The origins of Facebook have been in dispute since the very week a 19-year-old Mark Zuckerberg launched the site as a Harvard sophomore on February 4, 2004.

Then called “thefacebook.com,” the site was an instant hit.  Now, six years later, the site has become one of the biggest web sites in the world, visited by 400 million people a month.

The controversy surrounding Facebook began quickly.  A week after he launched the site in 2004, Mark was accused by three Harvard seniors of having stolen the idea from them.

This allegation soon bloomed into a full-fledged lawsuit, as a competing company founded by the Harvard seniors sued Mark and Facebook for theft and fraud, starting a legal odyssey that continues to this day.

New information uncovered by Silicon Alley Insider suggests that some of the complaints against Mark Zuckerberg are valid.  It also suggests that, on at least one occasion in 2004, Mark used private login data taken from Facebook’s servers to break into Facebook members’ private email accounts and read their emails–at best, a gross misuse of private information. Lastly, it suggests that Mark hacked into the competing company’s systems and changed some user information with the aim of making the site less useful.

The primary dispute around Facebook’s origins centered around whether Mark had entered into an “agreement” with the Harvard seniors, Cameron and Tyler Winklevoss and a classmate named Divya Narendra, to develop a similar web site for them — and then, instead, stalled their project while taking their idea and building his own.

The litigation never went particularly well for the Winklevosses.

In 2007, Massachusetts Judge Douglas P. Woodlock called their allegations “tissue thin.” Referring to the  agreement that Mark had allegedly breached, Woodlock also wrote, “Dorm room chit-chat does not make a contract.” A year later, the end finally seemed in sight: a judge ruled against Facebook’s move to dismiss the case. Shortly thereafter, the parties agreed to settle.

But then, a twist.

After Facebook announced the settlement, but before the settlement was finalized, lawyers for the Winklevosses suggested that the hard drive from Mark Zuckerberg’s computer at Harvard might contain evidence of Mark’s fraud. Specifically, they suggested that the hard drive included some damning instant messages and emails.

The judge in the case refused to look at the hard drive and instead deferred to another judge who went on to approve the settlement. But, naturally, the possibility that the hard drive contained additional evidence set inquiring minds wondering what those emails and IMs revealed.  Specifically, it set inquiring minds wondering again whether Mark had, in fact, stolen the Winklevoss’s idea, screwed them over, and then ridden off into the sunset with Facebook.

Unfortunately, since the contents of Mark’s hard drive had not been made public, no one had the answers.

But now we have some.

Over the past two years, we have interviewed more than a dozen sources familiar with aspects of this story — including people involved in the founding year of the company. We have also reviewed what we believe to be some relevant IMs and emails from the period.  Much of this information has never before been made public.  None of it has been confirmed or authenticated by Mark or the company.

Based on the information we obtained, we have what we believe is a more complete picture of how Facebook was founded.  This account follows.

And what does this more complete story reveal?

We’ll offer our own conclusions at the end.  But first, here’s the story:

Q: Please tell us about yourself, your background and interests.

A: Hi my name is Mayowa Anibaba , a graduate of the university of Lagos and web developer .  Wrote my first lines of code back in 1998, was in JSS 3 then and a friend and I decided to VISUAL BASIC cause we wanted to create our own video game lol. I didn’t quite get the game done but I never stopped coding.

Q: How easy was starting up?

A: Forget what you have read, Start ups are HARD there are so many factors that determine the success or otherwise of a startup, I unfortunately learnt the hard way, am currently working on my second start up the first didn’t quite turnout as planned but it taught me a whole lot.

Q: Tell us about your startup FlyMyAds.Com

A: Flymyads is a Nigerian online advertising network designed to make online advertising and online ads publishing accessible and easy to the everyday Nigerian.

We didn’t see the point or reason why anyone would have to through so much stress (getting a verified paypal acc, changing foreign currency) just to get paid for ads published on their sites.

Flymyads was founded by me and two other co-founders (Ayodeji Agboola and McNeil Afegbah).

Q: What were your biggest failures and how did they affect your success?

