If a telemarketer tells you, the Internal Revenue Service owes your small business thousands. Watch out! You may find it too good to be true.
The IRS says companies contact small businesses telling them to apply for something called the Employee Retention Tax Credit.
“Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit,” the IRS warned in a memo last year. “Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes also called ERTC or the Employee Retention Tax Credit.”
Of course, the Employee Retention Tax Credit really exists. The government established it to help small businesses keep paying employees during the COVID-19 shutdown. It also applies to businesses with receipt losses related to COVID-19 during the eligible period.
However, unscrupulous companies tell small businesses almost everyone is eligible for the credit. Then, they offer to fill out the application paperwork.
The IRS lists several warning signs to look for.
You receive unsolicited calls or ads promoting an easy application process.
Promoters tell you they can determine your eligibility in minutes — or without learning about your tax situation.
They want big upfront money to do paperwork.
They offer to handle the application for a share of your refund.
They tell small businesses they have “nothing to lose” by applying.
They tell small business owners to ignore the advice of tax professionals.
However, many businesses that are approached fail to meet the eligibility requirements. Worse yet, the IRS says businesses gaining the funds improperly must repay them—often with interest and fines.
Scott Volner, President of Catalytic Innovations LLC, in Phelps County, Missouri, got $330,000 in funds by applying. He now needs to return it all somehow.
“It’s gonna be a long hard road to tow to get this paid back,” Volmer said in a recent interview with NBC News.
IRS Commissioner Danny Werfel estimates there’s been $2.8 billion in fraud connected to the Employee Retention Tax Credit thus far.
Sales leaders can motivate their sales teams by regularly incorporating contests for both individuals and teams. However, sales leaders face the challenge of coming up with innovative sales contest ideas that will motivate their sales teams and enhance their performance.
So, we’ve made that easy by developing a list of 35 sales contest ideas.
35 Contest Ideas to Motivate Your Team
Coming up with fresh and effective sales contest ideas is crucial for energizing sales teams.
In our list of sales contest ideas below, we’ve developed five general categories and included contest ideas for each category.
Fun Sales Contest Ideas
These sales contest ideas are structured around games, with each sales game designed to boost team spirit and energy.
Sales Bingo
Sales Bingo is a game where each salesperson receives a bingo card with various sales-related achievements or milestones such as closing a deal over a certain amount, getting a referral, or upselling a product. As they achieve these milestones, they mark them off on their bingo card. The first person to get a line or full blackout wins a prize.
Scavenger Hunt
In a Scavenger Hunt sales contest, salespeople are given a list of items or tasks related to sales activities that they need to find or complete within a specified time frame. For example, they might need to find a business card from a specific company, get a testimonial from a client, or make a sale in a certain industry. The person who completes the most tasks or finds all items first wins.
Deal or No Deal
Modeled after the popular TV game show, Deal or No Deal sales contest involves setting up a series of briefcases, each containing a different sales-related prize or incentives such as cash bonuses, gift cards, or extra time off. Salespeople have to earn the opportunity to choose a briefcase by meeting certain sales targets or quotas. They then have the option to keep their chosen briefcase or trade it for another one, with the value of the prize inside revealed at the end of the contest.
Spin the Wheel
Create a spinning wheel with various prizes or rewards such as gift cards, extra commission, or a day off. Salespeople earn spins on the wheel by reaching sales milestones or achieving specific objectives. This adds an element of chance and excitement to the contest, as the prizes are randomized.
Fantasy Sales Team
Divide the sales team into smaller groups and have them create their own “fantasy sales team” by selecting real or fictional characters as team members. Each team earns points based on the sales performance of their chosen team members. This encourages teamwork and strategic thinking while adding a fun twist to the traditional sales contest.
Sales Poker
Sales Poker is played similarly to traditional poker but with sales-related tasks or achievements replacing cards. For example, a “full house” might be closing five deals in a week, while a “flush” could be reaching a certain sales revenue target. Salespeople compete to build the best “hand” by achieving these tasks, with prizes awarded based on the strength of their hand.
Sales Olympics
Organize a series of sales-related challenges or competitions inspired by the Olympic Games. Events could include speed-selling contests, objection-handling relays, or role-playing scenarios. Points are awarded based on performance in each event, with medals or prizes given to the top performers overall.
