Say Hello to My Little Friend

More and more our smartphones are becoming our most handy go-to resource, or as I like to call it, “my little friend.” Not quite as large, powerful and destructive as the machine gun Al Pacino whips out in the 1983 film Scarface, but ultimately way more helpful and much more deserving of the label “little friend.”

And smartphones ARE so very helpful. Besides allowing us to talk to anyone anywhere (assuming we’re not out of range), they help get us where we need to go, keep us connected to friends, family and all global. Anything we need, chances are there’s something that’s either on your smartphone or can be added to it to make our lives a little easier. In other words, there’s an app for that!

According to Digital Marketing, book three of the SMstudy™ Guide, “optimizing the mobile channel, which includes both the mobile websites and mobile apps, should never be neglected and specific focus should be paid to optimizing this channel to achieve maximum reach, enhance relationships with customers and to support a company’s reputation.”

Considering recent statistics from Google, the SMstudy™ Guide is correct to suggest that mobile should not be ignore or even placed on the back burner... especially if your business is retail. Google global search data from November 2014- October 2015 revealed that shopping-related searches have increased by 120% in the last year. Additionally, from a 2015 study based on 5,398 internet users we learn that 82% of shoppers consult their smartphones on purchases they’re about to make in a store…sometimes while in the checkout line.

Wow. That really can’t be ignored.

With this data in mind, mobile marketers are on an innovative kick and keen to connect with consumers during what is now being called micro-moments, or moments according to Google when “consumers’ expectations are higher than ever. The powerful computers we carry in our pockets have trained us to expect brands to immediately deliver exactly what we are looking for when we are looking. We want things right, and we want things right away.”

One such identified micro-moment occurs while customers are actually in a physical store. In response to the mind-blowing fact noted above (82% of shoppers say they consult their smartphones purchases they’re about to make in a store), our “little friends” can now tell us a bit more information about a product we’re considering buying.  Sephora, the beauty product retailer actively encourages customers to scan products into the Sephora app, where they will receive additional product information and ratings. 

Other retailers are beefing up their geographic “searchabilty” based on recent data showing that “Near Me” searches have grown substantially year-over-year and that 18 percent of local searches end in a purchase.

Responding to our ever-growing desire for mobile-centric “helpers” marketers are recognizing that the shopping experience begins way before a customer walks in the front door. Providing information during the micro-moments when consumers are seeking relevant, helpful and oftentimes local information, is key to keeping customers around.

Optimism regarding this new data is wonderful if it leads to new and creative ways to help consumers navigate the retail experience. But beware, at some point too many “pushes” from retailers ceases to be helpful and can potentially become a nuisance. But for now it’s all well and good as long as our “little friends” know how to stay helpful and not turn into little frenemies that end up blowing up in our faces. Remember poor Antonio Montana and his little friend?

To read more interesting articles, visit http://www.SMstudy.com/articles/ 

Sources:

SMstudy™ Guide, Book 3, Digital Marketing. Available at http://www.scrumstudy.com/overview-of-sbok.asp

“Five Ways Consumers Connect to Stores With Mobile Shopping,” Matt Lawson. February 2016. https://www.thinkwithgoogle.com/articles/5-ways-consumers-connect-stores-mobile-shopping.html?utm_medium=email-d&utm_source=2016-03-think-letter&utm_campaign=20160328-think-letter-weekly-insight-OT-CP-EL&utm_content=Local-Retail-img&mkt_tok=3RkMMJWWfF9wsRous6rJZKXonjHpfsX67e4pW6%2BylMI%2F0ER3fOvrPUfGjI4JSspkI%2BSLDwEYGJlv6SgFTrDBMaN2wrgLXhY%3D

"Consumers in the Micro-Moment" study, March 2015.

The importance of product positioning to the marketing strategic planning

Product positioning is a very important tool for an effective marketing strategic planning. Product positioning creates an image of the company’s products in the mind of consumers, highlighting the most important benefits that differentiate the product from similar products in the market. Product positioning involves identifying points of parity and points of differentiation that enable a company’s product to both meet market standards while offering consumers additional value on key dimensions such as quality, innovation, price, leadership, and functionality, among others.

Product positioning starts with identifying the specific, niche market segments to target e.g. not just working professionals but single working professionals of age group 25-30 years, having an annual income of $50,000-$60,000, and enjoy adventure activities. After segmenting the target market by demographic and psychographic attributes, marketers must understand customer needs. With well-defined target segments, product positioning enables a company to meet very specific needs of a particular market segment, offering value that may not be provided by competitors.

Marketers must keep an eye on the competitiion while considering positioning elements of their marketing strategy. An effective positioning must convey a message to customers why this company’s product should be preferred over the other competitor’s products of similar nature. In other words, the company should not go by the flow of the market i.e. copying what the competitors are doing rather they need to stand out from the crowd by offering distinguishing or differentiated product attributes and other value added services.

The next stage is how to communicate the differentiated offerings to the identified niche market segments. This is possible by selecting the appropriate communication channels that are tailored to connect with their identified target audience when they will be most receptive to these messages. Say for example, a sports car manufacturer position their products through communication via television advertisements during sports events like formula one. They also use print media by running full page high resolution color ads in sports magazines.

