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Business/Entrepreneurship Entrepreneur

COMMON QUARTERLY BUSINESS REVIEW MISTAKES YOU SHOULD NEVER MAKE

There four quarterly periods in a year, meaning a publicly traded company would issue four quarterly reports per year.

Companies and investors alike use fiscal quarters to keep track of their financial results and business developments over time. These quarters are often referred to as Q1, Q2, Q3, and Q4.

Quarters do not always line up with the calendar year. For instance, if a company chooses to have its fiscal year starting in February rather than January, then its first quarter would consist of February, March, and April.

 Companies sometimes choose to do this if they want their fiscal year to end in their peak season. 

Alternatively, since finishing the year often involves a lot of additional accounting work, some companies choose to end their fiscal year on a relatively calm month.

As a start-up or a growing business, a quarterly business review is also necessary, it is not a luxury. The main advantage of quarterly reporting is that it allows you to measure the growth or lapses of your business with a previous quarter or with the same quarter from a previous year.

You can identify factors that contributed to high performance or low performance to improve your stance at the end of the year. To have a true picture of your business’s state of affairs you should avoid the following mistakes;

Set a Meeting Agenda

Meetings without a distinct goal get classified as “pointless” and “unnecessary” by employees.

“Meetings must have a clear purpose beyond a status report, which can be handled very well by one of the many online project management tools that are out on the market,” said Stephen Sheinbaum, founder of Bizfi, a financial technology company, and alternative finance provider. “Make a meeting agenda, and send it to all attendees ahead of time so they know what is expected of them at the meeting.”

Have defined start and end times, and most importantly, have someone to lead the meeting and keep it on track.

Focusing on the problem

It is not uncommon to find people who can uncover underlying issues from the previous quarter. Finding out the problem is okay, finding a solution is good but implementing that solution is what makes great companies.

The purpose of a quarterly business review is for after the meetings and measures must be put in place to ensure that the solutions proffered are implemented.

Focusing on the wrong metrics

The right metrics differ for different businesses, but generally, some metrics to look out for are; sales margin, profit margin, customer retention ratio, social media engagement for e-businesses.

The metrics should be very specific to the business but also general for comparability purposes with “benchmark” companies. If you are building a global brand that should be the focus and even if you are building a local brand excellence should still be the goal.

Inconsistent metrics and method

Small disciplines repeated with consistency every day lead to great achievements gained slowly over time. John C. Maxwell, The 15 Invaluable Laws of Growth

Consistency with metrics with the right metrics is just as important as choosing the right metric. and key performance indicators (KPIs) will give a true picture of the financial position of the business. Inconsistency will hide it.

Remember, what you don’t measure you can’t improve. Did you have a business review for the last quarter?

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Business/Entrepreneurship Education eLearning Entrepreneur

6 LIFE CHANGING MONEY HABITS

Our money habits have a profound effect when it comes to building wealth and getting wealthy. They literally control – sometimes unconsciously, how we operate each and every day.

If you can improve your money habits you will improve your standard of living and spend money on things that are more important to you and to your goals. Below are six money habits that will change your life.

DRAWING A MONTHLY BUDGET

Budgeting is a game changer; it allows you to be resourceful.

Having good money habits is a learning curve and a lot of it is centered around planning. Planning how you spend your money will never go out of style. A good old budget with details of your monthly expenditure and a specific figure will save you.

Remember to keep it simple, to make it too complicated so that it’s easy for you to track. Having a daily, weekly or monthly spending limit will also aid your self-control with money. What are you waiting for, Budget for next month already!

TRACKING YOUR EXPENSES

There a ton of apps out there to help you track your spending easily. Some of them are Editor’s choice, mint and expensify.

 Tracking your expense helps you stay in control; it also gives you a helicopter view of your spending pattern and the expense that takes most of your money.

This will help you know what expense to reduce and then provide insight in channeling your resources to more important areas of your life.

LENDING MONEY TO FRIENDS AND FAMILY.

Without a doubt your friends and family are important to you. But if you lend money every time you are asked you will end up with no money and a ton of debt.

