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  • Microsoft Dynamics CRM Receives Updates

    CRM (customer relationship management) can help customers by taking them through business processes in an organized and automated manner which will reduce costs, increase profits and maintain customer loyalty and satisfaction. Microsoft introduced Microsoft Dynamics CRM in 2011 which is a software package to assist customers with sales, marketing and service related information.

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    http://www.associationofmarketing.org/articles/view.php?article_id=14560

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  • Why Having a High Data IQ Gives You Endless Marketing Opportunities

    Segmentation and targeting are key elements of marketing and almost 91 percent of marketers agree that high quality data is of prime importance for all marketing efforts. As per the results of BluKai survey conducted among 133 marketing executives, 36 percent of respondents said that they were trying to utilize at least 20 percent of their overall budget for data driven practices. According to them, this has earlier shown positive results such as an impressive hike in the conversion rates as well as sales.

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    http://www.associationofmarketing.org/articles/view.php?article_id=14529

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  • The Importance of Knowing Your Audience

    As a marketing or sales professional, knowing your customer is vital for success. Taking extra care to understand what your customer values will help you to communicate in an effective manner with him or her. Customers want to receive assurance about certain things before they purchase a product or invest in a service. They may want to know that a product or service is reliable, will remedy a certain problem or has an extensive warranty in place.

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    http://www.associationofmarketing.org/articles/view.php?article_id=14640

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  • Ransomware attack on sheep farmers shows there’s no room for woolly thinking in cyber security

    Ransomware attack on sheep farmers shows there’s no room for woolly thinking in cyber security

    While many Australians were preoccupied with panic-buying toilet paper, sales of another commodity encountered a very different sort of crisis.

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  • Trade show blues: Exhibitions go virtual as virus spreads

    Trade show blues: Exhibitions go virtual as virus spreads

    Fine wines and hipster gin. Hunting rifles and knives. Contemporary paintings and million-dollar sports cars. They’re all marketed at trade events that are quickly going dark across the globe due to the new coronavirus – and taking with them sales opportunities that may be difficult to make up.

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  • Home genealogy kit sales plummet over data privacy concerns

    Home genealogy kit sales plummet over data privacy concerns

    Surprising news recently emerged from the personal genetics business. The two leading direct-to-consumer companies in North America, 23andMe and Ancestry.com, announced within a week of each other that they were laying off a significant proportion of their workforce as a result of a steep drop in sales.

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  • French carmaker PSA defies sales slowdown with record profits

    French carmaker PSA defies sales slowdown with record profits

    French car giant PSA Peugeot-Citroen, currently in the process of merging with rival Fiat Chrysler, said Wednesday it shook off a drop in sales to notch up record profits in 2019.

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  • Businesses Pursuing New Product Development

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    With the aftermath of globalization, companies are carefully thinking about the best ways to extend their product and service offering. Thus, product development strategy is critical for their success. Yet, many companies are in defensive mode and merely want to maintain the position in the market place.

    However, staying in a holding position is a definite way for companies to be left behind. Innovative thinking that allows for product/service growth is a too sure way for sustainable success. In today’s discussion, we will explore the importance of product development for the growth of businesses, especially in a competitive market.

    Launching into new product offerings is not easy. According to one market research, approximately 75% of consumer-packaged goods and retail products fail to earn even $7.5 million during their first year. Harvard Business School Professor, Clayton Christensen, who is the world’s foremost authority on disruptive innovation, suggests that the failure rate of new products may actually be as high as 95%. Product failure rates relate to the number of products that are launched commercially but fail.

    Geoffrey A. Moore, the author of Crossing the Chasm, maintains the challenges of product deployment: “… the less successful product is often arguably superior. No content to slink off the stage without some revenge, this sullen and resentful crew casts about among themselves to find a scapegoat, and whom do they light upon? With unfailing consistency and unerring accuracy, all fingers point to-the vice president of marketing. It is marketing’s fault!” Thus, new product development is a risky proposition to senior executives making these critical positions as well as the organization as a whole.

    Businesses that want sustainable growth must develop new product and services often and consistently. Philip Kotler and Kevin Keller, authors of Marketing Management, “In an economy of rapid change, continuous innovation is a necessity. Highly innovative firms are able to identify and quickly seize new market opportunities.”

    In taking any actions on new product development, businesses should think strategically about their product development. Alexander Chernev, the author of Strategic Marketing Management, further argues that managing growth is the most preferred route to profitability compared to just cutting cost.

    He outlines four key issues in managing growth, which include: (a) gaining and defending a market position, (b) managing sales growth, (c) new product development, and (d) product-line management. Chernev maintains, “New products and services are the keys to sustainable growth; they enable companies to gain and sustain their market position by taking advantage of the changes in the market to create superior customer value.”

