Lean Startup Archives

The Universe of Performance Dashboards: Let Us Do the Juggling

Is juggling a skill or a pastime? For freelancers, SMEs, and boutique online sellers, it often ends up being more the former than the latter. Why is that? Because most of us are the CEO, CFO, COO, and the guy that cleans the washroom – all rolled up into one. Most of us won’t end up having a boardroom behind us – it will likely end up being a handful of staff (at best), a supportive network, friends, and probably your kids fixing the tech problems. And that’s just fine.

However, where can we get help to keep all the balls in the air? That’s why new, multi-platform maps offer incredible value to today’s independent entrepreneurs. We may not be able to afford staff, let alone high-priced researchers, but we can set aside enough to get the support we need to gain insights, gather trends, and get more out of what we put into our online strategy.

Whether you call them dashboards, multi-channel maps, or just a bird’s-eye-view to your operations, there are many ways you can streamline your operations through using a multi-platform data aggregator providing insights, trends, and a more comprehensive understanding of your business flow. So what’s out there?

Blogging Metrics: What are your most popular posts? Do people prefer your top ten lists or your morning rants? Where does your traffic come from and who’s sharing your material. Having a better idea of your blog trends will allow you to target your message to your most receptive audience and focus your attention on the most responsive channels. Cultivate a relationship with your biggest fans and get them working for you!

Social Media: This is the most obvious and probably the most necessary one. Unlike other distribution channels, you simply can’t afford to only exist in one social media world. Having a perspective on the universe of social media channels is essential to cross-pollinating through your own channels and through other’s. Are people clicking through to your site? Are you building the right type of audience in the right places? Is your content interesting to more than just you?

Ecommerce: The days of eBay and Amazon being the only ecommerce platforms sellers are operating in are long over. There are now over 1000 marketplaces with over 100 million sellers operating within them – and 90% are selling across platforms. Get an ecommerce platform to track your sales through all verticals; find out which platform is best suited to your products; keep track of and manage your reputation to increase sales; and compare yourself against other sellers.

SEO: You don’t need to be a crafty wordsmith to get more people to view your content or make purchases, but you do need to know what people are looking for, how they’re searching, and what trends you can feed into to advance your landing page in search engines. Speaking of landing pages, is your blog where people find you, or is it through a partner’s site? An SEO dashboard can provide a real-time solution to let you keep track.

Email Insights: Do you know which subject lines are most successful for you? Are you sending from the right username? How often are you ending up in trash and non-primary inboxes? If you don’t know the answer to these questions, you probably need a dashboard to manage the content going to your lists.

Most of struggle with two balls in the air, so why are we trying to keep dozens going at one time? SumAll and eRated are just two solutions available to help freelancers, SMEs, and online sellers keep track of their performance and get the most out of online efforts.

Read more: http://blog.sumall.com/journal/universe-performance-dashboards-let-us-juggling.html#ixzz3ZY8b7f2m

A Tide Raising all Boats: eRated and UKShareCo

A Tide Raising all Boats: eRated and UKShareCo

UKShareCo is an association of sharing economy marketplaces and service providers who are committed to growing and securing this space for the betterment of its users. Through building trust, insuring the future, protecting users and sharing knowledge UKShareCo is the first association for sharing economy partners. eRated is proud to sign up to an association that is affordable, democratic and progressive - it’s about being part of a tide that raises all boats.

UKShareCo conveners Raj (Sooqini) and Paul (RentmyItems) make signing up easy for organizations regardless of space or scale. It’s a matter of signing the association Charter. The Charter is really a declaration of principles and a commitment to action, as much as it is an obligatory document.

Let me tell you why we joined UKShareCo.

Building Trust: For eRated, of particular importance is the emphasis on building a community of trust. Online marketplaces, which are really the constituent components of the sharing economy, are platforms with foundations build on trust. Users will not transact with one another unless they trust one another. By committing to the principle of building trust in marketplaces, UKShareCo members underscore the importance of this in the sharing economy and obligate themselves to a high standard. The association will act as an accountability mechanism to ensure members are doing enough to engender trust. More importantly, the association hopes to help its members build trust. That’s where eRated can help.

