marketing, Uncategorized

Definition of Marketing

As legendary coach Lombardi pointed out, excellent (presumably being the best one can be) requires reinforcement and utmost ability to execute the fundamentals. Below are outline of the fundamental concepts of marketing. The key element of this blog is not to all-encompassing inventory of marketing terms but highlight of the simple concepts that we all use. With the new data and technology, the businesses realized that customer have not separate marketing from the product—it is the product.

 

Definition

The introduction and selling of your company’s products and services to past, present and prospective customers by first optimizing and leveraging all of your company’s marketing assets[i].

 Function of Marketing

Marketing is the company[ii].

 Non-Marketing Functions

All non-marketing functions of any business are subservient to marketing and innovation, paraphrasing Drucker. Analytics is tracking (including using description, predictive, and prescribed method) the firm’s hints of its relationship with past, present, or potential customer irregardless if purchase took place. [iii]

Marketing assets[iv]

Past customers, current customers, marque customer (ex, turning them into a celebrity), testimonials, salespeople, company’s advertising (ex logo, tag line), referral programs, current sales and marketing processes, location, reputation, time in business, relationships with other businesses, E-books, guides and handbooks, apps, studies, cheat sheet, videos, mix media posts, employees, suppliers, company’s culture, brochures, blogs, corporate website, social media sites, SEO.

Two phases of Marketing

There are two phases of marketing requiring different approaches. The first is getting attention in the marketplace of your offering. The channels of engagement include advertising, tradeshows, web marketing, direct mail, salespeople prospecting, etc. Real marketing begins when a prospect expresses interest in the product or service. They enter into the gravitational pull of the company. Just like in any team, the strength is measured by the weakest link. Most companies, at this stage, lose their customers because of the internal inefficiency to create, nurture, sustain, and elongate relationship.

How to Increase Sales or Profits

Anywhere and anyway, there are only three ways sales or profits can be achieved. There are no other ways

  1. Increase the number of prospective customers contacted or inquiring
  2. Increase the conversion rate of prospective customers to buying customers
  3. Increase the value of worth of each customer

USP

A succinct description of what you company can do better than anyone else[v].

 

 

[i] Dawn Marketer, March 1, 2016

[ii] See Peter Drucker, McKinsey Quarterly

[iii] There are three analytics concepts – data, information, knowledge. Data can never be wrong, information can, and knowledge is built upon the use of the other two. The reports, spreadsheets, databases, etc is information. As such, information is never conclusive, always has assumptions, and is limited. Analytics methods are means of finding hints in the data that a hypothesis is not wrong with current set of available information and knowledge.

[iv] Dawn Marketer, March 1, 2016, Eric Murphy, June 10, 2014, Stanford Smith, Inc Magazine

[v] USP can very within the company depending on the revenue source. A quick paper from Bain that explains why USP is still relevant in today’s crossover market. Although they do not use the words, they do state that the first step is create “propositions that take into account the product features, the brand and a customer’s experience with the company”

