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Serial Entrepreneur on Batteries, Balance, and How She Built a Global Business in Connecticut

As the demand for electric vehicles, consumer electronics, and grid energy storage systems continues to grow, so does the demand for safer, cheaper, high-performing lithium-ion batteries, which power most of these devices. The problem? Lithium-ion batteries are expensive to produce, have a history of exploding—one merely has to Google “Samsung phones exploding on planes” for more on that front—and have less capacity to store energy than do fossil fuels. Dr. Christina Lampe-Önnerud, CEO and founder of Cadenza Innovation, is solving these challenges and more. Her company, in which CI is an investor, has patented a battery architecture that is safer than existing designs, creates greater energy output, and is cheaper to produce. CI caught up with Christina recently to learn more about her company and her experience running a global business right here in Connecticut.

Connecticut Innovations: Thank you for agreeing to talk with us, Christina. You have an impressive background. (Among myriad notable accomplishments, Dr. Lampe-Önnerud patented a material to increase the power of lithium batteries while still a doctoral student, and later became one of management consultancy Arthur D. Little’s youngest partners.) What drew you to the startup route?

Christina Lampe-Önnerud: I am no stranger to big companies, and have been part of the leadership team of multiple large organizations with operations in multiple countries. [Dr. Lampe-Önnerud was a director and senior scientist at Bell Communications Research and later served as a director and partner in the Technology & Innovation Practice of Arthur D. Little before founding Boston-Power in 2005.] Bridgewater Associates, an investment management firm in Westport, brought me on in 2013 as part of its senior management team, which is how I ended up in Connecticut. I started Cadenza because when you have ideas that go outside the norm, it’s really advantageous to be laser-focused on stress testing the idea, which you can do at a startup. By forming your own company, you have the ability to commit to that idea, finish that idea, and find out if it works.

CI: What is Cadenza’s team focused on today?

CLO: We’re providing battery storage, which is one of the building blocks of the future. We live in unprecedented times, and those of us who have experience [in energy and related industries] are hearing an innate call to action: “Let the data speak, lock hands, do good, and do well.”

Today, individual consumers can generate and store power, but there is room for improvement in battery technology. At the other end of the spectrum, utilities are getting better at managing peak shaving—batteries are a very cost-effective solution here—to improve efficiency, lower costs, and reduce their carbon footprint. More predicative behavior in batteries is a cornerstone of the future. We’re having a lot of discussions with federal agencies and others. [Everyone’s looking for] the cheapest, highest-performing, safest batteries. At Cadenza, we get credit for our tech innovation, but this is also about business innovation. There’s a mega trend of new energy coming on to global markets, a real-world win-win.

CI: You have experience building companies with impressive global reach. Can you share the strategies that enabled you to expand internationally?

CLO: I relied on my personal relationships. I’ve always been in an international environment solving global problems. Even early on, at MIT [doing post-doc work], I enjoyed a super international environment. I learned that people would bet on you if you have something real. I also learned that you can be nice and tough at the same time.

CI: You’re a successful entrepreneur and a sought-after speaker, yet you still make time for music. Do you have tips for balancing your personal life with the demands of running a company?

CLO: Well, I wanted to be an opera singer but my parents made the choice for me to pursue academics. I don’t have any tips, but I do have a great life. Along with running my company, I’m in Silk’n Sounds, an all-female a cappella group. The music really forces me to be present.

CI: Cadenza’s success is certainly impressive. Leading manufacturers in China and Australia license the company’s technology to power buses and cars; the U.S. Department of Energy awarded $4M to Cadenza through its ARPA-E program so it could further develop technology for the electric vehicle market, and the company already has 15 partners, among them ABB, Alcoa, and UConn. What’s next?

CLO:  We were recently awarded funding for a demonstration project to further New York State’s nation-leading clean energy goals and support Governor Andrew M. Cuomo’s energy storage target of 1,500 megawatts by 2025. The New York State Energy Research and Development Authority (NYSERDA) is funding the initiative, which will be located at the New York Power Authority’s (NYPA) headquarters in White Plains.

CI:  What do you like about Connecticut as a place to start and grow a business?

CLO: From the flowers to the weather to the ocean, Connecticut is just beautiful, plus, people are kind and helpful and it’s a great community. Aside from the stunning ecosystem, Connecticut Innovations is an amazing partner. Pauline Murphy [a senior managing director at CI] has been so supportive. We tell her we have an idea and she says, “Interesting,” and we go from there. Plus, she’s made invaluable connections for us. The Connecticut Angel tax credit program is great, too. [Through the program, angel investors who invest at least $25,000 in a Connecticut startup in approved sectors receive an income tax credit equaling 25 percent of their investment.] Connecticut is a great place to be.

