Collaborative Team Efforts: A Revolutionary Tool for Start-up Success

Collaborative Team Efforts: A Revolutionary Tool for Start-up Success

Any entrepreneur with a vision can initiate a new business or start-up. However, entrepreneurs who embrace the “single army” approach usually regret it later. It takes a collaboration of many people to achieve success. Multi-skills, experience, and competencies are required for success. Collaborations help to fulfil this goal.

In a highly competitive and unpredictable environment, one needs to change their organization to rapidly recognize and adapt to new opportunities and threats.  “Collaboration” is the new buzzword that paves the way for accelerating innovation, improving agility, increasing adaptability and cutting costs; all in a single go!  But, for the traditional and independent entrepreneur, adopting a collaborative culture is not so easy.

Based on the fact that our brains work better individually, and tend to break down in groups; most people are seen to prefer working independently on a task. Certainly, it’s not without good reason. Take the case of programmers, who are much faster when coding as individuals. Artists rarely collaborate, and when they do, it is not all that well.

However, there are exceptions to every rule!  If so many struggles on being team players, why is collaboration such a premium? It must be noted, that things that are good for one aren’t always easy.  For every industry, there are huge benefits to creative collaboration. In today’s fast galloping world, collaborative efforts are proving to be a revolutionary tool for start-up success, let’s discuss how:

Feeling of a “win-win” Situation: It’s the feeling of a win-win situation that collaboration results in, opening a lot more possibilities and opportunities.  As the saying goes, “Two heads are better than one,” Seventy-five percent of employers consider teamwork and collaboration as being very important to the success of any business.

Effective collaboration helps a business network to gain exposure. Being successful in business requires to consistently make connections and form alliances. Every contact one makes may not result in collaboration, but every time one reaches out to someone to explore the possibility, one is expanding their network. Mutually complimenting and benefitting each other, collaboration and networking go hand-in-hand. They are both crucial to the long-term growth and potential of an organization.

To keep up with market demand and competition, it is critical for businesses to find ways to innovate at a faster pace in this continually connected world. Partnerships and collaboration between start-ups and corporates help to generate and sustain creative energy.

Starting at the Top: Trust forms the basis for any successful collaboration. Company culture via the actions of the founder requires to treat everyone with respect along with giving regular constructive feedbacks.  Large organizations usually seek the innovative power and focus of start-ups. So, It holds no secret that innovation is the key to success for both start-ups and corporates.

Collaboration between the two worlds is mutually beneficial.  Most start-ups have the mind, skill, and tool-set along with an entrepreneurial passion and focus to facilitate their growth.  But these start-ups often lack access to clients, capital, and resources; which the large corporates have in abundance. Apart, the larger corporates have the distribution power to grow successful innovations fast and are experts in executing known business models. Therefore, connecting with corporates can provide start-ups with useful connections, access to resources, market expertise, and brings in revenue.

Access to More Constructive Inputs: Good ideas can come from various quarters.  More the voices, the better. These ideas or inputs that come in from various sources are critical in arriving at a clear decision taking into account:

  • What is important
  • What is possible based on constraints
  • Coordinating effective actions to produce successful outcomes

Collaboration enhances personal communication skills. When the team members interact and play to their strengths, they learn to be authentic and genuine; thereby increasing their effectiveness as well as skills. Collaboration enables to reach agreements faster.

Depending upon the culture, education, background, or life experiences; each person develops a unique quality.  When individuals collaborate, they bring thoughtful ideas to the open for discussion. This collaborative approach is a great way to re-invigorate and ignite a business with spontaneous energy.

Embracing the uniqueness of each employee and contributor and being truly receptive to their ideas; a business earns a wealth of new ideas.  As we see, an environment of collaboration generates creative energy that helps a business to drive innovation and stay competitive.

Improving Return on the Initial Investment: As per studies conducted, the gains emanating due to collaboration ranged from three to six times. This Return on Investment (RoI) is generated by avoiding costs, reducing costs, optimizing business, and arriving at faster business decisions.  It should be noted that the chief executive officers of both the corporates and start-ups share the most common strategic goals of growing their company, improving competitive positioning and generating revenue.

The start-ups have limited time and resources to prove the robustness and viability of their business model, and have to manage their time as efficiently as possible to deliver a Return on Investment. Engaging with a large organization can help them in achieving their goal successfully.  Innovation can be fostered between technology start-ups and large corporates benefiting both sides. It helps larger corporates to enter and create new markets, while on the other hand, it helps start-ups to develop and scale up their products.

A company achieved a greater RoC (Return on Collaboration) when it understood and smartly decided to use centrally-managed services and gained metrics as seen below:

  • Increased productivity by reduced average meeting time
  • Faster start-up time for meetings
  • Increased collaboration
  • Across-the-board travel costs reduced by more than a third
  • Quality of life of its employees improved because they did not have to hop on a plane as often.

It’s quite well known how start-ups like Uber, Airbnb, and Facebook disrupted traditional markets. Larger corporates try different ways to harness innovation by tapping outside potential. In order to stay innovative, it is necessary for larger corporates to collaborate with start-ups.  As we conclude, one can see, once better tools are deployed within a collaboration; the return on investment improves gradually giving shape to a collaborative culture. A collaborative team effort is indeed a revolutionary tool for start-ups.

Disclaimer: This blog was originally published in website: Digital Doughnut

Why Influencer Marketing is Here to Stay

Why Influencer Marketing is Here to Stay

Influencer marketing that focuses on influential people rather than the target market as a whole, identifies individuals who have influence over potential customers and strategizes marketing activities around them. This type of marketing has been around all along. Today, neither does it show any signs of slowing down, nor will it reach its maturity anytime in near future!