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Notes on Resume

Resume is the vital ingredient for your success. Below are my notes on the key

  • What is the purpose of resume?
    • Your resume is a career marketing tool, not an autobiography.
    • Focused on your key selling points
    • Every word in the resume should sell your credentials and value to a potential employer.
    • Resume not only speaks to your past accomplishments, but it also acts as a predictor of your future capabilities.
    • Keep them in mind when deciding how much you need to change your resume to make it work for your profile.
  • Branding Statement
    • It is a statement that communicates who you are in the workplace.
      • It reflects your professional reputation
      • Showing an employer that you have goal
    • Using a profile summary or career summary is gradually fading away.
      • Instead, replace it with a branding snapshot or profile snapshot. Write the newsworthy information in short, impactful statements or with as few words as possible so they can get the facts immediately.
    • Personal branding isn’t just about the words you use; it’s also communicated visually through word pictures and images.
    • Example
      • COMMUNITY AFFAIRS MANAGER with 10 years of experience visualizing, developing, and organizing company wide philanthropic events, maintaining connections with hundreds of nonprofit organizations, coordinating diverse employee volunteer opportunities, and creating dynamic external and internal event communications.
        • Why is it successful? It gives a snapshot of your history in the field while providing branding attributes that describe what makes you successful. Also, it gives examples of previous accomplishments that offer insight into how you can help an employer succeed.
      • Career Objectives
        • The first step to creating a high-impact resume is determining what you’re trying to accomplish. With a clearly defined career objective, you can write a resume that conveys the experience, skills and training that best serve your overall professional aspirations.
        • The majority of job seekers may incorporate their career goals into a Qualifications Summary instead.
        • If you are on a steady career track, incorporating your objective into a summary sends the message “this is who I am,” rather than “this is who I’d like to be when I grow up.”
        • Give employers something specific and, more importantly, something that focuses on their needs as well as your own.
          • Career changers and entry-level workers should consider incorporating their objectives into their resumes, because their goals may not be clearly defined by their work history alone.
          • If you’re targeting a particular position, add a formal objective statement and reference the job opening. The hiring manager will see you took time to customize your resume and that the opportunity is important to you.
            • Example: “A challenging entry-level marketing position that allows me to contribute my skills and experience in fund-raising for nonprofits.”
            • For career changers: Accomplished administrator seeking to leverage extensive background in personnel management, recruitment, employee relations and benefits administration in an entry-level human resources position. Extremely motivated for career change goal and eager to contribute to a company’s HR division.
            • Entry-level workers: Dedicated CIS graduate pursuing a help-desk position.
            • When targeting a specific position: Elementary teacher for ABC School District.
          • The second step, focus on how you would benefit the employer, not on how the employer would benefit you.
            • Stay away from resume objectives that state your working preferences, such as “seeking a team-oriented environment that fosters professional development.”
            • Don’t be vague
            • Keep it concise and targeted.
              • Hiring managers often sort through hundreds to thousands of resumes to fill one job opening.
              • Make it easy on them by keeping your objective short and to the point.
                • The best resume objectives contain a desired job title or target
              • Specifics
                • Put the most important information at the top of the first page.
                • With decreasing attention spans, writing tweet-sized resume sentences is a right-on-time strategy.
                • Lack of Specific
                  • Example: “Recruited, hired, trained and supervised more than 20 employees in a restaurant with $2 million in annual sales”
                    • Both of these phrases could describe the same person, but the details and specifics in example will more likely grab an employer’s attention.
                  • Accomplishments
                    • Definition: how you contributed to your employer, or it’s an achievement that reflects the kind of worker you are. The most convincing accomplishments are measurable.
                    • Employers look for achievers, candidates who go above and beyond their job duties.
                    • Write the newsworthy information in short, impactful statements or with as few words as possible so they can get the facts immediately.
                      • Share a challenge/situation/problem, the action you took to address it, and the result. Write the result by sharing how it positively impacted your employer or client.
                    • Attempting the “One–size–fits–all” approach
                      • Whenever you try to develop a one-size-fits-all resume to send to all employers, you almost always end up with something employers will toss in the recycle bin. Employers want you to write a resume specifically for them. They expect you to clearly show how and why you fit the position in a specific organization.
                    • How long should my resume be?
                      • A resume should be long enough to entice hiring managers to call you for job interviews.
                      • It’s not just what you say but how few words you use to say it
                      • Create brief sentences that communicate key accomplishments, your branding statement, and critical information you don’t want the employer to miss.
                      • Use a one-page resume if:
                        • You have less than 10 years of experience.
                        • You’re pursuing a radical career change, and your experience isn’t relevant to your new goal.
                        • You’ve held one or two positions with one employer.
                      • Use a two-page resume if:
                        • You have 10 or more years of experience related to your goal.
                        • Your field requires technical or engineering skills, and you need space to list and prove your technical knowledge.
                        • On the second page, include a page number and your name and contact information.
                      • Visually Attractive
                        • If you want your resume to have a good chance of being read by prospective employers, you must invest time and energy not only in its content, but also in its look
                        • Allow for quickly scan the document, because it makes good use of white space, features clear and consistent section headings and uses bullets to make important items stand out.
                        • General Tips
                          • Stick with two fonts at most
                          • Use white space
                          • One-inch margins
                          • Leave some blank space between various sections of the resume
                          • Avoid underlying
                          • Many resume writers may bold their previous job titles and italicize subheadings within each section of the document.
                          • Bullets make it easier for employers to scan your resume quickly
                          • Be Consistent

 

