In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)
Tell us about yourself and your business.
My name is Livia Anne Guarnieri, founder of TROIKA360. I am an SME (subject matter expert) and a proprietary strategic consultant in the OEM (original equipment manufacturing) space. I work with vehicle manufacturers at a corporate level. If an OEM wants to know what type of service providers are out there and if they offer viable solutions, I will help them find one that best fits their needs.
Alternatively, I may build them a boutique solution so they aren’t tied to something that doesn’t serve them long-term. I also help service providers of all types understand how an OEM works internally so they can create better products and services. It’s very niche, but the need is very real.
What inspired you to launch your own business?
Becoming an entrepreneur wasn’t what inspired me to create my business. My business was created out of necessity when I felt I had no other options. I worked for a well-known company in a forgotten department that had been in the red for quite some time. By building relationships with customers, I could take that departmental deficit and turn it into a multi-million dollar asset. Looking back, I believe they took me on as an employee to create credibility in the department, raise the valuation, and then sell it. And this is exactly what ended up happening. The only problem with the company’s plan is that these customers weren’t their customers; they were my customers. I had long-standing relationships with all of them, and these customers asked me to find them an alternative solution.
Some people experience an “Aha!” moment that results in starting their business. For me, it was less of an “Aha!” moment and more of an “Oh shit!” moment. I was completely blindsided, but I knew I had to make it happen because it felt like it was now or never, and I was not about to let my customers down.
What has been the most challenging part of growing your business?
One of the most challenging moments was when I had to re-pitch my request for a proposal response to the same people I pitched to just a few weeks before against the same candidates. It felt like the longest day of my career. But what I proved that day, above all else, was my unique systems, unique methods and lifelong expertise. None of those things were in any way attached to any of the other solutions out there; they were distinctly my solutions. So, I was able to build a completely boutique system without the backing of a larger corporation. However, it also meant I had to find the partnerships that fit this boutique system. My only requirement was that it had to provide value to the OEM first, not to the service providers I was bringing in.
Related: ‘We’re Curating Happiness’: How This Entrepreneur Is Transforming the Wellness Space
What is something you think many aspiring entrepreneurs think they need but actually don’t?
I think many aspiring business owners feel pressure to do it all right at this second. Although you should always strike while the iron is hot, doing it just to do it won’t help. You don’t need an immediate office, a fully built-out website or a brand-new computer. What you need is passion and persistence. Building your business should feel like something you were born to do. You have to wake up every day, look at yourself in the mirror, believe with your whole heart and tell yourself out loud, “This is going to work out because this is what I was meant to do.”
I truly believe that your belief in yourself is what makes others believe in you as well. With my business, I had to put it together very quickly, but if I wasn’t truly passionate about doing it for the greater good of the industry versus the greater good of myself, I don’t believe I could have achieved my success. I also never allowed myself to speak negatively into the universe because the universe is always listening.
Related: All True Entrepreneurs Share This One Personality Trait, Says the Founder of Spicewell
Was there a moment when you saw this business was going to be a success?
In the end, when my industry saw that I was working towards rising the tide instead of just my boat, customers began to seek me out instead of me seeking them out. My business built itself because I stayed humble. Even when achieving things far beyond my expectations, I stayed humble and grateful. I did the work instead of basking in the glory. I believe that is what it means to be an entrepreneur. Find your niche, make sure your work is distinctively yours and be true to yourself and not your ego.
Any advice for entrepreneurs looking to carve out their own behind-the-scenes niche business?
The best advice I can give budding entrepreneurs wanting to do this work is that strategic consulting happens in silence, in the wings and shadows and out of the spotlight. When you move in silence, your competition has no idea you’re even in the game, and you can use that underestimation to your benefit.
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Electric vehicles (EVs) are increasingly gaining favor with eco-conscious consumers looking for more sustainable transportation. However, marketing the environmental benefits of EVs to this audience requires a well-thought-out approach. These efforts need to include highlighting the ‘green’ aspects of EVs. With this in mind, let’s review effective techniques that dealerships can use to appeal to environmentally-minded buyers.
Speaking to the eco-conscious consumer
More and more consumers think about environmental impact in their purchase decisions. This is especially the case with car buyers. According to the Pew Research Center, 72% of shoppers considering an EV say helping the environment is a key motivator. Meanwhile, 70% see saving money on fuel as another advantage, and 12% like keeping up with the latest vehicle trends.
