ccci newsletter may 18 · christian entrepreneur monthly news bulletin of christian chamber of...

CHRISTIAN eNTR PR N URe e e

Monthly News Bulletin of Christian Chamber of Commerce and Industry

Rs.5/-Monthly Newsletter May 2018 • Volume 2 • No. 7

CHAIRMAN’S MESSAGE

Antony Sequeira

So far, only 3% of the government’s 40 GW target has been achieved, and more than half the market is concentrated in

Dear Member, just six states, BNEF pointed out in its report. Among the reasons for this is a lack of clarity on the “net metering” This is the time of the year when the programme, which allows users to sell surplus power weather is unbearable and many of the generated from their rooftop systems back to the electricity members will go on a holiday to cooler utility.climate. Why not use this summer to do

something constructive like installing Today, most of the growth in the rooftop segment is driven the solar system. The solar revolution by commercial and industrial users. The economics work

on India’s rooftops is gaining momentum. for them even without net metering, given the fall in costs of installation and reduction in energy prices. On the other The country added more rooftop solar power capacity in the hand, the residential segment hasn’t taken off. last financial year than in the previous four years combined,

making it the fastest-growing segment in the country’s Net metering is important for residential consumers as their clean energy space. By 2022, the report estimates that the panels create a lot of surplus power during the day when country will have around 9.5 GW of rooftop solar capacity- the households themselves draw less power. While net but that is still substantially short of the government’s target metering is mandatory in many states, it is unregulated in of 40 GW. states like Andhra Pradesh, Odisha, Tamil Nadu, and West

Bengal, where they only have legally non-binding This has happened largely because rooftop solar power is guidelines. “Though the government has come out with net now cheaper than commercial and industrial power in all metering policy at lots of states, at the same time, major Indian states, according to BNEF. Besides, costs practically, there are challenges in implementing. India’s have halved over the last five years. Overall, because of power distribution companies, or discoms, aren’t keen on increased competition and low solar panel prices, setting promoting rooftop solar power as that would hurt their up rooftop systems have become cheaper than the global finances. Most Indian discoms are owned by the average by between 39% and 50% in India.government and suffered cumulative losses of $67 billion at Government incentives and policies to push rooftop solar the end of financial year 2015, as per BNEF. There are installations have also contributed to the growth over the technological challenges, too. Not many discoms have the last year. For instance, the government has held auctions to systems to allow feeding the power grid with electricity have companies set up over 1 GW of rooftop projects in the generated on rooftops. “During the day, there’ll be sudden first nine months of 2017.spikes of generation; in the evenings, there’ll be a reverse

Meanwhile, the size of installations is getting bigger as well. flow. So till (power) storage comes in a much larger way,

The average size of a rooftop system has increased from utilities might find it difficult to manage this.

250 kilowatts (kW) in 2015 to 855 kW in 2018, according to With kind regardsBNEF. This is due to better utilization of rooftop space and

consumers’ willingness to use power generated from their own buildings rather than purchase the power from elsewhere, the report said.

CHALLENGES FACED BY ENTREPRENEURS TODAY

CASH FLOW MANAGEMENT:

problems than ever before. Here are solutions so you can operate an efficient and successful business:

Cash flow is essential to Entrepreneurs face many challenges in small business survival, yet many entrepreneurs struggle to today’s ultra-competitive business pay the bills while they’re waiting for checks to arrive. Part of world; fortunately, contemporary times the problem stems from delayed invoicing, which is common have also blessed entrepreneurs with in the entrepreneurial world. Proper budgeting and planning more resources for tackling those are critical to maintaining cash flow. One way to improve

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2 Christian Entrepreneur � May 2018

EDITORIAL

CHRISTIAN ENTREPRENEUR

Pg. CONTENTSNo.