Exercises

  • Personal Branding Statement Writing
    • Write down your vision. Think about what it is that can help you create the broad umbrella encompassing all of the specific goals your branding statement will incorporate. Examples:
      • Do you want people to communicate better with one another?
      • Do you hope to expand the breadth of our already-expansive technology?
    • Branding statement is all about showing an employer that you have goals
      • What are your career goals?
      • How do you want to make a difference?
      • Write down what you’d like to achieve—along with those skills you possess that can help you attain your goals.
    • Recognize your brand attributes, then apply them to your professional history.
      • To identify your attributes, come up with at least three nouns to describe yourself as a professional.
      • Are you a great communicator, leader, visionary, or organizer? Then drum up three sentences that round out your professional history in relation to those attributes (e.g. I have 15 years of experience leading groups through philanthropic efforts).
    • After completing these goals, you’ll have enough information to create a truly outstanding branding statement that not only gives an employer confidence in your ability to succeed but boosts your own confidence as a top professional.
      • Measure your branding statement success, can it answer
        • Recruiter’s/Hiring Manager’s “Why should I care?” or “What’s in it for me?”
      • Personal Branding Color
        • What is your personal brand color?
        • Accomplishment Exercises
          • Set a timer for five minutes, and start jotting down your accomplishments for your most recent position. Write down any accomplishment, contribution or achievement that comes to mind, even if it seems insignificant. Complete this exercise for each position on your resume. To help jog your memory, here are questions to ask yourself:
            • Did you receive praise, recognition or pats on the back from your supervisor or colleagues? For what (e.g., completing projects ahead of deadline, calming down irate customers, saving money)?
            • Did you receive a promotion, award or commendations from customers/clients?
            • Were you selected for special projects, committees or task forces?
            • Name three accomplishments that make you proud. Did you complete a particularly challenging assignment? Participate in a solution that improved customer service, enhanced efficiency, saved money/time or increased revenues?
            • Are you known throughout your department/company for something?
            • If you quit your job, what would everybody say about your work at your good-bye party?
          • Complete this brainstorming exercise, turn your accomplishments into high-impact statements. Lead with the result, outcome or benefit to your employer
          • Master Editor
            • Write a detailed version of your resume once that includes everything you think is relevant to the opportunity.
            • Then go back and remove everything that is not essential.
            • Once you’ve done that, go back and cut out everything that is not critical.
            • When you write your resume ask yourself:
              • “Is this critical to my story or what I’m trying to convey to the employer?”
              • If it isn’t, take it out of the resume.
            • Save the discarded content in a master file so you have it if you decide later you really do need it.

 


 

Source:

Monster Worldwide:

Jessica Holbrook Hernandez,

Robert Hellmann

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Web Presentation Marketing: Integrating Into Your Arsenal

Web Presentation is a powerful to reach across the wires to the very customers who you can help. It is the society’s answer to the drive through need for exchange of information from experts. However, just like any technology, web presentations abide by the laws of technological evolution, least of which is Schumpeter’s creative destruction. Currently, the web presentation is at the point of the category renewal. Certainly, in business lingo, webcast and others are part of weekly use by the leaders. There has been a slow down in the thought leadership around this marketing tool. It is difficult to locate searching for best practices.

Creative Destruction and innovation

Source: Strategic Management Class at the Graduate School of Business at Pepperdine University

Although various web presentation methods share a common goal – moving customers by stimulating their interest through engaging, educational, and/or entertaining content, there are key difference between different methods.

Key Definitions

  • Webinar – a term marketing people use to describe their regular online communications programs for lead generation and customer outreach. (ON24)
  • Webcast – a presentation delivered over the web that is more “broadcast” (one-way to the audience) than interactive. This difference from webinars matters because webcasts can be to larger audiences and can be recorded and replayed (CBS News, 2011)
    • Tend to be high-profile live events, often created using HD video equipment and broadcast from a conference venue, TV studio, or corporate videoconferencing room. Producers ensure every detail is perfect, creating a high-impact experience for the viewer. (ON24)
  • Web Conferences – tends to be smaller groups of people and tend to be much more interactive in nature. There tends to be application/desktop/screen sharing with a much higher likelihood for transfer of control to participants. (Lynn Rockwell, revuezzle.com/)
  • Broadcast Video – enterprise-level offering for webcasts; the focus is not just on outward-facing presentations for lead generation purposes, but in-house meetings and “town halls,” an increasingly important feature for companies with dispersed, remote workforces. (Kim Davis, The Hub, January 13, 2016)

