How to Beef up your Resume with SMstudy

The national unemployment rate is 5 percent, but this number does not include employed people still looking for THE job. With that being said, what can you do to get a leg up on the competition? And let’s be honest, competition is what it’s all about, right? Each person that applies for THE job (the one you want) should be considered your rival. So, how do you stand out with a potential employer and knock your competition back on their heels?

The answer is simple. Certifications. If you are applying for a position in sales or marketing, a certification from SMstudy will put you one step in front of your peers. A certification shows prospective employers that you are passionate about sales and marketing and an added perk- the training will give you the confidence you need to ace that interview.

Adding certifications to your resume also demonstrates that you are able to work hard towards a goal and finish it successfully, something employers consider carefully. If you are able to set your sights on a goal, work towards it, and achieve it. You will ultimately master a new body of knowledge. Or in the case of SMstudy, a Sales and Marketing Body of Knowledge.

As stated at SMstudy.com, “It is important for us to note that the fact that we are in the twenty-first century does not make all the earlier avenues of Sales and Marketing obsolete.”

Technology has changed the way people reach, interpret, and react to information. Therefore, companies are searching for new ways to broaden the scope of sales and marketing thanks to the ability to reach their consumers through the Internet. Given these new forms of buyer-seller options many professionals believe that the information age, brought upon by technological advances, has redefined the roles of sales and marketing.

According to Mike Templeman at Forbes, “Marketing technology is growing at a rapid rate. And that growth is causing it to bridge the gap between sales and marketing by understanding the areas of the funnel that used to be the domain of the sales team. For instance, a remarketing campaign can continue to market to a potential customer even after the sales person has initiated contact. Similarly, marketing automation is also a technology that continues to touch the client, through email campaigns, even after the sales team has made its claim.”

With this information in mind, why wouldn’t you want to earn a certification in sales and marketing with SMstudy? I can’t think of one.

For more information and resources visit www.SMstudy.com

Shifting Techniques: From Conventional to New-Age Marketing

In the twentieth century, with the increase in the number of manufacturers and industries for specific products, consumers had numerous options to buy from multiple manufacturers. Manufacturers faced the need to differentiate their product and thus mass media marketing was born. Primary channels used for mass media marketing were print advertising, mass mailers, television, radio, and outdoor advertising. The objective of conventional mass media marketing was for organizations to create strong brands and differentiated brand perceptions so that consumers would desire and purchase their products rather than those of competitors.

However, in recent times, the media have become increasingly fragmented with several hundred television and radio channels as well as a large variety of print media including newspapers, magazines, and trade publications. With the increasing popularity of the Internet and, more recently, smartphones, many options now exist for advertisers to reach a global audience using digital media marketing methods such as cell phone apps, Google, Facebook, Twitter, LinkedIn, YouTube, QR codes, gamification, and proximity marketing. All of these options have resulted in fragmented new-age marketing. Some characteristics of fragmented new-age marketing are as follows:

• Fragmented new-age marketing suits new, small brands with much smaller budgets targeted directly to customers in a global marketplace. Thus, it enables small companies and startups with smaller budgets to achieve a global reach.
• New-age marketing is data-driven and more centered on driving specific calls to action. Also, new-age marketing is about engagement, unlike mass media marketing, which involves interruption.
• Sales and Marketing communications have increasingly become multi-directional in new-age marketing. The producers can reach consumers directly; similarly, consumers can share their feedback with producers and other consumers.
• Huge amounts of data gathered by multiple media forms and the ability to process the data through proper marketing analytics and generate valuable insights has given rise to the newest trend of "smart marketing."

These characteristics provide compelling reasons for companies to shift their focus toward fragmented new-age marketing. Marketers evaluate all media in terms of who the target audience is and what media resonates best to arrive at an integrated approach to marketing by leveraging the strengths of various types of media.

PESTEL Analysis

Market analysis can serve as a flashlight to help you get a glimpse of what might be ahead for you and your business. As a part of this, PESTEL Analysis is used to examine macro-environmental factors that are sources of opportunities and threats, and therefore positively or negatively impact the organization, its customers and suppliers.

There are six factors to PESTEL analysis: Political, Economic, Social, Technological, Environmental and Legal. 

Political Factors—These factors describe how the government and the political system may influence the company’s Corporate Strategy.

Examples of Political Factors:

1. Government incentives for industrial development in certain regions may impact decisions related to location of factories.
2. The annual financial budget of the government may significantly impact a company financially. For example, a parts supplier in the rapid transit industry setting revenue projections for a particular geographic region must consider the current political position and the expected government financial support for transportation and infrastructure improvements. 

