Tag Archives: Consulting

Understanding Index Crediting Strategies in Fixed Index Annuities

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In the realm of financial planning, Fixed Index Annuities (FIAs) stand out as a popular choice for individuals seeking stability and growth in their investments. A fundamental aspect of FIAs lies in their index crediting strategies, which play a pivotal role in determining interest credits. Here, we dive into three common crediting methods employed by FIAs and explore the factors that can potentially limit the total interest credited.

Index crediting strategies serve as the cornerstone of how FIAs operate, influencing the returns policyholders can expect on their investments. These strategies typically involve tracking the performance of specific financial indices, such as the S&P 500, and utilizing various methods to calculate interest credits accordingly.

One of the most prevalent crediting methods is the Annual Point-to-Point strategy. Under this approach, interest credits are calculated by comparing the index value at the beginning and end of a designated period, usually one year. The difference between these two points determines the interest credited to the annuity.

Another commonly employed method is the Monthly Average strategy. Here, the average index value over a series of monthly observations is calculated, and the interest credited is based on this average. This method offers a more frequent assessment of the index’s performance, potentially smoothing out volatility compared to the Annual Point-to-Point approach.

Additionally, the Daily Average strategy has gained traction among FIAs. Similar to the Monthly Average method, this strategy calculates the average index value but on a daily basis. Consequently, interest credits are determined by the average performance of the index throughout the specified period.

While these crediting methods offer flexibility and potential for growth, it’s essential to recognize the factors that can limit the total interest credited. One such factor is the participation rate, which dictates the percentage of the index’s gains that are credited to the annuity. For instance, a participation rate of 80% means that if the tracked index gains 10%, only 8% of that gain is credited to the annuity.

Moreover, caps and spreads are additional elements that can affect interest credits. Caps set a maximum limit on the potential interest credited, while spreads establish a minimum threshold that must be met before any interest is credited. Understanding these limitations is crucial for investors evaluating the performance potential of FIAs.

Index crediting strategies serve as the backbone of Fixed Index Annuities, shaping the returns investors can expect on their investments. By familiarizing themselves with common crediting methods and recognizing the factors that can impact interest credits, individuals can make informed decisions to optimize their financial portfolios. If you are considering an annuity lets schedule a time to talk, so drop me a line, give me a call or comment below.

Retirement Planning Shift: Old 401(k) Transfers Gain Momentum Towards IRAs and Annuities

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In a dynamic financial landscape characterized by market volatility and evolving retirement planning strategies, a growing number of individuals are opting to transfer their old 401(k) accounts into Individual Retirement Accounts (IRAs) or annuities. This trend reflects a desire among investors to gain more control over their retirement savings and potentially secure more stable income streams for the future.

The decision to transition from a traditional 401(k) plan, often tied to an employer, to an IRA or annuity offers several advantages, according to financial experts. Among the primary motivations cited are increased investment flexibility, potential cost savings, and a wider array of retirement income options.

“With the uncertainty in the market, many individuals are reevaluating their retirement savings strategies,” says John Smith, a certified financial planner with over two decades of experience. “Transferring old 401(k) funds to IRAs or annuities allows investors to take advantage of a broader range of investment opportunities and tailor their portfolios to their specific needs and risk tolerances.”

IRAs, in particular, offer a diverse selection of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), empowering investors to customize their asset allocations based on their retirement goals and time horizon. Additionally, IRAs often come with lower administrative fees compared to employer-sponsored 401(k) plans, potentially resulting in cost savings over the long term.

For individuals seeking guaranteed income in retirement, annuities present an attractive alternative. An annuity is a contract between an individual and an insurance company, wherein the individual makes a lump-sum payment or series of payments in exchange for regular income payments starting at a predetermined date. With various types of annuities available, such as fixed, variable, and indexed annuities, retirees can select an option that aligns with their income needs and risk preferences.

