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The coworking experience is not just about space but more about community

With the numerous number of co-working spaces sprouting up around the Central Business District in Singapore, one might wonder: Why should I pay for an office when I can simply head over to a Starbucks near my place, or even work from home?

For those not familiar with the concept of co-working, to quote the dictionary: 

Co-working:

the use of an office or other working environment by people who are self-employed or working for different employers, typically so as to share equipment, ideas, and knowledge.“The whole idea of co-working is to bring bright, creative people together and let the ideas collide.”

But of course, the concept of co-working is more than just a dictionary definition.

Co-working is a style of work that involves a shared workplace, often an office, and independent activity. Unlike in a typical office, those co-working are usually not employed by the same organization. Typically, it is attractive to work-at-home professionals, freelancers, start-ups and small to medium enterprises as well as people who travel frequently who end up working in relative isolation (Robinson, 2018).

With the evident demand of co-working spaces on the rise, big corporations are moving into co-working spaces and are on a search for talent, potential acquisitions and flexible office setups.

So why should you hop on the bandwagon and choose co-working?

1. Great networking opportunities

Contrary to popular belief, despite the various profiles you meet at co-working spaces, you don’t have to fake a smile and pretend you like everyone. There’ll be friendly Community Managers-cum-Hosts who’ll make you feel like you belong and regularly invite you to events within the space, which will aid in boosting your network.  Whether or not you’re a start-up company looking for investors or potential sponsors or a large corporation, there will ALWAYS be something for everyone.

Also read: 5 ways coworking can give your business a much-needed boost

The basis of networking in a co-working space is the kind of community you’re exposed to. For instance, at Co. Singapore, community events are held every week and are specifically curated for the community’s best interest. Some examples can include: #HowTo Wednesdays, #ThirstyTuesdays and even member driven events such as How to expand your start-up to Japan. At each community event, you have a chance to network (for free and not at the expense of time!)  and in the comfort of your own working space. At these events, you can find people with similar passions who want to find ways to tackle certain issues the way you do. In summary, you can choose to attend (or not), the kind of events that are best suited for your personal growth and business objectives.

2. Push your boundaries

People in co-working spaces come from different backgrounds; sitting opposite you might be a co-worker from a totally different industry and help you discover a new source of ideas. You can breathe new ideas into your proposals and work from a simple Hello! and soon, you’ll find your mind working in a different way.

Taking the risk to speak to someone from a different background helps you take your work to the next level – to quote The Undercover Recruiter, by collaboration, creative concepts can be born from bouncing ideas off of each other and offering feedback and suggestions and will reflect in the final product as well.

3. 24/7 access to your coworking space

In a world where we spend more time at work than at home, a traditional office setting might not encourage productivity and creativity. In fact, many dread the idea of staying in their cubicles till late at night to finish that last minute deck or financial sales report your boss is chasing you for.

Coworking spaces are specially designed to encourage creativity and productivity. According to Waber, Magnolfi and Lindsay, designing offices to reflect how 21st-century digital work actually happens can increase the probability of interactions that lead to innovation and productivity. For example, Co. Singapore @ Duxton Road incorporates natural elements like plants, natural light and a homely setting to embody the space’s slogan of Live, Work, Play.

You also have full access to your space – you can work ANYWHERE within the co-working space. If you need a change of air, you can head over to the common area, choose a seat you’re comfortable with and start letting your creative juices flowing. Need to stay late? No problem. You can stay there as long as you want.

Also read: 9 Coworking spaces you can head to when in Manila

4. Avoiding exile through a vibrant and thriving community

If you’re a freelancer, working alone from home might stump your creative process and be quite depressing as you isolate yourself from the outside world. Coworking spaces can offer a quick fix. According to Ann Smarty, Founder of MyBlogU, Brand Manager at Internet Marketing Ninjas, working alongside others can lend a sense of camaraderie, even when you’re creating alongside complete strangers. And again (even if you hate it!), create connections.

