I'm The Blog

Determining a business’ value is not all about adding up revenue and subtracting expenses. While an important piece, these hard numbers are only half the equation for computing what a company is worth. To come up with the true value, we also look at factors like the level of owner involvement, company goals and growth opportunities. When we use the complete equation, we get a comprehensive picture of a business and can better understand the story of its past, present and future.

Calculations may vary depending on the company, but in a healthy one, there is about a 50/50 split between the quantitative (financial) and qualitative (non-financial) sides of performance. If the business isn’t profitable, it’s more important to focus on the quantitative side and fix the numbers first. Many owners don’t want to hear that, but if they’re not hitting their numbers, it may mean the business is not working. They must fix the quantitative issues before moving to the qualitative side.

Related: What Is a Balance Sheet and Why Does Your Business Need One?

For healthy companies that want to maximize their value, the qualitative indicators can be bundled into three main categories.

Evaluating quality

1. The owner’s goals

We’ve found significant research showing that if an owner has defined goals and plans for the future that are in line with market expectations for their company’s value, they’re going to have a much stronger exit. What is the owner’s defined goal for exiting the business — to get the most money, to take care of their employees and to ensure a legacy? You must then get to the “why” behind the goals and devise a plan of action. It almost doesn’t matter what the answers to the questions are; having achievable goals and a strategy for reaching them can increase the company’s value because it keeps the owner focused on improving the other areas of the business.

2. The owner’s role

The extent of the owner’s involvement is a critical indicator, but perhaps not for the reason you think. The more involved the owner is in day-to-day operations, the more central they are to the business, the less the business will be worth down the road. If the owner is the linchpin that holds everything together, what will happen to the company when they leave? Evaluating operations is more about the system and the structure of the team. Look at the organizational chart and who’s on it – are they good employees or bad employees? Examine the company’s processes and procedures and how new team members are trained and onboarded. The owner sets the vision, but it’s the team that increases company value by carrying out the vision.

3. Growth opportunities

Nobody wants to buy a business and keep it exactly as it is. They want to see potential for growth in the future, especially the potential for return on their investment as a buyer. Whether it’s a simple price increase or new locations, whoever buys the business is going to ask about growth opportunities. Indicators like product or service diversification in both the company and the industry it’s in give a good sense of whether the company is moving forward or standing still (and at risk of going backward). The more potential you can show, the more upside there will be for the next owner — adding up to greater value.

Related: 8 Factors That Determine the Financial Health of a Business

Cycle of success

When the qualitative side of the equation is working, it all ties together. The owner knows the goals, which are aligned with where the company is going, and is leading the organization but working themselves out of the day-to-day operations; the business grows and creates more growth opportunities for the next owner. Paired with profitable numbers, it’s a cycle that builds a high-quality business.

For the best owners, it takes a minimum of three to five years to get that cycle working for you and have reliable indicators of your value. Making it part of a 10-year strategy is even better.

At Exit Factor, we have 62 different qualitative indicators that we use for determining company worth. We don’t use them all, or even close to that, for every business; it’s usually a matter of tweaking three to five of the 62 indicators. Figure out which of those 62 are essential for your company, and you’ll have a truly forward-looking strategy for profitable growth.

The former senior leader of a Pentagon unit that studied UFOs is releasing a highly anticipated book this August — and some have already mistakenly ordered from deceptive Amazon listings and received superficially convincing fakes of the book.

Luis Elizondo led the Advanced Aerospace Threat Identification Program (AATIP), a U.S. governmental unit that looked into UFOs before he resigned in 2017.

In late May, Elizondo announced a book called Imminent: Inside the Pentagon’s Hunt for UFOs, stating that the book “underwent a 9-month U.S. Government security review.” Imminent is slated for release on August 20 and has already jumped to the top of Amazon’s bestseller list in the military aviation history, UFOs, and unexplained mysteries categories — but some who pre-ordered the book on Amazon have already received fakes.

One Amazon shopper who pre-ordered Imminent received a book last week with a cover as expected. When they opened it up, though, it was full of blank pages.

I asked my wife to add/pre-order @LueElizondo book to our Amazon list. I was shocked when she said it arrived two days later lol.

Needless to say we were scammed.