1 Chairman’s Message

1 Challenges Faced by Entrepreneurs Today

3 CCCI's Annual Excellence Awards (Advertisement)

4 Seminar on Investment Abroad

5 What are the Effects of Banning Plastic Bags?

6 7 Ways to Be More Ethical Than Your Competition

7 Abundance in Gratitude Equals Abundance in Life

8 Govt Subsidies for Renewable Energy Will Make India's Electricity Greener, Faster

9 When Your Recruitment Goes Social

10 The Science of Selling 5 Proven Sales Strategies

cash flow is to require a down payment for your products and strategy to someone who is. At this point, all you need is a services. Your down payment should cover all expenses core marketing plan: what marketing activities will you associated with a given project or sale as well as some profit undertake to motivate purchases? Give your planner a for you. Another strategy for improving cash flow is to require budget and tell them to craft a plan that efficiently uses that faster invoice payments. budget to produce profits.

The hiring process can take several You have little capital to start or grow your days of your time: reviewing resumes, sitting through business. There are many ways to earn funding, from interviews, sifting through so many unqualified candidates traditional bank loans to family and friends to Kickstarter to find the diamonds in the rough. Then, you only hope you campaigns. You can choose these routes, certainly, but can offer an attractive package to get the best people on there is one more way that is self-fueled growth model in board and retain them long-term. Approach your employee which you fund your own business endeavors.hunt the same way you would approach a customer-centric You’ve come to the point at which marketing campaign: through excellent targeting. you can’t take on any more work. Create new processes that

Time management is the biggest focus on task delegation. The only way to break through is to problem faced by entrepreneurs, who wear many hats. If delegate tasks to others and take yourself out of the you only had more time, you could accomplish so much production end and segue into management and, finally, more! Make time. Like money, it doesn’t grow on trees, of pure ownership.course, so you have to be smart about how you’re spending Entrepreneurs face many challenges, and volumes have it. Here’s how: Create goal lists; If any tasks do not mesh with been written about how to overcome them. Perseverance your goals, eliminate it or delegate them. If any tasks do not and intelligence are your allies; use them to your advantage absolutely have to be completed by you, delegate them. keep working toward your goals. Understand that you’re not

Find good employees and good the first to struggle, and because of that there are many outsourced contract help, for starters. You might have to pay resources available to help you get through your darkest a little more for it, but the savings in time more than make up days as an entrepreneur so you can reap the immeasurable for it. rewards that come with building your own successful

You want to maximize your business. return on investment with efficient, targeted marketing that gets results. If you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing Email: [email protected]

HIRING EMPLOYEES: CAPITAL:

BUSINESS GROWTH:

TIME MANAGEMENT:

DELEGATING TASKS:

MARKETING STRATEGY:

Lawrence Coelho

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3Christian Entrepreneur � May 2018

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CCCI’s ANNUAL EXCELLENCE AWARDS

1. (Eligibility: Self made person, good turn over, growth in business, turn around, CSR)

2.(Eligibility: Made Positive Contribution to the society at personal cost and following Christian principles and ethics)

3.(Eligibility: Worked for Social, Charitable, Philanthropic causes)

4.(Eligibility: First generation entrepreneur, age limit 45 years as of 31st December, 2017)

5.(Eligibility: A self made person, good turn over, innovative)

6.(Eligibility: Contribution to the field of Education)

CCCI’s Electropneumatics & Hydraulic (I) Pvt. Ltd - Industry Award

CCCI’s Daniel & Sons - Public Service Award

CCCI’s Velvin Packaging Pvt. Ltd. - Social Service Award

CCCI’s Aldel Education Trust - Young Entrepreneur Award

CCCI’s Pattathu Brothers - Woman Entrepreneur Award

CCCI’s Reliable Industries - Excellence in Education Award

CHRISTIAN CHAMBER OF COMMERCE AND INDUSTRY

B-143, Solaris 1, Opp. L & T. Gate No. 6, Powai, Mumbai – 400 072.Email: [email protected] Tel. 022-28572646.

CCCI's ANNUAL EXCELLENCE AWARDS

The nominations with complete profile of achievements with supporting documents and related details along

with a photograph be addressed to The Convener, Awards Committee and sent to the Chamber’s Office. The thlast date for receipt of nomination is 30 July, 2018.