Sales Jeopardy
Create a sales-themed version of the classic game show Jeopardy, with categories such as product knowledge, industry trends, sales techniques, and company history. Salespeople compete individually or in teams to answer questions and accumulate points. This not only tests their knowledge but also fosters friendly competition and team bonding.
Contest Idea
Objective
Dynamics
Reward Mechanism
Key Benefits
Sales Bingo
To achieve various sales milestones
Salespeople mark off achievements on a bingo card
Prizes for lines or full blackout
Encourages diverse achievements, fun, interactive
Scavenger Hunt
To complete a list of sales-related tasks
Finding items or completing tasks
Prize for completing most tasks or finding all items
Promotes creativity, exploration, task completion
Deal or No Deal
To meet sales targets or quotas
Choosing briefcases with prizes after meeting targets
Prizes in briefcases, chance to trade
Excitement of chance, goal-oriented
Spin the Wheel
To reach sales milestones or objectives
Spinning a wheel to win a prize
Randomized prizes on the wheel
Adds chance, excitement, varied rewards
Fantasy Sales Team
To achieve the highest sales performance as a team
Creating teams and earning points based on performance
Prizes based on team points
Encourages teamwork, strategic thinking
Sales Poker
To achieve specific sales tasks or targets
Building the best "hand" with sales achievements
Prizes based on the "hand" strength
Encourages strategic achievements, competitive
Sales Olympics
To excel in sales-related challenges
Competing in sales-themed events
Medals or prizes for top performers
Fosters competition, skill demonstration
Sales Jeopardy
To demonstrate knowledge in sales, product, and industry
Answering questions in a game show format
Points accumulation, prizes for winners
Knowledge testing, team bonding, competitive
Monthly Sales Contest Ideas
Sales contests that are structured to take place over a month’s time help encourage consistent sales performance and help sales reps focus on long-term goal achievement. Monthly sales contests usually track cumulative sales and new client acquisition, as well as bulding upselling and cross-selling.
Leaderboard Legends
In this contest, a digital leaderboard is prominently displayed in a common area or shared online platform where everyone can see it. Sales team members earn points based on their sales performance throughout the month. The leaderboard updates in real-time, showcasing the top performers. At the end of the month, the top three performers receive prizes or recognition.
Monthly Milestone Madness
Salespeople set personalized monthly sales goals at the beginning of each month. As they achieve these goals, they earn rewards or incentives. For example, reaching 50% of their target might earn them a gift card, while hitting 100% could result in a bonus or extra time off. This contest motivates individuals to strive for incremental progress throughout the month.
Theme of the Month
Each month, a different sales theme or focus area is chosen, such as a particular product line, target market, or sales technique. Sales team members compete to excel in that specific theme, with rewards or recognition given to those who demonstrate exceptional performance or improvement in that area. This encourages versatility and adaptability among salespeople.
Client Appreciation Challenge
This contest emphasizes building and nurturing client relationships. Sales team members earn points by securing repeat business, generating referrals, or receiving positive feedback from clients. The focus is on providing excellent customer service and fostering long-term relationships rather than just closing deals. At the end of the month, the salesperson with the highest client satisfaction score wins a prize.
Cross-Selling Crusade
Encourage salespeople to diversify their product offerings by focusing on cross-selling opportunities. Each month, a specific complementary product or service is chosen, and sales team members earn points for successfully cross-selling that item to existing clients or incorporating it into new sales. This contest promotes strategic thinking and maximizes revenue potential from existing client relationships.
Contest Idea
Objective
Dynamics
Reward Mechanism
Key Benefits
Leaderboard Legends
To drive sales performance
Points-based system displayed on a real-time leaderboard
A sales contest board is used to visually track the progress of the sales team, which can foster both a sense of competition and camaraderie. Depending on the office environment and the size of the sales team, the board can be digital or physical.
Deal Dashboards
Create individual dashboards for each salesperson where they can track the progress of their deals in real-time. Include key metrics such as deal value, stage in the sales pipeline, and expected close date. This helps salespeople visualize their pipeline and prioritize their efforts to close more deals.
Goal Thermometers
Use a visual representation of thermometers to track progress toward sales goals. Each salesperson’s thermometer fills up as they achieve milestones or reach certain targets. This provides a clear visual indicator of progress and motivates salespeople to reach their goals.