Economic Factors—These factors are related to the economic structure and policies of an economy and its interaction with other economies. They influence how businesses operate and grow.

Examples of Economic Factors:

1. Interest rates for borrowing may impact funding and investment decisions of a company.
2. Inflation rates impact input costs (that is, salaries, cost of raw materials, property costs) and should be considered when planning the Marketing Strategy.

Social Factors—These factors reflect the social and cultural state, attitudes and behaviors prevalent in a market. Changes in these factors may impact the demand for a particular product or product category.

Examples of Social Factors:

1. An aging population creates a growing market for products targeting senior citizens.
2. A growing trend toward nuclear families necessitates services such as day-care facilities for children.

Technological Factors—These factors describe the technologies and R&D efforts that are relevant to a company and the ecosystem within which such technologies function. They may help the company gain sustainable advantage in its market through product or process innovation.

Examples of Technological Factors:

1. A faster mobile network enables real-time video conferencing with the company’s field sales force.
2. An increase in Internet availability and the growth and efficiency of e-commerce and its distribution channels enable more people to shop online.

Environmental Factors—These factors are related to the ecological environment and include aspects such as climate change, deforestation and pollution, among others, which may affect how some companies function.

Examples of Environmental Factors:

1. The appliance industry manufactures CFC-free refrigerators to prevent further damage to the ozone.
2. Automobile manufacturers reduce vehicle emissions in order to decrease air pollution.

Legal Factors—These factors are related to the legal and regulatory framework of the market in which a company operates or is planning to enter. Companies need to adhere to the laws and regulations that exist in their markets, irrespective of how restrictive they may be. At the same time, the legal framework may also give rise to additional opportunities.

Examples of Legal Factors:

1. Laws that mandate the use of bike helmets provide a boost to helmet manufacturers.
2. In several countries, anti-monopoly laws make it difficult for large companies to acquire competitors.

On the pathway to success, you will find these factors may be a benefit or an obstacle, but without a detailed and comprehensive PESTEL analysis you end up stumbling in the dark.

Refer a friend!

Word-of-mouth referrals are the ultimate endorsement for a company, its products, services and staff. Referrals are therefore considered the gold standard of customer acquisition in many fields. But what can be done when the excellence of your salesmanship isn’t equating into a steady stream of referrals? When you’re giving it 110% and still not feeling the referral love?

When referrals aren’t being generously doled out by past or current customers, a smart referral program can be just the right form of encouragement they need to extol you and your company’s virtues. According to the SMstudy® Guide, Corporate Sales, referrals may happen on their own, but companies can also influence referrals through appropriate online marketing strategies.

The book states, “The key to a good referral program is not only to drive customer acquisition in the short term, but also to engage new and loyal customers, encouraging them to act on their brand advocacy.”

Incorporating a smart creative program can definitely be a win-win-win situation, benefiting the existing customer, potential customer and sales team.

The pluses of incorporating a referral program are noteworthy:

 A reduction in marketing costs. Satisfied customers are now incentivized to sing your praises and steer potential customers in your direction.

An improvement in customer satisfaction. Existing customers can engage and benefit from a referral program.

An all-around better Return on Investment (ROI).

After deciding to embark on a referral program, it’s time to put on the proverbial “thinking cap” and figure out what can be offered as a worthy token of a customer’s loyalty and how it can best be presented to customers. Every company is different but many find that offering what is within their wheelhouse enhances brand recognition and builds an ongoing conversation with customers.  

For example, the cloud-based file hosting service, Dropbox, ran a very successful referral campaign that offered 500MB of free storage to both the referrer and the referee. Sited by ReferralCandy as their #1 Best Practice Referral example, Dropbox experienced a 60% increase in sign-ups, beginning in September 2008 with 100,000 users to 4,000,000 in January of 2010. In addition, Dropbox noted that 35% of its daily enrollment was via their referral program.

In their article, “How Referrals Built a $10 Billion Dropbox Empire,” ReferralCandy places Dropbox’s program at the pinnacle of all referral programs for a few distinct reasons. Besides the general benefits noted above, smaller details helped set Dropbox apart, including:

A built-in referral process. Step 6 in the Dropbox sign up process… “Invite some friends to join Dropbox.”

Offer a gift, don’t ask a favor. Dropbox offers more free storage space to new members instead of asking them to refer a friend.

Make the referral process painless. Offer convenience with a choice in referral methods. Simple social media and email options are optimal.

Let the customer behind the curtain. Dropbox allows users to check on referrals via their dashboard.

Keep the train running. A confirmation email indicating when a referral has responded includes the option to refer another person. So, instead of being a one-time only affair, Dropbox has created a referral loop and as long as it maintains its appeal, it will continue to draw in referrals.

