“Fintech” describes the new technology integrated into various spheres to improve and automate all aspects of financial services provided to individuals and companies. Initially, this word was used for the tech behind the back-end systems of big banks and other organizations. And now it covers a wide specter of finance-related innovations in multiple industries, from education to crypto-currencies and investment management.

If you talked about starting a business with a small budget in the early 00s, people would say that you are crazy! But today, most startup businesses including solopreneurs are able to make million dollars with just a small investment thanks to the emergence of no-code tools.

The world is obsessed with videos currently. Whether you waste too much time watching silly Tik Tok videos that make you laugh or watch ‘how to’ videos on YouTube to help you fix a problem at home, we are all watching videos on a daily basis. I don’t have the latest statistics for 2020 but I can only assume that with everyone in Lockdown for at least part of the year, streaming videos will have increased yet again.

The sudden outbreak of COVID-19 and its rapid spread worldwide has changed the way we work perhaps permanently.

In business, being the trusted authority in your space is the best way to earn your customers’ trust. Or is it the other way around? Do you become an authority in your space by earning the trust of your customers and clients over time?

Authority, clout, credibility — the immediately earned trust of a customer through purely social indicators is one of the most sought after statuses as a brand or a business. To understand how to earn authority and trust, we must understand the two types of authority that matter the most in the 20th century and utilize them for maximum success.

The word authority, the way I mean it, is defined as a person or organization having power or control in a particular, typically political or administrative, sphere.

So how do we, as businesses or personal brands earn our share of power in our sphere? How do we become thought leaders and demonstrate thought leadership and credibility?

By understanding the two types of authority that help reach your customers: algorithmic authority and social authority.

Algorithmic authority

In relation to social networks and media, algorithmic authority is the ability to be seen by your audience, organically or paid. Algorithms are complicated. They are the most innovative and newest pieces of digital infrastructure that run society.

Algorithms are made to entice us, to buy our attention with a never-ending promise. If you keep scrolling, eventually you’ll see something different, and eventually, what you see will please you, capture your attention and entertain you.

Authority has been gamified. We must understand that authority in relation to algorithms is vitally important for a business to succeed. Your ability to show up in front of your ideal customer or clients’ eyes is the first step in your marketing funnel. Understanding how to speak to them and getting your messaging right will be next in the steps. But before you set out to make a marketing plan, it’s important to understand which algorithms are necessary to target and how to utilize them in order to gain algorithmic authority.

If you spend any time on Facebook, LinkedIn, Instagram, or a number of other social networks run by these complicated algorithms, you probably have a certain friend or set of friends that you always see. Oftentimes you’ll likely see this person first on your feed very frequently when they’ve posted. There are likely people you rarely hear from or find that you’re distant from without necessarily wanting to be. Unfortunately, because it’s a social network, the algorithms are now dictating our social networks and who we see.

The algorithms’ intent is to show you the most entertaining or relevant information. Let’s look at google, it’s intent is to deliver the most valuable, relevant, and clear answer, as fast as it possibly can. So its intentions here are not to draw you away from the things you want to be connected to, it’s merely predicting, hypothesizing what you may enjoy, and placing it at the top of the SERP (Search Engine Results Page).

On the other hand, you have Facebook, whose intent is as follows:

“Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.”

Facebook uses its algorithm to show you what other people you call friends are up to.

And then there’s the monetary side of the algorithm. How does Facebook or Google make money? Advertising.

So in order to show you advertisements they have to have an extremely valuable free service offering. Have you ever thought about this? The main function of Google is free. Billions of cross-referenced pages in milliseconds.

Facebook runs a digital infrastructure of billions of profiles and hundreds of millions of businesses. All for free for its users. Well seemingly for free, data and the real estate that captures the users’ attention are now for rent.

So you can spend a ton of money on advertising, and you should, but you should also know how to grow an organic following and create/drive traffic organically without spending a dime. And this is what algorithmic authority is.

