Do you find it difficult to pick a side when presented with some tough decisions to make? If so, then the 10/10/10 method is the perfect solution for you. Master this simple three-step tactic, and you will soon find it easy to make quick and correct decisions just like legendary investors, Warren Buffet and Ray Dalio.
What Is The 10/10/10 Method?
The concept of the 10/10/10 method is pretty straightforward. What it advises you to do is to ask three questions when faced with a prospect of making a choice:
- How will you feel about the decision in 10 minutes?
- How will you feel about the decision in 10 months?
- How will you feel about the decision in 10 years?
For example, suppose that you are presented with a choice to buy a refurbished vehicle within the next 24 hours at 25% discount. Now, this might entice you to buy the vehicle immediately. But at the same time, you might also be concerned as to whether it would be a bad choice. In this torn state of mind, the 10/10/10 method can offer some simple and beneficial guidance.
Ask yourself how you would feel about the buying decision in 10 minutes, 10 months, and 10 years. If you think that within 10 minutes or 10 months of spending money you might regret it, then do not go for making the investment and buying the car. Look for other options. However, if you think that after 10 years, you will not even be concerned about having spent the money, then you can consider buying it. Just make sure that the asking price is reasonable enough.
The Psychology Of Bad Decisions And How The 10/10/10 Method Helps You Overcome It
In order to understand how the 10/10/10 method works, you have to first know the psychology involved in making a bad decision. So, let us first analyze what is a ‘bad decision’.
Imagine that you are suddenly presented with an opportunity to invest in a particular stock that your broker said will double in the next 3 days. But to take advantage of it, you will need to invest the money right away. Now, the prospect of doubling the money in just three days can be so tempting that you decide to bet all your savings on the stock. Then, the unexpected happens and the stock crashes in three days instead of going up. You have lost nearly all your hard-earned money.
In the above example, the decision to invest in the stock turned out to be a ‘bad decision’. And this was something you could have avoided if you had applied the 10/10/10 method. Before investing, consider the worse possibility of losing all your money and ask yourself the following question – how you will feel about your decision to invest in the stock in 10 minutes, 10 months, and 10 years.
If you think that within just 10 minutes of betting your money, you will be fretting and worried about the possibility of losing all your savings, then do yourself a favor and refrain from making the investment. If you think that in 10 months, you will hate yourself for losing all your money, then that again is a sign that you should never invest in a stock, especially one with numerous unknown underlying risks.
And finally, if you are making a huge investment that will have an adverse impact on your life over the course of 10 years, then run away from the stockbroker and never look back. You don’t want to spend the next 10 years of your life trying to make back the money you lost from the trade.
Think about the consequences of a decision. Not just the ‘brief ecstasy’ of a hit decision. Ponder on the implications and decide whether you’ll be well off or decline. In short, train your mind to start thinking beyond the immediate result because that’s usually just based on the emotions involved at the time. While we need to take risks to succeed, learning to take calculated risks instead of reckless ones is important.
How Reading can impact your Day to Day Life?
Reading is a healthy habit, which, if practiced daily, can change your entire life around. Do you want to know why? Through Reading, one can not only gain knowledge but also stay acquainted with the outside as well as the inside world. The best thing about reading daily is to have an isolated place for yourself in your mind, where you can run off to. Most people don’t have the patience or intention to read, and that too, daily. Though this is a habit that takes time to settle in but trust me, once it does, you would never regret it. So, here is a list of reasons why you should read daily?
Why should you read daily?
- To gain knowledge
Once you start reading daily, and by Reading, it can be anything – you can read few pages of a novel, or a magazine, or newspaper, or even poetry – you would notice within weeks how much your knowledge regarding the outer world has improved. Through Reading, one can have clear information regarding the current affairs, and hence, stay updated.
- To improve your vocabulary
Through Reading, you can definitely learn new words and hence, improve your vocabulary. Most people make it a habit to learn a new word from the dictionary every day, but if you read daily, you are bound to get new words and make a list of them on a notebook with their meanings, which is definitely going to be helpful for you.
- To have a make-believe world
The most beautiful consequence of Reading is having one’s own imaginary world, where one can live a life full of magic. This is the extraordinary superpower one acquires while reading. In this busy daily life of ours, we all look for a secluded place where we can feel the essence of peace. Reading can fly you off to the imaginary land of sunflowers, daisies, and cats who can indeed talk.
- To become more attentive
Most people lack patience nowadays. Being impatient and restless has become a severe problem in today’s world. Here, Reading can help you calm your mind and improve your observation skills. It works like meditation. In no time, you would find your mind focusing on details and becoming more attentive to events, which used to go unnoticed.