It fools hardy to lend money to somebody who has no means of paying back. Here’s where credit worthiness is important, drawing the line on borrowing limit if you can’t help it or simply saying no.

AVOID SALES SLASH

You know them, “buy two get one free”. The thing about sales slash it is that you end up spending more money than you think.

It creates an illusion of a good deal but you will most likely end up not using them and then eventually you end up decluttering it all.

Except you are saving up and waiting on a time when the item you want will be sold at a much lower price avoid sales slash to stay within your budget.

Remember it’s all about spending you hard earned money more intentionally.

KEEPING YOUR SAVINGS AND SPENDING ACCOUNT SEPARATE

If you put all your monies in one account, it creates an illusion that you have more money than you actually have. But separating your savings or investment pool from your spending pool will help you spend your money with discretion.

Remember, new habits take time to form and you can’t undo all your bad money habits overtime give yourself a “grace period” and an opportunity to grow into it.

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Business/Entrepreneurship Entrepreneur

5 COMMON MISTAKES IN SALES

Sales is at the core of every profit-making business and must be treated as such.  The reason for a dip in sales or low sales is not far-fetched. It is traceable. Here are some mistakes you may be  making in sales;

Selling what you like and not needs

It’s great that you love knitting but is that an immediate need in your immediate environment? Is there a ready market for it?

Money making (sales) is directly proportional to creating value and the more value you create the more money you make(sales).

Coming off as too “salesy”

You have probably heard this so many times and I will tell you again, “NOBODY LIKES TO BE SOLD”. Most people like to feel in control of their buying decision rather than feel coerced into buying.

A better approach is to influence their buying. Hence the rise in the use of influencers by brands, both local and global. This use of influencers will create a desire, need, or a sense of urgency to purchase that item.

However, it is important to note that building trust is directly proportional to sales therefore people are more likely to buy things from people they trust.

People trust influencers and so are more likely to trust your brand. Find more information on the use of influencers for both small and global brands here.

Trying to sell to everyone.

Everyone is not your customer except you are selling water and even at that there are different markets for drinking water, sachet water, bottled water, sparkling water and a host of other diverse classifications for different target markets.

 A rich person is more likely to get sparkling water or bottled water and trying to sell him sachet water would be as futile as trying to fill a basket with water because it is beneath his standard of living. Do you get the drift?

In the same vein, it is important to first identify your target market and ensure that you are expending your advertising and marketing on the right platform and to the right people.

Drawing up an ideal client profile or avatar would help guide you to manage your business resources and in essence improve sales.

Proper follow – up

It is not enough to put all your resources in advertising and promoting your product or service.

It is also important to properly and immediately follow up on clients who have made enquires or clients who have shopped your products or engaged your services to get good reviews and in the same vein generate referrals that would be long-term clients.

It is also important to follow up on old-clientele to know their itch-cycle and sell them the product or service exactly when they need it.  

Also, it is a short-sighted approach to ignore your present clientele and chase new clients because milking your current clientele Is a cheaper and easier strategy to generate more sales.

You will probably make more sales than you are making now If you push a little more with follow-up strategies to close sales.

Bad closing approach

Closing sales is fast becoming a core skill, it is in high demand because it is so delicate and important in improving sales. it is arguably where the most sales mistakes are made.

There’s no one way to close sales, there are different techniques to closing sales, which we will address in a different blog post.

However, it is important to note that in closing sales, it is important to be sensitive to the customer needs and do more listening rather than talking.

Ask the right question to address the concerns in the mind of the prospective client, this would take away the obstacles in sales.

Which of these sales mistakes have you been making? What do you plan to do differently? Let us know!

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Business/Entrepreneurship Entrepreneur

TOP BUSINESS LESSONS FROM 2020

The year 2020 was a year replete with business lessons as it was a tough year for businesses.

We saw both global businesses including mom and pop shops go through the rut and out, with some businesses barely surviving and others having to close operations completely. It felt like 10 years compressed into one.

