Paige Arnof-Fenn of Mavens & Moguls: 5 Things You Need To Know To Create A Highly Successful E-Commerce Business
An Interview With Jerome Knyszewski
You do not exist today if you cannot be found online. It is important to establish an authentic brand voice on social media. Your online presence is an extension of your brand so it must align with other brand messaging and be consistent to help you differentiate from your competitors. It should look and sound like you and the brand you have built. Whether yours is polished or more informal, chatty or academic, humorous or snarky, it is a way for your personality to come through. Everyone is not going to like you or hire you but for the ones who would be a great fit for you make sure they feel and keep a connection and give them a reason to remember you so that when they need your help they think of you first. It can dilute your brand and damage your reputation if you get sloppy or spread yourself too thin and do not monitor your online presence in real time.
As part of my series about the “5 Things You Need To Know To Create A Highly Successful E-Commerce Business”, I had the pleasure of interviewing Paige Arnof-Fenn.
Paige is the founder & CEO of global marketing and digital branding firm Mavens & Moguls based in Cambridge, MA. Her clients include Microsoft, Virgin, venture-backed startups as well as nonprofit organizations. She graduated from Stanford University and Harvard Business School. She is a popular speaker and columnist who has written for Entrepreneur and Forbes.
Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I did not plan on starting a company. I always wanted to go work for a large multi-national business and be a Fortune 500 CEO. When I was a student I looked at leaders like Meg Whitman & Ursula Burns as my role models. I started my career on Wall Street in the 80s and had a successful career in Corporate America at companies like Procter & Gamble and Coca-Cola and worked at 3 different startups as the head of marketing.
What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?
I took the leap right after 9/11 when the company I worked for cut their marketing. I had nothing to lose. Being an entrepreneur provides me a platform to do work I truly enjoy with and for people I respect. I get to set my priorities, I have time to travel and hang out with my inner circle, and work out every day. It has been a journey to get here but I am lucky to have found it. I love the autonomy, flexibility and the fact that I know every day the impact that I have on my business. When I worked at big companies I always felt the ball would roll with or without me, that if I got hit by a bus someone new would be in my office right away. Now my DNA is in everything we do and I can trace every decision and sale to something I did or a decision I made and that is incredibly gratifying and fulfilling. Like most entrepreneurs, I am working harder and longer than ever and I have never been happier. Working for yourself and building a business you started in incredibly rewarding and gratifying. It has been a lot of fun, I joke that I am the accidental entrepreneur. I knew I had made it as an entrepreneur when Harvard wrote 2 case studies on my business a few years after I started it, we were very early to pioneer sharing resources on the marketing front (before my company it was really only done with HR, legal and accounting/finance).
Can you tell us a story about the hard times that you faced when you first started your journey? Did you ever consider giving up? Where did you get the drive to continue even though things were so hard?
Never! To be successful today you must be resilient because you get knocked around often so you have to be able to keep getting back up and trying again with enthusiasm and energy. A lot of people tell you no (investors, board, customers, candidates, etc.) so if you are easily daunted or do not have thick skin you will not last long in my experience. A good sense of humor goes a long way too but without resiliency you will not survive in business today. It makes the biggest difference between success and failure I think because the road is always bumpy and you know you will have to overcome obstacles along the way. I stay motivated because I get excited solving problems and helping people. I have always loved fixing things and helping out where I can. I am naturally curious and get energized talking to people so when I meet interesting people it is just natural for me to ask a lot of questions and when I hear about things that they are dealing with where I can be helpful I want to roll up my sleeves and jump in. It’s just how I am wired I guess. I love the challenge of cracking the code to see what works. More challenges create more opportunities!
So, how are things going today? How did your grit and resilience lead to your eventual success?
