It is often said that family businesses struggle to survive beyond the third generation. In fact, according to a PwC study, only 12% of family businesses succeed into the third generation. This harsh reality highlights the importance of laying solid foundations that allow entrepreneurs to establish a true business legacy for their descendants.

A recent survey by Wise Advice revealed that 88% of millennials would like to follow in the footsteps of their entrepreneurial parents. However, only 54% feel they have the mindset and skills necessary to successfully run a family business. This gap can be a major challenge for generational continuity.

So, how can founding entrepreneurs build a family business that endures across multiple generations? Here are some key strategies:

Solid Succession Planning

Having a clear and well-structured succession plan is crucial. Identify potential successors early and prepare them by training them in all aspects of the business. According to the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Family Business Survey, companies with a robust succession plan are 32% more likely to continue operating after the third generation.

Professionalization and Governance

As the business grows, it is critical to separate ownership from management and implement a corporate governance structure. An independent advisory board and clear family policies can prevent disputes and ensure objective decision-making. The Family Firm Institute found that family businesses with external boards grow 37% faster.

Entrepreneurial Values and Mindset

Beyond imparting technical knowledge, it is key to instill the entrepreneurial mindset, work ethic, and core values in new generations from an early age. Involve them in the business, let them live the entrepreneurial passion, and serve as mentors.

Evolution and Innovation

Successful family businesses are those capable of evolving, adapting, and reinventing themselves with each generation. According to a Deloitte study, 58% of companies that survive three or more generations implemented significant strategic changes. Continuously innovating, adopting new technologies, and listening to younger generations is crucial.

The path to a true entrepreneurial legacy is not easy, but with planning, proper structures, solid values, and an innovative mindset, family businesses can become multigenerational dynasties of success.

In today’s business landscape, where data is the fuel that drives decision-making, having business intelligence (BI) and data visualization tools has become essential. These powerful solutions allow for the transformation of data into valuable information and present it in a visual and interactive manner, facilitating the identification of key patterns, trends, and insights.

Power BI (Microsoft)

Power BI is Microsoft’s business analytics suite, designed to transform data into interactive visual reports and attractive dashboards. This tool allows connection to a wide range of data sources, from spreadsheets and databases to cloud services and on-premises applications. With Power BI, users can create custom reports, dynamic dashboards, and robust data models, all with an intuitive and user-friendly interface.

Tableau (Salesforce)

Tableau is a market-leading data analysis and visualization platform, known for its focus on user experience and powerful visualization capabilities. This tool allows users to explore and analyze data intuitively, creating interactive dashboards and engaging visualizations with just a drag and drop. Tableau integrates with a wide variety of data sources and offers both cloud and on-premises options.

Qlik

Qlik is a data analytics platform that combines data visualization, associative intelligence, and ad hoc analysis. Its approach focuses on the ability to freely explore data and make discoveries through interaction with visualizations. Qlik stands out for its in-memory analytics engine, which enables fast performance, and its ability to combine and analyze data from multiple sources.

Zoho Analytics

Zoho Analytics is a cloud-based business intelligence and data analysis solution, designed to help businesses make informed decisions. This tool offers a wide range of functionalities, such as custom reports, interactive dashboards, predictive analytics, and artificial intelligence features. Zoho Analytics integrates closely with other applications in the Zoho suite, providing a comprehensive solution for business needs.

The Importance of KPI Dashboards

In the context of business intelligence, KPI (Key Performance Indicator) dashboards are an essential tool for strategic decision-making. These visual panels condense critical information from different sources into one place, providing a clear and up-to-date overview of an organization’s key performance indicators.

KPI dashboards allow business leaders and decision-makers to continuously monitor key metrics in real-time, such as sales, revenue, costs, customer satisfaction, and productivity. These interactive panels not only present data in an attractive and easy-to-understand manner but also allow for deeper exploration and analysis of information through features like drill-downs, filters, and custom visualizations.

Moreover, KPI dashboards facilitate communication and collaboration by enabling access and sharing of relevant information across different departments and levels of the organization. In this way, they foster a data-driven decision-making culture where all stakeholders have access to the same updated and accurate information.

Integration with Databases

A key feature of these business intelligence tools is their ability to integrate with a wide variety of data sources, including relational databases, NoSQL databases, data warehouses, and cloud sources. Some of the most common integrations include:

• SQL databases: SQL Server, Oracle, MySQL, PostgreSQL, etc.
• NoSQL databases: MongoDB, Cassandra, Couchbase, etc.
• Data warehouses: Snowflake, Amazon Redshift, Google BigQuery, etc.
• Cloud sources: Google Analytics, Salesforce, Marketo, etc.

