Create A Company In A Hyper Competitive Market

hyper competitive market

What’s up ? This is THE stephane ANDRE !!! I watched an Olivier Roland’s video  and I learned some good stuff.

People often tell me that they want to create a blog, a Youtube channel or a company but the market is very competitive and they wonder if it’s worth it. It’s true that in markets like personal development, fitness or photography, these are markets where you will not start in the same way as in a market where there is little competition.

Feeling

feeling

It’s not because the market is hypercompetitive that you have no chance. The main thing is to differentiate yourself from others and to allow people to connect with you. That’s what happened to me a few months ago. I was looking for podcasts on fitness and I found Shrugged Collective . But I didn’t like the guys voice so I changed to The Model Health Show  and I like this podcast. These 2 podcasts are listened to by thousands (or millions) people and what is important to understand is that these podcasts can’t please everyone, it’s impossible.

There are people who will like what you do and there are people who will hate what you do. This is why there is a place for everyone. In theory, you can offer exactly the same product/service as many other people in a market but there are people who will buy your products/services rather than others because people have more feelings with you.

Shrugged Collective and The Model Health Show are the same thing, they’re podcasts about fitness. What makes the difference isn’t the content (because now, a lot of people make good content) but the podcast’s voice. The question you ask yourself when you’re listening a podcast is : « Am I going to spend hours and hours listening to that voice and that kind of elocution ». It’s the same with companies, especially on internet when you do Personal Branding (reputation) when you allow your audience to connect with you.

Have Your Own Authentic Style

authenticity authentic

It’s like in everyday life, there are people who will like and others who will hate you because we’re human beings. When you buy a computer or a smartphone, who will you buy it from ? You’ll buy it from people you like the most and it’s normal.

Of course, having your own authentic style isn’t the only way to differentiate yourself. But attention, it’s not because people like you that you’ll automatically have a business that works. It’s necessary to have an idea that has economic potential. What I have noticed is that people neglect the importance of connecting with the audience, the community or the clients.

I know there are people following me because they have a good feeling with me and not with my competitors. And others have a good feeling with my competitors and not with me. It’s not a problem, it’s normal, it’s human and it’s part of life.

Don’t be afraid to enter a market with hypercompetitiveness, there is always a place for you. In this case, it’s necessary to realize that it will be difficult to make your place in a competitive environment. It’s difficult because you should be in a market where there are behemoths. But the advantage of a competitive market is that you know it’s a profitable market because there are already a lot of people living on it.

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-Steph

When Your Internet Company Is Not Working

internet company

I watched an Olivier Roland’s video  and I learned good stuff.

Here are some tips to improve your situation if you want to have an internet company or you already have an internet company. These principles are basically intended for infopreneurs, it means selling information products (ebook and online training) but over time all companies should use these principles to boost their reputations.

In an internet company, there are 3 pillars : traffic, authority and relation.

Traffic

This is the number of people who visit your website and your entire ecosystem (social media – instagram, youtube, facebook, snapchat, twitter, etc.).

Authorities

This is the way your audience sees you as an expert. You can be an excellent expert and not know how to communicate, so your audience sees your expertise at a level below your actual expertise. And it can also have the opposite situation where your audience sees your expertise at a level higher than your real expertise. In this case, you’re a crook !

Relation

This is the level where your audience appreciates you as a human being rather than a company.

Pillars check

What is interesting to do is to note where you think you are in the 3 pillars (traffic, authority and relation) from 1 to 10. « 1 » is the person who has just started and « 10 », is the person who is one of the best infopreneurs in the world like Gary Vaynerchuk  or Casey Neistat .

Don’t hesitate to ask people you know to have a more objective point of view. The ideal is a close friend who is really interested in your company and who understands what you’re doing. Ask this friend : « What rating would you give me between 1 and 10 ? Go ahead, be frank, you don’t need to spare my ego ! ». With an outside eye, it will help you find the problem.

Problems

problem

Perception

It’s possible that you have a huge traffic on your website but if people don’t perceive you as an expert who has enough experience to help them and they don’t like you (they perceive you more like a salesman as a human being), they will not buy your products and services.

Conversion rate

This concerns the conversion rate between your traffic and the people who sign up for your email list. People who sign up for your email list are people who are really interested in what you’re doing and who want receive the free gift you are offering (ebook or exclusive video). People who subscribe to your email list have given you permission to contact them through their email knowing they can unsubscribe at any time.

