Tag Archives: analytics

Marketing to the Right Segment

14 Oct

Most companies use some form of market segmentation in their strategies. They recognize that they should not try to market to everyone but rather focus on a specific group or groups with offerings and marketing communications targeting a specific segment of customers. BUT, are all companies targeting the right customers — and are they doing so properly? Of course, the answer is no. So, how can we do better?

As Ira Kalb, a professor at the Marshall School of Business (University of Southern California), writes for Business Insider:

“As a first step, businesses should find the right ‘ballpark’ in which to operate. An effective way to begin this process is to do a SWOT analysis. For those that do not already know, SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats.”

“While you already have to have some idea of the market opportunities you want to pursue when you do the SWOT analysis, it is very important to define the marketplace your company is going to target. This may require some trial and error experimentation. Defining the right market follows the Goldilocks and the Three Bears metaphor. If the market you define is too big, you will be wasting your marketing resources trying to cover it. If it is too small, you will not make enough money (based on the share of the market you can capture). You need to define your market so it is just right. That is, you’ll make enough money to produce a sufficient return on investment, and will be able to cover the market with the marketing resources you can invest.”

“Whatever criteria a business uses, the way a company defines the market for its business could mean the difference between profit and loss. While there are often greater costs to service larger markets, there can also be larger returns and economies of scale. The more a business thinks about how it will define its marketplace, the better it will be able to succeed and scale the business as it grows. Hopefully, you will get it right, and if you don’t, all is not lost. A good marketing information system can help you to fine tune your market definition so you can get back on the right track — as P&G did with Febreze.”

To read more of Kalb’s article, click the image.

 

Photo credit: Flickr/Geoff Gallice

 

Social Media Use Growing for SMBs

11 Oct

With the immense popularity of social media, more and more SMBs (small and medium businesses) are now utilizing such media. It’s not just for the big firms anymore.

According to BIA/Kelsey’s most recent “Local Commerce Monitor” (July 2014), which is ongoing research on the advertising behavior of SMBs), about three-quarters of the firms said they are using social media to promote their businesses — “more than any other category of media.”

BIA/Kelsey reported that:

“Facebook dominates SMB usage, with 55.1 percent of SMBs reporting they have a Facebook page for business use, and 20.0 percent reporting they have run a Facebook ad or promoted post. At the same time, strong showings by other platforms, including LinkedIn, Pinterest, Instagram, and Twitter’s promoted tweets, indicate the social space is highly robust for SMB marketing. SMBs reported spending 21.4 percent of their total media budget on social media in the past 12 months.”

“The survey covers over 35 different media and platforms used by SMBs for advertising and promotion. These media fall into 10 top-level media categories: online (e.g., search, display ads, blogs); traditional (e.g., direct mail, newspapers); mobile (e.g., search, SMS, display); local coupons (print and online); social (e.g., Facebook, Twitter); video (e.g., Web site videos, YouTube); broadcast; local directories (print and online); giveaway items; and community sponsorships.”

Here is an infographic summary.
 

 

Social Media Etiquette Tips for Business

9 Oct

It is not just consumers (people) who need to understand and utilize the proper style and good manners with each social media format. This is also true for businesses! Proper style and etiquette will enable us all to make our desired points while still being civil and polite while doing so. :-)

As Jennifer Landry, a Web journalist who specializes in articles about business management and the current social media landscape, notes for BLUE by Cox Communications:

“Of course, you can’t employ the same methods for the different social platforms. Each site offers users a different experience. Twitter users want quick and casual communication while Linkedin users expect professional and well researched conversation. In order to get the most out of these sites, you’ll need to make sure that you understand what users expect from each platform and how to mold your posts to suit that need. In general, the posts that do the best are ones that either entertain or inform others.”

“Besides following the basic style of each social site, you must make sure you follow the unwritten etiquette rules. While they might seem like common sense, you’d be surprised how often companies do not follow them. If you can understand and implement the information from the infographic below into your campaigns, you’ll be more likely to attract new followers to your profiles and keep your old ones interested.”

Here is a good infographic from Landry’s article.
 

