Category: Business News

Image copyright
Getty Images

Top Shop is the jewel in the crown of billionaire Sir Philip Green’s retail empire.

But with the chain losing its sheen amid tough competition there are fresh attempts to keep it ahead of the game.

In the latest shake-up at Sir Philip’s parent company Arcadia, Top Shop’s creative boss Kate Phelan is leaving, as is Top Man’s Gordon Richardson.

Arcadia has announced that they will be replaced in a combined role by former Vogue art director David Hagglund.

In addition to this latest creative appointment, a new chief executive starts next month – Paul Price.

It signals a new era for Top Shop, once the go-to destination for young shoppers keen to snap up the very latest fashion trends on the High Street.

Profits at Arcadia, which also includes Miss Selfridge, Burton, and Dorothy Perkins, plunged by 79% last year.

Tough competition in the clothing market – and the failure of the now-defunct BHS chain – contributed to the poor performance.

Ms Phelan moved to Top Shop from fashion magazine Vogue in 2011, and Mr Richardson has been at Top Man for 17 years.

Image copyright
Getty Images

In Arcadia’s statement, Sir Philip said: “The appointment of David Hagglund, in the newly combined role, continues to mark the start of a new era for Topshop Topman in moving both brands forward in their ongoing global expansion.

“I am delighted to welcome David who will be joining Paul Price, our new chief executive, on the same day and I look forward to working with them both to drive the business forward.”

Top of their agenda will be Top Shop’s future. Nimbler online rivals such as Boohoo and Misguided are eroding Top Shop’s market share. They’re cheaper, too.

Online retailer Boohoo saw profits double in April thanks to new overseas markets.

And online fashion retailer Asos has also been eating Top Shop’s cake, with sales jumping in its latest results.

We will have to wait and see whether Top Shop seeks to move upmarket, or tries to up its game in the fiercely competitive online world.

Image copyright
EPA

Visitors to Barcelona may be expecting some hostility after the anti-tourism protests that have shaken one of Spain’s biggest holiday destinations.

On arriving at the city’s airport, they may notice signs that all is not well.

But any protesters with raised fists are more likely to be striking airport workers in pursuit of better pay and working conditions.

Spanish Civil Guards have been called in to handle security as the indefinite stoppage goes on.

Once the tourists arrive in the city centre, they are likely to notice anti-tourist graffiti or signs telling them that rents are now unaffordable for locals because of the demand for holiday accommodation.

They may even be physically attacked, as reportedly happened to at least one group of tourists who had eggs thrown at them.

Such campaigns are now being seen elsewhere in Spain, the world’s third-biggest holiday destination, including the Basque city of San Sebastian, where an anti-tourism march was being held on Thursday.

The tourism industry is concerned at the potential global effect.

“Tourism is of immense economic benefit to European destinations and has become even more important in recent years,” says a spokesperson for Abta, the UK travel agents’ association.

“Most people appreciate these benefits and accept that at certain times of year, they will have to share their cities with significant numbers of tourists from around the world.”

‘Manage numbers’

Abta, perhaps unsurprisingly, blames the problem on the rise of online services such as Airbnb, which threaten its members’ traditional business model while promoting a huge expansion in illegal tourist accommodation in cities such as Barcelona.

Image copyright
AFP

“The rapid growth of the peer-to-peer economy in recent years has led to significant increases in visitors to some cities, but due to the lack of licensing and regulation in this sector, it is impossible to fully understand tourism numbers,” it says.

“We need mechanisms in place to manage numbers in crowded destinations, for the benefit of holidaymakers, destination residents and the travel industry. Logically, these measures would need to take account of both hotel visitors and peer-to-peer accommodation users.”

Abta may have a point, though. According to some estimates, as many as 40% of Barcelona’s tourist apartments are being rented out without the authorities’ permission, making it much harder for local people to find affordable accommodation.

For now, tour guide operators and other local businesses say privately that the anti-tourist backlash has made little difference to the influx of visitors.

And the Spanish government must be hoping they are right.