What it interesting to do is to note where you think to be in your conversion rate from 1 to 10 ? For example, when there are 100 people visiting your website, how many are subscribed to your email list ? If you rate is 0, you’re not offering any interesting gifts or you’re not making a call to action for your email list. In these cases, you have to work on it to offer a better free gift or tell people that they can sign up for your email list.

We must know that today, email remains the most effective way to contact people and it will remain so for a long time. Attention, that doesn’t mean that when you send an email thanking for the loyalty of your subscribers or a promotional email for a product/service, you shouldn’t also talk about that in your ecosystem (social media) with a video, a picture, a post on different platforms.

It’s important to know that if you’re doing content marketing and your company is based on the free content you create, you need at least a 5% conversion rate. If you do below that, you have work to do to improve your conversion rate.

Solutions

solution

Product/service

It’s possible that you don’t have a product or service to sell or like me at the beginning, I sold a product but there are only 5 people who bought it. In this case, you can do a survey with the people who are on your email list to find out what is the problem they would like to settle as quickly as possible. With this method, you’ll soon be able to create a profitable product because you solve the main problem of you audience. Attention, it’s necessary that you have 1000 people subscribed on your email list to make this survey.

Coaching

This is one of the simplest ways you can make money. It doesn’t matter if you have more than 1000 people on your email list. When we start an internet company, it’s the easiest thing to do. You offer your skills as a service to your audience. With a small audience, a good authority and a good relation, you’ll have people who will be interested to work with you by doing coaching sessions on Skype, for example.

Ebook

If you’re a person who likes to write (like me), you can create an ebook that you can sell between USD 17.- and 27.- to start earning some money.

Action

We could talk about this for hours because every situation is different. I don’t know your situation but by following these advices, you will be able to improve your company’s situation, so ACTION.

Subscribe to my newsletter and share this article if you think it can help someone you know. Thank you.

-Steph

Create Your Own Company During Your Studies Or Job

employee entrepreneur

I watched an Olivier Roland’s video  and I learned good stuff.

Here are several reasons why, I find it important to be an entrepreneur rather than an employee :

 

  • When you’re an entrepreneur, you gain experience really faster.
  • When you have your own company, few people ask you for your certificates/diplomas/degrees.
  • Employee, it’s a bad way to earn money because you trade the thing you have most valuable for money : your time.
  • It’s no longer possible to keep a job for more than 10 years (unless you work for the government)
  • When you’re employed, you help your boss to realize his/her dreams.
  • Being an employee is like being a tenant (think of the tenant’s inconvenience)
  • The longer you ‘re employed, the more difficult it will be to start your own company because you have become accustomed to the comfort of wage labor.
  • Creating your own company is almost guaranteed to make you feel alive.
  • An employee is an entrepreneur who have only one client and one product. The client is your boss and the product is your time.
  • Creating your own company allows you to be less discriminated.

 

In spite of all that I have just told you, there will always be more employees than entrepreneurs in your city. It’s like that.

Share this article if you think it can help someone you know. Thank you.

-Steph

A Pratical Tip To Validate Your Approach

data science tableau check

I have just enrolled in a Data Science course on Udemy  and I learned good stuff.

How was the A/B test « Number Of Product » ? Easy or difficult ?

Here is the result I found.

data science tableau check bar chart

I think you noticed there was something bizarre. There is an anomaly. We imagine that the more the client has products, the more the client is satisfied with the bank so this type of clients should stay in the bank.

In the first 2 bars we can see that a client who has 1 product is more likely to leave the bank than a client who has 2 products. But when a client has 3 or 4 products, we see a huge rate of clients leaving the bank.

Look, there is a little bizarre detail. In the 2nd bar, we can’t see the « Exited » label. This is because there is no place in the orange part to put the text. To make it simpler, we’ll remove the label « Exited ». Drag and drop on the « Exited » text label to the outside.

data science tableau check bar chart

data science tableau check bar chart

Perfect, we can read the percentages. On the 1st bar, we can see that among the client that have 1 products, 28% left the bank. On the 2nd bar, we can see that among clients who have 2 products, 8% left the bank. This show us that clients who have 1 products are more likely to leave the bank than clients with 2 products.