 

Internet Security Threats: 2014

5 Oct

Symantec – which provides security, storage, and systems management solutions – has released its Internet Security Threat Report 2014, a comprehensive 98-page document:

“Symantec has established the most comprehensive source of Internet threat data in the world through the Symantec™ Global Intelligence Network, which is made up of more than 41.5 million attack sensors and records thousands of events per second. This network monitors threat activity in over 157 countries and territories through a combination of Symantec products and services such as Symantec DeepSight™ Threat Management System, Symantec™ Managed Security Services, Norton™ consumer products, and other third-party data sources.”

Click the image to access a PDF file of the full report.
 
Internet Security 2014
 

Where Luxury Is Headed Worldwide

24 Sep

According to consulting firm McKinsey:

Between now and 2025, the world’s top 600 cities (measured by absolute GDP) are expected to drive nearly two-thirds of global economic growth. Massive urbanization will continue across emerging markets, which will envelope three-quarters of these large cities. It is projected that by 2025, there will be 60 megacities — more than double the current number of urban behemoths — where GDP will exceed $250 billion, accounting for a full one-quarter of global GDP.”

As of 2025, “out of the 25 largest growth-contributing cities, 21 will be located in emerging markets, with a significant number of them in China. This represents a great leap from today’s status quo, in which only 4 of the 25 wealthiest cities are found in the developing world. Yet economic growth does not automatically mean consumption development — or luxury-market growth. Market growth in these cities is indeed conditioned by specific factors that differ from city to city. Variables such as birth rate, wealth distribution, and share of working women correspondingly affect growth in categories such as baby food, beauty products, luxury goods, and women’s fashion. To prioritize their efforts, companies will need to identify the biggest and fastest-growing cities with regard to their particular products and services.”

In McKinsey’s report The Glittering Power of Cities for Luxury Growth, Aimee Kim, Nathalie Remy, and Jennifer Schmidt describe “a road map of where luxury-goods companies should compete in the next decade.”

Here are two charts from that report.

 

 

 

Great Advice from Successful Business Founders

22 Sep

Our most popular post to date — by far — has been The Best Advice Received — and Passed On — by Leaders of Industry.” That post referred to advice by some of our best-known business “luminaries,” who have managed large firms.

However, there is also quite A LOT that we can learn from the entrepreneurs who have introduced and managed successful businesses that started out quite small.

Recently, Entrepreneur‘s Matt Villano interviewed several company founders and titled the article: “The Best Business Advice You’ll Ever Get.” [Notice the similarity in the title of our earlier post. :-) ] As Villano notes:

“Being an entrepreneur doesn’t mean you have to go it alone. Most successful business owners will tell you they could not have accomplished their goals without help — from a mentor, colleague, even mom and dad. For many, their ability to evaluate, internalize, and act on the counsel they received was instrumental in getting their companies off the ground. In an effort to tap some of this wisdom, we called on business gurus to tell us the very best piece of advice they’ve received. From hiring to philanthropy and more, their responses were as varied as the companies they run.”

These are some the executives whom Villano interviewed and who provided advice:

  • Dennis Crowley, CEO, Foursquare
  • Rick Alden, Founder, Skullcandy
  • Petera Relan, Founder, 9+
  • Sheila Johnson, Founder and CEO, Salamander Hotels & Resorts
  • Melinda Emerson, Founder and CEO, Quintessence Group
  • Christine Day, CEO, Luvo
  • Rehan Choudhry, Founder, Life is Beautiful
  • Reece Pacheco, Founder, Shelby.tv
  • Nick Lazaris, President and CEO, Coravin

Click Dennis Crowley’s photo to read Villano’s full interviews.
 

Photo © Ewan Burns

 

ClickFox’s 2014 Brand Loyalty Survey

19 Sep

ClickFox, a firm specializing in the analysis of customer experiences, has released the results of its 2014 brand loyalty survey: “ClickFox research this year identified Apple as the top brand consumers can’t live without for the third consecutive year. Amazon, Dell and Coca-Cola tied in a distant second to Apple as the most revered brands in the study. Starbucks, Google and Microsoft fell slightly from their top rankings in the 2013 ClickFox Loyalty Survey.”

Here is an infographic from ClickFox on the 2014 study.
 

 

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