How to be a good boss: 12 tips from experts (2025)

How to be a good boss: 12 tips from experts (2025)

How to be a good boss: 12 tips from experts (2025)

November 29, 2023

How to be a good boss

Imagine being the boss everyone admires and respects – it’s an aspiration many in leadership roles strive for. Yet, the path to becoming a truly great boss is often shrouded in uncertainty. It’s a common misconception that being at the helm means you’ve got it all figured out. The truth is, even the most seasoned leaders can inadvertently slip into less-than-ideal management practices, especially in the absence of constructive feedback and insightful guidance.

Don’t worry. Even though no one is perfect, everyone can always try to do and be better in the future. But in order to do that, first we must know what better actually is. And although there isn’t a guide on how to be a good boss, there sure are people who figured out pieces of this puzzle.

Jump directly to:

 1. Be supportive

 2. Have clear vision

 3. Listen

 4. Be patient

 5. Trust your employees

 6. Give feedback

 7. Be decisive

 8. Share the credit

 9. Offer mentorship

 10. Be empatic

 11. Be open for communication

 12. Reward your employees

12 steps to being a better boss

Being a better boss tomorrow is often easier said than done, but you have us. We searched the globe and managed to find the best advice on how to be a better boss from people who are indeed bosses themselves.

As experts in this field, they all shared the most important things you must do in the name of being a good boss. And don’t be so sure that you know what they are, keep reading. Most of them will surprise you. That’s a guarantee.

Be supportive

Employees are people, and they can make mistakes. How you handle mishaps reveals who you are as a boss. If you are asking yourself how to be a good boss – recognize that employees benefit from support and mentorship, but most of them are more likely to use a reward/punishment scheme to deter bad conduct. 

If an employee excels in a particular field, the talent should be recognized and grown. The ability to harness the strengths of others to accomplish a shared purpose is one of the most important qualities of a successful boss. 

It’s important to take care of each employee’s strengths and weaknesses and guide them individually. Rather than targeting skill gaps, focus on filling them by guiding employees through their flaws and increasing their confidence in new areas.

Pranchil Murray, Head of Customer Success at Malwarefox

Have a clear vision

Well, I believe that being a good boss requires having a clear vision. A boss’s ability to successfully lead his or her team depends on having a clear view of what they want to do at work and where they want their team to go.

A good boss is someone who guides a group of people in the same direction, whether that direction is towards getting more customers or increasing sales volume. If you want to know how to be a better boss, first you must understand the big picture of the organization, including its vision, purpose, and strategic objectives, before determining how your unit, department, or team fits into the overall company vision.

Jason McMahon, Digital Strategist at Bambrick

Listen

As a leader, I give direction, ask the right questions and make the final decision. The rest of the time I’m listening. I listen to problems and suggestions, I listen to everyone’s opinion so that their voices are heard, I listen to their own problems so that they know that someone cares about them. By doing this my employees feel they are important in their role and to the company. This brings positive energy to the company and everyone works happily in the company, which adds to maintaining a positive brand reputation because your employees are your company’s greatest brand ambassadors.

YY Lee, Director of Zoewebs

Listening to your employees not only when there’s a problem, but even just to connect with them is being a good boss. It sounds simple, but even just having a more meaningful connection with employees in that sense builds trust, loyalty to the company, and builds brand and company culture.

Employees want to put more effort in with bosses who are passionate about all aspects of the business, including employees.

Elliot Kim, Co-Founder and Finance and Operations Head at Brevitē

Be patient

Being a good boss must entail having patience. I’ve learned that the more patience I have, the faster things seem to happen and with higher quality. Breathing down someone’s neck to get the status of something is not going to help them finish the task at hand any faster — in fact, it will slow them down.

In the times when I know I’ve done this, I later realized it wasn’t a problem with the team member, but rather it was a lack of communication or expectation setting on my end. I’ve learned over the years that having patience invokes my team members’ trust and confidence in me as the boss, and allows them the space to perform better.

Greg Berry, Founder and CEO of Municibid

Trust your employees

Give your employees trust from the start and do not make them earn your trust. By doing this, you are being a better boss and you are empowering your employees to demonstrate that they are individuals, with unique ideas and perspectives to add to the company that feels the freedom to be independent thinkers and not micro-managed.