A: Wow I have had a lot of failures each one major in its own right.

Q: What did you learn from your failures?

A:  I leant that in the end we are only human and thus failing once in a while is inevitable.

Q: What milestones have you achieved so far?

A: Building an online ads network that generates millions of impression, pays relatively high returns to publisher while giving advertisers a good return on investment and still generates income, all in less than six month.

Q: If you are not into web business, what business would you have been doing?

A: If I wasn’t a web developer I would have been a 3d animator, dabbled into 3d animation but had to drop it for my first love programming.

Q: What impact have social media had on you personally and business wise?

A: It’s been good, in the early stages of Flymyads when we were very short on cash (as most bootstrapping start ups usually are) we relied solely on social media networks for publicity and marketing, and we got fairly good results.

Q: Going forward, what should we expect from you and any announcements or upcoming projects?

A: Flymyads has a lot planned for 2012, in the next few weeks we would be rolling out mobile ads on our network amidst lots of other products.

Q: Any final advice for budding entrepreneurs?

A: Yeah don’t start a business doing what you don’t  genuinely enjoy doing, cause some times the only reward you would get is the joy you derived doing it, and lastly be original.

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culled from http://www.iroy.in

While this has certainly changed in the 21st century there are still challenges of credibility, access to funding and so on facing a young startup entrepreneur.

In some climates like Africa, the Middle East, Asia and South America young entrepreneurs have to fight against a mindset where people tend to see youth as not with potential for success but as liabilities.

Still despite the many challenges you may face as a young entrepreneur it is a very exciting time to go into business for yourself. There has never been a better time to start your own business than now. With the internet and new emerging technologies lowering the barrier to entry it is now a more open game for every willing soul.

Challenges to Expect if You Are a Young Entrepreneur

It is better you understand the challenges you are going to come up against as you set out to start your own business or run your own company. Knowing these challenges will help you develop the right attitude to overcoming them.

Challenge of Credibility

I recall the first time I sat before a big hotel executive in my country trying to convince him on how my tiny marketing consulting company can help stimulate reasonable sales and profit growth for his large hotel. The fact that I was a young, small guy with little or no track record didn’t help matters.

As a young entrepreneur you are faced with convincing clients, customers and even prospective employees that you are serious enough and capable of delivering on your promises. Building credibility will determine how far you go as an entrepreneur.

Challenge of Cynicism

In parts of Africa you meet lots of unbelief when you introduce yourself as an entrepreneur and they see you are very young or even too young. I don’t know about your country but there is something about being young and in business that makes people look at you with some skepticism. It is a challenge you have to overcome with boldness and professionalism producing stellar results whenever given the chance. Results will erase the challenges of cynicism and credibility faster than anything else you can think of.

How to Become Respected and Successful as a Young Entrepreneur

You should never despair when people take your words for nothing and dismiss you with a wave of the hand. Learn to grow a thick skin. And here are ways you can become successful even as a young business person.

1. Embrace Technology:

Nothing has contributed to the high number of successful young entrepreneurs in our world today more than technology and the internet. Two decades ago or even less it was more difficult to start a business. The financial requirments and barriers were too high. Technology has taken care of that today. Media businesses like NairaBrains and TechCrunch no longer take much money to start. You can start a serious business today with a couple thousand dollars and no warehouse costs and inventories etc. Today businesses worth millions of Dollars have been started by young, bleary eyed teenagers who had barely enough money to cater for their needs. All thanks to technology.

If you hope to start a business and hopefully grow it to become profitable without the luxury of millions look towards problem solving through technology. It is one of your best shots. If your idea is good enough maybe before you run out of money you get interested investors willing to give you enough funds to take you to profitability.

Internet and tech companies are reasons we have more millionaires in their twenties. So look at problems or challenges that can be solved with the use of technology with enough potential market size, get the right partners and jump in. It will be an easier route to becoming a successful entrepreneur.