It is important that the business incorporate the product positioning across all facets of the business, including manufacturing and customer service in order to ensure consistency of the positioning from the consumer’s standpoint. Further, the positioning must not only align with other divisions and with the current corporate objectives, but also provide long-term sustainability and remain relevant for product variants and for future market scenarios. Using strong product positioning is a key component to the success of the Marketing Strategy and to meeting overall corporate objectives.

To learn more about the product positioning, visit SMstudy.com.

Great Teachers Deserve the VMEdu Authorized Content Partner Program

Great teachers are rare. Great teachers should be prized for what they give to the world. A great teacher should not have to slog it out alone, wasting precious time taking care of the tedious work that must be completed in order get thier courses recognized and propeled to success. This is where the VMEdu Authorized Content Partner (V.A.C.P.) program can come in handy. The V.A.C.P. program offers to take on the heavy lifting of course preparation, presentation and management, leaving great teachers with time to do what they do best...teach!   

The VMEdu Authorized Content Partner program provides real advantages for teachers who are ready to get the word out about their courses!

The V.A.C.P. program lets teachers create and upload courses through an easy-to-use cloud interface called the VMEdu Course Builder. Everything related to your course, including videos, test questions, case studies, flashcards study guides and more can be included. And have no fear, the VMEdu technical team is always available to assist with course creation or any other technical assistance. There is no cost for creating or uploading your courses, and zero licensing fees.

The creation of a mobile app is another perk of the V.A.C.P. program. VMEdu can create a mobile app to support your courses with both your company name and logo. This app can be used by students to experience all available  courses as well as provide students with flexibility they need in their learning experience. Apps can be downloaded from the Google Play Store (for Android App) or Apple App Store (for IOS App).

In addition, VMEdu has a global partner network of more than 750 Authorized Training Partners (V.A.T.P.s), and if so inclined, teachers can sell courses to the VMEdu A.T.P. partner network. Prices are set by the teacher and VMEdu assists in reaching out to its large network of corporates, colleges/universities, training companies and individual trainers. This helps increase reach and at the same time garners additional customers and revenues. More specifically, if a course relates to sales and marketing, teachers may consider selling their courses through SMstudy.com, the global accreditation body for sales and marketing certifications.

VMEdu understands that managing classes can take up a ton of valuable time, so they’ve created an easy-to-use portal where teachers can manage course-related activities such as student access, course financials and course reporting.

With all the benefits of partnering with VMEdu, teachers now have an option that makes sense. The V.A.C.P. program is the accommodating, helpful, time-saving platform that teachers need, so they can focus on the important work of teaching.

For more detailed information of the VMEdu Authorized Content Partner program, visit http://vmedu.com/Benefits-of-VACP.asp

Pushing the Envelope: The Case for Paper

“It is important for us to note that the fact that we are in the twenty-first century does not make all the earlier avenues of sales and marketing obsolete.” – Marketing Strategy, Book one of the SMstudy®Guide.

Online marketing is where it’s at, right? The benefits are numerous and have been noted extensively in reports and articles galore by marketing professionals and others who’ve taken the time to track the data and offer the proof. Online marketing is definitely where it’s at. Or, is it?

Today, many companies and brands opt for a fragmented new-age marketing strategy, one based primarily on a digital, multi-channel approach that includeds all available avenues via the Internet, such as websites and social media, and tools and devices, such as smartphones, tablets, computers, and so on. But in all the excitement of new technologies and the myriad of new ways to reach people with our marketing messages, SMstudy reminds us that “rather than viewing these changes as completely replacing earlier practices, sales and marketing approaches should be viewed as a continuum where recent innovations can co-exist with earlier practices.”

In other words, online marketing might not be the only game in town. Some old-school methods might, in fact, be cooler (and more appropriate) than you think. Take snail mail, for example.

Direct mail, which seemed to have gone the way of paper news and landline phones, is now seeing a revival. The most commonly cited reason is the personal factor. In an age where we receive a slew of emails every day, to receive a piece of paper mail with our name on it (as opposed to “current resident”) seems positively Downton Abbey. We’re loving the nostalgia of it and it’s standing out in our consciousness, because unlike email, paper mail is rare nowadays. Craig Simpson, direct mail marketing professional, emphasizes the personal touch of direct mail.

“It makes it seem like someone put some extra effort into what they sent as opposed to just quickly shooting off another email,” Simpson said.

Simpson goes on to point out the additional benefit of being able to “spruce up physical mail in ways that you just can’t achieve with email.”

Other noted plusses for direct mail include the ability to precisely target market segments and the fact that compared to email, physical mail has a greater likelihood of being opened.

Direct mail is also a flexible channel with a variety of options. Postcards, flyers, publications and free samples are all on the table when considering direct mail.  

SMstudy states, “It is a fact that people now spend more time on the Internet using devices than they spend through conventional mass media, such as television, radio, or newspaper.” So, it is logical to focus many marketing efforts online.

However, if physical paper mail is best in reaching a company’s audience and in turn reaching the company’s goals, marketers should not be afraid to pull out an “oldie but a goodie” from the continuum of sales and marketing.  