And for the next bars, we observe an anomaly. On the 3rd bar, we can see that among the clients who have 3 products, 83% left the bank. On the 4th bar, we can see that among clients who have 4 products, 100% left the bank. We clearly see that there is a problem and we need to do a deeper analysis to understand what is going on .

As a Data Scientist, we need to explain what happens in bars 3 and 4. Usually when a client has 3 or 4 banking products, that means he/she is satisfied and is loyal to the bank. But in our case, it’s the opposite because there is a high rate of client who left the bank. This is the time to do deeper analysis.

The first thing to analyze is the quality of the data. There is a very big anomaly and it may be because there is something insignificant in our data that disturbs the statistics. For example, it’s possible that when the bank selected these clients in this sample, there were very few clients with 4 products and all those clients with 4 products left the bank. Sometimes chance can create anomalies and you have to play attention to these effects of chance because they don’t seem important but they can create false interpretations.

To start, we will check the number of clients with 4 products.

In « Measure », move « Number Of Records » (which gives the number of observations) on « Label ».

data science tableau check bar chart

data science tableau check bar chart

We observe on the first 2 bars than many clients with 1 or 2 products selected for our sample. For clients with 3 or 4 products, we can see that there were fewer clients selected for our sample.

There are 220 clients with 3 products and 60 clients with 4 products. These small number of clients probably explain why we observe these anomalies.

In this sample of randomly selected clients, there are very few clients with 4 products and they all left the bank. In this situation, we can confirm that it’s a chance. When thing like that happen, you have to be very careful not to make conclusion too fast and make misinterpretations.

The conclusion is that a lot of clients have been selected for category 1 and 2. For category 3 and 4, there have been few clients selected so we can’t do accurate statistics. We need to do deeper analyze for these categories of clients with 3 and 4 products.

Now, let’s put the percentage back on the bar chart. Click on the « Back » button.

.

data science tableau check bar chart

Or do a click and drag of « SUM(Number of Record) » to outside.

data science tableau check bar chart

data science tableau check bar chart

We saw that there is an anomaly and what is interesting to do is to have a comment to remember to do a more in-depth analysis of columns 3 and 4.

Right-click between the bar chart’s title and the bars. Select « Annotate » then « Areas… ».

data science tableau check bar chart

A window appears. In this window, you write « Low observation in last 2 categories » and click on the « OK » button.

data science tableau check bar chart

data science tableau check bar chart

Click on the comment and move it on bars 3 and 4.

data science tableau check bar chart

data science tableau check bar chart

The next time you work on this bar chart, you will see this comment that will remind you to seriously analyze client who have 3 and 4 products.

Validate our approach

It’s time to show you how to validate an approach and how to validate the data. For this we will create a new A/B test.

Duplicate this worksheet with a right-click on the « NumberOfProducts » tab and select « Duplicate ».

data science tableau check bar chart

And rename the tab « Validation ».

data science tableau check bar chart

For this tab, we will erase the comment. Select the comment and press the « Delete » button on your keyboard.

data science tableau check bar chart

data science tableau check bar chart

Everything is ready, the idea is to find a variable that doesn’t affect our results. That is a variable that has no impact on a client’s decision to leave or stay in the bank.

Take for example, the variable « Customer Id ». Client’s identification number has no influence on the client’s decision to stay or leave the bank.

We’ll do an A/B test with the last digit of the « Customer Id » and we’ill check that there is the same clients proportion who leave the bank in the 10 categories of the last digit of the « Customer Id ». The 10 categories are the numbers 0,1,2,3,4,5,6,7,8,9.

Let’s g.To start, we will create the variable that contains the last digit of the « Customer Id ». To have this variable, we will create a « Calculated Field ».

Right-click on « Customer Id », select « Create » and click on « Calculated Field ».

data science tableau check bar chart

data science tableau check bar chart

Name the calculated field « LastDigitOfCustID ». In the text field, we use the « RIGHT » function with « Customer Id » in parenthesis to select the last character of the « Customer Id ». In our case, the last character of the « Customer Id » is the last digit.

Here is the code to write in the text field : Right ({Customer Id},1)

data science tableau check bar chart

data science tableau check bar chart

Oooops, you see there is a small mistake => The calculation contains errors.

There is an error in the formula because « Customer Id » is a number variable and the « RIGHT » function applies to a variable of type « STRING ».

To use the « RIGHT » function, we will convert « Customer Id » into a string. We will use the « STR » function with « Customer Id » in parenthesis.

