue model in town. Most early players, however, maintain the sales-first mentality even though they’re selling much smaller, month-to-month deals. They’re celebrating the initial sale disproportionately which is not correct for SaaS.
On the other hand, some SaaS companies quickly realized the importance of retention. Indeed, they saw that an initial sale didn’t matter much if a new account was canceled three, six — even 12 months later. They realized they couldn’t sustain growth if they churned the customers they brought in. These people know how to play the game of SaaS.
Today’s SaaS pros realize that retention is the biggest revenue opportunity in SaaS. An initial sale might get you $500 in the bank when you convert that deal. But retention, retention will bring in that amount times the number of months the account stays active. And why? Here’s some fast math on that point:
1 month (initial sale): $500
x 12 months = $6k
x 24 months = $12k
x 36 months = $24k
Indeed, the revenue opportunity from retention is exponentially larger than the initial sale. Execute well in this second phase, my friend, and you will build a solid, sustainable SaaS business. Excellent! But wait — if you want to build a great SaaS business, crush the competition, and have a shot at an IPO, you’ll have to master the third phase of the SaaS revenue model: Expansion.
Phase 3: Expansion Revenue
Often overlooked, always important — this is where the true secret to SaaS growth lies. Savvy SaaS teams quickly realized that they could drive revenue growth by expanding existing accounts. Upsells, cross-sells, and any other sales that could generate additional revenue from existing customers became SaaS staples. And it worked earlier, mainly because the opportunity for second-order revenue was huge.
Calculating expansion revenue growth rate
You understand the realities of the three phases of SaaS revenue. Excellent! But that’s only half the battle. The other half is executing against it. You’ll need to shift the way you look at adoption, customer service, sales, and marketing. Thanks to the SaaS model, the operations of software businesses are changing.
Customer relationships: In the SaaS revenue model,customer relationships are based on the ongoing delivery of customer value.
Marketing issues related to the SaaS/subscription model: Marketing strategies focus on growing subscribers through lead generation, branding, goodwill activities, and other efforts to create interest in the product or service.
Operational implications of the SaaS/subscription revenue model: Companies employing the SaaS/subscription revenue model should focus primarily on delivering cost-effective customer value.
Financial and strategic implications: In most cases, successful SaaS/subscription companies build up their subscriber base over a long period. In the interim, they require financing to develop delivery capacity as well as to support efforts to increase the user base.
Key metrics: SaaS/subscription companies consider key metrics to be customer retention and net new growth in subscriber numbers.
Modalities: While SaaS/subscriptions are most commonly thought of as single sales to individual subscribers, the SaaS/subscription model also works with bulk sales. Rather than selling one subscriber one subscription, a company can sell subscriptions in larger increments for a reduced per-user rate.
Costs and benefits of the SaaS/subscription model: The SaaS/subscription revenue model usually works best when a company is servicing ongoing and continuous customer needs. This means that customer relationships may span several years. It is often challenging to convince new customers to commit to long-term contracts, especially in the case of companies offering novel products or services.
To build a great SaaS revenue operation, there are three truths teams must accept:
SaaS revenue goes well beyond an initial sale. There are three essential phases of revenue and a SaaS business must execute well in all three phases to become great.
Building a management structure that provides continuity and strategic consistency across these three phases of revenue will ensure the best shot at success.
Product engagement is the key to winning the game of SaaS. Great SaaS operations understand this and find a way to bring this data to their team in the most actionable way possible. Great SaaS revenue models seamlessly integrate product engagement insights into every part of their customer-facing operations.
Conclusion
A good SaaS model provides lower costs, and lower commitment risk, and a try-before-you-buy model gives customers a remarkable opportunity to assess a product before making a purchase. For software businesses, on the other hand, the SaaS model presents an entirely new way to build, distribute, market, sell, and support a software product.
Now that you know about the revenue model of SaaS, let’s get on board and start executing them in your business.
FAQs
What is SaaS?
Software as a service (or SaaS) is a way of delivering applications over the Internet – as a service. Instead of installing and maintaining software, you simply access it via the Internet, freeing yourself from complex software and hardware management.
What are the examples of SaaS?
