Small Business

Social Media – How to Manage the Different Platforms

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We work with a lot of small business owners – some have been in business for decades and others we’ve helped recently launch – and one of the questions we ALWAYS get asked is, “Do I really need to be on social media and what platforms should I use?” We get it, Social Media is a monster to try to understand. From figuring out the different platforms, to creating profiles, to figuring out what to post and when, it can be so overwhelming and confusing for those just starting to dabble in it or who haven’t expanded much beyond either Facebook or LinkedIn.

To answer the question above – YES, you absolutely should be on social media. BUT you don’t have to be on every platform. The key is to be on the platform that your potential buyers and current clients are on. If you market to teens and younger generations, they aren’t going to go looking for your company on LinkedIn, but they will look for you on Instagram or Snap Chat. Just like someone looking for a Realtor or CPA wouldn’t try to find someone on Twitter or Snap Chat – they would look for you on Facebook or LinkedIn. To help you out, here’s a list of the most popular social media channels and who is using them. Demographics sourced from Spredfast.

Facebook: It’s still the most popular social media network in use with over 2 Billion users and regardless of your industry, your business should have a Facebook page. You can use it to share photos, Facebook Live video, company updates, and content that your followers would find useful. You can also list what your company does, the hours you are open, your phone number, website, etc. Facebook also has some of the best analytics and advertising tools. Users range from 18 to 65+, are equally men and women, and cover all income ranges. There are 179 million users on mobile and 90 million users on desktop per month.

Instagram: Now owned by Facebook, Instagram is becoming more popular with over 800 million users. Instagram is a visual platform that’s based entirely on photo and video posts. You can’t share articles or other content easily, and no URL’s are allowed in posts. Depending on your industry, this may not be a great fit. Brands that do well are often photographers, health and fitness, real estate, clothing, shoes, beauty products, etc. The person running your account have a good eye for detail and at least basic photography skills, so the photos and videos posted to your account are high-quality. Users are primarily 18- 49 years old, more women than men, and include all income levels. This is primarily a mobile based platform.  At Red Barn we’ve recently decided to re-engage our Insta Life!  Check us out @redbarnct.  W

Twitter: This seems to be the platform that many people either love or hate – with over 317 million users. It’s great for posting quick updates, videos, photos, and links to blogs or other articles, but it certainly isn’t for everyone. You are limited to 240 characters per tweet. It’s a great tool to easily interact with other users and many companies use it to handle customer service. This may not be the best platform if you prefer more visual posts or don’t have a lot of your own content to share. If you have interesting content, Twitter is a great tool for quickly spreading the word and if a user with a lot of followers retweets you, your content could go viral. Twitter is very quid pro quo – in order to be successful, you need a mix of your own content and sharing and retweeting other interesting content. Users range in age but are skewed more to the 18-29 audience, with slightly more males using the platform than females. Users range across all incomes and surprisingly more people use Twitter on desktop vs. mobile.

Pinterest: This is another very visual platform that allows users, over 200 million, to save and share content by “pinning” them to digital bulletin boards. You can organize your content and boards by different categories. From the business perspective, the platform has special pins called Rich Pins which brands can use to add specific information to their pins, like product details and even location maps. Every pin includes an image or video. This is another platform that isn’t for everyone. Brands that work in DIY projects, fashion, exercise, beauty, photography and food usually do very well here. There are 20% more women on the platform than men, users range from 18 – 64 years old, and cover a range of income levels. There are over 70 million mobile user’s vs only 27 million desktop users per month. Like Insta – we are playing around with building up our Pinterest game – it’s a work in progress.  The goal is to drive more people back to our website.  We will keep you posted!

Snapchat: This is another mobile only platform with over 300 million users. It’s a visual platform that is known for its disappearing content. Users can send video or photos to other users or post to their public Stories (which disappear after 24 hours). Content can be saved and uploaded to other platforms, and users can now chat, message, create events, and share media content within the platform – something that previously wasn’t available. Snapchat has a ton of filter options for photos, and since the content isn’t forever, many people find less pressure to post more polished content. Only followers can see your stories, so building an audience is key to getting engagement on your content. 70% of the users are women, and users range from 13 – 34 years old. This is a mobile only app with no desktop option.