It’s dire to take stock of the actions and strategies implemented by the resilient business that survived as well as those businesses that failed to chart a new course for the coming years.

The following are the top business lessons from 2020 that every business must put in focus going forward.

Embracing Technology

The pandemic resulted in the cancellation of events, that affected a lot of lives, jobs, and businesses. We saw remote working and virtual events become the new normal. People and businesses that had formally not embraced technology were forced to.

Hence, the rise in the use of platforms such as Google meet, zoom, and many others. If there’s only one winner from the coronavirus pandemic, it will have to be Zoom Video Communications, the once-obscure enterprise software maker that turned into a life essential almost overnight.

In the first three months of 2020, daily use of Zoom’s video conferencing software jumped 20-fold, according to company founder and CEO Eric Yuan, as people turned to the app to work, learn and socialize during the quarantine.

In its latest fiscal year ended January 31, the company posted an 88 percent year-over-year jump in revenue (to $622.7 million) and a profit of $25.3 million, a rare milestone for a nine-year-old startup.

The pandemic has accelerated the shift to digital! Only businesses willing to embrace technology will remain relevant.  Will you rather go digital or rut?

The importance industry of connections

More than ever it has become important for the business to have support from peer businesses, the government, and the public. This would e determined by the series of connections made and preserved by the business.

Particularly the connection made by the business in terms of value creation especially for its target market.

This would ensure the going concern of the business because the business that creates value by solving a problem has a higher probability of thriving, ceteris paribus.

Do you relate with peers and key players in your industry? Does your business create value?

The importance of structure and planning for decision making

The importance of structure in business cannot be overemphasized and this structure must cut through systems and processes in business, including the decision-making process of the business.

Planning shows proactiveness and this is a critical skill for business survival. The ability to foresee the future through figures and to plan accordingly for business success. Business success is not a happenstance, it is a series of calculated moves based on structure and planning.

Of course, there are times when a business must change its course upon eventualities outside its control such as COVID. This is why every entity must make flexibility a core part of its business plans.

Embracing Creativity and Innovation.

As with the common saying “either you innovate or you die”. Innovation is the bedrock of entrepreneurship and it must be treated as such.

AppleAlphabetAmazonMicrosoft, and Samsung, are considered the five most innovative companies, according to BCG’s analysis of the 50 most innovative companies of 2020.  The research team found every company in the survey was quickly adapting to changing supply chains, customer demand, and modifying manufacturing processes.

These top companies are invested in research and development. To innovate a business must invest in its research and development to improve its product offerings, service, processes, and systems.

The importance of a Customer-Centric business

The customer is the reason why a business is in business. This must not be downplayed and must stay at the core business operations and strategy.  If your business revenue has not seen notable changes in recent times this could be the reason why. Focus on their pain points and milk it!

Were these business lessons helpful? Let us know!

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Business/Entrepreneurship Entrepreneur

HOW TO GET FEEDBACK FROM YOUR CLIENTS.

It is no longer news that business in the 21st Century is all about meeting needs. With time, we have seen that business without solving a specific problem is only another failed venture waiting to happen.

However, some others that are centred on meeting some well-defined needs have suffered the same fate for just one reason -failing to keep their clients at the centre of the business. This just goes on to further establish the age-long saying that the customer is king!

A king’s bidding must be always done to remain safe in the city, hence the need for occasional and I dare say regular feedback from the clients. The business exists to serve them anyway.

Many try to get accurate feedback from clients, however, there is a “how” to get it right. For this reason, we’ve put together our 5 power tips to get accurate feedback from Clients.

Get the Why Right

Despite the importance of getting feedback from clients, it should never be one of those exercises that are done just to join the bandwagon or to feel cool. Your purpose for engaging your clients should be clearly defined from the start and this will inform everything about the process.

Find the Best Medium for your Clientele

It is highly unlikely to get youngsters to fill two to three pages of straight questions. Nobody has that luxury of time. Make sure that you consider the crop of people that make up your clientele before choosing your method of receiving feedback.

Provide a bit of Context.