More than 75 million tourists visited the country last year, and the number is expected to hit a record 83 million in 2017.

With Spain still recovering from its crippling economic crisis, tourism is more important to national well-being than ever before.

‘Cookie-cutter’ tourism

Lucy Fuggle, head of content at TrekkSoft, which provides logistics and software to travel firms, sees the discontent as a sign that tourism needs to change. “The backlash is concerning, but more so for the sentiment than the economic impact,” she says.

Image copyright
EPA

“Tourism will continue – there’s no doubt about that – but we see some changes that need to happen, such as improved regulations and better distribution of visitors across cities.

“In our work with tour and activity suppliers and tourism boards, we’ve noticed that visitors are increasingly seeking unique experiences in less ‘typical’ destinations,” Ms Fuggle says.

“It’s a step away from the cookie-cutter package trip, and if more visitors turn to this, we could see less dense distribution in struggling cities such as Barcelona and Venice. It comes at a greater cost to the consumer than budget city breaks, however.”

Future fears

It’s probably too late for the protesters to have much impact on this year’s tourism numbers.

The surge in visitor numbers is being fuelled by powerful global economic forces. As the appeal of other once-popular destinations such as Tunisia, Turkey and Egypt is waning because of security concerns, Spain looks even more attractive as a haven for sun-worshippers.

But the impact of the anti-tourist campaign could well be felt in 2018 and beyond.

The Catalan Tourist Board is a regular exhibitor at London’s World Travel Market tourism fair, held every November, along with 11 other Spanish travel organisations.

After some bumper years, the Spanish tourism industry will have to work hard to ensure that it too does not fall out of fashion.

Image copyright
Getty Images

Supermarket chain Asda has reported its first quarterly like-for-like sales growth for three years.

Sales rose 1.8% in the second quarter after a bumper Easter, Asda owner Walmart said.

Figures were boosted by a combination of price cuts, more customers and rising inflation.

Last year Asda reported its worst quarterly performance on record when sales tumbled by 7.5%.

Walmart chief executive Doug McMillon said the world’s biggest retail was “encouraged” by the UK result.

“In June, I visited Asda to see the progress being made. Customers are responding to investments in price and store experience by visiting the stores more often and increasing their basket sizes,” he said.

“There’s still much more to be done, but we’re clearly headed in the right direction.”

Asda is the third-largest UK supermarket chain behind Tesco and Sainsbury’s, according to research firm Kantar Worldpanel.

Daniel Craig has signed up for a fifth James Bond film – but how does he compare to the actors who played the iconic spy before him?

Roger Moore has starred in the most films, but Sean Connery’s outings made the most money at the US box office, if the figures are adjusted for inflation.

Connery’s films were also more acclaimed by critics – although Daniel Craig isn’t far behind when the reviews are ranked.

This counts official Eon-produced Bond films only – not including the original Casino Royale and Never Say Never Again.

Image copyright
Getty Images

Korean carmaker Hyundai is wading further into the electric vehicle market, promising a car that can go 500km (311 miles) on each charge.

Hyundai already has an electric model on the market, but its range lags behind its competitors’ models.

Along with its affiliate Kia, Hyundai is planning 31 eco-friendly models by 2020.

The latest move comes amid increasing competition in the market for ecologically-friendly cars.

Hyundai’s environmentally-conscious new additions will include three plug-in hybrid vehicles, eight battery-powered cars and two fuel-cell vehicles.

The company also has plans to develop its first dedicated facility for pure electric vehicles, which will allow it to produce a variety of cars with longer driving ranges.

Its current electric model, the Ioniq, has a range of 280km, less than GM’s Bolt or Tesla’s Model 3, which both have ranges in excess of 350km.

Image copyright
Getty Images

Automotive analyst Robin Zhu from Bernstein Research says Hyundai’s new model would be competitive when it comes out after 2021, even though its high-end competitor Tesla will probably exceed its expected range by then.

“For econo-boxes that go from A to B, you need to be competitive, but as long as they offer the right product for the right value, the onus is not on Hyundai to do something groundbreaking,” he said.

