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February 2024
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A PERSPECTIVE ON GUIDING WITH VALUES Leadership Insights
In honor of National Leadership Day on Feb. 20, I would like to share the 10 traits I believe are most important in effective leadership. These traits may vary from person to person, but they resonate with me and have become the cornerstone of my leadership style. Integrity Undoubtedly, integrity is the most crucial trait on my list. It’s the bedrock of trust and the foundation upon which all other leadership traits are built. Integrity is about being a reliable and ethical figure people can trust and respect. Whether it’s handling clients’ finances or making decisions that affect my team, integrity guides me to do what is right, not what is easy. Empowering Growth Leadership isn’t about doing everything yourself; it’s knowing when and how to delegate. This past year, I’ve focused on understanding the strengths and weaknesses of my team. Then, tasks can be assigned on how well they suit their skill set and challenge them to grow. Effective delegation frees my time to focus on strategic aspects of my work while helping my team members reach their fullest potential. Effective Communication This is a challenging trait, and I’m still working on it. I strive to maintain genuine connections in an age
where technology often reduces our interactions to impersonal exchanges. Communication is about understanding and being understood, not exchanging words. It’s about discussing goals, sharing concerns, and understanding the emotions that often get lost in emails and texts. Knowing Thyself Just like understanding my team’s strengths and weaknesses, I need to know my own to understand what and how to delegate. Self-awareness helps me recognize where I excel and where I need support. To effectively lead, I need to be transparent about my capabilities. Expressing Gratitude Recognizing and appreciating the efforts of others around you is an integral part of gratitude. I’ve made a conscious effort to acknowledge
my team’s hard work and dedication. Whether it’s a simple thank-you note or public recognition, showing gratitude boosts morale and fosters a positive and supportive work environment. The Power of Adaptability In an ever-changing world, agility is a key trait for any leader. It’s the ability to think on your feet, respond swiftly to unforeseen challenges, and, most importantly, be able to learn and adapt. When adapting to new tax laws and shifting market trends, the ability to quickly understand and react has been indispensable. Inspiring Leadership Influence is often misunderstood as manipulation or delegation. However, it’s about inspiring others. It shows the way forward and explains the why behind decisions. Influencing my team means helping them to see the bigger picture and motivating them toward a common goal. It’s not leading them; it’s walking the journey together. Empathy Including those who need to be heard and understanding the people you work with are at the heart of empathy. This year, I’ve strived to be more attentive, listen more than speak, and understand my team’s perspectives and feelings.
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Enhancing B2B Marketing Strategies With Behavioral Economics
The Endowment Effect The endowment effect is when individuals value something more highly once they own it. In the B2B context, marketers can provide trials or demos, giving potential clients a sense of ownership. This increases the perceived value of the product or service. Social Proof In marketing, social proof recognizes that the actions and approvals of others influence people. In a B2B setting, this can be harnessed through client testimonials, endorsements, and detailed case studies. For instance, showing how other businesses have successfully integrated a product or service can significantly sway potential clients’ decision-making. The Illusion of Scarcity Creating a sense of scarcity can drive urgency and prompt quicker decision-making. Limited-time offers or exclusive services available to a select number of clients are part of this strategy. However, use this method judiciously to maintain trust and credibility. Incorporating the principles of behavioral economics in marketing strategies can provide B2B entrepreneurs with a distinct competitive advantage. It’s about more than just the product or service; it’s about understanding the underlying psychological drivers of client decisions to craft compelling, customer-centric marketing strategies. By understanding and applying behavioral economics, B2B marketers can reshape their approach to align with their clients’ psychological motivations. This alignment results in more effective communication, enhanced customer relationships, and ultimately, a more successful business. The strategic application of these principles can transform B2B marketing from a traditional, product-focused approach to a more nuanced, client-centric strategy. This shift maximizes customer satisfaction and increases business success. Applying behavioral economics in B2B marketing is a transformative approach that can redefine how businesses interact with their clients. By understanding the psychological underpinnings of decision-making, B2B marketers can develop more resonant and effective strategies, leading to lasting relationships and sustained business growth. This comprehensive approach ensures that businesses not only meet their immediate sales goals but also build a foundation for long-term success.
In the dynamic realm of B2B marketing, a deep understanding of customer behavior is essential. Behavioral economics, which merges psychology with the economic decision-making of individuals and institutions, provides critical insights into customer behavior. By integrating these principles, B2B entrepreneurs can significantly elevate their marketing strategies, enhancing customer engagement and increasing sales. The Power of Choice Architecture A crucial concept in behavioral economics is choice architecture. This approach involves structuring the environment where customers make decisions. For B2B businesses, this translates to presenting options that guide customers toward a desired outcome while preserving their freedom to choose. An example is the strategic arrangement of service packages, making certain options more appealing. This strategy not only simplifies decision- making but also subtly influences customer choices in favor of the business’s objectives. Anchoring Effect Anchoring is a cognitive bias where the first piece of information offered significantly influences decision- making. In B2B marketing, the initial price or feature introduced to a client can set the stage for how they perceive overall value. An effective strategy might involve presenting a high-quality option at a premium price first, thereby setting a high-value perception that makes subsequent offers seem more reasonable, even if they are priced above the market average. The Decoy Effect The decoy effect, or asymmetric dominance, is a tactic in which presenting a third, less attractive option can influence preferences between two other choices. B2B marketers can leverage this by introducing a less appealing product tier that makes a more profitable option appear more valuable. For example, you can make a standard service package more appealing by placing it next to a basic package that offers fewer benefits for a slightly lower price. Understanding Loss Aversion Loss aversion is the tendency to prefer avoiding losses over acquiring equivalent gains. This principle can be particularly effective in B2B marketing. For instance, a company offering cloud storage solutions might focus on how their services prevent data loss and ensure security rather than simply highlighting storage features.