2. Use Other People’s Experience:

I struggled with a colleague of mine trying to run a business a few years ago while in the University until I learned the lesson of leverage. If you can’t get across a dugout throw a plank across it and walk your way through. If you are starting a business a sure way to fail is to try to do everything. You might be good in programming and so single handedly you get the website for your idea up and running. How do you promote the idea, get early users in and improve onward all alone? How do you source for more funds from investors?

You don’t have to pay to get other people’s experience. You can offer equity to have experienced people join your team thus complementing your own efforts. You can also get a lot of other people’s experience by just asking. If you have a meeting set up but you need a more credible figure to boost your chances of getting a worthwhile contract then seek out that more experienced person and ask him to join you. You take the back seat and ride on the back of the more experienced people to get what you want.

3. Be Bold and Creative:

Be bold! There are no two ways about in today’s business world. Do your homework and be confident all through. If boldness gets you into trouble only more boldness will get you out. While this may not be absolutely true I have found from experience that you have to be very bold to get the respect you deserve as a young entrepreneur. At the first sign of timidity you lose. Do not allow yourself get cowed. You should also never be too boastful or proud.

Become creative and look for unconventional means to solve problems. People tend to respect you for that. If you are young, ambitious and creative you stand a better chance to succeed. Use your creativity to your advantage.

4. Surround Yourself With a Sound Board of Advisors:

A very good way to tap into other people’s experience as earlier stated is to build up and surround yourself with a smart and knowledgeable Board of Advisors. It need not be a formal board nor do they need to know themselves. They are people you consult for advice, people you go to for business leads. One of the first things I did while trying to restructure my company last year was to weave through all my contacts and create an Advisory Board of all experienced and accomplished professionals who I felt will be of great help to my business. I approached them and asked to seek advice from them whenever I needed to. Several of them agreed. I advise you should do the same.

How Do You Get Such Board if You are Then Young and Inexperienced

Getting a decent Board of Advisors is no easy feat. Chances are that you do not know any experienced or resourceful individual in your proposed line of business. The only way to solve this is to actively begin to network and meet the right people. LinkedIn and a few other networking innovations have made it more easier to link up and meet new people you wouldn’t otherwise have met.

- Don’t make any request first, Build up a Relationship: It’s always smarter to build trust and affinity before making requests from new acquaintances and associates. Make positive efforts to gain their respect and trust and then politely explain that you are starting a company and you feel their experience will be invaluable to the success of your new venture. Let them know that because of how busy they might be you would love to have them as one of your Advisors. Promise not to take much of their time or run to them with every little problem you have.

Getting the right advisors will be difficult. Many will not have your time and turn down your request. The few that do agree may not even have the time to give you advice on phone, reply with detailed advice through email or meet in person with you. So the sooner you know that the better.

Start with gathering a list of potential advisors who are good for the kind of business you are going into. then approach them one after the other to first connect then request. If you end up getting two or three who can give freely of their time and advice you then that will be great for you.

5. Network, Network, Network:

Your best bet to meeting the right people and team you need for your success in the entrepreneurial journey is via social media. With the help of social media networking you can hire the best hands, get needed investors and advisors, attract good consultants and ultimately reach out to more of your target audience without spending tons of money.

If you are a young entrepreneur social media can be a very powerful and important tool for you.

5. Build a Reputation: Reputations grow like fire because they are essentially helped along by word of mouth. Determine a specific talent or thing you want to be respected and known for and quickly begin to build a reputation for yourself. When your name goes ahead of you it doesn’t matter anymore if you are young. For instance if you grow a reputation as a very tough and smart manager you’ll find that it neutralises the age thing and people begin to take you on your reputation and not your age.

6. Push for and Embrace Positive Change:

One astounding feature of today’s youth is that they are more adaptable to change. To succeed today you’ll have to be dynamic and fluid. You can become successful by pushing the limits and boundaries and initiating change. You may be met with initial resistance but if you are courageous enough you make a name for yourself later on.

7. The Art of Organization (Set goals, checkpoints and strive to meet them):

Unorganized individuals hardly make good football managers (same for business management). Until recently organization and definiteness of purpose was one of my greatest challenges as an entrepreneur. You have to be able to plan the short and long term future of what you are building or hoping to build. Keep the long plan in view and execute the short term plan with dexterity making adjustments as situation warrants..