China leads the way

Hyundai’s latest push into the electric market comes amid growing global competition for electric cars.

In addition to electric-only manufacturers such as Tesla and Faraday Future, major US, Japanese and European carmakers are now offering electric options.

According to the International Energy Agency, new registrations of electric cars hit a record in 2016, with more than 750,000 sales.

While electric cars have the highest market share in Norway, far more are sold in China.

China accounted for more than 40% of the electric cars sold last year, more than double the amount sold in the United States.

The consultancy McKinsey said Chinese manufacturers produced 43% of the 873,000 electric vehicles built worldwide in 2016.

Robin Zhu said the Chinese market is partly driven by generous government subsidies, and it’s unlikely that Chinese manufacturers will continue to dominate over the long-term.

“Right now, VW’s market share is almost 0%. But it’s not going to be 0% when they pull up their socks and do it,” he said.

Image copyright
Reuters

UK retail sales growth slowed in July as consumers cut back on buying most goods other than food, according to the latest official figures.

Sales grew by 0.3% compared with June, the Office for National Statistics (ONS) said.

Strong food sales drove the growth, while most of the other main sectors showed a decrease.

The gap between wages and inflation is continuing to widen, putting pressure on household spending.

In June sales rose by 0.6% against May.

Ole Black, ONS senior statistician, said it was a “relatively subdued picture” in retail sales”.

“Strong food sales have been responsible for the growth of 0.3% in July compared with June, as all other main sectors have shown a decrease. Whilst the overall growth is the same as in June, trends in growth in different sectors are proving quite volatile,” he said.

Entrepreneurs are a unique blend of risk-takers, mad scientists, hope addicts, inventors and magicians. They can make incredible love partners if you know how to crack the code that unlocks their love and devotion. If you don’t, they can seem like the most selfish, narcissistic, unavailable workaholics you’ve ever met. You can be on an adventurous ride of your life filled with excitement being with an entrepreneur lover — or on a ride of terror that you want to exit ASAP.

If you find yourself in a relationship with an entrepreneur (or even if you are one yourself), know that it can be challenging communicating your needs in such a way that gives your desired outcome. Please heed the following very carefully. Often we unknowingly say exactly what pushes our entrepreneur lover away. Somehow our words come out in the form of pressure, judgment, blame, shame and general neediness. Instead of bringing playfulness, seduction, humor and kindness, we often demand that our needs be met, and that leads to a response that results in the opposite of our desire.

Related: Never Stop Innovating in Business or Your Love Life

As an expert in relationships and intimacy, over the past 20-plus years I have worked with all kinds of couples, and my absolute favorite are entrepreneur couples, where one or both partners owns a business. My background in mathematics and neuroscience gives me an interesting perspective of looking at the complexities of relationships with entrepreneurs, their partners, employees, children and extended families through the eyes of pattern recognition. Noticing the natural patterns that arise in any relationship and how to adjust the pattern to get what you want is my specialty.

What I have found is the entrepreneur brings a unique set of gifts and challenges to a relationship. The gifts in relationships are easy to spot in the form of generosity, enthusiasm, dedication, devotion and loyalty. The challenges in love partnerships always have to do with time, energy, attention, focus, comparison, drive and ambition. To fully love your entrepreneur lovers, you must accept them with all their gifts and challenges while also asserting your needs and desires. The key here is the way you assert your desires makes all the difference.

Here is a must-have guide on how to communicate with your entrepreneur partner, including topics and phrases to avoid, and what to say instead. By following the below tips, you can get the outcome you want to live an extraordinary life with your entrepreneur lover.

1. Never say: “Why are you working so much?”

Get used to it. Owning a business means that the bottom line rests with the owner and that means if something goes awry, your sweetie is getting called in to handle it, give an opinion on it or at the very least be informed about it.

Instead, say: “Hey love, when will you be able to take your next break? Because I’d love to help you relax.”