Read the Amazon description everyone!!#ufotwitter #ufoX pic.twitter.com/3Bxf2LduxZ

— Joe (@shock_then_awe) May 27, 2024

A post from another X user shows that a fake copy of the book existed on Amazon under a different author name (Didier Alarie) but with the same book cover. The fake was listed at a cheaper price.

Just fyi, there’s a non-@LueElizondo version of Imminent on Amazon – please be aware ?? and…maybe check the release date/author before buying anything ?

Assuming that this is NOT associated with you, Mr. Elizondo and would like to confirm when you get a moment – thanks!! ? https://t.co/0JmLkITr1z pic.twitter.com/2W45vbxKP1

— Kaleen (@lucyskye318) May 27, 2024

Though Elizondo clarified that he was the only author behind the book, the problem of scam book postings on Amazon extends beyond Imminent.

“Scam books on Amazon have been a problem for years,” Mary Rasenberger, CEO of the Authors Guild, told NPR in March.

Every new book seems to spawn others that try “to steal sales,” according to Rasenberger.

Related: How a Self-Published Author Sold 500,000 Copies of Her Book

With ChatGPT, the problem multiplies. AI-generated summaries masquerading as ebooks are currently oversaturating Amazon, per a January Wired report, especially ahead of major book releases.

The issue persists even though Amazon currently allows sellers to upload a maximum of three books per day.

Copyrighted books are also allegedly being used to train AI.

Author and comedian Sarah Silverman filed a lawsuit against ChatGPT-maker OpenAI last year, along with authors Christopher Golden and Richard Kadrey, alleging that ChatGPT was trained on their copyrighted books.

Related: Authors Are Suing OpenAI Because ChatGPT Is Too ‘Accurate’ — Here’s What That Means

A leading AI researcher has publicly called out Elon Musk for his “blatantly false” AI predictions as the clash between the two continues after a week of back-and-forth.

In a Sunday post on Musk-owned X, Meta chief AI scientist Yann LeCun said that he disagreed with Elon Musk’s treatment of scientists and approach to the AI hype.

“I mean, expressing an ambitious vision for the future is great,” LeCun wrote. “But telling the public blatantly false predictions (“AGI next year”, “1 million robotaxis by 2020”, “AGI will kill us all, lets pause”,…) is very counterproductive (also illegal in some cases).”

My opinion of @elonmusk
I like his cars (I own a 2015 S, and 2023 S), his rockets, his solar energy systems, and his satellite communication system.
I also like his positions on open source and patents.

But I very much disagree with him on a number of issues.

I disagree with…

— Yann LeCun (@ylecun) June 2, 2024

Musk has made those predictions. In April, he said that AGI, or artificial general intelligence smarter than the most intelligent human, would arrive “probably next year, within two years.”

He also promised 1 million robotaxis by 2020 on a 2019 call with investors and said at an AI safety summit in November that “there is some chance, above zero, that AI will kill us all.”

^{Yann LeCun, chief AI scientist at Meta. Photographer: Benjamin Girette/Bloomberg via Getty Images}

LeCun also disagreed with how Musk treats his scientists, pointing out that research needs publications and openness to advance.

“Secrecy hampers progress and discourages talents from joining the effort,” LeCun wrote.

Musk’s startup, xAI, raised $6 billion last week and stated that the money would go towards bringing its first products to market. The AI startup only has one public-facing product so far: an AI chatbot called Grok that is only available to premium X users.

xAI made the AI model behind Grok publicly available in March.

Related: Jack Dorsey Announces His Departure from Bluesky on X, Calls Elon Musk’s Platform ‘Freedom Technology’

Musk did not directly respond to LeCun on Sunday but posted a meme on the same day parodying LeCun’s posts.

I just wish Yan Lecan’t would stop sending me this sh$t ? pic.twitter.com/5X6aecfDsD

— Elon Musk (@elonmusk) June 2, 2024

LeCun and Musk’s disagreement started last week when LeCun responded to an xAI job posting and criticized Musk’s leadership.

Musk then taunted LeCun’s research background, telling him to “try harder” after LeCun said he published over 80 technical papers since January 2022.

LeCun did not respond to Entrepreneur’s request for comment.

