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    10 Cognitive Biases and How They’re Impacting Your Social Media Campaigns
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    Let’s face it – everyone likes to believe they are a completely rational and logical being by nature. However, the truth of the matter is that both our subconscious and conscious minds are immeasurably complex and as a result, we are often subject to biases that we aren’t even aware we have. Have you ever gotten into a situation where you realized your thinking was a bit biased? Don’t worry if you have – you’re definitely not alone.

    The truth of the matter is that we all have a number of cognitive biases, many of which we are often unaware of.

    So, what exactly are cognitive biases in the first place, you ask?

    Cognitive biases are essentially fallacies or errors that we all tend to make with regards to rationalization, memory and reasoning. These biases often lead us into making irrational decisions or judgments due to the fact that we are all too often undeniably influenced by a multitude of subconscious factors that we have built up as a result of our life experiences, preferences and beliefs.

    The bad news is that as a marketer, cognitive biases are always going to be an impediment for you. However, the good news is that through educating yourself and becoming more aware of the various cognitive biases we all often possess, you can effectively craft smarter, savvier marketing campaigns.

    This article will give you the breakdown on 10 cognitive biases and also provide you with various tips, tricks and tactics you can use to overcome them in your audience.

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    1. Attentional Bias

    What it is: Attentional bias, much as its name implies, deals with our attention and how our perceptions on a subject are often profoundly impacted by our recurring thoughts.

    What this means for you: Generally speaking, when it comes to attentional bias, familiarity breeds…content. That’s right. The more often a customer is exposed to your brand, products or messages, the more likely they are to convert. When it comes to marketing – don’t just stop with social media. An omni-channel approach is not only beneficial, it’s quickly becoming the standard.

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    1. The Availability Cascade

    What it is: The availability cascade deals with the availability of information to an individual. This is a “self-reinforcing process” where belief tends to be increased through “repetition in public discourse”.

    What this means for you: This means that your target demographic is more likely to trust your brand when they have repeatedly been exposed to other individuals who have had experiences positive experiences with it. The thought process here is that if someone says it – it must be so. The bottom line is that it’s all about generating a buzz. Use smart tactics such as affiliate marketing or influencer marketing to leverage the influence of others and get them talking about your brand.

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    3. Post-Purchase Rationalization

    What it is: Post-purchase rationalization is the tendency that humans have to justify a decision such as a purchase once it is completed.

    What this means for you:This rationalization is done in an attempt to counteract feelings of buyer’s remorse – something that everyone experiences in some way, shape or form after a purchase. You as a business can help overcome buyer’s remorse by making your customers feel good about their purchases and interactions with your business after the fact. Automated email campaigns are the best way to do this. Send your customers a message thanking them for their purchase, or better yet, offer them a discount on their next one.

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    4. The Cheerleader Effect

    What it is: The cheerleader effect is the tendency we have to view subjects as “more attractive” when in a collective group as opposed to alone.

    What this means for you:This is particularly pertinent when it comes to customer testimonials. While you may be extremely excited about the first positive feedback that you receive, don’t jump the gun on posting it on your website, social media or blog. The truth of the matter is that one single vote of confidence may actually work against you. Wait instead until you’ve cultivated a group and then post several testimonials together instead.

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    1. The Peltzman Effect

    What it is: This particular effect deals with our tendencies to take risks when we feel that the environment in which we are taking action is safe.

    What this means for you: Your audience is going to be much more likely to convert into consumers if they feel that you are a safe choice. There are numerous ways you can build up trust in your target demographic’s mind. For instance, make sure that you’re using an SSL encrypted website (https). You can also take the time to research and identify which trust badges are most effective and take steps to install them on your website to give your consumers the peace of mind that their private information and data are secure.

     

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    1. The Decoy Effect

    What it is:This is another bias that deals with our tendencies to misjudge matters in an environment of comparison. Specifically, it deals with the prospect of us having options. For the purpose of this article, we’ll call them Option A and Option B. What happens is that when we are introduced with a third option that is similar to our second option (Option C), we tend to automatically show a preference towards the second, middle option (Option B). This tendency is so strong that we often make this choice regardless of whether or not Option C is truly a better option in the first place.