    With that said, new product development meaning having the ability to take a product or service idea and convert it into a tangible offering that customers want. The following are the steps that more products undergo for market consumption: (a) idea generation, (b) concept development, (c) business analysis, (d) product development, (e) market testing, and (f) business deployment.

    The Ansoff Matrix is a strategic tool for product development, consisting of market penetration, market development, product development, and diversification. In market penetration strategy, organizations seek to grow using its existing product offerings in existing markets. With this strategy in mind, organizations try to increase market share. In a market development strategy, companies try to expand into new markets like new buyers using their existing offerings. In product development strategy, businesses seek to create new products and services targeted at its existing buyers.

    In a diversification strategy, an organization tries to grow its market share by introducing new product offerings while at the same time entering a new market. Diversification is the most-risky approach due to simultaneous making new changes (new product, new market). Kotler and Keller further maintain the difficulty of sustainable product success: “It is increasingly difficult to identify blockbuster products that will transform a market, but continuous innovation can force competitors to play catch-up.” The concept sounds easy. However, it is riddled with problems.

    Without a doubt, many companies know that product development is a risky business. Although many consumers will proudly proclaim the success of many innovative products like Apple and Google, these same buyers are not aware of the numerous product launch failures in this country. In our discussion, I demonstrated the importance of product development for the growth of businesses, especially in a competitive market. Failures often lead to innovation.

    American great inventor, Thomas Edison, had his own share of failures, but learned how to innovate because of them: “I have not failed. I’ve just found 10,000 ways that won’t work.” Likewise, today’s businesses can also achieve success if they understand how to deploy their products and services to the marketplace strategically. Although there is enormous danger in failure, there is also the opportunity of unforeseen growth. Don’t wait until it’s too late.

    © 2017 by DD Green

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    Source by Dr. Daryl D. Green

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  • Effective Restaurant Training Techniques: Jump-Start Your Training Program Today

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    I have seen different types of training techniques for restaurant staff. Some restaurants send new hires to their corporate training school; others hire experienced staff thinking they already know how to work that position. I think all new staff members should receive quality training regardless of previous experience.

    Each role in a restaurant is important for the restaurant’s success!

    Management must be able to work in every position. Their knowledge of each job is vital. Managers must step into those other roles to maintain customer service. Some reasons could be if there is a call-out, or if the sales are higher than projected.

    If people tell you that managing a restaurant is easy, they are dead wrong. In-fact it is the most difficult position in the restaurant. Running a restaurant is challenging; management needs to be able to multitask, give direction, and follow-up on that direction. Managers must be able to retain large amounts of information and make quick decisions and be ready to step into any position.

    Managers are not born to run a restaurant; they are developed into that position. The same goes for the rest of the staff. Train the management staff, then the trainers. Management will oversee the trainers as they train the rest of the staff.

    The most effective restaurant training techniques are:

    • Show-Do-Review: The trainer shows the staff member how to do the task. Then the trainer observes the trainee actually doing the task. After completion, they review the task together and the trainer gives feedback to the new hire. The Show-Do-Review technique is especially effective in learning recipes, kitchen duties, cleaning tasks, or service tasks.

    • The Memory Game: Once the new hire has some understanding of their new job, the trainer shadows the staff member and helps the new hire remember different key components of the job. Periodically the trainer will ask the trainee a question. If the trainee does not answer the question correctly, then the trainer will provide the answer. The trainer will continually repeat the question all throughout the day or night until the trainee answers it correctly. The purpose of the exercise is getting the staff member to retain the information. The Memory Game can be used to remember important food time and temperature, menu and recipe knowledge, service steps, or even manager responsibilities.

    • Role-Playing: Role-playing is one of the most effective training techniques to use in creating top-notch performers. Existing staff members and new hires experience real life situations and “learn by doing”. The trainees will experience “real life” situations in a simulated and controlled environment. This technique allows the trainer to evaluate the trainee’s strengths and areas to improve. This also helps to develop an action plan so that the trainee can overcome any obstacles to their success. “Practice make perfect.” This technique allows the employees to see different perspectives, build confidence, and form good habits. The trainer will observe the role-playing and my correct the staff members periodically to ensure they on the right path. Role-playing is a great technique for service staff and managers to learn the proper way to handle customer questions or complaints, how to approach a table, and the steps of service.

    • Shadowing: The trainee shadows the trainer, and the trainer shows the trainee the correct procedures in completing the assigned task. The trainer should ask open-ended questions in reference to the task. Once the trainee is more comfortable, then the trainer will shadow the employee. Communication between the staff members is crucial in developing the trainees. Shadowing could be used for nearly any role, especially on the first days and last days of training.

    Once the trainer evaluates the staff member and determines that the employee has mastered that position, then that person is ready to work independently.

    Management should observe or be involved in the training process to ensure that employee is receiving quality training. The general manager/owner oversees the managers. The general manager/owner may have the final say in whether a new employee is ready to work solo.