Related: ‘We Can All Agree Elon Isn’t Serious’: Mark Zuckerberg Slams Elon Musk as Feud Continues

Your vocabulary is an important asset. Every time you meet someone, one of the best ways to make a strong first impression is to showcase a strong vocabulary. It’s a simple demonstration of education and competency, and it can make a huge difference for entrepreneurs meeting potential clients. Your vocabulary can be linked to success, status, and income, and if you want to improve it, Wordela Vocabulary Builder can help.

This intuitive app offers daily vocabulary lessons that you can dive into with just 10 minutes each day. Developed by experts, Wordela leverages advanced technology to help you improve your vocabulary, including an AI-driven spelling and vocabulary training system that generates detailed daily lessons.

You can learn in several ways. Choose your words and create smart flashcards to quiz yourself. Create curated lists from standards-aligned K12 standardized test lists, business communication terms, and more. You can also simply copy and paste words you want to better understand into Wordela and have a practice plan developed for you.

However you want to enhance your vocabulary, Wordela will work with you to develop a learning plan that will make your new vocabulary really stick.

This app was a TopTenReviews Gold Award Winner, and the reviewer wrote, “Works well for students studying for tests, adults looking to improve their comprehension and those who are learning the English language.” My Speed Reading also writes, “Provides scientifically proven approaches to learning new words. Effective learning through immersion using lists, exercises, games, and progress tracking is asserted.”

Learn new words and gain confidence in your vocabulary, no matter the situation.

Right now, you can get a lifetime subscription to Wordela Vocabulary Builder for just $9.99.

StackSocial prices subject to change.

In the spirit of Pride Month and as conversations around the evolving landscape of diversity in the workplace continue, I find it crucial to utilize this moment as an opportunity to explore how workplaces can better support LGBTQ+ individuals. As a member of the LGBTQ+ community myself, I’ve experienced firsthand the challenges faced in a workplace environment. I can’t help but reflect on the countless comments that I’ve heard throughout my career – some well-intentioned, others simply insensible – that led me to think it would be easier, and perhaps better for my career, if I kept this part of my identity private. However, joining Xero changed my perception of this entirely.

As I reflect on my coming out experience, it’s safe to say it was truly one of a kind and a monumental moment in my personal and professional journey. To set the scene, picture a 26-year-old man presenting on-stage at a company-wide event, organically slipping a quote from Beyoncé into my discussion. Well, this exact scenario is what led to me spontaneously deciding to disclose to the full room about my sexuality. This light-hearted inclusion went something along the lines of, “And if you didn’t already know, I’m gay.”

Since that day, the support from my colleagues has been nothing short of incredible. This experience also taught me a valuable lesson about the impact organizations and their leaders can have in fostering environments that not only encourage authenticity and differences but actually celebrate them. At Xero, I’ve found myself in a unique position, one that allows me to embrace my sexuality and bring my full, authentic self to work. I was able to achieve this level of comfort due to the uplifting workplace environment and supportive individuals at our organization – a standard that all companies must try and achieve.

Having gone through this experience firsthand, I’ve spent a lot of time thinking about what it takes to cultivate a truly inclusive workplace environment, one where employees don’t keep any part of their identity private and feel comfortable bringing their true selves to work.

Celebrate and embrace diversity year-round

Throughout the year, various occasions lead to heightened recognition of diverse groups — February is Black History Month, March is Women’s History Month and June is Pride Month, among others. Being part of an organization that values these moments as opportunities to celebrate progress, honor history and acknowledge the diverse individuals within an organization is extremely heartwarming.

Every year during Pride Month, I’m reminded of the significance of being part of an organization that proudly supports both my community and me. Many organizations focus solely on symbolic changes like updating social media logos, which hold importance, but efforts shouldn’t stop there. Significance for me is about recognizing the progress we’ve made, reflecting on areas of growth and opportunity and using symbolic efforts, like updating social media logos, to celebrate our achievements.

This feeling of joy and acceptance during Pride Month has led me to ponder: What more can organizations do to extend these important discussions and celebrations beyond just one month a year? Truly inclusive workplaces recognize the value of creating work environments that regularly track and celebrate diversity goals and achievements. While designated months provide great opportunities for additional engagement and recognition, leaders should strive to create a workplace culture that regularly values, acknowledges and celebrates differences.