We’re always hoping well-earned referrals will be forever flowing in, but when they’re not, referral programs such as the one used by Dropbox have the potential to fire up our customers.

And as a final thought, consider this…ReferralCandy suggests that if advertising had been their only means of acquiring customers, Dropbox would have failed.

“Not only did referrals allow Dropbox to escape death, it allowed them to avoid all traditional ad spend. That in turn would have allowed them to focus their resources on making a better product- further cementing their competitive advantage,” they said.

For more articles on sales and marketing, visit smstudy.com.

Image courtesy of JD Hancock, Flickr. https://www.flickr.com/photos/jdhancock/6023780563/

Sources:

SMstudy® Guide, Corporate Sales, pg. 172-173.

“8 Proven Steps to Double Your Referrals from Other Attorneys,” Stephen Fairley http://www.attorneyatlawmagazine.com/phoenix/8-proven-steps-double-referrals-attorneys/

“Referral Program Examples – An Epic List Of 47 Referral Programs,” ReferralCandy, http://www.referralcandy.com/blog/47-referral-programs/#best-practices

“How Referrals Built The $10 Billion Dropbox Empire,” ReferralCandy, http://www.referralcandy.com/blog/referrals-built-dropbox-empire/

Importance of understanding and evaluating Digital Marketing Channels

When creating an online presence, one of the initial steps for an organization is to determine the targets as defined by the Marketing Strategy and then explore the various digital marketing channels available to achieve those targets. Organizations typically market their products or services to targeted audiences that differ in demographics such as age, sex, education, marital status, geography, and income. Implementing digital marketing tactics allows a company to target very specific audiences and measure each tactic effectively.

Given the volatile nature of the online world, new channels are emerging with greater frequency, and audiences are continuously exploring new sources of online content—digital marketers must regularly assess and reassess digital marketing channels for their effectiveness. To identify the most effective marketing channels for an organization’s products or services, marketers spend a considerable amount of time and effort identifying and understanding the dynamics of all available digital marketing channels and evaluating these channels relative to their company’s overall organizational goals and objectives.

The digital marketing team analyzes the Internet behavior patterns of its target audience and identifies all possible online media that are used by those consumers being targeted. It observes macro trends that might impact the way in which the organization markets and sells a product or service to consumers. As a result of this process, the organization gains a better understanding of the digital landscape and learns how it can develop and implement its marketing strategies to be effective.

A company must understand the pros and cons of each digital marketing channel as well as the situations in which a channel is most effective or ineffective. For example, when a company wants to promote an important achievement or milestone, the use of social media forums is a good option because of the possibility of a viral effect and mass exposure, which may raise awareness of the company. When promoting a discount offer, the use of e-mail marketing is beneficial because of the fast results it can bring. On the other hand, if the company wants to inform customers about an expected delay in service (e.g., due to a scheduled routine maintenance, delay due some unavoidable circumstances), it is usually enough for the company to use e-mail or their website to notify customers, rather than initiating a social media update. Negative comments often spread faster in social media leading to loss of brand value and image. Therefore, understanding different channels is important in order to evaluate their usefulness.

To learn more about digital marketing channels, visit SMstudy.com

Big Data and Analytics : Fundamentally changing the marketing landscape

Big data and analytics become an integral part of marketing since the inception of internet in the late 1990’s and the introduction of smart phone and other internet enabled smart devices in recent times. Big data usually refers to the data sets with sizes beyond the scope of commonly used software tools to collect, clean, manage and process data within an acceptable time frame. With the rapid advancement in technology and increasing use of smart phones and other internet enabled devices, organizations today face overwhelming volume of data through multiple channels and devices. The main roadblocks while using big data are:

• Capture high volume of data from multiple sources and consolidate the data
• Data cleaning (i.e. removing redundant or unnecessary data – internal data, data generated due to testing, deletion/ blocking of cookies)
• Data storage
• Data sharing/ transfer
• Data visualization
• Data analysis

Now the important question is why should organizations use big data and analytics. The answer lies in decision making. Organizations cannot afford to make any decision just by guess or gut feeling. The use of predictive analytics and certain other advanced statistical methods to extract value from data leads to more confident decision making which in turn results is greater operational efficiency, cost reduction and reduced risk.     

Big data enables marketers to increase the size and range of information sources while speeding up reporting, enabling real-time forecasting and more informed and accurate decision-making.

marketers benefit from a large volume targeting options when it comes to online advertising. The growth of cookies and information-rich social media, means that the data is there to go beyond simple demographic, geographic, psychographic and time-based targeting options. 