Here is the code to write in the text field

And click on the « OK » button : Right (STR({Customer Id}),1).

data science tableau check bar chart

Now, you can see that our calculated field « LastDigitOfCustID » is in « Dimensions ».

Click on « LastDigitOfCustID » and move it on top of « NumOfProducts » in « Columns ».

data science tableau check bar chart

data science tableau check bar chart

Now we have a new bar chart and we see that for every last digit of the « Customer Id » there is about the same proportion of clients leaving the bank. All these proportions don’t correspond exactly to the average of 20% but these slight variations aren’t important.

Seeing this uniform distribution allows us to validate our data because these data are homogenous.

Conculsion

Here’s how you can check the homogeneity of your data. You take a variable that has no impact on the fact that a client leaves or stays in the bank. The example we did with the last digit of the « Customer Id » is excellent. We were able to verify that in each of the categories taken by this variable, if there was the same proportion of clients leaving the bank. As is the case, we can validate our data.

Imagine another result. When we do the test with the last digit of the « Customer Id », we observe that for one of the numbers, the rate of clients who left is really higher than the average. This shows us that there is a problem in our data because it indicates an anomaly.

You can find other ways to verify your data by using other « insignificant variables » to see if the distribution is homogeneous. But be careful when you select an « insignificant variable » because there may be traps.

Here is an example. If you create a variable that takes the first letter of the first name, the distribution will not be homogeneous. The reason is simple, there are many more people who have a name that starts with the letter « M » than with the letter « Y ».

Share this article if you think it can help someone you know. Thank you.

-Steph

Non Constructive Criticism

non constructive criticism negative comment

I watched an Olivier Roland’s video  and I learned good stuff.

These are comments that published regularly on social media. What is the difference between non-constructive criticism and constructive criticism ? Ask yourself this question : « Does this criticism have the will to help me ? ». If you don’t feel the will to help you, it’s like 95% of critics, it’s someone who criticizes just to criticize. These non-constructive criticisms based on an extremely superficial analysis of your content.

These people read the first 5 lines of an article, listen to the first 2 minutes of a podcast, watch the 2 first minutes of a video or read only the title.

When you publish content on internet, you’ll have people who will afford advice on what you do when they haven’t taken time to really understand, to analyze what you mean. It’s known that in communication there is an huge loss of the message’s meaning between what you mean, what you say, what people hear, what people understand and what people remember.

There is also an important factor is that in all areas, beginners have an opinion on everything and they say it. Does this give them a false sense of competence on topics they don’t master ? Yes, it’s ego on my opinion.

To be honest, it has happend to me to comment on something that I didn’t take time to analyze deeply. I gave my opinion based on an extremely superficial analysis and we all have already do it. Just understand that this is a normal human behavior and that it’s not a problem.

Attention, it’s not necesssary to remove these comments because they will never disappear. The goal is to reach enough people who understand your message and practice your advice.

1000 real fans

1000 fans

To succeed on internet, you only need to have 1000 real fans. It means people who understand what you say, who agree with what you say, who like your content, who share and who buy your products. You can have 1 million people who hate you, if you have 1000 real fans, that’s enough.

Many people are afraid of negative comments and that’s a shame. Imagine yourself in 10 years. You talk to a person and you explain to him/her that 10 years ago, you had a blog, a podcast or a Youtube channel and that you stopped it because of a negative comment that touched you. Think about that, do you realize how ridiculous it is ? So continue to create content on internet.

Share this article if you think it can help someone you know.Thank you.

-Steph

The Important Things To Delegate In Your Company

delegate

I watched an Olivier Roland’s video  and I learned good stuff.

Here are the most important things to delegate in your company

Accountability

accoutant

I often meet entrepreneurs who do their own accounting and they say it’s a nightmare. Here are the 2 reasons why I advise them to stop :

  1. Accounting requires a lot of time.

  2. It’s extremely easy to make a mistake. Even certified public accountants make mistakes. The problem when there is an error in your accounting is that all the numbers are wrong. And when all the numbers are wrong, you tax return is false and when your tax return is false, you are in a long-term nightmare.

It’s possible to find a good accountant for around $1 200 a year when you start a company. It’s always better to pay that than to be in a financial nightmare for 5 years because of a mistake in your tax return.

Technique

it provider

What’s cool is that with WordPress and its free plugins and themes, it’s easy to install and manage a blog / website. There are also other platforms that allow you to do the same thing.

