Why Educated Confidence Will Carry You Far In Business

thinkstockphotos-472675690To say that confidence is an important quality for a business leader to have is an understatement. At any given time, your employees are going to be looking to you to make decisions and provide insight. They need to know beyond the shadow of a doubt that you’re confident in the actions you’re taking. You need to know that you’ve given serious thought to the long, often difficult road ahead of you and that you’re making the right move for the right task at the right time. If people can see that you believe in yourself, in your business, and what you’ve worked so hard to build, they’ll start to believe in those things, too.

But something many people often don’t realize until it’s far too late is that “confidence” and “educated confidence” are NOT the same thing.

What is Educated Confidence?

Trust, belief, faith, conviction – these are all among the most essential ingredients that go into creating a confident leader. But one of the most important is also one of the ones that is rarely mentioned – humility. Humility allows you to acknowledge that even though you’re a leader, you’re still just one small cog in a much bigger machine. A living, breathing machine with a life of its own – one that is much more powerful than any one individual working within it, even when that person is yourself.

In many ways, educated confidence is all about slightly adjusting your perspective to account for your own limitations. You need to be confident in the fact that you’re not always going to have the right answer to every problem you face. And that’s okay – because you’re also confident in the people around you and you know that you’ll get through it together like you always do.

You need to be confident in the fact that you are going to make mistakes as a business leader – probably a lot of them, in fact. But this is something that you welcome because you’re also confident in your ability to learn the right lessons from these mistakes and strengthening yourself and your entire organization in the process.

It’s All About the Decisions

It has been said in the past that leadership essentially comes down to your ability to make decisions – but this is only one small part of a much larger story. It’s also about your ability to see those decisions through the lens of all possible consequences, both good and bad.

An overly self-confident leader often becomes one that people follow because their paychecks depend on it, not necessarily because they want to. We’ve all had these types of bosses – the people who are experts at delegating responsibility (read: barking orders) but who always seem to disappear when those proverbial chickens come home to roost.

A leader armed with the power of educated confidence, however, is someone that people follow because they just can’t help themselves. They acknowledge that they don’t have all the answers and they likely never will, but that’s okay – because “we’re all in this together.” It’s the idea that just because you’re a leader doesn’t mean that you’re always right – and you wouldn’t have it any other way.

Educated confidence is that little voice inside your head that says “maybe I should get a second, or third, opinion on this, as this is definitely outside of my wheelhouse.” It’s a voice that you shouldn’t try to stifle or tamp down, resist or ignore.

Instead, you need to give that educated, confident little voice a megaphone.

 

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Millennials Hate your Marketing — Here’s Why (and what you can do about it)

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You’ve done it! You researched the young adult market, identified their buying power, and now that “just for millennials” campaign has launched and you’re waiting for the leads to roll in. But instead, nothing happens.

What’s behind the lack of attention and response from this coveted age group? Adults under the age of 30 make up about 1.4% of the U.S. population and pack about 1.3 trillion in buying power domestically. This massive market is made up of savvy consumers who are digital natives and who are very aware of marketing and advertising.

So, why aren’t they paying attention to your marketing? It could be one of these three reasons.

You Treat Them as an Afterthought

It’s a common misconception that millennials, particularly young ones, don’t have the money to buy things or that they waste their money on the wrong things, like avocado toast and pumpkin spice lattes. The problem with this approach is that brands who see these young adults in this way tend to promote the most heavily discounted or bottom of the line products using cost-conscious gimmicks.

Both entry-level products and marketing gimmicks drive millennials away. These savvy users what the newest, the latest and the best, and they can pay for it. Don’t assume your youngest targets can’t afford your best or most recent models. If they are truly captivated with your brand, they’ll find a way. Offer your best products and your most innovative lineup to this group and if they like what you have to share, they’ll keep coming back for more.

You Roll out a “Millennial” Product

You may call it that internally, but labeling your product as a millennial offering is a sure way to drive young adults away from it. Promote it that way on social media and you could get a lot of attention – in a negative way. That innate disapproval of marketing means that millennials are going to be suspicious of any product that announces itself as aimed at them (and could even mock it relentlessly online). You can target millennials with a campaign, approach, or product, but don’t overtly mention it in your materials to avoid a backlash.

You’re Not Social

If you’re dabbling in social media because you are supposed to, but not truly interacting, you’re likely driving away the very consumers you want to attract. Millennials are social media savvy and use channels regularly for entertainment, engagement, and social chatter. A steady stream of promotion is going to drive these coveted young adults away. Instead, pull back on the promotions and truly engage.

