Categories
2020 Marketing – This or That
Tag: marketing
Categories
Marketing in the times of Corona
Carpe Diem!
What #Marketing, #Sales, #BusinessDevelopment and #ChannelManagement teams can do in the times of #Corona
(Part 1 of n – This is the first in the multi-part series on how business can thrive in these times)
With COVID-19, the world is passing through extraordinary times. Companies require super-extraordinary approaches to survive and thrive in such situations. In this multi-part series, I will address what an organisation can do to lead the industry and leave the competition far behind.
Businesses will be restored to normalcy in due course; only the innovators with innovative marketing organisations will survive. The rest will perish and fall by the end of this pandemic. What remains hence is the impact that you have created in the coming weeks and months. Towards that goal, we will see and share a few tips in marketing and business development.
With the partial to a near-total shutdown of businesses worldwide, the domestic and global companies are facing a watershed moment. Their inbound marketing leads and enquiries have dried up. The social distancing norms constrain the sales team and outbound team. Many businesses are working from home. Revenues are barely trickling in.
Yet, this provides one of the perfect opportunities for a savvy marketer. Here are a few things that you can do –
[1] Reset and recalibrate the internal marketing
Lockouts and quarantine times, such as this is an ideal time to set the internal house to order. The marketing team can now experiment with things that you always wanted to do but never found adequate time. Some of the areas could be
- Create ‘stock’ content like blogs, white paper, case studies
- Revisit the calendar for ‘flow’ content like posting blogs and social media.
[2] Reach out to currently engaged prospects
Today is an excellent opportunity to reach out to prospects and customers that are engaged with you presently. The trick is reaching out to them, ‘not with a sales pitch but with ‘hacks’ or ‘tips and tricks. Such a sharing of high-value content that truly eases their lives can add tremendous value to their businesses and organisations. Your customers have all the time in the world now, and you can even reach out to them with web sessions like Zoom or Facebook / Instagram Live. Here are some examples of topics that you can use –
- Everything you need to know about X.
- Why most Y strategies today are destined to fail.
- Three steps by that Y can do to stop Z
- COVID-19 – How X can change the future of Y.
[3] CRM, Database clean up, and customer segmentation.
One of the vital things a sales team (and the marketing organisation) must have is a well-segmented target audience. It would be best if you used this time to look at the database of current opportunities in your CRM system. If you have not updated the customer database/ CRM, use this time to reach out to sales teams to update the CRM. You can then segment / re-segment the prospect and customer data. You may want to customer lists into categories or based on the sales cycle or with tags that your company is comfortable with. You would need to have a specific plan of engagement for each type.
Let me know your thoughts, and I shall continue to build on these on my next posts in the series. You can also reach out to zmotly@futureshift.com.sg, and I will be glad if I can be of help /Rajesh
How To Make Your Employees Double Up As Content Marketing Warriors?
What can you do about it to have them more engaged in your social media activities?
Do your employees want to share your corporate content on a social network? If so, what would they want to share? Also, why do they think that it is valuable to share this info in their social networks?
Every marketing team would want to have their tens, hundreds or thousands of non-C level employees to share the corporate posts and content on their personal social networks and build the brand. The question is how?
Not long ago, Trapit, a company that enables social network content sharing by employees, commissioned what it calls the first survey of rank and file employees about their thoughts on sharing company info on a social network. Takeaways from the study and what the results mean for companies looking to improve their staff advocacy on social suggest that employees see great value in sharing via a social network. Many companies must catch up to do to take benefit sentiment.
The Observation
When study asked about the benefits their company would receive from social sharing, a three in four respondents perceive an advantage, while ten per cent see no value. Notably, 43% say it would increase brand consciousness, 21% believe it would aid brand credibility, while only 11% say it would boost sales. – Employees are supportive of social network and acting on a social network on behalf of their companies.
Another observation is that 55% of employees think it best to share 3rd party content in addition to their company’s content advertising. Moreover, 34% say that they are more than likely to share news articles about their company via a social network. This study suggests that employees are calling for help on the content front. They want the content from the creator, so that they can be active on social, and still help build their individual brand while promoting the company. Your employees do not want to spend their whole day farming for content on their very own. Corporate white papers and promotional materials are not enough. Your employees want an expansive mix of content.
So, what should a company do?
Your employees are not charmed in just being a corporate volunteer on their social network. They would like to be intriguing and engaging in their network and be reliable. These are the six things that you should do.
- Provide them with a good selection of content that includes ‘promotional’ corporate assets, as well as high value-assets like, industry news analysis, research, thought leadership
- Help them round out their personal profiles and their personas on social.