5. Flexible & economically-friendly

Within fast paced and competitive work environments, finding a place that can provide you with flexibility and economically friendly options are especially important. Unlike renting your own office in a building, coworking spaces provide cost-efficient and flexible contracts that can cater to the duration you’ll need the space for. Co-working spaces are also transparent with costing and monthly plans — meaning that you won’t have a shock when you receive the final bill at the end of each month. Community Managers are always on the look out for payment plans and promotional deals that can bring the most value to members.

In addition, if you have a product launch or exhibition and looking for an event space, coworking spaces offer event space services — and at a special rate for members.

Conclusion

Whether or not you’re a freelancer looking for a place to call your own or a big enterprise looking for a space to rent during your existing office’s renovation works — there’s something for everyone. Co-working spaces are pushing the boundaries of traditional office spaces, embodying the perfect representation the modern world.

Ultimately, it’s not about the space. It is about the experience and the how can the community within the coworking space be of value to your business and services.

So, why should you hop on the bandwagon? This is exactly why.

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e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Image Credit: Shridhar Gupta on Unsplash

This article was first published on September 21, 2018

 

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7 principles of intelligent personalisation

Many brands rely on simple static data, such as inserting a first name in an attempt to personalise. This form of basic personalisation could even be losing sales.

Recent research reveals that only a minority of consumers say they would engage with basic personalisation:

  • Only eight per cent of consumers would be likely to engage with marketing that addresses them by name;
  • A mere seven per cent of consumers would be likely to engage with marketing that mentions their birthday.

In contrast, tactics that centre on relevance rather than demographics are much more effective. Our study showed half of consumers would be likely to engage more with retailers that send offers that are relevant and interesting to them.

The business case for intelligent personalisation

Before we dive into our seven principles of next-level personalisation, let’s consider why your business should invest in updating its approach.

Make intelligent personalisation a business priority because it will:

  • Increase conversion rates: Contextually relevant marketing drives more sales.
  • Increase average order value: Cross and upselling make people spend more.
  • Increase customer lifetime value: Personalisation drives repeat sales and increase loyalty.
  • Improve marketing ROI: Personalising cross-channel marketing increases conversions onsite, delivering better ROI for all marketing investments.
  • Increases revenue: Personalisation enhances customer experience. Increased revenue is the natural result.

The 7 principles of intelligent personalisation

If you want next-level results, here are seven principles that should form the basis of your personalisation strategy.

1. Seamless 

Your approach to personalisation needs to account for the non-linear nature of customer journeys.

To be seamless, it can’t sit in silos. You need to offer customers a consistent experience across devices and channels.

Make sure that the way you personalise is:

  • across multiple visits device
  • cross-device
  • cross-channel
  • joined up with your in-store experience

2. Contextual relevance

To recreate a one-on-one in-store experience online, contextual relevance is key.

You need to consider the context of your products and how this fits with the context of your customers. The Tweet below is a perfect example of what happens when personalisation doesn’t consider context.

Customer context includes:

  • demographics
  • location
  • activity
  • time of day, day of week
  • season
  • customer journey position
  • satisfaction

The context of your products or service includes:

  • buying motivation (necessity/desire)
  • price
  • frequency of purchase
  • how they are used
  • likelihood of repeat purchase

Also read: 5 personal branding mistakes startup founders should avoid

3. Behavioural

Smart personalisation targets people based on behavioural personas. These are personas based on actions consumers take online, rather than demographics. They tell you what someone does and why, rather than just who they are.

Understanding how someone behaves helps you formulate strategies to drive them to conversion. Behavioural factors these personas could be built on include:

  • customer journey stage
  • customer lifetime value
  • frequency of purchase
  • satisfaction
  • marketing engagement
  • price sensitivity

4. Real-time 

Intelligent personalisation is about understanding, reacting to, and optimising customer journeys in real-time. This recreates the experience of talking to a customer face to face.