CI:  It’s been really inspiring to hear about Cadenza Innovation. Thanks for your time, Christina.

CLO: My pleasure.

Disengaged Employees Are Holding You Back. Here’s How to Deal.

You’ve seen it before: A once promising employee stops taking initiative. Spends far too much time scrolling through Facebook. Constantly calls out sick, and is nowhere near reaching the goals you agreed on. As a manager, can you turn a disengaged employee around? Should you bother? Read on for advice.

First things first: What is employee engagement?

According to CustomInsight, a leading provider of online HR assessment and development tools, employee engagement is “the extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.” (Don’t confuse employee engagement with employee satisfaction, which merely indicates whether your employees are happy.)

So how does an employee become engaged—or not? “Studies show work engagement is influenced by three primary psychological states: meaningfulness, safety and availability,” says Zach Mercurio, Ph.D., a faculty member and researcher in the department of psychology at Colorado State University. “Psychological meaningfulness is characterized by an employee’s knowledge and belief that what they do is positive, purposeful and significant. Psychological safety manifests when employees perceive they can speak up about new ideas or concerns without fear of retaliation or [damaging their] reputation. Psychological availability means employees have access to the resources they need to do their job. When these three things occur, engagement usually follows. But there’s a catch. If the demands of the job (i.e., time and tasks) outweigh the resources one has to maintain energy for the job, burnout and disengagement can follow.”

Since engagement is not always easy to measure, you might want to rely on more than just observation—your own and others’—to assess a particular employee’s situation. “Employees have different personalities,” says Lilia Stoyanov, CEO of Transformify. “Some may be more enthusiastic and outspoken than others but not necessarily more engaged.” Stoyanov suggests measuring engagement via 360-degree peer reviews and surveys, met deadlines, and the employee’s voluntary enrollment in internal training and other activities that are encouraged by the company.

Addressing disengagement

If you’ve noticed a troubling pattern that lasts more than a few weeks, talk to the employee right away. “Too often we fall into a bad habit of talking about our employees with managers and coworkers when it would be just as easy (and a lot more useful) to talk to them,” says Jason David, CEO of Software Portal. There may be an easy way to remedy the disengagement and pull them back in.”

“It’s not uncommon for employees to have weeks that are just off, [so] discussing it with them is a good way to make sure it doesn’t become a trend.”
It’s not uncommon for employees to have weeks that are just off, [so] discussing it with them is a good way to make sure it doesn’t become a trend, adds Alexander Kehoe, co-founder and operations director at Caveni Digital Solutions. “It’s unhelpful to discipline an employee if they are in the middle of something in their personal life that could be hurting their performance. The ebb and flow of productivity are perfectly normal, and getting to the bottom of why an ebb is occurring should be your main concern.”

Chuck Mollor, an executive leadership coach, agile management expert, and founder and CEO of MCG Partners, agrees that talking to your employee is a good first step, but cautions managers not to assume the employee is disengaged. “Leaders who notice a change in an employee should start with a sit-down meeting, informally and privately with the employee, to ask how they are doing. If they respond that everything is fine, it’s your opportunity to offer specific observations describing how they may be showing up in meetings, responding to questions, their recent level of activity, team participation, energy level or performance. The purpose is to not accuse them or make them defensive; this should be a conversation of concern and empathy.”

Ellen Mullarkey, vice president of business development at Messina Staffing, stresses the need for a calm, relaxed environment for the discussion, one “where the employee feels comfortable speaking freely.” Like Kehoe, Mullarkey advises leaving performance out of the first conversation. That way, there won’t be tension, and the employee won’t feel reprimanded, she says.

If you’re unsure how to begin the conversation, Leesa Schipani, SHRM-SCP, a partner with KardasLarson, advises asking the following:

  • What motivates you to stay with the organization?
  • Why do you want to succeed in your role?
  • Which aspects of our culture work for you? Which do not?
  • If you were your own manager, how would you manage yourself?
  • How can I help you have a more rewarding experience each day?

During the conversation, “you need to be prepared to hear some negative things about the organization and your leadership style,” Schipani cautions.