If an employee feels like they are walking on eggshells to earn trust before they can really blossom then everyone loses. The caveat however is that if an employee breaks your trust as a boss, there are few ways for that employee to redeem themselves from my perspective and they likely are not a long-term fit.

Jaclyn Strauss, CPA/Founder at My Macro Memoir

The ability to trust their employees is one of the traits of a great boss. Trusting the employees will not only empower them but also will give them a sense of value, which in turn will make them more productive and sincere with their job.

Being able to trust their employees also means that they do not micro-manage, which is a hassle not only to themselves but also to the employees as well.

Seb Hall, Founder & CEO of Cloud Employee

Give feedback

Continuous feedback on employees’ performance in satisfying expectations is the answer to how to be a good boss. Assist them in recognizing when they are performing well and communicating when they are not meeting the criteria.

This may be accomplished by routine coaching of personnel. Mention something they are doing well. If you notice something that needs to be changed, make a note of it as soon as possible. Oftentimes, employees are unaware that they are not meeting the criteria.

Coaching and developing them is the manager’s role. The boss is responsible for informing them when they violate customer service standards. For instance, if management overhears staff being nasty to a client over the phone, they should call attention to it and teach them how to communicate more effectively with consumers. If this does not occur, the customer experience may be negatively impacted, and the employee may be unaware that their behavior is wrong.

Mike Chappell, Founder of Formspal

Be decisive

A boss needs to play a constructive and direct role. I believe in a stress-free and healthy working atmosphere, which can be achieved by providing proper and clear job instructions to the employees.

I need to ensure that my employees understand exactly what they are expected to do so that they are not frustrated and overwhelmed by any sort of ambiguity. This results in you being a better boss by increasing worker motivation and morale, which boosts business efficiency

Setting clear expectations encourages employees to do their best and be on the same page as me, reducing miscommunication. Finally, when there are set goals and workplace orders, employees experience a sense of pride when they meet the deadlines or complete the assigned tasks.

Jeff Johnson, Owner/Acquisition Manager at Simple Homebuyers

Share the credit

One of the common demotivating things that some bosses do is reaping all the credit and either neglecting or ignoring to accept the input, participation, and effort of others. That’s literally the definition of poor leadership.

Being a good boss means always supporting and appreciating the input of staff and crew members. It uplifts the characters of the team when a boss openly points out the great work and unique contributions that the team has done in creating a particular project a success. It also encourages collaboration and confidence among the team.

Sharing credit among others does not cost the boss anything though it has a great return on investment. When righteous behavior and achievements are honored, recognized and acknowledged, it is possible to be repeated.

Daniel Carter, SEO manager at Property Investments

Offer mentorship

To be a good boss, create a culture of mentorship in your company because it will encourage your employees to grow with the business. One of the best traits of a successful leader is passing down the knowledge they’ve accumulated. You can start doing that with something as easy as recommending business movies or even entrepreneurial podcasts just as a way to show them that you notice them and have a desire to grow their talent within the company.

Having said that, the secret to being a better boss entails further involvement by creating and providing opportunities for personal and professional development within the organization. Create an internal hub where seasoned workers have the opportunity to volunteer by mentoring new hires. Also, develop criteria to become a mentor to incentivize others to work towards it. Accountability is also key for creating a culture of mentorship, as it helps ensure your business’s leaders stay on top of their tasks, progress, and inspire others to strive for advancement.

Nathan Liao, Founder of CMA Exam Academy

Be empathic

From my experiences as an employee and (now) a boss, I believe that the greatest answer to how to be a good boss is to be empathetic.

Before I hire employees, I make sure that I can rely on them in the future but I don’t forget that they are people too and they are at different stages of their life. Some are just learning and need a helping hand; others are going through monumental periods in their life outside of work, and some have many years of experience.

Being empathetic means you can relate to these employees and understand their perspectives. When something happens or I need to react to something, I take a minute to try and understand where they are coming from and what their situation is. I believe that a good boss should be empathetic and can help build trust, bring the best out of everyone, and build long-lasting relationships that make a difference.

Lindsey Allard, CEO and Co-Founder of PlaybookUX

Be open for communication

How to be a good boss? Simple. Have an open-door system and be ready for juniors when they need you. Convenience is critical; it grants you an advantage because employees seem comfortable reaching out and communicating to you primarily before a problem occurs. Even if you are managing a remote team, make sure your online communication is flawless and you are easy to get to.

That way you don’t end up being a boss who is working around helter-skelter wildly setting out fires because employees were hesitant to approach you in the first place before the fire was inaugurated.