 For more on sales and marketing, visit smstudy.com/articles

Sources:

“4 Reasons to Use Direct Mail Marketing Instead of Email Marketing,” Craig Simpson, Feb. 17, 2015. http://www.entrepreneur.com/article/242731

“What Are the Benefits of Direct Mail Advertising?” Rick Suttle, Houston Chronicle

http://smallbusiness.chron.com/benefits-direct-mail-advertising-3476.html

SMstudy®Guide, Marketing Research http://www.smstudy.com/SMBOKGuide/Overview-of-SMstudy-Guide

VMEdu Looks at e-Learning Trends for 2016

Almost sixty percent of online educational providers are ready to kick their LMS to the curb.

A recent report referenced by DDI Development on current e-learning trends asserts “that nearly 2/3 of online courses’ students, as well as their managers, are not satisfied with their current LMS and are not going to renew their subscription.”[1]

As a software development firm, DDI is interested in how these trends affect coding and coders. When their blog says, “New e-learning companies create new learning trends, as their online community is very flexible and quick to abandon LMS solutions that do not meet learners’ needs,” they are seeing opportunities for programmers to write the code that provides the new solutions e-learning companies are shopping for. When VMEdu sees this trend, they know they have that solution already.  

“Unlike other traditional LMS platforms, you do not have to pay any licensing fees, buy expensive hardware or hire expensive software professionals to launch your online courses and mobile apps,” says VMEdu, adding, “traditional LMS platforms usually have negligible support for mobile apps; VMEdu creates best-in-the-industry mobile apps for you at zero-cost for Android phones (if more than 1 hour of video is uploaded for a single course) and $250 for iPhones.”

Based on these differences and their LMS’s connection to the VMEdu Authorized Training Partners (V.A.T.P.) network, the company claims, “You will save more than 90% of your current LMS expenses by using VMEdu– and have signifi­cantly more capabilities than those offered by traditional LMS platforms.”

They explain the value of this connection saying, “Courses created by our V.A.T.P.s can be made available and sold through our fast-growing partner network of 800+ Authorized Training Partners in 50+ countries. This makes your course available to an extensive network of companies, colleges, universities, training companies, and individual trainers and experts. No other traditional LMS platform helps you with customer acquisition.”

The e-learning trend is projected to continue explosively, “It is estimated to reach $200 billion worldwide by 2018 - more than 200 million people actively using various learning management systems,” according to DDI. They conclude that “One of the most important features any MOOC (Massive Open Online Course) should provide is scalability.” This trend makes VMEdu happy because “V.A.T.P.s have the ability to scale their training very quickly with negligible upfront investment. They get to create and launch their courses on their own websites and mobile apps using the VMEdu Cloud LMS.” DDI notes that for scalability, “As of now, only cloud hosting is capable of providing sufficient resources for this task.”

“It appears that 2016 will become a year when Big Data will stop being a distant future and become our everyday reality, so it’s best to keep this in mind when planning statistical algorithms for your LMS technology,” says DDI. The VMEdu Cloud LMS enables “your courses to include videos, tests, study guides, flashcards, and more: students can track the progress of their coursework, and determine improvement opportunities.” The ability to track student progress, manage courses and more is part of the VMEdu LMS’s ability to handle big data. As they are fond of saying, “VMEdu’s state-of-the-art Cloud Learning Management System (LMS) takes care of this!”

A continuing trend is the growth of mobiles: “Mobile LMS technology is supposed to surpass computer counterparts soon (as well as in many other fields of application). Developing mobile LMS apps is vital for any provider aiming for success,” according to DDI. VMEdu says, “We can create the best-in-the-industry mobile apps for your company with your company name and logo. This app can be downloaded from the Google Play Store (for Android Apps) or the Apple App Store (for IOS Apps) and can be used by your students to experience all of your courses. This provides your students the flexibility to study online and on-the-go.”

“Backend as a Service – That’s the one of the trends underlined by Martin Puryear on TechCrunch. Third party services that support chunks of backend tasks are faster to apply than repetitively building generic things. That helps to focus on innovative and competitive aspects of a product,” is a trend Marina Blinova cites in her article on LinkedIn’s Pulse.[2] VMEdu believes that by providing professional trainers and educational organizations with one of the industry’s most robust LMS, those educators can focus on developing the best educational experiences and value for their students.

VMEdu began creating its LMS more than seven years ago. They tested it thoroughly by launching multiple courses and websites, which have now become global leaders in their fields, teaching more than 500,000 students from 150 countries and 3,500+ companies. The VMEdu LMS is hosted on a scalable cloud infrastructure and already hosts hundreds of courses, with more than 50,000 learning resources including videos, questions, case studies, simulated exams, flashcards, study guides and more.

With its professional training and accreditation bodies, innovative LMS and extensive network of training partners, VMEdu has grown to be an industry leader. That growth is one of the most reassuring trends in e-learning today.

[1] “Main E-learning Trends for 2016” (2/25/16). IT News. DDI Development (ddi-dev.com)
Retrieved on 3/3/16 from http://ddi-dev.com/blog/it-news/main-elearning-trends-2016/ 

[2] Blinova, marina (3/3/16), “What do you consider the most promising trend for 2016?” Pulse LinkedIn.com. Retrieved on 3/3/16 from https://www.linkedin.com/pulse/what-do-you-consider-most-promising-trend-2016-marina-blinova?trk=hp-feed-article-title-publish

What Did You Do When You Were Supposed to be Sleeping?

