Know Your Analog
An elevator pitch is a quick description of what your company does. It is so named as it should be short enough to be spat out at a moments notice and take no longer than it would take to ride between floors on an elevator. The goal of this micro-pitch isn’t to tell your listener everything about your company but instead to share just enough to get them to want to know more.
There are several ways of doing this – which I discuss in this post – but the most effective method has to be the analog. Using a well-known analog to create an association between your napkin idea and an existing, well-known company is a convenient shorthand to say a lot without having to explain a lot: “Litr.ly (a made up company) is like Dribbble and Google docs for writers; allowing social feedback, editing, and collaborative creation.”
Know Your Audience
As a potential investor, team member or elevator passenger, I now know that like the design-focused portfolio site, Dribbble, Litr.ly combines sharing of creative work with a peer community. I also know that like Google Docs, Litr.ly allows real-time contribution and editing. As you can see, drawing an analog to your fledgling idea can be very helpful, particularly when talking to a sophisticated or relevant audience (My Mom would have no idea what either Dribbble nor Google Docs do). But it can be overused and is often done very lazily.
Instead of truly understanding the company they are piggybacking on, many entrepreneurs simply pick something popular and force a tortured comparison to make their potential seem as great as the greats. The most overused and misunderstood example of this these days has to be, “We are the Uber of mattresses/musicians/photographers/music discovery/wedding planners/lawn mowers etc.”
If you’re not empowering the sharing economy nor on-demand services through technology, this analog is probably wrong.
Not everyone can nor should be the Tom’s Shoes, AirBnB nor Spotify of [fill in the blank]. Unless it’s true, it’s indolent and does more harm than good.
Don’t Hide Your Differentiation
Another problem with just picking the biggest name in tech or in your market is that everyone else is doing it too. If three-out-of-five music tech startups were “Facebook for Music,” which one of them is truly innovating? If you are lazy with your analog and others are too, you essentially hide your differentiation. The natural response after hearing the third, “we are the WordPress of potato farming,” is to tune out. Even without hearing your idea, your analog can draw an “I’ve heard this before…” response out of the gate.
Another common mistake is neglecting to specify which part of a product of a large company you aspire to be like.
Saying that you are the “Google of” anything leaves more questions than it answers because Google (or Alphabet) is a LOT of things: IoT (internet of things like Nest), search engine (Google.com), email (Gmail), social network (Wave or Plus), self-driving cars (Waymo), augmented reality (Glass), maps (Maps or Waze) or any number of other pies the $600 Billion giant has their fingers in.
Be specific and be relevant – if you’re referencing Wave, Glass or Plus, you might not be up-to-speed with those products’ current state of being (although Glass will be back albeit with a probable rebrand and redesign).
Know Multiple Facets of Your Comparison
On the topic of being up-to-speed, beware of hitching your wagon to a known company without understanding their business model, current news and/or revenue numbers. While you are trying to implant success in the mind of your audience, you could also be invoking unintended risk. You may be referencing a flattering characteristic, “It’s a universal marketplace, like Amazon on steroids,” but the wrong person could focus on the fact that Amazon uses a loss-leader strategy (losing money on an initial purchase) on many of its hardware products with the expectation that it can make it up by getting you hooked on content and toilet paper subscriptions. So be ready to draw a new analog if and when you need to.
Keep the Knowledge of Your analog Current
Equally, if you pick a parallel, you need to follow that company on anything and everything that you can to make sure that a good analog doesn’t go bad.
Companies get sued, tweet unsavory things, support unpopular causes (or presidential candidates), unjustly fire employees, lose value on their stock, or get acquired by the wrong company overnight.
You DON’T want to be “the Zenefits for…” the week after they were taken to court for malpractice, or the “Zirtual for…” after they laid off 400 employees without notice. Despite their ubiquity, now is probably the worst time to call yourself “Uber for…” after the CEO, Travis Kalanick stepped down following numerous misdeeds, including threatening to stalk Bay Area tech reporters. Some of these things can eventually blow over or be bounced back from but you’ll be caught with your pants down if the pantheon of success you are pointing to just became a laughing stock.
Look Beyond the Biggest Names For a Better Fit
If you are reaching outside of your market for an analog, be sure that the glove fits. The Lyft model works amazingly well for cars in ways that it might not in other verticals. While “Lyft for massage” startups, Zeel and Soothe, are both promising companies with great growth, inviting strangers into your house to put their hands on your half-clothed body is a greater risk than getting into a stranger’s GPS-tracked car. While it may be a good comparison, the person you are pitching may agree with Inc. Magazine’s Will Jacovitz who said on the Inc. Podcast, “The Uber-ization of anything but cars could get creepy.”