A panel of judges nominated by CCCI will decide the awardees. The Award presentation ceremony will be held ndat Mumbai on 22 September, 2018

John D'SilvaVice Chairman & Convener Awards Committee

Antony SequeiraChairman, CCCI

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SEMINAR


A Seminar was held on 20th April, 2018 at Park View Hotel. • Fabricating the most appropriate structure and The speaker was Mr. Bob Timms and his two sons. He Invitation /Bidspoke mainly about the possibilities of investing abroad • Facilitating the transition from an agreement stage to especially in Malaysia. Mr. Bob Timms is the Chairman and the successful execution of the Joint VentureManaging Director of Timms Holding Limited having a global presence in India, UAE, KSA, Kuwait, Oman, Qatar, Our reputable level of success in Joint venture Netherlands, Sweden, Finland, United States, developments have made us one of the foremost Bangladesh, Thailand, Singapore, Indonesia, Vietnam, authorities in this specialized business agreement.Myammar, China, Japan, South Korea and Taiwan.

He further stated that a robust economy, supportive He explained that their services were International government, educated workforce, and developed Business Development, International Property Sales Liaise infrastructure has quietly transformed the Asia-Pacific with Government and Private parties regarding merger and country into an attractive investment destination for acquisition and joint ventures and Market Research international investors around the world. He stated that

Malaysia has an open state-centric and newly Joint developments & joint ventures have been an industrialized market economy. emerging trend in the Indian real estate industry over the past decade, Timms Consultancy has played a Pioneering By holding a diverse basket of stocks, these securities offer role in establishing partnerships with the biggest names instant diversification and are easily bought and sold on across not only the real estate industry but across eleven U.S. stock exchanges. The most popular ETF used to industry categories. invest in Malaysia is the iShares MSCI Malaysia Index Fund

(NYSE: EWM), which mimics the MSCI Malaysia Index.Our firm will formulate the Joint development deal as per your goals & requirements as a company. After a brief Finally, international investors can invest in the country's understanding and a feasibility/ Sustainability report the stock exchange - the Bursa Malaysia. With just under 1,000 process of selecting the ideal partner for the Joint venture listed companies, the exchange is one of the largest in Asia includes and offers a wide variety of investment choices. The

downside is that U.S. investors must open foreign • Screening of set of prospective partner candidates from brokerage accounts and may be subject to paying foreign

our large corporate network capital gains taxes on any profits.• Due diligence & credibility review of the selected party• Generating interest levels among suitable candidates The speech was well appreciated by the members present.

SEMINAR ON INVESTMENT ABROAD

ARTICLE


Bag Bans Create Demand for Reusable Bags

Bag Bans Do A Lot of Good

Everything Has An Environmental Impact

Economic Effects of Banning Plastic Bags

bags immediately following the introduction of a ban. This may result in an increased spending on paper bags. There is a decrease in spending on plastic bags, so it balances out. As shoppers begin to get into the habit of bringing reusable bags, these expenses should decrease altogether for retailers. Retailers do have the ability to sell reusable bags to their customers which will increase their revenue.

When single-use plastic bags are implemented, there is an increased demand for an alternative. Shoppers are always going to need a way to carry their purchases home. Reusable shopping bags are gaining in popularity and can easily do the job of disposable plastic bags; without any of the drawbacks of plastic.

We've covered how single-use plastic bags harm the environment, but what are the effects of banning plastic bags? Disposable plastic bags are very likely to end up as litter, and can cause a lot of harm to ecosystems and food Reusable bags also have an environmental impact. It chains, as well as clogging storm drains, and just being an comes down to managing the impact. Because they are eyesore. When single-use plastic bags are no longer part of using existing materials, reusable bags made from the picture, what does that picture look like? recycled materials like, non-woven polypropylene or RPET,

have a positive environmental impact. Recycling plastic Disposable plastic bags are recyclable. But unfortunately does use energy, but that is offset by the durable due to the difficulty in recycling them, the majority of plastic construction that allows for long-term use.bags will end up as litter. When bags are banned, that eliminates a major source of litter. When a plastic bag ban What Your Brand Can Do to Help Consumers Impacted became official in San Jose, California in 2012, the effects by Plastic Bag Bansof banning plastic bags was significant.