We have had a few delayed projects but only one client has stopped a project in process but several projects have slowed, everyone is still on board knock wood. For professional service firms like mine we will recover even if our revenues slow from the crisis. This crisis reminds us that we have always needed each other and we have learned that everyone is struggling right now to find a new normal so the key is to show our humanity and compassion while we look out for one another. With Zoom, social media, cell phones, etc. we see that technology does not have to be isolating it can be used to build our real-world communities and relationships too! When this crisis is over if my husband and I remain healthy and have stayed tight with our inner circle of people who mean the most to us and we all find a way to incorporate the lessons of gratitude, simplicity, friendship and love into the new normal I will be incredibly happy that we did not waste the crisis.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘takeaways’ you learned from that?
It can be hard to laugh at mistakes but looking back I remember one week early on when I had 3 or 4 talks lined up over a couple of day period so I went from one evening event to a breakfast the next morning to a lunch and evening talk the following day. I enjoy public speaking and get a lot of referrals and business that way. The morning after my final speech I showed up at a meeting with a prospective client along with a few of my colleagues and I realized I was completely out of business cards. I was so embarrassed and my team laughed at me since I always remind them it is important to be professional and prepared all the time. I ended up sending a handwritten thank you note to the prospect with my card enclosed and we won the business so I turned my mistake into a good outcome plus I have never run out of business cards again! It is a great lesson in the power of humility, resilience, persistence, manners and having a sense of humor.
What do you think makes your company stand out? Can you share a story?
Our name really sets us apart it think For my company when I started the firm I jokingly referred to the women as the Marketing Mavens & the guys as the Marketing Moguls & for short I called them Mavens & Moguls as a working name but never expected it would stick. I did research over e-mail with prospective clients, referrers, media, etc & tested ~100 names. Mavens & Moguls was one choice on the list & to my great delight & surprise it came out as a clear winner. It has helped us be memorable and stand out from the pack. Because I have a hyphenated last name half the battle is for clients to be able to find you when they need your help. I have had clients tell me they could not remember anything other than my first name & one word of my company so they googled Paige & Mavens and we popped right up. I was at an event one day and a venture capitalist started waving in my direction and shouted “hi Maven!” across the crowd, everyone looked my way and we ended up getting introduced to a portfolio company that hired us! Names contribute to your brand and in our case I think it has been a major plus. Maven is Yiddish for expert and a Mogul is someone of rank, power or distinction in a specified area. I like the alliteration and I think it sets us apart from other consulting firms. It shows a little personality & attitude and implies we do not take ourselves too seriously. Would you rather hire “Strategic Marketing Solutions” or Mavens & Moguls? We are the “not your father’s Oldsmobile” of marketing firms. If nothing else our name is a great conversation starter and getting into a conversation is all it takes to open a door.
Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?
Like most small business owners and entrepreneurs there are never enough hours in the day to fit everything in so when something has to give it is usually time I have allocated for myself to exercise or just relax. A mentor once told me and I have come to appreciate and realize is that to stay sane and be successful “me time” is not a luxury or pampering, it is maintenance! The mentor shared that respecting my time on the calendar and taking myself as seriously as I take my most important clients is the least I can do for self-care because if I am not at my peak performance I am not going to be useful to anyone else either, specifically I have encouraged my team to:
Give yourself permission to say no. Whether it means sleeping in (no to an alarm clock), meditating, taking a walk, or just turning off my phone and computer (no I will respond later on my own schedule), simple acts of letting myself relax and enjoy the moment are the very best gifts I can give myself. You can fill a calendar to stay busy but what matters most is having impact on people’s lives and that has nothing to do with volume of activity, it is about touching people in meaningful ways which may mean being less busy not more.
Disconnect from technology periodically and focus on cultivating human, face to face relationships (when not social distancing). Even meeting for virtual coffee or drinks can accomplish so much more than e-mail exchanges, social media posts, etc. and it is a great way to get to know people better, their interests, hobbies, and dreams. I have found that building relationships is what drives my business and technology supports them once they are solidified. Technology helps advance the conversation but it will never replace the human interaction that builds trust over time. I used get out of the office 3–5 days a week which was a great way to stay connected, shake up my routine and get going before the virus hit.