Success Stories Wall
Dedicate a section of the sales contest board to showcasing success stories and testimonials from satisfied customers. This serves as a source of inspiration and motivation for the sales team, reminding them of the impact their efforts have on clients and the company’s success.
Opportunity Quadrants
Divide the sales contest board into quadrants representing different types of sales opportunities, such as high-value clients, new leads, upsell opportunities, and cross-selling potential. Sales team members earn points for successfully converting opportunities in each quadrant, encouraging a balanced approach to sales strategy.
Milestone Markers
Use visual markers or stickers on the sales contest board to represent significant milestones or achievements, such as reaching a certain revenue target, closing a large deal, or winning a prestigious client. This celebrates individual and team accomplishments and fosters a sense of camaraderie among the sales team.
Product Spotlight Showcase
Highlight a different product or service each week or month on the sales contest board. Provide information about the features, benefits, and selling points of the spotlighted product, along with sales targets or incentives for promoting it. This encourages salespeople to familiarize themselves with the full range of offerings and actively promote featured products.
Contest Idea
Objective
Dynamics
Reward Mechanism
Key Benefits
Deal Dashboards
To provide real-time deal tracking
Individual dashboards with metrics like deal value, sales stage, and expected close date
None specified; intrinsic motivation
Enhances focus on deal progress, prioritizes efforts
Goal Thermometers
To visually track progress towards sales goals
Thermometers fill up as sales milestones are reached
None specified; visual representation of progress
Clear visual progress, motivates to reach goals
Success Stories Wall
To motivate sales team through customer success stories
Showcasing customer testimonials and success stories
None specified; intrinsic motivation
Provides inspiration, highlights impact of sales on clients
Opportunity Quadrants
To encourage a balanced sales approach
Quadrants for different sales opportunities with points for conversions
Points for successful conversions in each quadrant
Visual markers for major milestones like high revenue, big deals, prestigious clients
None specified; celebration of achievements
Fosters team camaraderie, acknowledges major successes
Product Spotlight Showcase
To promote knowledge and sales of specific products
Weekly or monthly focus on a product with details and sales targets
Incentives for promoting the spotlighted product
Enhances product knowledge, encourages active promotion of products
Team-Based Sales Contest Ideas
Team-based sales contests help foster teamwork and collaboration. This type of contest encourages members of a sales team to work together towards common goals, which can enhance team spirit as well as collective performance.
Team Revenue Rally
Divide the sales team into smaller groups or teams and set a collective revenue target for each team to reach within a specified time frame, such as a week or a month. Teams earn points based on their progress towards the target, with additional rewards or incentives for exceeding the goal. This fosters teamwork and collaboration among team members to achieve a common objective.
Collaborative Cross-Selling Campaign
Assign each team a specific cross-selling initiative or product category to focus on. Teams earn points for successfully cross-selling products within their assigned category to existing clients or generating new leads. This encourages knowledge sharing and collaboration among team members to maximize revenue potential from cross-selling opportunities.
Client Satisfaction Showdown
Challenge teams to provide exceptional customer service and achieve high client satisfaction scores. Teams earn points based on client feedback, positive testimonials, and repeat business from satisfied clients. This emphasizes the importance of building strong client relationships and delivering value beyond the initial sale.
Lead Generation Blitz
Task each team with generating a certain number of leads within a set time period, such as a week or a month. Teams earn points for each qualified lead generated, with additional rewards for leads that convert into sales. This encourages proactive prospecting and teamwork in identifying new business opportunities.
Industry Expertise Showcase
Assign each team a specific industry or market segment to focus on, and challenge them to become experts in that industry. Teams earn points for successfully closing deals within their assigned industry, demonstrating knowledge of industry trends, challenges, and solutions. This promotes specialization and strategic targeting of key industries.
Objection Handling Olympics
Conduct a series of role-playing exercises where teams compete to effectively handle common sales objections. Teams earn points based on their ability to address objections convincingly and close the sale. This improves sales skills and confidence in overcoming objections, leading to higher conversion rates.
Sales Training Showdown
Provide teams with sales training materials or resources on a specific topic, such as negotiation techniques or product knowledge. Teams compete to demonstrate mastery of the topic through quizzes, role-plays, or presentations. Points are awarded based on performance, with rewards for the team that shows the most improvement or expertise.