    What this means for you: This is a great cognitive bias to leverage when it comes to exhibiting your pricing structures. Let’s say for instance that you currently offer one plan or price for a specific product or service. By offering a less costly option and then an upgraded option, you can essentially influence your audience to show preference for your current price point. This makes them feel as if they are in more control of the buying process than if you were to simply present one single price and as a result, positively influences their experience with your brand.

     

     

    1. The Focusing Effect

    What it is:The focusing effect deals with tendency to place a great deal of importance on one specific aspect of a subject. While we have the ability to focus on multiple things at a time, the truth is that we also tend to prioritize these things and assess a greater deal of value on a single component.

    What this means for you:This means that when it comes to marketing your products, brands or services, keep in mind that you don’t want to give your audience a major case of information overload. All this does is negatively impact their experience. Instead, focus on one unique quality or aspect that will substantially benefit your customers in some way, shape or form and drive that quality home.

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    1. The Distinction Bias

    What it is: This particular cognitive bias deals with our tendency to view things as more dissimilar when compared side-by-side than when compared or evaluated on an individual basis.

    What this means for you:If you really want to take advantage of this cognitive bias in your social media marketing strategy, then doing a side-by-side comparison of your competitor’s brand, products or services is the way to go. The truth of the matter is that you don’t necessarily have to be mountains ahead of your competitor in every way in order for this to be effective. You could simply excel in one particular area and highlight this for maximum effect.

     

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    1. The Hot-Hand Fallacy

    What it is:This bias deals with our tendencies to overestimate subjects who have previously demonstrated or experienced some form of success in the past. We then incorrectly assume that because this is the case, the subject at hand has greater odds at achieving further success in the future.

    What this means for you:You know what they say: Fake it ‘til you make it. Whether your successes are big or small, shout them from the rooftop so that your audience can see the achievement. They in turn will begin to associate you with achievement and subsequently begin to perceive you as a “winning” brand. This in turn gives you their vote of confidence, instills trust and makes them more likely to convert into actual customers.

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    1. Information Bias

    What it is: Information bias deals with our tendency to want to stay “in-the-know”. As human beings, we naturally seek out information. We often tend to do this even when the information we are interested in has no impact on the action we are taking.

    What this means for you:Overcommunication is key. People like to feel as if they’re making the right decision and we often have numerous biases that prevent us from establishing trust with a brand in the beginning. The best way to overcome this is by giving your audience and potential customers as much information as you can when the time is right. This means detailed product descriptions and lots of information on your shipping policies and the buying process. Tell your customers about your company. Give them an inside, behind-the-scenes look. Include contact information in your content. Give your customers access to everything they could want to know and more in order to build trust and assure them they’re making the right decision by engaging with your company.

     

    Conclusion

    While we may all want to believe that we’re logical and rational individuals by nature, the truth of the matter is that there are a multitude of cognitive biases that all too often influence our decision making process. Use this article and the information you’ve gained as a guide to help you on your path to enhancing your social media campaign strategy today. Remember — when it comes to conversions, every single percentage point, every little fraction of a percentage point counts. By intuitively understanding your audience, you’ll be able to effectively craft smarter, savvier campaigns and get a leg up on your competition in no time.

     

    What are some cognitive biases you’ve come across during your path into entrepreneurship? What strategies have you used to help overcome them?

     

    Sources:

    https://www.disruptiveadvertising.com/marketing/cognitive-biases/

    https://www.neurosciencemarketing.com/blog/articles/cognitive-biases-cro.htm#

     

    Social Media Blurb

    Let’s face it – everyone likes to believe they are a completely rational and logical being by nature. However, the truth of the matter is that both our subconscious and conscious minds are immeasurably complex and as a result, we are often subject to biases that we aren’t even aware we have. Have you ever gotten into a situation where you realized your thinking was a bit biased? Don’t worry if you have – you’re definitely not alone.