All of that negativity aside, picking a company role model for that quick elevator pitch is not all potential pitfalls.
Drawing an analog remains a great way to anchor your company’s potential in the mind of your audience and succinctly explains how you will dominate your market.
You just have to be sure to:
– Know your audience
– Not overreach
– Don’t be a “me too” company
– Specify which product/feature of a large company’s portfolio you are like
– Be ready to draw a new analog if and when appropriate
– Know the current news and past struggles of your analog company.
– Look beyond the biggest startups and companies for ones that are a better fit
So go and build the next great Warby Parker for dishware or AirBnB for bronies, just don’t let your description be the Titanic of analogs.
Google Analytics will now filter out bot traffic
(BUSINESS NEWS) Bender won’t be happy that Google Analytics will now automatically remove bot traffic from your results, but it’ll help your business.
In the competitive, busy world of online content, Google Analytics can help businesses and online publications deliver what their audience and consumers want. Now Google is finally taking the step of filtering out bot traffic in your Google Analytics reporting. This is excellent news!
In the world of websites, online news sites, blogs, and social media, bots are the bane of our existence. In their finest form, they are the electronic equivalent of junk mail. At their worst, they can carry malicious malware and viruses to your site and computer. They can even flood the internet with unfounded rumors that can have an impact on people’s opinions–stirring the political pot or lending misleading numbers to drive unfounded rumors, such as wearing a mask is dangerous. No it’s not! Chalk that nonsense up to bots and crackpots.
For businesses that rely on Google Analytics to determine what content is not only reaching but also resonating with potential customers, filtering out the bot traffic is crucial to determining the best course of action. Bots skew the data and therefore, end up costing businesses money.
Bots set up for malicious purposes crawl the internet looking for certain information or user behaviors. Bad bots can steal copyrighted content and give it to a competitor. Having identical copies on two sites hurts your site and can dink your SEO ranking. However, good bots can seek out duplicate content and other copyright infringements, so the original content creator can report them.
However, it is important for companies and content creators to know if their content is actually reaching real live humans. To this end, Google will start filtering out bot traffic automatically. The Interactive Advertising Bureau (IAB) actually provides an International Spiders and Bots list, through which Google can more easily identify bots. They use the list and their own internal research to seek out bots in action, crawling through the internet and confusing things.
Google says the bot traffic will be automatically filtered out of the Google Analytics results–users don’t have the choice. Some may argue there is a good reason to see all of the data, including bots. Many businesses and online publications, though, will be relieved to have a much clearer vision of what content genuinely appeals to humans, to readers and potential customers. It is a welcomed advancement.
Opportunity Zones: A chance to do good
(BUSINESS MARKETING) Opportunity zones offer a chance to breathe new life into economically-distressed communities.
Opportunity Zones are a beautiful mechanism for growing communities that are struggling, but some critics have put this process in a negative light. The following is an expert’s perspective on just this topic.
Jim White, PhD is Chairman and CEO of Post Harvest Technologies, Inc. and Growers Ice Company, Inc., Founder and CEO of PHT Opportunity Fund LP, and Founder and President of JL White International, LLC. His new book is a heartfelt rallying cry for investors: Opportunity Investing: How to Revitalize Urban and Rural Communities with Opportunity Funds, launched March 31, 2020.
Dr. White holds a B.S. in civil engineering, an MBA, and a doctorate in psychology and organizational behavior. He acquires struggling businesses to revive and develop them into profitable enterprises using his business turnaround strategy.
In his own words below:
BY JIM WHITE, PHD
Every investment vehicle has a twist some folks don’t like. Real estate, stock options, offshore tax havens, and even charitable gifting can be criticized for certain loopholes.
Likewise, some detractors have pointed to opportunity zones, a newer investment vehicle unveiled in the Tax Cuts and Jobs Act passed by Congress in December 2017. This bold, bipartisan plan allows for private investment capital to be channeled into some of the most distressed communities in the nation, serving the struggling residents and the investors alike.
Personally, I believe it is one of the noblest initiatives to emerge from Washington in years.