Plastic bag bans reduce trash and litter, and therefore Between 2012 and 2016 there was a 76 percent reduction reduce the negative impacts caused by trash and litter. in plastic bag litter in local creeks and rivers, and a 69 Plastic bag bans save municipalities money by way of less percent reduction of plastic bag trash in storm drain inlets. trash to pick up. Bans can also save retailers time and Less plastic bag litter means there is less of a threat to money since they no longer need to provide plastic bags.animals and their habitats. A reduction in litter found in storm drain inlets means it takes less work to clean them The effects of banning plastic bags can extend to your out, which saves time and money. There is also less chance marketing. Creating custom reusable bags fills a need for of flooding due to the storm drain system failing when it is your clients and prospects, while also increasing your needed. brand's awareness. Request our reusable bag catalog to

learn more about the different styles of bags available and feel free to contact us with any questions.

If the ban does not also cover paper bags, it is likely that retailers may experience an increased demand for paper

What Are The Effects of

Banning Plastic Bags?

ARTICLE


7 Ways to Be More Ethical Than Your Competition

One of the most important power to gain the trust of past attributes for small business customer's and clients, particularly if success is the distinguishing something has gone awry.quality of practicing admirable business ethics. Business ethics Reclaim any lost business by honoring practiced throughout the deepest all commitments and obligations.layers of a company, become the heart and soul of the company's culture and can mean the Re-evaluate all print materials difference between success and including small business advertising, failure. brochures, and other business

documents making sure they are clear, In the research study, "Does precise and professional. Most Business Ethics Pay?" by The Institute of Business Ethics important, make sure they do not misrepresent or (IBE), it was found that companies displaying a "clear misinterpret.commitment to ethical conduct" consistently outperform companies that do not display ethical conduct.

Remain involved in community-related issues and The Director of IBE, Philippa Foster Black, stated: "Not only activities, thereby demonstrating that your business is a is ethical behavior in business life the right thing to do in responsible community contributor. In other words, stay principle, we have shown that it pays off in financial involved.returns."

These findings, and the seven ways to increase ethics Take a hands-on approach to accounting and bookkeeping, listed below, deserve to be considered as an important not only as a means of gaining a better feel for the progress insight for companies striving for long-term success and of your company but as a resource for any "questionable" growth. activities. Gaining control of accounting and record keeping

allows you to end any dubious activities promptly.

Recognize that customers want to do business with a company they can trust; when trust is at the core of a Treat others with the utmost of respect. Regardless of company, it's easy to recognize. Trust defined, is assured differences, positions, titles, ages, or other types of reliance on the character, ability, strength, and truth of a distinctions, always treat others with professional respect business. and courtesy.

Recognizing the significance of business ethics as a tool for For continuous improvement of a company, the leader of an achieving your desired outcome is only the beginning. A organization must be open to new ideas. Ask for opinions small business that instills a deep-seated theme of and feedback from both customers and team members and business ethics within its strategies and policies will be your company will continue to grow. evident among customers. Its overall influence will lead to a

profitable, successful company. By recognizing the value of practicing admirable business ethics, and following each of

Regardless of the circumstances, do everything in your the 7 principles, your success will not be far off.

4. HAVE CLEAR DOCUMENTS

5. BECOME INVOLVED IN YOUR COMMUNITY

6. MAINTAIN ACCOUNTING CONTROL

1. BE TRUSTWORTHY7. BE RESPECTFUL

2. KEEP AN OPEN MIND

3. Meet Obligations

BY ROBERT MOMENT

Updated March 11, 2018

ARTICLE


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It’s a simple formula that will transform your life. Say it out loud, write it down, think it, feel it, breathe it. Gratitude. Come from a place of thankfulness every step you take. Stop focusing on the problems, focus on the solution. And the solution is simple; I already gave it to you.

An abundance in gratitude equals an abundance in life.