    The truth of the matter is that we all have a number of cognitive biases, many of which we are often unaware of.

    So, what exactly are cognitive biases in the first place, you ask?

    Cognitive biases are essentially fallacies or errors that we all tend to make with regards to rationalization, memory and reasoning. These biases often lead us into making irrational decisions or judgments due to the fact that we are all too often undeniably influenced by a multitude of subconscious factors that we have built up as a result of our life experiences, preferences and beliefs.

    The bad news is that as a marketer, cognitive biases are always going to be an impediment for you. However, the good news is that through educating yourself and becoming more aware of the various cognitive biases we all often possess, you can effectively craft smarter, savvier marketing campaigns.

    This article will give you the breakdown on 10 cognitive biases and also provide you with various tips, tricks and tactics you can use to overcome them in your audience.

    Share and Enjoy !

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    Marketing Strategies for Real Estate Investors

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    Regardless of what type of real estate investment you’re in, the truth of the matter is that you’re never going to be successful without a solid marketing strategy. Fortunately, now more than ever there are numerous avenues, tools and platforms available to real estate investors looking to establish a presence and expand their business with their marketing efforts.

    A recent report by the National Association of Realtors found that as much as 51% of buyers find their properties on the internet. As a result, it creates a valuable opportunity for you to spread the word about your business and generate leads.

    However, with that being said, there’s nothing that substitutes for good old fashioned, traditional face-to-face encounters or interactions within the physical world. While the internet is a treasure trove of information and opportunity, it is always recommended that real estate investors use a combination of online and offline strategies in order to ensure their efforts are most effective.

    If you’re interested in learning about the various strategies you can use to improve and expand your business operations as a real estate investor, then look no further than these next few lines.

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    1. Leverage Your Access to Public Records

    Regardless of your approach to real estate investment, you should know that you automatically have a huge advantage simply due to nothing more than the fact that you’re in the real estate industry. As a result, you automatically have the opportunity to access public records which give you all kinds of valuable information on your target demographic such as names, income and more that can help you maximize your marketing efforts.

    Use this wealth of information available to you and create detailed databases based on your research findings. This gives you the opportunity to fine-tune and focus your marketing efforts so that you can successfully reach, attract and make an impact on your ideal target demographic.

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    2. Email marketing

    Did you know that according to HubSpot, 59% of marketers say that email marketing gives them the biggest ROI when compared with other channels they use? In fact, email generates an astounding $38 for every $$1 spent.

    That’s a 3,800% ROI.

    There’s no denying that email marketing is one of the most effective options you have available to you. If you still have yet to start building your email list, don’t fret – just know that it’s never too late and it’s super simple to get started. All you need is some kind of lead bait (such as an offer) in order to entice individuals to sign up to your list and an email marketing tool such as MailChimp to get started on creating awesome automated email campaigns to help you generate leads and grow your business.

     

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    3. Direct mail

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    4. Owned media

    Have you taken the time to invest in owned media for your business? If you’re looking to make an impact online then you’re going to have to establish yourself in some way,  shape or form. This could be through a company website, a blog or a Facebook page. Ideally, you should have all three. These valuable forms of media are used to help attract customers to your business and as a result, should be carefully crafted specifically for the purpose of generating conversions.

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    5. Earned Media

    Earned media is another form of media that every entrepreneur, regardless of industry should be investing in. Earned media encompasses things such as press releases, guest posting, business reviews and customer testimonials.

    Earned media can also come in the form of SEO. Having a search-engine optimized website is the best way to generate organic traffic from search engines such as Googleyou’re your goal is to get your name out, then you’re going to have a hard time doing so when you’re on the 4th page of a Google search result. SEO, press releases, guest posting and reviews all help contribute to your online presence and as a result, should be considered seriously by any real estate investor.

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    6. Paid Media

    Did you know that according to recent research individuals who visit your site through a paid ad are 50%

    more likely to convert than those who do so organically?

    Let’s say you already know the basics of online marketing. You have a website; you update your blog on a regular basis and you’ve established your presence on social media. Have you considered paid media?