Hi Client, we are looking to get better with our delivery process in the coming quarter, kindly fill this survey to help us serve you better.”

I bet that this kind of introduction will offer better chances of getting truthful, honest, and intentional feedback from your clients. Provide some context to the purpose of the feedback and you are sure going to get better replies.

Take Care of your Records

Some organizations are known to ask for feedback they never use. Filling out surveys or sending feedback emails to such organizations is tantamount to a waste of time. No one wants to engage in that. You must let your clients know that you care about their views.

Everybody wants to feel loved in this complex world of ours, asking how to serve your clients better and implementing it portrays nothing but love and care for them. In summary, be known for implementing feedback.

Maximize Social Media

With the advent of social media is the increase in freedom of speech. A lot of people take solace in the different platforms to voice their displeasure or approval for a particular cause.

Pay attention to your clients’ comments about what you offer. You will be saving yourself a lot of stress if you do. It is also a good idea to acknowledge them, whether positive or negative. This has numerous impacts on your brand as a whole and should not be joked with.

Finally,to stay in business, your clients need to be given first place, know this, and know success. Maximize various platforms to receive feedback and get those monies coming in.

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Business/Entrepreneurship Education Entrepreneur

HOW TO PRICE PRODUCTS AND SERVICES.

No matter how philanthropic you are, the realities of running a business will jolt you into the reality that in business, profits must be made. Besides maximizing resources and some other tips to profit greatly in business, proper pricing is one, if not the biggest deal in maximizing profits.

Pricing involves putting the accurate monetary value on your products or services. Contrary to popular opinion, both extremes of pricing bring on negative effects to the brand or business.

An overpriced good will eventually be bought by the producer and his family while an underpriced good will raise nothing but doubt in the heart of potential buyers. So, it is highly essential to get the pricing right. Here are some factors to consider in pricing your products;

TARGET MARKET

One important thing that determines pricing is the target market, the market segment your product or service caters to. A good understanding of your clients, their pain points, and possible financial situations are getting half of the job done. A “supposed” luxury product that is shabbily priced or produced is definitely on its way to doom.

COST OF PRODUCTION

Next to the target market is factoring in every cost of production. Service-based businesses are more likely to fall into the error of wrong pricing owing to this. The fact that a skill comes easily gives no right to be priced inappropriately. Ensure that the material costs, labour costs, and overhead costs are properly considered before pricing.

Also, weighing the value of your product or service offers concerning the price tag is as important as staying in business. This exercise is one that requires a high level of objectivity which must be acquired at any cost possible. 

VALUE PROPOSITION

Business is all about giving and receiving value and that should inform every move. If the value and experience you offer is a far cry from the price tag, it definitely will not do well in the market and if it does by chance, the success is definitely not sustainable.

MARKET COMPETITION

Studying the market and competition is also very important. Humans are generally products of influences, so is everything associated with serving them. Even in cases where your product or service is the leading voice in the market, having a proper view of the market and possible competition will help inadequate positioning for proper sales.

Furthermore, listening to the customer’s view cannot be overemphasized. After all, they are the ones who will purchase the offerings. Having their opinions about your pricing is highly essential.

CUSTOMER BEHAVIOUR

Finally, it is good practice to watch the sales behaviour from previous price changes. It is wisdom to put things in proper perspective using the instrumentality of retrospection. Looking back at the customer behaviour from previous price changes can help to make accurate conclusions on price changes.

At the core of every business is satisfying needs and making profits, those two should work hand in hand.

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Business/Entrepreneurship eLearning Entrepreneur

5 PLACES TO FIND VIRTUAL ASSISTANTS

The use of virtual assistants has become very essential and not just an affordable luxury especially with the second wave of the COVID-19 pandemic. They are independent contractors rather than employees which makes it easier to engage their services at a reduced cost for the business.

In the previous blog post, we have exhausted the reasons why an entrepreneur should engage the services of a virtual assistant and in this blog post, we will be highlighting 5 top places to find virtual assistants.