As a leader, one of the primary ways I try to model this behavior is by broadening conversations beyond work-related topics whenever possible (and appropriate). If we want to encourage individuals to bring their authentic selves to work, we must create space for personal conversations. This includes being vulnerable and open to hearing about your colleague’s personal joys, such as wedding anniversary plans or dreams for the future, in addition to providing opportunities in team meetings or informal gatherings to share and celebrate these occasions. I vividly remember a moment when I shared details about my husband and my wedding anniversary at work and thought to myself, this feels so normal and uplifting to share such an important milestone with my colleagues. This further reaffirmed my thinking about the importance of celebrating these personal aspects of our lives to strengthen connections in the workplace.

Related: How Language Could Be Sabotaging Your Diversity and Inclusion Efforts

Addressing workplace microaggressions

As we’ve seen over the past few years, diversity and inclusion have been hot workplace priorities, with many companies increasing attention to these initiatives. While this heightened focus is a great step towards fostering more inclusive workplaces, the journey can’t stop there.

Despite progress made, workplace microaggressions are still a big problem, with nearly one-third of LGBTQ+ employees reporting such experiences. Recognizing the impact of microaggressions, particularly on marginalized communities, is essential both from a personal and professional perspective; in fact, a recent study indicated that 50% of affected individuals would consider leaving their jobs. As leaders, it’s crucial to refrain from treating diversity and inclusion initiatives as checkboxes or objectives with end goals – but rather understand that this landscape will require consistent education and growth to reach true inclusivity.

Effectively addressing microaggressions requires proactive leadership and accountability. Organizations must provide education and awareness initiatives, such as training and workshops, to showcase to employees how to understand and prevent microaggressions. Kroger is an example of an organization that stands out for its commitment to its employees, in part demonstrated through its rigorous diversity and inclusion training programs. Recently, the company published a framework outlining its goals and focus areas for diversity and inclusion, which included diversity training for all employees and tailored programs based on organizational roles. This initiative fostered meaningful changes and helped to promote inclusivity throughout its workforce.

Organizational leaders must lead by example by actively listening and, when appropriate, intervening during uncomfortable situations to educate others. Additionally, it’s important to seek opportunities for personal education and take the time to learn from colleagues about how certain situations or statements make them feel. By doing so, leaders will have greater insights into how to be more empathetic and can better model appropriate and inclusive behavior.

While it may not always be possible (or comfortable) to directly address colleagues who use microaggressions, consider advocating for policies or reporting mechanisms that enable employees to address and report such incidents. Employee resource groups (ERGs), which are employee-led programs within organizations aimed to promote belonging and acceptance within the workforce, are also a great tool to educate and inform others; 91% of organizations with ERGs in place say they have helped to boost company culture. Consider advocating for or offering to lead such groups if they don’t already exist, as they serve as platforms for mutual support and learning.

Related: Inclusivity Begins During the Hiring Process. Here’s How to Do It.

Incorporate inclusivity into hiring practices

When assessing candidates for new positions, it’s easy to get stuck in familiar hiring patterns that primarily focus on educational degrees, professional experience and tangible skill sets. But, this should not, and cannot, be the only consideration.

Inclusive hiring extends beyond just hiring people from different backgrounds to meet DEI goals. The process involves reducing biases that have no direct impact on job performance to ensure candidates are all evaluated fairly. In order to do so effectively, organizations should consider taking steps such as removing names and backgrounds from the application process to focus on screening for skills or diversifying who participates in the interview process to avoid having homogenous panels. These steps not only allow for a fairer interview process but also can help companies achieve and maintain DEI goals.

Embracing diversity can help to foster innovation and creativity, while also attracting and retaining top talent. Having a diverse workforce helps to build connection and loyalty, both internally and externally. When you’re in a meeting and take the time to look around, it’s comforting to be around individuals from similar backgrounds or who’ve gone through similar experiences or challenges as you have. Whether it’s someone who grew up in your native country or from the same non-traditional background as you are, having a wide range of diverse individuals who make up the workforce can help employees feel a stronger sense of belonging.

While organizations have undoubtedly made notable strides in strengthening diversity, equity and inclusion efforts and initiatives in recent years, the journey is far from over. There is certainly still room for growth and improvement in creating workplaces that aren’t just welcoming but truly empowering for LGBTQ+ individuals — and it starts with leadership.