On the other hand, when there is a major problem that exceeds your skills, it can be negative for your company. For example,your blog / website no longer responds. If you don’t know how to do, you can spend 2-3 days trying to understand the problem and it’s been 2-3 days since your audience no longer has access to your blog / website.

At that moment, you need an IT provider. This is not a person you will hire as an employee but it’s a person to whom you can entrust all the technical tasks that you don’t knew how to do.

Yes, it will cost money but ask yourself this question : « Is it better to spend 2-3 says repairing your blog / website is down or pay a IT provider who repairs it in 1 hour ? ».

I advise you to find a IT provider quickly when you start making money with your company before having a major problem. Maybe someone around you knows a good IT provider or maybe you need to find one on Upwork. Test this IT provider with a small task to find out if her is competent or not.

Customer support

customer service provider

It’s something to delegate but not as fast as the technique. At the beginning, it’s important to do customer support yourself to be in direct contact with the audience to see the problems in services or products, etc. But that doesn’t mean that customer support is the best added value task that the company’s founder can do.

With customer support, you will quickly see that there are often the same questions that are asked. To eliminate much of the customer support is to make a FAQ. A FAQ is the list of questions most frequently asked with a reply.

For other questions that are a little more complex that are are common, you can do a procedure to explain to the people who take care of your customer service how to solve the problem. And you can ask them to inform you when a question is frequently asked to have a permanent feedback. This allow you to stay in touch with reality.

Maybe someone around you knows a good customer support provider or maybe you need to find one on Upwork. Test this customer service provider with a small task to find out if her is competent or not.

Social media

social media provider

Since you have a blog or a website, you have an audience. This audience sends you messages when you create content. This is the same principle as for customer support, it’s important at the beginning that you answer the messages yourself to discover your audience. You will know the fears and the hopes of your audience. It’s important that you learn how to communicate with your audience.

To find out what things to delegate, you need to be aware of seeing where you bring the most added value to your company as a founder, it’s about innovation, strategy and setting up processes. This allows you to work on your company and not work in your company.

It’s important to know the difference between working on your company and working in your company (being a slave to your company).

Solution

solution

I told you there was a way to find IT provider, customer service provider and social media provider on internet. The best known platform for finding freelancers or outsourcing is Upwork . You will find providers from several different countries. Always test a provider with a small task that doesn’t have a huge impact on your company to make the selection.

Share this article if you think it can help someone you know. Thank you.

-Steph

Make A Totally Innovative Project

innovative project

I watched an Oliver Roland’s video  and I learned good stuff.

Often we have a totally innovative product or service and it’s so innovative that we don’t know if people will buy it. And it’s normal that an entrepreneur to think about it because to create a product/service, it takes a lot of energy, time and money.

The problem is to know which is the most profitable idea. It’s an important skill that an entrepreneur must have to know how to minimize risks. No one can be sure of the product’s success at 100 % but we can reduce the risks enormously.

To reduce the risks enormously, it’s necessary to test the product/service to the reality of the market. There are several ways to test your product/service on the market :

  • The Lean Startup’s method  allows you to create a prototype ( the Minimum Viable Product) quickly

  • You can make ads on Facebook

  • You can create a blog to see if you idea interest people to make it a community

  • You can go on a Crowdfunding’s platform, explain your idea and see if people are willing to invest in it. Your product/service is in « pre-order » mode.

  • You can do a webinar where you explain your idea to people and see if they’re ready to pay you in advance. Your product/service is in « pre-order » mode.

Sell before create

sell before create

The principle of these methods is to sell the product/service before creating it. With it, you can minimize the risks. You can do it, it’s legal and ethic provided you’rae transparent with your community or your prospects. You have to tell them that the product is under development and that they will be able to use it as soon as it’s ready.

I think we all already bought a pre-order product and we were satisfied.

With these strategies to « sell before you create » your product/service, you avoid wasting months or years of work to have an unsaleable product/service because nobody is interested. And unfortunately, it happens extremely often. A lot of entrepreneurs lose their time creating something that nobody wants to buy.

Test all your ideas in this way until one of your product/service interests people. And you do this every time because there is always a difference between what the entrepreneur wants and what consumers want. And the way to find out if a product/service is successful is to test it on the market right away.

Share this article if you think it can help someone you know. Thank you.

-Steph