Tesla and SpaceX CEO Elon Musk was recently interviewed by renowned manufacturing guru Sandy Munro where he talked about MBAs. Musk is not a fan of how people with MBAs from high profile business schools seem to think that they should go directly from school to a leadership position before they have had any actual experience.
Here are Elon Musk’s somewhat colorful comments on MBAs. The full interview with Elon Musk can be watched below as well:
The path to leadership should not be through an MBA business school situation. It should be kind of work your way up and do useful things. There’s a bit too much of the somebody goes to a high-profile MBA school and then kind of parachutes in as the leader but they don’t actually know how things work. They could be good at say PowerPoint presentations or something like that, and they can present well, but they don’t actually know how things work. They parachute in instead of working their way up. They’re kind of like just not aware of what’s really needed to make great products.
I don’t want to trash MBAs too much here. I actually do have a dual undergrad, a Wharton undergrad, and physics at UPenn. I have direct exposure to business school and I went to do undergrad school with physics and I was a teaching assistant for two semesters and I graded MBAs and undergrads. I think it’s just a little bit too much. People look at MBA school as like I want to parachute into being the boss instead of earning it. I don’t think that’s good.
Elon Musk: People With MBAs Want To Parachute Into Being The Boss
Consumers nowadays have become savvier, thanks to the easy accessibility of information via the Internet. They are not easily swayed by false advertising claims and fancy marketing spiels. Younger consumers have become especially more loyal to brands that appear to be transparent in how they do business.
But what is brand transparency, exactly? Why is it crucial for companies, and does it really have an effect on consumer behavior and loyalty?
Brands are developed as a means to identify and differentiate one business from the other. Effectivebranding creates inherent value that affects purchasing behavior and consumer preferences. These days, consumers are demanding more detailed information about a product before making a purchase. They want to know all the product specifications, the materials used to make it, where those materials came from, and the actual people who make and distribute the products. For these reasons and more, brand transparency should not be considered just another marketing buzzword; it should be a top priority for businesses.
Studies have shown that transparency resulted in increased loyalty and boosted brand worth. A 2016 Label Insight Study, revealed that out of 2000 respondents, 94 percent were likely to be loyal to a brand that commits to full transparency. About 56 percent would remain loyal for life if a company remained open to its disclosures. Of those surveyed, 73 percent were willing to pay more for a brand that is completely transparent.
Some consumers will even switch to a brand and consider its entire product portfolio, all because of its openness.
Brand transparency builds lifetime loyalty and strengthens trust from consumers. About 58 percent remain distrustful of a brand without ‘real world proof’ of its promised claims. Businesses are seen as ethical if they are truthful in informing people of what to expect from offered products and services. It is a guiding principle for companies and advertising channels alike in their marketing strategy to earn trust.
Full transparency requires a conscious effort in disclosing information to the public. It allows companies to prevent mistrust from happening when information is only made available after the incident. There are several ways to promote brand transparency and earn consumer trust.
1. Holding Your Brand Accountable
Any lapses in brand standards should be pointed out and serve as an example to do better. A business is responsible for delivering its brand’s promise on products and services. If possible, everyone in the company should share accountability, as behaviors in the workplace also reflect the brand’s values.
2. Focusing on What Your Brand Represents
Avoid portraying the company inaccurately. Staying true to what your brand stands will help it to maintain a positive image. Amidst the changing business landscape, companies must remain open with their consumers without losing sight of the brand’s purpose. Core values and a clear mission statement should be communicated and upheld throughout the company.
3. Connecting With Consumers
Companies should take advantage of social media in communicating their messages to target markets. With digital-savvy consumers, businesses must turn to social networking platforms and acknowledge feedbacks or queries addressed through these channels. By adjusting how they communicate, companies can establish a recognizable brand voice and encourage engagement with consumers. This builds trust in the brand and establishes a loyal relationship with its customers.
Keep in mind that brand trust and loyalty do not happen overnight. There are several factors involved in creating a long-lasting relationship with your customer, but one that stands out is brand transparency.
