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3 Ways Doing Your Day Job Well Helps Launch Your Dream Business

http://feedproxy.google.com/~r/entrepreneur/latest/~3/rtadP8gHdyY/284046

Handling your 9-to-5 like a champ will improve the success rate of your startup.

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$8.8M 2015 Sales of iPhone Repair Parts with CEO Chris Koerner

http://nathanlatka.com/thetop462/

In Episode #462, Nathan is joined by Chris Koerner, founder and CEO of LCDcycle – a company that recycles broken iPhone screens and supplies wireless repair shop with wholesale electronic parts. Aside from being a motivational speaker and winner of the Entrepreneur of the Year award, Chris is a guy who appreciates the haters.

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Famous Five:

  • Favorite Book? – Delivering Happiness
  • What CEO do you follow? – Elon Musk
  • Favorite online tool? — Flipboard
  • Do you get 8 hours of sleep?— I try but I don’t
  • If you could let your 20-year-old self know one thing, what would it be? – “Tell myself to appreciate the haters”

Time Stamped Show Notes:

  • 01:46 – Nathan introduces Chris to the show
  • 02:31 – LCDcycle was founded in 2013
  • 02:43 – Chris opened a smartphone repair shop in college in 2010
    • 02:51 – Sold it for $ 30,000
  • 03:50 – They started in Alabama
  • 04:10 – They got more customers in the Texas market
  • 04:45 – The supply parts to repair shop
  • 04:58 – First year revenue
    • 05:08 – Did $ 2.1 million for the first full year
  • 05:13 – For 2014, they did $ 4.8 million and $ 8.8 million in 2015
  • 05:36 – They are doing cold-calling to get customers
  • 05:57 – Uses a lead generation tool to scrape the repair shops details
  • 06:25 – Gross margin average is 31%
  • 06:55 – Team size is 12
  • 07:08 – They are self-funded
    • 07:31 – Started with $ 30,000
    • 07:41 – Chris asked his family and friends for a loan
  • 08:16 – Total volume of parts shipped
    • 08:27 – About million parts
  • 08:45 – Most of their shipments are iPhone screens
  • 08:53 – Average price point for the shops
  • 09:17 – Spending $ 23 for raw material
  • 10:15 – 8% net margin
  • 10:30 – Supplies are coming from China
  • 10:49 – LCDcycle sells new screens and buying the broken screens from the repair shops
    • 11:05- Broken screens are being sent to China
  • 11:27 – Their revenue is shrinking this year to $ 6.5 million
  • 11:41 – There’s a shortage in supplies last year so there was a spike in sales
  • 12:25 – They’re supplying to 700-800 unique shops
  • 12:36 – Reorder rate
  • 13:45 – Chris raised money last year
  • 14:21 – Chris would sell to a bigger company
  • 15:20 – Connect with Chris through his Facebook
  • 17:30 – The Famous Five

3 Key Points:

  1. You have a good chance of developing a great company—you just need to be willing to navigate through the failures. Believe in yourself.
  2. Expansion—even in the face of risk—is worth it.
  3. Always appreciate the haters.

Resources Mentioned:

  • Toptal – Nathan found his development team using Toptal  for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to quality of Toptal  developers.
  • Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
  • Assistant.to – The site Nathan uses to book meetings with one email.
  • Facebook – Chris’ personal Facebook account.
  • Show Notes provided by Mallard Creatives

The post $8.8M 2015 Sales of iPhone Repair Parts with CEO Chris Koerner appeared first on Nathan Latka.

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Where is Google heading with mobile local search?

https://searchenginewatch.com/2016/10/27/where-is-google-heading-with-mobile-local-search/

In our last column we asked: Has Google killed mobile organic search?

In this column we consider what Google’s plans are for those owned properties that get the prime real estate atop mobile search results, such as Google My Business (GMB) and Knowledge Graph (KG).

There are five areas/initiatives that should be observed closely, as these could be prototypes for the future of mobile local search. These are:

  • Restaurants in [US city] – Google My Business (GMB) results.
  • Hotels in [US city] – GMB results.
  • [US city] –Knowledge Graph (KG) results.
  • Movies in [US city] – KG results.
  • Tradesmen (or similar) in [San Francisco area] – Home Services results. Some or all (unclear) of the tradesmen pay to be included in this scheme. This will be covered in detail in a subsequent column.

While these are likely to come to a Google near you, most are not yet seen, or not seen in their entirety outside the US (or parts of the US). So for the sake of this column we will pretend we are in sunny Venice Beach (Los Angeles).