Robert Moses, founder of The Corporate Con/noisseur, agrees. “When we measure engagement, we do so by asking our employees for their honest feedback. But this only works if you can create an environment of openness and one without fear of retribution. By being open and honest with our staff, we get the same courtesy back,” he says.

Once you’ve identified the root cause of the problem, you can begin to remedy it. “If a personal issue is distracting the employee, he or she should be referred to an HR support function for employees who are facing personal or family issues,” says Irv Goldfinger, managing director at Actualize Consulting. “If the root cause is job related, identify whether it’s the employee’s assignment, the clients that the individual must deal with on a daily basis, an issue with other team members, or challenges with colleagues or a supervisor. Once the cause is identified, a formal program for resolution should be drafted in conjunction with the employee and his or her supervisor.”

Performance improvement plan or termination?
If you discover that your employee is disengaged from the job and not just going through a temporary rough patch, you’ll have to determine whether a performance improvement plan is the logical next step, though the solution may be even simpler. “Depending on the factors driving the lack of engagement, the employee could be assigned to a new project, moved to a different team, etc.,” says Stoyanov.

“Determine whether [the employee] understands the work and finds it useful,” says Rich Franklin, founder and president of KBC Staffing. “Then, figure out if they have a good relationship with their manager and whether they are able to communicate with him or her. Once you have these answers, tailor your solution. Telling someone to become more engaged is probably not going to help. It’s equivalent to telling someone to feel better when they have the flu. You need to be clear that there is a problem and lay out a clear set of guidelines for improvement. It’s important that your employee knows what needs to change and by what date.”

“If the employee has quality characteristics and a decent attitude, and is coachable, it’s in everyone’s best interest to put a mutually agreeable plan [in place] for specific areas of growth,” says Tracy Washington, a Certified Leadership Engagement Consultant and author of Relationship Leadership: How to Strengthen Relationships to Build More Trusting and Effective Teams.

A performance improvement plan doesn’t always make sense, though. “You don’t want to put an employee on a performance improvement plan when they clearly don’t want to work for your organization,” says Schipani. “At that point, help them transition out.”

“There are times when termination is appropriate, in cases of sabotage, lack of team collaboration, or [an employee who] is toxic to the culture,” adds Washington.

“Actively disengaged people will sabotage your business and your team. They look for ways to undermine you and destroy the organization. Don’t try to fix these people. Terminate them immediately.”
“There’s a difference between being disengaged (apathetic) and actively disengaged (destructive),” adds Bryan Zawikowski, vice president and general manager at executive search firm Lucas Group. “Actively disengaged people will sabotage your business and your team. They look for ways to undermine you and destroy the organization. Don’t try to fix these people. Terminate them immediately. There is hope for disengaged associates, but don’t let it fester. Deal with it privately and directly. Explain that you have noticed the behavior change—be specific—and ask them why. Don’t let them get away with a simple apology. Once you find out what’s driving the disengagement, you can take appropriate action to get it turned around.”

“If you feel the employee has the potential to turn it around, have an open, honest and courageous dialogue,” says Mollor. “They need to understand the gap between where they are and where they need to be. If an employee does not demonstrate they can do their job effectively or improve performance after feedback, coaching and development, or they do not consistently demonstrate the appropriate values and behaviors of your organization and culture, then terminate them. The longer you procrastinate, the longer your morale and overall team performance may suffer.”

What about your A-players?
Speaking of morale, you need to consider how the actions of a disengaged employee and your reaction (or lack thereof) are affecting your top performers, who may be annoyed that they’re required to compensate for their teammate’s lack of effort. “Sometimes all it takes to smooth over ruffled feathers is to let them know that you aren’t oblivious,” says David.

You can keep your A-players motivated by giving them complicated assignments and sponsoring their continuing education, says Stoyanov. “By default, A-players are bright people eager to learn and develop.” Financial incentives are also key. “Performance bonuses are a great way to encourage good performance and differentiate the A-players from those who aren’t pulling their weight,” she says.

You can also stress to your top performers that not everyone is cut from the same cloth. “Remind your A-players that the world is not created equal and not everyone is on the same level as they are,” says Mollor.

“If [top performers] come to you with complaints, assure them that you’re addressing the problem,” says Mullarkey. “Talk to them, and use their input to steer your course of action. You shouldn’t share any information with them about their coworker’s improvement plan, as it’s not their business, but you should let them know that you take their input to heart and that you’re working on rectifying the issue.”

Zawikowski puts it a little more bluntly: “A-players who are fully engaged recognize those lower on the engagement ladder and need to see their leader doing something about it or they won’t stay around.”