These integrations allow BI tools to access, combine, and analyze data from diverse sources, providing a unified and comprehensive view of business information.

Requirements

While business intelligence and data visualization tools are powerful and offer numerous benefits, they also have certain requirements that must be considered:

1. Adequate infrastructure: Depending on the chosen solution, it may be necessary to have specific hardware and software resources, such as servers, storage, and licenses.
2. Staff training: To fully leverage these tools, it is crucial to invest in training and skill development for end-users and data analysts.
3. Data quality: BI tools can only be as good as the data they are fed. Therefore, it is essential to have robust data management processes and ensure data quality, integrity, and consistency.
4. Data governance: As more users access and use data, it becomes crucial to implement data governance policies and controls to ensure security, privacy, and regulatory compliance.
5. BI strategy: Before adopting a BI solution, it is fundamental to define a clear strategy that aligns the tool’s implementation with the organization’s business objectives and requirements.

In summary, business intelligence and data visualization tools like Power BI, Tableau, Qlik, and Zoho Analytics are powerful allies for businesses seeking to make informed, data-driven decisions. These solutions allow for the transformation of complex data into valuable information and present it in a visual and interactive manner, facilitating the identification of insights and strategic decision-making. With proper integration with databases and necessary requirements met, these tools can drive business success in an increasingly data-oriented environment.

In this article, I will share a digital transformation experience during my work at the digital marketing agency, Hostswt. I will explain the importance of CEOs, General Managers, or Business Owners receiving training in Digital Marketing.

Initial Situation

A multinational technology hardware company in Colombia contacted us: They had been financially supporting digital strategies for their distributors for several years without obtaining results. It was a complex case because we had to investigate what had been happening or how those funds were managed previously.

Situation analysis

• We detected a high level of digital ignorance at the Managerial level in this market niche. The day-to-day work consumes all working time, leaving no time to think strategically or for training.
• Internal personnel were poorly qualified for digital activities, or alternatively, more qualified companies lacked clear directives.
• Meetings at the level of Digital Strategies where management or business owners were informed about what would be done, without a counterweight who had the knowledge to debate strategies, define or request other KPIs, for example.

Set Objectives

• Identify the top 15 national Distributors with a digital presence.
• Train General Managers and Business Owners of these Distributors with our Digital Marketing for Managers program.
• Train internal staff with our Digital Marketing for Community Managers program.
• Define KPIs to monitor this program.
• Use the results obtained to demonstrate to Management the importance of looking towards the digital area.

Strategy and results

1. Meetings were coordinated where time requirements and commitment to the investment were explained, and from this point, 15 companies were selected.
2. A complete digital analysis was performed for each one, and each was given a detailed report of everything they were doing correctly and where they had potential improvements.
3. At this point, a Digital Marketing for Managers training program began. They were taught key terms, strategies, the importance of digital planning, sales funnel, definition of KPIs (importance and meaning of each), control of digital investment budgets. Additionally, how to monitor their website’s indexing on the internet, if the SEO was correct, which campaigns were active, and what was the conversion rate of each.
4. The training program for Community Managers began, where they were trained to make all modifications to the website or social networks according to the Marketing for Managers training plan.
5. The defined KPIs were: website indexing, SEO strategy, Sales funnel, and conversion rate to sales.
6. The process with each Distributor lasted approximately 2 months, and indicators were followed for the next 9 months. The result was an increase in the digital sales conversion rate, improved positive customer ratings, and increased website visits. At the sales level, the increase made the competition contact us to develop similar strategies with their distributors. It was a total success, but the pandemic arrived, and we couldn’t start with this second technology multinational.

Conclusion

Nowadays, we consider it important for General Management to have basic knowledge of Digital Marketing. This provides them with support to develop high-level conversations with their digital departments or, if it’s an outsourced department, even more reason. It’s necessary to have a digital route and strategy, where every dollar invested is fully substantiated and management indicators can be defined. To achieve this, Management must be able to have high-level conversations and debate strategies and results, given that they are talking about the company’s future permanence.

In this article, I’ll share a digital transformation experience during my work at the digital marketing agency, Hostswt. I’ll explain the importance of developing a comprehensive digital strategy to achieve the set objectives.

Initial situation

Dr. Alvaro Serna approached us because the healthcare provider (EPS) where he had worked for many years closed its doors, and he hadn’t felt the urgency to boost his private practice. At this point, he found himself needing to increase patient visits to his private consultation somehow to balance his income.