YouTube: Now owned by Google, YouTube is a video-sharing platform with over 1 Billion users where people can view, upload, rate, share and comment on content. Business often use YouTube to host their creative, visual or educational component. Your videos should be polished, although they don’t have to be professionally produced, but they shouldn’t be done with a shaky cell phone camera. You don’t even need to have your own channel to take advantage of advertising. Many businesses partner with popular YouTubers  for product placement, because these users already have engaged audiences. Users are primarily between the ages of 25 and 44. There are slightly more males using the platform than females, and traffic is evenly split between mobile and desktop.

LinkedIn: This is a much more business centric platform with over 106 million monthly users. It is hands down the best platform for professional networking. It’s a great place to promote your business, find top talent, and showcase yourself as an industry expert in your field. Posts should be much more conservative than you would share on other platforms. Many people create personal profiles to act as a digital resume since businesses will post jobs and research candidates using the platform. LinkedIn also has very specific industry groups that users can join – this is a great place for you to be since you can answer questions, share content, and be an expert and draw people to your company\’s page and website. Most users range from 18 to 64 years old, are in the $50k a year and up income range and are split almost even between men and women. People prefer to use this platform on desktop vs mobile.

If you aren’t sure if you should be on a platform, spend some time exploring it. See what other businesses are on there, if your competition is on there, and if your target clients are on there. It’s far better to be good at 2 platforms than to be mediocre or poor at 4. It’s important to stay consistent and post content that is going to bring your followers value. Wanna follow Red Barn on social media? You can find us here:

Facebook: @RedBarnConsulting

Twitter: @RedBarnCT

LinkedIn: Red Barn Consulting LLC

Instagram: @redbarnct

Pinterest: Red Barn Consulting LLC

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Solopreneur or Entrepreneur – what’s the difference?

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When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

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Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Small Business, Uncategorized / By / / , , , , , , , , , , , , , ,

Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

From the 9-5 Grind to Consultant – How do you know when the time is right?

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I’ve met so many people who are frustrated and unhappy in their jobs/careers and they long to be their own boss. Sunday anxiety, Monday morning blues and Friday euphoria are the norms.  Sadly only a minute few will ever take the steps to get to the holy land of Entrepreneurship.

When I ask “Why?”, I get a slew of what I’ll call excuses.  I’m here to debunk the myths and give you some “real talk” on what it takes.

  1. MYTH: Not Enough Money REAL TALK:  I’ll push back and ask “So, what IS enough money for you to have the life you want?”  No one can ever give me a real dollar amount.  What it comes down to is fear of the unknown and the unwillingness to make some luxury sacrifices.  No, you will never really have enough money because most people, the more money they get the more they spend and it’s a vicious cycle.  Which goes back to the sacrifices.  In order to leave your full-time job with benefits, most start-up entrepreneurs have to give up a few things.  (Take my income reality test here)
  2. MYTH: Not enough Time REAL TALK:  Everyone has 24 hours in the day, out of that you should sleep for 7-8 hours.  Most people work for 8 hours a day, toss in some commuting and dealing with life things – say another 4 hours.  That leaves 4-5 hours every day that you can be working on getting what you want.  Most people waste a ton of time on things that aren’t going to serve their purpose of getting out of their 9-5 job.  Sure reading a good book is fun, binge-watching Netflix is as well, playing video games, cellphone games – the list goes on.  Make it a priority, just like eating and sleeping
  3. MYTH: Not Ready. REAL TALK:  Like having enough money, you will never be ready.  What you do need to know that DONE is better than PERFECT and you have to start somewhere.  Eat the elephant one bite at a time versus trying to eat it all at once.  You don’t need the fancy office now, hell you don’t even need business cards – all you need is you and maybe a notepad and pen.
  4. MYTH: If I fail, my life is over.  REAL TALK:  Every entrepreneur I know (including myself) has failed more times than they care to think about (including yours truly).  Failure is just part of the process, accept it in fact embrace it.  The more you fail, the more you learn.