However, experts caution that while transferring funds from a 401(k) to an IRA or annuity can offer numerous benefits, it’s essential for individuals to carefully assess their options and consider potential drawbacks. These may include early withdrawal penalties, tax implications, and differences in investment performance and fees.

“Before making any decisions regarding a 401(k) rollover, individuals should thoroughly evaluate their financial situation and consult with a qualified financial advisor,” advises Sarah Johnson, a retirement planning specialist. “Each person’s circumstances are unique, and what works well for one individual may not be suitable for another.”

Despite the complexities involved, the trend towards transferring old 401(k) accounts to IRAs or annuities underscores a broader shift in retirement planning strategies towards greater customization and flexibility. As individuals navigate the complexities of retirement saving in an ever-changing economic environment, strategic moves such as these can play a crucial role in securing financial stability and peace of mind in the years ahead. If you need help deciding on the right option for your retirement give me a shout, drop me a line, or give me a call and I would be happy to help you along the way.

The World of Annuities: Types, Benefits, and Drawbacks

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Annuities have become increasingly popular as a financial tool for individuals seeking a steady income stream during retirement. These financial products come in various types, each with its own set of benefits and drawbacks. In this post, I’ll dive deeper into the different types of annuities and explore the advantages and disadvantages associated with each.

  1. Immediate Annuities:

Immediate annuities offer a quick way to start receiving payments. In exchange for a lump sum payment, the annuity holder begins to receive regular income payments almost immediately. The key benefit of immediate annuities is the prompt payout, providing a reliable income stream. However, one drawback is that the lump sum is no longer accessible once the annuity is initiated.

  1. Fixed Annuities:

Fixed annuities provide a predictable and stable income stream. These annuities guarantee a fixed interest rate over a specified period, offering a level of certainty for individuals who prioritize stability. While the fixed rate shields the annuity holder from market volatility, it may lag behind inflation, potentially eroding purchasing power over time.

  1. Variable Annuities:

Variable annuities allow for more flexibility by tying the annuity’s performance to underlying investment options. Annuity holders have the potential for higher returns, but they also bear the risk of market fluctuations. The benefits include the potential for growth, but drawbacks include market-related risks and higher fees compared to other annuity types.

  1. Deferred Annuities:

Deferred annuities come in various forms, including fixed and variable. With deferred annuities, the payout phase is postponed until a later date, allowing for the accumulation of funds during the accumulation phase. While this provides the opportunity for greater growth, it also delays the start of income payments. Deferred annuities often have surrender charges for early withdrawals, which can be a drawback.

  1. Indexed Annuities:

Indexed annuities combine elements of both fixed and variable annuities. The interest rate is linked to the performance of a specific market index, providing the potential for higher returns while still offering some level of downside protection. However, these annuities may have complex terms and limitations, and the returns may be capped.

Benefits of Annuities:

a. Guaranteed Income: Annuities provide a guaranteed income stream, which can be reassuring for retirees looking for financial stability.

b. Tax Advantages: Some annuities offer tax-deferred growth, allowing the funds to grow without immediate taxation.

c. Customization: The variety of annuity types allows individuals to choose a product that aligns with their financial goals and risk tolerance.

Drawbacks of Annuities:

a. Fees: Annuities often come with fees, including administrative fees, mortality and expense fees, and surrender charges for early withdrawals.

b. Lack of Liquidity: Once funds are committed to an annuity, they may be less accessible, with penalties for early withdrawals.

c. Inflation Risk: Fixed annuities may not keep pace with inflation, potentially reducing purchasing power over the long term.

Choosing the right annuity involves careful consideration of individual financial goals, risk tolerance, and preferences. Each type of annuity has its own set of benefits and drawbacks, making it crucial for individuals to weigh the pros and cons before making a decision. Seeking advice from a financial professional can help ensure that an annuity aligns with one’s overall retirement strategy. If I can help you decide what type of annuity fits your risk tolerance give me a call, shoot me an email, or drop me a line and we can work up a plan to secure your financial future.