A friendly boss is committed more by juniors and develops a culture of high confidence and more comprehensive employee engagement in their work. That waythe employer reduces the stress in the workplace and employees are more comfortable sharing with the boss their ideas, feedback, suggestions, clarifications, and opinions that could be relevant for the success of the company.

Chris Nutbeen, Founder & CEO of Nuttifox

Reward your employees

Show respect and gratitude to your employees, that’s what being a good boss is all about. Rewarding your employees not only fosters a positive work environment but also highlights their value within the organization. One innovative way to celebrate their contributions is through custom awards, such as lucite embedment, representing a memorable and engaging method to showcase their achievements and your appreciation. Empower them by promoting a culture of self-starters and decision-makers. Trust employees to make decisions and provide opportunities for employees to take on leadership roles. Reward, encourage and appreciate employees that showcase initiative. 

Offer training opportunities to motivate employees to advance their skills. Incorporate weekly check-ins between managers and employees. Send out monthly surveys to gather anonymous feedback from staff on company culture, work-life balance, and overall attitude towards work. Listen and make positive changes based on the feedback received, so you won’t end up with toxic company culture or/and unhappy employees.

Kelli Lane, Chief Marketing Officer at Genexa

Conclusion

If it turns out that you are not a spitting image of your business role model, that’s okay. Maybe you came to the realization that you are not that good of a boss so you decided on being a better boss or you came to an even more harsh and shocking realization that you actually are a bad boss so now you want to start being a good boss. Either way, the important thing is that you decided on self-improvement. Keep in mind that this is a big step forward both in your personal and in your professional journey that is proven to result in success.

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How to predict future trends and transform your business

How to predict future trends and transform your business

How to predict future trends and transform your business

November 24, 2023

Predicting future trends and transforming your business

Who doesn’t want a crystal ball to predict the future? Knowing the future of the market can help you make the right moves and become a millionaire overnight. But let’s be real, no fortune teller can predict the future 100%.

However, that doesn’t mean that predicting the future of business is impossible. It all comes down to your analytical skills and having the right tools to prepare for what’s to come. As we said, this won’t always be 100% accurate, but it will give you a good idea of where things are headed.

There’s a risk of making mistakes when it comes to predicting future trends, but playing on the safe side will never bring growth to your company.

Ways to predict future trends and keep your business ahead

As a business owner or manager, you should train your mind as well as your team to detect changes that could open a door to major opportunities. Small businesses rise to large corporations only because they know how to predict future trends and turn them to their advantage.

So let’s see how predicting the future of business is done in real life.

Study the trends of yesterday

If you want to know what the trends of tomorrow will look like, then you should study up on the trends of yesterday. Trends work as a chain reaction in a way.

For example, TikTok. Look back at the famous app Vine and its success. Vine was extremely popular, but like many great things, it died. However, after the death of the app, all other social media apps continued to gain popularity. Now, you could predict that all tech platforms would grow, but now years after the death of Vine, TikTok took the same formula and has become a hit.

When popular things randomly disappear, you cannot expect them to stay gone forever. Nostalgia is a strong tool that everyone should keep their eyes on. If you notice something fading away, remember that people once loved it, and over time that love can come back again.

Melissa South, SVP of Swingtie

The law of inertia

Due to the law of inertia, things will stay the same unless acted upon by an outside force. This means that trends will only occur when one of two things happens:

    • A law forces people to change routines or
    • An influential force releases a concept into the world that gains favor

By keeping informed (but not obsessed) with daily news/pop culture and asking how will this impact the people around me, I’m able to capitalize on up-and-coming trends as they start to grow.

Eric Bechtel, Managing Director at Gameplan Digital Marketing

Research, analytics, and tech

Research, analytics, and tech have proven to be very helpful in my quest of identifying and preparing for future trends. In order to make sure that my team and I are prepared for any change that might affect our industry, I make sure to keep track of important events, data, and studies and do my best to analyze them. Having the right tech or application has helped me make my analysis more accurate and my strategies stronger.

Making the most out of the information and the tools that you have will help you predict future trends and ensure your business’s growth.

Simon Elkjær, Chief Marketing Officer at avXperten

Use the power of the Internet

There are 3 ways that I’ve used to predict future trends.