GMB v KG

The distinction between Google My Business (GMB) and Knowledge Graph (KG) panels is a little fluffy (and the terms are often used interchangeably).

The GMB panel is found in the results of a local business search. So if you search on Restaurants in Venice Beach.  The results deliver a three-pack (as is called in the trade) of local restaurants, for three local restaurants (at the time of search): James’ Beach, Gjelina and 26 Beach; with the option to expand for more.

KG results from an information search which is not local business specific. An example is Venice Beach or Harry Potter. This delivers an information panel or card with data from various sources, most commonly, Wikipedia or from Google partners (see below).

With place searches, such as Venice Beach, there is commonly a carousel of restaurants and/or hotels at the end of the panel. These tend to be similar to the GMB listings, but the priority of results differs slightly from GMB results for Hotels in Venice Beach or “Restaurants in Venice Beach” (as shown below).

Tapping through on a restaurant or hotel in either GMB three-pack or KG carousel – does not take you to the business’s website. This brings up a new in-search panel, which Google calls a “Knowledge Graph card”, dedicated to your business, which is similar to the Venice Beach KG panel above, but with contact information; tap to call; tap for directions; and a link to website.

Today Google does not charge businesses a fee for calls generated, or people who click on a map to find the location, but it is keeping count of how many clicks it is generating for your business.

dna34_venice_beach_pl_kggmb

Note the presence of the paid listing prioritized at the front of the restaurant and hotel carousel. The example pictured below is from Google.co.uk – the same search in Google.com delivered the same results, but did not mark them as paid. The reason for this is not clear.

The new face of local search

Whether or not we like it, this is the future of Google mobile search, looks like this. Traditional organic website listings are being pushed further and further below the fold on mobile devices, as Google’s owned properties (ads – GMB – KG) take the prime real estate. Businesses have to face it and address it.

David Mihm, local digital marketing consultant:

There is no question that web results are in decline for high-volume local searches like ‘pizza.’

Organic place listings, though, (and hybrid/paid place listings like the HVAC (Heating, ventilation and air conditioning) tests going on in San Francisco at the moment) are here for the long haul as Google shifts more and more results to its Knowledge Graph. Knowledge Graph results will continue to provide significant impressions through the coming voice tsunami.

It’s time to start thinking about your website as an API of structured information about your business, its products, and services that will help Google display Knowledge Panels instead of webpages. Google is increasingly shooting for conversions to happen directly on the SERP, within Knowledge Panels, for example through their OpenTable integration in restaurants.

In many cases, conversion rates may actually be higher from place results, but they won’t show up in your Google Analytics. And of course a huge percentage of local searches result in offline conversions in-store, which (so far) aren’t easily trackable.

See restaurants below for more on the OpenTable integration, the HVAC listing, we will discuss in a subsequent post on Google Home Services.

Hotels in [Venice beach]

First we need somewhere to stay in Venice Beach. Whether you access a hotel via the GMB results in Hotels in Venice Beach search or via the carousel in the KG results for Venice Beach Google delivers the same GMB/KG card for the hotel.

Similar to other business panels, e.g. restaurants (see below), there is a tap to call, directions, web link with a description and reviews. But unique to hotels is the option to book a room through a booking agent e.g. Expedia, Booking.com, Hotels.com and others.

As demonstrated by the Ad badge, all of these brokerages are paying for their listings, presumably on a pay-per-click basis. In turn they will be taking a commission from the hotel for any booking.

Of particular interest, is that within these lists of paid-for results, when expanded, there is sometimes an option to book direct with the hotel, e.g. for Inn at Venice Beach. Which suggests that in order for a hotel to offer bookings direct via its so-called “my business” listing, the hotel has to bid against other advertisers (the travel brokerages) on Google.

Russell JonesPrincipal Search Scientist at Moz, was able to shed a little light on how it might work:

I am not sure about this, although it appears that synxis.com the system which seems to power their booking engine, might be connected. However, from Google’s developer documentation it looks like you don’t need a third party for this – and that pricing uses the standard bid model

dna34_hotels_venice_beach 

How to get on the three-pack GMB listing

Today the GMB three-pack – see the restaurant and hotels examples in the images above – are not paid-for listings. Though reports suggest that Google is certainly considering replacing one of the three pack with a paid listing.