To do this, you need technology that:

  • observes real-time behaviour
  • considers historic behaviour
  • draws on the wisdom of the crowd

This allows you to deliver the most persuasive message, offer, or experience at the right moment.

5. Dynamic 

Next-level personalisation is driven by machine learning that makes decisions about which dynamic content to show each customer. To decide this the technology considers:

  • purchase history
  • preferences
  • demographics
  • browsing and buying behaviour
  • customer lifecycle

This takes the heavy lifting out of email marketing. Instead of relying on a lot of data manipulation to segment your campaigns, you can let AI decide the right content and recommendation for each individual. The same is true for your website experiences.

6. Think ‘how’ not just ‘what’ 

To take personalisation to the next level don’t just consider what to personalise, but how to personalise it.

Netflix has moved beyond the “what” to the “how” of personalisation. It has personalised TV and film recommendations for a long time. Now it personalises the artwork based on each individual’s viewing history.

If you watch a lot of romance, the artwork you see when ‘Good Will Hunting’ is promoted will be much more couple oriented than if you were into comedy.

 

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7. Invisible 

Just because you can do it, doesn’t mean you should. Personalisation should not be noticeable to customers. If you show off every tactic under the sun, you’re bound to creep them out.

Before you implement a tactic, consider if it adds value or seems like an unnecessary use of data. Stay focused on the former and increased revenue will be a natural by-product.

Also read: An effective email gives a distinct reminder of your brand, delivers the intended message, and compels you to click

The takeaway

Basic personalisation no longer cuts the mustard. To keep customers engaged, drive conversions, and increase profits, you need to take your personalisation tactics to the next level.

I hope these seven principles of intelligent personalisation help you build a strong and successful strategy. Implement these with the aim of improving customer experience and you’ll be well on your way to increased revenue.

The principles  covered are easy to implement with the right personalisation technology in place.

—-

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Image Credit: Rhand McCoy on Unsplash

This article was first published on October 12, 2018.

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28 tools to help you improve your time management and work habits

Developing time management habits is not easy. Key problems are not understanding where the time goes, dealing with distractions, failing to remember everything that needs to get done, and forgetting important details. Thankfully, there are time management tools that can be installed on your devices and help you manage your time more wisely. Below you can find the most helpful apps that will allow you to develop efficient time management habits sooner and with less effort.

Time-tracking tools

Knowing where your time goes is key for successful time management. Time-tracking tools help understand how you’re spending your time, see what tasks are most time-consuming, and identify possible overwork. Here’s a list of tools that help keep track of time you spend on work, understand your productivity trends, and work on your time management habits.

1. actiTIME

actiTIME is a time-tracking tool that suits teams of any size and self-employed workers. It can be used as a cloud service, installed on a local computer, on a server inside the company’s internal network. Its mobile app includes a timer and allows to track time on the go and from remote locations.

actiTIME helps collect important data on the work process, understand productivity trends, and see where the process can be improved. Its robust reporting module allows to get valuable data in a summarised or detailed form, or represent it in colorful charts.

2. Scoro

Scoro is a business management tool that has a time-tracking module for collecting and processing work progress data. The tool doesn’t include timesheets: it allows recording actual and billable time for tasks, and then complete them to add time to invoices.

The tool also helps schedule work and meetings in the Planner module. This provides an overview of workloads, realistic deadlines, and possible overwork. Shared team calendar helps keep track of meetings and other events. The tool also includes project management and financial modules for comprehensive process management.

3. Due Time Tracking

Due is a time-tracking and accounting solution for small teams and self-employed individuals. It helps calculate billable time, create invoices based on the collected time-tracking data, and get paid faster.

The platform is designed to assist freelancers and small business owners handle billing, invoicing and accounting tasks. Alongside with this, the tool also helps understand productivity trends, increase accuracy and transparency of time estimates, and speed up work process.

4. Sighted

This tool is a great solution for managing billable time: tracking it, issuing invoices, process payments, and analyzing revenue data. It includes a time-tracker that allows to track time expenses against clients and projects, leave notes to tracked time, and automatically bill for it.

