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June 2, 2014

Attention Deficit, Part 2

Issue #330

Defined as “the concentration of attention or energy on something”, focus is clearly a behavior that businesses want from their staff and customers. Employers want employees to focus on their work. Companies want clients to focus on the marketing message, sales pitch, product displays or services being offered. But, with all the diversions and noise that compete for our attention and energy in today’s world, it is very easy to fall prey to distraction. If everyone is being driven to distraction, just how much is this lack of focus affecting business, and what – if anything – can be done about it?

Some economists and business strategists see focus – not ideas or talent — as perhaps the scarcest and most desirable resource today. In a sense, focus is seen as the distilled, concentrated part of a person’s mind. Focus is what puts a person “in the moment”. It is the difference between hearing and listening. It is the first essential element upon which all business transactions start. Some experts have even gone so far as to say that only companies that learn to effectively capture, manage, and keep attention — both internally and out in the marketplace – will be able to succeed in the increasing information-cluttered world of tomorrow. So how does a company capture, manage and keep focus, especially that of customers?
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March 10, 2014

How Are Smartphones Revolutionizing Business? – 2

Issue #320

It is a bit hard to believe that the first mobile phone was invented only four decades ago and smartphones have been around for only 22 years. Considering that nearly 80% of all adults in the U.S. are expected to have a smartphone by the end of 2015, practically no other technology in the history of the world can boast such lightning-speed adoption. For that reason, the future of every business today resides squarely in the palm of the leadership’s hands – figuratively and literally — in how well they embrace and adapt to the world of smartphone users.

Smartphones are quickly and deeply influencing and changing people’s shopping and buying behavior. However, the high-speed advancement of smartphone technology has understandably left many companies scrambling to keep up with the new opportunities and realities that smartphones present. Companies that aren’t on the mobile bandwagon already need to jump on or risk being left behind. But how exactly does a business become not just more mobile-friendly, but specifically more smartphone-friendly? This can be a challenge, especially for companies that are not selling widgits. How can businesses make information, services and support accessible on a computer screen that is typically about 2” x 4” wide? More importantly, how can businesses leverage smartphone use to reach customers in a more timely and personal way? Continue reading →

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February 10, 2014

Customer Service: Sweating the Small Stuff

Issue #316

Many businesses tend to spend much of their time and money acquiring new customers. In that process, they often overlook their best source of growth, which is not in attracting new customers but rather in retaining and growing their existing customer base. When businesses are searching for ways to improve their bottom line they would do well to focus their energy on customer retention. It costs a lot less to keep a customer or get a new customer by word-of-mouth than it is to win a new customer. Case in point. A business whose model is based on monthly recurring sales (such as the cell phone, cable or insurance industries) found that historically their customers stayed an average of two-and-a-half years. Meanwhile, the customer acquisition cost for that business to just breakeven was nearly two years. If that business were to retain all of its customers by just one additional month on average, it would achieve an additional 3% of annual growth. If it retained its customer base for four additional months, it would create double-digit growth…. without adding a single customer. Clearly, keeping a customer even a little longer would be much better for that business than landing a new customer. That is true for most businesses.

If customer retention is the key to a better bottom line, what does it take to keep customers happy? Loyal? Some think that delivering a good product or service on time at a good price should suffice. Think again. Competition being what it is, delivering a good product or service on time at a good price is just the beginning. It takes more than that to keep a customer long-term. On the other hand, where companies go wrong is in thinking that it takes grand gestures and big efforts to retain customers. Actually, research shows that often it’s the littlest things that have the biggest impact. The key is to focus on the little things. Continue reading →

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January 13, 2014

Five Goals for Your Workplace in 2014 – Part 2

Issue #312

Companies looking to be more successful and improve their bottom lines in 2014 should focus on becoming more trustworthy, transparent, ethical, collaborative and mindful of its employee needs. These goals deliver long-term gains to the bottom line. Last week, we looked more closely at two of these goals: the importance of being more trustworthy and transparent. A company can be transparent and not be trustworthy… depending on how it is behaving. It is much harder for a company to be seen as trustworthy if it is not transparent. Transparency and honesty are the coins by which trust is purchased. And trust is an essential part of any business transaction or relationship.

Today’s global, interconnected, interdependent and highly interactive marketplace also requires businesses to be increasingly ethical. Like trustworthiness and transparency, ethical business behavior has a long-term impact on corporate performance and success. But it is also a more difficult target to hit. Making increased ethical behavior a goal can help a company to align with the ever-evolving, fast-paced, information-savvy business world. Continue reading →

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December 23, 2013

Storytelling = Marketing

Issue #309

According to the Merriam Webster dictionary, marketing is defined as “the activities that are involved in making people aware of a company’s products (or services) and making sure that the products (or services) are available to be bought.” Based on that definition, every employee is really engaged in activities that either make people aware of what the company is selling / providing or make sure it is available for purchase. Each employee is involved, in one way or another, with increasing awareness and availability of what is being sold. From an entry level clerk to the highest level of leadership, every person is involved in marketing their place of employ.

There are countless ‘marketing’ opportunities in the stories about what makes a company – any company — great. Every company has great stories about its products or services, its people, the ways that the company goes above and beyond, or the ways it helps the community. Every company has a multitude of stories, that when told strategically, have the power to convert lookers into buyers, prospects into customers, critics into fans, and one-time customers into loyal followers. A well-told, strategically-delivered story has the power to engage, encourage and enchant. You may wonder what story can the average worker have to tell and how can it be deployed strategically if the person doesn’t work in the marketing department or isn’t a great writer? You’d be surprised.
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November 25, 2013

The Marriage of PR and SEO

Issue #306

Thanks to Google’s Penguin and Panda algorithmic updates—two changes that have boosted the importance of editorial quality and referral sites, and have nixed the spammier forms of search engine optimization—PR (public relations) and SEO (search engine optimization) have emerged as similar practices. Today PR and SEO have nearly identical goals: to obtain earned media. Both PR and SEO need a backbone of relevant, informative, and newsworthy content.

