Tag Archives: business model

Measuring Public Relations Effectiveness

30 Mar

How effective are a company’s public relations efforts? The answer to this question has become even more complex in this era of online viral marketing and word of mouth. It’s not enough to just count mentions, etc., as we did in the past.

According to Onboardly, a demand marketing agency that helps small and medium-sized companies fast-track visibility, brand awareness, and lead generation by working at the intersection where public relations, content marketing, and social media meet, to deliver marketing that gets results:

“PR is still a mystery to many. Press releases. How some make it onto TechCrunch and others with equally great products or stories remain unknown. Say the words ‘PR Metrics’ and you’ll get an even more quizzical face in response.”

“Some question the value of PR for their business and well. PR metrics are what demonstrate the need and the effectiveness for tactics such as earned media, influencer relations, content marketing, and good old-fashioned press mentions. We’re firm believers in the power of PR to make big things happen – no matter how small the company or the size of the budget.”

We’ve developed this infographic as a way to explain a bit behind what PR is as well as what it can do.”

 
PR Metrics That Matter
 

How to Generate Better Product Ideas

18 Mar

New, actionable ideas are the long-term lifeblood of both large and small firms. It is rare that a business can survive over time with just the products being marketing today.

Many companies recognize that idea generation and assessment are aided by following a series of steps. Others are totally haphazard in their approach and hope to eventually have a “eureka” moment.

As Laura Montini, reports for Inc.:

When it comes to great ideas, intuition is ‘more powerful than intellect.’ That’s according to the late Steve Jobs. Many experts would agree that truly transformative ideas rarely come from one individual with a high IQ. Instead, these researchers, executives, and entrepreneurs believe that innovation is largely the result of freewheeling collaboration — with just a few guidelines.”

“Below Bluescape, creator of collaboration software and hardware, organized a few of these experts’ insights into four main steps. Take a look a the infographic below for tips on creating an effective idea strategy.”

 

 

Social Media Analytics and Google+

15 Mar

For many people, Google+ is an under-appreciated social media platform.

Yet, according to recent data assembled by Craig Smith for Digital Marketing Ramblings (and other sources):

  • Google+ has about 350 million active monthly users.
  • Google + has about 25 million active monthly mobile users.
  • 22 percent of online adults visit Google+ at least once per month.
  • There are 100 million Google+ users in China.
  • On Google+, 53 percent of users’ brand interaction is positive.

As a result, it is valuable for us to understand how to utilize the Google+ Dashboard in our social media analysis.

Liz Jostes has written an excellent article with tips on the Google+ Dashboard for Social Media Examiner:

“Do you know how your Google+ business page is performing? Are you using Google+ My Business analytics? The Google+ Dashboard has greatly improved the analytics it offers for its platform. In this article, you’ll discover the Google+ Dashboard and the analytics included in each option.”

Click the image to learn more about the Google+ Dashboard.
 

 

Why People Unfollow Brands on Social Media

14 Mar

Clearly, a key company and individual goal is to have people “like” their social media efforts enough that they become loyal to those efforts. When too many followers abandon social media sites, there is a big problem for marketers.

So, why do people “unfollow” brands? If we can understand the reasons, we can improve our social media approach.

As Andrea Lehr writes for HubSpot:

“One of the most important things a brand can do is understand its target audience. What do they worry about? Where do they hang out? How do they prefer to interact with brands?”

“When they dive into answering these questions, many businesses discover that social media are a goldmine for their marketing efforts. Not only are social networks a popular place for people to hang out on, but also consumers expect brands to have a presence on social media. (And when people follow a brand on Twitter, 72% of followers are more likely to make a future purchase from that brand.)”

To capitalize on these trends, businesses focus on getting new followers in the door – but that’s not all you should be concerned about. Just because you’ve convinced someone to follow your company’s account doesn’t mean they’ll stay. In today’s competitive market, retention is crucial. So what causes people to stop following brands on twitter? BuzzStream and Fractl conducted a survey with more than 900 respondents to better understand why.”

The survey revealed three main reasons for people unfollowing brands: (1) Too much of content is self-promotional or uninteresting. (2) There is too much emphasis on automated messaging; and too little emphasis on personal engagement. (3) Hashtags and platform-specific symbols are used improperly.
 
Click the image to read more from HubSpot.
 

 

Generating Pricing Power

11 Mar

In this era of cost-cutting and price discounting, it has become harder for many firms to price their products in a profitable manner. Yet, this can be done!

As McKinsey’s Jay Jubas, Dieter Kiewell, and Georg Winkler report:

“Companies often overlook pricing as a driver of earnings growth, instead defaulting to cost cutting and other measures. Here are five steps to growth through pricing.”