First, get clear with your needs. Ask yourself, What do I really want? Time? Attention? To be most likely to get your needs met, use a loving, playful tone and ask, “Hey love, when will you be able to take your next break? Because I’d love to help you relax.” Wink, wink. And FYI, relax can also mean going for a 20-minute walk to connect, giving a neck rub, drawing a bath together or even taking a nap.

Related: Study Shows Entrepreneurs Really Do Love Their Businesses Like Their Children

2. Never say: “I had that idea like 10 years ago!”

Is this you trying to relate to how amazing your partner’s business is and its potential? Or are you just trying to toot your own horn? Or maybe you’re trying to fit in and say you have the entrepreneur spirit, too, with unrealized ideas floating around inside? In any of those cases, you must understand that saying “I had that idea like 10 years ago!” is demeaning to your partner and diminishes both her idea and her execution of that idea. It basically states she is pursuing a business that you dreamed about a decade ago so it’s not timely or relevant.

Instead, say: “I’m so impressed that you can implement on an idea while taking on the risk and stress of it all with grace and ease.”

An easy win here is to give praise for your partner’s business and risk-taking abilities, which is like a super power to actually take action on ideas. You can start by saying that you’ve had lots of ideas that have never made it into reality and how impressed and inspired you are that your partner brought an dream into manifestation. I mean, seriously, how incredible is it to have an idea for a business and then start it and make it work? This kind of acknowledgement is the unspoken longing all entrepreneurs have at a core level, especially from someone who loves and cares about them.

3. Never say: “In this economy, aren’t customers hard to find?”

If you are a Debbie Downer in any way shape or form, you will lose the attention of your entrepreneur partner forever. Entrepreneurs have very little tolerance for negativity as they have enough fear, doubt and worry of their own that they are working at releasing. They don’t need yours to be added to the myriad thoughts of inner and outer naysayers. Your job is to be supportive and encouraging as a lover. You’re not in business together. And if you are, then take the “business hat” off and put the “relationship hat” on to be supportive in this moment. It is essential for the longevity of your relationship and the business.

Related: 9 Ways Your Love Life Makes or Breaks Your Career Life

Instead, say: “Is there any way I can support you in bringing in more clients/customers/business? Please let me know if and how you’d like me to spread the word about your business, sweetheart. I love what you’re doing and want others to experience it, too.”

What does this do? It reminds your love that there are always successful people in any economy. Why not him? When you believe in your partner it’s like giving him the wind beneath his wings! (Yes, Bette Midler shout out.)

4. Never say: “You care more about your business than you do about me!”

Another way this comes out is by saying, “You never spend enough time with me.” You can think these thoughts, but never say them out loud. Let them be momentary thoughts that pass through you like clouds passing in the sky. Easy come, easy go. As soon as you put yourself into competition with your partner’s business, everyone loses.

Instead, say: “I know how important the business is and how much time and attention it needs, and it would really mean a lot to me if we could set aside some quality time to connect soon.”

Keep my favorite mantra in mind: “There is no competition, only creativity.” So, get creative with how you want to flirt with your partner to get the attention you desire while honoring her business acumen. Ask yourself, How can I show up as my best self in order to get my partner’s attention in a loving way?

5. Never say: “We can afford it. You make plenty of money!”

Okay, first, put the spoiled brat away. The odds are that you probably can afford whatever it is, but that really isn’t the point. Being entitled and flippant with your entrepreneur’s checkbook is a surefire way to leave a bad taste in your partner’s mouth and make the person not want to give to you. In fact, it could push your generous enterpreneuer lover in the opposite direction of your desire. It’s all in your approach.

Instead, say: “This is something that is really important to me and I would be very grateful if you agreed that we can purchase it.”

Always practice being your most gracious self and express your sincere gratitude when your partner gives you time, attention or material gifts. Also, be willing to hear a no. It is essential that even when your entrepreneur lover says no to something you want to purchase that you accept the answer without withholding, punishing or otherwise withdrawing. Give your best logical reasoning for why you should purchase the item and then let it go. The relationship is more important than any material possession, so keep that in mind if you find yourself getting resentful that you can’t have what you want.

