Here are the 8 key business trends affecting us all today: 


1. Global marketplace gets personal

To take advantage of this you will need to excel at producing specialized products and services to meet the personalization demands of customers. This means catering to your target audience with specific language and location-based features like Viewsy, a location analytics solution for the physical stores to better understand their foot traffic.

2. The rise of the entrepreneur 

Small businesses are already taking advantage of web and mobile technologies that allow them to take on the corporate giants, with customers no longer knowing, or even caring about the size of the firm that provides their goods and services.

3. Virtual workforces explode 

We have already shifted towards a flexible, on-demand workforce that enables businesses of all sizes to get more done with less. This mobile and virtual workforce can scale according to your needs and demands.

4. Mobile domination is calling

As technology prices fall, the adoption of sophisticated mobile technologies will continue to permeate our everyday lives. In time, smartphones will replace or bypass desktops and laptops and will emerge as the new standard for both businesses and consumers.

5. Consumers are the new CEOs 

From our reliance on (and increasing addiction to) mobiles, and with smartphones becoming smarter, our ability to have real influence as consumers grows. We can make more informed decisions about what we purchase and why.

6. Social is your business foundation 

Social media has transformed the way we market, sell and serve our customers. Platforms like Facebook, YouTube and Google Plus have made this consumer power even more possible.

7. Digital currency is king 

It’s becoming easier and more accessible to do online banking and to make mobile payments. Digital wallets like Google Wallet and smartphone apps from major banks are opening the door for us to manage our finances from anywhere and to make payments from anywhere. As consumers become more trusting, we will find ourselves in an increasingly cashless society, turning to tools like Trustev. This is a real-time, online verification for shopping online that uses social fingerprinting technology to create a real and visible relationship between consumer and retailer.

8. Crowdfunding is the new angel investor 

You don’t need to hit up investors anymore and give away large chunks of control of your company, instead you just need to turn to one of over 500 crowd funding sites to finance your dreams. In fact, it’s such an important trend, that I wrote a book on it: How to Fund Your Dream Idea on Kickstarter.

“It’s not about how you work 10 times harder. It’s about how you work 10 times smarter and everything to do with how you find a wave that’s 10 times bigger. It doesn’t matter what kind of business you’re in, there’s going to be a way for you to leverage waves.” ~ Roger Hamilton, author of Fast Forward Your Business. The trick to taking advantage of these “waves” is to pick the ones you can ride most effectively. Imagine you’re a surfer. You want to catch these waves early and then ride them all the way to the beach. But first you need to learn how to catch the wave and get up on the board. So let’s start paddling.

The Suitcase Entrepreneur: Create freedom in business and adventure in life

The watchwords were discipline, efficiency, and eliminating waste.

Sinegal explained the Costco model to Bezos: it was all about customer loyalty. There are some four thousand products in the average Costco warehouse, including limited-quantity seasonal or trendy products called treasure-hunt items that are spread out around the building. Though the selection of products in individual categories is limited, there are copious quantities of everything there—and it is all dirt cheap. Costco buys in bulk and marks up everything at a standard,

across-the-board 14 percent, even when it could charge more. It doesn’t advertise at all, and earns most of its gross profit from the annual membership fees. “The membership fee is a onetime pain, but it’s reinforced every time customers walk in and see forty-seven-inch televisions that are two hundred dollars less than anyplace else,” Sinegal said. “It reinforces the value of the concept. Customers know they will find really cheap stuff at Costco.”

Costco’s low prices generated heavy sales volume, and the company then used its significant size to demand the best possible deals from suppliers and raise its per-unit gross profit dollars. Its vendors hadn’t been happy about being squeezed but they eventually came around. “You can fill Safeco Field with the people that don’t want to sell to us,” Sinegal said. “But over a period of time, we generate enough business and prove we are a good customer and pay our bills and keep our promises. Then they say, ‘Why the hell am I not doing business with these guys. I gotta be stupid. They are a great form of distribution.’

“My approach has always been that value trumps everything,” Sinegal continued. “The reason people are prepared to come to our strange places to shop is that we have value. We deliver on that value constantly. There are no annuities in this business.”