Upselling Showcase
Challenge teams to focus on upselling and increasing the average order value of their sales transactions. Teams earn points for successfully upselling additional products or services to existing clients or increasing the size of their deals. This encourages proactive upselling strategies and maximizes revenue potential from each customer interaction.
Lead Conversion Marathon
Set a target for each team to convert a certain percentage of leads into sales within a specified time frame. Teams earn points for each lead successfully converted into a sale, with additional rewards for exceeding the conversion target. This emphasizes the importance of effective lead nurturing and follow-up to drive sales.
Customer Retention Rumble
Task teams with retaining existing clients and preventing churn. Teams earn points for renewing contracts, securing long-term commitments, and preventing client attrition. This reinforces the value of building strong relationships with clients and delivering ongoing value to retain their business.
Product Launch Palooza
Coordinate a product launch contest where teams compete to generate excitement and sales for a new product or service offering. Teams earn points for pre-orders, early adopter sign-ups, and successful launch event attendance. This drives enthusiasm and engagement around new product releases and encourages teams to collaborate on launch strategies.
Contest Idea
Objective
Mechanics
Reward Mechanism
Key Benefits
Team Revenue Rally
To reach collective revenue targets
Teams work together to hit a set revenue goal within a timeframe
Points for progress, rewards for exceeding
Encourages teamwork, collective goal achievement
Collaborative Cross-Selling Campaign
To maximize cross-selling opportunities
Teams focus on cross-selling within assigned product categories
Points for successful cross-sales
Promotes product knowledge, collaboration
Client Satisfaction Showdown
To achieve high client satisfaction
Teams strive for positive client feedback and repeat business
Points based on client satisfaction scores
Emphasizes customer service, relationship building
Lead Generation Blitz
To generate a specified number of leads
Teams work to generate and qualify leads within a set period
Points for each qualified lead, rewards for conversions
Encourages proactive prospecting, teamwork
Industry Expertise Showcase
To demonstrate expertise in assigned industries
Teams close deals and show knowledge in specific industries
Points for deals closed, industry knowledge
Promotes specialization, strategic targeting
Objection Handling Olympics
To effectively handle sales objections
Role-playing exercises focused on objection handling
Points for overcoming objections
Improves sales skills, boosts confidence
Sales Training Showdown
To master specific sales topics
Competitions based on quizzes, role-plays, or presentations on sales topics
Points for performance, mastery
Enhances sales knowledge, team learning
Upselling Showcase
To increase average order values
Teams aim to upsell additional products or services
Individual milestone achievement contests recognize the personal achievements of sales reps. With these types of contests, individual sales reps are challenged to surpass their previous bests. Team members who do are then recognized not only for their personal growth, but also for the contributions to the team’s overall success.
Closing Streak Challenge
Challenge individual salespeople to achieve a consecutive streak of successful closes within a set time frame, such as a week or a month. Each successful close adds to their streak, with rewards or recognition given for reaching certain milestones, such as five consecutive closes, ten consecutive closes, and so on. This encourages consistency and momentum in closing deals.
Commission Accelerator
Set individual sales targets for each salesperson, with a higher commission rate or bonus structure applied once they exceed their target. For example, once a salesperson surpasses their monthly quota by 20%, their commission rate increases by 10%. This incentivizes salespeople to push beyond their targets and maximize their earnings.
Prospecting Power Hour
Challenge salespeople to dedicate a set amount of time each day to focused prospecting and lead generation activities, such as cold calling, networking, or email outreach. Salespeople earn points or rewards based on the number of qualified leads generated during the designated “power hour.” This encourages proactive prospecting efforts and builds a pipeline of potential opportunities.
Deal Value Champion
Recognize the salesperson who achieves the highest total deal value within a specified time frame, such as a quarter or a year. This contest focuses on the quality and size of deals closed rather than just the quantity, rewarding salespeople who secure high-value contracts or sales transactions. It encourages strategic selling and maximizing revenue potential from each deal.
Referral Royalty Program
Implement a referral program where salespeople earn bonuses or incentives for generating referrals from existing clients or professional networks. Salespeople earn points or rewards for each qualified referral they bring in, with additional bonuses for referrals that convert into closed deals. This leverages existing relationships to generate new business and rewards salespeople for their networking efforts.