Sleep Cycle is an app that tracks your sleep cycle. Seems pretty simple, but looks can be deceiving. In November of 2015, just a few short months ago, the app was released to the public and the vote is in. Everyone loves it.

So, here’s what you do. First, download the app. Before you go to sleep set the alarm programmed in the app and the sleep cycle device will activate. Place your phone screen side down on your nightstand, plug in your charger, and, hopefully, have a great night of sleep.

When you wake up in the morning, the app provides you with a line graph that depicts how many hours you were in bed and how your sleep varied throughout the night from awake, sleep, and deep sleep.

I tried out the app for the first time last night and it appears as if I am a champion sleeper, but I moved 1,267 times. I am a champion sleeper that thrashes.

But that’s not all! The trends tab on the app is available to premium members, and it provides you with several different charts that display sleep quality, what time you went to bed, the amount of time in bed, and what time you woke up at for the week. It also gives you a percentage in regards to sleep quality. Did you sleep poorly because you ate dinner too late? Or did you wake up refreshed because you hit the gym the day before? The app will tell you. It also lets you know if your sleep quality was affected by air pressure, weather, or if you are a thrasher like me.

You get all of this information for a large fee of 83 cents a month (This is not a typo).

Sales and marketing professionals can learn a thing or two from Sleep Cycle. We, as people, are fascinated about sleep. We can’t study our own sleep patterns, considering we are sleeping, so it was all too fascinating to find out that I sleep the majority of my night in a deep sleep. I would have never known that. That’s how they get us in. It’s all a marketing ploy. And then for just 83 cents a month I can not only learn how I sleep, but I will learn how I can sleep better. Who doesn’t want to know that?

83 cents a month is nothing for us fortunate enough to be living in a first world country. We see the advantages for the app, sign up, and never unsubscribe because it is only 83 cents, even though we never use the app anymore and it has been long forgotten. And the money is just rolling in for Sleep Cycle.

(Applause for Sleep Cycle)

So what did they do right? First of all, it is a very big gamble to charge such a low monthly fee. But according to Marketing Strategy, book one in the SMstudy® Guide, it was a very calculated move with the help of secondary marketing research. “Secondary marketing research involves the use of content and information that is currently available within the company or in the market through primary research that has already been conducted and is readily obtainable through company reports, trade journals, industry publications, and/or the Internet.”

The very popular Fitbit will track your sleep, but it can cost upwards of 200 dollars. Fitbit sold nearly 11 million devices last year, so the market was there. From looking at information that was right at their fingertips, Sleep Cycle was able to build a sales and marketing plan that was destined to succeed.

I was pulled in by a marketing ploy and I didn’t even see it. That’s how you know a company is doing its job well. I look forward to going to sleep tonight, I have a competitive streak, so I want to beat last night’s amazing performance.

Give it a try, you know you want to.

For more information and resources about sales and marketing visit SMstudy.com.

Do You Have the Guts to Do That Again? Sales, Strategy and SMstudy

Guts are squishy, often irritable, and can be irregular, yet, many sales and marketing professionals base their practices on “gut feelings” and hunches. 

“Marketing departments will continue to become less dependent on quantifying the value they are delivering to the organization based upon squishy, feel-good branding efforts and they will be even more driven to leverage data and analytics across all marketing channels,” says Russ Hearl, VP at DoubleDutch[1] in a collection of seven sales and marketing predictions for 2016.

To do this, marketing departments will need to borrow some tools and techniques used by other managers in their company. One such tool suggested by SMstudy in its book Marketing Strategy is Value Chain Analysis: “Value Chain Analysis is used to analyze the value created by a company’s current activities. It explores where more value can be added, as well as where value is not being added throughout the chain of activities.”

In addition to “quantifying the value [the marketing department] is delivering to the organization,” the data collected in the Value Chain Analysis can be used as benchmarks for evaluating the company’s existing accounts with a BCG Growth-Share matrix[2]. “Among the many things you should do is start by going backwards, not in how you sell, but how you plan and set yourself up for success,” suggests Tibor Shanto in “It’s A New Year – Let’s Go Backwards.”[3] Identifying which accounts are Cash Cows, Stars and Dogs can give great insights in how the company has set itself up for success in the past.

Shanto says that sales professionals need to make plans for the new year based on data. Among the data required, he includes “some core conversion rates: number of proposals that close, number of real prospects required to generate a REAL proposal, and number of people/companies you’ll need to engage to land one REAL prospect.” Based on a well-developed example, Shanto concludes, “The key is to execute a well-planned strategy, rooted in the real numbers to drive real results.”

“One of the most widely used criteria for lead qualification is BANT, which stands for Budget, Authority, Need, and Time frame,” says the SMstudy® Guide for corporate sales. An analysis in each of these areas produces real numbers that can be used to build successful strategies. SMstudy’s soon-to-be-released Corporate Sales book presents and analyzes the processes of lead generation, lead qualification, needs assessment, negotiation and closure—all within the arena of creating sales strategies that work.

Thinking about sales and marketing from a strategic point of view that leverages data and analytics demands a new approach. That approach is being championed by SMstudy and presented in our six-volume SMstudy® Guide because we want today’s sales and marketing professionals to be tomorrow’s success stories.