Situation analysis

• Dr. Serna’s (a gynecologist-obstetrician) digital presence was non-existent, with neither a website nor social media accounts.
• He had an assistant in his office whom we could train to support the strategy implementation.
• Dr. Serna was available and supportive in achieving the set objectives.
• Competition from other doctors at the digital level.

Set Objectives

1. Urgently develop a simple yet visually appealing website that would generate trust. Develop an SEM and SEO strategy for this website.
2. Create an Instagram account to develop digital campaigns.
3. Position Dr. Serna in the top search results for gynecology in Bogotá, especially in the surroundings of his well-located office.

Strategy and results

1. Upon finalizing the website, we proceeded to generate a keyword map based on collaborative work to define the services he wanted to promote in his practice. These were used to generate an SEO strategy in the articles created and on his website. Aggressive SEM campaigns were launched to start appearing in search engines. The aggressive investment lasted 6 months, and from this month onwards, it began to decrease until maintaining a stable budget.
2. On Instagram, equally aggressive campaigns were developed to attract potential patients.
3. The doctor’s reputation was leveraged to start requesting recommendations and comments on Google My Business (now managed by Google Maps), and patients visiting his office were asked for their support in leaving comments on this platform.
4. After 7 months, the doctor was already appearing on the first page of search results for gynecologists in Bogotá, in addition to being ranked first according to Google My Business. By the 9th month, he was in the top 3 positions for the keywords we had defined.
5. His consultations increased by 70%, with a type of patient that generated less stress for him. This was reflected in his income.

Conclusion

It’s important to have an SEO strategy so that when money is invested in internet advertising, this investment doesn’t disappear. Similarly, it’s necessary to have a budget for SEM to invest in social media or direct traffic to the website. In this case, it was crucial to generate a potential customer flow map to visualize Dr. Serna’s reputation, read comments from other patients, and lead them to write via WhatsApp or call his office to request a medical appointment. A similar comprehensive digital strategy was developed with Dr. Jennifer Hernandez (Pasto, Colombia), obtaining similar results.

Dr. Serna, unfortunately, passed away during the pandemic, being a great human being and leaving a legacy to all who knew him, patients, friends, and family.

In this article, I’ll share a significant experience from my time at Canal Digital, a wholesaler dedicated to hardware commercialization, venturing into the renewable energy sector with a line of electric motorcycles. I was contacted by a former boss to support them (for a period of one year) in developing the marketing and brand positioning strategy, as they hadn’t achieved this. A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis approach and its interpretation were key to our success.

Initial situation

Upon joining Canal Digital, the electric motorcycle line was the least profitable in the company, with high volumes of inventory and spare parts, and average monthly sales of 3 or 4 vehicles. Additionally, the market for these vehicles in Colombia (in 2017) was immature. A detailed SWOT analysis was necessary.

Situation analysis (SWOT)

I conducted an in-depth analysis of Aima’s situation in Colombia and the electric vehicle sector:

• Weaknesses: We had a limited national presence, few and small distributors, and prices above the market average.
• Opportunities: A virgin market, legally they didn’t need vehicle insurance (mopeds) – this changed in mid-2017. A need was detected in some energy trading companies in certain regions.
• Strengths: We had German motors (Bosch), attractive motorcycle models, and trained personnel to develop and support strategies.
• Threats: Companies like Auteco entering this market with a very extensive and consolidated national presence, high and restrictive financing for this market niche.

Set objectives

1. Negotiate with financing companies to offer alternatives to the end customer.
2. Study alternatives to avoid abandoning the small distributors who trusted the brand.
3. Identify market niches that would provide competitive advantages.
4. Leverage our strengths to compete in the market.

Strategy and results

After conducting a deep market analysis, I detected an opportunity with energy trading companies. I identified one in particular, and we found that they had a requirement to increase energy consumption in their regions and care for the environment. We identified the right people and sought a meeting space to present them with an alternative. I managed to secure a meeting with EEP to present our project, which aligned with their strategy to increase energy consumption and clean mobility in Pereira, Colombia. In that meeting, we presented our proposal and listened to their concerns, which were primarily two: issues with spare parts, after-sales service, battery recycling, and safety (Colombia is among the top countries worldwide for motorcycle accident fatalities).

After this meeting, we had 2 weeks until our next one. During this time, we developed an e-commerce platform for spare parts (1,000 references), a virtual training in defensive motorcycle driving (speeds not exceeding 45 km/h), an after-sales training program for EEP personnel, and a program for receiving defective batteries or those needing replacement.