Contest Idea
Objective
Dynamics
Reward Mechanism
Key Benefits
Closing Streak Challenge
To encourage consistent deal closing
Salespeople aim to achieve consecutive successful closes, with milestones for streaks
Rewards or recognition for hitting milestones
Promotes deal-closing consistency and momentum
Commission Accelerator
To incentivize exceeding sales targets
Higher commission rates or bonuses applied after surpassing targets
Increased commission rate or bonuses beyond set targets
Motivates salespeople to surpass their targets
Prospecting Power Hour
To boost proactive lead generation efforts
Designated time each day for focused prospecting, with rewards based on qualified leads generated
Points or rewards for the number of qualified leads generated
Encourages consistent prospecting and pipeline building
Deal Value Champion
To prioritize high-value deals
Recognition for achieving the highest total deal value within a timeframe
Recognition or rewards for highest deal value achieved
Focuses on securing larger, more lucrative deals
Referral Royalty Program
To leverage existing relationships for new business
Bonuses or incentives for generating qualified referrals, with additional rewards for closed referrals
Points or rewards for referrals, bonuses for closed referrals
Encourages networking and leveraging professional contacts
Celebrating Wins: Recognizing the Winning Sales Rep
The person who wins the sales contest should be recognized with some sort of sales contest prize, because it’s important to recognize the individual achievement. At the same time, the rest of the team should be commended for their participation. Overall, the win celebration should be geared to help boost morale while encouraging healthy competition within the sales team.
Ideas for Sales Contest Prizes
Cash Bonuses: Provide cash bonuses as rewards for achieving sales targets or milestones. This gives salespeople the flexibility to use the reward as they see fit, whether it’s for savings, leisure activities, or personal expenses.
Gift Cards: Offer gift cards to popular retailers, restaurants, or online stores as prizes. This allows salespeople to choose a reward that suits their preferences and interests.
Travel Vouchers: Provide travel vouchers or airline miles that can be used for a vacation or getaway. This offers an exciting incentive for salespeople to work towards and creates memorable experiences.
Technology Gadgets: Reward salespeople with the latest technology gadgets such as smartphones, tablets, or smartwatches. These prizes appeal to tech-savvy individuals and provide useful tools for both work and leisure.
Experiences: Offer unique experiences such as spa days, concert tickets, or sports events as prizes. This allows salespeople to enjoy memorable experiences and create lasting memories outside of work.
Recognition Awards: Recognize top performers with personalized awards such as plaques, trophies, or certificates of achievement. This acknowledges their hard work and contributions to the team.
Professional Development Opportunities: Invest in the professional growth of sales team members by offering opportunities for training, workshops, or conferences related to sales skills or industry knowledge.
Extra Paid Time Off: Provide additional paid time off as a reward for exceptional performance. This allows salespeople to take a well-deserved break and recharge while still receiving compensation.
VIP Parking Spot: Designate a premium parking spot close to the office entrance as a special reward for top-performing salespeople. This perk adds convenience and recognition to their daily routine.
Company Swag: Offer branded merchandise such as clothing, bags, or accessories featuring the company logo as prizes. This promotes company pride and serves as a tangible reminder of their achievements.
Dinner or Lunch with the CEO: Arrange a special meal with the CEO or company leadership as a reward for outstanding performance. This provides an opportunity for salespeople to interact with senior executives and gain insights into the company’s vision and strategy.
Wellness Packages: Provide wellness packages that include gym memberships, fitness classes, or health-related services such as massages or nutritional counseling. This promotes a healthy work-life balance and supports overall well-being.
Charitable Donations: Allow top performers to choose a charity or cause of their choice for a donation to be made in their name. This demonstrates corporate social responsibility and allows salespeople to make a positive impact beyond their work.
Home Office Upgrades: Reward salespeople with upgrades for their home office setup, such as ergonomic chairs, standing desks, or noise-canceling headphones. This enhances their productivity and comfort while working remotely.
Team Outings or Events: Organize team outings or events such as dinners, parties, or recreational activities as a reward for achieving collective goals. This fosters team bonding and camaraderie outside of the office environment.
Why Hold Sales Contests?
Sales contests can help drive sales performance for individuals, as well as help align the entire sales team towards achieving business goals.