Embracing Challenges: A Path to Personal and Professional Growth

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In a world filled with uncertainties, embracing challenges has become a mantra for those seeking personal and professional development. Rather than viewing obstacles as roadblocks, individuals are finding inspiration in the opportunities they present.

Experts emphasize that challenges, whether in the workplace or personal life, are essential for growth. Dr. Sarah Turner, a psychologist specializing in resilience, notes, “Each challenge is a chance to learn, adapt, and become more resilient. It’s a mindset shift from seeing difficulties as setbacks to recognizing them as stepping stones toward success.”

Companies are also recognizing the value of fostering a culture that encourages employees to tackle challenges head-on. Many successful organizations now implement programs aimed at developing resilience and problem-solving skills among their workforce. This approach not only enhances individual performance but also contributes to a more dynamic and adaptable workplace.

Individual stories of triumph over adversity further highlight the power of embracing challenges. From entrepreneurs who turned failures into thriving businesses to athletes overcoming injuries to achieve greatness, these narratives inspire others to face challenges with determination and optimism.

In education, the shift towards experiential learning emphasizes the importance of challenging oneself to acquire new skills. Students are encouraged to step outside their comfort zones, fostering creativity and adaptability that will serve them well in an ever-evolving job market.

As society navigates through unprecedented times, the ability to embrace challenges has proven to be a valuable asset. Resilient individuals and communities have demonstrated an incredible capacity to adapt and find innovative solutions in the face of adversity.

Embracing challenges is not about avoiding difficulties but rather about confronting them with courage and a positive mindset. It’s a journey of self-discovery and empowerment, where each challenge becomes a catalyst for personal and collective growth. So, the next time life presents a hurdle, consider it an opportunity to transform, evolve, and emerge stronger than ever before.

Emerging Trends and Innovations in Healthcare: A Glimpse into the Future

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Like many industries, the field of healthcare is ever-evolving, with advancements in medical technology, research breakthroughs, and innovative approaches to patient care that are helping shape its landscape. As we navigate the complexities of the modern world, healthcare continues to adapt and transform to meet the challenges and demands of today’s society. In this post I thought I would review some of the latest news and trends in healthcare that are shaping the industry and promising a brighter future for patient care and well-being.

1. Telehealth Revolutionizing Patient-Doctor Interaction?

Telehealth, the delivery of healthcare services through digital communication channels, has witnessed a significant surge in adoption over the past few years. This trend was accelerated by the COVID-19 pandemic, which highlighted the importance of remote healthcare delivery. As virtual consultations become more commonplace, patients have gained easier access to medical expertise, regardless of geographical barriers. With the integration of artificial intelligence (#AI) for diagnostics and remote monitoring, telehealth is poised to become an essential component of modern healthcare.

2. Genomic Medicine and Personalized Treatments

The rapid advancement of genomic research has opened up new avenues for personalized medicine. Genetic profiling allows healthcare providers to tailor treatment plans based on an individual’s genetic makeup, leading to more effective and targeted therapies. This approach is particularly promising in the fields of oncology and rare diseases, where individual variations play a crucial role in treatment outcomes. As costs associated with genomic sequencing decrease, the integration of genomics into routine healthcare is becoming more feasible.

3. AI and Machine Learning in Healthcare

Artificial intelligence and machine learning are revolutionizing various aspects of healthcare, from diagnosis to drug discovery. Machine learning algorithms can analyze large datasets to identify patterns that may not be apparent to human researchers. This has led to the development of AI-powered diagnostic tools that can detect diseases like cancer from medical images with high accuracy. Moreover, AI is being employed in drug discovery to identify potential drug candidates and predict their interactions with biological systems, significantly expediting the drug development process.