These preferences work well with clearly identifiable EV benefits, including:
- Environmental friendliness
- Long-term cost savings
- Innovative technology
There are also several eco-friendly EV features that can be promoted in marketing. These are ‘green’ attributes that demonstrate a dealer’s environmental consciousness and build trust about a commitment to sustainability.
- Zero tailpipe emissions
- High energy efficiency
- Recyclability of EV batteries
Along with being eco-conscious, EV buyers tend to be tech-oriented, and drawn to innovation. Savvy dealer marketers will build off these interests by accentuating the high-tech features integral to all-electric cars. Examples include:
- Access to instantaneous torque
- Autonomous/semi-autonomous driving systems
- Energy use displays/control screens
- Smartphone integration
- Charging capabilities
Be sure that your messaging isn’t just about environmental benefits and technical specs. EV buying still involves emotions, so marketing should reflect this. Here’s an opportunity to get creative as cleverly worded campaigns capture the excitement of car buying while citing EVs’ underlying benefits.
Getting the word out about electric vehicles
We’ve covered what to say to EV-minded shoppers. Here’s how to say it.
1. Create a theme
Creating a simple and memorable phrase will anchor the related marketing efforts, whether you’re thinking of a long-term tagline or a short-term slogan. If your creative juices aren’t flowing, give artificial intelligence a try. Head over to ChatGPT (you’ll need to set up a free account) and ask, “What are some taglines that can be used for a car dealer wanting to promote electric vehicles?
You’ll get many responses, like “Driving Green Has Never Been Easier” and “Take Charge of Your Commute.” Searching Google and the U.S. Patent and Trademark Office database should confirm if you’re treading on someone else’s efforts.
2. Produce engaging content
Creativity will also have to prevail in the content your dealership produces to market its EVs. Not only will these videos, social media posts, and emails have to be visually engaging, they’ll need to educate and inform. Use infographics to break down complex data into more digestible information. Show real-world scenarios to demystify unfamiliar EV activities (like vehicle charging or one-pedal driving).
3. Take advantage of strategic partnerships
Identify environmental organizations that can lend credibility when marketing an EV’s sustainability benefits. Look for branches of national operations or local green nonprofits. These tie-ups can promote an eco-friendly brand image and help forge connections with environmental advocates who might not otherwise step foot into your showroom.
4. Revise digital operations
Ensure that your digital outreach is crafted to target eco-conscious consumers. This starts with dedicated landing pages highlighting the environmental advantages of your dealership’s EV offerings. A revamped SEO strategy and focused social media and email campaigns must also come into play.
5. Leverage test drives
Test drive events enable dealers to get eco-conscious and EV-curious shoppers behind the wheel. These hands-on experiences build engagement by demonstrating the real-world practicality of EVs. While activities associated with Earth Day are natural, look for other venues, like farmers’ markets, that also have a green values connection.
6. Become an EV resource
Your dealership is or will become an expert on electric vehicles. Take advantage of this mastery by promoting what you know.
- Provide an information clearinghouse for rebates, tax credits, and other incentives available to EV buyers
- Work with utility companies to highlight available programs that foster EV adoption
- Create a list of recommended installers for EV chargers
- Designate one or more staff as EV ambassadors to serve as point persons
- Host EV workshops for owners and would-be owners
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Everyone in America wants to know if the country is headed for an economic recession. Though no one can say for sure, a recent Bankrate survey reported a 64% chance of it happening in 2023.
“We expect a recession in 2023, and while incoming data for the first quarter have shown a resilient economy thus far, there have been signs of slowing activity,” Mike Fratantoni, chief economist at The Mortgage Bankers Association, told Bankrate. “Coupled with the likelihood of tighter financial conditions brought about by developments in the banking sector, economic activity will likely slow sharply over the next few quarters.”
Whether or not a recession is imminent, taking steps to safeguard your business is a wise move either way. To help you face the future without fear, contact Impact Utah to make your business recession-proof.
Improve your margins through operational excellence
Successful business leaders know that there are always ways to improve. Tightening up your operations is one way to do this. Look for opportunities to make reductions. Work hard to retain good employees — and possibly let go of some you don’t need. Reduce costs where possible.