The first technique I used to predict trends is to use Google trends. What you want to do is look for a rising line graph for a one year span. The line graph can’t be gradually going up either, it has to be hockey stick growth.

Another technique is to use Ahrefs which is an SEO tool. I use this tool to look for websites trying to write and monetize about the topic. The more websites that try to monetize off of it, the more likely I believe the trend will be mainstream.

The final way is to look on forums like Reddit. What you want to look for is enthusiasm from the people. The more the people act cult-like, the higher chances the trend will keep going.

Alex Cortez, Founder of Roborefuge

The three ways

Being in the field of marketing, it is really important to understand the current trends of the market and also predict the trends of the future. Based on my experience, here are the top tips for predicting future trends in business:

    • Conduct surveys

In order to predict future trends, it is always a good idea to conduct surveys every once in a while and try to understand the problems of the customers and bring solutions for it because if you don’t make a solution, somebody will and that will become a trend. So it is one of the many ways through which future trends can be predicted.

    • Keep up with technology

With each passing day, there is some engineer out there inventing or making new machines that can tackle a problem much more efficiently. With this in mind, it is recommended to keep yourself up-to-date with the latest inventions and technology as these machines and technology will create a trend in the future.

    • Monitor the competition

Competing in the market is one way of staying with the current trends and also getting an insight about what the future may hold and where the trends may go.

Igor Avidon, Founder of Avidon Marketing Group

Conclusion

Success in business comes easier for those who know how to predict future trends. After all, business growth is all about adapting and pivoting to stay relevant in the market. If the needs of the consumers change, and your products don’t, you can’t expect to stay in business.

Everything seems to change at rapid speed, however, if you look at history you’ll discover patterns that could help you stay ahead of the curve. The important thing is to keep an open mind and don’t for a second believe that things won’t change.

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Creating content marketing funnel for small businesses

Creating content marketing funnel for small businesses

Creating content marketing funnel for small businesses

November 15, 2023

A quick guide for creating content marketing funnel for small businesses

Creating a content marketing funnel for small businesses has emerged as one of the most effective ways to market a product or service. However, new entrepreneurs and small business owners are often so engrossed with getting a positive ROI from their paid marketing funnels that they overlook other forms of the marketing funnel.

From the point of view of a small business owner, focusing on paid advertising funnels and overlooking organic marketing with a content funnel makes sense, but only when you focus on short-term goals. On the other hand, entrepreneurs with a long-term vision and desire to build a sustainable marketing mix will discover how to grow their business with content marketing at some point. 

Benefits of the content marketing funnel for small businesses

There are countless statistics that prove the incredible potential of content marketing. Here are a couple:

  • B2B companies that have a blog and post blog content consistently generate 67% more leads than their competitors that don’t have a blog.
  • Companies and marketers that prioritize blogging are 13 times more likely to achieve a positive ROI from their marketing dollars.

However, even if we ignore this just for a second and look at how the content marketing funnel for small businesses works differently from paid advertising, you’ll understand why it is an amazing thing. There are actually two significant differences between content marketing and paid marketing. 

The first one is the upfront cost. To get any kind of results from your ads, you don’t need much of a budget. However, producing content is often an expensive undertaking, especially if producing high-quality content is high on your priority list. 

With that said, the upfront content of producing content is higher but it isn’t a recurring cost. Sure, you may have to pay your content vendor or dedicate a resource to content production for a few weeks or a month but after a point, this investment will not be as intensive.

The case with paid advertising is different because even the low upfront cost is actually a recurring cost. The moment you stop feeding money to your paid campaigns is the moment they will stop producing results.

The second difference between content marketing and paid advertising is the time it takes to realize results and a positive ROI. With paid advertisements, the results start showing relatively quickly. Within a week or ten days, you can collect enough information to optimize your efforts and get a positive ROI.

With a content marketing funnel for small businesses, getting results will take time. However, let’s say that one of your content pieces starts ranking on the first page of Google for a lucrative keyword. In this case, the returns from that content will be virtually evergreen. The best part is that you will not have to actively optimize anything in order to get these results. 

Create a content marketing funnel for small businesses correctly

After establishing that long-term growth can be achieved, follow these guidelines to make sure you fully understand the content marketing funnel for small businesses. Implement the strategy in your business and start working on your growth right away. 

Understanding the buyer’s journey

The most critical part of perfecting your content marketing funnel for small businesses is to understand your customers and how they end up becoming your customers. If you are reading content marketing funnel tips, a good sign that the content is actually valuable is to see how much stress has been put on building buyer personas.