However, while both SEO and PR efforts focus on the same goal, individually they often fall short of maximum effectiveness. Perhaps that is why more and more companies are beginning to merge their SEO and PR efforts into one. Just like the mix of chocolate and peanut butter were “two great tastes that taste great together”, so are SEO and PR two great strategies that work great together. So what are the best ways to marry PR and SEO efforts? Continue reading →

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October 14, 2013

Fake Reviews – Part 2

Issue #301

With the advent of the Internet, word-of-mouth referrals, written recommendations and printed reviews have spread into the online world. All manner of websites now allow consumers, experts and trusted sources to write reviews about any product or service… or person, for that matter. Such sites abound including Linked In, Yelp, Trip Advisor, Angie’s List, Urbanspoon and countless others. They allow people to rate everything from restaurants and hotels to retailers and professionals. The problem is that as much as a quarter to a third of all online reviews are totally fake.
Some companies spend a lot of time and money to get good fake reviews or generate bad reviews for competitors. Why do they do it? Is it really all that beneficial to the business? And, if so, what’s to stop all businesses from writing fake reviews until no reviews – even legitimate ones – will have any credibility? Continue reading →

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October 7, 2013

Fake Reviews – Part 1

Issue #300

It’s been said that people do business with people they know, like and trust. That is considered by many to be a basic truth of business. The key ingredient of that formula is trust. Customers want to do business with companies that they trust will do a good job and treat them fairly and courteously. Long before the Internet, consumers used the old-fashioned but reliable method of identifying worthy vendors: Word-of-Mouth. It was understood that past performance was the best indicator of future behavior. From doctors to department stores and from Realtors to restaurants, people would frequent nearby businesses recommended by a family member, friend or colleague. A business that was highly recommended generally could be trusted to deliver a good product or service.
With the advent of the Internet, however, consumers had more choices of companies with which to do business, including companies that were much farther away than their neighborhood. The global village offered more choice but with it also came the challenge of knowing which businesses to trust. The old-fashioned method of identifying worthy vendors was updated for the Internet age. Word-of-mouth referrals evolved into online customer reviews. To facilitate the process, websites sprung up that allowed consumers to write reviews about their experience with that business. Sites such as Yelp, Trip Advisor, Angie’s List, Urbanspoon, Chowhound, and others, allowed customers to rate vendors; everything from restaurants and hotels to retailers and professionals. Problem solved? Not exactly. It now appears that as much as 25-33% of all online reviews are completely bogus. Called astro-turfing, the problem of fake reviews is a growing. Continue reading →

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September 9, 2013

The Scoop on LinkedIn’s Skill Endorsements Feature

Issue #297

About a year ago, LinkedIn — the preferred social media site for professionals (especially in the U.S. and U.K) — rolled out a new feature called ‘Skill Endorsements’. According to LinkedIn, skill endorsements were meant to be “a great way to recognize your 1st-degree connections’ skills and expertise with one click.” They were also supposed to “let your connections validate the strengths found on your own profile.” In short, Skill Endorsements were meant to be a simple and effective way of simultaneously building your professional brand and engaging your network. Fast forward one year. LinkedIn has recorded over 1 Billion Skill Endorsements to date. Yet, it also appears that the Skill Endorsements feature typically either baffles or bothers users most.

Questions about it abound. Beginners want to know how to give or receive Skill Endorsements? Others wonder whether they should endorse former employees or colleagues. Some want to know why LinkedIn implemented this feature at all. What is the point of Skill Endorsements? Still others want to know why LinkedIn’s Skill Endorsements feature functions as it does and, more importantly, is there a way to make it stop? These are all good questions. Let’s consider the methods, motives and madness of LinkedIn’s Skill Endorsements. Continue reading →

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August 19, 2013

101 Questions to Ask When Considering Marketing Strategies

Issue #294

The best marketers know that, when it comes to marketing, variety is necessary in order to cut through the fog of competition and the vast noise of the marketplace and be able to reach each customer where he or she lives. Regardless of the industry, there is no single marketing channel that is best. The key to successful, long-term marketing is to reach people in the myriad of ways in which they prefer to receive or are most open to accepting messages about products or services. Just as people come in all different shapes, sizes, colors, religions and cultures, so do their preferences for interaction and their receptivity to messages. Some people prefer email promotions. Others look at direct mail circulars. Still others are influenced by billboards. And others listen to radio ads. Some even look at good, old-fashioned print ads.

A marketing channel that is totally ‘outdated and passé’ to one person, such as a branded desk calendar, might be ‘old-school cool’ or just plain practical for someone else. And a new edgy marketing strategy that may make no sense to one person, such as mobile ads, may hit the bulls-eye with someone else. The key is to not fall into the trap of thinking “This doesn’t speak to me, so therefore it won’t appeal to anyone else.” The smartest marketers keep an open mind.

But keeping an open mind and embracing variety has a price. While a diverse marketing program is important, that approach – if unchecked – can also be prohibitively expensive. Given the ever-broadening number of marketing channels available, it is impossible to advertise or promote a company everywhere all the time. So how does one decide which strategies to try and which to ignore? It is a matter of analysis and assessment. The first step is to ask a lot of questions. Continue reading →

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