Unveiling OpenAI’s GPT-4.0: The latest AI with vision, auditory, and emotional intelligence abilities is revolutionizing industries. How will it affect your business?

In today’s in-depth discussion, I uncover three astonishing updates in GPT-4.0’s technology poised to redefine customer interaction, marketing strategies, and operational efficiency. We also confront three critical challenges this AI evolution brings, including ethical considerations, market disruptions, and the competitive landscape—essential insights to keep your venture at the forefront of innovation.

Take the AI skills quiz here (available for a limited time) and equip yourself with practical knowledge by grabbing a copy of my new book, ‘The Wolf is at the Door – How to Survive and Thrive in an AI-Driven World.’

Becoming an entrepreneur and creating a company that creates positive change is a dream that has driven ambitious people since the beginning of the modern economy.

But where do you start? How will you create a meaningful product or service that stands out amid the noise of today’s highly competitive and saturated marketplace? The traditional path of finding a niche and competing on quality or price is no longer enough.

Today, if you want truly enduring and evangelical customer loyalty, you must deliver an authentic product or service that resonates with customers on an emotional level. It is important to connect them to other people, making them sincerely feel like they are part of something bigger than themselves. In short, you need to start a movement.

For hundreds of years, social movements have been catalysts for transformative, impactful and historic change.

Throughout history, they have served as catalysts for profound and transformative change. Dr. Martin Luther King marched on Washington with tens of thousands of supporters as part of the Civil Rights movement. Nelson Mandela’s raised fist upon being released from prison after 27 years became a powerful symbol in the movement that crushed apartheid in South Africa. The women’s suffrage movement fought for a century to get voting rights for women in America. Each one of those historic, world-changing movements was anchored in one unifying and all-encompassing force: purpose.

Related: Looking For A Business Idea? Start With Your Purpose

You may be thinking that those historic movements were important, but what does that have to do with business success? What does purpose have to do with business? Study after study shows that you can’t even think about starting a business in today’s economy unless it is driven by a clearly defined, tangible and unique purpose. In doing so, you and your team members will be much happier in the process, as supported by Harvard Business Review and other reporting.

Purpose is the equivalent of “why”? The “why” encompasses a company’s contributions and impact on the world. It is the company’s reason for existing and the reason they are in business in the first place. Purpose is an enabler, a conduit and a vehicle, fueling the innovation of the world’s economy. Blackrock’s CEO, Larry Fink, says, “Without a sense of purpose, no company, either public or private, can achieve its full potential.”

Some of the most successful companies have embraced this ethos and are fully rooted in purpose. When we look at Tesla, we may think its purpose is to sell cars, which is part of it. But its stated true purpose “is to accelerate the world’s transition to sustainable energy.” That purpose is what drove the EV car revolution — a global movement that powered EV car sales from 0.4% of the light-duty vehicle marketplace in 2004 to 15.8% in 2023. And while it sparked the EV movement, Tesla continues to be its leader. In 2023, it held 19.9% of the global EV market and is the most valuable car company in the world.

The highly profitable clothing company Patagonia is another example of a company that started a movement based on its purpose. In 2022, the company, long known for its environmental activism, doubled down on its purpose, which is updated to “In business to save the planet.”

But it was more than just a statement. With its purpose well defined, Patagonia founder Yvon Chouinard announced the transfer of company ownership ($3 billion in global assets and $100 million in annual profits) to a trust fund, with its dividends going to environmental advocacy organizations. With this bold support of her own movement, Chouinard declared, “Earth is our only shareholder.”

In today’s purpose-driven economy, identifying that unifying purpose for your company — your north star — is the most critical aspect of starting any business or social enterprise. Purpose-driven companies make more money, have more engaged employees and more loyal customers and are even better at innovation and transformational change.

Consumers are increasingly supporting businesses that stand on principle. According to Accenture, 62% of consumers want companies to take a stand on important societal issues such as sustainability, transparency and fair employment practices. The demand for authentic and purpose-driven companies is strongest among the younger generations. According to Deloitte, “millennials are driving this societal trend, with 40% of those polled believing the goal of businesses should be to ‘improve society.'” Those who ignore the intersection of business and purpose do so at their own peril, as millennials (those aged 28-43) account for $15 trillion in global purchasing power.

