Mar 21, 2011 | Innovation, Lean, Marketing
This is an expression I have used for many years, it is just a metaphor for never throwing out an idea, leave it available for scrutiny later when you know more, or for parts to build something different, or just for inspiration when building the portfolio of projects
The brainiacs in Silicon Valley have now come up with a better expression, “Strategic Pivot” which is essentially the same thing, but geared specifically to innovation in the digital world. Perhaps unfortunately for silicon valley, not every innovation is a new app, most are far more mundane.
A new way of moving a product WIP from one production station to the next can be an innovation, as can an improvement in the process of collecting data on that movement, and further improving it by removing excess time and effort.
In either case, the metaphor, whichever one you choose, works. Never throw out an idea, just because you cannot see the value now.
Mar 16, 2011 | Marketing, Social Media
Sorting the approaches and options emerging for on line marketing using social tools is sufficiently complicated to make your head break.
Logically, you use the net to try and sort out what is best for you under the circumstances you face, as the net is now the first stop when seeking information.
However, when you get there, it is like an overstocked supermarket, so many alternatives, each shouting their own greatness to you, offering you everything should you make the wise decision to “use me!!!!” Amongst all the e-shouting on the net, here is one that makes a lot of sense.
However, there is no substitute for the old fashioned marketing disciplines of understanding your customers needs, refining your offer of value to these customers, and communicating with them about how you can make their lives better, and most importantly, delivering on the promise.
In this context, the multiplicity of tools on the web become just more means to the end of adding value, they are not the end.
When confused, take the marketing Aspirin of keeping it simple, and ensuring above all else that you deliver on your promise, even better, over-deliver, to those few who trust you with their patronage.
Mar 9, 2011 | Communication, Leadership, Management
There is a big difference between these two states, and they can have a powerful impact on the way organisations react to the decision maker.
Someone who is seen as decisive, but as yet undecided will be have the respect of others, who will usually assist in the process of coming to a decision in a positive manner.
By contrast, someone who is seen as indecisive, will be ignored, and work-arounds will be used to get things done, and at some time, if it is a personal trait, it needs to be removed from behavior patterns, or the individual will be removed.
Feb 6, 2011 | Branding, Marketing, Social Media
Advertising has a new coat, “adverfanning” as in advertising to attract “fans” for your social site, who are then the target of directed or “Permission Marketing“, a term coined by Seth Godin over a decade ago.
Adverfanning has been growing exponentially with the growth of social media, it is the foundation of the business model, but the cost/impact has been increasing as click through rates decrease. According to a report by analytics firm Webtrends, it now costs $1.07/fan, as reported in this WSJ article, which is getting close to TV cost/impact in some time slots.
The business of advertising has not changed, but the tools have. The old ones, TV, radio and magazines have fragmented enormously with choice, and new ones have emerged from the social media, but the objectives are unchanged.
Gain attention
Generate engagement
Motivate trial
Build repeat sales
Encourage brand evangelism.
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.