If you’re not sure where you stand in terms of operational excellence, Impact Utah offers a free assessment tool to help you gauge your strengths and weaknesses.
Learn critical cash management strategies
Perhaps the most important thing you can learn in business is how to manage cash flow in any economy. Start by clearing up your balance sheet and examining your three main areas of cash flow: accounts receivable, accounts payable and inventory.
Be sure to collect receivables on time. If you require payment within 30 days, stick to that agreement. On the flip side, make sure you’re not making payments faster than necessary. If payment terms are between 30 and 60 days, you can push that out to the full 60 if your cash flow situation warrants it.
When it comes to inventory, maintain appropriate levels. You may need to look at items that aren’t selling as quickly as other items and do whatever you need to do to keep things moving.
Grow your revenue
There are two main ways to grow your revenue: effective marketing and increased sales.
First, don’t discount the value of recession-proof marketing. Successful companies such as Venmo, NerdWallet, Uber, Groupon and WhatsApp each got their start during the Great Recession. If you can communicate a unique need or pain point that your product or service addresses, people will likely be willing to pay for it.
Win Jeanfreau, executive director of Impact Utah, outlines several different questions you should be asking yourself to market your business more effectively. These include:
- What problem are you solving?
- How is your solution unique?
- What is your value proposition?
- How will you create awareness of your product/solution?
- How will you get consumers to purchase your product?
- How do you facilitate a purchase and a repeat purchase?
- How will you get customers to refer you to others?
For the full list of effective marketing questions, check out Impact Utah’s webinar on recession-proof marketing.
Also, when it comes to increasing revenue, don’t be afraid to increase prices if necessary.
“Every dollar increase in price is a dollar increase in your profitability,” Rick Papworth, Impact Utah’s managing director of finance, says.
Develop skills and master tools to lead your company through a recession and beyond
Just as a car relies on an engine to keep it running, your business has an engine that requires consistent maintenance. Specifically, Papworth says there are six areas that need to be aligned well for things to run smoothly: strategy, structure, people, work methods, lateral processes and metrics.
Without a clear strategy, you have confusion. If your structure isn’t aligned with your strategy, that creates friction. People who aren’t enabled and empowered aren’t likely to perform well.
Without standards on how to produce products, you’ll have variance. When you leave coordinating processes to chance, you get gridlock. And if your metrics and rewards don’t support your goals, you’ll have disengagement. You get the picture.
To develop the skills and tools you need to lead your company effectively, visit impactutah.org for more information.
Get the help you need
If a recession is in the not-too-distant future, there’s nothing you can do to stop it. But there’s a lot you can do to prepare for it.
Fortunately, you don’t have to try to figure things out on your own. Impact Utah can help you navigate your way through any economic climate. With full-service training, consultation services and a successful track record, you can trust Impact Utah to be a safe harbor and valuable resource. Visit impactutah.org today to learn more.
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Mercedes-Benz and TikTok are collaborating to bring TikTok into your cars. We should say up front that nothing will play unless the car is stationary, but as a solution to long waits at the recharging ports, TikTok is working with Mercedes to offer TikTok on your sat-nav screen.
Mercedes-Benz is adding a new “superscreen” to their new range of E-Class electric cars that will have TikTok integrated into the software, so that you can enjoy scrolling through your For You Page while parked. Do you scroll on a superscreen? We’ve yet to find out. Hopefully, there is a skip button.
As explained by TikTok: “From passing time waiting while stationary in your vehicle to simply enjoying a moment to yourself while your car is at rest, before heading into your destination, TikTok will be your new favorite activity when parked, delivering you a stream of videos tailored just for you. Passengers can get in on the fun too! The two screens in the vehicle run independently, so both the driver and passenger can log in to their own accounts and For You feeds.”
“From movie theaters to airplanes to billboards, we are excited to offer people new and exciting ways to experience the entertainment, joy and creativity of TikTok. This collaboration with Mercedes-Benz is an important step forward in our mission to bring the TikTok experience to new screens, venues and audiences.”
So, rather than watching your TikTok FYP on your phone, you can watch it on a screen in your car. In the meantime, marketers can enjoy the fact that they can reach potential customers even when on the road.
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