Related: This CEO Says Prioritizing Purpose Over Profit Is Key to Consistent Growth and Sustainable Profit — Here’s Why.

As a powerhouse financial company, Deloitte is probably not the first company that comes to mind in thinking of a firm driven by purpose. Yet, it is a strong proponent of the belief that exceptional organizations are led by a purpose. To amplify and advance Deloitte’s purpose, it named its first-ever chief purpose officer and established a Purpose Office. Its goals are to consistently embed purpose in the organization’s strategy and deepen the impact and positive change they are making for clients, people, and communities.

Trust in a company has long-term benefits by creating brand loyalty and turning customers into advocates for your product. According to Edelman, “trust drives growth. When consumers trust a brand, they are more likely to purchase its products (59%) and stay loyal to and advocate for the brand (67%).”

A company’s purpose must start at the top. Whether it’s a small business run by a sole proprietor or a major corporation led by a CEO, the leader sets the tone and must lead by example. Employees need to see the commitment to purpose reflected in the actions of leadership; otherwise, the stated purpose becomes nothing more than a catchy slogan that fails to resonate with consumers.

Infusing purpose into your new venture is not merely a trend but a necessity to compete and thrive in the modern economy. To stand out, foster trust and create lasting connections with consumers — in other words, to build a movement — today’s companies and organizations need to find their purpose and adopt it fully until it permeates every part of their operation.

By defining and articulating your purpose, you are laying the groundwork to start a business and, perhaps, even a movement. If you do it right, both can build value and help change the world.

You’re losing thousands of dollars on your website and might not even know it. You have a site and a marketing team, and traffic is flowing in. But your site — and business — may fail because you’re losing customers and conversions.

How?

Leads fail to convert because of poor user interface, slow speeds and bad design practices. If your site isn’t optimized for SEO, it gets even worse: leads will never land on the site in the first place.

How much does a website cost?

Small websites cost $500 to $5,000. Your costs will vary depending on whether you use a template, hire a developer and the complexity of the site. Sites with hundreds of pages, expert optimization and design can cost $10,000 to $20,000. Your initial investment can’t be recuperated if your site isn’t optimized properly or set up to convert leads into sales.

Site visitors have higher expectations, and there is a growing list of requirements that sites must meet. You need a snappy site, and it must be accessible. However, you also need to capture the right data from your forms, continually optimize your site and fill in the leaks that are causing you to lose money.

Related: 3 Powerful SEO Techniques That Will Boost Your Website’s Search Engine Ranking

Is your website investment worth it?

Small business owners lose customers, even with a well-functioning website, because they don’t know how to utilize the data available to them. So, after all, is your website investment worth it, and if yes, how can you make sure you get an ROI?

Nobody tells you that web forms can cost you a lot of money

Forms are boring input fields to failing site owners and a goldmine to successful ones. What are leads doing when they enter data into the form? Are errors causing potential customers or clients to leave the site? According to WP Forms, more than 67% of site visitors will abandon your form forever if they encounter any complications; only 20% will follow up with the company in some way. Analyzing how users interact with forms is especially critical for small businesses, which may not have as many opportunities as larger corporations. They can identify common issues such as broken forms, confusing fields or errors. This insight allows small businesses to simplify and optimize the form-filling process, improving the overall user experience and significantly increasing the chances of conversion. Thankfully, you can use a form tracking system that will help to pinpoint problems with data entry and missed opportunities, ensuring that small businesses are not carelessly losing leads.

Testing your forms and sales funnel regularly can save you a lot of money if you fix issues that are found in the test phase.

Data is the king of website optimization

Analytic data is king of website optimization, but you need to know what to look for and how to make changes. For example, if you have a high bounce rate, your site may look like it was designed in 1999, or it takes 15 seconds to load.

Bounce rate means users are leaving the site on the page of entry, and you have multiple areas of potential improvement.

Review your site speed and follow PageSpeed Insights’ recommendations to optimize your site. Try to bring loading time down to two to three seconds at most. Complex navigation and poor-quality landing pages can also cost you sales. Work with a copywriter to optimize your sales funnel copy.

Data will help businesses to pinpoint exactly where users engage most frequently and where they face obstacles. With careful analysis of this data, companies can optimize every aspect of their website, from navigation to content.