Insuring the Future: Insurance is another sticking point sharing economy members have been struggling to address since its advent. With strength in numbers, UKShareCo will explore on behalf of its members a responsible insurance framework to secure users during transactions and protect marketplaces and their operators from risky liability.

Protecting Users: Part of creating communities of trust is keeping track of users who abuse platforms. Many sharing economy detractors rightly point out that platforms can never be sure if new members with no history in the marketplace will misuse products or services. By creating a watch list, UKShareCo is creating a repository of irresponsibility to protect members and, most importantly, marketplace users.

Shared Knowledge: Finally, what we’ve been missing for so long in the sharing economy space is a place for marketplaces and sharing economy service providers to share best practices, offer solutions and resolve shared problems. If a member wants to test a new product in a trusted community, UKShareCo offers that space. If a member is struggling to find a payment system, UKShareCo is a body of shared knowledge where members can review and source solutions. Additionally, members are seeking to cross-promote with the common understanding that someone who shares their car will be more likely to source a task or swap their apartment.

The sharing economy is a diffuse and dynamic place. Until recently, there have been few centralizing bodies in this space: UKShareCo is filling this gap.

If you’re looking to make a statement about your commitment to the sharing economy, signing on with UKShareCo is a great first step.

EU Consumer Day: eRated at the European Economic and Social Commission

eRated’s VP Partnerships, Matt Godwin spoke at the Commission’s annual Consumer Day conference on 16th March in Brussels on the topic of ‘New Trends in Consumption’.

Alongside Members of the European Parliament, industry leaders and academics, participants discussed the sharing economy’s disruption to established businesses, government policy-making making and trust in the sharing economy.

The discussion ranged from how to conceptualize the sharing economy to how to insure it. Are platforms where users are making money really the sharing economy, or are they being wrongly included in this rubric? Is this just a case of a rose by any other name?

EU policymakers are currently working on an EU-wide approach to the sharing economy, with EESC staff working towards a report on the sharing economy for 2015. As with the UK, policymakers are not only making the sharing economy a priority, but are putting it at the forefront of packed and dynamic economic and social agendas.

eRated was delighted to be joined by Marco Torregrossa, Managing Director of the European Sharing Economy Coalition. The Coalition was launched in 2013 at a public hearing of the EESC and is the first pan-European coalition of sharing economy organizations bringing together sector stakeholders to present one voice to EU legislators and policymakers.

Governments around the world are seeking a constructive relationship with sharing economy marketplaces and partners. As government’s attempt to find a way to chart a regulatory and legislative course, eRated welcomes the opportunity to play a positive role.

Marco and Matt both emphasized go-forward recommendations, with Matt highlighting recent progress in the UK. Drawing directly from the UK government’s ‘Unlocking the Sharing Economy: An Independent Review,’ Matt echoed the need for governments to make identity data available for sharing economy actors, which will help ensure a safer and more trusted space.

eRated’s mission is to build trust in the sharing economy as it continues to appear on European agendas in the future.

Every Bit Helps: eCommerce Reputation Management

There are now over one thousand eCommerce marketplaces. While eBay and Amazon are still by far the largest, the likes of Etsy, AirBnB and Blablacar are growing fast in the crowded, peer-to-peer space. Global marketplaces are giving way to niche and local marketplaces where products are specific to interests and tastes, such as SidelineSwap, which sells sports gear and Trampolinn, which lets space in Paris. What this means is that users no longer just have to worry about their feedback in Amazon and eBay, but also in other marketplaces as well. It’s likely that everyone reading this article has more than one account going somewhere, which means you have more than one reputation.

It’s not easy managing online reputation. For example, you might have a Facebook, LinkedInn, Twitter, AirBnB, eBay, Amazon, SidelineSwap and supermarket accounts. As an online seller, you have to be conscious of the feedback and reputation you’ve built up in all platforms - because they can affect your sales.

Your reputation is like the outside of a car. If it looks good people will want to drive it, no matter what’s under the hood. What you look like online matters to your bottom line. If an enhanced reputation means higher sales, how do you manage it?