Sounds simple right? That’s because it is. And let me tell you the impact it will have in your life is profound. It’s the energy you are focusing on and attracting to you. By now you have heard about the law of attraction. Well, if you want to be surrounded by problems you can continue

and stay in this flow. You will be tuned into life in a new way, whining about this, complaining about that and wallowing in being able to feel the ways in which the universe is working self pity. Holding onto grudges and living in the past. Rest for you.assured you will be trying to stay afloat in a swimming pool

of draining energy. C’mon, is that really where you want to Consistent gratitude will amplify your life and the greatness be?that is within you. Get out of the old mindset of magnifying the problems you face. Instead I challenge you to minimize Thrive. In order to thrive you have to make gratitude a way any hardships solely by focusing on everything that brings of your life right now. It’s the simplest strategy that will give you joy. I challenge you even further by thanking the you the most instantaneous results. Pause from this hardships in your life, for the perspective and lessons they reading and say out loud 10 things that you are grateful for bring. Nothing is too small to be grateful for, nothing too big. in this very moment. Now, say five things that you are But ask yourself, what energy do you want to be sur-grateful for.rounded by? And put that energy out there.

You feel that buzz of energy? That instant lift? It took you Be intentional in the life you want to create. You are the twenty seconds to list 15 things you are grateful for; imagine artist, the designer, the director in your life. You can cut the what you could do throughout your day.scene at any moment and bring in a blank canvas. Redirect that focus with your roots truly grounded in a place of full Walk with a mindfulness of what surrounds you. Be grateful appreciation. Feel that inspiration, breathe in the greatness for the sun beaming down on you, the destination you are of the present moment and thank the universe for all that going to, the shoes you are walking in and the air you are you are experiencing.breathing. I promise you, those are not little things to

millions of people in this world suffering. Be appreciative for This is a lifestyle that will reward you constantly. And it will all you have, at all times.attract great people and things into your life. Who doesn’t want to be around a happy, appreciative, inspired person? Dance in the moment, enjoy the rain. Create the abundance you deserve by emanating nothing less than amazing energy and truly feel the shift in your With your mind set to gratitude, you will have the clarity to experiences.truly appreciate all that life is blessing you with. This

mindset will allow you to be open to new opportunities, Thank you for taking the time to simply read this, I want inspiration and creativity. Your relationships will flourish and nothing less than an abundant life for you. You deserve it.your vision will come into focus. You want to get in this flow,

Abundance in Gratitude EqualsAbundance in Life

ARTICLE


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If the Indian government provides Greener electrification is a necessity for budgetary support for integrating variable India. With rising incomes in urban and renewable energy (VRE), India will see a rural India, the per capita household rapid increase in greener forms of consumption of electricity will rise four energy, especially solar, for electricity times in rural households and five times generation, said a new report by the in urban, by 2050 relative to 2015, found Council on Energy, environment and the report.Water. The New Delhi based think tank launched the report - 'Sustainable India needs to be better prepared for Development, Uncertainties, and India’s such a transition. Solar energy demands Climate Policy' - on April 30, to examine large tracts of land, the availability of what kind of uncertainties in India’s push for renewable which could be an "impediment". The report terms land energy could affect the Nationally Determined acquisition in India- a challenge. It cannot be done without Commitments (NDCs) it made for the 2015 Paris keeping the welfare and rehabilitation of local populations Agreement on combating climate change. in view. Additionally, India's population is expected to rise

by 20 percent by 2050, straining land resources.The report noted that there is an urgent need for a India specific study up to 2050 on estimating the cost of The shift from coal to VRE will also mean loss of jobs for integrating VRE. However, with the available data and the those working in the former sector. These workers cannot modeling frameworks, the report says that India is on the automatically be absorbed into jobs opened up by VRE as path to achieve, "even exceed", its NDCs - India's stated “it is not necessary that the states that lose coal-based jobs target is that non-fossil fuels will comprise 40 percent of and revenue will gain from the solar boom”, says the report. India’s electricity generation by 2030. Not to mention, the nature of the job and the required skill