Regret is a horrible thing.  Putting off until tomorrow rarely works, because tomorrow you’ll put it off again, and again until tomorrow doesn’t come.  I’ve seen it too many times.

As the famed Wayne Gretsky said – “You miss 100% of the shots you never take”.

From the 9-5 Grind to Consultant – How do you know when the time is right? Read More »

From the 9-5 Grind to Consultant – How do you know when the time is right?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Small Business, Uncategorized / By / / , , , , , , , , , ,

I’ve met so many people who are frustrated and unhappy in their jobs/careers and they long to be their own boss. Sunday anxiety, Monday morning blues and Friday euphoria are the norms.  Sadly only a minute few will ever take the steps to get to the holy land of Entrepreneurship.

When I ask “Why?”, I get a slew of what I’ll call excuses.  I’m here to debunk the myths and give you some “real talk” on what it takes.

  1. MYTH: Not Enough Money REAL TALK:  I’ll push back and ask “So, what IS enough money for you to have the life you want?”  No one can ever give me a real dollar amount.  What it comes down to is fear of the unknown and the unwillingness to make some luxury sacrifices.  No, you will never really have enough money because most people, the more money they get the more they spend and it’s a vicious cycle.  Which goes back to the sacrifices.  In order to leave your full-time job with benefits, most start-up entrepreneurs have to give up a few things.  (Take my income reality test here)
  2. MYTH: Not enough Time REAL TALK:  Everyone has 24 hours in the day, out of that you should sleep for 7-8 hours.  Most people work for 8 hours a day, toss in some commuting and dealing with life things – say another 4 hours.  That leaves 4-5 hours every day that you can be working on getting what you want.  Most people waste a ton of time on things that aren’t going to serve their purpose of getting out of their 9-5 job.  Sure reading a good book is fun, binge-watching Netflix is as well, playing video games, cellphone games – the list goes on.  Make it a priority, just like eating and sleeping
  3. MYTH: Not Ready. REAL TALK:  Like having enough money, you will never be ready.  What you do need to know that DONE is better than PERFECT and you have to start somewhere.  Eat the elephant one bite at a time versus trying to eat it all at once.  You don’t need the fancy office now, hell you don’t even need business cards – all you need is you and maybe a notepad and pen.
  4. MYTH: If I fail, my life is over.  REAL TALK:  Every entrepreneur I know (including myself) has failed more times than they care to think about (including yours truly).  Failure is just part of the process, accept it in fact embrace it.  The more you fail, the more you learn.

Regret is a horrible thing.  Putting off until tomorrow rarely works, because tomorrow you’ll put it off again, and again until tomorrow doesn’t come.  I’ve seen it too many times.

As the famed Wayne Gretsky said – “You miss 100% of the shots you never take”.

From the 9-5 Grind to Consultant – How do you know when the time is right? Read More »

The Post Retirement Entrepreneur

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“I’m ready to retire, but not ready to stop working, stop using my brain, stop… doing.”

When you have spent most of your life in Corporate America – leading teams, driving change, mentoring generations – retiring to Boca or moving to the Villages isn’t always an easy transition for some.

In fact, many recent retired execs I speak with feel lost but, more importantly, feel the need to take what they’ve learned and do something meaningful with it – they want to leave a legacy, they want to make a difference.  This mindset often results in joining a board, volunteering, or even opening their own company and working as a consultant or coach OR all the above.

It all makes sense.  Many retirees live 20-30 years post retirement and if they truly loved their career why not continue working and giving back, sharing knowledge, and padding the “fun fund” while they’re at it.

Here are some interesting facts I’ve discovered about my fellow Boomers who are opting to be entrepreneurs for the first time. (note this is based on my personal connections – not some deep market research!)