4. Virtual Reality (VR) for Pain Management and Rehabilitation

Virtual reality is finding its place in healthcare as a tool for pain management and physical rehabilitation. By immersing patients in virtual environments, healthcare providers can distract them from pain during medical procedures or aid in their recovery by engaging them in therapeutic activities. VR has shown promising results in reducing pain perception and improving patient outcomes in various scenarios, including burn wound care and physical therapy for stroke survivors.

5. Blockchain for Enhanced Data Security and Interoperability

Blockchain technology is making inroads into healthcare by addressing the challenges of data security and interoperability. With its decentralized and tamper-proof nature, blockchain ensures that patient data remains secure and private while allowing authorized parties to access relevant information seamlessly. Additionally, it enables efficient data sharing among healthcare providers, leading to improved care coordination and patient outcomes.

6. Mental Health and Digital Therapeutics

The recognition of mental health as a critical component of overall well-being has spurred the development of digital therapeutics. These smartphone apps and online platforms offer evidence-based interventions for conditions such as anxiety, depression, and insomnia. Digital therapeutics often incorporate cognitive-behavioral techniques and mindfulness practices to provide accessible and scalable mental health support to a broader population.

In the end…

The healthcare industry is undergoing a profound transformation driven by technological advancements, research breakthroughs, and shifting patient needs. From telehealth revolutionizing remote patient care to AI-driven diagnostics and personalized medicine, these trends are collectively reshaping how healthcare is delivered and experienced. As these innovations continue to evolve, they hold the potential to improve patient outcomes, enhance the quality of care, and ultimately create a healthier and more resilient global population. Of course, and with any of my posts these are my opinions but I would love to hear what you think is helping shape the future of the healthcare industry or any other industries that you are part of. Drop me a line, let’s connect and share in the continued revolution of online communications. Until next time, keep smiling cause it really does look good on you!

About the Author:

David Dandaneau is a insurance agent that covers the insurance and financial services industry. He is known for his insightful analysis and comprehensive coverage of market trends and regulatory developments.

Stop Trying to be so MAGICAL & Just Relax

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magic-kidJust stop it already! That is what I keep saying to myself anyway. Two weeks ago, I wrote an article on saying no more often to our children and it is something that I am continuing to make ends with in regards to raising a kid that is not spoiled beyond belief. Within this timeframe, I have also been asking myself why it is and more importantly, why it is I continue to catch myself saying yes, and trying to make my kids life so magical.

While I spend most of my time as a contractor for FedEx now a days, in the past I have been (still involved but not nearly as much) a blogger, consultant, teacher, and mentor that helped(s) to inspire others, their businesses, families, and children. Through these interactions and the continued evolution in my own life, I have had a front row seat to some good and bad behaviors others are and/or have exhibited in their own personal and business lives. These behaviors regardless of whether they are good and bad have allowed my own personal and business life to evolve. More importantly, I am continually learning that in business and life we do not need to hold some sort of magical halo over others and especially our children (i.e. trying to create some sort of MAGICAL world), as this usually doesn’t allow others (especially children) the opportunity to thrive or gain independence just like saying yes so often. Does that make since?

“We do not need magic to transform our world. We carry all of the power we need inside ourselves already.” ― J.K. Rowling

As my time passes at becoming a better parent, my own parenting model also continues to take shape. What I mean most by that is what I (we) need to do more of is focus on the little things in our lives and not on all those magical moments others would lead you to believe are so important. I remember growing up in a world that was less connected online and more connected in real life. Not that it’s bad to be connected through social media but let us not use this as a median to compare ourselves with others all while trying to outduel each other. Additionally and as great as sites such as Pinterest, Instagram, Facebook, etc are we should not let these and other social sites dictate to our young ones that there is some magic in doing things in excess to create some sort of magical childhood. Instead (this is especially important in a business acumen) let us get back to basics. Let us all do a better job at stretching our own child(ren’s) imaginations alongside ourselves by laying on the couch, taking a walk, or just sitting next to your little one(s) while you share a giggle or two. This my friends would be getting back to basics in a business since, while helping to create a more magically childhood for our children, not to mention relieving the stress of trying to keep up with the so called Benjamin’s (i.e. others on your friends list that consistently are trying to outduel everyone else on their friends list).