There’s lots happening in all of these marketplaces, but let’s start with your reputation in Amazon. Here are five things you should know to make sure your Amazon profile is performing well:

Spell Out What You Sell: Make sure you use relevant, clear and precise product titles. Many people find products through a search in the search bar, if you’re not spelling out what your selling, no one will find it.

Stay on Top: Amazon uses price, availability and sales history to advance listings. This is one of the reasons reputation is so important. The better your reputation, the more advanced your listing will be. Products online are like products in real life, people are going to scope out the first few and decide amongst those. They’ll only scroll down if they don’t see what they want.

Get Active: Many sellers mistakenly assume that they are always subject to Amazon’s algorithm for listings. No matter what you do you’ll have to live with where Amazon ranks your listing. That’s not entirely true. If you’ve got a better picture or better data you can actually contact seller support and they may decide you’ve got a better listing and advance you.

Picture your product: All products should be taken with a 1001×1001 resolution, set against a white background and take up about 80% of the photo. Crisp is key!

Be the Buyer: Stand back and canvass your items as a buyer. It’s only by standing in their shoes that can you understand what they’re keen for and what will make them buy. If you don’t like the look of your storefront, odds are, neither will they. Better yet, ask a friend who’s not afraid to tell the truth.

Of course, get on board with eRated and start selling in other marketplaces. Why only have one storefront when you can open a second in another town for free?

The Importance of Reputation Management: Ensure buyers leave happy, not bad reviews

This post isn’t for all the perfect sellers out there … it’s for all the ones who’ve made mistakes. The difference between making a mistake, and making a mistake that leads to bad online reviews, is all about reputation management and why it’s important.

Bad online reviews for your business are like pesky spurs in an otherwise functional pair of boots: They can shorten your stride, slow you down and lead to no end of irritation. All it takes is one, bad online review to seriously hamper your projected growth.

Take the case of the Canadian guitarist whose guitar was bashed up by United Airlines. It wasn’t so much that they bashed up his guitar, it was that they refused to apologize and compensate him. He wrote a song about it and made sure several million viewers knew all about it. Then there’s the case of the Colorado restaurant that served a caterpillar with a salad. Instead of making the situation better, they offered the customer half off a dessert. After a couple of really bad online reviews, one of the two restaurants is now closed.

What do these stories have in common? Bad reputation management. Every company makes mistakes, but it’s often how we handle those mistakes that lead people to take the extra step and give a bad review online. These two companies handled these situations badly because they didn’t do what was right … and they didn’t manage their reputation.

eRated’s series on reputation management is all about turning mistakes into learning opportunities, not bad reviews. Here are some tips to manage your mistakes and avoid bad reviews:

Turning a bad rating into a bad review: So you’ve screwed up. Something went wrong and you shipped your cat to someone instead of a box of DVDs. They’re not happy and they give you a bad rating, like a 2 out of 5. It wasn’t your fault because your husband was distracting you. You’re pissed. You write the buyer and give them hell. The buyer then posts a review: “She sent me the wrong product AND emailed me to give me shit. Don’t buy from her.” Your reaction to the buyer just turned a bad rating into a bad review, which is MUCH worse. Additionally, they have another complaint against you. If you hadn’t done anything in response, you could have minimized the damage. Now, you’ve lost your cat and you have a bad review. So don’t turn a bad rating into a bad review by berating your buyers.
Failing to rate your buyers. At eRated, we know that the more positive reviews and ratings you get, the more you’re going to sell. It’s a fact. Unfortunately, only 20-40% of buyers leave a review. So how do you get MORE reviews? One way to NOT get reviews is not taking the time to rate your buyers. If they’ve paid you and it’s been a good sale, give them a positive rating or review. If you pat their back, they’ll pat yours’. Even if you’re making a dozen sales a day, take the time to drop ratings for all of them. If you don’t, they’ll be much less like to rate you … which means you’ll have fewer ratings … which means you’ll make less money.
Shabby shipping. You’ve got eight products to send today. Your kid is whinging about what’s for lunch and you have to feed the baby. You’ve got a lot of balls in the air and you decide to just chuck that book you’ve just sold into an oversized box without any filling and ship. Too bad it was a First Edition you sold for $400.00. It arrives to the buyer bruised like a Canadian hockey player. They are not happy and let you know it by publicly disparaging you for the quality of your product. Bad news for you. It could have been avoided by taking the time to pack properly. If it’s between sending sooner and making sure the product arrives in the best condition, always choose the latter. You can always blame the postman for timing, but you have no one to blame but yourself when it comes to condition.
Taking too long to respond. Have you ever posted on AirBnB and been hassled by AirBnB admin for not responding to potential buyers? They do that for a reason - because buyers hate not being responded to. If someone contacts you, get back to them, even if you have a better buyer in mind. They may leave a negative review based on your bad response time. Additionally, you may be pissing off possible future buyers. Don’t take too long to respond and always respond to queries. They make smart phones for a reason - take it with you to the cinema and get on the ball.
Using unreliable parcel delivery. Buyers comment on two things most often: Speed and quality. If your product takes ages to arrive, it will take half that time for them to post a negative review about it. How can you manage this? Use a reliable parcel delivery service you can count on with a reputation as good as yours’ - because your success is tied to theirs’. If you’re in the UK, why not check out our friends over at ParcelBright? They’re as committed to building your reputation as you are.

Don’t let your mistakes turn into bad reviews. Good reputation management is about doing what’s right and making sure your customers leave happy, instead of leaving bad reviews.

Check back next week for eRated’s series on how online sellers can manage their reputation and get more out of their good reviews.

Week one of TechStars London is over – Lessons learned

Week one out of the 13 weeks of the TechStars program is over and we are thinking “what were we able to accomplish and what are the lessons learnt throughout the past week?”

TechStars is your family for the next 3 months
One of the first sentences Jon Bradford, the general manager of TechStars London said to us was: “Look at people surrounding you. These are going to be your family members for the next 3 months. This group contains former CEOs and CTOs of successful companies, lead designers from different fields, nuclear scientists (shout out to the Lingvist team) and PHD fellows (check out the awesome group from Madrid - Proximus).

We get it. This group has a phenomenal skillset that together can create amazing companies.

To get this family feeling, the TechStars team organized 3 drinks events (warning: I may become an alcoholic at this pace), a stag-hunt across London and a show and tell event where each team discusses where they are at, what they hope to accomplish and how they can use us to help. These relationships and the bond we will create are definitely off to a good start!

Stop Using Vanity Metrics!
As an ongoing process in TechStars, companies have a weekly meeting with their managing directors (in our case, Jon Bradford and Jens Lapinski) to understand where the business is at, how to grow it and how to measure this growth.

As part of eRated’s first meeting, we discussed our KPIs (Key Performance Indicators) for successful growth. Among the important KPIs we measure, we also listed “Number of Marketplaces” and “Number of Users”. These two KPIs are what Eric Ries (author of The Lean Startup) calls Vanity Metrics.

Vanity metrics are all those data points that make us feel good if they go up but don’t help us make decisions. In our case, the number of users in our system and the number of marketplaces using our platform will grow due to our business development efforts. But how can we act upon this growth? Wouldn’t measuring growth in the number of users per week make more sense?

After this meeting, we refactored and minimized the number of KPIs that make our business tick. In the next posts I’ll keep you posted as to how we are KPIS are doing.

What have we accomplished?
I am sure most of you had the chance to check out our new and beautifully designed website. This was a big win for Guy and Yoav and for us as a team. In addition, we plan to finish up our roadmap for the next 6 months and our design of the new API is set to launch next week.

What do we hope to accomplish next week?
First off, survive the first “mentor whiplash” (a process in which each team meets 20 different mentors and gets bombarded with opinions and comments). Second, complete the development of the new API and launch this new version so we can start testing it out with our users and marketplaces.

Thanks for reading and see you in a couple of days! For now, feel free to comment here with any thought, question or comment and/or send me an email at [email protected].

Dan