Examples of SaaS are – BigCommerce, Google Apps, Salesforce, Dropbox, MailChimp, ZenDesk, DocuSign, Slack, and Hubspot. PaaS Examples: AWS Elastic Beanstalk, Heroku, Windows Azure (mostly used as PaaS), Force.com, OpenShift, Apache Stratos, Magento Commerce Cloud.
What are the three phases of the SaaS Revenue Model?
The three phases of the SaaS Revenue Model are:-
Phase 1: The Initial Sale
Phase 2: Retention Revenue
Phase 3: Expansion Revenue
Is Netflix a SaaS?
Yes, Netflix is a SaaS that offers software to watch licensed videos. It follows a subscription-based model wherein the user can choose the suitable one as per its requirement.
Is Facebook a SaaS?
SaaS simply stands for “Software as a Service”. Facebook is a consumer network product, not technically SaaS, but there’s no other product that provides as many services as Facebook does.
Are mobile apps SaaS?
The new frontier for enterprise software as a service (SaaS) providers appears to be in mobile apps. While desktop platforms are still the backbone of any SaaS product, mobile apps are becoming increasingly important. Mobile apps and API connections are expected to add 0.71% growth to the SaaS Market Size.
SSL certificate is used by websites across the globe to ensure data security for their users. The websites with SSL certificates are identified as secure and reliable by the search engines due to which they are pushed to better ranks in the search results and more traffic is drawn towards them.
Therefore, depending on the kind of website you own it is very important to get the relevant SSL certificate. In this article, we will tell you everything you need to know about SSL certificates including how to get a free SSL certificate for your website.
SSL or Secure Socket Layer Certificate is a protocol that encrypts internet traffic and also verifies the server identity. It helps keep the user’s information private through secure data transfer between a user’s browser and your website.
The three types of SSL certificates and their price range vary depending on the extent of security they offer to your website. Below we have listed them in order from most to least secure (or most to least expensive):
Extended Validated (EV): For websites that involve the most sensitive information such as the financial details of the user.
Organization Validated (OV): For websites that collect random information such as small business websites collecting user information for lead generation.
Domain Validated (DV): It is for sites that do not exchange any user information. For example blog websites.
When an SSL certificate is enabled for a website a lock sign appears towards the left side of the website’s URL. A user can easily check the SSL certificate for a website by clicking on this lock icon. The information included in an SSL certificate is as follows:
The domain name (for which the certificate was issued)
Name of person, organization, or device to which it was issued
Issuing authority (Certificate Authority)
Digital signature of the certificate authority
Date of issuance
Date of Expiration
Associated subdomains
Public key
Why do you need an SSL certificate?
Trust is the foundational quality on which a business can grow stronger in every dimension. As per a survey by Accenture, 62% of customers are inclined toward companies that exhibit ethical values and authenticity.
As you move your business online it’s not just your responsibility to keep users’ information secure rather it is also necessary to grow your business. As per a survey by Statista, almost 15 million data records were exposed worldwide during the third quarter of 2022. An SSL certificate ensures data safety during transmission and is highly crucial for a website as it is considered a symbol of trust and authenticity across the web.
Here are a few of the major reasons why you must obtain an SSL certificate for your website:
Encryption: SSL certificate facilitates a public-private key pairing that makes SSL encryption possible. Here, a secure connection is established between a user’s system and your website, and the information exchanged is coded and decoded between them. The data is protected from any outside viewer through encrypted language.
Authentication: SSL certificate helps users to identify your website as genuine. This means a user can verify that he has connected to the rightful owner of the domain. It is especially useful in avoiding domain spoofing and other similar attacks.
HTTPS: The “S” in HTTPS stands for “Secure”. This indicates that your website is SSL encrypted and thus, safe for the users to share their information. A website without an SSL certificate is marked as “Not secure” and is given a red flag by search engines.
SEO Ranking: Google uses “HTTPS” as one of its ranking features i.e. it gives a boost to the ranking of websites having SSL certificates. Recently, Google has also begun imposing penalties on websites that do not own an SSL certificate.
PCI DSS requirements: If you own an e-commerce website or any other website that requires online payments your website must comply with Payment Card Industry Data Security Standards (PCI DSS). One of the major requirements amongst the 12 primary requirements set by the industry for data security includes having an SSL certificate.
How to get a free SSL certificate for your website?