Adds Washington, “A leader must demonstrate the ability to confront the under-performing employee in a timely manner or risk losing their credibility and the respect of the team.”

Create a culture of engagement

Perhaps the best way to combat disengagement is to try to prevent it in the first place. You can accomplish this by making sure your employees know what the company is working toward and how they contribute—and why it all matters. “The root cause of disengagement is misalignment between the individual’s values and the corporation’s core values,” says Sergei Brovkin, an executive coach and facilitator with Collectiver. “If the employee’s core values are misaligned with the company values, whether declared or implicit, make the person available to the job market. Letting go is not a bad thing if a person is a good specialist: he or she will find a more engaging job elsewhere. Keeping a toxic person (and that’s what disengaged people really are) in the company because of some special talents is usually a bad idea, especially if the company is small.”

Communication is critical, too. “Poor communication impacts employee engagement by making team members feel removed from decisions and devoid of any sense of ownership,” says Carlos Castelán, managing director of The Navio Group. “In many ways, poor communication, or a lack of communication, is worse than conflict because it signals to someone that they’re not valued enough to be included. Poor communication can lead to role ambiguity as well as heightened stress because of a lack of feedback, which ultimately leads to talent drain or other symptoms of low engagement.”

Create a culture of truth-telling, says Jim Haudan, co-founder and chairman of Root Inc., and Rich Berens, Root’s CEO. The co-authors of What Are Your Blind Spots? also caution managers not to assume people will share their real opinions. “Often, people don’t think it’s safe to share their thoughts with leaders, and so they whisper in the halls and commiserate during happy hours. This is an engagement killer. Welcome honesty, ask for real feedback and work together to make adjustments so everyone feels a part of the decision-making and is on board with the plan. That’s how you create true engagement.”

“It has become increasingly important for employers to find ways to engage and show appreciation for their team members, particularly against the backdrop of one of the hottest job markets in recent memory,” says Castelán. He says businesses can show appreciation through an empathetic approach in their culture and recognizing employees for a job well done. “Critical to being empathetic is updating work policies that reflect the changing nature of work such as flexible work schedules and, for example, allowing work from home. Building a work culture that reflects an understanding of the realities of the modern age is important to attracting the best talent.”

“On the recognition side, providing regular feedback to employees—particularly stars—and then showing gratitude via recognition is important,” Castelán says. “Recognition should be done in a way that’s memorable or unique versus a blanket approach like a generic plaque. Employees want to feel unique and valued, so thinking through recognition that is personalized is important.”

How do you create a culture of engagement at your company? Join the conversation on @CT_Innovate.


 A Five-Step Plan for Turning Around an Employee Who’s Disengaged

  1. Address the underlying issue. At the heart of disengagement is an underlying issue that is allowing the employee to feel this way. We look to have open, transparent conversations with all employees to address their satisfaction and engagement with what we do.
  2. Formulate a plan. The next step is to work directly with the employee to set up a plan of action. Find topics and projects that truly interest the employee. We push to have the disengaged employee become an active member in projects they are passionate about.
  3. Remove barriers to unhappiness. All disengaged employees are unhappy about something, so we look to see what external stressors are influencing the employee’s mood. Whether it’s their commute, their feelings of being overworked or a personal issue, we try to work with them to ease those external influences.
  4. Encourage happiness. It sounds cheesy, but we push our employees to engage in happy, relaxing activities. Whether it’s a 30-minute walk outside or a weekly lunch provided by the company, we try to give all our employees something to look forward to.
  5. Show direct impact. The last, but most important, step is to show impact. Disengaged employees may not [recognize] the impact of their work, so we show them how their work and actions influence the larger picture and provide value to our users.

—Robert Moses, founder of The Corporate Con/noisseur

Data Privacy Laws: What You Need to Know

Complying with new and emerging data privacy laws, such as the EU’s General Data Protection Regulation (GDPR), can seem onerous, especially when you’re a busy entrepreneur with hundreds of other priorities. So we asked Doc Sheldon, an expert on data privacy laws and the founder/owner of Intrinsic Value SEO, to break it down for us.

 

Connecticut Innovations: Thanks for lending us your expertise, Doc. Does GDPR apply to companies of all sizes?

Doc Sheldon: There are certain aspects of the regulation that don’t necessarily apply to very small companies, such as the mandatory requirement to appoint a data protection officer. But the principles at the heart of the regulation—especially the rights of the data subjects and the handling and protection of their personal data—apply to all companies, regardless of size.