  1. It’s not about the money – it’s about the meaning, the mission, and the legacy.
  2. Speaking of money – most don’t NEED to match their corporate salary, in fact, most shoot for 50-100K per year.
  3. Most opt for service-based industries – such as coaches or consultants because the startup cost is not huge and the transition is seamless. They aren’t learning new skill sets.  YET – some opt to go in a completely NEW direction including retail.
  4. More often than not – they prefer to go solo. No employees but bringing in contract workers if needed since many managed large teams for decades.  “Been there done that” is the mantra.
  5. Flexibility is important. They don’t want stress, they want to work when they want and vacation when they want.  They are “retired” after all.
  6. If they are consultants – they are insanely picky about who they will work with. It goes back to enjoying the journey not building an empire.

If you are approaching the magical sixties and aren’t really ready for retirement, but are ready to exit your current job – perhaps entrepreneur life is for you.

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Personalize your Marketing efforts

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Everyone (well, most people) wants to be noticed, loved, accepted and validated. It’s human nature.  So many marketing efforts forget this very important fact when they are building out their strategies and campaigns.

Put YOURSELF into your CUSTOMERS and PROSPECTS shoes.  It’s the Golden Rule – do unto others.  When clients ask me if something they’ve done is good, or if it will work, I ask them what they would do if they were one of their customers and THEY got that email, saw that billboard, saw that ad?  When they tell me their response – I say “exactly” – good or bad.

So, what are top brands doing to increase engagement and conversion?  They are getting deeply personal.

  • Know your data, your audience, and their actions. You don’t need a multi-billion dollar budget to do this – you just need a system.  It’s important that you are looking at your email open rates, your Google analytics, and your social engagement on a consistent regular basis.  Know what’s working and what isn’t.  More importantly, you want to SEGMENT out your DATA.  Find the highly engaged followers or readers and give them more, more, more of what they are looking for.  Next, you want to do a deep dive on who those high engagers who convert to clients are – what is their demographic?  If you find commonalities, you are building your TCP – your target client profile.
  • Personalize your delivery. From simply adding a first name or company name within an email marketing campaign to redirecting email and social media campaigns based on behaviors and actions taken, to highly personalized website experiences based on previous actions or their demographical makeup.  Artificial intelligence will play a big part in all of this over the next 5 years – in fact, big brands are already using it.
  • Be real. Once again I’m preaching authenticity.  Your customers want to know that you “get them” – the only way to do that is to be on their level and connect with them.  You won’t appeal to everyone but you will appeal to those who love love love you – and don’t you want them as clients versus the ones that could give a rat’s ass about you?  Enough said on that subject 🙂

In the end, you have to connect with your clients and prospects on a deeply emotional level.  Heart and soul, transparency, storytelling, BFF personal kind of level. When you do – the magic happens.  Try to constantly be pitching and making assumptions – rarely works.

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Insuretech: Virtual Property Claims Management in the P&C Space. Win/Win for Carriers, Agents and Insureds

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Insuretech surely isn’t a new buzz word, but it is ever evolving.  From digital agency management systems to sales platforms and claims management – the P&C industry is slowly embracing the wonders of technology.  Albeit far slower than other industries.

When it comes to claims management, specifically in the property space, many carriers are heavily reliant on the human factor.  As far as I know, we don’t have robotic teams going out inspecting CAT events, chimney fires, building collapses, and the like – but we are using drones, video technology, and more.

For many insureds and claims adjusters, the pain comes from cataloging personal and/or business property before and after a loss.  In many instances, an adjuster will visit the scene of the loss multiple times to take pictures, inspect areas, review data, etc.  The process is slow, painstaking, and, in some instances, can be incomplete.

The use of technology to capture the value of not only the property, but the contents before and immediately after a claim, and then having access to that data throughout the claims process and even during a litigation situation, cannot only can save time, but more importantly, it’s a TRUE representation of the property and contents.