In the following meeting, we presented our more consolidated project, and we won, over companies like Auteco, the exclusive representation for motorcycle sales in their region. With an additional advantage: EEP would finance the mopeds for their customers through the energy bill. This way, we covered all the details identified in the previous analysis. We increased monthly sales by more than 1500%, with very accessible and direct financing with EEP. Additionally, we conducted marketing campaigns directly with their MEEP line (we as a white label).

We worked very closely with EEP, supporting them step by step, becoming strategic partners. At the level of small exclusive AIMA distributors, they were allowed to market other brands.

My work lasted a year, and Canal Digital continued with the commercialization, leaving doors open with EDEQ and EPM.

Conclusion

The proposed strategy was risky but yielded incredible results. We went from being the last line in terms of revenue to being the 2nd in that period. The profit margins on motorcycles were higher than those on hardware sales. A successful negotiation won us this exclusive representation process as a white label. In addition to lacking resources for marketing or sales strategies on this regions. Having a 360-degree vision with a SWOT analysis was key. Below, I share some of the achievements.

In this article, I’ll share a significant experience from my time at Arara, a company dedicated to capturing first-party customer data in physical spaces in exchange for internet access, following the display of a digital ad. This experience underscored the importance of focusing on customer expectations regarding the service or product they receive—in essence, the importance of Customer Success service.

Initial situation

Upon joining Arara, I faced challenges in acquiring clients and encountered resistance from some distribution channels (integrators or Telcos), directly impacting the company’s commercial area. I was tasked with commercially developing the region.

Situation analysis

• I detected a low connection rate on the platform that delivered results to clients.
• There was a distant relationship with some distributors of our solution (integrators, telcos, among others).
• Customer Success meetings were difficult to schedule, and attendance was very low.
• There was a deficiency in the results delivered by the Customer Success team.
• Low renewal rate or difficulty in achieving customer renewal.

Set objectives

1. Ensure that integrators, telcos, and other distributors wanted to work with us and sought us out, not vice versa.
2. Increase the connection rate of end clients to the data platform and boost attendance at results delivery meetings.
3. Be viewed as a strategic partner, not just a service provider.
4. Increase the renewal rate to make it a simple process.

Strategy and results

1. Complete and immediate restructuring of the Customer Success service (with management approval). I took the lead along with the people who were in charge at the time. The first activity was to conduct in-depth analyses of the captured data and use it to create reports. For example: fully segmented customer visit frequencies, ROI, carbon footprint reduction, which video or image campaign was yielding more results and conversions, review of terms and conditions in the legal area for habeas data, and even recommendations on big data usage and commercial strategies, sales, loyalty, omnichannel, among others.
2. Request meetings for results delivery. Here, the first step was to introduce myself, highlight my professional experience, and begin presenting results with the same person(s) who had been attending these meetings. This created a stir internally among end clients and our distributors. Meetings went from 1 or 2 attendees to having up to 15 people (from areas such as legal, marketing, customer success, business intelligence, commercial, sales, digital transformation, among others). We achieved highly interactive meetings where they asked for more support. We moved from a quarterly frequency to a monthly one (requested by end clients).
3. In this way, we transitioned from being a provider to a strategic partner. By channeling all meetings through our Distribution channels, they also improved their relationship with end clients. They started inviting us to more bidding processes.

Conclusion

The proposed strategy resolved several deficiencies and directly impacted the company’s sales levels, brand presence, and reputation, demonstrating the importance of focusing on customer expectations to provide an exceptional service or product. Furthermore, the renewal rate increased considerably.

Months later, we managed to close two very large deals (worth several million dollars), one with the largest bank in Peru alongside Telefónica, and another with the Government of Paraguay and Logicalis.

Thanks to the great team and coworkers

Entrepreneurship, a fascinating and challenging journey, is shaped by a diversity of motivations, skills, and personalities. Delving deeper, we find a wide spectrum of entrepreneur types, each with unique characteristics that define them and drive them towards success in their business ventures.

Visionary Entrepreneurs are individuals with a burning passion and a clear vision of what they want to achieve. They’re constantly seeking innovative solutions and are adept at efficiently solving challenges. However, their greatest risk lies in dispersing their energy across multiple ideas without concretizing any.

On the other hand, Necessity or Social Entrepreneurs are motivated by a more altruistic drive: transforming the world and making a positive difference in people’s lives. They identify social or market needs and are committed to addressing them with empathy and solidarity.

