Not all crowds or fundraisings are the same

teamwork of paper teamCrowd funding is an umbrella term for a wide variety of types of fundraising undertaken by individuals and businesses, but essentially all types of crowd funding are the same in that an individual or a business reached out to the crowd to obtain money in order to achieve an objective. this ranges from funding a creative project to a full equity fundraising for an established company.

The different types of crowd funding:

  • Donation: when funders simply donate money to the fundraiser.
  • Pledge: when funders “pre-order” goods (from music and films to consumer goods and more), paying the cash upfront to the business so they have the money needed to make the goods.
  • Debt: when funders lend money to fundraisers and receive interest and the capital back over time.
  • Alternative debt: when funders lend money to fundraisers secured on real assets such as invoices or property.
  • Equity: when funders buy shares (equity) in a company in return for cash.
  • Social enterprise: when funders buy, lend or invest, but with an angle that does social good as well as giving the funder a reward or return.
  • Specialist platforms: when funders are offered only very specific opportunities that comply with the rules of the specialist platform, e.g. only app development projects or sharia-compliant fundraisings.
  • Multiple platforms: when fundraisers are given the opportunity to fundraise via all the different types of fundraising.

This extract was taken from Crowd Funding: How to Raise Money and Make Money in the Crowd by Modwenna Rees-Mogg

 

Hashtag Disasters!

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On social media, as elsewhere in life, some of the funniest things aren’t meant to be funny at all. A truly glorious instance of unintended hilarity is supplied by the record company PR team tasked with promoting Susan Boyle’s Standing Ovation album. To drum up interest in this compilation of songs from the stage, it was decided that the Scottish singer unearthed by Simon Cowell on Britain’s Got Talent should host an exclusive ‘album listening party’ at which she would answer questions from fans. Word of this was spread in November 2012 via a tweet, to which the hashtag #susanalbumparty was appended.

If ever proof were needed that Twitter users will revel in juvenile humour given half a chance, this tweet delivered it. Eagle-eyed, mischievous Twitterati saw that the hashtag could be broken down to read something rather odder than what the record label meant to convey. Gleefully reinterpreted as an invitation to ‘Su’s anal bum party’ – ‘Thanks for asking, but please accept my apologies, I have a prior engagement’ – the hashtag was soon a trending topic globally. Once this became evident, the original tweet was deleted, although this did little to stop the online merriment at the unplanned double entendre. In more than one sense, this was a backfiring tweet. That said, any embarrassment it caused the performer and record company should be weighed up against the increased exposure gained by it going viral. Maybe being seen as silly is only to be expected when promoting an album which includes a version of the Stephen Sondheim classic Send in the Clowns.

Sniggering aside, the way this tweet was mocked should serve as a warning. Don’t publish hashtags that can be misinterpreted or wilfully misconstrued! Another example of Twitter confusion was seen following the death of Margaret Thatcher, when the hashtag #nowthatchersdead appeared, and was misread by some as ‘Now That Cher’s Dead’. By the same token, citing a trending term on social media without any idea what it actually relates to is a snafu waiting to happen. That’s what UK-based online fashion retailer CelebBoutique did in July 2012 when ignorantly tweeting: ‘#Aurora is trending, clearly about our Kim K inspired #Aurora dress.’ No, clearly not! While news of Kardashian-inspired fashion is assuredly of great significance, Twitterati were rightly more concerned about the horrific mass shooting at the late-night screening of Batman movie The Dark Knight Rises at a cinema in Aurora, Colorado.

Moreover, if referencing other Twitter users in a tweet, take care not to be sloppy. When Prime Minister David Cameron tweeted about welfare reform in 2013, he meant to cite the Twitter handle of government colleague Iain Duncan Smith, Secretary of State for Work & Pensions. Carelessly, the tweet pointed Twitterati in the direction of a distinctly unflattering IDS parody account instead. Although the incident made the PM appear a bit bumbling in social media terms, it can’t be argued that Cameron was clueless about the potential pitfalls of Twitter. In 2009, before joining Twitter, he was put on the spot during a live radio interview as to why he was not yet on the social networking site. Amid chuckling in the studio, Cameron responded: ‘The trouble with Twitter, the instantness of it – too many twits might make a twat.’ Shortly afterwards, Cameron apologised for his coarse choice of language on air – which only goes to show, it can be just as easy to make a gaffe talking about Twitter as it is when posting on Twitter.

This extract is taken from Great Brand Blunders by Rob Gray (Crimson Publishing)

The Post-it note

The Story

The Post-it Note had a rather long gestation period at 3M, the multinational conglomerate behind the product. It was back in the late sixties that chemist, and 3M employee, Dr. Spencer Silver was working on a range of new adhesives. One of the substances he developed was a new, but deeply flawed, sticky substance. Silver’s adhesive was unable to achieve a complete bond with the surfaces it came into contact with, essentially rendering it useless for any kind of permanent sticking. However, instead of discarding the substance, Silver set about trying to find a use for such a mild adhesive. Trialled uses for the substance included a product called the Post-it Bulletin Board – a simple notice board covered with a layer of Silver’s adhesive which could house memos and flyers without the need for pins.