Taking breaks with exercise — I do something active every day to stay healthy and break up my day.
Practice gratitude — I am so grateful I can work productively in my home office now with no commute.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
I have been so fortunate to have great mentors, champions and role models throughout my career including former bosses, my father, senior women in organizations where I worked but the person who has always encouraged and supported me as an entrepreneur and has my back every day is my husband. He started a company too so understands the journey of an entrepreneur and has been my sanity check and thinking partner every step of the way. He is both a cheerleader and butt kicker depending on the situation and I trust his judgment and advice because I know he always has my best interests in mind. I am very fortunate to have him in my corner.
Ok thank you for all that. Now let’s shift to the main focus of this interview. The Pandemic has changed many aspects of all of our lives. One of them is the fact that so many of us have gotten used to shopping almost exclusively online. Can you share a few examples of different ideas that eCommerce businesses are implementing to adapt to the new realities created by the Pandemic?
These trends should be considered and incorporated into your e-commerce plans:
* Live video will grow in importance — live streaming is available on every major social media platform and it is only getting bigger to hook in users with short attention spans, in a mobile first world, you have less time to grab people, attention spans are shorter than ever so video will be used even more, show don’t tell for maximum impact, rich content drives engagement.
* Mobile e-commerce will grow in importance and mobile payments will become the standard so if your customer experience is not mobile friendly already you better get with the program fast.
* Consumers expect same day/quick delivery and will buy more and pay more for that convenience it is becoming the price of entry to be competitive so small businesses will need to be creative here.
* Interactive marketing soars — to encourage purchasing brands will drive engagement even more with polls, surveys, quizzes, contests, interactive videos, etc. to grab audience attention even quicker.
* AI-powered chatbots cut costs and convert visitors into leads by encouraging themed content to answer FAQs with voice search friendly semantic keyword phrases, is your content strategy ready?
* More confidence in trusted content, friends and influencers than advertising — the world has been moving this way for years with people seeking their friends’ and influencers’ opinions and advice online on what to buy, where to go, and what to do more than a paid ad or fancily packaged content. Customers are savvy today they are happy to buy what they want and need but they do not like to be sold things. Curated content and ideas from a trusted source beat paid content every time. Partnering and building relationships with the right influencers with content that is co-created helps brands scale and grow faster and amplify and boost their message.
* Authentic relationships beat marketing automation — technology runs our lives more than ever but it is relationships that drive business and commerce so people will find more ways to connect in person to build trust and strengthen connections. Make sure you offer several ways to talk with them and get to know them. Algorithms can only tell you so much about a customer, transactions are driven by relationships. Use automation where you can but do not ignore the power of the personal touch.
Amazon, and even Walmart are going to exert pressure on all of retail for the foreseeable future. New Direct-To-Consumer companies based in China are emerging that offer prices that are much cheaper than US and European brands. What would you advise retail companies and eCommerce companies, for them to be successful in the face of such strong competition?
Consumers have new ways of validating quality, utility, uniqueness, and value via social media, reviews, peers, and transparency so fewer brands will be meaningful at scale. For companies like Amazon, Google and Facebook that can leverage network effects the cost of customer acquisition will actually decrease with growing scale but for small businesses I predict the cost of customer acquisition will grow so social and text messaging will become more important as data and trust become a currency of great value.
What are the most common mistakes you have seen CEOs & founders make when they start an eCommerce business? What can be done to avoid those errors?
I think we covered some of it but ignoring any of these strategies is a big mistake so I recommend incorporating the following into your plans:
* Websites must be optimized for voice search
There are always new shiny objects in marketing to distract you, social media and technology are 24/7 but SEO is here to stay whether it is via Google or voice. You get one chance to make a great first impression so if you want to improve the impression you are making and give your business a boost make sure your site is optimized.