Virtual staff finder

This company will find out your needs and personally match you to a virtual assistant that they think will be the best fit. It is this personalized service that sets them apart. They have a thorough 5 step process which includes – signup, outsourcing, testing, interviewing, and hiring of virtual assistants tailored towards your business needs. 

Upwork

Upwork, a US-based company, connects businesses of all sizes to freelancers, independent professionals, and agencies for all their hiring needs. Upwork is an undeniably efficient platform to find professionals.

Upwork prides itself as “the premier freelancing website for top companies to hire and work with the world’s most talented independent professionals”.

Do you need quality talents in Web and mobile development, data science/analytics, writing, creative design among others? You definitely can find your virtual assistant here.

Viva Virtual

This site is ideal for the entrepreneur looking to jumpstart their business. They offer skilled assistants in bookkeeping, social media, branding, graphic design, web design, and more. Choose the skills you need of a virtual assistant and you can find your preferred combination here.

Fiverr

It is an Israeli online marketplace for freelance services. It is dubbed the largest marketplace for online freelancing services. Looking for a relatively affordable virtual assistant, Fiverr is one of the best sites to get one.

It was originally named Fiverr because you guessed it, tasks cost $5 to get done. Now you’ll see a wider range of pricing depending on the level of difficulty of the task and what extras you need.

Vasumo

Whether you’re a beginner entrepreneur, a growing company with employees, or just a very busy individual, Vasumo has a plan to fit your needs. Their assistants are trained for over 3 months in a wide variety of skills and have a minimum of 3 years of digital marketing experience.

We hope you found this very useful. We would love feedback. Kindly send an email to theklasroom@gmail.com

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Business/Entrepreneurship Education Entrepreneur

FIVE REASONS WHY YOU NEED A VIRTUAL ASSISTANT.

JOB TITLE: A NIGERIAN ENTREPRENEUR

JOB DESCRIPTION : Logistics Person, Personal shopper, Content Creator, Customer Relations Officer, Accounts Manager, Delivery Person, Ad manager , Business Developer, Social Media Manager.

QUALITY: Must be able to handle all different jobs at once and give a 100% to each effectively. This is despite all the hurdles that come with starting and growing a business in Nigeria. 

SALARY: Really depends on if you’re able to pull this off, if PHCN is on your side and how much naira is to dollars. 

Honestly, would you apply for this job?

I wouldn’t. I don’t think you would either. However, somehow there is an upscale of entrepreneurship over the nine-to-fives. 

While, I am not discouraging you from being an entrepreneur because let’s face it, being your own boss is pretty cool.

However; it is a lot of hard work and you should not have to do all of this on your own. Only when you are alive and well can you be the entrepreneur of your dream.

My job here is to help you see the reasons why you should seriously consider getting a virtual assistant.

A virtual assistant is someone who provides administrative assistance especially to entrepreneurs; From digital marketing to scheduling appointments and managing personal errands, you can make a virtual assistant do anything.

Besides the fact that you are one person doing the job of ten people, here are five reasons you need a virtual assistant.

YOU SAVE TIME

For an entrepreneur, time is money. Scratch that, time is more than money. As you must already know every second count and sometimes 24 hours is barely enough to do all you need to do.

Getting a virtual assistant is a life hack to making your 24 hours 48 hours and even more. This helps you focus more on the core of your business.  

PROFESSIONAL OUTSOURCING

Make no mistake, virtual assistants are not merely personal assistants. That too, but more than that, they are professionals.

Professional content creators, Customer Relations Officer, Accounts Manager, Delivery Person, Ad- Creator, Business Developer, Social Media Manager. So instead of being a jack-of-all-trades, master of none, you hire masters to handle your business.

Don’t let assumptions get the best of you, affordable virtual assistants are depending on your budget

EFFECTIVE BUSINESS MANAGEMENT 

As an entrepreneur you are constantly saddled with endless tasks and doing them all will spreads you thin, decrease your productivity, and even worse, affect your revenue generation negatively.

This would ultimately make you frustrated and oblivious of why you started the venture in the first place. You don’t want that to happen.

