E-Commerce Dips into the Home Services Industry

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The biggest names in e-commerce are now competing in the home services industry, attempting to bundle your recently purchased items with related services. Giants like Amazon give approved businesses a chance to bid against one another to provide your desired service. How will this affect you? Here are some things to consider:

  • This is a ridiculously huge, untapped industry: “Angie’s List … estimates the home services industry is $400 billion. Others put it at more than $800 billion. ‘There are few pots of gold left as big as this on the Internet,’ said Marco Zappacosta, chief executive and co founder of Thumbtack.”
  • Amazon is king and is only getting bigger: “‘I can tell you that with 85 million customers purchasing products from Amazon that needed installation or assembly, customers have told us that Amazon Home Services fills an important need,’” says Peter Faricy, VP of Amazon Marketplace. “For Amazon it is another step toward becoming the conduit through which we buy everything, not just goods but services and entertainment as well.”
  • Google is another top contender: With services like Google Express to compete with Amazon, Google isn’t going to give up this sector of this emerging market without a fight. With the ability to provide services directly from its own search engine, Google will be sure to have its share of the market.
  • Home service providers have to cut prices to compete: Small business must cut costs in order to compete with Amazon’s bidders, but at the same time are gaining volume. “‘I look at it as an opportunity – it’s Amazon,’ […] I would say it’s early days still. We are trying to make it work. It’s a little difficult adjusting with the new prices, but there’s definitely volume there. We’re interested, but a little nervous about the low prices,’” says Matt Feldman, an entrepreneur who’s business is changing due to this bidding process.

In summary, expect your next Amazon flatscreen TV purchase to come bundled with a dozen of TV installers fighting with one another to give you the best price possible, and other e-commerce retailers to follow suit. What does this mean for home service providers? Smaller margins and a lot more work.

Click here for the full article in The New York Times.

Understanding Generation Z

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Get ready for Generation Z, born starting in the mid-90’s into the early 2000’s, its members are eager to be unleashed upon the world and enter the work force.  Alexandra Levit lets you know what to expect out of the coming generation that is characterized by maturity, independence and preparedness in her New York Times article Make Way for Generation Z. Here are some of her observations about Generation Z:

  • They aren’t clinging on to their parents: “They tend to be independent. While a 2015 Census Bureau report found that nearly a third of millennials are still living with their parents, Gen Zers are growing up in a healthier economy and appear eager to be cut loose. They don’t wait for their parents to teach them things or tell them how to make decisions.”
  • Diversity: “My 15 year old next door neighbor is a quarter Hispanic, a quarter African-American, a quarter Taiwanese, and a quarter white. That’s Gen Z – they are often a mix of ethnicities.”
  • Self-motivated: “When she was 14, Sejal founded the Elevator Project, an organization that aims to lift people out of poverty through apprenticeship, vocational training and job placement…she says that her parents did not push her to register for the Gen Z event, nor do they help her with her nonprofit organization.”
  • They’ll talk to you outside social media: “Despite their obvious technology proficiency, Gen Zers seem to prefer in-person to online interaction and are being schooled in emotional intelligence from a young age.”
  • It’s never too early to reach out to them: “Even well-known organizations will have to rethink their recruiting practices to attract this group, and now is the time to start. Those who want to take advantage of Gen Z talent in the future need to develop relationships today with teenagers in grades seven through 12. Get into their schools, provide mentorship and education and put yourself in a position to help shape their career decisions.”

Click here to read the full story on The New York Times.

Aim For a Mix of “Doers, Thinkers & Feelers”

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Nancy Dubuc is the Chief Executive of A&E Networks, a global entertainment media company. In a recent interview with Adam Bryant of The New York Times, Dubuc spoke about the importance of trust, the value of constructive thoughts and the idea of mixing “doers, thinkers and feelers” in the workplace. Here are some key points taken from the interview:

  • Worrying doesn’t achieve anything: “Don’t worry about it because it’s not going to turn out that way anyway… so much of what we worry about is the outcome, and outcomes rarely turn out the way you think they’re going to… it might be better.”
  • There are two types of candidates: “There are very few black-and-white truths in management or in business, but one that I have found is that people either hire people who are smarter than them or people hire people they can control.”
  • Are difficult employees often the best performers? “Another pattern I’ve seen is that managers will sometimes complain that one of their employees is difficult to manage. But those difficult people often tend to be the best performers.”
  • There’s no one way to manage: “Great managers recognize that there is no one way to manage.”
  • Trust is crucial: “I need to trust who works for me, and they need to trust me. Trust is just paramount… It really needs to be trust by action.”
  • Constructive comments are most useful: “I value people who have something constructive to say and can make things better.”
  • Hire a mix of thinkers, doers and feelers: “If you have all thinkers nothing will get done. If you have all doers that can be really chaotic because you’re not necessarily thinking about the consequences. And feelers are important because they create energy – but if you have too many of them, they will just dramatize the moment.”
  • Ultimately it’s all about balance: “When you put the different kinds of people together in the right way, that can be very powerful. You never want that out of balance.”

Click here to see the full interview in The New York Times.

Words of Wisdom from Vivek Gupta

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Vivek Gupta is the C.E.O of Zensar Technologies, a global software services company based in Pune, India. In a recent interview with Adam Bryant of the New York times, Gupta opened up about his management style, hiring techniques and the importance of a solid elevator pitch. Here are some highlights from the interview:

  • Know the difference between managing activities and managing people: “Over time I realized you don’t manage activities. You manage people, and you worry about the outcomes.”
  • Communication is key: “50% of a C.E.O.’s communication is non-verbal. Everything you do, even the way you smile in a room, really matters.”
  • Beware of hiring people just like you: “I want to hire people who are very different to me or better than me in certain areas so that one plus one equals more then two.”
  • Prioritize potential over performance: “I try to focus on a person’s potential rather than their performance. What that means by definition is that I should be encouraging people from by own company to take positions before I go and hire people from the outside.”
  • Have a solid elevator pitch: “You’ve got three minutes. What will you tell me about yourself? It’s interesting to hear the traits that people focus on.”

Click here to read the entire interview.

Marketing Trends For 2015: Wearable Technology Expected to Increase

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The prevalence of wearable technologies are expected to increase this year. These devices present an interesting opportunity for advertisers and marketers who will need to adapt their digital marketing strategy for each kind of device. Some general observations regarding these technologies can be made:

  • Advertisements for wearable technology, such as Google Glass, Apple Watch or the Smartwatch, will need to become more customized for smaller screens and heads up display (HUD).
  • We currently check our phones approximately 150 times a day (on average). This number is expected to increase as technologies develop. Imagine how many more times we might look at a Smartwatch or device that we don’t have to take out of our pocket. Scary!
  • “New mobile devices” that consumers, and ultimately advertisers, might interact with more than a smartphone are expected to be introduced to the market.

(Information sourced from Randy Schrum, Founder- Inspired Venture Group | Business Innovator and Speaker on Conversions, Marketing, and Sales)

Marketing Trends For 2015: Mobile Marketing Will Dominate

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One of the biggest trends for marketers to observe in 2015 is the prominence and dominance of the mobile consumer. A number of interesting points can be made on this topic:

  • Mobile is estimated to be the primary channel for paid search by the end of 2015.
  • Having a website optimized for mobile, and not just a responsive format, will be crucial.
  • In response to the dominant mobile consumer, location-based marketing will increase targeting consumers based on where they physically are, what they’re doing, and what’s nearby that may interest them.
  • In 2015 the marketing formula is simple: SOCIAL + LOCAL + MOBILE = RESULTS!

Stay tuned next week for more 2015 Marketing Trends!

(Information sourced from Randy Schrum, Founder- Inspired Venture Group | Business Innovator and Speaker on Conversions, Marketing, and Sales)

Marketing Trends for 2015: Content Marketing

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The marketing landscape is changing rapidly before our eyes. Business owners and marketers need to plan strategies for the coming year well in advance – now more than ever. One of the big marketing trends for 2015 is content marketing. But what does “content marketing” mean, and why is it so crucial?