Related: Are You Letting Your Business Get in the Way of Your Love Life?

6. Never say: “Why are you stressed all the time? Why can’t you just relax?”

Here’s the harsh truth: Relaxation is not the primary goal of any successful entrepreneur. Neither is the idea of work-life balance. Entrepreneurs love to work and gain so much from a job completed and well done. Then it’s a quick relaxation, maybe a celebration, and then onto the next. If you want your partner to relax because the stress is negatively affecting you or you’re concerned about the person’s health and well-being, then follow the suggestion below.

Instead, say: “I would love to help you relax. Would you prefer that I rub your face and shoulders, or your legs and feet?”

Creating loving physical touch with your partner will help the person to relax, even if only for a little while. And if your lover is not in a place to receive physical touch then don’t take it personally or be discouraged. Simply seek another way to assist in finding that quick relaxation. Also see point No. 1.

7. Never say: “How much more are you going to invest in this business?”

Stop it. Right now. This is probably one of the worst things you could ever say to your entrepreneur lover. If this is coming up for you, being romantically involved with an entrepreneur may be something you want to rethink. The short answer is, whatever it takes. Most entrepreneurs are so dedicated to their business they are willing to invest over and over until the business flies or it drowns. If you’re not in for the long haul, exit stage left. If you’re in, switch it up and see below.

Related: Lori Greiner on How Entrepreneurs Can Avoid Alientating Loved Ones

Instead, say: “Can you please help me see how investing more is the best move for the business, for you and for us?”

How do you turn this one around to really see from your partner’s perspective? This is a philosophical conundrum. The firm belief in going for your dreams is at the heart of every risk-taking entrepreneur. If you are more risk averse and don’t want to witness the ups and downs of self-employment (even from the sidelines) then you have two options. 1) Get a coach, therapist or guide to help you release from codependence and needing to control your partner’s choices so you can get on board 100 percent even with your discomfort. Or 2) Be honest with yourself about your needs in a relationship around security and have an open conversation about your fears and concerns and be willing to let go of your fears. If you can’t let the fears go, you’ll have to let the relationship go or you’ll both live in misery. Harsh, and true.

8. Never say: “Can’t you live without your phone for an hour?”

You know that in today’s connected world that being unavailable at critical times could be a death sentence to a contract, a client or potentially the entire business. What is the real issue here? It’s not about the phone but rather that you want the attention of your entrepreneur and his focus is elsewhere. Look inside yourself and find some compassion for how hard your partner works. See if you can find something else to do until he is off the phone and you can then reconnect. Put some relationship systems in place around how to take calls and return texts during intimate “off business” hours such as dinner and getting ready for bed. Remember there are no real “off hours” for your partner.

Instead, say: “I understand that your work requires you to be available via phone and I really appreciate it when you make an effort to keep your phone use to a minimum when we are spending private time together.”

Being understanding and supportive when your entrepreneur lover takes calls, answers emails or texts (even at the occasionally inappropriate time) will keep you connected in the long term, even though it may feel more disconnected in the short term. Show your partner you understand his plight and positively reinforce when he does demonstrate restraint and chooses to not take business calls during intimate times. After your partner chooses to not take a call, make a reinforcing statement like, “I love that you chose to send that call to voicemail so we could have some private time together.” And reinforce with a kiss or physical affection.

Related: Dating an Entrepreneur Can Be Extremely Exciting or Completely Insane

9. Never say: “When can we take a vacation?”

When you ask that question it puts an unintentional and unnecessary pressure on your entrepreneur lover. Keep in mind that your partner probably doesn’t want a vacation. Sounds crazy, right? When we do what we love, we don’t need a vacation from our work. And some entrepreneurs feel they “can’t” take a vacation because they are working so hard to keep the business afloat. Be mindful about your specific entrepreneur partner’s needs and concerns.

Instead, say: “Can we look at the calendar for the best time to take a vacation? I’d love to brainstorm with you on some ideas for fun-filled adventures.”