- Help them get some authentic engagement going versus just relaying more advertorial
- Additionally, content created for sharing, give them insights or a dashboard on their social sharing activities.
- Help them see some personal Return on investment for their efforts, just as you would for your business.
It is simple – Businesses must help measure the impact of social sharing – be it for your marketing team or your employee.
If employee-led social selling and employee engagement are not essential initiatives for the sales and marketing teams but the entire company including Human Resources and Senior Management teams.
This article first appeared on April 12, 2019 in a Times of India Blog titled How to make your employees double up as content marketing warriors?
#ContentMarketing #DigitalMarketing #EmployeeEngagement #Marketing #SocialMedia #SocialMarketng #ContentWarriors #EmployeeLeverage #SmartMarketing
Digital Marketing in 2018. Be prepared with good infographic from @MDGAvertising
Categories
9 PR rules shattered (2017)
If you are a professional, a businessman or an entrepreneur, ,you need PR to get visibility for your brand, product or service. The traditional rules of PR that helped well till a decade ago are is dead. The Web 2.0 has brought down the walls and unless you have adapted to the new world your PR strategy will not work in 2017.
#PR #Advertising #Marketing #CMO #PRO #Business #Entrepreneur
The 9 cardinal rules, shattered.
- Formal Media: The only way to get noticed was through formal media. The internet has changed all that. Today, you control your media. Your twitter, Facebook, Instagram or LinkedIn – each of them with access to billions of users provide you a platform to get noticed. In fact, the so-called formal media has ended up picking news from these social platforms.
- Press Releases: Companies communicated to journalists through press releases. Press Releases are a passé. It is time to keep communicating as conversations with the public. You can share your idea, launch details, plans and seek feedback from your users directly.
- Exclusivity: Nobody other than a handful of reporters and editors Would see the Press Release. In fact, many demanded exclusivities. In today’s context – exclusivity is suicidal. The strategy should be rot reach your buyers through as many channels as you can. In fact, being accessible to your buyers at their point of interaction is the key.
- Significant News: Companies needed significant news before they could write a press release. Today, the rules are changed. The audience is looking for being engaged with you through your evolution. While significant news can still be leveraged to do some burst PR, the social media helps you to teach out to share the developments as they happen.
- Jargon: Jargon was okay because those specific journalists understood. Jargon is not okay. You audience needs to understand you and it must be simple. The lower your denominator for comprehension and understanding you higher are the changes of connecting with you and have meaningful engagement and conversations.
- Third party Quotes: Your press release included quotes from customers, analysts and experts to be complete. While all these would help, it is no more mandatory. Once your piece of blog or post hits the online media there will be a 360-degree feedback and that is more authentic. Today, users are looking at authenticity more than spin.
- Media as Gatekeeper: The only way buyers learnt about your product was when media wrote about it. Today, the barriers of media as a gate keeper are broken. In fact, organizations have started to completely bypass the formal media d have started engaging directly with the audience. So, you see artists launching anthem album via you tube or governments declaring their plans through tweets and media losing its gatekeeper status.
- Press Clips: The only way you measured 3effectiveness of press release was through ‘press clips’ that was maintained painstakingly each time media reported it. Today is measure being far simpler, it all measures what is the virality and click rate for your article. The more relevant and useful the content, the it is shared sand more is the visibility. In fact, main stream media has started writing articles from those 140-character tweets.
- Silos with Marketing: PR and marketing were separate silos and ruin by separate goals, strategies, measurements. Marketing is PR and PR is marketing. The walls are shattered. Both works in tandem to ensure maximum reach and engagement.
These were some of the things I have shared. There can be a few more. Please feel free to share your views.
The author is an entrepreneur with two decades of senior leadership experience in India and Asia-Pacific and now runs Futureshift, a boutique consulting outfit that helps businesses chart their digital marketing strategy with the @ZMOTly framework to achieve impactful outcomes. He is available at rajesh@futureshift.com.sg
In our earlier post – Business not online? Get ready to pack up – we shared that if you’re in the business of selling products, there really is no excuse for you to not have an online presence. 31% of consumers indicated that online shopping is their preferred mode of shopping and the trend is rapidly going upwards.
Many retailers usually start out by listing on the online marketplaces or e-marketplaces as they are called, such as Amazon, Flipkart, Ebay, Snapdeal, Myntra, Jabong etc. What most vendors don’t realise is that there are many hidden expenses and opportunity costs that could add up to ruin your business. These expenses are especially damaging if you are a small business competing with large multinational companies who have access to the massive budgets to spend on marketing and sales.