Slack has become one of the most widely used team collaboration tools on the market due in large part to its flexibility. More than just a messaging platform, Slack offers a variety of customizable tools and apps to its over sixmillion daily active users, two million of which are paid. Among the tools that make Slack flexible and easy to use are chatbots.
Called Slackbots, these chatbot assistants are integrated into Slack conversations. And contrary to what their name suggests, these bots do not slack off. They are designed to sort through messages, monitor assigned tasks, track performance, and even integrate with your email to monitor urgent correspondence, all within the platform. Virtual assistants like Slackbots efficiently handle tedious and time-consuming work, allowing you and your team to focus more on revenue-generating activities.
Whether it’s for productivity, marketing or anything else, there is a Slackbot for just about every business need. Here are some that can make a difference in your daily operations in 2018.
1. BusyBot
Busybot is a productivity-focused Slackbot that manages tasks for everyone on the team. Users can ask the bot to schedule meetings, assign tasks, and set automated reminders for deadlines—all based in your Slack conversations. With this bot, you don’t need separate software for project management and communication. You also have the option to monitor all assignments on the Busybot website to ensure you stay on track.
2. Astrobot
Another productivity-geared bot,Astrobot manages your email in the comforts of your chat environment. Astrobot is known for its email app and which seamlessly integrates with the Slack platform. Its powerful AI flags high priority messages and sorts them into a separate inbox for easy access. You can also respond to these important emails directly on Slack without switching back to your inbox. Send quick messages by using the slash command/email. Take actions on emails, such as unsubscribe from mailing lists, move emails from specific senders, and empty trash or junk mail by typing ‘Zap.’
3. Workbot
Workbot by Workato is a bot that executes approval workflows – from social media posts to sales estimates and budgets – within the Slack platform. You don’t need another software or spreadsheet to keep track of approvals and rejections. This bot also has integrations with platforms like Workday, Zendesk, and JIRA, among others to quickly resolve issues within Slack. You can communicate with multiple teams across your company. This seamless experience reduces time for resolution and response, thus improving customer experience.
4. Statsbot
Performance metrics is important to every business owner, andStatsbot offers this data conveniently. Its integration with Google Analytics, Salesforce, SQL, Mixpanel, and other platforms allows you to get insights, such as performance summary. This bot analyzes raw data from various sources to deliver reports for easier understanding, right from Slack. It also alerts you of any unusual spikes on your metrics. Thanks to its machine learning features, Statsbot can generate data about customers and their buying patterns. Marketing teams can then tweak their strategies based on available information.
5. Dbot by Demisto
Sharing makes Slack a great collaborative tool. However, it’s difficult to know which shared content is safe or malicious and the last thing you want is a cyber attack. Demisto’sDBot is a Slackbot that scans every URL, file, and IP address shared on the platform. Its multiple security threat feeds and malware analysis engines to protect and warn Slack users real-time. The bot is updated with the latest cybersecurity threats and provides detailed reports for security analysts. And if it notices any suspicious activity, it will notify your team immediately.
There are numerous Slackbots in the market and some might seem repetitive in their offerings. No single bot can handle your specific needs since every business is different. Try several bots to find the right match in automating some of your tasks. Doing so allows you to prioritize in improving your bottomline and save on expenses.
Building and maintaining positive relationships with customers is a key factor in a company’s success, regardless of what industry or niche it’s operating. While this might not be a challenge for a small business or a local company, it will inevitably become a consideration as the business expands and the operations side becomes more complex. At this point, a Customized Relationship Management (CRM) software is needed.
Why Use CRM Software
CRM software was initially designed to help companies develop and maintain relationships with new and current customers. It has since evolved into a powerful tool that allows companies to manage accounting, marketing, sales, point-of-sale (POS), vendor and other operational data in one user-friendly solution.
There are a lot of reasons why companies should use a good CRM software:
Cuts Costs: There’s a wide range of affordable and solid CRM software out on the market today. A comprehensive CRM software can also help reduce cost. Its integration features mean the company doesn’t have to purchase or implement different tools to run operations.