Important aspects of a high-converting website

High-converting websites have a lot in common:

Content

Expertly written content, with the help of a copywriter, will allow you to hit on the pain points of leads and close more sales. Hooks and storytelling from an experienced copywriter can help you turn a low-performing sales funnel into one that exceeds sales forecasts.

Design

Poor design practices cause sites to fail. Yahoo! is a prime example. The site was once Google’s biggest competitor, but with the bland and outdated design, the bounce rate was high, and people flocked to Google.

Work with a design team to create a functional, feature-rich site that appeals to your target demographic.

Lead capture forms

High-converting sites use lead capture forms to collect basic information about visitors, such as their email or phone number.

In exchange for providing information, leads receive something valuable in return, such as a discount or free eBook.

Once a user provides their email address or phone number, you can start nurturing them and eventually convert them into a customer. It’s important to note again that receiving instant notifications about broken forms and issues is a solution to avoid losing potential customers.

Related: 9 SEO Tips to Help You Rank No. 1 on Google in 2024

Call-to-action: More than just a button

Call-to-actions (CTAs) tell visitors what to do next, such as signing up for a newsletter, making a purchase or scheduling a consultation. They play a crucial role in improving your site’s conversion rates.

Without them, visitors would leave your site without taking action, resulting in lost opportunities to convert leads.

To increase conversions, CTAs must be clear and concise and use action-oriented language, like “Buy now” or “Contact us.” Tell your visitors exactly what to do next so there’s no confusion and they feel confident taking the next step.

CTAs are highly effective at improving conversion rates, but visitor behavior can change over time. Testing and optimizing your site’s CTAs can help maximize your conversion rate and adapt and change as user behavior changes.

Make sure that you’re engaging in A/B testing to determine which CTA works best for your audience.

You must respond to leads right away

Research shows that 78% of customers purchase from the first responder. Surveys also show that the highest-ranking companies in lead response audit reports respond to leads in 30 minutes or less. The quicker you respond, the better. Conversion rates can be as much as eight times higher if you respond in the first five minutes.

Every minute that passes increases the chance that the lead will move on to a competitor.

How can you improve your lead response time? Start by automating your lead qualification process to identify and prioritize high-quality leads. Track the lead from start to finish and pinpoint the issues that leads are facing. Set response time goals, train your reps, and streamline your lead management processes to reach out to leads as quickly as possible.

Conclusion

You spend thousands of dollars on a website. To maximize your return, you must ensure that your site has all the right elements to increase conversion rates. Once you have these elements in place, you must respond to leads immediately to seal the deal.

Sometimes, it’s not just about finding a job that pays well, it’s all about location.

A new report from Career.io shows that compensation for the same job can vary from state to state, so where a job is located can really matter, especially if you’re trying to maximize your earnings.

The report matches pay to location by figuring out which jobs yield the highest average salary in each state compared to the national average.

The result is a map of the jobs with the highest earning potential specific to every U.S. state.

^{Credit: Career.io}

The map shows the professions in each state with the highest differences between the average statewide salary and the national average pay.

Related: These Jobs Have the Highest Entry-Level Salaries

Every state has a minimum of one job that pays at least 25% more than the national average.

In midwestern states, such as Minnesota and Indiana, medical professionals make more than they would in other parts of the country.

Physicians take home 38.63% more pay in Indiana, and dermatologists make 56.98% more in Minnesota than either profession makes on average in the U.S.

Related: College Graduates Make the Most Money in These U.S. States

Three states have jobs in business and finance that pay more than 50% more than the national average.

Alaska pays personal financial advisors 66.69% more, Nebraska pays credit counselors 59.46% more, and New York pays credit analysts 50.98% more than the U.S. average overall for those occupations.

^{Credit: Career.io}

Here are the highest-paying jobs in some of the most populated U.S. states and how much more (%) each job pays than the national average.

1. California

Craft artists: 89.06%

2. Florida

Quarry rock splitters: 42.40%

3. New York

Crane and tower operators: 109.03%

4. Pennsylvania

Iron and rebar workers: 65.30%

5. Illinois

Hoist and winch operators: 71.79%

6. Ohio

Mathematical science occupations: 40.46%

7. Georgia

Cloak room attendants: 52.49%

8. North Carolina

Healthcare practitioners and all other technical workers: 34.49%

9. Michigan

Plant and system operators: 63.48%

10. New Jersey

Floor layers: 90.03%

Click here for the full list.