SSL certificate is issued by a Certificate Authority (CA). It is a trusted third party or outside organization that also signs the certificate with its key. Most of the Certificate Authorities charge a fee for issuing the SSL certificate while a few also offer it for free.
Once obtained the certificate should be installed and activated on the website’s server. Post which the “HTTPS” status becomes available for the website and the online traffic gets encrypted and secured.
Once you have chosen the type of SSL certificate depending on the requirement for your website, you can follow the steps given below to get a free SSL certificate for your website.
Verify your website’s WHOIS information:
Whois Homepage
WHOIS is the internet record that identifies the owner and related information of a particular domain. Recently, it has been replaced by Registration Data Access Protocol (RDAP). These help access the internet resource registration data.
Several tools can be used to verify your WHOIS or RDAP information such as Icann lookup, Arin, Securitytrails, etc. Before applying for the SSL certificate it is important that you update this information and also match it with what you are submitting to the Certificate Authority.
Generate Certificate Signing Request (CSR):
A website offering CSR Generation
As the name suggests, it is a message (an encrypted text) sent by the applicant to the Certificate Authority providing them with the required information such as domain name, organization name, country, etc.
A CSR can be generated through your server, your cPanel, or through an online CSR generator. The last option is least preferred as it is not directly connected with your server, cPanel, or hosting service.
If you find difficulty in creating your CSR, you can easily approach your hosting company to guide you through the process specific to your website. Once your CSR is ready you will have to submit it to the Certificate Authority to validate your domain.
The price of getting the SSL certificate depends upon the level of security you require for your website. However, certain CAs offer low-level security SSL certificates for free. Some of them include:
Letsencrypt.org: This is an automated and open Certificate Authority and is operated by the Internet Security Research Group (ISRG). It offers a free Domain validated SSL certificate, valid for 90 days. Post 90 days you can easily renew the certificate again for free, for the next 90 days. Their certificate is recognized by all major browsers such as Chrome, internet explorer, firefox, etc.
Cloudflare.com: It is a CDN and security company, recognized worldwide for its products. It is used by many popular sites such as Mozilla, Reddit, etc., and is known to make the site faster and more secure. Their SSL certificate, depending upon the level of security, is available at the cost of $0 to $200 per month.
SSLforfree.com: It is also a nonprofit CA and is recognized by all major browsers. Their SSL certificate is available for free but has to be renewed every three months.
Zerossl.com: They also offer free SSL certificates for 90 days that can again be renewed for the next 90 days. Alongside this, they also provide automated ACME integrations and a full-fledged REST API.
Install the certificate on your website:
Once you have received your SSL certificate from your CA it is required to be installed on your website. You can easily do it yourself on the cPanel. Under Security, you will find SSL/TLS section. From here go to Manage SSL sites and upload your certificate.
After uploading the certificate you will also have to make changes to your WordPress files. In your WordPress dashboard, go to settings and update your URL by adding HTTPS instead of HTTP. Click save changes. Log out and again log in. Make sure all your URLs now display HTTPS. If you notice mixed content errors, find all your old URLs in the database and replace them with new ones.
FAQs
How long is an SSL certificate valid?
This depends on your certificate provider but usually ranges from 3 to 13 months. Most CAs provide the option to automatically update the certificate as soon as it expires.
How long it takes for the SSL certificate to start working?
The average time duration for an SSL certificate to start working ranges between one to three days. Although a few SSL certificates such as Let’s encrypt start working immediately while some may take up to a week.
How much does an SSL certificate cost?
The average price for an SSL certificate is around $60 per year. However, this price can vary considerably from one CA to another. A few certificate providers offer it for free while others may charge as high as $1000 per year.
Can a website work without an SSL certificate?
Any website without an SSL certificate is marked as “not secure” by the search engines, as your visitors are at great risk of data leakage, and its ranking is also lowered considerably. So, even if your website continues working without an SSL certificate it won’t be able to attract much traffic. Moreover, Google has also begun to impose penalties on websites without an SSL certificate.
What can you use in place of an SSL certificate?
Transport Layer Security (TLS) can be used in place of SSL. It is an improved version and successor protocol of the SSL certificate. It also uses encryption to prevent data breaches during the transfer of information from the user to the website.
Ashwini
