Tag Archives: business model

Big Data Challenge: Measuring Marketing ROI

12 Dec

As we know, big data is a big deal. And it’s challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.

If you have followed Evans on Marketing, you aware that we have reported regularly on big data. So, take a look at these examples:

 

Big Data Challenge: Measuring Marketing ROI

Even today, measuring marketing is hard. And this is with the availability of big data.

With that in mind, Malinda Wilkinson, writing for Business Group asks this question. “Marketing ROI: Big Bucks Or A Total Bust?” Consider these observations:

“Are your campaigns driving big bucks or a total bust? That’s the most important question we have as marketers. To determine this, you have to connect the dots. And unlock the value of the data. However, depending on the current state of your data, you may not even know where to start. When it comes to your metrics, most marketers likely fall into one of these three categories.”

You don’t track anything. People fall into this category because they don’t know what to track or how to track it. Also, they also may not have the right tools to best monitor and report metrics. Unfortunately, when you’re not tracking anything, it is hard to determine what’s working well. And if your marketing investments are worth it.”

You track the wrong things. You might track some metrics. But the real question is – are they the right metrics to track? To answer, be sure data are relevant, meaningful, and unbiased. The goal of metrics is to enable better decisions and improvements that drive your business forward.”

You track everything but are overwhelmed by the amount of data. Do you have so much data that you can’t make heads or tails of it? That is information overload. In this case, you track all the data. But you don’t know how to isolate key information and focus on what will move the needle.”

 

Tips to Measure Marketing ROI

To measure marketing ROI properly, Wilkinson offers these tips:
  1. “Set goals based on business objectives.”
  2. “Identify what data you need to track progress against those goals.”
  3. “Make sure data are meaningful.”
  4. “Define your metrics.”
  5. “Assess the current state of your data.”
  6. “Invest in an analytics tool.”

Click the image for further discussion of the tips.

 

Big data is a big deal. And challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.
 

World’s Leading Ethical Companies 2017

21 Nov

Do consumers care if the firms they patronize are ethical? Often, the answer is yes. And these people may stop buying a product and tell their friends if the firm is not.  As a result, ethical behavior is a must. Thus, this post focuses on the world’s leading ethical companies 2017.

Each year, Ethisphere® Institute honors the world’s most ethical companies. In addition, it offers insights:

“Ethisphere honors companies who recognize their role in society. They influence and drive positive change in the business community. And societies worldwide. These firms know their actions affect employees, investors, customers, and others. In addition, they integrity is the underpinning of decisions.”

Click the links to see Ethisphere’s prior two rankings:   2016: World’s Most Ethical Firms .   2015: World’s Most Ethical Companies.

 

 

World’s Leading Ethical Companies 2017

For 2017, Ethisphere honorees represent 5 continents, 19 countries, and 52 industries. Thirteen firms are 11-time honorees. And 8 firms are first-time honorees.

Ethisphere honors companies

“that excel in three areas. (1) They promote ethical business standards and practices from within. (2) These standards enable managers and employees to make good choices. (3) They shape future industry standards with tomorrow’s best practices today. Honorees tend to outperform others financially. And this connects good ethical practices and performance.”

Although ethical honorees come from 19 countries, U.S. firms dominate. In fact, U.S. companies account for 75 of the 100 firms. France and Britain tie for second with three firms each.

To see the full list of 100 firms, click the image that appears below. The list sorts companies in alphabetical order. Then, to read insights on ethical performance, click “Download here.” Note: Complete a free login to download the insights.

 

World's Leading Ethical Companies 2017. Ethisphere rankings
 

Reasons Numerous Startups Fail

16 Nov

Starting a new business is often much harder than startups realize.  For many reasons numerous startups fail. To the extent possible, they must be avoided.

Look at three of our prior posts about starting a new business:

 

Reasons Numerous Startups Fail

Some startups succeed spectacularly. And we know Facebook as an obvious example. Back in 2005, Accel Partners made a $14.8 million investment in “thefacebook.com”. As a result, the firm made a whopping $5.6 billion return. This amounted to 378 times the original outlay. More often than not, however, startups tend to fail and they fail brutallyCB Insights found that 70 percent of upstart tech companies fail, along with 97 percent of seed crowdfunded companies.”

“CB Insights also analyzed a selection of startup post-mortems. This helped to paint a picture of where founders and investors go wrong. The following infographic shows the top twenty reasons that startups tend to grind to a halt. Goods or services not serving a market need appear in the first position. Not all ventures manage to attract lucrative investment like Facebook. In 29 percent of cases, they just run out of cash. It’s also important to have the right people on board. And pressing on without the right team is the third most frequently cited reason for startup failure.”

 

Now, take a look at Statista’s infographic.

Starting a new business is often much harder than startups realize. There are many reasons numerous startups fail. Check out the list from Statista.
 

Understanding Chinese Millennial Workers

22 Sep

There has been a lot of media coverage about American millennials and their behavior. For example, click here: 1, 2, 3. There has not been as much attention on other millennials. Hence, today’s post, “Understanding Chinese Millennial Workers,” explores that generation in the world’s biggest country.

 

Understanding Chinese Millennial Workers

 

 

“China has gone through huge economic and cultural change. Overall, one of the biggest value shifts is between older and younger generations. Chinese millennials, age 18 to 35, represent 385 million people — 28 percent of the population. By 2025, 75 percent of the workforce in China will be millennials.”

“For over 20 years, I have coached Chinese leaders and employees across generations. As a result, I have seen several trends that distinguish the younger Chinese population. Younger, urban Chinese tend to be more influenced by global trends than older, more rural Chinese. Also, they tend to be more individualistic, direct, and open. They are entrepreneurial, mobile-dependent, and tech savvy. And, they are most likely an only child.”

“Thus, if you’re a foreign manager with Chinese employees across generations, how do you earn respect? What do they expect from managers? The tips that follow can help foreign managers bridge the generational and international divide with Chinese millennials.”

 

 

Tips

Before looking at Hu-Chan’s tips, consider this: The number of Chinese millennials far exceeds the total U.S. population! Finally, here are her tips (explained in detail by clicking here) for foreign bosse:

 

  • Be sure to show caring and warmth.
  • As a boss, know your business well.
  • Ask for input from employees.
  • Understand “face” — “‘Face’ (mianzi) plays an important role in business and society. And it is much more subtle than the American understanding of ‘face.’ It is about dignity, status, prestige, respect, and honor.
  • Lead by example through your behavior.
  • Demonstrate a strong interest in employee development.

 

Understanding Chinese Millennial workers is essential. If you're a foreign manager working with Chinese "knowledge workers" across generations, how do you earn their respect? What do they expect from their managers? The following tips can help foreign managers bridge the generational -- and international -- divide with millennial Chinese workers. Show caring and warmth. These observations are from executive coach Maya Hu-Chan.

                             Credit: Getty Images

 

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