Hiring a virtual assistant can help you manage your business more effectively as the innate workload of an entrepreneur on you is considerably reduced. 

YOU SAVE MONEY

You read that right. Outsourcing is one way to save money on operational costs.

By engaging the services of a virtual assistant, you can save expenses on things like office space and equipment, additional furniture, computers, stationery and lots more because a virtual assistant works from a remote location. 

It might seem like a lot of expenses hiring these professionals, but it’s probably all in your head. It is worth it.

STRATEGIC DIRECTION

A lot of entrepreneurs spend more time in their business than on their business. 

They want to expand the business but get tied down by too many operational or routine tasks that can be delegated.

Having a virtual assistant makes delegation so easy this affords you time to focus on the strategic direction of the business.

    Click here to see where to find virtual assistants

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Business/Entrepreneurship Entrepreneur

TOP 10 INVESTMENT PLATFORMS IN NIGERIA

Investment is the real deal now, it used to be savings but not anymore.  I am sure you must have seen so many adverts in the middle of watching your favorite show on YouTube where they are always talking about making money while you sleep.

The way to do that is to invest your money in the right platforms, below are some low-risk platforms in Nigeria:

Mutual Fund

This is when a group of people put their monies together individually and then hand it over to a fund administrator who invests it in something on your behalf.

The fund administrators are professionals and they know the right things to invest in. This takes out the stress of trying to decipher which investment is good and which one is not.

Mutual fund investment is very popular and very safe. The average return is between 12% and 14%. You can invest in mutual funds with a minimum of 5000 naira. You can leave the funds there for as long as you want

There are also different kinds of mutual funds depending on how much risk you can take. Some examples are Stanbic IBTC, FBN Quest, and ARM.

For mutual fund investment the likelihood of your investment reducing in value is low, it might not appreciate a lot but it will.  It is important to get clarification from the asset manager. 

Treasury bills

Investment in treasury bills is similar to borrowing government money. When the government wants to borrow money to fund a project, they issue treasury bills.

For treasury bills, there is the primary market and the secondary market. The secondary market is more popular among individuals and you can invest from about N100,000.

A lot of banks offer treasury bills. You just have to walk into the bank and get. It is similar to mutual funds in the sense that it is a sum of monies from individuals, it is also very safe.

Also, treasury bills are usually within a year, there are some for 3 months, 6 months, 9 months, and up to 1 year.

Bonds

There are two types of bonds that the government issues these are federal government bonds (FGN) and federal government savings bonds. The savings bonds come out on the first Monday of every month, they are usually out for about a week so you get to invest in them.

The FGN Saving Bond is a bond issued by the debt management office (DMO) on behalf of the federal government of Nigeria. The bond is targeted at retail investors and it guarantees quarterly interest payments and payment of the principal at maturity.

Bamboo

Bamboo gives unrestricted access to over 3,000 stocks listed on the Nigerian stock exchange and U.S. stock exchanges, right from your mobile phone or computer. Bamboo makes it very easy to invest and trade in Nigerian stocks.

It is for Nigerians who want to diversify their investments. The Naira fluctuates so much that people are always looking for how to invest in a stronger currency.

Agro Partnerships

Agro partnerships is a simple and secure collaborative platform that enables you to engage in profitable agribusiness opportunities from the comfort of your home.

You can invest in farms, trade-in commodities, and count your profits in no time. It sells out so fast and it has a high rate of return. It also encourages the use of referral codes.

Farm Agric

Farm Agric has a community of investors who earn returns of between 11% – 20% on their initial capital used in sponsoring farms. However, the return is not as high as Agro partnerships but it’s good enough, and although the percentages are lower than the Agro partnerships there are many more options.

Piggy Vest

With piggy vest, you can invest on the go with up to 25% returns, 6-12-month duration. Finally, you can access pre-vetted low-medium risk primary and secondary investment opportunities easily with any amount you have.

No hidden fees/charges. Thorough due diligence and pre-vetting on all investments are carried out for maximum safety.