If you have an employee who already loves social media, this might be the right person to have monitor and post, even if they are not officially on your marketing team. Social media channels that speak to and “get” millennials can lead to huge brand success, while a mismatch in your messaging can cause millennials to see your brand as out of touch or irrelevant.

Harnessing the power of this massive demographic is well worth the effort, but the first step is ensuring that your current messaging isn’t driving your young adult targets away from your brand. Taking the time to learn how millennials spend money, what matters to them, and even why they love engagement so much can help you tailor your efforts to resonate with this coveted group.

Why Patience is One of the Most Important Qualities a Leader Can Have

thinkstockphotos-624713098The chasm between a leader and a great leader is a deep one. It is one that is often filled with qualities like clarity, decisiveness, courage, passion, and a healthy amount of humility given the circumstances.

But one of the major qualities that is essential to leadership that people don’t talk about nearly enough is patience. When patience is practiced wisely, it can have a dramatic effect on your entire organization from the top down.

The Ripple Effect of Patience

In general, patience is more important than just being willing to wait for results. Yes, all people are different and employees need to be given room to move at their own pace for the sake of quality. But, the true benefit of patience runs much deeper.

First and foremost, patience shows respect in a way that also encourages productivity at the same time. If you’re the type of leader who delegates responsibility but then spends hours each day telling people to “hurry up” or to “get things moving,” ultimately all you’re really doing is creating frustration or fear in an environment where you can afford neither.

Being willing to wait for someone to work at their own pace shows an employee that you value their overall contribution to the larger organization. You didn’t just choose any person for this job; you chose the right person for the right job. Sometimes, that takes a little more time than you’d like, but that is perfectly fine. Patience is also an important acknowledgment that every person progresses at a different pace. If you’re up in arms every time someone takes a little more time to complete a task, what you’re doing is communicating that they’re not as good as someone else when given the same responsibility.

Patience Also Says a Lot About You, Too

Being patient with others isn’t just about your employees – it also speaks volumes about you. When you’re constantly working from a place of “I needed this yesterday,” all you’re doing is artificially inflating the stakes of the business you’re trying to run. You’re not making considerate decisions; you’re making ones fueled by little more than raw emotion and a ticking clock.

Patience shows that you’re the type of leader willing to stop and let things breathe for a moment. It shows that you’re willing to listen and consider all variables before making a thoughtful judgment about what to do next. It shows that you’re not the type of person to make snap decisions that you’ll later regret and that your employees shouldn’t be willing to settle for that, either.

These are just a few of the many reasons why patience is one of the most important qualities a leader can have. It’s also important to remember that you need to be patient with yourself. Patience is a virtue, yes, but it’s also something of a discipline. You’ll need to acknowledge the importance of patience and the role it plays in your business so that you can grow into the type of leader who no longer has to make an effort to be patient with others. Instead, it will become an afterthought.

The Rise and Fall of Nate Silver: A Lesson in Risk Communication

thinkstockphotos-543817436Political prognosticator and analytics guru Nate Silver rose to national fame by correctly predicting elections. But in 2016, Silver joined almost every other analyst by projecting a victory for Hillary Clinton over Donald Trump. Was Silver’s good luck over?

Cognitive Bias and the “Failure” of Data

Actually, Silver’s estimate for the 2016 election was closer to correct than almost anyone else’s. He saw Clinton as a heavy favorite, but still gave Donald Trump a roughly one-in-three shot of winning. But the world didn’t remember that part of the projection once the election results came in. They just remembered the part Silver got wrong. Nobel Prize winner Daniel Kahneman has an explanation: cognitive bias.

Kahneman studied how people make decisions and judgments, and he quickly discovered that they don’t make any sense. People like to think of themselves as logical and rational, but they mostly use logic to justify believing whatever they want to believe anyway. And one thing people absolutely love to believe is that the future is certain. Human minds loathe uncertainty. Uncertainty breeds anxiety and fear—sometimes paralyzing fear. So when given a number like “one in three” or “ninety percent,” they subconsciously convert the odds to “yes” or “no.”

This cognitive bias is often very useful. You probably never consider the statistical chance that you’ll be run over by a bus because if you did, you might never leave the house. It’s far easier, and probably mentally healthier, to treat the risk of bus accidents as a 0. But the tendency to round probabilities up or down can be disastrous in the business world.