The Monday after the meeting with Sinegal, Bezos opened an S Team meeting by saying he was determined to make a change. The company’s pricing strategy, he said, according to several executives who were there, was incoherent. Amazon preached low prices but in some cases its prices were higher than competitors’. Like Walmart and Costco, Bezos said, Amazon should have “everyday low prices.” The company should look at other large retailers and match their lowest prices, all the time. If Amazon could stay competitive on price, it could win the day on unlimited selection and on the convenience.

That July, as a result of the Sinegal meeting, Amazon announced it was cutting prices of books, music, and videos by 20 to 30 percent. “There are two kinds of retailers: there are those folks who work to figure how to charge more, and there are companies that work to figure how to charge less, and we are going to be the second, full-stop,” he said in that month’s quarterly conference call with analysts, coining a new Jeffism to be repeated over and over ad nauseam for years.

Drawing on Collins’s concept of a flywheel, or self-reinforcing loop, Bezos and his lieutenants sketched their own virtuous cycle, which they believed powered their business. It went something like this: Lower prices led to more customer visits. More customers increased the volume of sales and attracted more commission-paying third-party sellers to the site. That allowed Amazon to get more out of fixed costs like the fulfillment centers and the servers needed to run the website. This greater efficiency then enabled it to lower prices further. Feed any part of this flywheel, they reasoned, and it should accelerate the loop. Amazon executives were elated; according to several members of the S Team at the time, they felt that, after five years, they finally understood their own business. But when Warren Jenson asked Bezos if he should put the flywheel in his presentations to analysts, Bezos asked him not to. For now, he considered it the secret sauce.

The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone

They called their new company Y Combinator and considered it their ultimate hack to change the shape of the world’s economy.

They coached their apprentices in all of the principles they had learned along the way—the benefit in looking for new applications of existing technology and needs that are not being met; the importance of maintaining the closest possible relationship with customers; the need to keep ideas as simple and realistic as possible; the value of creating a superior product and of winning through craftsmanship, as opposed to fixating on making money.

As their apprentices learned, they learned as well. Oddly enough, they discovered that what really makes successful entrepreneurs is not the nature of their idea, or the university they went to, but their actual character—their willingness to adapt their idea and take advantage of possibilities they had not first imagined. This is precisely the trait—fluidity of mind—that Graham had identified in himself and in other inventors.

The other essential character trait was supreme tenacity.

Mastery by Robert Greene

In order to stand above the crowded marketplace, you or your company must offer your prospect or client a unique and distinctive benefit or advantage above and beyond that of your competitor. If you don’t, people have no motivation to do business with you instead of your competition. You must identify and understand what it is you or your company do or can start doing for your clients that provides them with a result or an advantage superior to the competition’s. This is called the unique selling proposition (USP). Your unique selling proposition is that distinct, appealing idea that sets your business apart from every other “me too” competitor.

How do you pick a USP? You must first identify which needs are going unfulfilled within your industry, such as: 1. A broad selection 2. Big discounts 3. Advice and assistance 4. Convenience (i.e., location, fully stocked shelves, immediate delivery) 5. Top-of-the-line products or services 6. Speedy service 7. Services above and beyond the basics 8. A longer and more comprehensive warranty or guarantee than the norm 9. Any other distinct advantage, tangible or intangible benefits, or valuable advantages you can give that the competition doesn’t. The point is to focus on the one niche, need, or gap that is most sorely lacking—provided you can keep the promise you make. You can even create hybrid USPs—combinations that integrate one marketing gap with another. Before you decide on a USP, be sure you can always deliver that USP through your whole organization. You and/or your staff must consistently maintain high levels of quality or service.

The USP is the nucleus around which you build your success, fame, and wealth. So you’d better be able to state it. If you can’t state it, your prospects won’t see it. Whenever a client needs the type of product or service you sell, your USP should bring you or your company immediately to mind. Clearly conveying the USP through your marketing and business performance will make business success inevitable. But you must boil down your USP to its bare essence. Try it. Write a one-paragraph statement of your new USP. At first, you will have trouble expressing it tightly and specifically. It may take two or three paragraphs or more. That’s okay. Ruthlessly edit away the generalities, and focus on a crisp, clear statement that promises the most you could possibly offer. Hack away excess verbiage until you have a clearly defined unique selling proposition that a client or prospect can immediately seize upon.