Would it be best for you to plan the vacation, or better to make the suggestion for a short getaway to refresh and include her in the planning? Not all entrepreneurs want to go on a three-week hiatus from work. If it is important to you, then make that very clear with a loving, playful tone to inspire your love to take action in the direction of alone time together.

10. Never say: “Don’t most businesses fail within the first five years?”

What are you really worried about here? Whatever it is, keep it to yourself. Are you wondering if your partner really has what it takes to make the business work over time? It is natural to have fears and doubts do arise. And how can you shift your thought of fear and negativity into something that inspires and encourages? See below:

Instead, say: “I believe in you and know that you can accomplish anything you put your mind to. How can I support you right now?”

Even if your partner can’t answer how she needs support (possibly because she doesn’t hear it that often) just knowing that you’re asking makes her feel supported, and that is like depositing money in your relationship bank account. And that is priceless.

Image copyright
PA

A Cornish fish restaurant has been named best in the UK, after five years at the top for the previous winner.

The Good Food Guide put Port Isaac’s Restaurant Nathan Outlaw, named after its owner, just ahead of Cumbria’s L’Enclume, ending its winning run.

Traditional favourites such as Heston Blumenthal’s The Fat Duck still feature in the top 50 list.

But new restaurants to feature include a tiny 12-seat restaurant and one set on a caravan site in Anglesey.

Outlaw described the news as “phenomenal” and attributed the success to the “hard work and dedication of the team”.

Despite losing the top slot, Simon Rogan’s L’Enclume in Cartmel retained its perfect 10 score.

Four new entrants to the top 50, including Hart’s Bakery in Bristol, are built under railway arches. One, named Vice and Virtue, occupies a former strip club in Leeds.

Image copyright
PA

Stark, a 12-seater restaurant in Broadstairs, Kent, is so pushed for space that it does not have a toilet. Diners can instead pop up the road to the local pub.

Despite its lack of facilities, its chef, Ben Crittenden, has been named “chef to watch” by the Guide.

Peter Sanchez-Iglesias won the chef of the year title for the seasonal cuisine he serves at Casamia in Bristol.

The Good Food Guide, published by Waitrose, started ranking the UK’s restaurants in 1951.

Each year it assembles a long-list from thousands of recommendations sent in by the public.

It then sends out inspectors to each of the chosen restaurants, where they assume the guise of regular customers before reporting back on their experience.

Get news from the BBC in your inbox, each weekday morning

As so many of our t-shirts attest, the future is female, and nowhere is this more apparent than in the boardroom. Women-owned businesses were projected to make up 39 percent of all U.S. businesses this year, according to The Business Journals.

Related: 24 Exceptional Women-Hosted Podcasts for Entrepreneurs in 2017

What does this future look like? Think Jordana Kier and Alexandra Friedman, co-founders of Lola, the tampons and liners company, who changed women’s relationships with their periods, or Jade Raymond, the gaming powerhouse programmer behind Assassin’s Creed, and founder of Electronic Arts’ Motive Studios.

Despite advances like theirs, the gender gap persists, of course, as something every woman in the workforce must contend with — and change. Whether they’re writing code for a business, or launching one, women should be doing their part to see themselves reflected in the voices making up news and entertainment.

They should be making the effort to inspire other women and connect with leaders.

Podcasts are one way to do that. Those in the curated list below feature a range of women’s experiences, from running a business to predicting the future of chatbots (The podcasts, except for That’s So Retrograve and 2 Dope Queens, are clients at our podcast platform, Acast.)

Related: Podcasting Success Tips From 3 Top Female Entrepreneur Hosts

Taken as a whole, these podcasts offer a lot of what any woman needs to know to be a fierce female entrepreneur:

“Stuff Mom Never Told You”

Co-hosts Emilie Aries and Bridget Todd keep it real with a research-driven rundown of the ever-evolving challenges facing women today and throughout history; because, if you think the glass ceiling is a thing of the past, you are severely mistaken.