- To reduce stress
Reading is similar to meditation, and hence, it definitely helps to reduce your stress. Books always have a calming effect on one’s mind. It takes you away from daily problems and stressful situations and helps your mind to gain stability. Not only it helps in reducing stress, but it also helps to decrease the anxiety levels of a person.
Everyone should make reading a daily habit. One should switch off the mobile phones, turn off the television and take some time out to read. It works wonders on one’s day-to-day life and changes one person’s entire personality. Though it can be hard at first, with time, you would cherish the moments alone, reading in a corner while your mind is flying off to Narnia.
Post-COVID: Transformation of work Culture
The environment and situation around us promote us to adapt to change. The epidemic COVID 19 has not just changed the structure of a workplace but also changed the idea of communication between individuals. Technology has become the survival kit for many organizations as they move their offices online. Applications and communication websites such as zoom, slack, Trello have become the organization’s best friends. With the fast-growing online base, the future of companies post-COVID 19, is something that needs to be considered or discussed. Work from home scenario was first seen to be frustrating but now people seem to have become accustomed to it. Hence when they do make the shift from a virtual office to a real-time office, it is sure to transform the meaning of work culture.
Working from the comfort of your bed to a flexible job timing, you log into your meeting this work from home has become the new normal. Companies have been changing the way they function, and it has been a chaotic few months for everyone due to the corona pandemic. This has made virtual offices a reality. Trying to function at times like this has been difficult, the change has been both positive and negative, while also requiring improvements. But, going back to office spaces and resuming work, would include massive changes and adjustment from both parties. Businesses would try to survive with the conditions, while the employees would be trying to adjust to the void that COVID left behind. Going back to work would be defined differently. The definition would include people coming in and out at their preferred timings, as well as for deciding how much time they want to work in proximity with people. This means that people would come into office spaces, but with their own weekly schedule and pace. Therefore a great cultural change would take place for many industries and setups. Working form home includes the dress code of wearing pajamas and thinking of comfort, which would affect the concept of dress codes in office spaces. The idea of comfort would change the dressing culture of organizations.
The culture of meetings and communication would have a different understanding among the organizations. Working with virtual mode to communicate for so many months meant adapting to it, and has become the most efficient way. The technology in real-time offices would just be a means of connection, and not requiring everyone to be in the same room. Not just this but the idea of meetings all together might be re-evaluated. Commuting ideas or messages would turn into email threads or chat rooms. Presentations could be shared online and interaction between people would remain in these mediums. Meetings defined this way would lead to co-working spaces being promoted by companies for their employees. Hence, the idea of buildings as an office space would change as the organizations would pay for their employees to use such spaces and would cut down on real estate for organizations. This would be different for different sectors of work, but nonetheless the culture of working in an office building would change.
With business comes, traveling and the idea of the same would truly change. People would be more hesitant to take up traveling, and if they do they would be more careful and take precautions. Paranoia might seep in and travel to other countries would be avoided as much as possible. Further companies might even evolve traveling, by making it online. Organizations would convert meetings in other countries online and it would seem more efficient in terms of cost as well. Post pandemic companies are going to be in a crunch in terms of finance, their idea would be to survive. The ones who adapt to change and shift with time are the ones who survive, but to survive they would try to cut the extra expenses. Survival kit would also incorporate the sacking of employees. Many companies have already started to fire employees due to the sudden downfall of the economy. Various sectors are trying to survive and keep afloat, and making difficult decisions.
Safety being a huge concern during COVID would still remain post-pandemic as well. Individuals are going to be more aware of their surroundings, and their health would be their priorities. So, when they do meet their colleagues, greetings would be different. People would be careful and social distancing would now become a part of their normal behavior. Companies too are going to take more precautions with their employees’ health. Routine check-ups would be very common, and temperatures would be checked when employees enter the buildings. When individuals open the door to enter their office they would not just be greeted by the view of their cubicles. They would also spot sanitizers placed everywhere, and trying to guess who is under the mask. Health care rules would be altered, an employee feeling under the weather would be asked to work from home. The time of the employees is monetized and hence it wouldn’t matter where they work as long as they do the required days work. Work culture would be under construction Post-COVID and only time can tell what the new look truly holds for everyone.
Tools to Find and Work With Influencers to Market Your Business
For any business to grow, marketing its products and services to the right audience is necessary. One marketing channel that many businesses seem to avoid due to ignorance is influencer marketing.
“Influencer marketing is the modern word of mouth & is eating the lunch of traditional digital media in many ways.”
In simple words, with influencer marketing, you will be using popular people with a large following on social media and blogosphere to promote your product. The outcome can be tremendously positive. Today I will help you explore how you can find influencers in your business niche and how to negotiate with them.