Sighted also offers a mobile app for easier time and invoice management. As the authors emphasise, this feature is especially helpful for freelancers and small business owners who tend to spend significant time in business travels.

5. Klok

Klok is a time-tracker for small to medium teams. It allows to log time manually or with a timer, export timesheets for processing in third-party tools, and generate invoices on the basis of time-track data. The tool represents your time records in a calendar view to help you identify possible room for improvement of your workflow and daily time expenses.

Klok also includes built-in reports that help managers understand important trends in their team’s workflow, understand the proportion between billable and non-billable time, and more.

6. On The Job

On The Job is a simple and straightforward time-tracker for Mac. It allows tracking time and expenses, creates professional invoices, and bill customers. The app provides a timer for counting and recording billable time, and idle time detection. Manual corrections of automatically captured times are possible.

The app supports customisable billable rates and invoicing in multiple currencies. For invoice creation, several built-in invoice templates and an invoice editor are included. On The Job also allows to create multiple user profiles and handle their time-track and invoices separately.

Also read: How analysis paralysis can ruin your productivity and how to stop it

To-do lists

When you have many tasks on your plate, it’s more than easy to forget something important. That’s where to-do list apps are of help: organising your to-dos in a single list or breaking them down by topic or importance helps you achieve goals faster and with less effort. Here’s our list of to-do apps.

1. Things

Things is a Mac and iOS to-do list app that helps organise everyday life, plan vacations, or get work assignments done. It supports multiple to-do lists sorted by topics or by time, and allows to create categories or milestones for your to-dos. If you’re preparing for any event, you’ll definitely find another feature helpful: checklists that can be created directly in Things or imported from another app.

2. Ike

The app is named after Dwight ‘Ike’ Eisenhower whose quote is the basis of the app’s concept: “What is important is seldom urgent, and what is urgent is seldom important.” This to-do list app visually represents the famous time management matrix: it allows dividing your upcoming to-dos into four categories by urgency and importance, and prioritising them accordingly.

3. Todoist

Todoist keeps all your important to-dos and reminds you of them. It helps organise and prioritise tasks and projects, map them out, highlight the most important ones, remember deadlines, and check off what’s done.

The app also supports collaboration and progress measurement: share and delegate tasks to others, and use Todoist Karma module to gain points and levels for completing your to-dos.

4. Google Keep

Google Keep helps you create to-dos by adding notes, lists and photos, recording voice memos, and setting location-based reminders. Share your notes and lists with friends and family, collaborate on them, and organise your to-dos with color codes and labels. Google Keep is available for desktop, phones, and tablets.

5. Any.do

Organise your to-dos in a clear and minimalistic list. Add smart reminders (including recurring and location-based), sort tasks by categories, see your upcoming tasks in a calendar view, and keep track of your progress. The app is available on various devices, and your to-dos are synced between them.

PIM and organiser apps

In time management, one of the most important things is not letting chaos overpower you. Organiser and PIM (personal information manager) apps help you stay organised, get more done, and never forget anything important. They are great assistants for those who deal with many different tasks and need to remember a lot of important information.

1. MyLifeOrganized

Whether you’re planning a trip, getting prepared for an important event, or just struggling with many different tasks, the app helps you get organised with minimum effort. Easily create checklists and to-do lists, set hierarchy, and use the lists from anywhere – the app is available for multiple devices. Create flexible hierarchical lists with as many levels as you need, and MyLifeOrganized will automatically generate a smart list of actions that need your attention.

2. AnyTime Organizer

AnyTime Organizer is a powerful tool to manage everything in your personal and professional life that requires close attention. It provides quick and easy access to calendars, to-do lists, contacts, passwords, expenses, and more. The tool helps you work more productively, remember important things, and schedule your events for future.