Saves Time: Automating a big part of your operations is one major reason for using CRM software. It frees key personnel from repetitive tasks and gives them more time to grow the business.
Enhances Email Marketing: CRM can help companies reach more people.The software makes it possible to send massive amounts of personalized emails. This can lead to a boost in the email marketing program’s open and click-through numbers. Some CRM software even provides detailed reports about the email marketing campaign, including particulars like clicks, opens, bounces, spam, and opt-outs.
Assists Sales Team to Hit Goals: Employees can also track their performance with CRM. The software can give the team insights into their quota attainments, critical sales date, deal valuation, and employee commissions. A feature like this can present sales personnel with a clear picture of their sales pipeline, starting from the first customer contact up to the final sale.
4 Things to Consider When Choosing CRM Software
The good news is that there are numerousCRM software that can manage specific businesses. For instance, there’s free software for small companies and others that are designed for startups or expanding businesses. Each has its own pros and cons and price tag, making it challenging to pick the best one for your needs.
So how do you choose? Consider these four tips:
1. Pick a Responsive CRM That can Grow With Your Business
Before you even start looking into the different CRM software, evaluate your current and future needs first. Think about where you see your business in 6 or 10 years. Consider things like what sales channels you might add, how much you project your company to grow and what it will entail for your sales and marketing team, as well as your consumer base. Then choose a CRM software that’s responsive and has the capacity to adapt to your needs.
2. Choose Software That is User-Friendly
Every CRM tool and software has different levels of complexities that suit various business needs. If you choose a CRM that’s difficult to use, then you might end up wasting money on something that doesn’t help expand your business. Choose software that’s user-friendly instead; one that can make it easy for you and your team to access needed data, which can be seamlessly integrated with your marketing strategies, and which will boost your sales team’s productivity.
3. Select a CRM Solution That is SaaS-Based
SaaS-based CRM solutions are swiftly gaining ground among CRM systems. One major advantage to using this system is that you don’t need to shell out huge sums of cash on your first investment. You also have the option to scale up the package you chose to fit your different business needs. More importantly, an SaaS-based CRM solution utilizes cloud hosting, which gives you easy and immediate access to all your crucial data. Any upgrades and maintenance of the system will be done by the service provider, enabling you to concentrate on your business and on using the CRM software to your advantage.
4. Test the Software Out First
Never make a purchase or make a deal with a CRM developer without testing the product first. This will give you and your team the opportunity to check out all the features and see if it will deliver what it promises. A dry run of the software will also demonstrate whether it can integrate smoothly with the other tools you utilize for your business.
The right CRM software can give your business a big boost. It’s a big investment so it’s crucial that you carefully consider the benefits it provides and how you will select which solution to use.
Most Corporations have the advantage of unlimited access to all the features a CRM (Customer Relationship Management) platform offers. Now small businesses can also enjoy this perk as well.
During Salesforce’s yearly Dreamforce conference, the company announced that one of their best performing CRM platforms – the Sales Cloud Lightning Essentials – will be available to all. With this, small businesses will enjoy the same access to features that large enterprises use to grow rapidly and work quicker and smarter. Small companies will also have access to Salesforce’s newest innovations, like Einstein AI, Lightning, and Trailhead.
Salesforce knows that to be able to cope with the demands of today’s competitive marketplaces, businesses should be able to easily integrate new technology into their day-to-day operations. This need is underlined by the revelation that 66% of small company heads are handling two or more departments. Meanwhile, only 26% of small businesses have an in-house IT department while the rest either deal with contractors or try to work out IT problems on their own.
Salesforce Essentials can go a long way in easing this burden, as the platform was designed for simplicity and functionality. Small business analyst, Brent Leary, explained that small companies need guidance and a user-friendly platform, especially if they’re new to CRM. Essentials’ simple interface does meet that requirement, with the Trailhead feature providing the necessary assistance needed to develop leads faster and see results more quickly.
New AI Features Great for Small Business
The three key features added to the Sales Cloud Lightning Essentials will definitely make a difference to small businesses.