They say that content is king — but not all digital content is created equal. While most digital content can help increase awareness for your brand, the most valuable content is designed to draw in warm prospects who are ready to make a purchase from you.

Of course, even the best content isn’t likely to result in a purchase on the first exposure. The marketing rule of seven indicates that consumers must be exposed to your messaging at least seven times on average before they decide to make a purchase. While this may often be the case, strong digital content will go a long way in lowering this total.

Related: 5 Digital Content Types Prospective Buyers Love to Engage With Online

1. Email campaigns

Email marketing remains one of the most effective methods for communicating with warm leads and staying in touch with existing customers to ensure they will buy from you again. Not only are emails far more likely to be read than other types of content, but their average return on investment towers over other options.

According to the HubSpot Blog, most marketers see an average open rate of 46-50% and a clickthrough rate of 2.6-3% — numbers that far outpace the engagement levels of social media and other popular forms of content.

Even if they are mostly comprised of previous customers, email lists are an essential marketing tool because they are made up of people who agreed to receive additional messaging from you. This fact alone already makes them far more qualified leads than someone who randomly stumbles across your blog.

2. Personal engagement on social media

While the overall engagement and reach of many social media platforms have declined, there is still much to be said for the potential these platforms offer for fostering one-on-one engagements with your warmest leads.

When marketers comment strategically on other people’s posts, actively participate in relevant groups and conversations, and respond to the comments and messages they receive, it helps create a meaningful dialogue with their target audience.

By pairing this personalized engagement with relevant, authoritative content (including videos, polls and more), you can leverage social media to nurture warm leads.

3. Cost calculators

Most companies have at least some kind of on-site content marketing strategy, which usually revolves around blogging. A blog can be undeniably beneficial for building SEO and domain authority, but depending on the type of content you create, it isn’t always going to create warm leads.

However, if your website content focuses on the customers who are ready to buy now, you can greatly increase your own sales potential — and one of the best ways to do this is with a cost calculator.

From calculating the cost of shipping a car across the country to determining how much it would cost to build your own website, these tools are inherently targeted at warm leads who are ready to make a buying decision. In this case, providing useful budgeting and planning information directly influences the user’s purchasing decision, providing a powerful way of reaching warm leads.

Related: 4 Steps to Writing Content That Converts

4. Webinars

Webinars have become an increasingly popular digital content option, and for good reason. When webinars are promoted to the right audience, they can become far more engaging and attractive to warm leads than a blog post covering the same topic would be.

The simple fact of displaying content in an audiovisual format helps make the webinar feel like an event in its own right. With an engaging topic and professional presenters, you can build a large audience. And when the topic of the webinar itself ties into your offerings, you can create a natural segue into how you can help viewers solve their most pressing problems.

Webinars can be even more effective when paired with other content, such as an e-book or follow-up video lessons. When done right, webinars can be an excellent resource for collecting email addresses and other information from warm leads who are most likely to be interested in your services.

5. Software demos

Admittedly, this digital content option doesn’t apply to every industry. However, there is a wide range of companies that offer software services, addressing everything from tracking logistics and customer relationships to managing the back end of a website.

A software demo gives warm leads the opportunity to try the service before they commit to a purchase. Firsthand interaction and experience with the software is ultimately far more convincing than a series of sales calls could ever be, as this helps buyers clearly determine whether or not a particular product works for them.

It should be no surprise, then, that opt-out free trials see an incredible 48.8% conversion rate. It’s worth noting, too, that companies that don’t sell software can use similar “trial” options, such as a two-week trial for their services. Trials and demos appeal to the warmest buyers, who often use them to finalize their purchase decision.

Related: 5 Steps for Creating a Content Marketing Strategy That Drives Business Results

While regularly updating a blog or social media profile can be useful as part of your content marketing strategy, it is essential that brands in every niche focus on the types of content that are poised to deliver the greatest return.

By focusing on the types of content that are most likely to capture warm prospects in the first place, you can turn more leads into sales and maximize the success of your content strategy.