During a sales contest, new members of the team can be mentored and inspired to improve their sales skills. People who want to be involved in sales enjoy competition, and contests help excite the entire team.
Identifying the Best Sales Contest Ideas
Not every type of sales contest is a fit for every business, and every team of sales reps. After a contest, it’s important that the sale leaders identify which contest ideas worked, as to being motivators for the sales reps and also as to bringing results in increased sales.
Sales leaders must understand the sales process with an eye to the sales rep team dynamics.
FAQs: Sales Contest Ideas
Can contest ideas be adapted for remote sales teams?
Absolutely! Contest ideas can be adapted for remote sales teams by leveraging digital tools and platforms. For example, virtual leaderboards can track sales progress in real-time, video conferencing can facilitate team meetings and updates, and online collaboration tools can enable team communication and sharing of best practices. Additionally, consider incorporating remote-friendly contest formats such as virtual scavenger hunts, online trivia competitions, or digital sales challenges to keep remote sales teams engaged and motivated.
What strategies ensure sales reps stay motivated in long-term sales contests?
To ensure that sales reps stay motivated in long-term sales contests, it’s important to set clear and achievable goals, provide regular feedback and recognition, offer meaningful incentives and rewards, and maintain open communication channels. Additionally, vary the contest formats and themes to keep things fresh and exciting, and foster a supportive team environment where sales reps can share successes, challenges, and strategies with each other. Regularly evaluate the effectiveness of the contest and make adjustments as needed to maintain momentum and motivation over the long term.
How do sales contest ideas differ in a small versus large sales team?
Sales contest ideas may differ in small versus large sales teams based on factors such as team dynamics, communication channels, and resources available. In small sales teams, contests may focus more on individual performance and personalized recognition, with a greater emphasis on collaboration and shared goals. In contrast, large sales teams may benefit from contests that foster healthy competition among different subgroups or regions, leverage technology for scalability and tracking, and offer a variety of incentives to accommodate diverse preferences and motivations. Flexibility and adaptability are key to tailoring sales contest ideas to the specific needs and dynamics of both small and large sales teams.
What is an innovative sales contest idea that engages the entire sales team?
One sales contest idea that engages the entire sales team, including managers and sales reps, is a “Team Challenge Showdown.” In this contest, the sales team is divided into smaller teams consisting of both managers and sales reps. Each team competes to achieve collective sales goals, with points awarded for meeting targets, closing deals, and demonstrating collaboration and teamwork. The contest encourages cross-functional collaboration, fosters camaraderie between managers and sales reps, and promotes a sense of shared ownership and accountability for achieving sales success. Additionally, incorporating elements of gamification, such as leaderboards, badges, and milestones, can further enhance engagement and motivation throughout the contest duration.
For businesses looking to improve operations through AI, Narrato has several intriguing functions. In fact, the company harnesses AI to create marketing content on autopilot. Learn how it works and what sets it apart in this week’s Small Business Spotlight.
What the Business Does
Offers AI marketing solutions for businesses.
Founder and CEO Sophia Solanki told Small Business Trends, “Our product Narrato is an AI content creation and marketing platform for small businesses. Besides hundreds of amazing AI tools and templates for content creation (social, blogs, product descriptions, emails and more), we have built a content autopilot for small businesses called Content Genie, which automatically generates social media posts and blog content weekly. We drive huge marketing cost savings for entrepreneurs and small businesses.”
Business Niche
An intuitive UI and features that put content creation on autopilot.
Solanki says, “Content Genie and our 100+ AI tools and templates, coupled with publishing support, saves hundreds of hours monthly on content creation and marketing. For many of our customers, our platform has been able to cut down content creation costs by 80%. eCommerce businesses are also significantly benefitting from our all-in-one AI content marketing platform, as they are able to create product description in bulk, and marketing content using AI – all in one platform.”
How the Business Got Started
To fill a need for small businesses.
Solanki is a serial entrepreneur who previously built two successful businesses in the content and marketing space. Then, she saw an opportunity to make these processes more efficient using AI. And thus, Narrato was born.
Biggest Win
Receiving recognition from big names in the industry, as well as customers.