set are different. These can only be mitigated if Indian policy According to the report, non-fossil fuels will already make makers strategise for this looming change in status-quo.up 48 percent of the electricity generated by 2030 and 59 percent in 2050, even if the producers and/or generators of India and other countries made their NDCs according to the VRE pay for the integration costs. This could go up to 58 principles of historic responsibility and common but percent in 2030 and 74 percent in 2050 if this integration differentiated responsibility. The principles, based on cost is not levied on producers and is borne through equity, charge countries with a history of emissions - mostly budgetary support. the western countries with a past long steeped in

industrialisation - to carry the larger burden of addressing If there is budgetary support to absorb the cost of setting up climate change, as compared to India and the rest of the solar energy infrastructure, the report calculates, the total global south.subsidy outlay in 2015 prices would be Rs. 215,000 crore, between 2015 and 2030, and Rs. 3,750,000 between 2030 The report, however, says that India could bear a and 2050. The actual subsidy that power distribution disproportionate responsibility to cut emissions for the companies received was Rs. 36,758 crore in 2013-14, world, but at the cost of this equity. Instead of an equity-Rs.45,584 crore in 2014-15, and Rs. 55,283 crore in 2015- based analysis, the report undertook a techno-economic 16. analysis that implies that “emissions should be mitigated

where it is cheapest to mitigate”. Based on these The report calls for coal to bear the cost of this subsidy. considerations, if India is to align itself with the aim of the Between 2010-11 and 2016-17 India collected a coal cess Paris Agreement - to halt the rise in global temperatures to 2 of Rs. 56,600 crore, and the amount collected in the next 15 degree Celsius increase limit - its share of electricity years will provide significant financial support to subsidise generation from non fossil fuel energy will have to be 98 renewable energy integration cost. percent by 2050.

Govt Subsidies for Renewable Energy Will Make India's Electricity Greener, Faster

ARTICLE


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With deep market penetration by social media opportunity for these digital profiles to take the across geographies, it is a buzzing way for job place of the resume as we know it, opening up an seekers to communicate openings and to drive entirely new segment of the HR tech markettraffic from job seekers who may not otherwise Tracking platforms like Facebook and hear of such openings. LinkedIn allow organizations a glimpse into Social media mapping of candidates’ more personal perspective of the candidate resumés, or social recruiting, has been picking versus the ‘paper’ view through the traditional up at a discreet pace in the past few years. As CV. While the CV would also offer the functional more millennials seek to enter the workforce, expertise and educational background as social recruiting could almost (and it is doing so) qualifying factors for a role, in today’s competitive replace the traditional methods of candidate evaluation. economy, non-tangible data such as hobbies and social With deep market penetration by social media across network allow us to assess whether the candidate will fit in geographies, it is a buzzing way for job seekers to socially and culturally into the organization. For example, communicate openings and to drive traffic from job seekers LinkedIn allows colleagues, clients and supervisors to who may not otherwise hear of such openings. 84% of the recommend or endorse people for their work. This gives organizations are now recruiting through social media, vital information on the character and work ethic of the which underscores the significance of social media as a candidate. Endorsements from peers are more authentic recruiting platform. This is a 50% growth over the last 5 than considering a candidate’s professional track record. years, when only 56% of the companies were hiring Comprehensive screening through social platforms allows through social media. At a global level, social media hiring us to reduce our dependency on reference checks post-has become a norm while in India it is beginning to gather selection as the only verification tools. In fact, for mid- to momentum. According to JobVite, an UK-based recruiting senior level recruitments, social media is often considered software company, 73% of recruiters hired candidates via the sole factor in hiring decisions. social media and 93% of hiring managers reviewed a The size and the demography of candidates we can reach candidate’s social profile before making a hiring decision. depend on the platforms we are leveraging. 45% of Social media has an active role to play even for the Twitter’s users fall in to the 18-29 age group, however, candidate, with 79% of job seekers using social media for Facebook and LinkedIn enable better reach in the above 45 job search. For the workforce under 10 years of work age group. Gender bias plays a role, too, with women experience, this figure rises up to 86%. Studies show us candidates showing a preference for Facebook versus that at least 1 in 5 candidates have applied for a job they LinkedIn where 67% of the user base is male. learnt about on social platforms, and 13% of users say they Uplifted benchmarks such as industry connect, were recruited based on the information they posted on recommendations, skills endorsement by peers provide us their respective social media platforms. Even the platforms with real time information. This improves candidate quality of social recruiting are increasing. In 2010, LinkedIn was and an increase in employee referrals, and this helps bring the most popular social recruiting tool; we also use Twitter down hiring costs effectively. However, in certain cases and Facebook to not only communicate openings but also data presented on social media can be doubtful or for evaluating candidates. questionable as social media lacks governance over The increase in the number of social platforms available information provided as personal credentials. For example, corresponds to an increase in the amount of and the aggressive social media messaging by a candidate could variation in data shared by users (jobseekers) on these cause concern for certain organizations; however, we do platforms. For example, a job seeker may use Twitter and not base our decisions solely on photos or comments made LinkedIn for professional broadcasting, and Facebook and on these platforms. Instagram as personal platforms. According to Albeit being a double-edged sword, a competitive job recruiter.com, niche players catering to industry-specific market such as today’s demands evolving sourcing tools networks are providing talent acquisition leaders with more which present dynamic, efficient and suitable candidates social networks to utilize – some that are even more who are more than their paper personalities on CV. If cost effectively bringing in top talent than LinkedIn. This could be effectiveness and reaching a large candidate database is an outcome from restrictions to viewing user profiles on important to recruiting the best candidate in the market, social platforms. The site further adds that if these unique organizations cannot afford to not use diverse social platforms (sic: social media) continue to grow, there is platforms.