CI: What about startups that offer products and services only in the United States? Do they have to worry about data privacy?

DS: There are several things that “automatically” establish that the GDPR applies to a company’s activities as they pertain to an EU/EEA data subject, including offering content in the language of an EU member state, accepting payment in the currency of a member state, and offering shipping to a member state (or even worldwide shipping). A U.S. company may even have additional vulnerability, in that it may be more likely to be transmitting personal data outside of the EU/EEA, whereas a company located within the EU/EEA may not be doing so.

CI: Various states in the United States are creating their own policies, correct?

DS: Various states have already enacted, or are in the process of enacting, legislation to require protection of personal data. Most of these share a great deal of similarity with the GDPR, at least in concept. However, there are also marked differences between them, which necessitates that a U.S. company comply with them all. This essentially means that [companies] must comply with the most stringent requirements of any of them. In order to alleviate confusion, there are ongoing efforts to draft and pass a federal data protection standard, which would approximate the levels existing in the GDPR.

CI: What does a startup have to do to comply? Are there steps you can outline?

DS: This is a very difficult question to answer, and a response would be quite lengthy, as the compliance measures will differ somewhat from one company to another.

CI: OK. Do you have tips for writing a privacy policy?

DS: An effective privacy policy must encompass a number of things, including providing the following information to data subjects, at the time their data is being obtained:

  • An enumeration of their rights regarding the gathering and processing of their data, which will include the right to request from the controller access to, rectification or erasure of, or limitation of the processing of their data, as well as the right to a machine-readable copy of their data and the right to withdraw consent to processing at any time;
  • The identity and contact details of the data controller and its representative, where applicable;
  • The contact details of the data protection officer, where applicable;
  • The purposes of the processing of their data;
  • The legal basis for the processing of their data, including the pertinent legitimate interests, since that is the legal basis for processing;
  • The right to lodge a complaint with a supervisory authority if they feel their rights have not been honored;
  • The intent to transfer their data to a third country or international organization for processing, as well as the safeguards employed and the means by which they can obtain a copy of their data;
  • The time period for which their data is to be kept.

In certain circumstances, other notification requirements may exist.

CI:  Who in the organization should own the data privacy piece?

DS: The privacy policy should be owned by the data protection officer, where one exists, or by the designated individual responsible for all data protection activities.

CI: What is the timeline for complying?

DS: The GDPR was passed by the EU Parliament in April 2016, but enforcement was postponed until May 25, 2018. At that time, the regulation was fully enforceable for all entities subject to the regulation.

CI: Do you have tips for creating records of what you do with user data, or an easy way to pull that data?

DS: My favorite recommendation for keeping a record of consent is to use CookieBot, which presents the cookies to be placed on a user’s computer, and monitors/stores those consents. Additionally, the WordPress content management system (CMS) provides the ability to access or delete stored data. A company can also maintain an independent log of all data transactions, using pseudonymization, to document its actions.

CI: How will these data privacy rules affect marketers, who rely on customer data and analytics to serve up personalized experiences?

DS: That is really still developing, so at this point, I can only offer some rather obvious observations. Spamming will now be particularly hazardous, and cold calling will have to be done with a very careful structure.

CI: A lot of companies have a CRM to store customer data, plus a marketing automation tool that sends emails and tracks open rates, click-throughs, site visits, etc. Do both systems have to comply?

DS: Any and all instances of acquired, stored or processed personal data will have to comply with the regulation. Where appropriate justification is present, access to that data will have to be limited and carefully safeguarded.

CI: Any other advice for entrepreneurs?

DS: Two other things that occur to me are: (1) There needn’t be any payment required for an entity to be subject to the regulation, so even an informational blog can be as vulnerable as an ecommerce entity. (2) Many companies believe that because they have no presence in the EU/EEA, the European Commission has no ability to enforce the GDPR against them. This is incorrect, as both international law and reciprocity agreements exist that enable [the commission] to enforce actions against U.S. entities.

A final thought:

At first glance, the GDPR can seem intimidating, in both reach and scope. However, keep in mind that they prepared a regulation that would cover virtually every conceivable instance. So many of the requirements won’t affect most online entities. It’s not as imposing as it first seems. Also, the GDPR is just a combination of common decency and common sense. The regulation wants everyone to protect personal data the same way we would all like to have our own data protected.

CI: Thank you, Doc.