I spent some time chatting with Grant Breck, CEO and Simon Wojcik, COO of BeThere Virtual Tours.  The two hail from Australia and are changing the way insurance claims are handled.

Beck, a former carpenter turned specialized fire investigator & insurance claims adjuster became frustrated with the process of property claims management.  “During the claims process,  I would have to go back to the scene multiple times, inspect, take pictures, and then analyze the data.  Often there were no before images to compare the post claims images to, and to add to the frustration, we were reliant on the insured to remember what they had, what was lost.  The process was slow, it was painful, and surely not cost effective.  It never gave a true indication of the situation,”  said Beck.

Beck knew that using technology was the answer. More importantly, he knew the quicker a snapshot post claim was taken, the more accurate the data would be.  That’s where Simon Wojcik comes in.  Wojcik is an expert in immersive technologies specifically in the 3D Virtual Space.  Beck and Simon collaborated to launch BeThere™ Virtual Tours.  Combining the insurance and property expertise from Beck with Wojcik’s technology magic.

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Their pitch?  “What if you could walk through any claim, at any time, right from your desktop”.  No sifting through hundreds of ill taken pictures, no going back and forth to the scene. Within 48 hours of a claim, the adjuster, the carrier, and even the insured can view the BeThere 3D Inspection including a virtual tour of the whole property, 360 degree images as needed – ceiling, entry points, yard, doll house view (3D view), Floor plan, schematic floor plan (volume/measurements) and tour location specific data (images, photos, inspection site notes).  Here’s a sample of what they can do.  (CLICK HERE)  or scan the QR Code below.

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Why should Carriers Care?

What I love about this Insuretech process is it doesn’t replace the human factor, it just enhances it.  We still need experts to analyze data, but now with BeThere’s technology, it can be done a hell of a lot quicker and more accurately.  During a CAT event, teams of 3D technicians can be deployed quickly and the data qualified and quantified far easier.  Thereby reducing the time to get insureds back on their feet.

Quote from one of our carriers

\”Be There is an incredibly useful tool which has successfully identified fraud by exaggeration for a total loss contents claim valued at $250,000 and as a result, our business has been protected from this significant financial loss.  The software is simple and easy to navigate which makes claims processing much more efficient. Absolutely worth the investment\”  

Stacey, Fraud and Investigations Department, Auto & General Services.

Overall this type of technology offers:

  • Faster Claims Processing Times.
  • Increased Auditing Capacity
  • Decreased Travel time and Expenses For field agents
  • Reduction in False Claims
  • Reduction in Over Quoting
  • Increased Customer Experience for Agents and Insureds

In an era where insurance carriers are struggling to be heroes, adding to the customer experience is a big one.  “Using our technology in the personal homeowners’ insurance space brings so much value back to the insured.  As part of pre-binding field inspection, a 3D snapshot is taken of the property and the contents.  Yearly updates can be done upon renewal.  In the event of a claim or CAT event we have an extremely accurate picture of what the property and contents were,” says Grant.  “One of the biggest frustrations I’ve heard from insureds in my years out in the field was trying to account for all their personal property after a fire and trying to create a picture for the claims adjuster of what their house looked like, where everything was and the condition of the home and the property.  Our technology is the ultimate inventory taker.  We can literally look into every closet, every cabinet, and every corner.  No stone is left unturned.”

Will robots replace humans in the claims process?  Probably not in my lifetime but introducing technology like Grant and Simon’s into our current claims process on the P&C side just makes sense.  The great news for carriers and insureds – the Australian team has perfected their process to make it very affordable to everyone involved.  I don’t know about you, but a carrier who teams up with these two will have a leg up on their competition.  When will they head stateside?  Grant noted it was already in the works.  Stay tuned.

To learn more about BeThere and all the cool stuff they are doing – visit WWW.BETHEREVT.COM.AU

Insuretech: Virtual Property Claims Management in the P&C Space. Win/Win for Carriers, Agents and Insureds Read More »