The best margins for selling online are usually attained by selling through direct channels. These include
- Build your own website with shopping cart facilities from scratch
- Utilise custom built templates or platforms already available to create your own e-commerce store
- Hire a professional to build and maintain your website (External consultants or internal dedicated employee hire)
There are significant benefits of selling through direct channels
- Showcase entire range: With your own online-store, you have better control and flexibility over the showcasing of all your products.
- Build Loyalty: Your own online store helps build brand loyalty. Loyal customers and repeat customers prefer reaching direct to store online and offline.
- Higher Profitability: Around 30-40% margin of online sales are eroded in commissions on other sites. Additionally, competition driven pricing and discounting cuts into profits through marketplaces.
- Increase your Valuations: Having your own store helps differentiate brand value and valuations flexibility, offerings.
- Analytics can be used to Grow Business: Ability to gain insights and analytics on buyer behaviour by driving targeted online campaigns.
- Lead generation: You have a chance to capture customer details through your landing pages and cross-sell more products.
Whether you have just one product with multiple SKUs or multiple products it is beneficial and worthwhile to build your own channels. This is especially true if you already have a loyal fan following or if your strategy involves creating a strong brand for your products.
As with anything, there are tradeoffs to this approach
- Initial capital will need to be set aside and invested to set up the various components involved. These can easily compound if invested in components that are not right for the business.
- A significant amount of time and energy might have to invested especially if one is learning about these tools for the first time.
- Driving customers to the site may prove to be big challenge if the brand is not yet well established in its niche. However, this can be mitigated by utilising the various digital marketing tools available.
Final note
If you are willing to invest the time and effort to understand and build your own online sales store, the benefits of this channel can result in a dramatic boost to your bottom line.
Remember that no matter what method you choose to go online, you don’t need to be restricted to just one channel. Selling through your own e-commerce store doesn’t mean that you cannot also sell your products through a marketplace to reap the benefits of both; Nor are you restricted to listing in only one marketplace. Many successful retailers, especially the larger ones, prefer to be involved in multiple channels. However, each additional route takes time, money and energy to understand its processes and maintain it. What is important is that you take the time to consider the options available and formulate a strategy that works the best for YOUR requirements. I will continue to tackle the pros and cons of each strategy, along with the tradeoffs in further posts.
#emarketplace #ecommerce #marketing #digitalmarketing #sales #onlinesales #onlineshopping #retailer #tips #amazon #flipkart #snapdeal #myntra #ebay #retail #jabong #koovs
This post was first published on LinkedIn, by Karina Pais, Consultant with Futureshift on Karina is an MBA graduate from UK and engaged with us a a consultant in digital marketing.
#emarketplace #ecommerce #marketing #digitalmarketing #sales #onlinesales #onlineshopping #retailer #tips #amazon #flipkart #snapdeal #myntra #ebay #retail #jabong #koovs
As we’ve talked about before, if you’re in the business of selling products, there really is no excuse for you to not have an online presence. 31% of consumers indicated that online shopping is their preferred mode of shopping and the trend is rapidly going upwards.
Most vendors have thought about listing in one or more of the online marketplaces (like Amazon, Flipkart, EBay, Snapdeal etc.) at some point. Listing on these sites is appealing on several fronts.
- The well-known marketplaces are high traffic channels with millions of active buyers. It is the preferred mode of shopping for many buyers who enjoy the variety and seamless buying experience.
- Merchants gain increased exposure for their products which can lead to higher sales volumes.
- It opens doors to acquiring new customers who accidently stumble across your products while looking at competitors or simply while browsing randomly.
However, there are many hidden expenses and opportunity costs that could add up to ruin your business
- Retailers, especially the smaller ones, end up paying around 30-40% margin of their online sales to online marketplaces. This includes even lesser known ecommerce platforms like Koovs, Jabong and Myntra. These margins are high even when compared to rental spaces in the brick-and-mortar stores
- In addition to the high margins, marketplaces regularly push retailers to give an additional 15-20% discounts.
- Competition will be crazy. You will be ruthlessly compared with other competitors, product wise, with price being the biggest differentiator in a marketplace. This will force price wars at the expense of quality and brand name.
- Furthermore, if you come up with a unique product or idea, it will soon be copied and mass produced at lower rates. Even if your product has a patent, its enforcement and prosecution will be time consuming and cash hungry.
- It will be difficult to build up a brand or generate loyalty for your products.