In fact, most women, unfortunately, encounter gender inequality at some point in their careers; Stuff Mom Never Told You is the podcast that will help you navigate that situation when it happens. Aries and Todd offer insight for every woman who is “in it” right now, trying to navigate the murky waters of issues ranging from ambition versus marriage and family, to the often-distorted version of feminism presented in the media.  

“That’s So Retrograde”

Hosts Elizabeth Kott and Stephanie Simbari are two badass female entrepreneurs in their own right (Kott is founder of the wildly successful ecommerce startup, Closet Rich, and Simbari has made a name herself as a comedian, actress and writer). The focus of their show is holistic wellness. But even if that’s not your bag, it’s worth tuning in to That’s So Retrograde just to hear the experiences the founders had in getting to where they are, as well as the remarks of a guest roster packed full with other inspirational women with strong, empowering voices.

“2 Dope Queens”

Phoebe Robinson (Broad City) and Jessica Williams (The Daily Show) are The 2 Dope Queens, BFFs who host a live comedy show of the same name in Brooklyn.

Robinson and Williams, along with their favorite comedians (see: Fred Armisen, Tig Notaro, manys others) offer stories about sex, romance, race, hair journeys, life in New York and more. What makes this podcast stand out, besides its star-studded guest lineup and ensuing hilarity, is the unapologetic fearlessness with which its hosts tackle sensitive or traditionally “unladylike” topics.

“The Women in Tech Show”

The gender gap in computer science is only getting worse, and female programmers earn a staggering 30 percent less than their male counterparts. These facts make The Women in Tech Show all the more important for creating an empowering community for those who are often the only woman or one of just a few women in their departments or companies.

Hosted by Edaena Salinas, a tech, code and software engineer at Microsoft, this podcast isn’t afraid to get down in the weeds during Salinas’s technical interviews with prominent women in tech, who also discuss their shared experiences, challenges and ways to navigate their male-dominated field.

“Spirit of 608: Fashion, Entrepreneurship, Sustainability + Tech”

As any entrepreneur will attest, launching a business is no easy feat. Spirit of 608, hosted by Lorraine Sanders, is — according to its self-description — “hell-bent on elevating women in FEST (fashion, entrepreneurship, sustainability and tech)” by helping women entrepreneurs in the FEST space launch their brands and get the word out about their work.

Related: 24 Exceptional Women-Hosted Podcasts for Entrepreneurs in 2017

Each episode features interviews with women entrepreneurs in the trenches — at the crossroads of tech, wellness, sustainability, lifestyle and fashion — as they share their stories and experiences with one another and with listeners.

There’s no doubt chatbots are forever changing the way businesses operate and the way that marketers approach marketing. Not only do these virtual assistants have the ability to impact almost all aspects of a company, they’re also great customer service tools that can provide assistance around the clock.

However, chatbots aren’t just customer support or a self-service option; these AI-powered assistants can improve an organization’s productivity by providing help to different departments like human resources, marketing, production, and sales.

A chatbot in itself is a new channel and a new way to communicate. You have to think about a new user interface and conversational commerce.

Implementing a chatbot into your company can have an incredibly positive impact on your sales and marketing department. In addition to helping your employees close more sales, chatbots can take on some of their responsibilities and automate certain processes that allow them to focus on other activities.

Chatbots are a valuable resource which can boost your overall sales and conversion metrics, yet implementing them into your strategy may not always be straightforward. Because of this, I’ve created an article to help you understand how chatbots can help increase your conversion rates and the overall profitability of your company.

Related: Enterprise Chatbots Platforms and the Future of Work

The Power of AI-Powered Virtual Assistants

Artificial intelligence, or AI, is the technology responsible for the widespread and popularization of chatbots. AI-powered virtual assistants are dedicated pieces of software that implement machine learning and natural language processing to communicate with users.

Chatbots have the ability to communicate with individuals by using natural language, so they can participate in cohesive dialogues and fulfill requests based on these conversations. For example, if I wanted to learn more about a company’s values, I could simply reach out to their chatbot, ask questions about the topics that interest me, and receive the answers directly through the virtual assistant.