“Magic is believing in yourself, if you can do that, you can make anything happen.” ― Johann Wolfgang von Goethe

magical-childhood

Long story short and what I am trying to say here is whether you are going it alone or in a relationship with another person while trying to raise a little one or ones remember that us parents can easily make our child’s growing up magical by being simple. We do not have to take continuous vacations, throw extravagant parties, or take our kids places often. However, what we all should do a better job at is focusing on creating a magical childhood for a kids by simply being there for them, talking to them when times are tough, and simply hanging out. There are an excessive amount of parents out there that don’t even make an attempt to spend time with their children, even call them, or provide any type of support (financial or mental). Do not be one of those parents and simply take the time today, tomorrow, or the next day to spend a few minutes enjoying your child or children because time goes by way to fast for us not to. Don’t be like some of those other parents out there that overdue everything, simply do something, just a little something to create a real magical childhood for your child(ren). Until next time my friends have fun, creating real magical moments not made up ones. Oh ya and don’t forget to KEEP SMILING (͡° ͜ʖ ͡°)

My Top 5 Must Have(s) for LinkedIn Success!

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May 15th, 2012 will mark my five-year anniversary on the social media site LinkedIn, which is the professional social networking medium that allows you to connect with friends, co-workers, and other professionals that at one time would have been impossible, Yes- I am talking about those days before we had computers. Nonetheless and since there are still many people out there that do not have a LinkedIn profile, I thought I would create a post on our Seven Times Seven blog to relay some of the do’s and do not’s of this giant social media platform. Here are the TOP 5 rules of the road!
(1) LinkedIn is Your Online Resume… so treat it as such –– Whether you use LinkedIn for business or pleasure, make sure to update your profile with regularity just like you would your Facebook, Twitter, or Pinterest accounts, as this is the first place most people head to in order to check out your credentials. The difference between LinkedIn and other social media sites is that this site is a true representation yourself, views, and of some of the important things you have accomplished, so treat it as such, or just like you would your resume… DO NOT misrepresent yourself or your company! 
(2) Join Interesting (Business or Personal) Groups –– It amazes me how few people know about LinkedIn groups, as they have been around for as long as I can remember. In order to network with other same minded individuals, make sure you join some local, regional, and global groups in order to connect, share, and converse with others about important things happening in yours or another industry. Most importantly with any group or these groups in particular is to participate! Whatever you do… DO NOT join groups just to join groups, join groups to show others you are willing to help them, not just looking for handouts.
(3) Follow Interesting Organizations –– Just like the group format, make sure you are following and interacting with companies. Almost every organization out there has created a company profile on LinkedIn, so make sure you find the ones that you can help, connect with others that work there (you can connect with people through group affiliations), and remember to be found, you have to make yourself found, which following companies will do for you! Just like with the groups, DO NOT just follow companies to follow companies instead follow those you are truly interested in!
(4) Personalize & Tailor your Message(s) –– It often surprises me at how simple this is but how many people fail at this. Instead of reaching out and connecting to others with the generic LinkedIn message to those that belong to the same groups, work at old or like companies, and/or have some of the same interests as you; instead, make sure that you tailor your message to them and give a brief reason for connecting… DO NOT just connect with people and companies to connect with them… do you see a pattern here?
(5) Inform, Revise, and Update –– The most important part of LinkedIn is to inform people of what you think is important. Whether you use this site for business or personal reasons make sure to inform your contacts of important industry trends, news, or things happening in your career or life. Revise these accordingly to those you are trying to reach and most importantly, make sure to update your profile (articles, books, presentation you given, etc) that way more people will want to connect with you and listen to things you are talking about. Whatever you do, DO NOT just set-up your profile and leave it idle, as this like most other social media sites is a social site, hence why you need to interact with others, not just set it and forget it.
Obviously, these five rules of the LinkedIn road are just a few things that you should consider if you have not already and are serious about sharing, connecting, and being a person others turn to for honest advice. Just like with other social media sites, LinkedIn is a vehicle that allows you to connect with people and companies, while engaging them, heck it evens allows you to collect pertinent real-world research (i.e. surveys), as I am doing on the behalf of my Doctoral work. We (I) don’t use LinkedIn for prospecting but many people and companies do, so if you chose to prospect here, just make sure to respect others time, as you would in person or any other site… leave the junk mail at home, as nobody likes to be pestered! Lastly, if you have other accounts connected to your LinkedIn profile, make sure that the information you are relying is information suited for your audience, as this will go a long way in other views of you. I think if you take a little time to understand how this medium works that it can do wonders for you and others you will meet here, as it has for me. I warmly welcome all LinkedIn requests, so if you are alike minded individual and would like to talk or interact, drop me a line and let’s connect. Otherwise, I hope this post helps you achieve some of your personal and business goals. Now get out there and connect, engage, and enjoy your time with others. Until next week, play nice and don’t forget to keep smiling, as it really does look good on YOU!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.