    Unless you’ve established your presence online for the latter part of a decade, it’s going to be hard for you to get any traction without advertising. Whether your focus is on social media ads or you prefer Google’s Adwords platform, advertising provides a valuable opportunity for you to get your business in front of those that need to see it most.

     

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    7. Video Marketing

    Video marketing is pretty much the hottest thing since sliced bread right about now. Gone are the days when a simple text advertisement or static picture served as sufficient for your marketing efforts. Video is now officially the standard – and it’s east yo see why. Did you know that according to recent research video marketers get on average  66% more qualified leads per year than those who don’t use video in their marketing strategies? Further food for thought – did you know that YouTube is officially becoming the go-to platform for video research? If you’ve already established yourself on a platform such as Facebook, you may want to consider establishing yourself or at least marketing on this insanely popular channel.

     

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    8. Off-Market Properties

    Focusing your efforts on off-market properties gives you a solid advantage financially speaking. Off-market properties, often referred to as “pocket listings”, are real estate listings that aren’t listed on multiple listing services such as MRIS. The great thing about these listings is that they are a niche of sorts and often ideal for investors focusing on flipping because the properties are often listed far below market value. So, how do you find them if they’re not on the MLS? Good old-fashioned networking. Which leads us to our next tactic.

     

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    9. Networking

    Good old-fashioned traditional networking is by far one of the most effective strategies that a real investor can have in their marketing arsenal. However, when it comes to networking, making sure you choose the right people is crucial to success.

    Estate attorneys are valuable resources for real estate investors as they often have lots of properties on hand with title issues and/or tax liens that will soon be on the market.

    Wholesalers make the process simple as they act as the middlemen in the real estate transaction due to the fact that they sell you the contracts to properties.

    Local builders are also valuable resources because these individuals tend to be “in the know” about local, unfinished properties, giving you a great opportunity to take advantage of.

    In an interview with Forbes.com, Chuck Hattemer with Onerent suggests that real estate investors contact the HR teams of local companies and offer a deal for their employees to rent their properties. You can offer to bring lunch and treat the company while getting valuable leads and contacts.

     

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    10. Targeting Motivated Sellers

    Motivated sellers are individuals who for whatever reasons may be, find themselves in a predicament where they have to sell their property as soon as possible. Motivated sellers are a great resource and target demographic for real estate investors because they often are willing to take offers below market value due to their situation.

    The easiest, quickest and cheapest way to identify sellers as such is to check your county’s delinquent tax list. These records give you access to individuals who are behind on their property taxes from as little as two weeks to as long as 2 years. This essentially gives you a database of potential contacts as well as insight into future foreclosure listings.

    Conclusion

    If you’re looking to establish awareness and grow your business, then there’s no better way to do it than by implementing these tried and true marketing strategies for real estate investors. While you may want to dive in head-first and try out every single item on the list, the truth of the matter is that it’s much better to focus your attention on just 1-3 of these strategies in order to ensure your efforts aren’t diluted. So, what are you waiting for? Step up your game in 2019 and set yourself up for your best year yet!

     

    What are some marketing strategies you’ve found successful as a real estate investor? Have you used any of the tactics on our list? Let us know in the comments below! We’d love to hear from you!

    Sources:

    https://medium.com/@leadpropeller/top-5-digital-marketing-strategies-for-real-estate-investors-ad493ebb5111

    https://www.forbes.com/sites/forbesrealestatecouncil/2018/03/05/13-marketing-strategies-real-estate-investors-can-use-to-improve-their-business/#68f4f9fd2172

    https://www.fortunebuilders.com/the-top-3-real-estate-marketing-strategies-for-new-investors/

     

    Regardless of what type of real estate investment you’re in, the truth of the matter is that you’re never going to be successful without a marketing strategy. Fortunately, now more than ever there are numerous avenues, tools and platforms available to real estate investors looking to establish a presence and expand their business with their marketing efforts.