Let’s say you run display ads, and your USP offers a greater selection than any other competitor. There are several ways to integrate this into your ads. 

State the USP in the ad headline:

We Always Have 168 Different Widgets In No Less Than Twelve Different Sizes And Ten Desirable Colors In Price Ranges from $6 to $600

(Or)

Five Times the Selection, Four Times the Color Choice, Three Times the Number of Convenient Locations, Two Times the Warranty, And Half the Markup of Any Other Dealer

Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition by Jay Abraham

Acquiring clients at a breakeven or a slight loss and making substantial profits on back-end repurchasing is one of the most overlooked and underutilized methods of client growth and generation available to you. But it can’t work for you until you first recognize a very important fact. If your business or practice is one that has a high probability of clients coming back, again and again, to repurchase from you the same or different products or services, you owe it to that business or practice to do everything within your power to get clients into the buying stream as quickly and easily as you possibly can. 

Many companies increase their clients and profits merely by shifting their focus from trying to make a huge profit on the acquisition of a new client to making their real profit on all the repeat purchases that result from those new clients.

Knowing how much a client will spend with you over a period of years tells you how much you can spend on the process of acquiring a client. The most profitable thing you’ll ever do for your business or career is to understand and ethically exploit the marginal net worth of a client.

What is the current lifetime value of one of your clients? It’s the total profit of an average client over the lifetime of his or her patronage—including all residual sales—less all advertising, marketing, and incremental product or service-fulfillment expenses. 

If you haven’t calculated your clients’ marginal net worth yet, here’s how to do it: 

1. Compute your average sale and your profit per sale. 
2. Compute how much additional profit a client is worth to you by determining how many times he or she comes back. 
3. Compute precisely what a client costs by dividing the marketing budget by the number of clients it produces. 
4. Compute the cost of a prospect the same way. 
5. Compute how many sales you get for so many prospects (the percentage of prospects who become clients). 
6. Compute the marginal net worth of a client by subtracting the cost to produce (or convert) the client from the profit you expect to earn from the client over the lifetime of his or her patronage.

Once you’ve calculated the lifetime value of a client, you have many ways to accomplish your break-even objective. Remember, the goal isn’t just to cut the price of the first purchase. The goal is to make that first purchase so much more appealing that people find it harder to say no than yes . . . please! 

While reducing the price of your product or service is the most common and obvious way to get the first sale, there are other powerful ways to obtain first-time buyers. For example, you can calculate your allowable marketing or selling cost, which is how much money you’re willing to either spend or forgo receiving (by reducing the selling price), in order to make that very first purchase more appealing to a prospective client. 

Let’s say your product or service sells for $200 and your cost is $100. Also assume your average client repurchases several times a year for several years and you will realize a good long-term profit. Obviously you can reduce your price by $100 on the first sale to reach a break-even point and gain a new client. But you could put that $100 to a number of other uses. You could keep the price at $200 and use the $100 as “spiff” or extra selling incentives to your salespeople. Giving salespeople greater financial incentive to bring in new, first-time clients can produce tremendous results in the right situation. You could also use that same $100 to buy more of your product or service. So you still charge the full $200, but you give prospects twice the quantity on the first purchase.

Or you could take the $100 and use it to buy other complementary products or services (at wholesale) to package and add to your product or service without raising the $200 price—so the value of your offer becomes far greater and thus more attractive. Or you could use that $100 to invest in advertising, sales letters, additional salespeople, free seminars, or any other marketing and selling programs. Or you could rent promotional space in someone’s store or trade-show booth and pay them the $100 for every new client you gain through their facility. The only limitation you have on how to use your allowable marketing or selling cost to help you strategically break even on the initial sale is that it must be ethical and legal. And after testing it out it must be economically viable in the long term.

Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition by Jay Abraham

Your project or the problem you are solving should always be connected to something larger—a bigger question, an overarching idea, an inspiring goal. Whenever your work begins to feel stale, you must return to the larger purpose and goal that impelled you in the first place. This bigger idea governs your smaller paths of investigation, and opens up many more such paths for you to look into. By constantly reminding yourself of your purpose, you will prevent yourself from fetishizing certain techniques or from becoming overly obsessed with trivial details. In this way you will play into the natural strengths of the human brain, which wants to look for connections on higher and higher levels.



Mastery by Robert Greene

Every person has a different length of time he or she can work before productivity and efficiency begin to decline—and this length of time can also shift over the course of a day. Keeping track of when energy levels rise and fall will help determine a schedule for alternating between mindful and mindless activities. Once these ebbs  and flows are determined, a timer can be used to keep track of, and direct, these shifts to help prevent exhaustion and time-wasting.

Given all this talk of tracking and training, it might sound like you need to be a scientist or an athlete to truly excel at making great creative work. And in a sense you do: any kind of excellence ultimately requires observation, refinement, adaptation, and endurance. Just listen to acclaimed writer Haruki Murakami explaining the self-control he must put forth to complete his work: When I’m in writing mode for a novel, I get up at four a.m. and work for five to six hours. In the afternoon, I run for ten kilometers or swim for fifteen-hundred meters (or do both), then I read a bit and listen to some music. I go to bed at nine p.m. I keep to this routine every day without variation. The repetition itself becomes the important thing; it’s a form of mesmerism. I mesmerize myself to reach a deeper state of mind. But to hold to such repetition for so long—six months to a year—requires a good amount of mental and physical strength. In that sense, writing a long novel is like survival training. Physical strength is as necessary as artistic sensitivity.

There’s no executive in the digital era better known for long-term planning than Jeff Bezos, founder and CEO of Amazon. In the early days of the company, when future-thinking was perhaps most important, Bezos would try to keep his schedule completely open on Mondays and Thursdays. Rather than playing catch-up or taking on a typical CEO schedule of back-to-back meetings, Bezos preserved a good chunk of his weekly time just to explore, learn, and think. He would poke around the various Amazon sites and spend time on the stuff he would ordinarily never get to do. As Bezos explained in a WIRED profile, “I wander around and talk to people or set up my own meetings—ones that are not part of the regular calendar.”11 Setting aside this unstructured time to fully invest in inhabiting the present moment—to take the tenor of his team or fully dive into his own thoughts—has no doubt served Bezos well in honing Amazon’s long-term vision.

Manage Your Day-to-Day: Build Your Routine, Find Your Focus, and Sharpen Your Creative Mind (The 99U Book Series)) by Jocelyn K. Glei

A producer is someone who creates value and shares knowledge with others. In the process, a producer helps improve lives and earns continuous active and passive income.

Step one is committing to becoming a producer. 

To attract customers, and partner with affiliates who’ll help promote your products, follow these principles:

• Have a solid understanding of your customers’ needs. When you identify your target audience’s biggest problems, you’ll be able to create products that solve them. Once you do so, you’ll have customers for life.
  

• Be clear about what your customers are willing to spend. You can’t expect meaningful rates of conversion if you develop champagne products for beer budgets. Test, poll, research similar products, and interact with potential customers to discover what they’re willing, or even able, to spend on your product.
  

• Deliver your product in the expected format. Trying to sell a magazine to someone who wants to see a movie is an effort in futility. A videocassette won’t sell to someone who has only a DVD player. Learn how your target customer wants to receive your content and then deliver it via the appropriate medium. 

Higher prices lead to greater affiliate participation. Whether your product costs $10 or $10,000, it’ll require roughly the same amount of effort for an affiliate to promote it. As a result, most affiliates will choose to invest their time into selling high-priced products that provide substantial returns. Printed books and ebooks, while often providing wonderful content, are ill suited for commission-driven relationships as are most other products that sell for under $500. Today’s successful partnerships involve the promotion of products priced between $500 and $4,995. Products above and below these price points continue to be sold, but they represent the two ends of the bell curve. Successful Internet marketers offer products at the center of the curve—and right now that sweet spot is roughly $2,500.  