When Your Recruitment Goes Social

ARTICLE


There has never been a more exciting time to be in sales! Over the past few decades there has been an explosion of scientific research on how our brains make choices and which factors influence what we decide to buy. I talked with David Hoffeld, author of The Science of Selling, Proven Strategies to Make Your Pitch, Influence Decisions, and Close the Deal, about what he learned from nearly a decade of research for his book. Once you know the rules of this science, you will develop an advantage over competitors who do not.

Here are five research-backed strategies from the book that you can use to immediately improve your ability to earn more sales.

the brain uses as its starting point is highly influential. Does the number of product options you show potential Here's why:customers impact their buying behaviors? Yes! For instance, one research experiment found that when When the brain forms an anchor it creates a bias that participants were shown a single product and asked to shapes how it perceives subsequent information. This is purchase, only 10% compiled. However, when two why you need to address price before you reveal it by products were shown, sales skyrocketed, as an impressive creating a point of comparison. So, if you are entering into a 66% of shoppers purchased. negotiation you should always strive to create the anchor.

However, if the other party does so first and presents a low Our brains instinctively assign a higher level of risk to anchor, you should adamantly reject it and immediately making a purchase when only a single option is presented. refocus the conversation on a new, more favorable anchor.The reason is because without something similar to compare the product to, our brains will struggle to identify value, which will cause the decision-making process to When you are meeting with potential customers to deliver a stall. In contrast, when there are multiple options in a choice formal presentation and you know a direct competitor will set, the brain will select the best, and this victory reduces also be presenting, should you go first or last? This was the the perceived risk in purchasing it. question that two behavioral scientists sought to answer.

Here's what their research identified.

When potential customers look at the price of a product or Whether you should go first or last depends on one primary service, how will they know if it is fair or unfair? Their brains factor: the time between the presentations. If you and a will automatically contrast the price with something else. competitor are presenting back to back, you should go first Perhaps what they thought it would cost, what they paid last because you will shape your prospect's perception and time, what a competitor quoted them or something else create biases that will put your competitor at a entirely. The studies which have analyzed this disadvantage. Though, if the time between presentations is phenomenon all come to the same conclusion: the anchor more than a week, you should go last. The memory of your