    A recent report by the National Association of Realtors found that as much as 51% of buyers find their properties on the internet. As a result, it creates a valuable opportunity for you to spread the word about your business and generate leads.

    However, with that being said, there’s nothing that substitutes for good old fashioned, traditional face-to-face encounters or interactions within the physical world. While the internet is a treasure trove of information and opportunity, it is always recommended that real estate investors use a combination of online and offline strategies in order to ensure their efforts are most effective.

    If you’re interested in learning about the various strategies you can use to improve and expand your business operations as a real estate investor, then look no further than these next few lines.

    Share and Enjoy !

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    7 Ways Businesses Can Use Trello to Enhance their Processes

    What is Trello?

    Trello is a popular “web-based project management application” that was originally created back in 2011 by Fog Creek Software.

    It offers an intuitive design and some serious flexibility for businesses of all sizes and industries and is a great choice for entrepreneurs and business owners looking for a cost-effective solution to help streamline their workflow processes and boost productivity.

    And when we say cost-effective, we mean it — because Trello’s base plan for project management is absolutely free. With tons of flexible features and awesome third-party integrations available at your fingertips, it’s no wonder why Reviews.com called the free version of Trello’s software “the most generous on the market” and the “Best Free Project Management Software” of 2018.

    This platform is particularly great for individual entrepreneurs and small business teams due to it’s simple, intuitive, user-friendly design.

    Features

    The first thing individuals will notices that sets this platform apart from the others is the fact that it puts no limit on the number of projects, users or tasks.

    The second thing that you’re going to love is that the platform offers a ton of awesome templates that are tailored to certain types of projects. This is great for those of us who tend to get a little overwhelmed with features and possibilities.

    Trello breaks projects down into boards, similar in theory to those of the popular social media app Pinterest, and it breaks down various tasks into simple, straightforward phases.

    Time-sensitive tasks can be marked with a due date and time and when completed, it’s as simple as dragging and dropping it onto the next phase of your board.

    Did we mention it offers a desktop app for both Macs and PCs as well as an awesome mobile app for managing operations on-the-go?

    Even better? These apps are extremely well-reviewed, with both receiving a score of 4.5 out of 5 stars or higher based on tens of thousands of reviews.

    That’s not too shabby.

    So what’s the downside?

    Well, based on research we’ve found that while the platform does offer a ton of useful integrations, it’s not quite up to par with other more costly options.

    However, this isn’t necessarily a downside for every company due to the fact that the most common integrations for project management software are included (i.e. syncing with Google Docs, One Drive or Dropbox).

    Another downside to the platform is that if you’re using the free version of the software, then you’re going to have to opt out of the calendar view feature and remain satisfied with one “Power-Up” (aka integration) per board and a 10MB size limit on files.

    Trello Pricing

    When it comes to pricing, the platform remains a top competitor in the project management software arena, and not just because their base plan is free.

    Business Class

    Individuals opting in for the Business Class plan gain access to app integrations, team overviews, unlimited Power-Ups, and additional security. It also gives users priority email support with a guaranteed response time of 24hrs and the ability to spice up their boards by adding custom backgrounds and stickers.

    An important feature not to overlook is the ability to keep company information private with restricted membership invitations. Individuals can restrict access to anything from a specific card/task, list or even an entire board.

    All of this and for no more than $9.99.

    Not bad.

    Enterprise
    The enterprise version of the software is available to small and large businesses alike and features tiered pricing, unlike the Business Class plan. If you run a small business that has anywhere between 100 and 300 employees, then you’re looking at a price of $20.83 per user/month.

    Larger organizations can rest assured that their entire budget won’t go to project management thanks to the platforms flexible rates.  Enterprises with 1,000+ employees only have to shell out $4.17 per person/month in the event they opt for an annual plan.

    This price includes all of the awesome features of Trello Business Class as well as 2-factor authentication, a custom security review, intrusion detection with enhanced monitoring and personalized onboarding assistance.