Solanki explains, “We have been lucky to have many feathers in our hat, including being the #1 Marketing Product of the month on Product Hunt (Oct 2023), winner of TiE Silicon Valley Top 50 Startups award in 2023, and have been featured in numerous top publications including Techcrunch, Forbes, The Australian, Inc. and many more. All of this is surpassed by the love and success of our customers, who absolutely love the impact Narrato brings to how they create content and do impactful digital marketing at minimal costs.”
Biggest Risk
Dedicating major resources to a new offering.
Solanki says, “We poured in a lot of resources to build our content autopilot AI Content Genie, which took dedicated all team effort for 5 months. We needed it to pay off and it did. It’s a phenomenal success.”
Lesson Learned
Focus on providing the highest possible value for customers.
Solanki adds, “We started out as a content workflow automation workspace in 2022, but soon realized the big bang impact will come from AI. Which is why we built AI Content Genie and a powerful AI Content Assistant to support all kinds of marketing content creation and optimization. And this pivot has been a game changer for us and our customers.”
How They’d Spend an Extra $100,000
Branding and marketing.
Solanki says, “We have the best AI content tool on the market for small businesses and we would love to have more amazing small business marketers and owners try us out.”
Marketing Secret
Creating genuinely helpful content.
Solanki explains, “Nearly all of our customers come to us organically through the educational content we publish and share. With organic content marketing, we are driving real product led growth, where our customers sign up, experience the product and subscribe for the immense immediate benefit our platform brings.”
It’s easy to think that naming a new product, service, or business simply involves brainstorming ideas, testing the ideas out on some people, and choosing a name.
But to do it right, it’s more involved than that.
Here are three things to keep in mind when naming new products or services.
1. Does it quickly communicate what the product or service is?
Unless you can pour thousands of dollars into developing and marketing an abstract name (e.g., Google), it makes more sense to come up with a name that communicates what the product or service is. Here are two examples: PayPal and OkCupid.
They’re effective because you immediately get a sense of what each one is about. They’re also effective because they’re short and punchy and also alliterative.
2. Does it have “unintended” meanings (think slang)?
This is something you need to be sensitive to. You might come up with a name that seems perfectly benign and unbeknownst to you, either the full name or part of the name might be considered slang. A good place to do searches on any words that you’re considering is the Urban Dictionary
Another thing to be aware of: is part of the name too close to sounding like another product, or could the name be the source of jokes?
3. Is it already in use and/or has it been trademarked?
You’ve come up with a name that’s just perfect, and so you go with it. Wait! It’s not that simple. You need to see if the name is already “out there.” And if it is “out there,” you need to understand how it’s being used.
Start with a Google search and put the name in quotation marks so you call up exact matches.
That will give you a basic sense of whether you’ve found a viable name. But don’t stop there. You should also run the name through the Trademark database.
When in doubt about anything, consider consulting an attorney (and please note that nothing about this blog post should be construed as legal advice).
So, how do you come up with a name?
Consider outsourcing to a person or firm who specializes in naming and verbal branding. It’s an investment, but it could save your business time and money in the long run (a failed brand name will hurt your company over the long term).
If you need to handle the naming in-house, here’s a basic blueprint of how to proceed:
Analyze the market: Make sure you’re up to speed on all the names your competitors are using. See what people are talking about within your industry. A great place to get some real-time and free insights is on Quora or Reddit.
Consider all the features and benefits of your product and service. Make lists. Include every detail. Make sure everyone who’s involved in the naming process has a thorough understanding of the product/service.
Understand the intended audience for this specific product/service. Create some buyer personas around the product or service: why would these folks need it? What pain points are you addressing? What might their objections be?
Brainstorm a list of the “feelings” and emotions you want this name to communicate to your audience: helpful, safety, peace of mind, fun, etc.
Start brainstorming names. In this initial list, don’t censor yourself. Just get names down. Namify is a great place to generate some name ideas. It uses AI to help you find ideas you’d never have thought of!
Be ruthless in cutting down the list from there. You need to let go of names that don’t make sense, even if you’ve fallen in love with them for some reason (e.g. it’s clever).
Once you get a working list of names, this is when you should run them through Google and Trademark Database (see point #3 above) to see what’s available. Check if your name is available as a domain name. Here’s how to register one.
Test the names. Ideally, you’d want to use focus groups. However, an informal group of employees and customers can also provide insight. The testing phase should help you narrow the list down even further.
