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What Every Leader Needs to Know About Snapchat

LeadershipMarketingSnapchat

It’s no longer wise for businesses to ignore America’s fastest-growing millennial social media platform.

If you’re like me, scrolling through daily news feeds you’ve suddenly been seeing a little yellow and white ghost icon everywhere.  The icon for snapchatbillboardSnapchat.  Some of you may have even seen this logo during your morning commute as part of a confusing albeit successful ad campaign. Up until now every time I’ve heard Snapchat come up in passing, I’ve immediately put it out of my mind as a passing trend by “kids these days” (cue the image of an old man on his porch shaking his fist at the neighborhood kids on his lawn).  But then I saw Forbes change their icon to this on my daily newsfeed.   ForbesThen the White House joined Snapchat in early 2016.  The Wall Street Journal, CNN, ESPN and a myriad of other media outlets are on Snapchat.  Then I realized this is serious.   A Harvard IOP Poll has called Snapchat the fastest growing social media platform for millennials.  So now it’s finally time to stop pooh-poohing this trend and to understand what it means for businesses today.

I don’t know about you, but it seems I’m often last to the game with new technology.  In fact, I remember hearing about Facebook in 2005 (which I ironically also thought was the trend of “kids these days”) and thought, “who would be interested in that?”  Now that they have reached 1.6 billion monthly active users with their December 2015 Q4 earnings at $5.841 billion, I admit I’ll not be giving stock tips anytime soon!

To give you a sense for what Snapchat means to the evolution of social media, two years after Snapchat’s 2011 launch, Facebook tried to buy it for $3 billion, an offer that was turned down by Snapchat’s founders.  For reference, Facebook bought Instagram in 2012 for $1 billion.  Even at that early stage, both Snapchat and Facebook understood the growth potential of the platform…and they were right.

What is Snapchat – a 1 Minute Explanation:

It’s easiest to think of Snapchat as an app for self-destructing texts and media.  Here are some ways that people use it:

Snap: A snap is a self-destructing text that you send to a specific person with words and/or video that lasts 1 to 10 seconds before it disappears.  You can “chat” with an individual using text or by sending a snap, and each of these “chats” disappear after you view them.

Stories: Users can also create “stories” which is a collection of snaps from throughout that day that can be viewed for 24 hours by any of your followers.  Stories can be viewed by all your followers, unlike Snaps which are like texts sent directly to an individual.

Discover: Snapchat launched the Discover feature in 2015, which allows users to receive media from select outlets (which currently include WSJ, CNN, ESPN, The Food Network, People, and Mashable, to name a few).  This feature is fascinating for marketers, as the content style mirrors the informal, spontaneous and eye-catching spirit of Snapchat.  Consumer online attention span has dwindled down to 8 seconds, and the Discover feature plays to the need for content to be quickly digested.  To show you what this looks like, here is a snippet from the Wall Street Journal:

Lenses: Lenses are a daily collection of ways you can morph your face when you send a snap of yourself to someone.  It’s a pretty clever way to give yourself rabbit ears, googly eyes or an Elmer Fudd face.  Ironically, yesterday Facebook just acquired Masquerade (MSQRD), a similar face-swapping selfie app, in a move to likely compete with this addictive feature on Snapchat.

FullSizeRender (1)FullSizeRender (2)

Lenses – the surprisingly addictive face-morphing feature of Snapchat.

Why Snapchat is different from Facebook, Twitter and Instagram:

Snapchat is a different kind of social media platform, and that’s why it has filled an untapped niche.  Snapchat co-founder Evan Spiegel explained, “It’s much more for sharing personal moments than it is about this public display.” In social media terms, Twitter is all about sharing thoughts, Instagram is about sharing eye-catching photos, and Facebook is where people share life events.  Snapchat is spontaneous, unfiltered communication that is not cataloged.  There is no “timeline” or “feed” where you can visit past posts or communication.  It’s in-the-moment, quick, informal (and sometimes silly) communication that disappears after it has occurred.

And so…why do I care?