  1. Provide meaningful transparency into pricing data — Pricing managers often lack a clear understanding of how profitability varies among regions and product lines, and they know even less about how it can vary among individual customers or transactions. Yet these all have an important influence on pricing and sales decisions.”
  2. Understand what customers really value — For all the sophistication provided by advanced analytics to master a complex array of prices, the price of a product or service ultimately depends on how much a customer thinks it’s worth—that is, ‘value pricing.’ The best companies augment pricing analytics with detailed customer insights to identify all the key buying factors that determine how much a product is worth to a given customer, understand how those factors compare with competitors’ offers, and quantify the value created for the customer.”
  3. Move from sales reps to ‘value negotiators’ — Determining the best price means nothing if sales reps can’t convince customers to accept it. For this reason, it’s critical that sales reps have important pricing capabilities, such as sound judgment to manage time, negotiate thoughtfully, and adjust pricing guidelines in order to maximize value and minimize the risk of customers defecting.”
  4. Provide on-the-job training to build confidence — While most companies understand it’s important to build the pricing skills of their people, few move beyond basic training in classes or online. Successful companies, however, use adult-learning techniques, such as experiential learning, to embed the new skills in the front line.”
  5. Change the culture – In our experience, even the best pricing programs will fail in the long term without a deliberate commitment to overcome the entrenched habits and shifting priorities that doom most change programs.”

Click the image to read a lot more.
 
3-5-2015 10-49-49 AM
 

A New Golden Age for Marketing?

10 Mar

The modern field of marketing has had a nice long run — and steadily evolved along with technology and customer trends. So, has the marketing discipline peaked or are the best times still ahead?

According to McKinsey’s Jonathan Gordon and Jesko Perrey, we are entering “the dawn of marketing’s new golden age. Marketers are boosting their precision, broadening their scope, moving more quickly, and telling better stories.”

To summarize Gordon and Perrey:

“Science has permeated marketing for decades. Fans of the television drama Mad Men saw a fictionalized encounter when an IBM System/360 mainframe computer physically displaced the creative department of a late-1960s advertising agency. In reality, though, the 1960s through the early 1990s witnessed a happy marriage of advertising and technology as marketers mastered both the medium of television and the science of Nielsen ratings. These years gave birth to iconic advertising messages in categories ranging from sparkling beverages (‘I’d like to buy the world a Coke’) to credit cards (‘American Express. Don’t leave home without it’) to air travel (‘British Airways: the world’s favourite airline’).”

“Until recently, marketers could be forgiven for looking back wistfully at this golden age as new forces reshaped their world into something completely different. These new trends include a massive proliferation of television and online channels, the transformation of the home PC into a retail channel, the unrelenting rise of mobile social media and gaming, and—with all these trends—a constant battle for the consumer’s attention.”

“The resulting expansion of platforms has propelled consistent growth in marketing expenditures, which now total as much as $1 trillion globally. The efficacy of this spending is under deep scrutiny. For example, in a survey of CEOs, close to three out of four agreed with the following statement: marketers ‘are always asking for more money, but can rarely explain how much incremental business this money will generate.’ Chief marketing officers (CMOs), it appears, don’t disagree: in another recent survey, just over one-third said they had quantitatively proved the impact of their marketing outlays. Paradoxically, though, CEOs are looking to their CMOs more than ever, because they need top-line growth and view marketing as a critical lever to help them achieve it. Can marketers deliver amid ongoing performance pressures?”

Click the image to read a LOT more.
 

 

Globally, Brick-and-Mortar Stores Still Alive and Kicking

8 Mar

Despite perceptions to the contrary, on a global basis, the brick-and-mortar store is not fading away in the face of online and mobile shopping — as long as such stores are committed to customers and adaptive to the times.

eMarketer reports that:

“Customer satisfaction may be down in the U.S. for brick-and-mortar retailers, but globally, the physical store is still the most popular purchase location. In a September 2014 study by PricewaterhouseCoopers (PwC), seven in 10 internet users worldwide said they bought products in-store at least monthly, and more than half of that group did so weekly or daily.”

 

“One online channel gave brick-and-mortar shops a run for their money. Digital buying via PC ranked second, with the majority of respondents purchasing there at least monthly. However, all other digital channels were used far less frequently for purchasing. For example, fewer than one-quarter purchased products via mobile phone or smartphone at least monthly — providing more evidence that mobile is still mostly for upper-funnel shopping activities — and despite the fact that tablet users often show similar behavior to PC shoppers, buying frequency was almost the same as that on phones.”

Click the image to read more.
 

 

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