  • Content marketing is any marketing that involves the creation and sharing of media and publishing content in order to acquire and retain customers.
  • In 2015, marketers must center their content around the reader, not the product. Those who merely pitch run the risk of being ignored.
  • Show your audience you care by dedicating resources to answering customer questions and providing valuable assistance online.
  • The more a company tries to “push the sale” the less likely potential customers will spend with the business. Show passion for your product without sounding like a used-car salesman.

Stay tuned next week for more 2015 Marketing Trends!

(Information sourced from Randy Schrum, Founder- Inspired Venture Group | Business Innovator and Speaker on Conversions, Marketing, and Sales)

The Six-Chair Meeting Theory

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Lew Cirne is the Chief Executive of New Relic, a software analytics company based out of San Francisco. In a recent interview with Adam Bryant of the New York times, Cirne discussed his approach to management and meetings:

  • As an executive, don’t fall into the trap of wanting everyone to like you: “You can’t get very far as a leader without making tough decisions that some people disagree with.” Trying focusing your attention on making the decisions that are best for the company, not best for your popularity.
  • Get every employee to engage enthusiastically at meetings: “When the CEO’s  really active in a big meeting, people feel less willing to volunteer contributions, and that’s not good.” Keep engagement up by keeping the headcount at a meeting down.
  • Six chairs are ideal for a meeting: “I have a table in my office. It has six chairs around it. If the meeting is too big for that table, I won’t go unless it’s a board meeting… Six sets the right tone, everyone can contribute, and you’re more focused on problem solving.”
  • Time management skills are crucial for a successful CEO: “[Time] is our most precious asset, and I don’t think you can be successful in the role without being very thoughtful and deliberate about it.”
  • Be aware of how your emotions affect others: “I try to be aware of where I’m at emotionally, and ask myself whether I’m really going to be able to contribute energy to the company. If all you can do is criticize without offering solutions, maybe it’s best to just go for a long drive.” Offering solutions is key as a leader.

To view the full New York Times interview click here.

Make Accountability and Learning a Habit

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Natarajan Chandrasekaran is the CEO of Tata Consultancy Services, an Indian multinational IT service, consulting and business solutions company headquartered in Mumbai, Maharashtra. In a recent interview with Adam Bryant of the New York Times, Chandrasekaran opened up about his approaches to leadership, learning, and the importance of accountability:

  • Learning is achieved by culture, not mandate: “Everyone has to take some accountability for other people, and look for ways to make small contributions to help others. Innovation and caring for people are cultures; they are not departments. It takes time to build that culture.”
  • It all starts with passion: When hiring, assess the strengths and weaknesses of a candidate while finding out exactly what they’re looking for in a job. “The whole idea is to see if there’s a fit… The fit will require the person to have passion first.”
  • Success and learning go hand-in-hand: It’s important to know where you want to go directionally in your career. Define what success will look like after a few years. Remember, “learning is the most important thing in your career. Without it you’ll go nowhere.”

I am a firm believer that you should never stop learning! Do you agree?

To read the full article click here.

Pushing Beyond Comfort Zones

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Mitch Rothschild is the chief executive of Vitals , a website that connects patients with doctors and medical facilities. Adam Bryant from the New York Times sat down with Rothschild to discuss his early lessons from managing people, his leadership style, and how he hires. Here are some great points from the article:

  • Developing personal connections with your employees can be emotionally draining: “You always want to be one of those leaders who care deeply about their staff and look after them, but at some point you have to make the shift and say you’re going to do the right thing for the business.”
  • Don’t always assume that people know everything: “People just have this incredible thirst to be connected, and they need multiple reinforcing points of communication. I have to remind myself over and over not to assume that everyone knows something.”
  • Seek out a meritocracy: “If you find a meritocracy and you’re highly ambitious and you want to drive your career forward, then nothing’s going to get in your way.”
  • Don’t wear “busy” as a badge of honor: “We’ve become crazy about being crazy, and I’m stunned at how many people are absolutely exhausting themselves. It’s important to figure out how to be ruthlessly efficient and disciplined with your time, and do only those hings that matter.”

To read the article in it’s entirely, click here.