So, with organic listing being pushed further and further below the fold on mobile devices, and the potential for GMB listings to drive calls, reservations (for restaurants and hotels), it is increasingly important to ensure that your business appears and appears correctly on the GMB three-pack.

But when your “My Business” panel is actually owned by Google, how do you do this? Start by updating the basic details on the listing. Also see these tips from Google.

But there does not appear to be an option to alter reservations or deliveries (for restaurants), so your listing shows your reservation or delivery service, rather than those of a third party. If this is possible, which isn’t entirely clear from Google’s developer pages then this is a job for your web developer.

As with all things Google, there’s a bit of mystery how the local search algorithms work, but it seems that old fashioned SEO rules still apply.

Dan Leibson, VP of Local at LocalSEOGuide.com

As far as general tips for getting in the 3-pack… we did a huge regression study on the rankings of 30,000 businesses and looked at over 100 factors. The biggest takeaway is that links are a dominant ranking factor. Also, citation consistency is incredibly foundational for getting in the pack. 

Buying ads in competitors GMB / KG panels

It appears that businesses can buy ads competitors’ GMB/KG card. These appear in the prime spot in the carousel of other restaurants (or hotels) displayed below the reviews in the competitors’ panels.

Interestingly these ads lead to the advertiser’s own KG card, not the advertiser’s own website.

The screenshots below were taken of the Domino’s Pizza and James’ Beach KG card on Google.co.uk (in Google.com the same restaurants were shown without the ad badge).

dna34_ads_in_restaurant_gmb_venice 

Restaurants in [Venice Beach]

So next we need to find somewhere to eat.

Whether you tap on the restaurant via the GMB results in Restaurants in Venice Beach search, via the carousel in the KG results for Venice Beach, or via the carousel in a rival’s KG card, Google delivers the same GMB/KG card for the restaurant.

These are similar to the hotel panels, in respect of details, click to call, directions. In addition there are several options to view menu, find a table and place an order, which may or may not be present.

  • The menu may be provided by the restaurant or via a third party, most commonly, SinglePlatform. This is the provider of the menu for Domino in Venice Beach (though this is not clear from Google’s listing).
  • Find a table appears to be exclusively provided by OpenTable, even where the restaurant takes reservations on its website, either directly or through a preferred third party.
  • Place an order, where available, is only provided via third parties, such as GrubHub/Seamless, Eat24 (Yelp), DoorDash, Delivery.com, BeyondMenu and Slice/MyPizza.com. This is the case even when the restaurant has its own delivery service via its website. As seen below, both neither the GMB listing for Domino’s or James’ Beach offers place an order, but both outlets do offer delivery from their websites.

Unlike hotels these are not marked with an Ad sign, which suggests these third parties are not paying for their privileged Google partnerships. Certainly SinglePlatform does not receive compensation from Google.

Russell Jones, Moz:

Unlike the food delivery space, OpenTable seems to be by far the leader in nation-wide reservations. Given the cost of integration and the stability of partners required by Google, it is not surprising that OpenTable is the only partner at this point. I would suspect this to remain the same for quite some time.

The food delivery space is more crowded, so integrating with only one provider might leave a Google user with fewer options. Google seems to have chosen partners that have large, nationwide coverage. I am doubtful that this relationship is paid at the moment. 

Google’s developer pages give details on how web developers can adapt business websites to allow integration with their KG card. But it does not look likely that integration will happen automatically.

For certain, businesses (restaurants, hotels, events etc. along with any third party services) should register their interest in becoming Google partners and hope for the best.

Dan Leibson, LocalSEOGuide:

To your question on if you can remove competitors, you cannot. Lots of the special functionality in the right hand Knowledge Graph panel are through partnerships with Google.

So, to your example, a big brand like Domino’s could likely try to work out some form of partnership with Google where their Knowledge Graph entry would have some kind of special functionality. Though to my understanding Google only does it with services that will function cross brand.

 dna34_restaurants_venice

Movies in [Venice Beach]

Next we need something to do, so let’s go to the movies. Ok, this is the last thing we would do in Venice, but let’s pretend.

The KG for movies is a different format with a carousel of movies along the atop the mobile search results. Tapping The Accountant film, reveals blurb, ratings, reviews and the option to select show times at one of the two movie theatres (both AMC).

Tapping on a show time delivers the option to purchase tickets from one of three Google partners Fandango, AMC Theatres and MovieTickets.com.

Unlike hotels these are not marked with an Ad sign, which suggests the booking agents are not paying (currently) for their partnership.