    Trello for Productivity

    If you’re interested in using Trello to boost productivity, then you’re looking in the right direction. Trello’s simple interface and flexible design makes it easy for business owners and individuals alike to organize, prioritize and keep track of  everything from projects and tasks to meetings and agendas.
    Just take a quick glance at the above image to get an idea on how entrepreneur and best-selling author Tim Ferris enhances his workflow processes with Trello.

    What’s great about the platform is whether you’re a “big picture” kind of thinker or a “devil in the details” kind of individual, the platform makes it easy for you to organize everything into an easily digestible visual format.

    Creative Projects with Trello

    So, what about the designers and “creativepreneurs”? Well, lucky for you Trello is a great option for organizing everything from content schedules to branding and design projects.

    Organize projects in a visually friendly manner, attach images and files for reference and tag individuals on your team to particular tasks and boards.

    Whether it’s a design sprint that you’re working on and need to organize into phases or a creative project for your newest client that needs to go through several review processes before completion, the platform can help you get it organized and completed in the most efficient manner possible.


    Product Development with Trello
    Let’s say you’re an Saas startup and you’re looking to organize your product development processes to help increase efficiency, accountability and effectiveness.

    Trello can help you assign certain tasks to various individuals on your team and keep track of product phases and deadlines. You’re also able to color code cards for those looking for a quicker way to visually scan progress at a glance.


    Sales and Trello
    If you’re interested in organizing your sales pipeline with Trello, the platform makes it unbelievably simple. Lists can be created to keep track of lead information, scoring and status and team members can be assigned to various cards (aka leads in this particular example).

    Move cards down your pipeline, assign due dates for tasks for your clients, attach relevant documents and keep track of where your leads are in your sales sales or CRM pipelines all in one convenient screen.

    Trello for Personal Organization
    Sometimes we all just need help getting our work schedules and to-do lists organized. Keep track of your daily tasks, categorize them by list and assign due dates and times for completion in order to ensure that you stay on top of your work.

    Or, if you’re looking to be a bit more strategic in your approach, organize boards as different aspects of your marketing strategy. For example, the above board reflects the individual’s personal branding strategy and helps them keep track of progress being made.

    On the right side you will find the Menu, which lists activity on the board. It also gives you the option to filter cards and add stickers. We’ve clicked on the “More…” option to reveal a secondary list where you can adjust your settings, add labels, create collections, archive items print and export cards and boards or pull the URL for sharing with others.

    Business Operations with Trello
    Trello makes it easy to organize business operations at a glance. This particular individual has made use of the background image feature as well for adde personalization.

    As you can see above, lists can be made into anything from teams, with individual cards reflecting each department, to priorities and projects. The user has also attached varioust team members to cards and color coded them for easy review.

    Furthermore, you’ll notice on the right-hand side there is a menu which reflects the most recent activity on the board including the user’s information, what actions were taken and the time and date which they were completed.

    If you have an upgraded option you will notice additional features on the menu such as the ability to change the background or integrate with third-party apps (aka “Power-Ups”).

    For example, one of the Power-Ups includes a detailed calendar view. Another gives you the ability to link your Google Drive to the platform so that you’re able to create, store and manage documents and media effectively.

    Event Planning with Trello
    Trello is also a great option for event planning, whether you’re an event planner by profession or a company employee organizing the annual potluck celebration. As you can see in the image above, the individual has created a board for a special event and created lists to help keep track of deadlines, the status of tasks and dates.

    If you take a look next to the name of the board “100 Mile Potluck”, you’ll also find that the individual has the

    board listed as being visible to the rest of the company. When you purchase an upgraded version of the software, you’re able to restrict access to everything from certain tasks, to cards or entire boards.

    Conclusion

    So there you have it! Everything you need to know about the immensely popular and insanely cost-effective project management platform that is Trello. If you’re a business owner looking to optimize their workflow processes and boost productivity, then a simple, intuitive platform such as Trello is the perfect option for you to get the job done.

    Have you used Trello for your business? What were your thoughts on the platform? Let us know in the comments below! We’d love to hear from you!

     

    Sources:

    https://trello.com

    https://www.reviews.com/project-management-software/

     

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