    Utilize any tool available to help achieve the training goals. During the training process using feedback or assessment forms can help track the quality of the training. Documenting the progress of the training and reviewing it with the employee will help the employee to know your expectations. It also gives you a paper trail of that particular employees training.

    Using a variety of training techniques for your restaurant is useful in getting all your staff on the same page. It also is more interesting than sitting down with someone and reading a scripted presentation. It will help you retain staff, because too many people are thrown into their jobs without the proper training and get frustrated and quit. Having a training program that is easy and effective is important in your restaurant’s success.

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    Source by Jeffrey Schim

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  • A Modern-Day David and Goliath – Techno Teen Takes on Computer Giant – and Wins!

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    “Those who say it can’t be done need to get out of the way of those that are doing it.” Unknown

    The entrepreneur of today’s world can be compared to the legendary Don Quixote – chasing windmills in search of great fortune.

    The entrepreneurial journey I would like to share with you in this article might be a bit of a surprise. I find it remarkable yet I have barely seen it mentioned in the press over the years.

    Imagine the following scenario. The year is 1983. You are a college freshman at The University of Texas in Austin, sitting in your dorm room playing around on your computer.

    1983. Pre-Internet. Pre-computers-on-every-desk, in-every-room-of-the-house. These were the days of PONG, where very few people sat around playing with personal computers. (If you don’t know what PONG is, ask someone a lot older than you.)

    Back to your dorm room. You are supposed to be in class. Instead, you are sitting there playing around on your computer and you have a bright idea – the proverbial “light bulb” goes off in your head.

    “I think I’ll start a computer company and compete with IBM!” Since no one is around to hear you and tell you how ridiculous you sound, you continue.

    You have no employees. No manufacturing facility. No family in the computer business. You’ve never even worked for a computer company. Sure, you’ve been pulling computers apart and putting them back together since your were 15 but come on! Compete with IBM? Everyone around you thinks you have lost your mind.

    Yet, you believe you have a better way.

    You develop a passion for the idea of making better computers and selling them for less by going directly to the consumer.

    The story goes that mom and dad heard that sonny-boy was skipping a lot of classes so that he could play with his computers. Mom and Dad decided to pay a visit one day and caught him red-handed. After reading Michael the riot act, Michael’s dad asked him what he wanted to do with his life. He told his dad that he wanted to compete with IBM.

    Imagine that conversation!

    And so it was that the 19 year old boy genius, techno-teen Michael Dell, armed with only $1000, abandoned his plans of becoming a doctor and dropped out of college after his freshman year to take on the big boys – IBM, Compaq, Hewlett-Packard, and others.

    He believed he could outsource everything – the manufacturing, distribution, sales and service. Remember now, this was pre-Internet. Pre-global-out-sourcing. He believed he could bypass the traditional expensive distribution channels and go straight to the consumers, giving them exactly what they wanted – better quality, lower cost computers made specifically for them.

    He knew what his consumer wanted because he was his own consumer – frustrated by poor customer service, crappy quality, non-existent customization and high prices.

    The rest is history. Modern American business history, that is.

    By the time Dell was 22 years old, his company had achieved annual sales of about $150 million. Starting with only $1000 and growing the company to a $1 billion (with a B!) public company in less than 10 years is a record few companies can match.

    Today Dell, Inc. is a $57 billion company with the leading market share in the United States with over 46,000 employees, including more than 16,000 in Central Texas. Dell is listed as the 8th wealthiest person in the United States according to Forbes magazine (August 2007). Dell first made the Forbes 400 Wealthiest People in the United States at the ripe old age of 26. He is said to have been worth over $20 billion by the age of 40.

    Dell has been named “Entrepreneur of the Year” from Inc. magazine; “Man of the Year” from PC Magazine; “Top CEO in American Business” from Worth Magazine; “CEO of the Year” from Financial World and Industry Week magazines.

    Not bad for a college dropout.

    Michael Dell. At age 19, he realized he could build a better mousetrap and sell it for less.

    Simple formula. Brilliant execution.

    The first time I heard this story, I frankly didn’t believe it. A college freshman takes on IBM, and wins?! No way, said my logical left brain. There has to be more to this story!

    No, this one goes in the “truth is stranger than fiction” category.

    Michael Dell was just a bright boy with a bright idea. Fueled by passion. Too young, too foolish, and certainly too focused to listen to the naysayers who said it couldn’t be done.

    According to Dell, “No one told me that we couldn’t do it, and if they did, I wasn’t listening.”

    It’s a good thing he wasn’t listening. In addition to revolutionizing the personal computer industry, Dell has donated more than $1 billion in stock to the Michael and Susan Dell Foundation, which is now one of the country’s largest foundations. The foundation focuses on children’s health and education initiatives.

    Even though today’s story is about a mega-millionaire with a gazillion dollar company, never forget that once upon a time, Michael Dell was a lot like you and me. Just a kid with a dream that wouldn’t die.

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    Source by Gina Carr

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