Feb 2, 2011 | Communication, Customers, Management, Marketing, Sales
Opportunity cost is a concept well understood, and often used in a theoretical sense, but not often is it translated into something easily understood.
In a store just before Christmas, I was tossing up between two brands of domestic coffee machine, that appeared pretty similar in all but price, the better known brand being substantially more expensive. The sales assistant sensing my indecision, and perhaps thinking I might do more ‘research” and he would lose a sale solved the dilemma by asking, “would you rather have” X” brand, or “Y” brand and 20kg of coffee beans?”
That turned the theoretical “opportunity cost” although I had not considered it in these terms at the time, into something tangible that had a value relevant to the purchase, and made all the difference…… I took the “Y” brand machine and with the saving, bought some exotic coffee beans.
Feb 2, 2011 | Customers, Marketing, Social Media
Yes, another alphabetically numerated generation for us to get our heads around, the F of “Facebook” generation.
These kids, born in the mid eighties, have grown up connected. To them, Facebook is more than a tool, it is a part of their social fabric, fundamental to the way they see the world, act, communicate and engage with their environment.
Their “behavorial DNA” is different to their parents, often even to their older siblings, and they way that plays out as these F generation people make it into the executive suite will be fascinating, challenging, and inevitably speed up the pace of change, already too hectic for many.
Jan 24, 2011 | Collaboration, Communication, Social Media
Linux started with a promise, one that formed the basis of what has become a major player in the server operating system market, with a current share somewhere around 45%.
Linus Torvalds back in 1991 posted the following message on a discussion board inhabited by systems engineers “I am doing a free operating system (just a hobby) and I’d like to know what features most people would want. Any suggestions are welcome, but I won’t promise to implement them”
Torvalds, knowingly or otherwise, tapped a vein that has proven on many occasions (Wikipedia.org & Meetup.com being just two), that a community has the chance to form when several conditions are met:
- The community is driven by a need, or interest, rather than profit for the initiator
- Participation is welcome, and encouraged, but a transparent “peer review” process dictates if the contribution will be used
- Recognition is offered to all participants.
The promise is that these conditions will be met, and when they are not, the community fails, as did the first iteration of Wikipedia. Does yours measure up?
Jan 20, 2011 | Innovation, Marketing, Strategy
Often these two terms are used interchangeably, as synonyms, but that are not.
Creativity is a part of the process of innovation, an integral and key part, but nevertheless, just a part. It is, as Sir Ken Robinson so memorably said in his great TED talk, “Creativity is the process of having original ideas that have value” .
By contrast, innovation is to my mind the process of taking the output of the creative process and putting in place the steps to extract and leverage the implicit value of the creativity, making it explicit. Thomas Edison, perhaps the most celebrated inventor of all time, certainly the individual with more patents to his name than anyone else, before or since, famously said “Genius is 1% inspiration, 99% perspiration” recognising the distinction between the creative spark, and the hard work necessary to turn the idea into a product, service, or process.
For enterprises to flourish in today’s competitive world, they need to encourage a culture of creativity, again as stated by Sir Ken in the TED presentation “If you are not prepared to be wrong, you will never come up with anything original” and back that creativity with a management culture that gives the creativity life.
Jan 18, 2011 | Customers, Demand chains, Marketing, Social Media
The retailer Patagonia has as a part of its corporate values a reverence for the environment, it is a core part of their corporate values, and highly relevant to their target market. They wear their hearts on their electronic sleeves by opening up their demand chain on all products to observation and criticism.
An integral part of their web presence is the Patagonia Footprint Chronicles site that provides some details the provenance of all their products with the opportunity for consumers to provide feedback.
This simple, transparent, exercise must be a source of huge value for the Patagonia brand, that targets high quality, and environmental sensitivity in everything they do. This sort of brand transparency is likely to become far more common as consumers increasingly demand facts rather than slogans from marketers, and marketers recognise the competitive value of demand chain transparency, enabled by the web 2.0.
Jan 17, 2011 | Branding, Marketing, Social Media, Strategy
There are lots of people flogging various digitally sophisticated SEO techniques, and they appear to be making a living. However, it seems to me that after all this time most key words worth having, have been taken, registered, and everyone is following similar SEO strategies, so your generic term will not get you to the prized No.1 spot in Google, probably not into the top 10 pages.
Try putting in “Electrician Sydney” as I did recently needing someone to do some work in my house, and there were 4880 entries, taking Google’s suggestion and adding “inner west” where I live, there were 297,000 entries. Not much use, unless you happen to be the .00001% who lucks the No.1 spot, but many keep trying, and paying.
By contrast, if you invent a word , something unique, you have a better chance of coming up on the first page. The downside is that you need to make your target market aware of the word by other means, a challenge .
When you put “Strategyaudit” into Google, this blog comes up No.1, and has done so pretty much for the whole time it has been written, although Google still checks if it is a spelling mistake. My task is therefore to make the specific audience who may be interested in what I write to be aware of the name, then it is easy to find, as all they do is put the word “strategyaudit” into Google, and there its is.
No complicated SEO strategy, simply a strategy to “own” a space of my own making, and being different, the challenge to be relevant to an audience that returns to the blog remains, no SEO can do that for me.