DS: My pleasure.

How the Finance Industry Can Use Local SEO to Its Advantage

navigating map on tablet

Photo courtesy of Pixabay via Pexels.com

Do you work in the financial industry? It’s very competitive. In fact, 50 percent of financial analysts in a class drop out by the time they reach the associate level. Moreover, selling financial products is even harder due to the high targets, and with millennials preferring to save money rather than invest it, the market is quickly becoming scarce.

Don’t be discouraged! There are many ways you can gain an advantage over your competitors. One of the best ways to do so is through local search engine optimization (local SEO).

What is local SEO?

For many of you who work in financial institutions and markets, this could be the first time you have heard of local SEO. Let’s quickly discuss what it is to give you a better idea of how it can help you gain an advantage.

Local SEO optimizes the content of your website and/or social media platforms so they will rank better in search engines for a local audience. It’s a great way for financial advisers and other industry professionals to promote their products to people who are geographically near to them at the exact time they do a local search. According to Propelrr, the case study suggests that five out of 10 local ‘near me’ searches are in the financial industry. That’s a huge potential for the finance industry to penetrate the digital landscape.

tablet and keyboard

Photo courtesy of Pixabay via Pexels.com

What are the benefits of local SEO for your financial business?

Wondering how local SEO can help your financial business? Take a look at this list of benefits the financial industry can get from local SEO.

1. Better visibility in search engines – When you search online, have you noticed that you seldom go to the second page of the results? Do you know how many online users do? Only 0.78 percent!

Local SEO makes it easier for people to see your business online. The higher your site ranks in search results, the better the chance that your potential customers will see you.

2. Increased online and foot traffic – When people don’t see your business, they can’t come to you. Local SEO strategies will help put your business out in the open. Business owners can expect an increase in online and foot traffic if they execute their strategies correctly, especially if your business name, address and phone numbers (NAP) are up to date and consistent across all channels. Keeping your NAP updated will help build online consumers’ trust in your business.

3. Better brand authority – Did you know that businesses that get the number-one spot in a search engine get 32.58 percent of online search traffic? That’s because links/websites on the top spot of the search engine results page (SERP) are considered an authority on whatever it is a user is searching for. And because your business is seen as the authority, it will get a huge chunk of online visits.

4. Google My Business (GMB) page optimization increases map visibility – Want people to know where your bank’s branch is? A great way to inform people of your bank’s location or office is by optimizing your GMB page. The GMB page is usually shown at three locations online: (1) Google search page, (2) Google Maps and (3) most online listings, like Google, Bing or Yelp.

People will get to see your business name, address and phone number (NAP). The information is used by Google to display in searches and maps, making it easier for potential customers to visit you or send you a message. Just make sure that your details and business category are correct so that Google won’t penalize your business by losing organic search visibility, traffic and revenue.

5. Increases your website’s rank in search engines – Google assigns human evaluators to check if your site is to their standards. You must optimize your content locally for your website and GMB page. Your rank in search engines will go up if your local SEO strategy is executed correctly. What this means for a financial business like yours is that your website and business are easier to find and/or discover by first-time and returning customers.

6. Local SEO reaches customers who are in need of your service – Unlike paid ads that intrude on the user experience, local SEO organically reaches customers who are in need of your financial service. Your business can be presented first to a person who has done an online query searching for a service similar to yours. It’s an efficient and cost-effective method of getting more reliable conversions, as well as building an online reputation and domain authority.

7. Local SEO is 100 percent free – Unlike running paid ads on social media platforms, local SEO is basically free. Setting up your GMB page is free, optimizing your content is something you can do using the many free online tools, and keeping your NAP consistent across all platforms is free. Anyone working in a financial institution should realize that this is a good deal that can help you earn big.

stack of books

Photo courtesy of Pixabay via Pexels.com

8. It’s easy to learn – SEO, in general, is relatively easy to learn compared with the number-crunching a financial business does. Moreover, hundreds of blogs offer free resources to learn how to do SEO. If you’re worried about financial institution regulations, well, local SEO is the future of the digital world, and Google takes care of those who break their rules by imposing penalties to sites.

9. Social sharing – Local SEO provides possibilities to build partnerships with other businesses through backlinks and social sharing. Such partnerships help both your financial business and your partner. The more partners you get to cite your websites, the better it is for your business and for theirs.

10. Increase in repeat business – As mentioned, local SEO builds trust in Google and your customers. And if you provide great customer service and value to them, the trust you’ve earned will turn into repeat customers and, of course, more profit for your business.