Find additional posts on sales and marketing at www.smstudy.com/articles. 

[1] Quoted by Erin Sherbert in “Seven Sales and Marketing Predictions for 2016” (12/7/2015) Salesforce Blog Retrieved on 1/26/2106 from https://www.salesforce.com/blog/2015/12/sales-marketing-predictions-2016.html?d=701300000021KSN&soc=LinkedIn

[2] The BCG Growth-Share matrix by the Boston Consulting Group (BCG) is discussed more fully in SMstudy® Guide; Marketing Strategy, book one of A Guide to the SMstudy Sales and marketing Body of Knowledge (SMBOK® Guide), pages 42+ [available at http://www.smstudy.com/SMBOKGuide/Overview-of-SMstudy-Guide]  

[3] Tibor Shanto. (1/7/2016) “It’s a New Year – Let’s Go backwards.” SellBetter. Retrieved on 1/25/2016 from http://www.sellbetter.ca/its-a-new-year-lets-go-backwards/

The Search for Social Media Insights

It may be time to recognize that data collected from social media will not so easily reveal its immediate impact on a company’s sales (as we’ve said before, it’s proven to be a bit slippery). But this doesn’t mean the baby should be thrown out with the bathwater. In finding ways to prove its value, social media marketers are changing the conversation away from a cause/effect relationship between a company’s marketing and its ROI to a deeper understanding of social data’s value. And as it turns out what it offers is way more valuable- the unprecedented parse-able social insights of a population.

In a recent post, we explained that the number one problem facing social media marketers today is tying social data to an increase in the bottom line (or the sales of a product or service). The challenge of “proof,” in turn, was making it harder to make a case for additional investment in social media marketing.

We said, “Demonstrating the value of the social programs within the company was, in fact, the top challenge noted (60%) by survey participants consisting of 600 media marketing professionals.”

 The State of Social Marketing 2015 report by Simply Measured states, “Companies of all sizes and maturity levels are struggling to prove the value of their social programs. Social media activities can be difficult to quantify, and marketers are trapped between readily available “vanity metrics,” such as Likes and followers, and difficult-to-measure objectives such as brand awareness.”

We went on to suggest that unless there’s a collapse of the capitalist system, better tools will surely arise to address the challenge. But we also noted, of equal, if not greater importance, would be the ongoing discovery of more creative and accurate ways to query the data.

As marketers hone in on methods to extract the gold nuggets of consumer intel out of the mountain of information, they’re hitting upon the true capital of social media- the most comprehensive picture of consumer behavior, sentiment and decision-making process they’ve ever been blessed to lay hands on. This might not be the smoking gun that ties directly to a sale, but, in fact, presents many more gifts in the long run as John Donnelly III, SVP of global sales and marketing at Crimson Hexagon, points out.    

 “One of the most effective ways to glean consumer insights is by analyzing social media conversation… sales teams are realizing that social media is rife with information about what their prospects care about, how they consume media and what motivates their decision-making,” said Donnelly.

Based on Donnelly’s presentation and other insights, here are some ideas to consider when taking the dive into social data.  

Get granular. Almost any question a marketer has regarding brand perception, market competition and the general sentiment of people discussing a product or brand can be found through social media analytics, so ask away.

Getting granular also let's marketers zero in on microsegments of the population that either are or can be Word-of-Mouth advocates for a brand or product.

Word of Mouth is the golden standard for all marketers. The ability to target Word-of-Mouth advocates on social media can be the difference between success and failure. Writing for convice&convert, Devon Wijesinghe discusses the importance of Word of Mouth and how it can be used.

“This rich source of information comes in handy when you’re looking to generate Word of Mouth about your brand. Tapping into the “right” market segments—segments whose interests and values are aligned with your brand—can be the catalyst your campaign needs,” Wijesinghe said.

Layer trending topics on top of a hyper-targeted market segment (both bits of information available through social media data analysis) and a marketer has made a happy marketing marriage.  

Focus groups may be passe according to some, but testing is still very much a part of the marketing strategy. From a product standpoint, social media insights can reflect the strengths and weaknesses of a product’s lifecycle as well as the effectiveness of current marketing efforts. Filling the role of the modern-day focus group, social media insights are also valuable for taking the temperature of the public on an idea such as a logo or slogan, a product or service. Testing the social media world’s tastes and perceptions allows for adjustment before launching, saving money and perhaps even preventing a catastrophic mistake.  

Social media data is virtually limitless (pun optional) and social media marketers are stepping up and learning how to use it best. We expect to be reading many more social media data “hacks” in the future. Stay tuned.

Visit smstudy.com/articles for additional articles on sales and marketing. 

Sources:

"How to Sell Smarter Using Social Insights," Devon Wijesinghem http://www.convinceandconvert.com/social-media-measurement/social-insights/

"Supercharge Your Selling Strategy: The Power of Social Data," John Donnelly, https://inbound.org/discuss/john-donnelly-forget-the-focus-group-how-social-insights-can-help-you-sell-smarter-at-inbound15

The State of Social Marketing- 2015, Simply Measured, http://simplymeasured.com/#sm.0001gymsunkgqdcepli19xtqnlo4p

Innovative Internet-Enabled Business Models

In this digital age, businesses that fail to operate online risk going offline for good.