Understanding this journey from being a prospect to becoming a customer will help you understand what kind of content will resonate with prospects at different times.

For most products and services, the customer journey can be divided into the following stages:

  • Awareness: This is where the prospect becomes aware of a problem that they have. After becoming aware, the prospect usually starts researching their problem and its possible solutions.
  • Consideration: By the time your prospect reaches the consideration stage, they have usually identified the solution. Now, their concern is choosing the solution that is best suited to their needs.
  • Purchase: If all goes well in the consideration stage, the prospect moves to the purchase stage and converts into a paying customer. But your job isn’t done!
  • Post-purchase: The post-purchase experience starts the moment the sale is concluded. The quality of this experience plays a critical role in deciding whether a customer will run off to never return or become a happy customer that spreads positive word-of-mouth about your brand.

While a variety of experiences can be used to interact with prospects and customers in the different stages of the buyer’s journey, content is definitely the most versatile asset for this purpose. That’s perhaps why almost half of the marketers surveyed said that they use dedicated content to support three to five buying stages.

Content for the awareness stage

From a marketing standpoint, your objective with your content for the awareness stage should be to validate the problem that your prospects have identified and highlight the fact that it needs to be addressed.

However, there is a hidden benefit of producing awareness stage content. By the time your prospect starts researching solutions to their problems, your brand will already be positioned in their minds as an authoritative source of credible and valuable information. So, considering that, informational is the kind of content that will work best for your business.

Since your prospects are in research mode right now, educating them about their problem and the possible solutions is the best way to become visible to them.

To this end, you can produce “how-to” guides in the form of videos or blog posts, articles, and even infographics. “How-to” guides are actually one of the most popular forms of content used by marketers in the awareness stage.

This is also the stage where you should think about lead generation. A lead magnet is an offer that enables you to collect the personal information of your prospects. This way, even if the content you are producing is not able to reach them, you can reach out to interested prospects by email marketing.

What kind of content qualifies as a lead magnet? Anything that your audience will find valuable enough to give up their email address. From a whitepaper with findings from original research to a detailed ebook, lead magnets can take a number of forms. Which one works for you, depends on who you are targeting and of course, your current content production budget and capabilities.

Content for the consideration stage

The number of prospects that graduate from the awareness stage will only be a fraction of the people you attracted. However, the people present in the consideration stage are very likely to purchase the product or service that you offer. Content will help you ensure your customers purchase from you instead of choosing your competitor.

Half of the job was done in the awareness stage when we shared useful content with our audiences. We have already established ourselves as a trustworthy brand that provides valuable information. All that’s left is to prove that yours is also a trustworthy brand that offers a valuable service or product.

For this purpose, content assets like case studies, feature comparisons, product demo videos, and client testimonials work amazingly well. Each one of these either shows your prospects how well your product or service performs in the real world or shows people benefitting from your product or service.

This practice of using a content marketing funnel for small businesses and experiences to nudge prospects towards a desirable action is called nurturing. While publishing nurturing content on your website and social media channels is a great idea, it often makes the most impact when shared through email.

This is why you were asked to create a lead magnet in the awareness stage. Once a prospect has shared their email address with you, you can assume that they have moved into the consideration stage and can start sharing nurturing content with them.

Content for purchase stage

At this stage, equipping your sales team with supporting content will make their job easier and the chances of conversion higher.

Content like original whitepapers, case studies, and documents outlining the use cases of your product or service will work well at this stage. It is also a good idea to create video testimonials with your best customers that you can share with interested prospects right before they speak to a sales rep.

Content for post-purchase stage

Once a prospect converts, the post-purchase stage starts. Delivering whatever features and services you have promised to them in the previous steps are given here. This is the stuff that your customers expect from you. It is the bare minimum that you are expected to do.

Hence, your objective at this stage should be to delight them. And in addition, to do that you have to create a delightful experience and content is an excellent tool for the same. The most basic content-related necessity of this stage is to have a delightful post-purchase email sequence in place. 

To set yourself apart, take it a step forward and follow up the ‘thank you’ email with a series of instructional emails that enable your customers to achieve success with your product or service.  At the end of the email sequence, send out a feedback form that will help you in improving your post-sale experience. 

Speaking of customer success, you can also use content to help your customers make the best of your product or service. When they are able to do that, their experience with your brand will automatically improve. 