Although chatbots have traditionally required coding knowledge or huge budgets, thanks to platforms, you can now create AI-powered bots without any coding knowledge whatsoever. 

One thing you always need to keep in mind is your bot’s functionality. Users prefer a basic chatbot with limited features that work rather than a complex assistant with glitchy features. I suggest you start off by creating a basic bot and slowly introduce new features as it learns new skills so it can grow at the same rate as your company.

Related: Top 10 Best Chatbot Platform Tools to Build Chatbots for Your Business

Increasing Sales Conversion Through Chatbots

Chatbots are amazing sales tools that can influence your conversion and closing rates. AI-powered virtual assistants can directly help your sales team close more deals by providing them information during a sales call. In addition, these bots can also allow your clients to place, edit, and check on orders once they’ve been processed, creating a positive experience that will lead to more sales in the future.

Related: How to Create a Facebook Messenger Chatbot For Free Without Coding

At ChattyPeople we learned that chatbots can help increase sales conversions because they:

Measure Real-Time Engagement

When it comes to sales, there are different types of conversions. For some organizations, this may mean purchases, while for others, it can mean generating a lead. Regardless of the type of conversion, chatbots allow you to measure engagement in real time. You will be able to identify when your audience is most active and push promotions to them based on their usage hours and patterns.

Related: Make Chats With Chatbots Work

Gather Information

One of the most exciting parts of implementing a chatbot is the ability to collect information about your target audience, which will help you build better marketing and sales campaigns. AI-powered assistants can collect this information from social media profiles, browsing habits, or by directly asking users about their interests.

Help Create Buyer Personas

In order to take advantage of the information you collect, you need to utilize it effectively. You should use these details to create buyer personas, or fictional depictions of your ideal clients. Keep in mind that you have to be as specific as possible, so don’t be afraid to give them a name, job, age, and income approximate. You should then use this fictional depiction to build your marketing campaigns in a way that truly speaks to your potential customers.

Related: 7 Ways Chatbots Can Benefit Your Marketing Strategy

Qualify Prospects

Qualifying prospects is not a new concept, but chatbots let you take it to a whole new level. By analyzing browsing and purchasing patterns, interests, and other relevant demographics, you can qualify prospects and show your sales team where each prospect is located within the buyer’s journey. They can then focus on leads that are close to becoming sales and nurture the prospects at the top of the funnel.

Engage Leads

Conversational chatbots have the ability to build a more personal connection and engage leads because they’re designed to provide support around the clock. Moreover, AI-powered bots have the ability to display personality and empathy, creating a stronger bond with users.

Become a Direct Sales Channel

As previously mentioned, your chatbot can easily become a full-blown sales channel for your company. Thanks to the development of e-commerce applications, you can now integrate payment solutions into your chatbot, allowing them to take orders and make purchases without even having to switch applications.

Related: Top 7 Chatbot Monetization Strategies You Need to Know

Launch Promotions

Chatbots interact with users through their preferred messaging and social media apps, so there’s no better channel to reach them directly. Launching a promotion to your chatbot means that users can receive personalized promotions to their mobile phone, increasing your chances of landing their business.

Nurture Leads

Creating a lead base is a great start, but you have to nurture them in order to turn them into customers. Nurturing is the process of moving your prospects down the sales funnel naturally until they become customers. Chatbots help you nurture your leads because they set up direct communication lines with your customers and send relevant pieces of information at crucial parts of the decision-making process.

Provide In-Depth Analytics

Like all digital marketing and sales tools, chatbots can collect, render, and analyze information that you can then use to build more efficient campaigns. You can also collect internal data about your company and develop a mechanism to address the most common causes of low productivity.

Related: 10 Facebook Messenger Chatbot Marketing Expert Tips

Finally…

Although developing and perfecting an AI-powered virtual assistant takes time, you can increase your sales conversion rates if you implement it correctly. Follow the steps outlined above to make sure you build a conversion-driven bot that will help your sales team close more deals and generate more leads.