New York SBDC Research Network

From MarketingProfs : Video plays an important role in driving consumers' purchase decisions: 79% of consumers say they would be willing to spend more money on a product after they watch a social media influencer's video about it, gen.video has found. So using your YouTube channel could be a perfect option for you to drive sales. At the same time, you may face some challenges in converting your subscribers into customers. In this article, you're going to learn three ways to turn YouTube subscribers into valuable customers. However, you still need to keep the basics in mind, such as adding a clear call to action at the end of the video, prompting subscribers to take the desired action. You should also include easy access to a relevant landing page to drive conversions. You could embed the link in the form of a button at the end of the video.

From Startups and venture capital : I recently read a story here titled "We fired our top talent. Best decision we ever made..." Let's dissect this because there is so much more than meets the eye here. Presumably, if you have read the story, you understand that the author describes a problem worker that he has dubbed “Rick”. Rick is the local genius with a ton of domain knowledge about their product and a member of the core development staff for this product... Personally, I'm of the opinion that if you find these people and you are in the process of interviewing them, regardless of whatever modicum of talent they have, they aren't worth your time because of the loss of morale and teamwork they bring to the team. This is actually something brought up in the story itself — about how Rick ignored team meetings and belittled his co-workers. About how after Rick left, productivity soared and they managed to pull together to save the day! The author does this to ...

From MarketingProfs : For marketers, a mindset that puts the customer first is critical to competitive success. That's something marketers know. Yet, during day-to-day execution, that customer-centric mentality tends to get pushed aside, more so in Marketing than in other, client-facing parts of the business, such as Sales and Customer Support. It happens easily, even to the best of us. With so much going on in our pipelines at any one moment—from lead gen campaigns, events, new product launches, and more—marketers can't help but get caught up in the weeds of project execution. We run fast, focusing on what needs to get done now; in those moments, the customer-centric mindset is important, but not mission-critical. Or so it seems. The truth is that a customer-centric mindset is necessary for our marketing to be successful. It helps campaigns resonate with prospects and customers, leading to more sales and enhanced client satisfaction and engagement. Those results benefi...

From Medium : Have you ever made a decision that seemed illogical looking back? We’re all highly illogical beings even though we think the opposite! Every person creates their own social reality. The way you view the world is completely subjective because we all have cognitive biases. The concept of cognitive biases was introduced in 1972 by two psychologists, Amos Tversky and Daniel Kahneman. A cognitive bias is a systematic thinking error that impacts judgments, and therefore, our decisions. As of this writing, there are 106 decision-making related cognitive biases known! We all make these errors. So there’s no point in trying to become a perfect thinker. It’s impossible. However, with practice, you can avoid some thinking mistakes that many of us make. And by avoiding these errors, we can improve our decisions, and consequently: Our lives and careers.

From  BizFilings Managing the employees in your workplace effectively necessitates that even the smallest of businesses set up work rules. Work rules protect your business and your workers and if correctly implemented and executed, create and maintain a better work environment for all.  Having formal work rules in your business, even if they're not required, are a good idea because they can help you protect your business from litigation and maintain a high quality of work life for your employees. You need to make sure that your employees understand what is expected of them, not only in the work that they do, but in their behavior and in other areas of your employment relationship. If the rules are carefully selected, clearly related to the business, and fairly enforced, they can help you to better manage your workplace and your workers.

From eMarketing : Mall of America has introduced a chatbot that uses AI and natural language to answer customer questions in real time. Through the technology, visitors accessing its website, mobile app or Facebook Messenger can get answers immediately, whether they're looking to shop or find the nearest restroom. Next year the chatbot, developed by tech startup Satisfi Labs, will also be incorporated with Mall of America's three new Pepper humanoid robots, which it recently brought to its 5.6 million-square-foot property for the first time since Black Friday weekend. What's more, Amazon’s Alexa voice assistant feature is also being included so that mall patrons can ask questions without typing. In addition to the new chatbot, Mall of America—which draws 40 million visitors annually and is known for entertainment features from an aquarium to an amusement park—Tuesday unveiled an updated website. It features not just the new chatbot, but also rich media and virtual ...

From eMarketer : When it comes to payments, cash may no longer be consumers' first choice—though it's still a widespread and even preferred option for many, depending on the type of transaction. A study from ATM network Cardtronics found that 91% of internet users said that they used cash either to make a purchase, or to give money or get money from another person. This was a decrease of 4 percentage points over 2016. But the inverse of that measure is telling. According to the study, nearly one in 10 respondents said they had not used cash at all in the previous six months.