The influencer marketing industry has increased rapidly over the past few years. Influencer content is a form of testimonial advertising wherein value-added influencers such as journalists, academicians, industry analysts, professional advisers, or celebrities play the role of a potential buyer themselves. It may, in other words, be referred to as a form of paid endorsement. Influencer marketing is evolving, and it’s quite interesting to learn why influencer marketing is here to stay on.

The Advent of Visual Networking. Facebook is the best known social media network. But, one cannot ignore the power of video. YouTube has grown over the years. The key to being successful on YouTube is working directly with the influencer channels, rather than depending on the YouTube ads. One has little control over who sees their ads, but working closely with a channel, one knows with certainty who will see their content. Brands are discovering that visual networks, such as Instagram and Pinterest provide a more significant opportunity to identify influencers.

Influencers Sharing Content on Behalf of Brands. An important advantage of influencer marketing is that one is working with people who have already earned respect from an audience. How accurate the phrase, “content is king”, holds in this age of daily social media advancement! An average person sees many audios, videos or written items every day; but ignores anything that is irrelevant. But, it needs to be noted, most modern consumers are willing to see or hear a review from somebody they respect.

One may need to decide the story they want influencers to tell on their behalf, and so the companies that work with consultancies have an advantage – they have someone to remind them what type of content may perform well.

Brands Building Long-term Relationships with Influencers. We have seen influencer marketing involve brands traditionally working with influencers on specific campaigns.  However, the trend is changing, and brands are now sticking with their best influencers for a longer period of time. In fact, many brands have started considering their influencers to be their partners! This has resulted in improving the influencers’ attitudes towards the brand they promote, and they associate with an increased enthusiasm.

Influencer Agencies and Platforms Simplify Process. For businesses attempting influencer marketing for the first time, wooing influencers can be a slow process that could lead to unsuccessful results. Advertising agencies have existed for many years, but it took some time for agencies to recognize the importance of online marketing. Influencer marketing began on a small scale, and as the industry matured, businesses spotted opportunities to smoothen the process.

Today, the scenario has changed, there are now quite a few specialist influencer marketing agencies that assist in creating and organizing influencer campaigns. There are also many influencer marketing platforms providing a way to find willing influencers matching the target market.

Cord-cutting over Social Media. Another trend that’s caught up and one of the main reasons for influencer marketing to have taken off is, “Cord-cutting.” The time people spend watching video on digital devices is set to rise. More consumers are now switching from TV to tablet and smartphones, especially the younger generation.

Today, even as users have more power than ever before over their viewing experiences in a crowded space, it is the relentless savviness of creators that promote a brand keeping fans engaged over social media channels. It should be noted that most users engage with their favourite social posts at least once a day! Hasn’t social media changed the relationship between companies and customers from master-servant to peer-peer? Social media is a big boost for influencer marketing – people don’t just watch; they engage by liking, commenting and tweeting in hoards!

Capturing and sharing a product, service or process; over a social media page or post enlivens and inspires a community. Doesn’t that fit in perfectly with a company’s strategy which aims to sign up customers? Indeed, a long-term relationship with an influencer creates a more meaningful interaction with the brand beyond a one-off post.

According to a marketing agency, around three fourth of consumers who were surveyed said that social networks influenced their buying decisions. That proves a point – influencers definitely tap-in by involving users with social content.

Consumers Seek Authenticity before their Buy Decisions. A consumer usually seeks greater authenticity from influencers – they try to look beyond the post to what the influencer likes! The hallmark of celebrity advertising has mainly revolved around conventional methods of endorsement and sponsorship. However, even if they are celebrities in the eyes of the world, where they need to cross the line as influencers is by how they make themselves accessible to people through social media.

Marketers need to note that the two terms – celebrity and influencer, should be kept separate, keeping in mind that the level on which to engage an audience is entirely different.

The consumer of today is smart and can tell the difference between an advertisement and a personal recommendation. Influencers add a dimension of credibility to a brand. Instead of just providing exposure to a brand, influencers lend their credibility to it. That’s what influencer marketing relies on. It finds the right balance between the two in order to retain authenticity among its audience. And this type of influencer marketing that recommends via advertisements can hardly go out of fashion, but will stay on for ages.

Drives a Higher Return on Investment. A large number of marketers use influencer marketing to grow their social media following and engagement. Most marketers use it to drive more sales. Some use it to drive traffic to their websites. And the major benefit of influencer marketing is the higher Return on Investment that it generates in terms of earned media value – a value that can be attributed to such parameters like social sharing and publicity as well as exposure to digital media.

Now we understand why brands are investing more of their time and money on influencers. In a recent study, it was found that more than half of the marketers surveyed, increased their budgets for influencer marketing in the year gone by. The massive followings that the influencers have, it’s obvious that they smartly help in reaching a bigger audience for a brand they endorse. Influencers facilitate increasing positive brand sentiment; it can yield a better return on investment.

So, it’s quite clear now, why brands choose influencer marketing as a weapon to overcome marketing challenges. Influencer marketing helps marketers stay ahead of their competitors and authenticates their brands with the target audience, along with delivering higher returns on investment.  With most marketers drawing exceptional results with influencer marketing, can anyone think of ignoring it? Definitely not. Influencer marketing is always going to be there – and continue to stay for a long time!

This blog was originally published in website: Digital Doughnut