Consider and choose. As you’re going over your final list, some things to consider include the coolness factor, the legacy factor (do you think this name has staying power), and the creative factor (meaning, how well will this name work in layout, as a logo, and so forth).
While coming up with a catchy name might seem simple, choosing the right one takes careful consideration. A great product or service name should clearly convey its purpose, avoid unintended associations, and be unique to stand out in the market.
Isabel Casillas Guzman, the head of the U.S. Small Business Administration (SBA), has announced the launch of a new digital resource called the Investing in America Small Business Hub. This online platform is the first of its kind and is designed to help small business owners take advantage of federal funding available under the Investing in America agenda.
The Investing in America agenda is a part of President Joe Biden’s plan to improve the U.S. economy by making it more competitive, tackling climate change, and bringing manufacturing jobs back to America.
“The SBA’s new Investing in America Small Business Hub will help more small businesses connect to the resources, funding opportunities, and support they need to capitalize on these opportunities and strengthen their businesses,” Guzman said.
The Investing in America Small Business Hub provides detailed guides to help small businesses access grants, contracts, and other market opportunities resulting from federal investments. It also includes links to existing SBA resources that can assist businesses in finding investment capital and achieving the necessary certifications to qualify for federal funding.
Additionally, the SBA plans to work with other federal agencies to hold local events and webinars. These will be designed to help small business owners learn how to secure contracts under the Investing in America initiative and take advantage of incentives such as tax credits and rebates for energy-efficient home projects.
Why sell a house with a 3% mortgage to buy a new one with a 7% mortgage?
That wouldn’t make sense. And new home builders apparently know it.
For four months, builder confidence in the new home market was on a steady upswing, according to data from the National Association of Home Builders. But in April, as the latest inflation data showed an alarming trend, builder confidence did not grow.
But there’s good news: Builder confidence in the market for newly built single-family homes was 51 in April, unchanged from March, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Although there wasn’t a gain, the index is holding about the key breakeven point of 50.
While prospective buyers pause and hope for lower interest rates, builders with regulatory rules that hamper them would ease.
“With many frustrated buyers back on the fence waiting for interest rates to fall, policymakers can help ease affordability challenges by reducing inefficient regulatory rules that raise housing costs and limit supply,” said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan.
NAHB Chief Economist Robert Dietz said that the home building industry holds out hope that the Federal Reserve will announce rate cuts later this year.
“April’s flat reading suggests potential for demand growth is there, but buyers are hesitating until they can better gauge where interest rates are headed,” said NAHB Chief Economist Robert Dietz. “With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts later this year, and that mortgage rates will moderate in the second half of 2024.”
Builders Cutting Down on Using Sales Incentives, But Are Cutting Prices
The April HMI survey also revealed that 22% of builders cut home prices this month, down from 24% in March and 36% in December 2023. However, the average price reduction in April held steady at 6% for the 10th straight month. Meanwhile, the use of sales incentives ticked down to 57% in April from a reading of 60% in March.
Retail is never ever going to be the same. The practices that allowed retailers to achieve success in the past will not work alone in the future. Plus since post-Covid, consumers’ behavior is changing exponentially and accelerating.
On The Small Business Radio Show this week, I talked with Gary Hawkins, who has been described as a visionary and retail industry expert. He has created a powerful blueprint to help the retail industry thrive in an exponential world. Retailers have a unique opportunity to set aside outdated beliefs and use accelerating innovation and never-before-possible capabilities to create a powerful vision for retail’s future. He has a new book out called “Bionic Retail: How to Thrive in an Exponential World”.
Here is what we discussed in my interview with Gary Hawkins:
How retail technology must change to reflect an evolving society, including changes in customer shopping habits, retail operations post-pandemic, and ultimately, how value is created in retail in in-person spaces.
How to give a customer a reason to walk into your store (and stay and buy something).
Why the principles in Bionic Retail impact more than just economics—but human longevity as well in the future.
What beliefs and systems stand in the way of innovation and how to overcome these obstacles to develop an inspired vision and committed action to create a new future of retail.
Why there is a growing gap between the practices and processes that have made retail success in the past and what’s required for success going forward into the future.
How retail operating models are changing even at Amazon, Walmart and Kroger.
How retailers have an opportunity to create their vision of future retail and what it will look like when they do.