The growing popularity of smartphones, tablets and digital media provides opportunities for a company not only to use fragmented new-age marketing effectively to promote existing products, but also to come up with innovative business models where product demo, customer acquisition and order fulfillment can take place online.

Innovative business models might include the following:

Online Marketplaces—Several e-commerce companies have created global online marketplaces for selling books, consumer goods and other products. In such business models, customer acquisition is usually initiated through the company’s website. The company coordinates with its multiple suppliers to source products; samples, demos and product reviews are provided on the website; customers make their purchases online; and items are shipped directly to customers.

Here is an example of Online Marketplaces:

• Book publishing and retail businesses, which historically gained much success using traditional business models, have been significantly affected by the advent of online marketplaces such as Amazon, eBay, Alibaba and Flipkart.

Online Services—Online services have significantly impacted many traditional product and service industries by transforming existing business models and creating new ways to conduct business.

Here are examples of Online Services:

• Global Positioning Systems (GPS) and online maps have made physical maps redundant.
• Online learning tools have gained popularity and, at times, can complement or even replace physical classroom training.

Online Networking—The Internet has made the world a smaller place. People can now access their networks at all times. These changes have significantly impacted the way in which people communicate with each other and, in turn, have created new possibilities for innovative business models.

Here is an example of Online Networking:

• Social media channels such as LinkedIn, Twitter, WhatsApp, Facebook and Google+ have significantly changed the way in which people communicate with each other.

Business Models Using Smartphones and Tablets—Smartphones and tablets are Internet-enabled devices that allow people to have an ongoing connection to the Internet. Since individuals usually carry their smartphones and tablets with them, mobile apps are becoming increasingly popular. Innovative business models based on the use of mobile devices can disrupt several existing business models—more so in industries that rely on other forms of communications and networking. 

Here are examples of Business Models Using Smartphones and Tablets:

• Social media channels such as Instagram, Twitter, Facebook and LinkedIn provide mobile apps that enable users to easily share photos and updates or chat with friends.
• Some mobile apps allow users to locate nearby restaurants, read reviews and also post reviews about their experiences.

In terms of business, the popularity of the Internet has fueled the “adapt or die” landscape more than ever. Business models that integrate online marketplaces, online services and online networking, and that allow for compatibility with smartphones and tablets, offer businesses excellent opportunities for sustained success.

Increase Your Online Success With An Effective Website

An effective website is a critical component of a company’s overall online success. Company’s website serves as the central hub and foundation for its online activity. With a plethora of available website designs, the digital marketing team must determine the appropriate and optimal design and message.

Besides having a basic understanding of the technology on the website, the digital marketing team must also consider the following facets of creating a website.

Consumer Perspective

• Relevancy—Age, cultural nuances, geography, and other demographic factors of the target audience will influence the type of content on the website.

• Usability Design—The digital marketing team must take into consideration how technically savvy its target customer is. If the target customer does not generally have the appropriate comfort level with technology, the team should design a simple, text-based layout with easy navigation and basic features. If the target customer is comfortable and familiar with the Internet and computer use, a more intricate, interactive, and information-rich website can be implemented. The design of the site should depend on the expectations of both the users and the company. In some cases, the development might focus on consumer engagement, while in other cases, the design might be oriented toward supporting task-oriented behavior such as the ability to make changes to one’s account, purchase a product or service, and so on.

Site Development Perspective

• Purpose—Companies maintain a web presence for a variety of reasons. While some companies use websites as their main method of selling their products, other companies have an online presence just to support their business, message, and brand position. There are companies that use websites as a public relations (PR) tool, to enhance brand value in the minds of their customers, or to evaluate product feedback from customers that may help in understanding customer needs, general communications, product updates, and sales. The digital marketing team is responsible for ensuring that the website is designed to meet the overall strategic objectives outlined in the Marketing Strategy.

• Planning—The digital marketing team must work with the website development team to plan the execution of the website, beginning with creating a storyboard for the website; listing functional requirements; building the database structure; developing wireframes; and determining hypermedia linkages, search engine key words, graphical design components, user interface designs, audio/video sources, animation, and text requirements and formats.

• Performance— The digital marketing team also must consider the logical design of a good website, compare the performance of competitor websites to identify best practices, check for effective performance across browsers and operating systems, and perform usability testing of the website to ensure that it is easy to use.

• Maintenance—Websites create an online presence for a brand, so the marketing team must ensure that the website is maintained and tested regularly. Downtime on a website may adversely impact the direct online sales of products and may also taint brand reputation in the minds of consumers.

The brand messaging on the website has to be in-line with the overall brand message and must stay relevant to the target audience.

Why it is Better to Wear More Than One Hat and How SMstudy Helps You

A “soup-to-nuts” attitude is the best way to approach any career. Demonstrating an intense interest in a subject and presenting a thorough understanding and a “can- do” work ethic are all feathers in your professional cap.

While in some fields extreme specialization is still required, there’s a growing trend toward job consolidation or the combination of what was once two separate careers into one. And in fact, as the trend doesn’t appear to be going away any time soon, broader skillsets may be a requirement in the future. Thus the need to wear more than one hat (at least professionally speaking) will continue to be increasingly important.

One of the main reasons for this shift is the impact from technology. Over the last decade advancements in technological solutions have transformed the way companies do business. The opportunities technology provides for streamlining workflow, such as automation or software application utilization, is a movement that’s been noted across industries.