If you are not organized it shows in your business life and activities and you lose respect. That is something you don’t want as a young entrepreneur. Plan and follow your goals. Never enter a meeting without planning and being ready with necessary facts and information.

Join other young entrepreneurs who read NairaBrains.com to get latest business insights and developments.

Paul Eze is the Managing Director/CEO of Pejas Solutions Limited, an ICT services and tech startup incubator company. He is also the Managing Editor at NairaBrains.com, a fast growing business and technology information blog in Nigeria.

Late Steve Jobs, Founder of Apple Inc.

It’s no secret Apple, one of the most valuable public companies in the world, is making major cash off today’s tech gadgets — but how much?

This week, the company reported a record net profit of more than $13.6 billion for its quarterly report lasting 14 weeks and ending Dec. 31, 2011. A rumored summer release of the iPhone 5 will help keep the money flowing in this year for the more than $400 billion company.

“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” Tim Cook, Apple’s CEO, said in a statement. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

Cook alone raked in $378 million last year, naming him the highest-paid CEO. In the past three months, Apple brought in four times more profit than Walmart, the world’s largest retailer.

It seems unimaginable to see how far $400 billion could be used. The infographic below puts into perspective Apple’s monetary power and influence around the world. First off, $400 billion could cover 42% of the United States if dollar bills were laid flat across the South.

Apple could pay off the public debt of eight European Union countries. Apple could also write $6,622,516 checks to each of its employees before exhausting its fortune. More than $97.7 billion of Apple’s money is in cash reserves, and two-thirds of the money is stored offshore.

How could Apple’s money be better spent? Should Apple spend more money on its China suppliers to improve working conditions for workers?

While shops across the UK issue profit warnings or go into administration, the burger joint is thriving – announcing 2,500 new UK jobs with a side of record profits this week, it’s the ninth year in a row McDonald’s sales have grown.

But how it is doing so well when others are failing? We take a look at how McDonald’s Corporation became the world’s most successful chain of fast-food restaurants and the secrets of its success.

Fast-food facts

Although brothers Dick and Mac McDonald opened their first ‘Bar-B-Que’ restaurant in 1940, the business as we know it today really started taking off under Chicago salesman Ray Kroc. In 1961, Kroc bought out the McDonald brothers for $2.7 million and, over the next half-century, McDonald’s began an incredible expansion programme.

Today, McDonald’s has more than 33,000 restaurants across the world, employing 1.7 million people in 119 countries. What’s more, four out of five of its restaurants (80%) are franchises, run by entrepreneurs keen to jump aboard the McDonald’s bandwagon.

Here in the UK, McDonald’s opened its first restaurant in 1974 in Woolwich, London. Today, the group has 1,200 outlets across Britain and Ireland, employing 87,500 people. Together, these serve around 2.5 million visitors each and every day, and the group sources 55% of its ingredients from 17,500 British and Irish farms.

Yesterday, the burger chain announced plans to create 2,500 new UK jobs in 2012, taking its UK workforce to 90,000. More than half of these new jobs are expected to go to the under-25s.

10 ingredients of McDonald’s ‘secret sauce’

Of course, the big question is what makes McDonald’s such an incredible corporate success story? As someone who’s watched McDonald’s share price rise eightfold from its 2003 low of $12 (but without buying!), here are my thoughts:

1. Franchising

Worldwide, 80% of McDonald’s restaurants are franchised; in the UK, this proportion is 60%. Franchising enables McDonald’s to expand quickly and cheaply, while still retaining absolute control of its brand, menu and pricing.

2. International expansion

McDonald’s is simply huge in the US, but it also has a presence in 118 other countries. In the UK, McDonald’s has been an established brand for 37 years and is as much a part of our high streets as well-known brands such as Boots and NatWest.