Also read: Why fasting is the ultimate productivity hack for entrepreneurs

3. C-Organizer

C-Organizer is a robust tool to organise everything that needs to be remembered and addressed: contacts, calendar events, notes, passwords, tasks, etc. The tool provides password protection and encryption features to prevent unauthorised persons from accessing your sensible data. C-Organiser is fully portable (so you can use it from a flash drive without having to install it on many devices), allows multi-user access, and syncs with Google services.

4. LeaderTask

Leader Task provides all features necessary to get things done on time and not to forget anything. It helps organise work, reminds of important to-dos, keeps ideas, shows overdue tasks, prioritizes, and allocate work. The tool is great for teams that work in busy and hectic environments – it is simple, effortless and robust enough to handle planning and teamwork.

5. Efficcess

Efficcess is a tool for organising important information on your PC or mobile device: contacts, passwords, reminders, events, etc. It helps sync the data across your devices and reminds of what requires your immediate attention. You can also import and export the data, print it out, and edit documents directly in the app.

6. Fantastical

A calendar app to tackle the challenges of a hectic life: it helps organise events and reminders, schedule your availability, set time- and location-based reminders on important to-dos, view your events on maps and locations, and much more. The tool works with Google, Exchange, iCloud, and Office 365, merging duplicate events from different calendars and allowing you to use multiple calendar accounts at once.

Distraction blockers & focusing apps

What do we say to efficient time management when distractions get in the way? Not today, – that’s the usual answer. So, blocking out social media, unnecessary email checks, and other distractions is key when working on productivity and improving time management habits. And, thankfully, there are tools that can help you with that.

1. Freedom

Freedom helps focus on what matters and eliminate distractions from your daily routine. Set a schedule or start sessions on the fly – and make productivity a habit. The settings you’ve set up sync across all your devices where Freedom is installed. The app can block websites, apps, or the entire Internet so that you can focus on your work or take a break.

2. Cold Turkey

The app helps you go cold turkey on everything that distracts you from productive work: it blocks applications, websites, specific webpages, or the entire Internet, allowing you to stay focused. You can set timers for blocks and create block schedules for future periods. For additional motivation, Cold Turkey can be set up to show you inspirational quotes about wise time management and productivity instead of blocked pages. It also collects statistics of how productive you’ve been, and allows you to see your progress.

3. StayFocusd

StayFocusd is a Chrome extension that blocks out time-wasting websites and helps you get more productive. Its configuration options are flexible and allow you to block out entire websites, specific domains and subdomains, and specific in-page content (such as videos, games etc.). The extension is a great choice for those who suffer from social media addiction, read news feeds, or can’t stop watching YouTube videos instead of getting work done.

4. SelfControl

SelfControl is a free and open-source application for Mac that helps you avoid distractions on the Internet. It provides a simple blocking functionality: you can block your access to social media and other distracting websites, your mail servers, or anything else on the Internet, for any specific time. To prevent cheating, once the timer starts, the app cannot be reset – even if you restart the computer or delete the application.

5. Focus Booster

Focus Booster app is based on the Pomodoro technique: it divides your work time into sprints with short breaks, and helps you use your time more wisely and overcome distractions. The app has a small and unobtrusive timer that shows you the progress in your current work sprint. It also analyses how your time is being used, and prepares charts that visually represent your productivity.

Note & reminder apps

Brilliant ideas, important dates and details of what needs to get done are so easy to forget – especially in a busy environment when you are physically not able to remember everything. Note and reminder apps help you write them down and provide with pictures and necessary details. Here’s a list of the most helpful apps that keep your ideas and to-dos recorded.

Also read: 5 ways to build a customer-centric culture in your startup

1. Reminder alarm clock

The app shows exactly what you need to do, reminding you of upcoming meetings, deadlines, birthdays, calls, etc. It also allows creating shopping lists. It reminds you literally of everything, providing a straightforward navigation and intuitive interfaces. Being simple and functional, the app is a great help for busy people.