* Content quality and length matter for rankings
Web pages that contain long high quality content get more visibility and shares so becoming that trusted source and influencer with timely and helpful answers to questions gets rewarded quickly. Search engines notice when sites publish consistently and can see how long people stay so building a strong reputation as a site that informs and educates pays off in higher organic search results too. Users are savvy and can tell if content is too salesy or self promoting which gets ignored.
* Mobile UX determines your ranking
In a mobile first world, you have less time to grab people, attention spans are shorter than ever so video will be used even more to boost rankings, show don’t tell for maximum impact, rich content drives engagement, traction and growth. The world is moving to mobile first or mobile only, fewer people accessing web on big screens so everyone is tailoring their site, message and content accordingly. More people watch videos than TV now so adding video to your site and using the right keywords for video descriptions and headlines will insure you do better in searches too.
In your experience, which aspect of running an eCommerce brand tends to be most underestimated? Can you explain or give an example?
Social media and technology are 24/7 it is easy to get sucked into it but you do not have to let these things run your life! My advice is to pick a few things you enjoy doing and do them really well. You cannot be everywhere all the time so choose high impact activities that work for you and play to your strengths. I recommend staying close to people who already know and love you, not buying lists for new customers. Everyone is not going to like you or buy from you but for the ones who would be a great fit for you make sure they feel and keep a connection and give them a reason to remember you so that when they need your product or service they think of you first. If your customers are not looking for you on Facebook, Twitter or Instagram then find the platforms where you can stand out.
Can you share a few examples of tools or software that you think can dramatically empower emerging eCommerce brands to be more effective and more successful?
Using SEO and SEM together is ideal as main search engines are constantly changing their algorithms for rankings so stop thinking of SEO and SEM as rival forces. When used together they are complementary services that help boost your marketing strategy and increase brand exposure. The key is to build brand awareness and trust in your brand or business which begins by getting your business name to appear in prospect’s searches. Seeing your brand name appear twice, both on organic and on paid results, creates more brand awareness and intensifies your businesses’ trustworthiness. Research shows that if there are two brands that have apparently the same products, people will be more likely to choose the one they are familiar with. When a brand is shown in organic results alone it only gets 60% of clicks, whereas a brand that appeared in both organic and paid search results, attracts 92% of total clicks. When paid listings are shown beside organic, the click-through rate of paid ads increases. This means that clicks increase for both organic and paid listings when they are both featured and do not detract from each other.
As you know, “conversion” means to convert a visit into a sale. In your experience what are the best strategies an eCommerce business should use to increase conversion rates?
To improve e-commerce conversions, websites must be optimized for voice search. Voice user interface allows users to interact with websites through voice commands so it adds usability and functionality to your site making it accessible to all users including those with limitations and disabilities. It is not just about complying with the ADA, responsible web design and corporate social responsibility goals but it is also good for the bottom line by reaching a broader audience especially now with the virus Inclusion is the right thing to do and it is good for business. One key trend to address and tackle to grow your audience today is that smart speakers and voice search are growing in importance so being able to optimize for voice search will be key to maximize the marketing and advertising opportunities on Siri, Alexa, Google Home, etc. Brands that perfect the “branded skill” with more customer-friendly, less invasive ads are going to win big. Are you prepared when customers ask for help like “Alexa who has hi def TVs on sale?” If not you are missing a big opportunity! There are always new shiny objects in marketing to distract you, social media and technology are 24/7 but SEO is here to stay whether it is via Google or voice. You get one chance to make a great first impression so if you want to improve the impression you are making and give your business a boost make sure your site is optimized.
Of course, the main way to increase conversion rates is to create a trusted and beloved brand. Can you share a few ways that an eCommerce business can earn a reputation as a trusted and beloved brand?