3. Global, but local

While McDonald’s is a multi-national behemoth, it also adapts its business and menu to suit local markets. This ‘global, but local’ approach enables it to capture a wider slice of foreign markets. For example, in some countries, McDonald’s sells beer and, in India, where Hindus don’t eat beef, McDonald’s menus have vegetarian and non-beef menu options.

4. The brand is the business

The McDonald’s brand is one of the most valuable in the world, being easily and universally recognised. Everywhere you go, McDonald’s restaurants have an instant ‘recognisability factor’ — the familiar red-and-gold livery, plus the ‘Golden Arches’ and the world’s favourite clown, Ronald McDonald.

What’s more, the firm fiercely protects its brand, so woe betides anyone who tries to put ‘Mc’ in a food product’s name!

5. ‘Old and new’ menu

The McDonald’s menu sticks rigidly to old-fashioned favourites such as the Big Mac, Chicken McNuggets and breakfast McMuffins. However, the group is also willing to experiment, adding or deleting items from its menu according to their popularity and local tastes.

This ‘core and satellite’ approach has given a huge boost to boost McDonald’s sales since its problems in the Nineties, when it struggled to grow sales. For example, its new healthier menus and inexpensive all-day coffee have helped McDonald’s to snare a whole new group of customers.

6. Low prices

Gourmets will sneer at McDonald’s menu, arguing that its products are low on taste and high on fat and sugar. Nevertheless, its low prices (including the UK’s well-established 99p Saver Menu) bring tens of millions of people through its doors every day.

7. Meal sizes

As well as catering to all budgets, McDonald’s menu offers meals of all shapes and sizes. While its ‘super sized’ range has been blasted by anti-obesity campaigners, McDonald’s also offers bite-sized meals for those with smaller appetites. What’s more, parents will tell you that its Happy Meals generate considerable ‘pester power’ from young diners!

8. Film tie-ups and sponsorship

To keep its regular promotions fresh, McDonald’s is always tying up with media partners, especially film companies. When the likes of Disney (NYSE: DIS – news) or DreamWorks release a new movie, you can almost guarantee to see this theme in your local McDonald’s.

Also, to further expand its brand, McDonald’s has a long history of sponsorship at local and national levels, including community football in the UK and officially supporting the Olympics since 1976 (and at London 2012, of course).

9. Recruiting young workers

When it comes to its workers, McDonald’s believes in ‘getting them young’ — millions of young adults got their first job with McDonald’s. While this helps to keep wage bills down, McDonald’s also provides industry-leading, on-the-job training and nationally-recognised apprenticeship programs for young workers.

Last year, McDonald’s ranked eighth on a list of the ’25 Best Multinational Companies to Work for in the World’. Also, more than half of McDonald’s current UK directors started out serving on the shop floor and worked their way up to the boardroom.

10. Free WiFi

In the UK, McDonald’s has invested £300 million into providing free WiFi for the growing number of ‘data diners’ visiting its stores. When I visit my local restaurant, there are usually several diners using laptops or tablet computers while eating or having coffee. McDonald’s now boasts that it serves up more emails each day (data-wise, the equivalent of six million messages) than it does big Macs.

Rather than wallowing when a problem strikes, believe your business reality can be redefined. Old problems become entrepreneurial challenges as you perceive new solutions. Then, when you achieve a goal, recognize the benefits of your positive work lifestyle. Say, “Thank you!” and give away all the positivity you can as you lead your company by serving others. And amazingly, the cycle of working positive begins anew and you’ll find yourself receiving even more in your business.

Give your mind a positive work-out. Think of your mind as a muscle that needs consistent strengthening. A flabby, unfit mind simply chases whatever thought about your business that enters it–or, whatever thought someone else suggests about it, positive or negative. Your mind freezes up; that is, mental scar tissue develops and you become susceptible to whatever thought shows up. Mental surgery then becomes necessary to remove the scar tissue of those negative thoughts that moved you to behave in your business in an unhealthy manner.