Businesses need to take Snapchat seriously.  Business leaders need to know what it is and marketers need to make decisions on how, if at all, it will be included in their social media strategy.  If you are still skeptical, consider the following:

  1. Snapchat represents a business opportunity to speak to a large, younger audience.  Snapchat has over 100 million users with over 7 billion daily video views. This means Snapchat has the same number of daily video views as Facebook, which has over 10 times as many users as Snapchat.  36% of Americans aged 18-29 have a Snapchat account, which makes this the fastest growing social network for millennials.  45% of Snapchat users are under 25, and the number of individuals over 25 who are using the service is rapidly growing.  According to Nielsen, 41% of adults in the U.S. under 35 spend time on Snapchat.  For companies looking to target millennials, Snapchat is a dynamic platform to reach this demographic.
  2. Snapchat represents the need for ever-evolving marketing strategies. Snapchat’s wildfire adoption represents the rapidly changing mediums that capture the public’s attention.  Companies cannot stay afloat using their marketing plan from 5 years ago.  To illustrate the evolution of marketing to millennials, Snapchat’s Discover feature with their short collections of catchy and easily-digestible content snippets represents a completely new way to market to a captive audience and it holds a lot of potential.

SnapchatDiscoverExample

Gone are the days where we can disregard the rapid pace of technology changes around us.  Gary Vaynerchuk, a social media guru, author and investor who predicted the success of today’s most popular social media platforms said,

“It took thirty-eight years before 50 million people gained access to radios. It took television thirteen years to earn an audience that size. It took Instagram a year and a half.”

Today’s most popular social media platforms have gained an audience so quickly that businesses need to sprint in order to stay in front of their customers.  Snapchat’s adoption by millennials has taken off, and this reality holds great marketing potential for your business…and that of your competitors. So many companies have been late to table where social media is concerned, but the ones who have understood what social media means for their marketing strategy and have evolved are the ones that win in expanding their market share.  Snapchat may not be right for every business.  But every business should understand what Snapchat means to their customers.

Are Women to Blame for the Gender Wage Gap?

FeaturedNegotiation

Despite the complexity of the gender wage gap issue, there is one simple thing that every woman can do to minimize this issue–negotiate their compensation.

We have been hearing a lot in the news lately about the gender wage gap.  The reality of business today is that men are paid more than women…A LOT more.  By latest estimations, for every dollar a man makes, a female makes $0.79.  This is becoming such a hot topic that governments are starting to intervene.  Last month, President Obama moved ahead with plans to require that companies disclose to the U.S. federal government what they pay employees by race, gender and ethnicity.  The U.S. is not the only country to attack pay disparity head-on; Britain, Austria and Belgium are doing the same.

It is easy to point a finger at big business or blatant gender discrimination as the root of this problem that is plaguing efforts towards fair and equitable compensation.  But the gender wage gap is a much more complex issue.  There are many reasons that could explain the disparity between men and women’s pay.  Occupation segregation can explain the gender wage gap since women hold a larger proportion of lower-paying positions.  In addition, another explanation for the pay gap is that some women self-select out of certain positions and even promotions due to family obligations.

The problem with explanations like these is that they do not address why studies show that when occupations are separated by job class, the numbers show that a man is still paid more than a woman to do the same job. Claudia Goldin, a labor economist at Harvard, found that women one year out of college earn 6.6% less than men who are hired to do the same job.  After examining the salaries of female doctors and surgeons, she found that the females earned 71% of what their male colleagues made.  Females in finance made just 66% of what their male colleagues earned.  These statistics are compelling enough to expose that the gender wage gap is a real issue that we need to address.

Despite the complexity of the gender wage gap issue, there is one simple thing that every woman can do to minimize this issue–negotiate their compensation.  Linda Babcock, an economist at Carnegie Mellon and co-author of the book “Women Don’t Ask” has done extensive research on the gender wage gap and has found that men are four times more likely to negotiate their pay.  And she found that even when women do negotiate their salary, they ask for 30% less than men.  And not negotiating salary can be a costly mistake.  She found that failing to negotiate a first salary can lead to an overall loss in excess of $560,000 by age 60.  Other research shows that a woman can be leaving $2 million on the table over the course of their career if they do not negotiate their salary.

Rather than relying on the government to fix the salary inequities among genders, women can make enormous strides to close the gender wage gap now by taking charge of negotiating their salaries.  If you are unfamiliar with how to successfully negotiate, here are some strategies to help:

  1. Have a healthy view of negotiation. Negotiation is a normal part of any business agreement, especially in high-dollar transactions.  No one expects to pay the sticker price on a car or the list price on a home; instead, people accept that negotiation is all part of the process of arriving at a fair price agreed upon by both buyer and seller.  In the same way, people accept that negotiation is a normal part of the employment process.  No sales person can ever be successful when they feel guilty about soliciting someone’s business.  Similarly in negotiation, it is so important to have first convinced yourself that salary negotiation is normal and expected before you can be successful.
  2. Do your homework. Understand what the going rate is for your line of work and where you fall compared to others in your industry based on your experience, education and skills.  We are fortunate to live in a time where there is so much information at our fingertips through resources such as Glassdoor and Salary.com to adequately prepare before going into a salary discussion.  The more facts you have at your disposal when coming to a negotiation, the better prepared you will be to feel confident in your position and to support your position in the course of the discussion.
  3. Before going into the discussion, decide what your desired outcome will be. How much would you like to be paid?  In negotiation, an employer always enters the discussion knowing what the salary floor and ceiling are for the position they are offering as well as what other terms (i.e. vacation, sick time) are negotiable.  Since employers come to a salary discussion armed with this information, similarly you must come to the table with a desired outcome of the discussion based on your research.  Have a number in mind that is your target goal.
  4. Understand that the first number on the table is significant. The first real number tossed in the ring in a negotiation is the jumping off point.  Whether this first number is put forth by you or the employer, it is important to understand that this number is the basis off of which your discussions take place.  So choose this number wisely.  Or if the employer has put out a number first, choose your response wisely.  A low initial offer does not require a counter that is lower than you would like to make.
  5. Understand your floor and be willing to walk away if it is not met.  Your floor is the minimum you would be willing to accept as a salary offer.  This is the lowest you would go while still accepting the offer.   Your floor is of course based on your research, and it is important to be comfortable walking away from the offer if this minimum is not met.  While walking away may seem daunting, it is important to not settle!  From the perspective of an employer, I can tell you that far too many women accept less than what they were hoping for without ever asking for what they wanted.
  6. Negotiate anything. While an employer may not have unlimited negotiation room for salary or annual bonuses, there are a whole host of other things that are much easier for an employer to agree to that will make the position more attractive to you.  Negotiating sick time, vacation time, work hours or a remote working arrangement are all very common, and are all ways to help you to feel satisfied with the all-in value of your work arrangement.  Many companies today are getting even more creative with job perks based on what is important to employees; transportation costs, professional development, and phone bills are also examples of things you can negotiate.

As one woman to another, I urge you – understand your value.  It is important to negotiate during the employment process and to learn to do it well.  Do not confuse negotiation with being perceived as pushy or aggressive; if you come to the table with facts supporting your salary requirements, this just builds a case to establish your value.  This is so important because if women do not negotiate to earn what we are worth we are actually contributing to the gender wage gap issue.  For the sake of yourself and for women everywhere, ask for what you are worth and do not settle for less.

 

This piece is based on a talk I gave last week to the talented networkers of PVD Lady Project at their 4th anniversary celebration in Providence, Rhode Island.  Lady Project is described as an “’Old Boy’s Club’ for fabulous women” co-founded by Sierra Barter.  The movement has rapidly grown to 10 chapters across the U.S. in counting.  Learn more about Lady Project at http://www.ladyproject.org.

The Secret Sauce for World Class Service

Customer Service

Over the course of working 12 years for a company that literally holds trophy cabinets for their collection of client satisfaction awards, I can’t tell you how many times I have heard the question, “so, what’s the secret to great customer service?”  Many companies want to “wow” customers, but few achieve the enviable status of an Amazon, a Zappos or a Southwest.  There is a very simple recipe for world-class service, but putting it into practice is much more difficult than it sounds.

Putting the recipe together for amazing service is hard because while so many companies are striving to hit quarterly earnings targets, it is difficult for them to not let the almighty dollar drive every decision.  But in customer service – success is all about people.  It’s about the human touch–not just metrics and equations.  Here are the 3 basic ingredients plus the 1 secret ingredient to make the best world-class service that people rave about:

  1. Make sure your business works. Before you stop reading here, and as silly as this fundamental step sounds, this is the one reason why so many companies can’t even get the train to leave the station.  It’s useless to implement a customer loyalty program if your product is never shipped on time.  There is no point in having a 24/7 contact number if no one can ever reach a person to get their issue resolved.  And what is the use of collecting customer feedback if you do not have a system in place for extracting its value?  Yes, as basic as this sounds, the first step to great service is making sure that the basic components of the product, service delivery and troubleshooting are in place and working well.  Before starting on the road to delighting customers, companies must be meeting their customers’ basic expectations.
  2. Keep a long-term view of profits. The best service organizations look at the lifetime value of a customer as opposed to evaluating the profitability of a single transaction.  You never want to lose the next 20 years of your customer’s business over your “policy” to charge a $2 service fee.  The best service organizations far surpass their competitors by prioritizing the lifetime value of customers.  I’ll give you an example.  I ordered a scarf as a gift from Nordstrom on December 11th.  They sent me an email on December 22nd apologizing that the item was backordered and that it would not arrive in time for Christmas.  I called Nordstrom and the person on the phone immediately found the item in one of their stores in Alaska.  Within the hour, the item was gift-wrapped and sent by overnight mail to me, all at no additional cost.  When all was said and done, the cost of shipping the item alone was twice the value of the scarf.  But Nordstrom, like other great service organizations, looks at the lifetime value of a customer.  To them, footing the $30 to wrap and ship a gift was worth keeping the thousands of dollars of my future business for many years to come.  Thank you, Nordstrom!
  3. Let the customer drive your every decision. Throughout my career in client service, the one question we ask in every single meeting is, “how does this affect our customers?”  In a great service organization, this is the priority we consistently have to consider to make a business case – not outlining the return on investment.  At the base of every decision is a person.  And great service organizations recognize that the person is more important than a quick profit.
  4. Employ the right people who care about people. This is the secret ingredient!  The people you employ are the ones who make an emotional connection with customers.  And it’s the emotional connection that keeps customers coming back again and again.  Employing the right people goes beyond just hiring front line staff who score high on “customer focus” in your pre-hiring skill assessment.  Most great service organizations have what I call “the circle of service” – the company treats their employees well and the employees then treat the customers well, and in turn customers treat the company well through repeat business and referrals.  Tony Hsieh, the founder of Zappos and the foremost expert in correlating culture to profits said, “Businesses often forget about the culture, and ultimately, they suffer for it because you can’t deliver good service from unhappy employees.”  Hiring people who care about people throughout the organization is an investment in building this circle of service that enables so many organizations to have thriving, regenerative profits and an excellent reputation in the market.

So there you have it, in a 5 minute read, you have the secret sauce to world-class service.  It is so simple, yet it is the hardest recipe to master.  Since these principles must be driven from the top down within an organization, you must have a leader who is truly passionate about service to make bold decisions that may on the surface seem to ignore the short-term bottom-line.  But take it from someone who has been there, the recipe works, and companies who use it will see the results!

customersuccess

6 Ways to Fight the #1 Career Killer

Self Development

A little sleep, a little slumber, a little folding of the hands to rest—and poverty will come on you like a thief.  ~Proverbs 6:10-11

This proverb has always stuck with me as a warning of the consequences of staying too comfortable.  The saying asserts that, day by day, there is an accumulation of small decisions we make to stay in our comfort zone–to do the “easy” thing.  And then little by little, these daily decisions to stay in one place reap their consequence–the lack of prosperity.  This is the consequence that robs you of your true potential.  At times I have thought of this quote in the context of career terms.  Perhaps it would go something like, “A little time watching the clock, a little time doing meaningless reports, and a stagnant career will come on you like a thief.”

The tricky part of this proverb is that a slow accumulation of making small daily decisions to not “work hard” leads to an unfortunate end that is a surprise to the person.  This feeling of security while being unaware of the potential danger is the definition of complacency.   So what are the signs of complacency in one’s career?  What sets two people apart who start the same entry-level job on the same day, where one makes a slow ascent with few promotions while the other steadily progresses to become the head of the entire business unit?  Because complacency slowly and silently can take root in someone’s career over a span of years without them realizing it, I call it the #1 Career Killer.  While complacency is not always easy to recognize, there are some consistent habits of successful people that, if modeled, can get people out of the mindset of comfort zone and into the mindset of striving.

Here are some habits of individuals who successfully avoid becoming complacent:

  1. They question the reasons behind the tasks they do to make certain that tasks have a necessary purpose to meet overall business objectives.  They do not fall into a routine of doing things because “that’s the way they have always been done,” or because they were asked to do them.  Rather, they understand the big-picture goals they need to achieve and they line up daily actions to ensure that there is congruence.  If certain tasks do not fall in line with the business objectives, they stop doing them.
  2. They have goals that they are constantly working towards, reviewing, revising and resetting.  Having an active plan to achieve goals keeps people in a mindset of constant action to achieve an objective. The key is to make the plan, and then to consistently evaluate results to ensure successful follow-through and execution of the plan.
  3. They are constantly looking for new opportunities to improve.  This perpetual mindset of always looking to improve keeps them striving to refine their skills, to change their approach and to advance their execution of objectives.
  4. They do not feel their job is “easy”.  There may be times during a career where someone may not feel perpetually challenged.  However, someone who is not complacent will always push himself and make his own challenges even when the inherent task at hand seems relatively simple.  George Keller said, “To think creatively, we must be able to look afresh at what we normally take for granted.”  To evade complacency, one must always see possibilities, even in things that may seem mundane on the surface.
  5. They have a clear plan for what they need to do to get to the next level.  The end goal is always clear in the mind of a high achiever.  And since they are always thinking of improvement and how to reach their objectives, they prioritize making plans to achieve their goals.
  6. They think in terms of what accomplishes big picture objectives, not what checks items off of a list.  It is so easy to mistake the feeling of success that you get from being busy as a sign that you are achieving your long term goals.  But the truth is that success only comes from achieving results.  People who are not complacent understand that completing a list of tasks, while they may be necessary for one’s work, do not equate to achieving success.  Success only comes from the results of achieving your overarching goals.