The option to book direct with AMC Theatres suggests that Google is not restricting partnerships to third parties, as appears to be the case with restaurants (see above). However this may just be for the largest national chains.

dna34_movies_venice_beach

Where next?

It is easy to see any of these models – restaurants, hotels and/or cinemas being expanded into other areas, which makes it important to keep a close eye on them – particularly in the US, which is where most of the local mobile search innovation tends to start.

Another very interesting and, perhaps, concerning area of innovation are the on-going trials with local handymen, house cleaners, locksmiths, plumbers, and (as mentioned by David Mihm) HVAC engineers – where local tradesmen pay a fee to be listed as “pre-screened” in Google’s Home Services search.

For more detailed insight read our m-commerce reports:

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Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Won’t Sell for $40M

http://nathanlatka.com/thetop463/

In Episode #463, Nathan interviews Steli Efti, CEO and founder of Close.io. Listen as Steli talks about how he uses sales and communication to his company’s advantage and why he won’t disclose their churn rate—his answer WILL surprise you.

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Famous Five:

  • Favorite Book? –The Paypal Wars
  • What CEO do you follow? – N/A
  • Favorite online tool? — Evernote
  • Do you get 8 hours of sleep?— Yes
  • If you could let your 20-year old self know one thing, what would it be? – “I wish I knew how to manage my own emotions and focus on consistency”

Time Stamped Show Notes:

  • 01:23 – Nathan introduces Steli to the show
  • 01:52 – Steli’s entrepreneurial power is in sales and communication
  • 02:02 – Close.io is Steli’s biggest success
  • 02:15 – There are less than 20 people in the team
  • 02:21 – Steli is competing with massive organizations
  • 02:40 – They launched their first product in 2013
  • 02:56 – First year revenue is $ 200,000
    • 03:10 – They started as a services business
  • 04:08 – There’s a common pattern with SaaS companies building product
  • 04:45 – Close.io is a CRM
    • 04:55 – Focused on inside sales team
    • 05:12 – Paid monthly
    • 05:26 – RPU
      • 05:58 – The average per month is $ 400 to $ 500
  • 07:01 – Total number of customers is between 500 and 5000
  • 07:54 – They are self-funded but they did raise for the business
  • 08:45 – CAP table
  • 09:29 – Raised a little after graduating
    • 10:08 – They raised $ 1 million
  • 10:32 – They are not currently in any acquisition talks and not raising capital
    • 11:09 – They have all the funds they need
  • 11:35 – There are 2 co-founders
  • 12:00 – Monthly gross churn is horrible
    • 12:26 – “Every customer we are losing is a tragedy”
    • 12:50 – They don’t share churn numbers
  • 13:11 – Their sales tactics
  • 13:41 – When they launched Close.io, it doesn’t have any record in it
  • 14:15 – People will buy the product even if it’s not sufficient
  • 14:54 – They are now doing a ton of blog posts, public speaking, etc
  • 16:20 – Consistently improve your product
  • 17:22 – Fully-weighted CAC
  • 17:55 – “The most important thing in trying new channels is to determine what a success and failure look like”
  • 19:30 – Steli won’t accept sample acquisition offer
  • 21:00 – Connect with Steli through his blog and Twitter
  • 22:30 – Steli’s podcast has thousands of followers
  • 23:30 – The Famous Five

3 Key Points:

  1. If you have the solution to your customer’s problem, they will stay longer.
  2. Plan your failure scenarios. Know what to do when you succeed AND fail.
  3. Every business is different. The value of your business is determined by what the market is willing to pay for it, and what you’re able to create in terms of market demand.

Resources Mentioned:

  • Toptal – Nathan found his development team using Toptal  for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal  developers.
  • Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
  • Assistant.to – The site Nathan uses to book meetings with one email.
  • Blog.Close.io – Steli’s blog site
  • @Steli – Steli’s Twitter handle
  • Show Notes provided by Mallard Creatives

The post Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Won’t Sell for $40M appeared first on Nathan Latka.

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Cats, dogs, brands and social media marketing success

https://searchenginewatch.com/2016/10/27/cats-dogs-brands-and-social-media-marketing-success/

People love their pets, not necessarily their elected officials. And the savviest social media marketers should try to take advantage of this fact.

It was absolutely hilarious, if you ask me.

It was just a few weeks ago, on a Tuesday night (October 4). Two men vying for the second highest office in the land, Mike Pence and Tim Kaine, were debating each other before an audience of millions and frankly, I couldn’t wipe the smile off my face.