Communicating Risk

Have you told your boss that there’s a 90% chance you’ll make the sale? If the deal didn’t go through, you were probably in a bit of hot water. Has a supplier ever told you her product’s failure rate was less than 1%? You’d probably be pretty mad if your order was a dud. The problem with both of those statements of probability is that they do a poor job of communicating risk. They invite the mind’s cognitive bias to take over and convert the estimate into a certainty. When that certainty turns out not to be so certain, it feels like a broken promise.

That’s why the world decided Nate Silver was wrong. They had rounded up the probability of a Clinton victory to a guarantee. When Trump won, it felt like Silver had broken his word. His failure wasn’t in the data—it was in the way he communicated the risk.

The lesson here is that quoting numbers won’t save you.

Don’t just toss out percentages—put them in context. Visualizations are one useful technique. If a product will fail one time in a hundred, a graphic with 99 white shapes and one black shape gets the message across far more effectively than the numbers. Analogies are also effective. A 90% probability? That’s about the same as the chance that an NFL kicker will make a 32-yard field goal. Anchoring the numbers to a familiar context creates a lasting impression. It forces the mind to acknowledge uncertainty.

In business and life, people care about honesty. But if your goal is to be trustworthy, it’s not enough to state the facts. You have to make those facts sink into others’ minds. When it comes to probabilities and risks, that task is taller than it looks.

What Happened to Summer? Back-to-School Marketing Starts Earlier Than Ever

thinkstockphotos-669986094The temperature is soaring, steaks sizzle on the grill, and kids play in the pool, but not everyone is thinking summer. Back to school season is starting earlier than ever for big retailers and the impact trickles over into all aspects of marketing. Both Office Depot and Land’s End launch back to school campaigns at the start of summer – in some cases before school even ended in some parts of the country.

This is a change even from last year; according to AdAge, 2016 saw back to school marketing head into full swing around the middle of July. Time magazine cites the need for retailers to make as many revenues as possible during the highest spending periods as the reason Black Friday, Halloween, and Back to School promotions are being scheduled earlier than ever before.

When does Back to School Begin?

Big retailers working on the premise that earlier is better have begun pushing back-to-school marketing back each year. Back to school is big business for retailers, since it is worth about 78 billion; it is second only to the major holidays for revenues, according to AdAge.

How Early is Too Early?

Office Depot’s back-to-school advertising rolled out June 25 of this year, a full three weeks earlier than 2016’s July launch. Other retailers are following suit, but there is some consumer backlash against the early push. Lands’ End received public criticism on social media when their back-to-school catalog dropped while kids in many parts of the country were still in school.

“We got your #backtoschool catalog in the mail. Our kids still have two weeks of school left this year! #fail #marketing,” tweeted Greg Magin.

@GregMagin helpfully tagged his rant with #fail, #backtoschool and #Marketing, so it was seen by far more than just his followers. This backlash from consumers shows that a too-early launch can backfire. Right now, the sweet spot for back-to-school marketing seems to be right after the 4th of July through the end of the month.

Back-to-school marketing is all about timing. Being aware of this pitfall, and of the enormous potential of this busy season, can help you make the most of Back to School season for your brand and ensure your organization has a visible presence during this often overlooked marketing opportunity.

Make Back to School Time Count for your Brand

Positioning your Back to School promotions in July and working to build not only sales but also awareness can help place you in front of consumers when they’re ready to outfit the kids for the next school year. Since most consumers begin searching online well before they part with actual money, building awareness ahead of this busy season can help you get the results you want without irritating consumers.

Indra Nooyi: A Story in Being Yourself and Persistence

thinkstockphotos-500841556Have you ever heard of Indra Nooyi?

Maybe not, but you’ve probably bought her product at one time or another in the past year. Ms. Nooyi is the CEO of Pepsi-Co., the makers of the popular and well-known Pepsi soda brand. However, her position at Pepsi is not necessarily what is the most amazing fact of her story. Granted, reaching the status of being a Fortune 500 company CEO is huge and significant, but how Ms. Nooyi got her start is the real story. That’s because she risked everything with no safety net to fall back on.

Some Compelling Advice

Indra Nooyi came to the U.S. like so many other great minds, arriving as a student immigrant. Ms. Nooyi jumped to a slot in Harvard’s master’s degree program in business. However, graduating wasn’t her biggest challenge. It was translating her academic success into a result: getting a job. Ms. Nooyi’s first real interview was total failure – no connection, no rhythm, no job. However, she received a piece of advice from a professor that Ms. Nooyi has carried forward since then to her role as a CEO. She was told to simply “be herself.”