Using sales as an example, Stuart Leung of salesforce.com said, “Technology is transforming the world of sales. Going forward, only organizations that use powerful tools and technologies such as big data, social media, mobile technologies, and the cloud to streamline the sales process will remain profitable and competitive. Those who choose to retain outdated sales techniques may ultimately cease to exist.”

The rise in technological advancements has also been noted in the trend toward streamlining staff as well. As technology provides tools that allow for greater efficiency, a staff member is freed up to handle more aspects of the process…not simply one small part. In many fields this has led to the combining of jobs when it’s seen as beneficial and appropriate.

There exists a natural symbiotic relationship between sales and marketing departments. Streamlining and job combining between the two allows for a more efficient workflow and optimizes the sharing of objectives and the continual free flow of communication.  Of course this is good news for a company, but it also opens growth opportunities for current or future staff members as well.

For a sales and marketing team member, there are clear benefits to possessing knowledge of both the sales and marketing processes. It sets you apart as someone who can offer comprehensive critical thinking. It also allows the “left hand to know what the right hand is doing”, or in other words there is smooth communication and understanding between the two sides of the sales and marketing spectrum. To be well versed and authoritative on the workflow of connecting potential customers with valuable content and to provide knowledgeable sales skills to assist customers in finding solutions can set you apart when out on the job hunt, working toward greater responsibility within a company or even considering striking out on your own (ala the entrepreneur).

Whether you’re seeking to align your skill set with the new professional landscape or planning to move into a sales and marketing field and want to show a comprehensive knowledge of the continuum of sales and marketing, SMstudy can get you there.

SMstudy offers training and certifications on its own platform available through the SMstudy website.

• SMstudy has gathered expert instruction and guidance from all over the globe to offer a vast library of information on the various aspects of sales and marketing.
• SMstudy is budget friendly. Many courses (and Associate certifications) are free to all.
• SMstudy is a major opportunity for networking with others who share an interest in sales and marketing.
• SMstudy offers the opportunity to share sales and marketing knowledge and insight through the SMstudy platform that allows the creation of training materials such as videos, study guides, mobile apps and more.

For interesting articles about Sales and Marketing, visit www.SMstudy.com/articles

Five Exceptional Examples of Product Placement in Hollywood Movies

The European Union defines product placement as "any form of audiovisual commercial communication consisting of the inclusion of or reference to a product, a service or the trademark thereof so that it is featured within a program." Product placement is one of the most effective methods of advertising because it has a viewing audience of nearly 100 percent. While TV advertisers lose many viewers who take breaks during commercials, movie viewers pay attention to product advertisements because they are engrossed in the film. The growth of product placement in movies has been phenomenal over the past decade. The U.S. is the largest and fastest growing paid product placement market. It generated revenues of $1.5 billion in 2005, $2.9 billion in 2007, and $3.7 billion in 2008.

Lets look at five exceptional examples of product placement in Hollywood movies that stood out in terms of seamless integration with the storyline and benefit to the brands.

1. Wilson (Movie: Castaway) - "Castaway" took the concept of product placement to another level by using a brand name for a character. When Chuck (Tom Hanks) gets stranded on an island, he finds a Wilson volleyball from one of the boxes that was in the plane. He paints the ball and turns it into a friend and companion named "Wilson." One of the original volleyballs used in the movie was auctioned for $18,500 to the ex-CEO of FedEx Office, Ken May. Wilson launched a joint promotion at the time of the films release boasting the fact that one of its products was co-starring Tom Hanks.

2. Sears (Movie: Man of Steel) - The 2013 blockbuster "Man of Steel" holds the record for the most occurrences of product placement in a movie. Apparently, the producers signed around 100 deals with promotional partners. One prominent example of product placement in the movie is a Sears store. Supermans father uses Craftsman tools and works at Sears. One scene includes a Sears store being blown up. Sears used this opportunity to create a Guinness World Record for the largest number of people assembled in one place dressed as Superman by gathering 566 employees in Superman costumes at the companys headquarters.

3. McDonalds (Movie: Pulp Fiction) - The 1994, Quentin Tarantino movie "Pulp Fiction" is arguably one of the best movies ever made. One bit of iconic dialogue centers on McDonalds. While discussing cultural differences among nations, Vincent Vega (John Travolta) and Jules Winnfield (Samuel L. Jackson) reference the Quarter Pounder and Big Mac.

4. Omega (Movie: Casino Royale) - Product placement in James Bond movies isnt new. Omega is one brand with a long history of association with the Bond films. It started in 1995 with "GoldenEye," in which Pierce Brosnan wore an Omega Seamster Quartz Professional watch. The trend followed as Brosnan flaunted different models of Seamster in later films. Daniel Craig, the current 007, has also worn the Omega Seamster in all of his Bond movies and even mentions the brand name Omega in "Casino Royale."

5. Starbucks (Movie: Youve Got Mail) - The 1998 romantic comedy "Youve Got Mail" famously placed two brands in the storyline--AOL and Starbucks. In the movie, Tom Hanks is shown drinking coffee at Starbucks and even makes a reference to the coffee giant in the dialogue: "The whole purpose of places like Starbucks is for people with no decision-making ability whatsoever to make six decisions just to buy one cup of coffee. Short, tall, light, dark, caf, decaf, low-fat, non-fat, etc. So people who dont know what the hell they are doing or who on earth they are can, for only $2.95, get not just a cup of coffee but an absolutely defining sense of self: Tall. Decaf. Cappuccino."