“Influence marketing is an art and science. The art is the crafting and creating of content that adds value to people’s lives, personally or for their business. The science is the tactics and tools of building tribes and followers on the big social networks”
The first step for using influencer marketing is finding the top influencers in your business niche. For this, you can use any of the following tools –
This is a freemium application in that you can use certain features for free but will have to pay to use its full set of features. Even with its free mode, Buzzsumo is extremely useful for marketers to identify and categorize influencers into various types, like bloggers, reviewers, trainers, beauty experts, and so on.
This will later allow you to use them appropriately for business promotion activities. In addition, Buzzzsumo is also a great tool to know what types of content is trending for a particular day or week.
If you wish to focus largely on twitter influencers, then Tweetdeck is the perfect tool for the job. While you can certainly use this tool to identify influencers that have a large number of followers, its true usefulness lies in the fact that you can also see how many Twitter lists these influencers are on.
This will allow you to accurately gauge the popularity and impact of the influencer enabling you to avoid those who have the least impact and hire influencers with the biggest reach.
This is another great tool that will help you judge the quality of an influencer. The tool will use various metrics like replies, follows, mentions, etc. of the influencer to see how impactful they are. Finally, Kred will provide a rating based on the criteria that will make it much easier for you to find top quality influencers. If you are just starting out with influencer marketing, then Kred is the tool for you.
If you do not wish to waste time on research and finding influencers, then you should try the influencer marketing software – Group High. They maintain a centralized data of some of the biggest influencers on the internet. Plus, the influencers are categorized based on different niches like sports, travel, beauty, tech, and so on. This will make influencer marketing an extremely simple process.
Working With Influencers
Once you have found the important influencers in your niche, you can start approaching and negotiating with them. For this, the following tips will be useful:
The first option is to ask the influencer to review your offering. You can allow them to use the product or service for a few days and ask them to post their honest reviews about it on their social media page. Customers always conduct in-depth research about a product they are interested in.
“95% of people trust recommendations from others over branded content, even if they don’t know them personally.”
As such, if they come across a review from an influencer they are following, then an extremely positive review may push them to choose your product. Now, it is also possible that the reviewer may not like your product. As such, you can ask them not to post a bad review but do not ask them to post a false review. It is unethical and will eventually turn against you.
If you don’t want influencers to review your product, you can negotiate with them to publish a sponsored post. Though a sponsored post might seem like a review, there is a big difference. In a review, the influencer is free to say negative things about your product. But, in a sponsored post, you will be paying them to publish a post about your brand.
“People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.”
This will ensure that there is nothing excessively negative published about your product or service. However, you have to understand that some bloggers will likely state in the post that it is a ‘sponsored post’ if they are a strict follower of the FTC guidelines. But, do not let it stop you because the exposure gained through a post by an influencer marketer is well worth the money spent.
Another way to use an influencer is through giveaways. This can be a great strategy since a giveaway allows the influencer to hold a contest for their followers with your product or service as the prize. As a result, they are very likely to agree to such arrangements.
Plus, they will also be neutral when talking about the giveaway and only mention its benefits. So, as far as you are concerned, a giveaway is the perfect tactic to get a positive mention of your product from an influencer to their numerous followers. This is essentially a win-win for both parties.
Make sure to work with the influencer to come up with a great contest for the giveaway. It should be exciting for all participants. And remember, the objective of the giveaway is to ensure that many people participate in it. So, don’t complicate the contest. Keep it simple and you are guaranteed to see a fantastic response and exposure.
Many influencers will be contributors to big media outlets that will have a reach to millions of readers. And this is an opportunity you must fully explore. In addition to posting favorable posts on social media and personal blogs, you can ask the influencers whether they are willing to publish a post about your product or service on the website in which they are a contributor. Or you can ask them to let you write a guest post on their blog.
Now, do not have any expectations of how much exposure you will receive in such posts. After all, they are publishing to a third party website and will usually have to contribute a useful piece of content. The best they can possibly do is mention your product or service briefly. But, considering the exposure the article will provide your brand, this is a good marketing strategy that you must definitely try out.
In today’s times, social media is a life-changing tool for small businesses. The plethora of platforms available at our disposal to use – to benefit us and our businesses in ways that didn’t seem possible before – offers a huge opportunity to engage with a community of prospects at a fraction of the cost.
“Influencer marketing is something to pay attention to. We’re used to influencers being people like the Kardashians, but we all have our Kardashians at our events. These people are called micro-influencers and they can have a large impact when used strategically.”
Influencer marketing lets you tap in on a community of people who can be potential customers. The right influencer can allow you to gain many prospects. It is important to learn what works for the current times, and influencer marketing doesn’t seem to be going away anytime soon so you might as well use the opportunity to the fullest.
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