Although the product was launched, sales never really took off, but it did keep Silver tinkering with his substance and, more importantly, gave him cause to discuss it with his colleagues. One such colleague was Art Fry who took an immediate interest after seeing one of Silver’s product presentations. Chemical engineering graduate Fry had started out as a salesman before working his way up the ranks at 3M, eventually landing a role within the product development division. He instantly saw the potential in Silver’s adhesive, and set about thinking up better uses for it. The eureka moment came during a church service. Fry, a member of the choir, was constantly looking for better methods of bookmarking hymns. The tiny pieces of paper he used were forever falling out of his hymn book, but with a small amount of Silver’s adhesive, the strips of paper stayed in place thus forming the perfect bookmark.

3M’s policy of allowing staff a percentage of their working hours to tinker with their own projects meant Fry had time to start developing his bookmarks idea. He adjusted the adhesive’s properties so that it left no residue on book pages and started to hand out prototypes to colleagues for feedback. The trouble was, the bookmarks proved too durable. Everyone he gave them to just used the same one over and over, meaning there was no need to consume more. It wasn’t until he used one of his bookmarks to annotate a report he was reading that he discovered the full-potential of using Silver’s adhesive on strips of paper.

Between them, Fry and Silver had come up with a mobile notice board, and an entirely new office communication method. Fry started handing out stacks of the sticky paper sheets to colleagues and very soon, the whole company was using them, and 3M decided to give Fry the resources he needed to develop the product commercially.

Commercial Impact

Nearly a decade after Silver had first developed the basis for the Post-it Note adhesive, 3M started test-marketing Fry’s invention under the name ‘Press & Peel Pads’ in four cities – Denver, Richmond, Tampa and Tulsa. Reception was muted to say the least. But both Fry and 3M were reluctant to give up on the product, given that it had been so popular with the company’s own staff. In a last ditch attempt to generate a buzz around Press & Peel Pads, 3M launched a more focused and resource intensive campaign in Boise, Idaho. Samples were handed out to offices, stationery stores were persuaded to put up point-of-sale displays, local newspapers were convinced to run stories on the product, and most importantly, 3M sales temps were sent out to do demonstrations. The extra marketing resource proved worthwhile, and the city responded with great enthusiasm, giving 3M the confidence to commit to a full commercial launch in 1980.

The initial product was launched in two sizes – 3×5 and 1.5×2 inches with a price tag of just under a dollar for each 100-sheet pad. 3M management were still unhappy with the name however, and it was at this point the product was changed to Post-it Notes, in an attempt to tie them in with the Post-it Bulletin Board. It was thought that aligning the products in terms of branding would create better consumer awareness of both.

Once the full weight of 3M commercial team was behind the product it became profitable within a year, in spite of the massive quantity of free samples being given away. By 1984, sales had reached $45m and 15 years later revenue topped the $1bn mark. The product’s patent ended more than a decade ago, and several copycat products have since been introduced to the market, but the product name, and famous ‘canary yellow’, the colour of some scrap paper used during prototype stage, are still trademarks of 3M.

This extract was taken from 50 Best Business Ideas, edited by Ian Wallis (Crimson Publishing)

How to build rapport

Given that most communication is non-verbal, and that people who are in some way like each other tend to like each other, if you can demonstrate non-verbally that you are like your work contacts they will probably like you, or at least feel comfortable with you.

The way to do this is by ‘matching’ and/or ‘mirroring’ elements of the other person’s (or persons’) physiology, voice tonality or words. Matching and mirroring are similar to each other, the difference being that, in terms of physiology, if your colleague has their right hand on their chin, you would be matching them if you are facing them with your right hand on your chin. It is generally considered by NLP practitioners that mirroring is more effective than matching, although I am unaware of any definitive evidence. You can also match one person’s physiology with a different part of your own, for example, if they are tapping their foot, you could tap your finer at the same speed (known as ‘cross-over matching’).

Here are the key things you can match:

Physiology (55%):

  • gestures (please only do this when it is your turn to talk)
  • breathing patterns such as speed and location (e.g. chest, stomach)
  • facial expressions
  • amount of eye contact (whilst this is not traditionally covered on NLP courses, it is, nonetheless, implicit in building rapport).

Voice (38%)

  • speed of speaking
  • volume of speaking
  • tone – high or low pitch, and intonation
  • timbre – the quality or resonance of the voice.

Words (7%):

  • amount of detail (lots of detail, just the overview or a combination); generally, the more senior or experienced in a role someone is, the less they will require detail
  • common experiences, for example, hobbies, holiday locations, children
  • key words and phrases that they use or that are used in their industry/profession
  • ‘predicates’: these are words denoting whether the person is thinking in pictures, sounds or feelings, for example, if someone says, ‘from my point of view’, this indicates they are thinking in pictures.