Persuasive Entrepreneurs stand out for their charisma and leadership skills. They have an innate ability to attract collaborators and motivate others towards a shared vision. Their influence is key in building strong, committed teams.

In contrast, Investor Entrepreneurs are those with available capital who choose to finance new projects rather than lead them directly. Their financial contribution is essential in driving innovation and growth in the business world.

Specialist Entrepreneurs, conversely, are experts in their field with solid technical knowledge. They prefer to work individually, relying on their specialized skills to drive their projects forward. However, they may face challenges in recruiting and collaborating with others due to their individualistic approach.

Sometimes, entrepreneurship arises fortuitously, as in the case of Accidental Entrepreneurs. Despite starting their business journey without prior planning, they can find unexpected success in this unforeseen adventure.

Finally, Intuitive Entrepreneurs trust their instinct to guide them through creation, implementation, and achievement of goals. They’re quick to adapt to changes and make decisions grounded in their intuition and experience.

Understanding our personal motivation as an entrepreneur is crucial in charting a clear route to success. By identifying our entrepreneur type and capitalizing on our strengths while addressing our weaknesses, we can advance with determination towards our business goals.

The question of whether you need a website to attract more customers to your business doesn’t have a one-size-fits-all answer. It depends on several crucial factors: the type of business, your customer profile, sales prices, commercial strategy, profit margins, and whether you offer products or services.

In today’s digital era, there are various alternatives for establishing an online presence. However, this alone doesn’t guarantee an increase in customers, sales, or patients (in the medical sector). It must be accompanied by a robust digital marketing strategy, SEO (Search Engine Optimization), or SEM (Search Engine Marketing).

For instance, for a local business where customers primarily come from your neighborhood or community, and you sell tangible products or services, a portion of your customers might find you online. In this case, Google My Business could be sufficient, supported by a social media presence on platforms like Facebook or Instagram. You’ll be able to display contact numbers, photos, location on Google Maps, products, and even a free landing page. It’s recommended that the setup of Google My Business be done by an experienced person or by following online tutorials. Additionally, an SEM strategy could be beneficial.

On the other hand, if your business extends beyond the local scope and offers digital services, it’s highly likely that you’ll need a website (after a cost-benefit analysis). If you have a physical office or point of sale, this strategy should be combined with a presence on Google Business for better results. The advantage is that everything is measurable: investment and return on investment.

In conclusion, not all businesses need a website. It’s necessary to analyze each case individually and have a defined strategy before taking a step. This will save money, time, and effort, and will align with expected results. Some businesses can increase their sales with WhatsApp Business, Instagram, or a website. The key is to evaluate and propose the most appropriate particular strategy.

In today’s increasingly dynamic and competitive business landscape, customer evolution is a constant phenomenon. As customers gain access to more information, their profiles become more demanding and sophisticated. Moreover, each new generation of customers brings unique characteristics, underscoring the need for businesses to continually adapt and evolve to remain relevant in the market.

In the digital era, customers have unprecedented access to information about companies and their practices. They can learn about aspects such as environmental commitment, corporate social responsibility, employee treatment, after-sales service, delivery times, and much more, all without physically interacting with the company. This transparency of information plays a crucial role in the modern customer’s purchasing decisions.

In this context, it is essential for businesses to develop robust digital strategies to ensure an effective online presence and adapt to their customers’ changing needs. These strategies must be tailored to each company’s characteristics, regardless of its size or sector. Not all businesses need an e-commerce platform or a presence on every social media channel. The key lies in deeply understanding the market niche, the target customer, and evaluating the available needs and resources to develop a short, medium, and long-term digital strategy.

The recommended digital strategies to implement will depend on the sales volume, revenue, and human resources available in each company. Some digital activities can be managed internally if the team possesses the necessary knowledge and skills. Other areas may require training or hiring external experts.

In this regard, digital consultancies play a pivotal role. During these consultancies, a comprehensive assessment of the company’s current state, needs, and digital objectives is conducted. Personalized strategies are developed, and guidance and training are provided as needed. Digital consultancies are highly effective, offering tangible results from the outset by leveraging existing information and resources within the company.

In conclusion, it is crucial for businesses to approach their digital presence strategically and proactively to adapt to the constant evolution of customer profiles. Accompanied by trained personnel, with a customer-centric focus and a robust digital strategy, companies can take firm steps in the right direction in the current digital environment, thereby avoiding wasted time and resources on ineffective strategies.