Have you ever wondered about handshakes: Respected business owners stand with their backs straight, looking each other in the eye while they compete to crush each other’s fingers?
The handshake may be a time-honored tradition that’s here to stay. But, contrary to many businessÂ beliefs, not all traditions shouldÂ stand the test of time. In my time foundingÂ and running TalkLocal – a local services marketplace that helps small businesses connect with consumers searching online – I’ve worked withÂ manyÂ clients who run family businesses steeped in generations of tradition thatÂ are slow to change.Â They don’t have websites, spend little to nothing on digital marketing and prefer to connect the old-fashioned wayÂ –Â by phone.
In an economy whereÂ tech-savvy entrepreneurs and national chains are exploiting the technology gap to crush the competition,Â fusing old and new technology so that these small businesses can better adapt to the digital era is critical.Â Still, it’s only a first step.Â Startup founders like Elon Musk and Mark Zuckerberg Â are the new captains of industry, and they’re succeeding while breaking all the rules – illustrating that innovation,Â not tradition, is how toÂ get ahead.
So here are fourÂ respected character traits which, although still cherished by most small business owners, are being rendered obsolete by startup culture.
1. Following your intuition.
Following our guts is obsolete. These days, always make sure your data supports your strategy.Â At TalkLocal, our guts told usÂ that marketing spend targeting a wide range of service categories would be most effective at driving leads. After reviewing the metrics, we realized that a handful of key jobs were driving the bulk of our revenue. Armed with that data, we reduced our marketing spend, focusing it on the key services. Our revenue soared while spending decreased.
Claiming to follow your gut may have scored political points in the past,Â but it’s foolish during a time when so much data is at our disposal, able to help inform our business choices. So rather than trust your gut, track your metrics. Use Google Analytics to see how your website is performing, track lead sources,Â calculate return on investment and use split-test comparisons to make sure that your favorite marketing strategy does better than an alternative.
2. Honoring tradition.
Blindly honoring tradition is now obsolete as well. You should instead always look for new solutions and ideas. This is, in part, the result of data analytics that has the ability to change rapidly. For example, knowing that the smartphone causesÂ more people to call local professionalsÂ rather than find them online inspired us to innovate on the phone call itself. It was a unique move at a time when ourÂ competitors were turningÂ to the new social media model to transform local search, leaving the phone untouched. So create an innovative business environment, use data analytics Â to find under-performing areasÂ in need of change, be as inclusive as possible whenÂ seeking solutions and find the latest ideas in industry publications and at conferences.
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