5 Tips to Ask in Order to Run a Successful Social Media Campaign with Increases in ROI and Sales? Yes!

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As many of you know, finding an experienced professional to assist you with anything in life can be a daunting task. Also, as many of you probably know there are so many people out there that you speak with everyday that consider themselves “experts, connoisseurs, sales guru’s, geeks” of the trade(s), etc. Well as we both know, these so called experts or what have you, don’t actually have the experience that you may often find yourself needing… good advice, that actually works or saves you money? Yes?
Needless to say, we also continue to run across these same people in our line of work (especially social media), who claim to be experts but are nothing more than users who participate in things in a limited capacity or in social media words… in the basic sites such as Facebook, YouTube, or Twitter. So, for this week’s discussion, we thought we would provide you with a few things (5 Tips) to consider or ask when you are considering putting together a social media campaign.
1)  The very first question you should ask someone that you are considering letting them help you with your online engagement is what sites do you operate personally or for your company and could you please provide me with the links to check them out?
·    Now that you have their attention, see if they provide you with more than just a Facebook or Twitter account. It is crazy to think about but many experts stake their claim on these sites and these sites alone. However, the truth is social media didn’t start with these sites nor are they the answer to everyone’s needs. Look for people/companies that give you links to blogs and old school forums, etc. Also, look at how long they have been ACTIVELY participating in online activities, since participating for 6 months or a year or two definitely doesn’t make you an expert. Just ask Melcolm Gladwell who wrote Outliersand 60 Minutesused to run a great piece on. Think 10,000 or 10 years (well maybe not that many) but at least look for 3,000 or 3 years of activity.
2)   The second question you should ask the so-called expert you are talking to is whether or not they are familiar with or know of any restrictions in online activities for your specific needs or industry segment.
·    Let’s face it much like people would like to tell you, in online or social media activities there is not one size that fits all approach… mush like Professional Employer Organizations (PEOs), Customer Relationship Management (CRM) services, etc. Sure you can participate get quotes for all the companies or operate on all the mediums but most people/businesses should stick with 3-5 networks. A good example is our consulting practice. We consult with clients on PEO, CRM, and Wireless Devices, so these are our ideal clients (companies who offer and those who also need these services), as we know the industry extremely well and any limitations that we must consider on their behalf. However, we don’t run social media campaigns for law, pharmaceutical, alcohol, etc, as we are not familiar with these segments. Sure we could figure it out but you really want a professional or business to help in your social networking that lives, breathes, and knows the industry and more importantly, where your customers hang out!
3)   The third question you should ask your so called expert is their overall opinion (personal opinion) of the industry and how thinks might change in the days, weeks, and months ahead.
·    This is a great question, as it usually lets you know where exactly the person or company started their online activities, why, and what they are trying to accomplish on a personal level. If they say they do it cause it’s their job… RUN! However, if they start out by telling you some of the reasons they started to participate in chat forums, started their own blog, or why they originally joined MySpace or sold stuff on EBay these are more than likely the people you want to deal with, as they have a personal not just a monetary investment in social networking. Also, this should clue you in, as to what other networks that they think will be the next Facebook, much like Pinterest, FourSquare, Scoop-it, etc are becoming. The true expert lives and breathes whatever they are an expert in, so they should/will always have options for you when things are not going as well as you think they should or how they are going.
4)   The forth question you should ask is who will help develop, manage, or engage your specific audience?