Why are you so susceptible? Here’s how your mind works. Consider how snack commercials on TV affect you. You weren’t hungry before, but suddenly you’re getting up and heading to the kitchen for snack food. The power of suggestion is so strong. Your mind received the impression, activated a hunger impulse, and triggered your legs to move. You really didn’t even think about it. It just happened.

But what if you focus your thoughts? What if you have made a conscious decision to cut out snacks between meals? Your mind is made up–your priority of losing weight takes precedence over the commercial’s suggestion.

But maybe you’re thinking, “It’s not that easy to focus my thoughts, especially when it comes to my company.”

Actually it is. Your mind was made to focus. Your mind focuses on something every minute of every day. The question is not if you focus your mind, but on what?

There is no denying that the world contains negative mental energy. You can’t just deny the existence of negativity and expect positivity to show up. But you can decide how to focus your own energies.

Think about your choice to perceive this way. Vultures fly over the desert, looking for dead animals. Hummingbirds fly over the same desert, looking for flowers growing from a cactus or near a pond. Vultures and hummingbirds fly over the same desert, but one bird looks for death and the other looks for life.

As it is with the vulture and hummingbird, so it is with you and me. As we fly over the business landscape that surrounds us, we’re looking for something. We choose what we’re looking for–death or life, failures or successes, losses or leverage; the negative or the positive. Then we live our choices.

You can choose to think about your business’s best qualities, not the worst; things to praise your employees about, not things to curse them for; the beautiful way in which your customers buy your products and use your services, not the ugly few who demand a refund.

For example, it is so easy for us to fill our minds with what we can’t do. That’s a never-ending list for me.

Right now, I could say to myself, “There’s always something I can’t do. Now that I think about it, there’s no reason in the world I should ever think that anyone anywhere on this planet would want to read a book about working positively. I don’t know why I wrote it. I wasted all this time, energy and money on a book that was supposed to bring me speaking engagements and coaching opportunities so I can transform business people’s negative lives into work positive lifestyles.”

See what I mean? Of course it’s not just you and me who choose to focus on that “can’t do” list. We all do at times. Since your mind focuses on something, anything, it will go to that never-ending list, especially in times of frustration or perceived failure.

It’s so much more empowering to focus your mind on what you can do. No, you might not be able to do correctly what you’re attempting on the first try. However, finding something you can do related to the task and focusing on that accomplishment creates a positive perception in your mind. That positive perception then becomes the jet fuel that releases your imagination to work on the rest of the task that presents such a challenge. With that high-octane fuel, your imagination soars to new heights of accomplishment in your business.

By exercising the positive muscle group of your mind and focusing on profit-enriching activities, pretty soon that which seemed impossible about your business becomes not only doable, but you say to yourself, “I can see my business this way all the time!”

This article is an adapted excerpt from Work Positive in a Negative World (Entrepreneur Press, 2011) by Joey Faucette.

These days, every customer counts.

So why then do companies lose them? Between moving away or passing away and switching to a competitor — the excuses are many for why customers may jump ship. But the No. 1 reason why customers bail is the feeling of indifference toward a product or service.

To counter this ambivalence, it’s key to make sure your customers feel and perceive that they’re wanted and want to stay where they’re appreciated. But to make customers love you, you’ll have to work even harder. Here are seven ways to win the devotion that makes for loyal customers:

Never assume. You may think you know what customers want. But what if you’re wrong? The main reason such a high percentage of new businesses fail is because those companies are trying to create demand where there isn’t any, or they’re built around untested or unproven ideas that are hard pressed to attract even a small sampling of customers.