2. BZ Reminder

This app handles various to-dos, tasks and reminders in a smart way: you can set up reminders for recurring and regular tasks, mark your tasks with colors, use customisable widgets, and set up, snooze and complete reminders directly from your Android wear smart watch. The app is a great way to improve time management habits and reduce effort necessary for organising your workday.

3. Color Note

A nice, simple and functional notepad app. Create notes for your to-dos, add details, and check them off when you complete them. Write memos, to-do and shopping lists, emails, call reminders, etc., and use the sticky note widget to see the most important reminders on your home screen. Notes taken in the apps are encrypted and, if you choose this option, can be backed up and synced in a cloud service.

4. ClevNote

ClevNote is a memo and checklist app that won’t let you forget important to-dos and ideas. It can be used to manage bank account numbers, create checklists, manage birthday lists, store website IDs, and write regular text memos with reminders or important information. The app has a reminder function, a widget for home screen, and an option to store and backup the data in the cloud.

5. Notes

Notes is a simple and colorful notetaking app. Create notes and mark them with different colors to distinguish them by types, use a sticky memo widget to see your reminders on the home screen of your device, and set up reminders for time-critical notes. The app protects your notes with pattern code so that they cannot be accessed by unauthorised people.

6. Contacts’ Birthdays

Remembering of everyone’s birthday is a pain. But this app reminds you of them – it synchronises with your Google contacts and doesn’t let you forget about someone’s birthday again. It allows you to set up reminder interval, manage notifications for specific contacts, has two different color schemes, and provides a widget for home screen.

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e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Image Credit: Franck V. on Unsplash

This article was first published on October 19, 2018.

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Fractional helps startups figure out marketing leadership with its fractional CMO service

Fractional co-founders (left to right): Rana Saha, Oliver Lo, and Sophie Jokelson

According to Fractional founding partner Oliver Lo, in a press statement, from his time working in the venture capital sector, he learned that the biggest challenge most founders face is marketing.

“From value proposition and brand positioning to finding repeatable growth motions without the need for unsustainable paid ad budgets – these aren’t simple challenges for most startups. Many struggle without the right marketing leadership,” he stresses.

Apart from that, the CMO is often the last C-suite to be hired in a growing startup, with less experienced marketing teams often reporting directly to a founder. Hiring a full-time CMO can also be expensive in a region where funding rounds are not as large as in the US.

This is why Fractional was launched in March as a collective of CMOs to solve the marketing leadership gap in hypergrowth companies. The organisation curates the region’s top marketing leaders to work for companies on a fractional or part-time basis.

According to them, the fractional model breaks the confines of a full-time job construct, enabling growing startups to access elite marketing talent on a fractional basis at a fraction of the cost.

Also Read: What the post-cookie era means for programmatic marketing

The fractional model also gives veteran marketers an alternative path to shape the “peak periods” of their career journey. “We have met many marketers who have had to make a difficult choice between fulfilling work at growing companies or stable jobs that pay the bills,” said Fractional founding partner Rana Saha.

“The fractional model provides a different path – the opportunity to engage with the most interesting work of their careers without making financial sacrifices.”

In an email interview with e27, Lo explains that Fractional CMOs complement growing young marketers or leveraging agencies.

“Often, you will find a marketing lead at a startup who has been there since the beginning and who should grow into the role of CMO over time. We are big believers in nurturing these talents across Asia,” he says.

“However, in the current setup, these young marketing leads or heads can be set up unfairly for failure without the right mentorship. They are expected to deliver outsized growth with leaner budgets but perhaps have not had the experience to know how to get there. A fractional CMO’s role will often be to mentor this young marketing head and lead the function. However, because the engagement will be for a defined period of time rather than permanently, it allows this young marketing head to grow into a VP Marketing/CMO role with the right strategic guidance. We have seen fractional CMOs often kept on as a longer-term advisor specifically for this mentorship role.”

Also Read: Why a customer-centric digital marketing strategy is the way to go?

Lo points out that while working with marketing agencies does have its advantages, especially on the execution side, it would not be possible without a clear strategy.