1) SHOW MULTIPLE PRODUCT OPTIONS

3) FOCUS ON WHEN YOU PRESENT

2) CREATE ANCHORS

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The Science of Selling

5 Proven Sales Strategies

ARTICLE


CCCI BOARD OF DIRECTORS

CCCI COMMITTEE CONVENERS

CCCI YOUTH GROUP

ADMINISTRATIVE OFFICE

Chairman

Founder Chairman

Immediate Past Chairman

Vice Chairmen

Directors

Permanent Invitees

Executive Secretary

Antony Sequeira

Vincent Mathias

Henry Lobo

John D'SilvaAlbert W. D'Souza

John Mathew

Lawrence CoelhoAgnelo Rajesh Athaide

Walter ButhelloJohnson Therattil

Adv. Pius VasGregory D’Souza (co-opted)

Ralph PereiraLawrence D’Souza

Felix D’Souza

Stanley M. Lasrado Baby JohnAlwyn Rasquinha Malbin Victor

Felix Quadros Ronald NaronhaChristopher Solomon Hilary Lobo

Steven Fernandes Anto CA Noel Rasquinha Clifton D’SilvaReuben Buthello Raphael D’Souza

Francis Rasquinha Stanley FernandesJoseph Pereira Alban D’SouzaLancy Barboza Mathew D’SouzaAlbert D'Souza Clifford Colaco

Gabrial Mendonca Gregory MathiasHarry Rebello John Fernandes

Walter D'Souza Shinto Antony

Jason VasBoris Buthello

Vernon MathiasPrem Sequeira

Aron D lima Ryan LasradoShiby MathewGlen D’Souza

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competitor will fade with the passing of time, while your presentation will be fresh in the potential customers' minds, which will increase the likelihood you'll be chosen.

Have you ever been in an audience when a few people give the performers a standing ovation? In spite of the fact that you may not have planned on doing so, you find yourself rising to your feet and joining in. What you experienced is known as social proof. It's how our brains connect the persuasiveness of an idea or behavior with how others are responding to it. It is also why we are drawn to blockbuster movies, busy restaurants and businesses that have many customers. We instinctively think that if a lot of people are engaging in a behavior or embracing an idea then it must be the right thing to do.

How can you trigger social proof when you're selling? Share stories and examples of how others, similar to your potential customers, have purchased your product or service. You can also use phrases such as, "a lot of people," "most people in your situation" or "our most popular option" to stimulate the sway of social proof.

Why is it that when you walk by a sign that says "DON'T TOUCH, WET PAINT" you want to touch it? The reason is because of a powerful psychological principle called reactance, which is the feeling of pressure that occurs when people believe that their ability to freely choose is being restricted by another. In fact, research studies have verified that when reactance is triggered people instinctively desire to rebel against what is being imposed upon them.

Reactance is often the silent killer of sales because when salespeople attempt to create urgency they often unknowingly arouse feelings of reactance. Yet, behavioral scientists have studied how to reduce these feelings. Letting people know that they are free to accept or reject a choice with phrases such as "Of course, it is up to you," at the end of a request have been shown to both reduce reactance and increase compliance with requests. In fact, one study found that this boosted compliance rates by 400%!

The new reality is that by utilizing research-based insights, you can better engage potential customers in ways that will prepare them to make good choices and also increase the likelihood that they will choose in your favor.

4) SHARE WHAT OTHERS ARE DOING

5) REDUCE REACTANCE

C A V E A T

The views expressed in the articles and news and comments published in the Christian Entrepreneur Newsletter are those of the individual authors and do not necessarily reflect the official positions or policies of CCCI except those signed by the official authorities.

The Christian Entrepreneur does not vouch for any claims made by the Advertisers of products and services. It shall not be held liable for any consequences; in the event such claims are not honored by the Advertisers.

Edited, Printed & Published by Mr. Antony L. Sequeiraon behalf of Christian Chamber of Commerce and Industry, B-143, Solaris Bldg. No. 1, Saki Vihar Road,

Opp. L & T Gate No. 6, Powai, Mumbai – 400 072 and Printed at Printania Offset Pvt. Ltd., D 20-21, Shalimar Ind. Estate, Mumbai – 400019. Associate Editor Mr. Lawrence Coelho.

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