1. Don’t make the same mistake. Test and start small, and build your product, service or value proposition around the wants, needs and desires of your target customer. Not only will you get a better understanding of customer needs, you’ll be able to identify innovative ways to solve their problems and exceed their expectations.
2. Always deliver. To win customers back, you need to deliver on time, every time. If a problem arises, inform your customer right away. Explain how you’re going to deal with it. Then follow up again — and again — to ensure positive results. This also goes for your invoices and any correspondence. You might even create a system to ensure that each task gets completed correctly and is always delivered in a timely fashion.
3. Personalize loyalty programs. In order to ensure you have a winning loyalty program, you must plan, design and execute it in a systemized way. Plus, you need to show the value of it and continually demonstrate that value to your team. An example of a really big company that does this on a personalized level is Caesars Entertainment, which has mastered the art of customer loyalty programs on a massive scale to drive profit.
   For instance, Caesars knows, down to the penny, just how much its top customers are likely to spend at any of its properties, and what types of activities individual customers prefer when they stay — be it gaming, dining or taking in a show. This knowledge allows the company to issue customized offers that may be more appealing to Caesars’ best patrons.
4. Train your staff. Here’s where scripting comes in. Use periodic training sessions to help give your team the skills that are necessary to boost your company’s reputation, trust, empathy, flexibility and verbal communication proficiency. This is vital because each customer contact with your team is an opportunity to build your reputation — or destroy it.
5. Say “Thank You.” Sounds obvious, but consider this: When was the last time you received a thank-you note from a company you do business with? Or any notice, other than when a payment is due? This simple strategy can really make an impact and says a lot about your company and the value you place on customers.
6. Stay connected. While the frequency may vary, every customer should receive an off-line “touch” at least once per quarter and, with an email or e-newsletter, even more often. For instance, once a week with an “opt-in” message may do the trick. Over time, you can develop a relationship with your customers, especially if your “touches” are information or educationally-oriented and are designed to add value to their experience with you, rather than just as a mechanism for pushing products or services.
7. Play favorites. New customers are critical to growth, but you must ensure that current or long-standing customers get VIP treatment as well. Nothing is worse for loyal customers than to see products or services they bought at full price discounted to entice new customers. You can turn this around by offering exclusive loyalty programs, deals or specials geared specifically to your best and most loyal customers.

There may be only one day a year devoted to giving thanks. But expressing thanks regularly — year round — and doing it well is one of the most profitable business strategies you can have.

Study after study reveals that when you say “Thank you” to your customers, they both spend more money and tell their friends about the exceptional service and products you deliver, increasing your profits. Volumes chronicle how employee productivity zooms when appreciation is expressed, raising your margins. Vendors go the extra mile to extend credit and deliver “just in time” when they hear gratitude regularly, not just in November, and keep your cash flowing.

Giving thanks works in business. But you’re already doing more with less and the last thing you want is another item on your to-do list. So what are the most effective and efficient ways for you to express gratitude to these important players in your business’ success?

Here are some tips you can use to develop the profitable habit of saying “Thank you” to your customers, employees, and vendors not just in November, but year-round:

• Be specific in your thanks. It’s one thing to say, “I appreciate what you did today. Thanks a lot.” That’s a soap-bubble comment. Pretty while it lasts, but gone in seconds. It’s general and vague. When you thank them for something specific, that’s Velcro. That’s a thanks they remember because it sticks. You hook your gratitude to something the employee did. For instance, an employee just handled a difficult phone call with a customer really well. Thank them for that specific activity.
• Appreciate the process. Target your appreciation on what the employee or vendor did. Let’s go back to the worker who took the phone call. Avoid telling the employee, “Thanks for helping me keep that customer.” That’s just an outcome that benefits you. Say, “I like how you hung in there when that customer was being difficult. You were really patient and respectful.” The same type of strategy goes for vendors. Give thanks for doing something that was an extra-mile effort for them, recognizing the above-and-beyond work.

• It’s about them, not you. Showing that you know something about them, and that you’re able to place yourself in their shoes, is incredibly valuable. Connect your gift-giving with life beyond the business walls. If a vendor became a grandpa, give him a copy of “Goodnight, Moon” to read to the little one. If an employee’s mother died of breast cancer this year, make an end-of -the-year donation to Race for the Cure in her name. Such intimacy breaks the relationship ice in a transformational, not just transactional, direction which is the game-changing pathway to greater profits.
• Go old school with your thanks. In this pixelated world of emails and texts, Facebook and Twitter, the simple and quick act of writing a handwritten expression of gratitude can go a long way. There’s something special today about a handwritten note. I keep a stack of cards and envelopes with me to write thank you notes on a flight when returning from a workshop or coaching session. It takes about three minutes per card. You create return business when you take pen in hand and write, “Thank you,” to your customers. Just say, “I know you could do business with others, but you chose us. Thank you! We treasure our relationship.”

