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Ask the Entrepreneurs: 8 Ways to Use the New LinkedIn Contacts Feature for Your Business

Ask the Entrepreneurs: 8 Ways to Use the New LinkedIn Contacts Feature for Your Business

Ask The Entrepreneurs is a regular series where members of the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Here’s the question posed in this edition of Ask The Entrepreneurs:

What is one way that you’re actively using the new Linkedin Contacts feature to be a more effective entrepreneur?

1. Using TripIt

Andrew Schrage

    The new contacts feature is integrated with TripIt, which allows users to get reminders of contacts located in an area they’ll be visiting on an upcoming business trip. It even offers a form letter you can use to contact fellow members and let them know when you’ll be in town.

    Andrew Schrage, Money Crashers Personal Finance

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    2. Remembering to Stay in Contact

    Thursday-Bram

      I try to stay in close contact with my connections, but it’s hard to remember to do so on my own. With the contacts feature, however, it’s easy for me to see when last I talked to a person. Whenever I have time, I scroll to the bottom of my contact list (the people who I haven’t contacted in the longest time) and start sending out messages.

      Thursday Bram, Hyper Modern Consulting

      3. Reaching Out to Contacts When Expanding

      Chuck Cohn

        When we consider expanding to a new city, I check my contacts in that city and set up a call with them to pick their brains on their views of the city, suburbs we should target, local universities or high schools we should know and any other information that could increase our success when we launch our tutoring services there. It gives you a reason to stay in touch with your contacts.

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        Chuck Cohn, Varsity Tutors

        4. Connecting With Other Entrepreneurs

        Manpreet Singh

          Whenever my company Seva Call launches in a new city, I check the city on LinkedIn for my closest contacts. Then I can talk to these contacts about what might benefit my launch in that city while also seeing what opportunities I can provide them. It’s a win-win and keeps me in touch with other entrepreneurs trying to expand.

          Manpreet Singh, Seva Call

          5. Saving Time With the Daily Rollup Email

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          adam lieb

            I love the daily rollup email I get from LinkedIn Contacts. By having my meetings and contacts emailed to me first thing in the morning, I save the time looking up contact information and meeting times. It isn’t a huge time saver, but it sure feels efficient.

            Adam Lieb, Duxter

            6. Using ‘Warm Calling’

            Jared Reitzin

              I love LinkedIn, and to me, it’s cold calling 2.0 or what I like to call “warm calling.” I reach out and request that someone connect with me. I would say this works 75 percent of the time. After they add me to their network, I follow up with an email I get from their vCard or another message through the site. I have won some very big deals starting from a simple message on LinkedIn.

              Jared Reitzin, MobileStorm Inc.

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              7. Merging Contact Info

              doreen-bloch

                LinkedIn Contacts allows me to efficiently manage my connections and create new ones through the merging of all contact information stored in my emails. I can now easily sort and search through all of my contacts to find that one connection for a press release or new joint campaign. As an entrepreneur in a digital world, it’s smart to stay organized, and LinkedIn Contacts helps me keep it all tidy!

                Doreen Bloch, Poshly Inc.

                8. Organizing all My Contacts

                Natalie McNeil

                  With well over 1,000 people in my LinkedIn network, it was getting difficult to actively maintain relationships and remember where I met each one. Now I can organize my contacts by tags and use those tags to search for people when I need to reach them. After an event I just spoke at, I tagged the contacts I met there so I can segment that group. Now I’m on a mission to organize all my contacts!

                  Natalie MacNeil, She Takes on the World

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                  Trending in Productivity

                  1 Why Your Habits Hinder You From Reaching Your Goals 2 We Do What We Know Is Bad for Us, Why? 3 13 Bad Habits You Need to Quit Right Away 4 How to Reprogram Your Brain Like a Computer And Hack Your Habits 5 14 Ideas on How to Measure Productivity to Make Progress

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                  Last Updated on January 6, 2021

                  14 Ideas on How to Measure Productivity to Make Progress

                  14 Ideas on How to Measure Productivity to Make Progress

                  Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

                  In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

                  For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

                  For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

                  Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

                  Knowing this information we can now better determine what course of action to take with salesperson #1.

                  Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

                  How to Measure Productivity With Management Techniques

                  Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

                  1. Identify Long and Short-Term Goals

                  Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

                  For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

                  2. Break Down Goals Into Smaller Weekly Objectives

                  Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

                  Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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                  Productivity = number of new customers ÷ number of sales calls made

                  3. Create a System

                  Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

                  This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

                  You can do the same thing and just adapt it to your business.

                  Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

                  Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

                  4. Evaluate, Evaluate, Evaluate!

                  We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

                  If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

                  Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

                  Just remember that you and your management style contribute directly to your employees’ productivity.

                  5. Use a Ratings Scale

                  Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

                  Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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                  It’s also a good way to track long-term progress and growth in areas that need improvement.

                  6. Hire “Mystery Shoppers”

                  This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

                  You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

                  You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

                  7. Offer Feedback Forms

                  Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

                  First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

                  Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

                  You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

                  8. Track Cost Effectiveness

                  This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

                  Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

                  Having this information is very useful in forecasting expenses and estimating budgets.

                  9. Use Self-Evaluations

                  Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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                  Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

                  10. Monitor Time Management

                  This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

                  Time Management Tips to Improve Productivity

                    The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

                    While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

                    11. Analyze New Customer Acquisition

                    We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

                    Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

                    For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

                    Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

                    Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

                    From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

                    12. Utilize Peer Feedback

                    This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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                    Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

                    Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

                    It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

                    13. Encourage Innovation and Don’t Penalize Failure

                    When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

                    Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

                    Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

                    14. Use an External Evaluator

                    Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

                    They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

                    While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

                    Final Thoughts

                    These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

                    The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

                    The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

                    More Productivity Tips

                    Featured photo credit: William Iven via unsplash.com

                    Reference

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