·    It still amazes us how many people and businesses think that social media begins and ends with a post or the creation of a Facebook page or Blog or better yet how many likes, followers, or friends you can acquire. Shoot that is the easy part about social networking… creating the sites and adding people, what is difficult part is keeping people interested, engaged, and coming back each week (CUSTOMER SERVICE). This is often the more expensive part of social media but a good investment, if you or your company is really serious about taking the next step online and something more people/businesses should be concerned about if you are looking for that so called Return on Investment (ROI). We cannot even tell you how often we see idle accounts out there that were set-up and abandoned, even some of our client accounts. Why? Cause most of the time just like in person, people and a lot of businesses do not know how to interact with others online or what they want to accomplish even if you tell them. What is the worst that can happen? Someone de-friends, un-follows, or leaves a negative response? Rejection and acceptance are both part of life, so in order to be successful online; you have to interact with others. You cannot just develop an account(s) but you must also manage and engage, so this is a very important question to ask your expert!
5)   Finally the last question, and perhaps the most important (ROI) you have to ask is how exactly social networking will improve a person or business and the measurement scale your expert will use to claim a SUCCESS!
·    This is probably one of our favorite questions to answer because more times than not, our answer doesn’t have anything to do with likes, followers, or friends. Instead we use tools that were created for measurement such as Kred, Klout, PeerIndex,EmpireAvenue, and Google Analytics.  Of course these tools do consider your Facebook, YouTube, Twitter, LinkedIn, Google+, FourSquare, ETC. accounts but remember that they also measure your level of interaction. Of course, these sites are not perfect but remember the more you interact with your friends, followers, and acquaintances, the higher your scores should go. If you are a business, these should also translate into more calls, sales, referrals, etc (ROI) plus the more you interact the more likely you are to create chatter that is positive even despite any negatives that others may have previously left.
Each week we try to take our daily personal/business conversations and translate them into the online world for others to view and use. This week is no different, as we hope that these five tips can help you decide on a person or company best suited for your online “social media” and other activities. Of course, this is only the tip of the iceberg, so if you need any other advice, please don’t be afraid to ask us or contact David Dandaneau directly, as we are here to help. Otherwise, we will see you back here again next week, with another tip brought to you… Well, by YOU! You know the story… Keep Smiling Kidzzz!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.


3 Things to Jump Start your #SocialMedia or #Networking Campaigns

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In this new age of networking (online and in-person) what is the one question you ask yourself and others most often? Think about it? If you are like me, you may think the one thing that annoys you most is “pushy people,” or more importantly pushy salespeople. Yes? Have you been to a local Chamber of Commerce or other Networking event and found yourself in the middle of (10) people all trying to sell you something before they even know your name?

Well, just like with many of my other posts through Seven Times Seven, I continue to report to our readers and followers some fantastic ways to get your message across without having to call, email, or text another person to death! Social Media sites such as Facebook, YouTube, Twitter, LinkedIn, Google+, EmpireAvenue, FourSquare, Quora, Redditt, Digg, Pinterest, Tumblr, Scoop-it, StumbleUpon, Etc all allow us to pull other works, ideas, and statements thus increasing you or your brands exposure, which hopefully results in sales if your message was received well. Ah, yes does this sound familiar… being social huh? Anyway, you get the idea and many of you may or may not have heard of the push and pull concept before. However, I am sure, if you are anything like me, that someone in a prior job or even in your family may have introduced you to this concept or was/has tried to sell you or have you sell something extra so they can benefit. The good’ol push and pull strategy, only in this post, I am trying to emphasize to everyone the pull strategy (in content not distribution) versus the annoying push strategies (again in content not distribution) that most of us hate!