You do not exist today if you cannot be found online. It is important to establish an authentic brand voice on social media. Your online presence is an extension of your brand so it must align with other brand messaging and be consistent to help you differentiate from your competitors. It should look and sound like you and the brand you have built. Whether yours is polished or more informal, chatty or academic, humorous or snarky, it is a way for your personality to come through. Everyone is not going to like you or hire you but for the ones who would be a great fit for you make sure they feel and keep a connection and give them a reason to remember you so that when they need your help they think of you first. It can dilute your brand and damage your reputation if you get sloppy or spread yourself too thin and do not monitor your online presence in real time.
* Be consistent — make sure you become known as a reliable source on all fronts. Have online profiles and personas that tell the same story. If you appear to be buttoned up on one site and a partier on another it can be confusing and dilute your brand. If you start a blog or newsletter then publish it on a regular schedule. Otherwise you can appear flaky or random by sending out missives daily for a few weeks and then disappear for a month after.
* Strike the right balance of educating, entertaining, promoting yourself and others with your outreach. If you become too salesy or self promoting people get turned off and tune you out. Your goal with content marketing is to become a welcome invited guest into your prospects’ inbox. If you abuse that opportunity to connect it damages your brand and reputation.
* Pick one platform that plays to your strengths. You do not need to be everywhere all the time. If you like Twitter then focus on that and do not worry about Instagram or Pinterest if your customers are not looking for you there. It is much better to have a strong following in one place vs. few followers all over. Less can be more.
One of the main benefits of shopping online is the ability to read reviews. Consumers love it! While good reviews are of course positive for a brand, poor reviews can be very damaging. In your experience what are a few things a brand should do to properly and effectively respond to poor reviews? How about other unfair things said online about a brand?
You must always respond quickly to any problem or negative comments online because customers have high expectations for a prompt reply or acknowledgement today and it can be risky if social media takes hold you can dilute or damage your brand by seeming uncaring or unresponsive. Being invisible online is a terrible strategy so making sure your sites are keyword rich, mobile friendly, loads quickly and produces meaningful content today is the price of entry. That also happens to be a great foundation for effective SEO. To hook in prospective clients and customers if your site does not load quickly or they do not see something that grabs their attention the opportunity will be lost. It must include enough of your value proposition to start the conversation so they will click further to learn more about your product or service. The goal is to make the navigation intuitive and easy so they follow the breadcrumbs to get their questions answered or problems solved. When your brand foundation is strong the metrics show that you shorten the sales cycle and people spend more time on your sites. I started my company before social media existed when websites were basically a brochure online and search was a novelty The sites have gotten fancier over the years and search engines have changed their algorithms to keep up with customer demand for better and more relevant search capability. It would be a big mistake to ignore any of these SEO strategies in your plans today.
Ok super. Here is the main question of our interview. Based on your experience and success, what are the five most important things one should know in order to create a very successful e-commerce business? Please share a story or an example for each.
I think we covered it mostly making sure you prioritize SEO especially for voice search, be mobile friendly, use video to grab attention, be authentic and transparent with quality content and focus on your strengths.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
I would love to spark a movement or create change through a new (domestic) Peace Corps (2020 version) and suggest we are all in it no application required. We have millions of people unemployed, the largest number in our history. We need our roads and bridges fixed, clean water in our communities, tutors, day care, senior care, census takers, contact tracers, there is no need to pay people to stay home or send them abroad to build infrastructure overseas we need it here right now across all 50 states! We also need peace to prevail and I think if we work together side by side to fix these problems in our communities we will all be on the same team.
How can our readers further follow you online?
www.MavensAndMoguls.com and https://www.linkedin.com/in/paigearnoffenn
This was very inspiring. Thank you so much for the time you spent with this!
Thanks so much it’s been my pleasure!
About the interviewer: Jerome Knyszewski (Kenchefski) is the CEO of HeavyShift. Jerome serves as an advisor to CEOs of Fortune 500 companies as well as entrepreneurs who disrupt their industries and therefore tend to be targets of malicious online attacks. His company builds, protects, and repairs the online presence & reputation of many celebrities, products and beloved brands.