Current State and Challenge

  • Onset of consumerization and bring-your-own-device (BYOD) trends (Frost&Sullivan)
  • The effectiveness of webcasts is contingent on not only creating compelling content, but also delivering it in ways that keep the audience engaged. (Frost&Sullivan)
  • SaaS-based enterprise webcasts grew at a robust 22.7% in 2013 (Frost&Sullivan)

Future State: Direction of Trend

“Show, don’t tell” has become a powerful mantra for effective webcasts.  A recent survey of more than 250 users revealed the strong need for video; 62% of the respondents said video is the most essential feature of a webcast, and 50% requested more video in webcast presentations (Frost&Sullivan)

Available Framework for Integrating into Marketing Mix

Leaders need to think of web presentations not as a single event but as a web experience. It is a tool of any marketing mix and should be considered. Although it is a myth that 67% of the sales journey is done digitally without involving sales, sales is still involved in the process but requires to be more prepared to deal with much better informed customers and prospects (Megan Heuer, SiriusDecisions, 2013).

Web presentation can work to fill all points of the customer’s journey. Interacting with human in real time is an important component in building trust. An important element to the dimensional of a customer journey is Bloom’s Taxonomy. Surprisingly, little to any web presentation mentions this powerful learning tool practiced by teachers. Marketing and sales using the verbs appropriate for the nature of the presentation.

There is a simple yet very intuitive table that can help shape the conversation with your audience.

ipadagogy-wheel-001

Source: Larry Ferlazzo, May 25, 2009
Note: Dianna Fisher, Oregon State University, 2011 I highly recommend to utilize the following verbs and actions in your presentation

Advance Techniques of Using Webcast in Marketing 

Web presentations can help marketers and sales acquire real-time information or confirmation on where in the customer position in the customer journey. Content can be created specifically to determine if the marketing automation’s assumption. Failure of attendance or questions can be a clear indication that the content is not stimulating any response (assuming that ignoring any marketing is the natural steady state of a customer).

Web presentations can be used in the Marketing Automation (MA). In essence, parts of marketing and sales can be done profitably by computer. Web presentations by their very nature required tremendous human effort and commitment. While MA is standardized, webcast is customized. Yet, the key elements and data feeding the two tools are very similar. What I envision, is that MA would bucket the possible subjects and corresponding customers and prospects. The system can also create time sensitivity to see if, based on CRM and other systems, customers like to consume content at various time periods (weekends, 7am to 9am).

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Philadelphia Real Estate Update

Nation-wide

  • Generation X (Millenniums)
    • Currently the largest group in the labor force (Source: Pew Research Center)
    • Consume less amount of calories than prior generation (Source: Goldman Sachs)
    • Search for experiences instead of owning (Source: Forbes)
    • Labor productivity growth is well below post-war average
  • General Housing Market
    • Slow-down in the construction of the multi-family
  • General Economics
    • The lowest growth in productivity since mid-1980’s
    • Household Net Worth is (just about) at the highest point in 25 years
    • Single-Home building is far below the 90’s average while multi-unit is above
    • Expectation of higher inventories
    • Labor participation rate is at the lowest rate since 1976

Source: Federal Reserve Bank of Richmond, otherwise noted

Theories and Prior Studies

  • Markets don’t fall from the peaks but during near-peaks
  • Studies show that most of the income growth happens before age 30’s
  • The Great Recession dampened the starting wage and wage growth of the recent college graduates
  • Current generation will have multiple jobs often requiring geographic change

 

I look at the share economy as another indication that most of the new labor is unable to live at the level of the prior generations. Optimizing or efficient use of resources is only necessary if there is a pressure on income. In the 1950’s and 60’s, US consumers continued to grow their houses’ number of car garages because of the astonishing wealth production. Today, China is looking to find efficient use for their manufacturing because of greater competition and lower demand from the globe.