Local SEO is clearly a great bargain (especially considering it’s free) for the many benefits you can get out of it for your business. These benefits should convince you to update your website and GMB page as soon as possible to reap the rewards of local SEO.

 

Guest article by:
Jason Garcia
Blogger and Business Manager
www.investmentdad.com

Calling Would-Be Angel Investors: There’s a State That Has a Deal for You

writing data analysis

With slowdown on the horizon, states are seeking ways to protect economic momentum. In an article recently published in Entrepreneur, Matt McCooe discusses how angel tax credits are putting investment capital back into local economies.

 

Read More

 

How to Write a Killer Survey

checklist illustration

How to Write a Killer Survey

 

Customer feedback is critical, and surveys are a great way to get it. But how do you craft a survey that will deliver the actionable results you’re after? Experts offer their best advice.

 

THE DIGITAL MARKETER SAYS…

“Make it accessible. We live in a survey-polluted world. Every time you visit a shop or receive a service, chances are you’ll receive a survey about it. It’s great that you have a voice, but with the high volume of surveys people receive, surveys have become more of a nuisance than a privilege. That’s why it is insanely important to make the survey extremely accessible to the consumer. Don’t make the consumer go to a bunch of sites, create an account and fill out a hefty survey. Try to cut down as many steps as possible.

“Make it short. I know you’re dying to find out every bit of information you can from a consumer, but chances are if a consumer opens a survey that’s pages long, he or she is going to exit right out of it. Make the survey as short as possible—five to seven questions tops! Also, see if you can make it multiple choice or selection based, because if consumers see a bunch of lengthy text boxes they’ll also exit out. Always give the option for a customized answer if the consumer feels passionate about your service/business.

“Make it polished. As silly as it seems, make sure your survey looks polished. A survey is an extension of your brand. Consumers should feel impressed no matter what stage of your marketing funnel they’re in.”

—Ciara Hautau, lead digital marketing strategist, Fueled

THE UX (User Experience) DESIGNER SAYS…

“The biggest reason people don’t complete surveys is that they’re too long. Unless you are reimbursing [respondents] for their time, you want to keep the survey short, with a maximum complete time of five minutes. Show them how much progress they have made so they can see how much is left. It’s frustrating going through the steps of a survey and never knowing how many [questions] are left.

“Consider offering an incentive, such as a prize draw for gift vouchers. You don’t have to offer huge sums of money. Fifty dollars can be enough to increase completed survey rates by 10 percent.”

“Be consistent in your rating scales. If you use ‘1 = terrible’ and ‘5 = amazing,’ stick with this in all of your ratings.”—Paul Manwaring, UX consultant, Outsprung

THE BUSINESS CONSULTANT (WITH A MASTER’S DEGREE IN PSYCHOLOGY) SAYS…

“Most businesses use Likert-type surveys—those that ask if you agree, disagree, somewhat agree, somewhat disagree, etc.—without knowing what these are or how to do them properly. Please stop doing this. [You] get bad data, and [the results] don’t say what people think they say.

“True Likert surveys need five to eight questions to answer one topic. If you aren’t going to ask that many questions, I recommend at least two, with only three options for answers: agree, disagree, undecided.

“Likert’s brilliance was that he realized most people avoid demonstrating strong opinions. These are socially unacceptable. So people tend to mark the middle, which is why Likert put ‘undecided’ in the middle. This answer removed people’s [response] since they had no opinion. Next, some people will fudge and just mark all the answers to the far right (strongly agree) or far left (strongly disagree). Having a positive and negative version of a question (‘I enjoy shopping at Wal-mart’ plus ‘I do not enjoy shopping at Wal-mart’) removes noise because they cancel each other out. That left Likert with real responses.

“If you only use two questions, you really only need agree/undecided/disagree. This is why Netflix only has a thumbs up and thumbs down. Thumbs up is positive (agree), and thumbs down is negative (disagree). When you don’t rate a film on Netflix, it counts as undecided. Netflix only factors in the movies you rate positively and negatively. That’s all you really need for a customer survey. Amazon’s five-star reviews are an example of Likert in action too. Amazon uses these to help decide what to sell you, so think about that the next time you write a review!

“Next, we get into what you want to survey for. If it’s for product development, that’s usually a bad idea. Customers don’t know what they want. Most people didn’t realize they needed a television or radio. After all, they had books. Apple took a chance on smartphones, and look at its market share now. Heck, look at the iPod and how it revolutionized the music industry.