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No. 1: Always value yourself and your health. You need to be at your best to do your best. As the adage goes, if you don’t have your health, you don’t have anything. No. 2: Make your work ethic a priority. This helps establish a pattern to persevere when things are difficult. No. 3: Ensure you invest your time and energy in yourself and those who believe in you. Having the right team members and cheerleaders makes all the difference. This is especially true on difficult days when things look bleak.
Using her business acumen, Pratte slowly brought the company back from the edge by digging into her personal experiences and passion for wellness. Now, this formerly unknown company is a multimillion- dollar juggernaut and one of the largest female-run companies in the health and wellness industry. Pratte states her company’s mission as follows: “We’re giving our customers the best product they can take for whatever they need it for.” After bringing NBPure back to profitability and success, Pratte co-founded The Candidly. This brand focuses on women who can’t find satisfaction with other health and wellness brands available. Finding another niche, Pratte aimed at helping these disillusioned women, ages 35 and up, find a company dedicated to their wellness needs, one that listens to and delivers on what they want and expect from a wellness brand. Thanks to her success and hard work, Pratte has learned some valuable lessons, which she has distilled into three pieces of advice that will help anyone on their journey toward business success:
Like Pratte, you can transform your passion, personal experiences, and failures into a vibrant and viable business. Don’t let failure hold you back.
To paraphrase the great Dale Carnegie, use your
losses as stepping stones to your success. Keep trying, and you may one day be a leader in your respective industries.
History is more than just a chronicle of battles; it’s a rich tapestry woven with unbelievable events that can mystify us. A dive into the corners of the past reveals historical anomalies. UNLOCK HISTORY’S STRANGEST SECRETS Ancient Brews to Ghostly Winners!
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Empathy in leadership fosters a culture of trust and open communication where everyone feels valued and heard. Strength in Courage Courage in leadership is about speaking up when things aren’t right and taking responsibility when they go wrong. It’s about making tough decisions and standing by them. This trait taught me that leadership isn’t about success but facing challenges head-on and learning from mistakes. Equal Treatment and Respect Respect in leadership means treating everyone equally and giving credit where it is due. It’s not acting superior but being part of a team. When meeting with clients or team members, showing respect has strengthened my relationships and fostered mutual trust and appreciation. I’m not perfect in all of these traits, but they are the ones I’m committed to building upon. It’s a continuous
The First Beer Ancient Sumerians were the original brewers.
Archaeologists unearthed a 5,000-year-old tablet depicting individuals consuming a beer-like beverage through reed straws from a bowl. Racing to the Grave In a 1923 horse race at Belmont Park, New York, jockey Frank Hayes achieved victory from beyond the grave. Suffering a fatal heart attack mid-race, he remained in the saddle and finished in first place. Horse Senator Ancient Rome was rife with ruthless priests, back-stabbing commanders, and at least one horse senator. Emperor Caligula allegedly declared his horse, Incitatus, a senator. Caligula also built him a marble stable and fed him gold. These stories demonstrate that the annals of history are not just repositories of significant events but also a collection of the bizarre.
learning experience. Leadership requires patience, practice, and a willingness to learn. Here’s to growing and leading together! –Craig Hanson
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905 James Ave. NE • Jamestown, ND 58401 (701) 252-6190 • CraigHansonCPA.com Inside This Edition 1. The 10 Traits of Effective Leadership 2. How Cutting-Edge Behavioral Techniques Can Elevate Your Business 3. Ancient Brews, Horse Politicians, and Ghostly Wins! 4. A Business Leader Who Persevered
Have tax problems? Unsure what to do? Our Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
From Bankruptcy to Global Recognition How Danna Pratte Became a Leader in Health and Wellness
Dale Carnegie once said, “Develop
was about to take off and, through hard work, brought the company back from the brink of bankruptcy. Born in the small town of Mansfield, Texas, Pratte’s childhood made her passionate about nutrition later in life. She was an obese child and was constantly bullied. After persevering through this abuse, she was able to make it to college, where she dedicated her life to learning more about nutrition and pursuing a healthy lifestyle. Once she had completed her master’s in international management, Pratte searched for opportunities in the health and wellness industry and quickly found her niche. Most supplement companies at the time were using filler ingredients. This lowered the quality of the supplements and, in many cases, negatively affected profit margins. When she first got involved with NBPure, they were having trouble making a name for themselves. So, in revamping the company, which was operating on razor-thin margins, Pratte set out to use only pure ingredients, making her an innovator and disrupting the male-dominated industry.
success from failures. Discouragement and failure are two of the surest stepping stones to success.”
To be sure, failure is always challenging,
especially in business. In any business venture, you spend money, passion, time, and energy. As a result, failure can feel overwhelming. Fortunately, countless success stories can inspire and shape your business ambitions. One example is the story of Danna Pratte. Pratte is the CEO of the global supplement company NBPure and one of the co-founders of The Candidly. When she acquired NBPure in the early 2000s, it was struggling and on the verge of bankruptcy, but Pratte knew the wellness industry
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