One of the key drivers of Philadelphia is the wealth transfer that is happening on unprecedented scale. Pennsylvania has been the largest receiver of students while New Jersey the largest exporter. With the largest number of hospitals of any city, Philadelphia is winning at the healthcare share of the market. However, most of the hospitals operate on a very small profit margin (around 2-5%). Therefore, the high specialization wings of various hospitals are being constructed. Moreover, the wealth transfer is happening as the older generation is moving into the city to take advantage of the support resources available for senior citizens. Philadelphia has one of the largest percent of the population who are retired of major cities in the US. The Philadelphia’s Market street transportation hub is one of the best next works in the United States. That is why one of the casino applications was for 8th and Market Street. The wealth is being transferred from the suburbs. Washington and Miami are likely to overtake Philadelphia metro area in population (Source: New Geography). Although New York exported 26,957 individuals to Philadelphia (Source: Washington Post).

Source: Pew Research Center, otherwise noted

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Can I Hide from a Lie?

I am inspired by the song “The Truth” by Handsome Boy Modeling School (YouTube link to the song) and its intimate lines of “You can’t hide from the Truth/Because the Truth is All that is”. The pretenses of my life (enshrined in my habitual behavior) hide the fact of the Truth – the great reality, the eternal now. The Truth occurs as boring to me against the context of the external stimuli – people, places, things, situations. My control of the external powers and energy is my daily lie. I believe that I can predict and guide an outcome of the events that I observe. My powerless is seen not as a fact/truth, but as a thought-experiment to satisfy some internal audience/audit committee in my head that call BS on my actions.

As a human, I am imbued with powers to judge. The effectiveness of that power, unfortunately, ends at the end of my skin. The external is governed by forces that I have, at best, some vague understanding. I can’t judge the external – I think I can only guess and speak in non-Source-connected generalities that make me sound like a parrot than an enlightened being. A zen master said that there is little to choose between a man in the gutter drunk with rice wine and a man drunk on his own “enlightenment”.

Hence, I am perplex – can I hide from a Lie? The Truth is as certain as the number that comes chronologically after numbers 1 and 2. Above, I described lie as technique of surviving moment from moment – reducing my dependency on the reality and my responsibility. Thus, for me, a lie is when I do not source the Truth in order for me to be responsible for my next action. I am trying to control the external; in other words, I am being in some kind of denial (there are at least seven forms of denial). I am being because I am not at the point of my development where I can separate my being from my doing. Unfortunately, this description still does not offer insights into whether I can hide from a lie. Note: there is the Truth (singularity) but there are many lies.

Do lies exist for me to be awaken to the fact that they are lies? The path to peace is through hell. If I entertain this notion for a bit, lies are not opposite of The Truth. They are indication to the existence of The Truth. My experience is stuck between the poles of my memories and the eternal now. I can’t exist in my current state outside of the magnetic energies of those poles. Still, this insights does not lend naturally to an answer to my inquiry.

As a kid, I lied to my parent about spending money on a school lunch. In fact, I spent the money on chewing gum and other American and Japanese candy. I created the lie in language. The facts of my actions and inactions did not change. Yet, a lie was born from me and then the action/inaction was taken. I do not have the external ‘thing’ of a lie – it just a thought or better yet a thought+[a sensation, a feeling]. Can my parent hide from my lie that I didn’t buy school lunch? They are implicated to sustaining the lie – whether they agreed or not (irregardless if they knew the fact or not). It cost them and me nothing to create a lie, at first. I left a bit of me on the slopes of the snow covered Siberia when I created that lie. I know I left a piece of me there because I give it power by thinking and feeling those words. No, I do not believe a piece of me is left at the interaction between my parent and I. Instead, it is left somewhere between my parent giving me money, being at my school’s cafeteria lunchless, and the shop register where I bought that candy. The lie was born somewhere in those places but it was conceived at the early moment. When I decided that the discomfort of hunger was less than the excitement of that candy. Actually, I didn’t have the candy itself when I decided to spend my money. It was just an idea – again conceived in language (this time in images and mouth watering reaction). Hence, the lie seems to be created in the words I used to decide between forgoing lunch and buying candy.

Can I hide from the lie of my purchase candy instead of lunch? Lie exist only in language and only in the words I create, either directly or indirectly. Can I hide from my lies to myself – can I hide from the words I used? I do need a complex superstructure of mind’s creation to creates that veil of control/denial.

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