I was looking at a Facebook Live video being broadcast on The Late Show with Stephen Colbert’s Facebook page that was showing the television broadcast of the event.

However, in front of the screen was a large pen full of cute, little kittens divided by two separate carpets, one red and the other blue, with a box of kitty litter in the middle labelled, “Undecided.”

I was literally laughing out loud.

If you’re looking for attention from the masses, you can’t go wrong by hitching your social media wagon to anything to do with this year’s tumultuous election season, of course. All eyes have been on that runaway freight train of a news story. It’s been a perfect newsjacking opportunity if ever there was one.

But the time and circumstances have also been quite rare. At least let’s hope so.

What’s always in vogue are cats and dogs.

After all, pretty much anything to do with politics is a hot-button issue. Cats and dogs? Not so much. People love their pets, not necessarily their elected officials. And the savviest social media marketers will try to take advantage of this fact.

For instance, here are 10 ways businesses and brands – excluding any pet-related brands, per se – include cats and dogs in their social media to attract an even bigger audience…

1. TODAY Show on Instagram

Charlie was very excited for #KingsOfLeon! #TODAYShow #KingsOfLeonTODAY (photo via @photonate)

A photo posted by TODAY (@todayshow) on Oct 14, 2016 at 12:13pm PDT

What a cute picture! What a great idea! Add a puppy to the cast of regulars and you have a win-win all-around.

Charlie follows in the paw prints of his predecessor, Wrangler, who left the Today Show to “work” as service dog for Guiding Eyes for the Blind.

Charlie is being trained to be one of America’s VetDogs. In the meantime, he’s taking advantage of more than his fair share of photo ops on the set.

2. Boston Red Sox on Twitter

https://twitter.com/redsox/status/747244510397239297

 

Not that the Red Sox need any help in filling seats, but this sure is a great way to attract a few fans, including those of the four-feet variety, to the ballpark. If every dog has his or her day, what could be better than spending that day at Fenway Park (even if there isn’t a game being played)?

3. Best Western on Instagram

“This is your 38th selfie this morning, John… Ok, one more!” Leave a hilarious caption for this travel dog. #TravelCaptionSaturday

A photo posted by Best Western® Hotels & Resorts (@bestwestern) on Sep 17, 2016 at 10:53am PDT

I love the fact that Best Western made the dog the star of this photo. How can you resist looking at it, never mind wanting to caption it? Man’s best friend is a marketer’s best friend, too.

4. Ralph Lauren on Twitter

https://twitter.com/ralphlauren/status/769164569289850880

Thanks to the emergence of social media and the ubiquity of pop culture, every day is a holiday. And the savviest brands among us make sure they’ve included themselves in that celebration, newsjacking the conversation about it on social media in some way, shape or form as Ralph Lauren so smoothly does here.

5. Katy Perry on Facebook

She’s a big rock star and a huge brand who, according to Trackalytics, has the 25th most-liked page on Facebook.

She’s Katy Perry, her fans are KatyCats and this is a purr-fect example of how well felines play on social media.

6. Target on Twitter

Demonstrating a knack for newsjacking, the team behind Target’s Twitter account does a great job of taking advantage of a trending hashtag not only to be cute, but to drive traffic back to the store’s pet costumes for sale before Halloween.

7. 29 Sudbury on Facebook

Happy Hour may be illegal in the state of Massachusetts, but no one said anything about Yappy Hour. What a great idea!

Not only is this a very clever way for 29 Sudbury to attract customers, it’s an excellent example of cause marketing, promoting your business while also raising funds for a good cause.

8. Volkswagen on Twitter

https://twitter.com/Volkswagen/status/762583208290619392?ref_src=twsrc%5Etfw

In this clever video, Volkswagen jumped on the International Cat Day bandwagon and used a handful of fluffy felines to demonstate how its Driver Alert System works, showing them springing to attention whenever the warning bell sounds.

9. American Express on Instagram

Blending in nicely with the Instagram environment, American Express includes a clever, colloquial caption along with this picture of a dog and his or her shipment of treats, toys and Tchochkies from BarkBox.

This post has got it all going on – product placement, hashtags, URL, you name it – and nearly 1,000 likes to show for it.

10. Gemmyo on Twitter

I don’t know what a pink cat has to do with precious stones, but apparently this French company’s advertising is as innovative as its phenomenally popular line of personalized, made-to-order jewelry.

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