- You need to have a corporate tax identity before selling on most e-marketplaces. This isn’t feasible if you are just starting out and selling from the back of your garage or house.
- The supply and operations process to list and distribute your product is cumbersome
- A fairly large amount of precious capital will need to be set aside to make sure you have enough stock and inventory and to order the MOQ (Minimum Order Quantity) from suppliers.
- It will take time, money and effort to find the right strategy that features your product over others. The strategy will have to be tweaked between marketplaces since each platform’s promotion algorithm differs.
These expenses are especially damaging if you are a small business competing with large multinational companies who have access to the massive budgets to spend on marketing and sales.
There are other options available to sell your products online or even just to channel traffic to increase sales offline
- Use social media to build brand awareness and direct traffic to offline stores
- Build your own website with shopping cart facilities from scratch
- Utilise custom built templates or platforms already available to create your own e-commerce store
- Hire a professional to build your website (maintenance problem)
Final Note:
Listing your products on an online marketplace does have its benefits, but, the hidden costs add-up to create a big dent in profits. What’s more, it is a constant uphill battle to monitor pricing and stay on top of latest platform related tweaks to make sure that your product is placed ahead of competitors. Selling through a marketplace doesn’t mean that you cannot also sell from your own e-commerce store to reap the benefits of both; Nor are you restricted to listing in only one marketplace. What is important is that you take the time to consider the options available and formulate a strategy that works the best for YOUR requirements. I will tackle the pros and cons of the other strategies, along with the tradeoffs in further posts.
This post was first published on LinkedIn, by Karina Pais, Consultant with Futureshift on Karina is an MBA graduate from UK and engaged with us as a consultant in digital marketing.
If you’re in the business of selling products (even if primarily in the physical world), there really is no excuse for you to not have an online presence. This is regardless of whether you are an established brick-and-mortar business with years of sales experience or if you’re a part time retailer working out of the back of your garage.
Having your products displayed online is necessary because
- It helps you interact with a much wider audience and even have a global reach.
- You can set up your own social media channels in a few hours and the rest in a few days.
- Your customers can access your store at times that are convenient to them and at places that they already are.
- It complements your presence in the physical world to maximize sales.
- It is one of the more cost effective ways to get additional marketing and exposure for your brand.
These seemingly small gains are especially important when you are a small retailer and do not have access to the massive budgets that large multinational corporates can freely employ on marketing.
There are many options available to sell your products online or even just to channel traffic to increase sales offline
- Use social media to build brand awareness and direct traffic to offline stores
- List on a marketplace like Flipkart/Snapdeal/Myntra/Ebay/Amazon
- Build your own website with shopping cart facilities from scratch
- Utilise custom built templates or platforms already available to create your own e-commerce store
- Hire a professional to build your website (maintenance problem)
Whether you have just one product with multiple SKUs or multiple products it is beneficial and worthwhile to build your own channels. This is especially true if you already have a loyal fan following or if your strategy involves creating a strong brand for your products.
However, many businesses still don’t even have a social media account for their commercial enterprise. This simple to set-up and easy to use should undoubtedly be the low hanging fruit that is first targeted. Once this is tackled the next steps tend to become a little fuzzy. Is it better to sell on an online marketplace or is it more worthwhile to have your own personal platform? If you are going to create your own personal platform should you take the time to figure out how to do it yourself or is it better to use readymade solutions available out there? I will tackle the pros and cons of each strategy, along with the tradeoffs in further posts.
At the very minimum it is worthwhile to have your own website in addition to just a Facebook or other social media account. Having your own online sales channel along with this, whether through a shopping cart on your website or an entire online store by itself will be a great value add.
Final note
Once you do go online you don’t need to be restricted to just one channel. Selling through your own e-commerce store doesn’t mean that you cannot also sell your products through a marketplace to reap the benefits of both; Nor are you restricted to listing in only one marketplace. Many successful retailers, especially the larger ones, prefer to be involved in multiple channels. However, each additional route takes time, money and energy to understand its processes and maintain it. What is important is that you take the time to consider the options available and formulate a strategy that works the best for YOUR requirements. I will tackle the pros and cons of each strategy, along with the tradeoffs in further posts.
#emarketplace #ecommerce #marketing #digitalmarketing #sales #onlinesales #onlineshopping #retailer #tips #amazon #flipkart #snapdeal #myntra #ebay #retail #jabong #koovs
______________________________________________
This post was first published on LinkedIn, by Karina Pais, Consultant with Futureshift on Karina is an MBA graduate from UK and engaged with us a a consultant in digital marketing.