Prioritize

So, that’s a lot of content that you will have to produce and that’s one of the most common challenges that prevent small businesses with limited budgets from enjoying the benefits of content marketing. Luckily, with a little bit of planning, it is possible to overcome this challenge.

The key here is to prioritize. Sure, content for all the stages is important. However, depending on your current needs and content production capabilities, your priorities may vary.

For instance, if you are just starting out, getting more visibility and feeding your content marketing funnel for small businesses more and more leads may be important for you. If this is the case, you must prioritize creating top of the funnel or awareness stage content. 

Besides prioritizing your content production efforts, you can also make use of nifty content distribution techniques like content syndication. Such techniques allow you to make the maximum impact with whatever volume of content you produce.

Conclusion

If approached with the right mindset, your content marketing funnel for small businesses can rise to be the most powerful weapon in your brand’s marketing arsenal. All you need to do to avoid producing content that isn’t impactful is to work with a solid goal in mind and develop an equally solid plan to achieve that goal. Fortunately, the information shared in this guide will help you formulate the right kind of content strategy for your brand. 

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Ensuring customers data protection: What you need to know

Ensuring customers data protection: What you need to know

Ensuring customers data protection: What you need to know

November 08, 2023

Collecting customer data

Among other benefits, consumers’ data gives you direct access to your consumers to communicate and establish a good buyer-supplier relationship with them. However, to achieve the best results with your consumers’ data, you need to understand the responsibilities of working with their information and provide customer data protection.

In this article, we discuss what consumers’ privacy entails, as well as the benefits and responsibilities that come with keeping your consumers’ data as a business. 

The perks of collecting customers data and customers data protection

Before we dive into responsibility and customers’ data protection, let’s first understand what consumers’ data is and the perks you can derive from gathering customers’ data.

The benefits of collecting consumers’ data for your business

Gathering your consumers’ data is crucial, and comes with astounding benefits for your business. Find out the different benefits you gain by gathering your customers’ data below.

Understand your target market 

Starting your business without a deep understanding of your target market is starting to fail. Without a clear understanding of who your target audience is, it will be difficult to cater to their needs, engage with them and establish relationships that will lead to sales. 

However, with your customers’ data,  you can get deep insight into your target audience’s behavior, which influences every decision you make as a business. As a business owner, you are probably not a mind reader. But collecting your consumers’ data makes it easy to read their minds. Using an IP proxy and setting up the IP location to your targeted regions is an option to consider. This can make your manual data collection more accurate and more relevant to your target market, but also easier as it will allow you to bypass any geographical restrictions related to data scraping

You will be able to know how they behave online, what challenges they face as they engage with your services, and you can divert new, creative ways to solve their problems. This helps you grow your business in profound ways because you will connect and engage with your customers in the best way possible, increasing your sales and your bottom line. 

Consumers’ data helps you reach your marketing goals 

Collecting your consumers’ data is how you reach your marketing goals as a business. 

This is because your consumers’ data lets you know how to serve your customers just the way they want. When you provide your consumers with what they want, they will have no reason to go to your competitors. 

Consumers’ data gives you an edge over your competitors. Because while your competitors are struggling with attracting and retaining customers, you already know what to do to attract and retain new customers from the customers’ data you’ve gathered. You have the data you need to attract and retain your customers. 

Lets you create a customized experience for your customers 

In today’s digital marketing world, customers are more in tune with brands that can interact with them on a personalized level. According to research, 80% of customers are likely to buy from a brand that offers personalized experiences

Creating personalized experiences is how many businesses connect and build relationships with their customers, and the only way to make this happen is through customers’ data. The stats of personalization show that 83% of consumers are willing to share their information to get a more personalized experience from brands. 

Consumers’ data gives you insights into what products or services your customers need, then you can provide them with the products and services they need. This helps you stay relevant and helps prevent waste of time and resources producing or creating irrelevant products. 

Your consumers’ data also exposes you to your audience’s various interests, which helps you segment your audience according to their interests. This influences the content you create and the type of promotional offers you make for specific audience groups.

With consumers’ data, you can create intimate relationships with your customers, address them with their names when you send them Emails, and create content that helps them solve their problems. 

By creating personalized experiences for your customers, your customers feel more in tune with you. They trust you, and they will always look forward to enjoying more personalized experiences with your products and services. 