Ms. Nooyi clearly took the advice she received to heart. Not only has she been herself as intelligent, smart, persistent, and daring, she has also scored an enviable position of 75 percent plus support by her own employees worldwide. See if you can find a politician with as much support even when winning a national election.

What Makes A Person Successful?

For business owners and leaders, the lesson from Ms. Nooyi is to never forget what really makes a person successful. It’s not the suit, it’s not the past laurels, and it’s not the school degree. What makes the difference that catches people’s attention and gets their support is one’s personal confidence and persistence. Ms. Nooyi gambled everything with not just coming to the U.S. to succeed but to also establish herself in a highly competitive arena: business consulting. Had she failed, Ms. Nooyi would have had to return back to India and likely would have disappeared into a vast number of IT companies there; everything for her was on the line. But she persisted. And Ms. Nooyi, with her new advice on being herself, was quickly hired. That in turn became her path to eventually becoming Pepsi-Co.’s latest CEO.

A Better Choice

Business leaders trying to keep a company going will at some point face a challenge where everything has to be put on the line to get to the next level. Many don’t take that leap. It’s too risky, it’s too costly, or it’s too unknown. Yet from Ms. Nooyi’s example, the last thing anyone should be doing is trying hard to fake their way through the issue. Be yourself. Trust your skills and trust your gut to make the right the decision. That’s what got a person to a leadership role in the first place, so why should he or she be any different at the moment that counts the most? Risk, responsibilities, fears of what-if can all combine to make someone think behaving differently may be the best path forward. Clearly, from Ms. Nooyi’s example, there’s a better choice.

Improving Your Organizational Skills With Technology

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If you’re the type of person who wants to improve your time management skills, there’s a good chance that what you really need to do is improve your organizational skills. We spend so much time each day trying to remember where we put that important memo, when that upcoming meeting got rescheduled to, or simply trying to get our heads around what obligations we have today. All of this is wheel-spinning certainly isn’t driving your productivity forward in the way you need.

Thankfully, modern technology can be a huge benefit in terms of improving your organizational skills. You just have to keep a few important things in mind.

If You Can Add A Digital Version, Do So

One of the most important ways to use technology to help improve your organizational skills involves finally embracing some of the “digital” versions of “hard copy” techniques you may be holding out on. Case in point: an astounding amount of American adults own a smartphone, a device that is literally more powerful than the equipment used to pull off the NASA moon landings in the 60s. Yet many are still only using them to send and receive calls, respond to emails and send text messages. These are communications benefits, not organizational ones.

As an example, some people still like using a paper desk or wall calendar not only because of the intimacy, but because nothing can really go wrong with it. You make an important appointment, you write it down on your calendar, end of story. That information is always there. However, there’s also a chance to go one step further.

Your paper calendar doesn’t travel with you – your smartphone does. Get in the habit of using both a paper calendar for the tactile quality it excels at AND a “Calendar” app for the organization and especially the travel benefits. If you make an entry into your “Calendar” app on your iPhone, that data is automatically synced to your iPad and MacBook Pro, too. The same is true of data you enter into your “Reminders” app, your “Notes” app, your… well, you get the point. Making a habit of keeping both the paper and the digital version of something in this case creates a “best of both worlds” scenario.

The Cloud Is Your Friend

Along the same lines, let’s get one thing straight: it’s time to move as much of your daily life into the cloud as possible. Cloud storage isn’t just a “virtual hard drive.” If you’re only thinking of the cloud like a digital version of something like a flash drive, you’re not even hitting the tip of the potential iceberg.

When you upload a document into the cloud, it’s instantly available on all of your devices. It can be shared with anyone – both other employees and clients – in a mouse click. Anyone can edit those documents and you have complete visibility over all changes and access permissions. It’s also protected from things like hard drive failure and even theft. Thanks to both the military-grade encryption that services like Dropbox use and techniques like two-factor authentication, your data has never been more secure or accessible at the same time.

The most important benefit of all is that you always know where your data is – available, end of story. You don’t have to worry about what you’re going to do if you can’t take your laptop on a plane with you because you can be just as productive and have access to all of the same information on your smartphone.

These are just a few of the simple ways you can use the technology you probably already have access to. Once you take the time to setup something like cloud-based storage, the hard part has already been done. You won’t have to spend an hour or more each morning trying to remember where you put this or that. You’ll just know. You won’t need to wish there were more hours in a day because it’ll be easier than ever to do more with the ones you already have.