“If you want to develop a product or service, solve a problem. And survey for problems. What bothers people? What do they hate doing? What are they doing now that your product will do cheaper?

“As for length, shoot for no more than 20–30 Likert-type questions. People will spend more time and do a better job on surveys if they are paid, due to a sense of fairness. You also get more honest responses if they put their name on the form versus doing it anonymously, unless the topic is embarrassing. Avoid open-ended questions, and if you have them, you need five or fewer.”

“Finally, listen to your customer support people. They know what people do and don’t like about your product. Customer service call center databases have some of the best open-ended discussions a company can get their hands on. The reasons people call will help optimize products and can create efficiencies elsewhere. Along those same lines, you get more valuable feedback from fan clubs than you get from focus groups. So start a fan club, don’t hire a focus group. Fan clubs love your product and want it to be better. They are more invested than focus groups.”

—Anthony Babbitt, MS, MCSE, business consultant

THE BUSINESS STRATEGIST SAYS…

“When it comes to creating customer surveys, the key is to learn what the customers’ pain point is. Ask, What problem are you trying to solve? Keep this question open ended. By allowing customers to use their own words, you not only gain insights into how they see the problem (as opposed to your assumption of the problem), you also get verbiage you can reuse in your marketing to create an emotional connection. Another key question (that should also be open ended) is what their dream solution to this problem is. This gives you an insight into what your customer is looking for.

“When writing the survey:

  1. Use qualifiers. Not everyone you are speaking to or who is willing to answer your survey is your ideal customer. Using conditional logic, the first few questions should ask information that confirms that you are speaking to your ideal customer.
  2. Think about UX design. This is often an overlooked piece and can contribute to how many responses you get. The survey doesn’t need to be a beautiful piece of art, but it should be easy to use.
  3. Unless you only have a handful of questions, don’t put all your questions on one page. This can be overwhelming to the user and may limit the number of people who are willing to fill out your survey.
  4. Only ask the critical questions. This is not the time to ask every question that you want an answer to. Ideally your survey should take less than four minutes to fill out. If it takes any longer, not only will the number of responses go down, but the quality will too.

“Software and tools don’t need to be complicated. A free tool such as Google Forms works just fine. To help the business later on, capture emails in this process.”
—Kat Rosati, business strategist, Apparel Booster

Want to get into the healthcare space? Here’s where you might want to look to invest.

healthcare cost

For investors looking at the biotech space, the looming healthcare boom means a burst of new opportunities—but navigating the field won’t get any easier without a keen understanding of the market.

Connecticut Innovations’ Chief Investment Officer, Dave Wurzer, recently wrote an article for PE Hub that explores hot investment trends in the healthcare and bioscience spaces. The need for innovative health tech is growing exponentially. What are you keeping tabs on?

We invite you to click to read the article here.

What We Learn From Kids That Makes Us Better At Work

boy in tree

On the fourth Thursday of each April, Americans take their kids to work. Not only is this a learning experience for our children, there are many professional takeaways for parents too.

Our CEO, Matt McCooe, recently wrote a piece for Chief Executive that explores ways professionals can utilize effective parenting strategies to improve workplace experiences. Fostering a positive workplace culture can be a challenge, and special occasions such as these can provide fresh insight into ways to make meaningful improvements. What will you bring away from take your child to work day?

Read article here.

Now Is the Time to Press Even Harder for Immigration Reform

grads throwing caps

After receiving the best education America has to offer, many foreign-born grads have to take their knowledge and talent to countries with more welcoming immigration policies. But it doesn’t have to be this way.

Universities are in a unique position to leverage incubation spaces and attract foreign entrepreneurship, but these communities need to work to encourage highly-skilled, foreign-born graduates to stay in America.

Our CEO, Matt McCooe, recently wrote a piece for Entrepreneur that discusses how legal immigration benefits the U.S. economy, and what university communities can do to spur economic growth through academic-entrepreneurial ventures. I invite you to read the article here.

 

International startups can speed the growth of entrepreneurial ecosystems

global map

Middle America has significant advantages to offer, but cities need to learn how to sell the benefits and provide the capital needed to attract international entrepreneurs. How is your community set up to support foreign entrepreneurs?

Our CEO, Matt McCooe, recently wrote a piece for VC Journal (VCJ) that discusses ways to attract overseas startups that boost local economies. I would like to invite you to click to read the article below.

Read full article.

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