“We’ve seen many startups struggle to work with agencies for this reason. Insert a true marketing leader into the equation, and the budget spent on agencies can become better directed, more productive, and have better value for both parties overall. The addition of a fractional CMO is usually hugely welcomed by most agency heads, and we would encourage you to get their thoughts.”

Natural growth motion in marketing

Fractional was founded by three Southeast Asia (SEA)-based marketing leaders–Sophie Jokelson, Lo and Saha–with more than five decades of combined experience. The co-founders have led Grab, Uber, Sequoia, Mars, Dell, Zynga, PayPal, Antler and Cove marketing teams.

Fractional describes its clients as startup founders who have found product-market fit and are looking to market to help scale their growth sustainably. “They tend to be in the range of seed or Series A up to Series C,” says Lo.

The organisation has selected its first batch of CMOs, each with over a decade of operator experience in sectors including fintech, D2C, SaaS, e-commerce and logistics. The firm is already taking on projects with founders directly and through venture capital and private equity firms.

When asked about some of the challenges Fractional is often asked to tackle with the startups, Lo gives “finding a natural growth motion” as one.

Also Read: Balancing personalisation and privacy in business marketing

“In the early stages, founders will often hack their way to growth through any possible channels as they search for PMF. However, post-PMF and usually after raising their Series A, they’re expected to drive repeatable and scalable growth. In a more rational environment like today, that can’t primarily depend on paid channels unless their investor is happy to sustain negative unit economics,” he explains.

“The role of a CMO, along with leaders in growth and product, is to help the startup find those scalable growth flywheels – and depending on the business, it will take a different shape. Calendly grew through viral growth loops built into its product. Hubspot leverages content, learning, and upskilling combined with SEO and events to become the de facto place for marketers to grow (as well as use Hubspot). Many D2C brands have grown through influence across social channels and virality through a particular target segment inspired by what it represents.”

Lo believes that finding this natural growth motion that startups can repeat and scale is critical to success. This is where Fractional can play a role in a startup’s success.

CMOs for Southeast Asia

SEA is widely known as a fragmented market that provides a unique set of challenges for startups. According to Lo, knowing where to localise and where to centralise is “super important” to compete and grow sustainably.

This is why SEA will continue to be Fractional’s focus in addition to India. “However, we are taking projects across Asia Pacific, and most of our CMOs have deep experience across the region,” he says.

“We plan to grow our community of CMOs and get them each involved in some of the region’s most transformative startups. Contrary to the principles of the ecosystem we work in, we don’t actually want to grow too quickly. We believe in keeping the quality bar high and always working with the best on both sides–CMOs and founders.”

Image Credit: Fractional

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Building future sustainable business: The role of rural commerce platforms

In recent years, the emergence of rural commerce platforms has been transforming the economic landscape of rural areas, offering new avenues for business growth and fostering sustainable development.

These digital platforms have opened doors for local products and brands, connecting them with broader markets, overcoming geographical barriers, and providing essential support services. The focus of our exploration is the vital role of rural commerce platforms in building future sustainable businesses, with a particular emphasis on empowering communities in rural areas.

The rise of rural commerce platforms

The growing popularity and significance of rural commerce platforms cannot be ignored. These platforms have brought numerous benefits to rural areas, including expanded market reach, improved logistics, and financial inclusion. By leveraging technology and innovative solutions, rural commerce platforms have become catalysts for rural economic growth and the promotion of entrepreneurship.

As part of its efforts to transform Indonesia into a developed country, the Indonesian government is striving to ensure the addition of one million new entrepreneurs by 2024. These efforts, aimed at achieving an entrepreneurship ratio of 3.95 per cent by 2024, have been set in motion through collaboration between the government and various other entities. However, there are several crucial aspects that will require attention and hard work in order to realise Indonesia’s development goals.