The potential to go viral and be seen by millions of people. This is predicated on a number of things but you can boil it down to a couple of key characteristics:

Highly entertaining

Relevant

Shocking/different/incites curiosity

Has an exponentially accelerating viewership over a short period of time

Informative or controversial

Often funny or highly emotionally invoking

But these videos generally don’t go viral after the first one, it’s a process of building your audience and learning how to use algorithmic authority to show up in front of your ideal clients and customers with relevant information.

Each algorithm has a different set of variables by which you earn algorithmic authority. Like Google, and the factors involved in SEO and ranking #1. Even though Google and YouTube are owned by the same company, the algorithms that govern them are slightly different.

Same with Instagram and Facebook, even though they’re owned by the same company, the algorithms that govern how much you get seen and whether by your followers or by people who don’t follow you are different between each platform.

In order to see success with algorithmic authority, you must understand which algorithm to start with and go all-in on that one. Build one following on one algorithm, start with the one that makes the most sense, and build it up once you’ve built a following on one social network, the practice of building a following on another becomes a lot easier. Not only do you understand how to build a following, you know what content works and how grueling the process is…

Utilize algorithmic authority to reach your ideal customers, understand best practices, and go all-in on playing the games of the algorithm.

Social authority

Social Authority is the instantaneous trust the consumer gives to people that they find ultra credible. If you want to know the best roofer in town you might look it up on Google, this is where algorithmic authority comes in, you might call your neighbors who just got a new roof put on and ask how their experience was. Or you might call your friend who’s a general contractor and ask him who the best and most affordable roofer is in town.

Depending on what answers you get you’d have a large amount of confidence in your choices or you’d have a little. This is based on social authority or the amount of credibility that you earn based on your branding and brand authority, your website, your reviews, where you’ve been featured in magazines or what awards you’ve won, what your friend and family might say about their experiences and any other cues that might convince a customer to trust that you’re going to fulfill your brand promise.

Social authority is built from your very first customer and pours out into every piece of every customer journey or experience. I remember being at an event in Las Vegas watching speakers at a conference… I’m not sure who said it but the crew was an all-star line-up. Billionaire Naveen Jain and others were there and someone said, “You’re either building your legacy or destroying it,” and I wholeheartedly agree with this sentiment. You’re either building your legacy and social authority or destroying it and you need to ensure you’re building it up every step of the way.

It’s imperative that every piece of the customer journey creates a positive customer experience so when you go to ask for a review of their experience, not only was it over and above anything they ever expected, but they want to tell their friends anytime they are asked about the experience they had with you.

Social authority is built through powerful branding, a brand promise that is more than fulfilled with style and grace, raving fans, great reviews, and building your credibility in the social purview. It can look like being featured in Entrepreneur, it can look like 10’ or 100’s of 5-star reviews, it can look like a professional online digital presence, but it’s best utilized when it’s built from day one with all of the above and more.

Add Diversity to Your Brand with Integrity & Honesty. In recent years we’ve been hearing more and more about diversity and inclusion (D&I) in the workplace. The words “diversity” and “inclusion,” are similar, but they don’t have the exact same meaning.

The significance of entrepreneurship has been raised in the global economy by the reorganization of labor market with respect to the qualifications of employees, category of work and changes in economy. There are differences in male and female entrepreneurs with respect to their business and personal profile. They tend to choose different fields or sectors to start a business, there are differences in their goals, they want to make different products and build their business in a different manner. (Grain Startien, 2018)

Buying a home is a big dream for each and everyone in the world. Even it is a life time achievement of middle class people. They start savings in their early stages in life for buying a property like home. Majority of the people wish to buy ready made houses rather than choosing landed properties.

Capital (as opposed to consumer) credit is the kind of credit that serious investors are issued in order to purchase wealth-producing capital assets such as stocks, bonds, commercial real estate, machinery, copyrights, and patents, etc. It’s a variety of credit that is issued with a relatively low interest rate that allows the investor to pay off the loan in a relatively predictable amount of time.

If you have ever traded stock, then you understand the importance of buying or selling when stocks split or when the company buys back shares. It’s true. Similarities between the stock and currency markets exist; but, success in currency exchange entails understanding the relationship between currency pairs. The pairing of the US Dollar and the British Pound proves a dependence between an import and export economy.