I grew up in a sharecropper cabin in what would have been an opportunity zone in Salem, South Carolina. What would an influx of investment dollars have meant to my low-income community? More and better-paying jobs to offset unemployment. People relocating to my town for those jobs, reversing population decline and increasing real estate values. New life breathed into local businesses. The increased tax revenues could have helped improve failing infrastructure. Social challenges, like crime and drug use, could have decreased. Better resources for my family and our neighbors, such as health care and education, would have emerged.
Today, there are nearly 8,800 distressed communities dotting the country that have been identified as Qualified Opportunity Zones (QOZs). These neighborhoods were designated from census tracks, treasury, and state leaders as communities that would benefit from an influx of investment dollars directed through Qualified Opportunity Funds (QOFs) to reinvigorate businesses, rebuild infrastructure and bolster residents.
As our economy continues to falter, more and more businesses file Chapter 11 and unemployment soars under COVID-19, I believe we are heading toward a painful expansion in designated opportunity zones. Even with the latest round of CARES stimulus money many people will have no way to rebound from this crisis.
One of the unexpected consequences of the coronavirus quarantine is that many businesses are discovering that, in reality, they can succeed through working remotely. This success is a double edged sword, meaning that if a business can thrive with employees working offsite then commercial real estate will suffer. And when companies no longer require brick-and-mortar locations, a local domino effect ensues; ancillary businesses, from cafés to gyms to print shops in and around a commercial office environment will subsequently close. The ripples will be felt through many other industries, including construction, transportation, energy, and retail.
Qualified Opportunity Zones and Qualified Opportunity Funds are instruments that can help stop a downward spiral. When a sponsor is able to present a project that meets the objectives of the QOZ initiative, both the QOZ and the investors benefit. That’s a win!
And, it’s not only urban centers that benefit from investment dollars. Forty percent of opportunity zones are rural. Even with often plentiful food, water, energy and other natural resources, deep poverty exists, and too many of America’s 60 million rural residents lack access to education and healthcare. A declining population often goes hand in hand with failing infrastructure as tax money for repairs dwindles. Many households lack broadband, something the vast majority of Americans take for granted.
Despite the challenges, rural residents are often surprisingly resilient and resourceful. According to The Hill (“Rural America has opportunity zones too”), rural residents create self-employment opportunities at a slightly higher rate than the national average. Their challenge is to connect with investors and access funding, more of which is directed to small business investment on the coasts.
In fact, many entrepreneurs and small business owners don’t know about Qualified Opportunity Funds. If a business is located in an opportunity zone it is eligible for direct funding by reaching out to the QOFs with a specific request for funding.
More than any investment plan that’s come before, I believe opportunity zones have the greatest capacity for positive social and economic impact. Spread out over many communities, these investments can help our nation flourish as a whole.
Gloves that translate sign language in real time
(BUSINESS MARKETING) A new wearable tech translates American Sign Language into audible English in real time.
Advancements in technology never cease to amaze. The same is true right this moment as a new technology has been released that helps translate American Sign Language (ASL) signs into spoken English in real time.
This technology comes in the form of a hand glove – similar looking on the front side to what one would wear in the winter, but much more advanced when in view of the palm. The palm side of the glove contains sensors on the wearer to identify each word, phrase, or letter that they form via ASL, and is then translated into audible English via an app that coincides with the glove.
This is all done in real time and allows for instant communication without the need for a human translator. The signals are translated at a rate of one word per second.
The project was developed by scientists at UCLA. “Our hope is that this opens up an easy way for people who use sign language to communicate directly with non-signers without needing someone else to translate for them,” said lead researcher Jun Chen.
The hope is to make communication easier for those who rely on ASL, and to help those unfamiliar with ASL adapt to the signs. It is thought that between 250,000 and 500,000 people in the United States use ASL. As of now, the glove does not translate British Sign Language – the other form a sign language that utilizes English.
According to CNN, the researchers also added adhesive sensors to the faces of people used to test the device — between their eyebrows and on one side of their mouths — to capture facial expressions that are a part of American Sign Language. However, this facet of the technology is not loved by all.
“The tech is redundant because deaf signers already make extensive use of text-to-speech or text translation software on their phones, or simply write with pen and paper, or even gesture clearly,” said Gabrielle Hodge, a deaf post-doctoral researcher from the Deafness Cognition and Language Research Centre (DCAL) at University College London. “There is nothing wrong with these forms of communication.”
What are your thoughts on this advancement? Comment below!
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