Implement these tips, and your business will likely say “Thank you” back to you as you increase your profits year-round.

1. Join The Community

In a day and age where there are countless online forums for everything under the sun, there is bound to be one for your product or service.  So don’t be afraid to get involved and interact with them.  These communities are great places to show a large number of people who already have an interest in your field that you’re an expert in the subject matter.  I interact regularly on the largest boating forums in the country and build relationships on them with people from all over.  For example, I will comment on posts regarding issues with aesthetics or questions on how to prepare your boat when getting ready to sell it.  Those topics are where my expertise lies and I can give quality advice.  Also, when providing comments make sure the content is meaningful this way you are regarded as an expert and having valid opinions otherwise your plan to build WOM may backfire.

Through these forums I have gained a lot of clientele.  Customers have called me up saying they saw me on forum X and would like to give me a try.  I then walk them through my process and what they can expect of me and what I need from them and if at the end of the day I meet or exceed their expectations this will prove to be highly beneficial for me.  In response these individuals have given me positive write ups on the forums stating what a pleasure it was to have my team work on their boats and the calls begin to pour in from people in the area.

2. Interact With Your Customer

This is another key proponent to  WOM success.  By being friendly and building relationships with your customer, makes a world of difference when it comes to securing recurring business and getting them to tell their friends about you.  Chances are if they are a boater they will have friends who boat and they will be sure to tell their friends about you and your company in conversation.  I start off simple with questions like, “so how do you like your boat” or “where do you do most of your boating?”  From there we expand into different subject matters and I really begin to build a rapport with them, solidifying my services for their future needs.

Its here that I also tell them about some of my other services incase they ever need them.  Also my customers see through my interaction with them my passion for boats and realize their toys are in good hands and that’s what they’re going to remember at the end of the day.  This way when it comes up organically in conversation, who cleaned your boat, they tell their friends about my company and the care that went into maintaining it and guess what a few days later I get a call and another job without having to lift a finger.

3. Offer Unparalleled Customer Service

Customer service is a big deal today, especially in a society filled with intense competition.  Great customer service can be the difference between success and failure for a new company.  The detailing and broker game on Long Island is saturated with comparable companies and I have used unparalleled customer service to my advantage.  If I get an inquiry through email, I make it a point to get back to the individual as soon as I see the email.  This can be the difference between getting a new client and not, because sometimes people just work down a list of detailers and the one who responds the fastest will most likely get the job.

It’s not only about initial customer service but also maintaining it with your regular customers.  This can be done in one of two ways.  For example, the boats I deal with are relatively large (34’ and up), they have a lot of nooks and crannies so sometimes something gets missed.  That’s why I do a walk through of the boat with the client after every job to make sure everything was done to their liking or come back to touch something up if it was missed after I leave.  Another way I maintain superior customer service is by giving my regular customers quick response time, if they call up last minute and say, “hey, can you get to the boat and clean it up for us, we decided were going to spend the weekend on it” I make sure to get to the boat on Friday before they arrive after work and that the boat is washed and opened up ready for their arrival Friday afternoon.

Customers remember these little things such as, quick response times to inquiries or bending over backwards to ensure they are happy with your work or making it a point to get to your regular customers quickly.  When they remember those traits they tell their friends and this will lead to positive WOM for your company and hopefully a sale.

Just remember today’s business environment is filled with intense competition, no matter what field you are in whether it be technology, food or even boats, what factors will get people talking about yours over the competitions.  These three elements are a great starting point to generate positive buzz for your company and build your WOM chain.

Post By Austin

Austin is currently the CEO & Co-Founder of The AFG Group a new age marketing and branding firm with a financial twist, owner of L&I Detailing and obtaining his MBA in finance from Hofstra University. You can follow him on twitter @FinsUp2120

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