It is important to remember to use common sense, and that ‘a little goes a long way’. Please do not match every single movement, because it will be very obvious and the other person will probably become uncomfortable; it is more effective to pick one or two elements and do it subtly, out of the other person’s conscious awareness.

This extract was taken from NLP for Business Success by Jeremy Lazarus (Crimson Publishing). Click here to find out  more about the book.

 

Visual, Auditory or Kinaesthetic?

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Whether you solve problems through discussion, diagrams or thinking, how you process information is important to know. You tend to communicate according to your preferences and understand information when it is presented to you in a similar way.

Use the simple indicators below to recognise your preferred representational systems. (Please note this has some generalisations that may not be true for every single person).

Visual

  • Speak fast and gesticulate quickly.
  • Use visual language like ‘look, appear, mental image, visualise, imagine, I see your point‘.
  • Learn by seeing, for example, diagrams, videos, flow charts and pictures.
  • Like things to be neat and tidy.

Auditory

  • Speak at a medium pace, often in a rhythmic or melodious way.
  • Use words like ‘discuss, tell, announce, loud and clear, I’m all ears‘.
  • Learn by hearing, for example, listening or hearing explanations, tapes and audio presentations.

Kinaesthetic

  • Speaks at a slower pace.
  • Use words like ‘grasp, make contact, kick some ideas around, catch on, touch base‘.
  • Remembers things better when they have experienced them.
  • Learn by doing, for example, actually doing/experimenting with something they have been taught.

Auditory digital

  • Want to understand how ideas work.
  • Are interested in ideas that make sense and are logical.
  • Need facts, figures and evidence.
  • Uses language like ‘evaluate, asses, think, understand, makes sense, decide, change of mind‘.

Interestingly most people prefer the visual or kinaesthetic system:
35-40% of people prefer visual system
20-25% of people prefer auditory or auditory digital systems
40% of people prefer kinaesthetic system

Find out more information on your representational systems and its uses in the workplace with NLP for Business Success by Jeremy Lazarus (Crimson).

One of the first crowd fundings ever?

It is generally known that France gave the Statue of Liberty to the United States as a gift, in 1886. It is not so commonly known that the US had to fund the pedestal upon which the statue stands. The pedestal cost $334,000 and when the fundraising committee began to run our of time, they approached Joseph Pulitzer, the newspaper owner to assist them.

Joseph Pulitzer launched a campaign to invite the citizens of New York to donate even small amounts to help in the funding of the pedestal. Donors were offered miniature replicas of the statue in return. The 19th-century crowd funding campaign raised approximately $100,000 and gave the fundraising a welcome boost.

From Crowd Funding by Modwenna Rees-Mogg

If you want a boost to your self-confidence give these tips, tricks and words of wisdom a try

Confident LadySuccessful people don’t self-destruct or give up in the face of adversity – they are willing to step out of their comfort zone and delve into the unknown.

Change requires self-motivation: are you clear about what you want to change and what you don’t want to change?

Be aware that when you try to hide your weaknesses through fear, they will become more powerful and more visible.

“Do not be too impatient or afraid to sit through the painful stages of progress and development” Michael Van Clarke

The prerequisite for change is self-awareness and getting rid of old habits.

It’s a very powerful thing to have a clear, decluttered mind as it means you are serene, sharper and much more alert.

You can’t expect to find clarity without knowing your values and knowing what’s important to you.

Successful people do not wait for others to motivate them; they motivate themselves.

Assertive people are comfortable expressing how they feel. They don’t waffle, need to justify, defend or explain their reasoning.

Crowd Funding Explained

Crowd-Funding---final-cover-1 Crowd Funding burst onto the business scene.

High profile platforms KickStarter and  CrowdCube are making headlines for the innovative ways new projects are gaining funding. Here’s our simple guide to the different types of Crowd Funding:

Donation: when funders simply donate money to the fundrasier.

Pledge: when funders “pre-order” goods (from music and films to consumer goods and more), paying the cash upfront to the business so they have the money needed to make the goods.

Debt: when funders lend money to fundraisers and receive interest and the capital back over time.

Alternative debt: when funders lend money to fundraisers secured on real assets such as invoices or property.

Equity: when funders buy shares (equity) in a company in return for cash.

Social enterprise: when funders buy, lend or invest, but with an angle that does social good as well as giving the funder a reward or return.

Specialist platforms: when funders are offered only very specific opportunities that comply with the rules of the specialist platform, e.g. only app development projects or sharia-compliant fundraisings.

Multiple platforms: when fundraisers are given the opportunity to fundraise via all the different types of fundraising.

6 Principles of Success

 Jeremy Lazarus, author of NLP for Business Success, shares his top 6 tips for business  success:NLP for Business Success

Know what you want – before starting any work activity, know your goal or desired outcome.

Take feedback – are you on track to achieve your goal? If not then…

Be flexible – if something is not working in the way you want, make changes.

Build and maintain good relationships.

Have a positive mental attitude.

Take action – without action nothing changes.

Good Luck!

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