Complacency is the enemy of success, and the best way to avoid it is to remain in a mindset of consistent improvement.  The legendary former General Electric CEO Jack Welch has broadcast this message again and again.  He said,

“The mindset of yesterday’s manager – accepting compromise, keeping things tidy – bred complacency. Tomorrow’s leaders must raise issues, debate them, and resolve them. They must rally around a vision of what a business can become.”

And as advice on a personal level on avoiding complacency, he said, “You’ve got to be constantly raising the bar. Finding that thing that makes you win has to keep being escalated all the time.”  If you want to keep your career alive and thriving, keep challenging yourself to improve, and weed out complacency every day.

Why We Need to See the Best in People

Positive Leadership

Early in my career, I learned a lesson that I carry with me to this day.  At the time, I was newly placed at the head of a group that was, in a word, struggling.  They fell short of nearly every performance goal, and stood out at the bottom of rankings when stacked up against work groups elsewhere in the company.  In an effort to target results, I began getting to know them and made a number of changes in the way information was communicated.  We instituted robust coaching and training to target the areas in which we were weak.  I worked with the team to set goals and communicated progress regularly.  And together with the management team, we took extra hours to work with people one-on-one to focus on work habits to help them hit their target goals. It seemed like we were doing all the right things, but each month when performance measures would come out, I was dismayed to see that our team had made little to no improvement.

Over time we kept at it, trying to improve our results.  No improvement.  I became discouraged, wondering if the reality was simply that we didn’t have the right people with the necessary skills on the team.  It was at this point that I met a colleague who shared with me the power of seeing the potential that lies within each person.  She explained that she had to work on her own view of her team and their capabilities, because her thoughts about their potential translated into their belief of their capabilities, which in turn translated into their performance results.  In short, she shared that it was my own thoughts about my team’s shortcomings that was leading to our poor performance results.

At first, this was a tough concept to process.  I didn’t believe that I was thinking negatively about my team members.  And plus, whatever thoughts were in my head had minimal impact because they were just in my head…right?  I found that this was not the case.  The great neurologist and psychiatrist Viktor Frankl compared this phenomenon to the method of landing an airplane.  Using the technique called “crabbing”, a pilot needs to overshoot his landing target in order to land in the right spot in the midst of a crosswind.  It is in this same manner, he explains, that we must see the best in people.  For if we can see the best parts in others, only then can they truly realize their potential.  However, if we see people for what they currently are, they will never be able to reach their full potential.  So that was my problem–I was seeing my team for what they currently were.  But what I needed to see was the very best parts of each person to see their true potential.

In order for me to see the best in each person, I had to retrain my thoughts.  I had to stop focusing on each person’s weakness and work to find what each person’s strengths were.  I worked to train my thoughts to think of these strengths and the potential associated with the strengths when I thought of the person.  It is true that we needed to improve on the weaknesses in our team, but I learned that the best way to do that was not by focusing on their weaknesses.  I needed to focus on their strengths.

The results of this single change in thinking to alter the way that I thought of my team members was astounding.  Suddenly people seemed more enthusiastic about their work.  Team members were more willing to embrace changes in the office.  And most importantly, we started to see the lift in performance we had wanted to see.  In fact, that year our sales showed the highest increase out of all the offices countrywide–over 30% sales growth.

The lesson that I learned through this experience was perfectly summed up by Goethe:

The way you see people is the way you treat them, and the way you treat them is what they become.

Leaders have the weighty responsibility of inspiring those around them, and the only way this can be accomplished is if they are able to instill each person with a vision of what can be possible.  In this sense, the mindset of a leader needs to be trained to not focus on the present appearence of people’s capabilities, but on what their abilities can yield in the future.  Only when this happens can we unlock the potential that lies within each person.

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