Higher commissions mean happy affiliates. Selling a highpriced product isn’t the whole story. You must also be generous on commissions paid. Today, 40%-50% commission rates are commonplace, as is the payment of an additional 10% for second-tier affiliates. Second-tier affiliates, also known as brokers, help recruit affiliates for a product launch. When a product is sold, a second-tier affiliate typically receives 10% of the purchase price. Naturally, this cuts into your net profits. However, industry leaders understand that 40%-50% is a price worth paying for instant massive exposure, immediate income, and adding thousands of hopefully satisfied customers to their sales funnel. 


Continuity programs create long-term relationships. While instant cash is always nice, long-term passive income is even better. Whether they consist of bi-weekly one-on-one coaching, monthly product shipments, quarterly VIP programs, or annual membership dues, continuity programs provide ongoing benefits for both you and your affiliates.   

Developing products from scratch is hard. But even more difficult is creating products that fulfill audience needs, provide immense value, are of superior quality, and convert prospects to paying customers. Success requires satisfying all four criteria.

Today, he who has the list controls the game. 

Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher

In 1971, renowned social scientist Herbert Simon observed, “What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention.”

I’ve seen many different proposals for how to preserve focused work in a hectic schedule. Of these many proposed tactics, one stands out, in my experience, as being unusually effective. I call this the focus block method, and it works, ironically, by turning the machinery of the distraction culture against itself.

The focus block method leverages the well-understood concept of a pre-scheduled appointment. It has you block off a substantial chunk of time, most days of the week, for applying sustained focus to your most important creative tasks. This scheduling usually happens at the beginning of a new week or at the end of the previous week. The key twist is that you mark this time on your calendar like any other meeting. This is especially important if your organization uses a shared calendar system.

Blocking off time for uninterrupted focus, however, is only half the battle. The other half is resisting distraction. This means: no e-mail, no Internet, and no phone.

Start with small blocks of focused time and then gradually work yourself up to longer durations.

A good rule of thumb is to begin with an hour at a time, then add fifteen minutes to each session every two weeks. The key, however, is to never allow distraction. If you give in and quickly check Facebook, cancel the whole block and try again later. Your mind can never come to believe that even a little bit of distraction is okay during these blocks.

Tackle a clearly identified and isolated task. If you have to write an article, for example, do the research ahead of time, so that when you get to your focus block you can put your word processor in fullscreen mode and turn your entire attention to your prose.

Consider using a different location for these blocks. Move to a different room, or a library, or even a quiet place outside to perform your focused work.

When possible, do your work with pen and paper to avoid even the possibility of online distraction.




Manage Your Day-to-Day: Build Your Routine, Find Your Focus, and Sharpen Your Creative Mind (The 99U Book Series) by Jocelyn K. Glei

You need to recognize the impact you have on people’s lives in the business you are conducting. What you render, and the way you render it, has changed their lives. It has helped enrich them. It has helped their security.

Change the way you think about, deal with, and speak to your clients. Greet them on the phone and in person with the same joy, sincerity, and enthusiasm that you’d show any other valued friend. Respect the importance of their time, their sense of security, and their comfort. Don’t make them wait too long on hold or in your waiting room or at their home. Provide for their comfort. That may mean coffee and beverages and a comfortable, clean setting complete with fresh, interesting reading material. It may mean a pleasing shopping environment and enough help on hand for a client to get the most out of their buying experience with you.

A successful business starts not with just a great idea or product. Rather, it starts with the desire to provide a solution to another’s problem. In doing so you enrich your own life and the lives of those around you, your family and employees or employers, by enriching the lives of your clients. You need to understand that you have a higher purpose for being in business than simply making money. Your purpose must be understanding what you can do to help solve the problems of others, help maximize the options, and finding ways to do it. And unless you understand that higher purpose, you can’t begin to take advantage of your potential.

You must first identify what your client really needs, even if your client doesn’t recognize what it is he or she needs. The client may think that a particular item is what he or she is searching for, but if you probe a bit you might see that an entirely different solution will solve your client’s problem, maybe even a less expensive solution. Now you have become more than a salesperson. You’ve become an adviser. You’ve begun the process of winning trust and, ultimately, additional business from your client.


Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition by Jay Abraham