Firstly, the nation needs a digitally connected ecosystem that enables local brands to access new and larger markets easily. Additionally, it is important to establish links between mom-and-pop shops (warung) and industry supply chains, enabling them to contribute as suppliers of finished goods. This will prevent rural entrepreneurs from being marginalised and ensure their active participation within the industrial supply chains and the overall process of industrialisation.

Also Read: 6 strategies to reduce your e-commerce startup expenses

Rural areas across Indonesia have been realising their respective development plans, especially since 2015, when the rural funds started to be disbursed. As of 2021, the government has transferred Rp 400.1 trillion (US$27,200,495.22) worth of rural funds. Law No. 6, 2014 on rural areas, starting with article 6, encompasses rural development, rural area management, the development of rural-owned companies, and rural cooperation, development, and empowerment.

In relation to this, President Joko Widodo mandated that rural development should benefit all residents, particularly those categorised as poor and extremely poor. This should encompass all rural residents, as nothing is more important than the SDGs adage: No one is left behind. 

The Sustainable Development Goals (SDGs) serve as a guiding framework for nations to progress and eradicate poverty. In Indonesia, the process of localising the SDGs began in 2017 when President Joko Widodo issued a Presidential Regulation encompassing all 17 Sustainable Development Goals.

It is crucial to localise the SDGs at the rural level. SDGs Desa (SDGs Village) takes this effort a step further by encompassing all individuals. SDGs Desa serves as the primary reference for medium-term development in villages throughout Indonesia. The indicators from the original SDGs are adapted to suit the village level.

Empowering women entrepreneurs in rural areas

Women entrepreneurs in rural communities face unique challenges, including limited access to resources and networks. Empowering women is crucial for fostering inclusive and sustainable economic development.

Rural commerce platforms play a crucial role in providing opportunities for women to start and grow their businesses. These platforms offer a level playing field, providing them with the infrastructure to facilitate the distribution of high-quality and affordable daily necessities.

In Indonesia, small and medium enterprises (SMEs) contribute to 67 per cent of job creation, with women playing a significant role in both creative work and entrepreneurship. Among all SMEs in the country, a substantial 62 per cent are owned by women at the micro-level.

Women entrepreneurs make an essential contribution to the development of the world economy, particularly in low and middle-income countries. In Indonesia, a middle-income country, the growth of women entrepreneurs is rising from time to time and has tremendous potential to empower women and transform society.

The Global Entrepreneurship Monitor study estimated around 22 million women entrepreneurs or 26 percent out of the adult female population in Indonesia. A similar study has pointed out the importance of women’s entrepreneurship in Indonesia, where women entrepreneurs are operating approximately one-third of firms in the formal sector.

Also Road: Sustainable development through empowering commerce in Indonesia

Access to markets and customers

Rural commerce platforms bridge the gap between local products and larger markets. They enable them to showcase their products and services to a broader customer base that may have been previously inaccessible. By utilising the reach and visibility offered by these platforms, numerous success stories demonstrate the positive impact of rural commerce platforms on the market access of communities.

Overcoming geographical barriers

Geographical barriers can hinder the growth of rural businesses, limiting their market reach. Rural commerce platforms play a pivotal role in overcoming these barriers by leveraging technology and establishing logistics partnerships. This expanded market access opens up new opportunities and potential for business growth, creating an inclusive digital economy by promoting the adoption of sustainable retailing.

Social and environmental impact

Rural commerce platforms contribute to sustainable development goals in rural areas. It is empowering local products to grow together and improve the local economy in rural areas. By providing a wide range of daily products with a seamless user experience in its platform, rural entrepreneurs can create positive social and environmental impacts within their communities.

Rural commerce platforms have emerged as transformative tools, unlocking the potential of rural economies and empowering local entrepreneurs in the process. By facilitating access to markets, providing financial inclusion, offering skill development opportunities, and breaking down geographical barriers, these platforms lay the foundation for future sustainable businesses.

Efforts to foster the growth of rural commerce platforms, along with targeted support for rural entrepreneurs, will pave the way for inclusive and resilient rural economies, driving positive change and sustainable development for generations to come.

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