Trailhead is an interactive, online learning platform that assists users in its implementation. It also gives guidance on topics like how to implement innovation and raise business knowledge.
Meanwhile, Einstein is showing small businesses the practical aspects of artificial intelligence. In an interview, Salesforce’s Senior Product Director of Marketing, Eric Bernsley, explained that while most have a lot of questions about AI, they don’t want big, vague concepts. They want to see how AI can help businesses get more done.
Entrepreneurs and small business owners know that manually inputting data is time-consuming and leaves little time for a company to identify or pursue new opportunities. But with Einstein, basic sales activities can be automated or records kept up-to-date. It can also help with predictive lead scoring or look at areas connected to possible leads.
Since Essentials is built on Salesforce’s Lightning framework, small businesses will be able to enjoy a smooth transition of their workflow on any device due to the system’s intuitive design. And when Essentials is combined with other Salesforce Apps, small businesses can eventually manage their whole sales conversation – accounts, leads to contacts – on any device, whether from the office or out in the field.
More importantly, all of Essentials’ features are scalable, meaning they’re flexible and can meet the CRM needs of any company, regardless of the size. And since Essentials is also built on a global platform, upgrading can be done anytime, something that will be beneficial to small companies.
The challenge for businesses is how to interpret and break down big data in a manner that is easily understandable not just from top to bottom of the organization, but also for their clients as well. This is where data visualization comes in.
The internet—or at least Google, Facebook, Microsoft, and Amazon—hold about 1,200 petabytes, or about 1.2 million terabytes, of data. There is no way human beings can process this amount of information without breaking them up into cute visual presentations that will explain the small and big picture.
There are actually data visualization software apps available on the market today that automatically interpret, find patterns, cross-match results, and provide context. This gives businesses a macro and micro view of the situation so they can make changes accordingly.
Below are some of the benefits of employing data visualization for your organization:
1. Optimizes Performance
People process information morequickly through visual presentation. All of your sales, performance benchmarks, and analytics can be arranged in interactive maps, which can easily be interpreted even by your customers.
This is certainly better than giving your rank and file a thick book with a ton of numbers in Word or Excel format. These software applications have the capability to pinpoint weaknesses in the workflow that may affect day-to-day operations. Client demographic and marketing statistics are laid out in easy-to-understand graph, chart, cartogram, geospatial, or histogram format. Using these visuals, you can easily determine dips and highs in your performance over the past weeks, months, or even years.
2. More Comprehensive Report
Since the dawn of time, civilization has processed its environment through the senses, particularly the eyes. Presenting relevant company data through data visualization will give everybody a more comprehensive picture of the company’s present situation against its goals. It also prevents redundant tasks, as personnel can immediately see if a specific task has already been accomplished or not.
Some companies evenallow those in the frontlines to make changes in the data based on the information they cull from the field. This includes updating old data, correcting erroneous stat, and others.
3. You Can Optimize the Potential of Visual Learners
The University of Alabama in Birminghamsays more than six out of 10 people in the U.S. are considered visual learners. It has been proven in studies that people have different learning styles. Some people learn better while listening, others perform better through reading, while a majority prefer to see data in the form of visuals. With over half of the population being visual learners, the only way to optimize their capabilities is through data visualization.
4. Communicates Core Message Better
Among the videos that went viral in 2016 were commercial ads from Nike, Samsung, and Shell. This underscores the importance of visuals for companies to drive home a point. The use of data visualization will onlysee more positive changes in the years to come. Blue chip corporations already have their entire IT department devoted to making use of the technological advancements to promote the brand through social media platforms such as Facebook, Twitter, YouTube, and Snapchat.
5. Real-Time Updating of Data
Unlike weekly, monthly, or quarterly business reports, data visualization software allows synchronization of your data with real-time updates. You no longer have to base your decision on old metrics when new numbers are constantly coming in. For instance, if your office in Seattle is struggling, you can immediately study whatever statistics are at your disposal to find the reason why. You can implement solutions immediately and address the problem before it becomes worse.