 

So, as more people and companies look for additional ways to attract more friends, followers, likes, etc, let’s think about how we can use networking events or social media sites to help each other versus hinder one another, a brand, or company. Great, so how you ask? This week I would like you to think about three simple words (reason, connecting, and forming allies), so you can use these social networking clubs or sites to help another person or company pull their message across multiple platforms versus pushing a sale on them.

1. Reason
First, think about some of the REASONS you or your company might use the push and pull strategy(s). If you are still not familiar with these concepts, please see Push & Pull Promotional Strategy for a very simple explanation but remember I am talking about information and ideas in this post, so please also remember that. Now that you are familiar with the two strategies… what are the reasons you may want to use the pull strategy with networking or social media? Again, isn’t networking and social media about being social versus talking about yourself or selling something? Don’t friends and sales come from your ability to be social in these and other operating platforms? Besides who wants to always hear about you or something you may be selling right? Simply put, the reason you should be on any social media network or at a local networking event is to provide information, so you can give someone else another REASON to stay in contact, like, follow, or buy something from you at a later date. This is being the true industry expert and a main reason to pull people together not push them away!

2. Connect
While many of us find that CONNECTing with others often involves a phone call after a phone call, follow up email after email, and annoying direct messages (more like pushing), whereas connecting should really be about connecting to others with REASON for them to help pull your message or product along just like in the distribution channel processes. Does that make since? Since we are focusing on social media and networking in this post, moving forward in your campaigns start to think about ways that you can CONNECT (share, tweet, retweet, like, pin, +1, etc) with others to help them spread their message(s). Simply, connecting one person to another, basically means that you are trying to bridge a gap between someone in your network (business or personal) and someone else, so everyone sees the value in the engagement or new acquaintance. Thus, both parties should see more exposure, friends, followers, and/or sales. Sounds easy enough right? So why do people continue to look to connect to others for self or company gain instead of first trying to get a message across? Start today by helping to break this mold and pull more messages through your networking efforts or social media sites and see if you can actually CONNECT (pull) even more people into the conversation. Heck, curate something; re-pin, share, or retweet and see how that/these help expand your networks and/or connections.

3. Form Allies
Lastly and with any networking or social media strategy as I (Seven Times Seven) have been discussing let’s not forget about one of the most important parts in trying to pull your/someone else’s message across any channel. Regardless of what network you are using, remember again to equally share and help one another; otherwise, one party may feel as if the other party is not doing as much as they can to help the other. Consider this your marriage and form strategic alliances with allies that will help amplify your personal or business message. All too often this seems so easy but all too often it fails (just like marriage), as we forget to reinforce the value we bring to a local or online network. If more people and companies would stop competing for friends and business and start forming ALLIES, more friends and sales will surely follow. People and companies value partners and regardless if you are competing in the same industry or among the same friends just remember to create value that keeps people coming back for more. When value is created, more alliances are formed, and more pulling of messages will come.

Surely, by identifying a reason, connection, and ally you and/or your company will take the next step in building stronger relationships that ultimately results in more sales. As many of you know, I (Seven Times Seven) is a consulting agency and thanks again to our clients, friends, and followers, we were able to once again provide our readers with another piece of important information that you can also pass along to your friends, followers, partners, or acquaintances; thus, increasing ours (mine) and your own value. Until next week, I will look forward to also sharing your information and connecting more with you online and/or in-person. In the meantime, please contact David Dandaneau with additional thoughts or questions that I can help answer next week in Seven Times Seven’s weekly tip. Oh ya, don’t forget to KEEP SMILING!