Overall, this increases your sales, retains your customers, and keeps you fulfilled as a business owner. 

Most important things about customers data protection

Like we already discussed, collecting your customers’ data goes a long way in growing your business and helping you reach your sales goals. However, as a business owner, it’s your responsibility to keep your consumers’ data safe. 

Due to the growing numbers of data breaches among enterprises, consumers are increasingly cautious of who they share their data with. Statistics show that in 2019, over 164.68 million records were exposed. 

The awareness of these increasing data breaches has made customers selective of the types of brands they give their information to, and as a result, the brands they do business with. 

However, many businesses have used this development as a competitive advantage by ensuring compliance with customers’ data protection and taking other precautions to ensure their data are well safeguarded.  

It is based on trust or nothing

Current developments have shown that consumers only share their data with companies they trust. The only way to build trust with your customers for them to share their data with you is to show them you care about their privacy. 

One way to ensure customers’ data protection is to keep your discussions private and only share these discussions only when they permit you to do so.  For example, the content of your emails with them should only be made accessible to other parties when they permit you to do so. 

One other factor to consider when trying to establish trust with your customers is to ensure the information you request is strictly related to the products and services they need. Asking your consumers questions outside the scope of business would raise suspicion and hamper their trust. 

Consumers are more likely to share their information with you if you inform them about what you want to use their information for and why it’s relevant to the action they are about to take. 

For example, statements like “fill in your email address to get notified about the latest offers” are much more convincing than the generic “input your email address”. Consumers are also more likely to trust organizations that react quickly and transparently to data breach occurrences. 

Suppose an incident of a data breach should occur in the company. It’s advisable to openly disclose the development and tell your audience the steps you are taking to rectify the situation. 

Conclusion

Customers’ data protection is essential for businesses to understand their customers and attract and engage with their consumers, among other benefits. However, gathering consumers’ data comes with responsibilities, and it’s important to understand these responsibilities to ensure your customers’ data are adequately protected.

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5 things to know before buying bitcoin for the first time

5 things to know before buying bitcoin for the first time

5 things to know before buying bitcoin for the first time

July 20, 2023

Everything you need to know before buying bitcoin for the first time

Today, almost everyone has at least heard of Bitcoin. This digital currency, once considered to be nothing more than a passing trend, has become one of the best-performing assets of the past decade and even became popular as a benefit for the business world. 

Its increasing popularity has driven countless investors to buy bitcoin by any means necessary. More recently, this interest has passed over to institutional investors, which drove crypto prices to new heights at the beginning of 2021.

This increasing popularity has spurred many governing bodies to impose tax regulations on the buying and selling of cryptocurrency—including Bitcoin! Therefore, buyers will have to upload the transaction into their favorite tax filing platform.

However, still many wonder what the big deal behind Bitcoin is. Why is this cryptocurrency so popular and what are its advantages? In this article, we go over things to know before buying bitcoin. 

The most important things to know before buying bitcoin

The things to know before buying bitcoin include the technology that helps run its network, its advantages, and how to store and buy or sell Bitcoin. So, if you ever searched for an article that gives you all the basics about Bitcoin in one place, you’ve found it!

What is Bitcoin?

Created in 2009 by Satoshi Nakamoto, Bitcoin was imagined as an alternative to our traditional financial ecosystem. It has the goal to be decentralized, away from the control of any government and central banks. 

As such, new bitcoins are created by a mathematical process called mining in contrast to FIAT money which is printed by central banks. This allows the network to be decentralized, without anyone being able to shut it down, control its governance, or issuance of new bitcoins. 

Every transaction on the Bitcoin network is recorded on a public ledger (the blockchain) that is freely accessible to anyone. This creates a trustless and transparent network, governed by the people using the network, instead of a central governing body. 

In short, bitcoin is a peer-to-peer digital currency, where users don’t need a third party to send coins to each other.

What are the advantages of Bitcoin?