5C Analysis

5C Analysis is a technique used to conduct situation analysis. Conducting a situation analysis is one of the important steps in identifying the research problem. A situation analysis involves examining the external environmental factors and internal organizational capabilities that impact how a company operates.

5C Analysis is one of the most popular and useful frameworks in understanding internal and external environments. It is an extension of the 3C Analysis that originally included Company, Customers, and Competitors. Collaborators and Climate were later added to the analysis to make it comprehensive. This integrated analysis covers the most important areas of marketing, and the insights generated can help identify the key problems and challenges facing the organization. However, it should be noted that not all five elements need to be considered when identifying the problem in a particular area of marketing. Depending on the area of marketing under scrutiny, some areas need to be given more importance than others.

• Company—The company analysis studies an organization’s vision, strategies, capabilities, product line, technology, culture, and objectives. It is useful in understanding the existing and potential problems with the company’s business.
• Customers—Understanding customers is a key part of situation analysis. It involves knowing the target audience, their behavior, market size, market growth, buying patterns, average purchase size, frequency of purchase, and preferred retail channels.
• Competitors—Competitor analysis is critical in understanding the external environment in which the firm operates. This analysis involves knowing the competitors’ strengths, weaknesses, positioning, market share, and upcoming initiatives.
• Collaborators—Collaborators are the external stakeholders who team up with the organization in a mutually beneficial partnership. Agencies, suppliers, distributors, and business partners are typical collaborators. It is important to understand their capabilities, performances, and issues to better identify business problems.
• Climate—Climate analysis is the evaluation of the macro-environmental factors affecting the business. PESTEL analysis can be used to analyze climate—political, economic, social/cultural, technological, environmental, and legal scenarios are included in PESTEL.

To learn more about 5C analysis and other situation analysis techniques, visit SMstudy.com/articles

One Step Ahead of the Game

The goal is to never go out of business, right? But how do you ensure your company stays in the black? Sure, it may take blood, sweat, and tears, but the to ensure you don’t go under to notice market trends and be willing and able to flow with them.

“I wake up every morning and think about how I can put myself out of business,” says Gary Vaynerchuk, CEO of VaynerMedia. What Vaynerchuk means is that every day he puts himself in his competitor’s shoes and thinks, “How could VaynerMedia be put out of business?” And the answer is simple really, be one step ahead of the game which is possible by performing a market trend analysis.

According to Marketing Strategy, book one in the SMstudy® Guide series, “A market trend analysis is an analysis of past and current market behavior and dominant patterns of the market and consumers. An important aspect of conducting a trend analysis for an organization is to obtain insight into the market scenario, consumer preferences, and the macroeconomic environment.”

Vaynerchuk stated that companies such as Uber and Airbnb should never have even been created. Not because there was no market for them, there was and we all know it, but because taxi and hotel companies should have capitalized on the market shift first before Uber and Airbnb has the chance to swoop in and snatch up a healthy chunk of their respective markets. By performing a market trend analysis, companies such as Hilton and Yellow Cab would have seen where the market was headed and could have predicted and evolved with the market.

Taxi companies blame Uber for putting their companies out of business, but they failed to do what Vaynerchuk does every day —look for trends in the market and adapt to them.  

Jon Nordmark, co-founder of iterate, singled out the online retailer Amazon as a good example of an innovative company that has evolved with the continuing development of technology. Not only have they surpassed other American online retailers by sixfold as of 2015, but they have also nudging into Fedex’s turf thanks to their Amazon Prime delivery options.

Since its Inception, Amazon has become complete lifestyle. It is a one-stop-shop for not only retail items, but they have also moved up to number eight on Forbes “The World’s Most Innovative Companies” list due to Echo, a wireless speaker and voice command service first launched in 2015.

Echo has it all: it plays music, answer questions, orders pizza from Domino’s, manages home security devices and air conditioning through voice control and will even request an Uber. Summing up Echo, CNET stated, “The Echo may be the closest thing we’ll have to a Star Trek computer at home.”

It may be nice for a company to feel comfortable, but it can lead to complacency. Instead companies should be looking forward to what is coming next. You never know if and when some college student in San Francisco might create the next best thing that fits just right in this evolving market and an existing company might miss its chance!

For more interesting articles visit SMstudy.com/articles

Sources:

Forbes, “The World’s Most Innovative Companies,” 2015. http://www.forbes.com/innovative-companies/list/3/#tab:rank

Gary Vaynerchuk, “Uber and Airbnb Never Should Have Happened the Way They Did,” May 13, 2016. https://www.linkedin.com/pulse/uber-airbnb-never-should-have-happened-way-did-gary-vaynerchuk?trk=hp-feed-article-title-channel-add

Jon Nordmark, “Amazon Ecosytem Lock-In = Prime + Echo+ 2lemetry,” May 12, 2016. https://www.linkedin.com/pulse/amazon-ecosystem-lock-in-prime-echo-jon-nordmark?trk=prof-post