 Cowry wise

Cowry wise makes it possible for anyone to invest any amount in Nigerian mutual funds and get returns. They have automated savings, but now they also have automated investing. With their Systematic Investment Plan (SIP), you get to invest a certain amount of your income periodically.

Wealth.ng

Wealth.ng offers you investment options, with competitive returns, across a wide range of asset classes. You can get hands-on and manage your investments yourself or fund your account and they can make sound investment decisions for you with automated investing.

Either way, they are always on hand to guide you through their dedicated support team especially reserved to help you with investments advice, inquiries, and requests.

I-Invest

i-Invest is the first-ever app that enables you to securely purchase and manage Treasury Bills, Eurobonds, and Equities from your mobile device.

All investments are held in safe custody by a licensed securities custodian which protects all investments. They are protected by the Securities & Exchange Commission.

For a beginner you start with a money market mutual fund or a guaranteed mutual fund, they have low risk and low return. However, the ones with the best returns are Agri-tech investments.

Finally, it is important to note that the major thing about investing is patience, that’s why a lot of people don’t invest because they are impatient. Remember, the patient dog eats the fattest in bone.

Klasroom is not sponsored by any of these investment platforms and will therefore not bear any responsibility on investment actions or failed investment taken by recommendations from this blog post.

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Business/Entrepreneurship Education eLearning Entrepreneur

HOW TO SEND COLD E-MAILS THE RIGHT WAY.

Cold e-mails may not work for you like cold calls but if you want results you have to send cold emails the right way. Sending a cold e-mail is like going on a first date.

What most people do wrong is being too direct and expecting results from their first cold e-mail and that’s equal to going down on one knee and proposing on the first date, that’s awkward.


According to Wikipedia, a Cold e-mail is a personalized, one-to-one message targeted at a specific individual. It aims to get into a business conversation with that individual, rather than to promote a product or a service to the masses.

Do your research


Don’t push for a meeting if you have not done a thorough research to know if the client you are vying for is a great fit.

You shouldn’t just compile a list of people you perceive to be great prospects and send them all generic e-mails. That’s like spraying bullets without hitting the target and that’s an absolute waste of time.

Here are some basic things to research, the general size of the company; how much they do in revenue, who is in position to make the decisions; the job title of the person you are going after in the company, and so on.


What’s also important to do is to not make assumptions, do the work to discover who your ideal customer is; and go for them.

Make the subject line specific.


If you don’t want your e-mail to come across as spam and end in the trash then the first line of the cold e-mail should be very specific. This should be followed up with an honest and non-generic compliment that is specific to the business.


Put yourself in their shoes.


To send cold emails that get responses you must think about the cold e-mail as a recipient.

We have all received cold e-mails in the past, most of them being too vague and self-indulgent, going on and on about who they are, what they do, and closing the e-mail with a vague promise about additional revenue.


The real question here is, would you give your e-mail a second glance if you received it from another company or client.


Offer value


A message tailored to fit the recipient and a visual representation of a proposed value will most likely start a conversation.

People are mostly narcissistic and the more you can put them in an e-mail, talk about them or show them what you can do for them, the higher your chances of getting a response.

Make the e-mail tailored towards their needs. By telling them something they already know is true, speak it as an expert, and tell them the solutions. Sound human rather than robotic.


No pressure sale


The goal of a cold e-mail is not to close a deal. It’s to find out if the prospect is fine for you. Tools like LinkedIn sales navigator will help you find leads; you can put all of these criteria into a search, list them, and contact them.

What you can also do is to create a lead magnet that will serve as bait and ; sprinkle the e-mail with good humor. E-mails with good humor tend to have more open rates.

Also connecting this with the customer’s pain, the solution including a call to action and making this very clear is also very vital.


Have a follow-up method.


Some people believe that their product or service is so great, that anyone should take a meeting with them. That is incorrect, you still have to present it in a way that creates value for the target. A good cold e-mail will always require good and spaced follow up.

What have you been doing wrongly as regarding cold e-mailing? Let us know.