Because it’s decentralized, Bitcoin offers some clear advantages over traditional currencies, including: 

  • Permissionless – no one needs permission to use the Bitcoin network. All you need to do is create a wallet and you can start sending and receiving coins. Moreover, Bitcoin is borderless, which means that this feature allows individuals from all around the world to participate in the growing internet economy. 
  • Highly secure – the distributed Bitcoin ledger is simultaneously present on millions of computers around the world. This allows for the network to be extremely resistant to change and doesn’t present a single point of failure like centralized server systems. 
  • Fraud resistant – because bitcoins are simple transaction records on the blockchain, they cannot be duplicated or counterfeit. Additionally, bitcoin transactions are permanent, which entirely eliminates chargeback fraud attempts. 
  • Deflationary – there are only 21 million Bitcoins that will be ultimately mined. This limited supply acts as a deflationary measure and acts as a hedge against FIAT inflation. 
  • Fast and cost-effective remittances – finally, because there are no costly third-parties handling the transactions, international bitcoin transfers are both fast and cheap compared to international FIAT remittances. 

These advantages have helped the price of Bitcoin increase by more than 1 million percent since it was first made available for purchase back in 2009.

How do you store Bitcoin?

The blockchain uses cryptography to be able to locate Bitcoins on the ledger and sign transactions. More precisely, the following codes are used: 

  • The private key – which acts as the PIN code to your coins and is used to sign the transactions on the blockchain. Because only the owner of the private key can spend Bitcoins, it’s imperative that this key is kept secret.
  • The public address – which acts as the account number for your coins. This is the address that you will be sharing online whenever you wish to receive bitcoins from another user or a trading platform. 

So, to store your Bitcoin keys, you will need a specialized piece of software called a bitcoin wallet. Consequently, there are different types of wallets, serving different types of Bitcoin users and purposes. 

  • Mobile wallets – these smartphone apps allow you to store your keys on your phone. They are handy for daily usage, but not recommended for storing high amounts of bitcoin because smartphones can be easily lost or stolen. Popular mobile wallets include Exodus and Mycellium
  • Desktop wallets – these software solutions turn your computer into your personal Bitcoin vault. They have handy interfaces to handle your transfers and can be used to store larger amounts of Bitcoin. The caveat is that your computer remains a vulnerable piece of hardware that needs to be updated frequently. Some popular choices are Electrum and Armory
  • Hardware wallets – these USB devices are specifically designed to store Bitcoin keys and use military-grade hardware to encrypt them. They provide the best of both worlds – high security and a great user interface for daily transactions. The only caveat is that, unlike their software counterparts, they aren’t free. Some of the best hardware wallets are the Trezor and Ledger devices. 

Where to buy and sell Bitcoin?

Now that you are familiar with the advantages of Bitcoin and know how to store it, we can finally give you some pointers on how to buy it quickly and safely. Keep in mind that if you are buying from a regulated exchange, Bitcoin purchases require that you undergo an identification procedure known as KYC

These have been made mandatory in most countries as they allow government agencies to track the usage of Bitcoin for money laundering, funding terrorism, and other criminal activities. 

With that in mind, there are several great methods of acquiring Bitcoin including: 

  • Crypto exchanges – which usually offer a wide variety of payment methods, such as credit cards or bank transfers. While convenient, the disadvantage with crypto exchanges is that they use an online wallet to store your coins and keep custody of your keys. The most popular exchanges are Binance, Coinbase, and Kraken. 
  • Crypto brokers – these platforms offer a smaller choice of popular cryptocurrencies and offer a good range of payment methods like PayPal or other popular digital wallets. The main advantage of crypto brokers is that they will send your Bitcoin straight to your wallet. Popular choices are Coinmama and Paybis. 
  • Peer-to-peer bitcoin exchanges – these platforms act as a middleman between people that want to buy and sell bitcoin. Sellers can place their offers and buyers can find the best offer that suits them. The biggest advantage is that these require minimal KYC and offer the largest selection of payment methods, including credit, debit, checks, gift cards, and every digital payment processor you can imagine. Paxful and LocalBitcoins are the best p2p crypto exchanges. 
  • Bitcoin ATMs – for those that are lucky enough to have a Bitcoin ATM near their residence, these machines are similar to cash ATMs. In addition to traditional payment methods like debit or credit, Bitcoin ATMs usually accept cash as well Moreover, if the amount is not too large, they will require minimal KYC, allowing you to quickly convert your cash money to Bitcoins and vice versa. 

Wrap-up

Bitcoin is the original cryptocurrency that jump-started an entire industry involving blockchain technology. Even though its price can be volatile in the short term, one of the things to know before buying bitcoin is the fact that its value has been steadily increasing over the years. 

That said, its success is undeniable, both as a currency and a store of value. More and more people are adopting Bitcoin, and with institutional investors joining the financial revolution, Bitcoin is certainly here to stay and grow.

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