Big data analytics helps optimizing campaigns and improve results in a scalable, real-time manner.

Big data transformed the last-click conversion attribution model to the multifaceted attribution model which takes into account all touch points across consumer purchase life-cycle. It was complicated earlier to capture these different, interrelated factors and their relative weights. But big data makes it easy to track, analyze and evaluate activities to see what is actually driving customers to engage.   

Find additional posts on sales and marketing at www.smstudy.com/articles. 

Sources:

https://econsultancy.com/blog/65260-the-top-four-applications-of-big-data-in-marketing/

http://www.forbes.com/sites/mckinsey/2013/07/22/big-data-analytics-and-the-future-of-marketing-sales/#6f0ec1ee344d

Social Insights on Video Marketing in the Age of YouTube

Down ‘n’ dirty or überposh, there’s a place for all quality of video marketing in the world today.

Recently we noted marketers’ growing acumen at not only parsing available social data, but also using the social media environment to probe the social community and glean consumer preferences and other social insights.  

We said, “Filling the role of the modern-day focus group, social media insights are also valuable for taking the temperature of the public on an idea such as a logo or slogan, a product or service. Testing the social media world’s tastes and perceptions allows for adjustment before launching, saving money and perhaps even preventing a catastrophic mistake.”

A recent experiment co-sponsored by Google and L’Oreal was one such probe that asked “whether storytelling changes for different age groups?” Results provided interesting insights into the minds of the under-45 crowd and how they respond to various styles of video marketing.

The study presented three L’Oreal ad spots (via YouTube) promoting a new eyeshadow. Researchers then documented which of the three had the greatest impact across three age groups: 18 to 24, 25 to 34 and 35 to 44.

The first ad is a traditional cosmetics commercial- gorgeous photography, high glamour. The kind of ad we’d expect to see on television. This one was named “The Glam.”

The second was more of a how-to video but still retained some glamorous elements. This one was called, “The Show.”

The third, named “The Tell,” was a user-generated DIY video. A regular “girl next door” talking about the makeup and how to apply it. Straight forward and practical.  

The results were both expected and surprising. Let’s explain…

“The Glam” scored very well, indeed. Topping the charts for both the 18-24 and 35-44 age groups, with no major difference in their rate of viewing.

The report states that “Regardless of age, "The Glam," the most traditionally structured and produced video, was the most "unskippable" ad with the strongest view-through rate (VTR).”

No real surprise here, right? We all love gorgeous images, compelling copy and a little eye candy never hurts. 

But here is where the experiment gets interesting.

Although “The Glam” view rates were 82% higher, it was “The Tell,” the DIY, user-generated styled video that did exceedingly well with the 18-24 age group (aka millennials) in the category of Ad Recall, coming in 100% higher than “The Glam.”

What the marketing study showed clearly was the changing generational tastes in regards to how marketed products are received. “The Glam” was accepted by all age groups as the highest visual quality with superior storytelling, but failed to provide the same viewer retention as “The Tell.” “The Tell” provided obvious how-to value and millennials had no problem accepting the unpolished amateur style of video. In addition, because “The Tell” felt more like “taking advice from a friend” it produced a click-through rate two times higher than the “The Glam” and “The Show,” meaning even in its bling-less status, the how-to video created a stronger call to action.

The report suggests millennials are miles more accepting of low-fi video production than the Gen Xer's… even when they know it’s an ad. For marketers that’s a pretty big deal. If the study proves accurate upon additional testing, anyone with a smartphone and some chutzpah can shoot marketing videos (bringing the cost to nearly zero) and still have the same chance at online virility, the holy grail of digital marketing.

All this to say, there appears to be a place for both “The Glam” and “The Tell” in today’s online marketplace, given the tastes of millennials to accept less traditional, high-gloss marketing as long as it offers legitimate value. This opens the door for greater marketing opportunities no matter what the budget.

For more articles on Sales and Marketing, visit smstudy.com.

Sources:

“2015 Will Be the Year of Video Marketing,” Tyler Lessard, Dec. 17, 2014 http://www.marketingprofs.com/articles/2014/26719/2015-will-be-the-year-of-video-marketing

“How Demographics and Storytelling Style Affect Video Ad Effectiveness,” Ben Jones, January 6. https://www.thinkwithgoogle.com/articles/how-demographics-storytelling-style-affect-video-ad-effectiveness.html?utm_source=LinkedIn&utm_medium=social&utm_campaign=Think

“In Search of Social Media Insights,” SMstudy.com. http://smstudy.com/Article/the-search-for-social-media-insights

Photo credit: Laura Lee Moreau