| Atricle Dump |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Business > Marketing > Marketing Innovation - How to Improve Marketing ROI |
|
Atricle Dump - Marketing Innovation - How to Improve Marketing ROI
Knowledge Management es your control. Your next innovation is only effective if it produces better results than your control.Success in today's global, interconnected economy springs from the fast and efficient exchange of information. Sustainable competitive advantage is no longer rooted in physical assets and financial capital, but in effective channeling of intellectual capital. The market value of a commercial enterprise is derived not only from its physical and financial assets, but also from the intangible assets it creates through knowledge-based activities.These intangible assets include intellectual property, such as patents and copyrights, as well as the more nebulous assets such as methodologies, practices and customer relationships. These intangible assets are often estimated to be worth many times the book value of a Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovation Remain a Professional Even When You are Being Laid Off There are a number of basic marketing fundamentals that everyone needs to know in order to generate attention, interest, desire and action among prospects. But to be successful in today’s competitive environment, you need more than a basic understanding of a traditional AIDA model and the 4 P’s (product, place, price, promotion).So you’re hearing rumors around work about downsizing and lay-offs within the company. While your first reaction may be to start helping yourself to office supplies- DON’T. At this point, you’re not even sure if it’s you going to be laid off, and this could give your boss a reason to include you on the Pink Slip List.Now, more than ever, it’s important for you to stay focused and continue to act like the professional you are. Even though you may fantasize about it, now is not the time to march into the office and tell your boss what you really think of him or her. Chances are you’ll need the reference, so now is the time to really suck up. Just kidding, but keep your opinions to yourself and continue to A number of years ago, I discovered a marketing methodology made popular by Michael Gerber. For those of you who have never heard of him, you can still find his books on Amazon or your local bookstore. Mr. Gerber referred to this marketing methodology as the E-myth which was comprised of: innovation, quantification, orchestration, and documentation. This methodology is the key behind major marketing successes like McDonalds, the Four Seasons, and many other well-known brands. Let me explain his methodology and illustrate how it can be applied to your business to deliver significant ROI. Innovation If you do what everyone else is doing, you’ll get the same results – if you’re lucky. Most often, those who excel in any market are the innovators, those who are continually trying new things, creating new methods of doing business, or standing for something unique. Whether you’re Ben & Jerry’s ice cream, Apple computer, or Tommy Hilfiger, innovation is baked into the sale, marketing, and product development process. To illustrate, let’s take a look at your run-of-the-mill retail clothing store. When you enter the store, what’s the first thing the sales rep says to you? You guessed it, “How can I help you”? An example of applying innovation would be to have that same sales representative open with a new greeting, something like, “Hello, is it your first time visiting our store?”. If yes, there’s a perfect opportunity to discuss what makes you unique, how to navigate the store, and so on. If no, the same holds true… “Welcome back. Were you successful in finding what you needed upon your last visit? What can I help you with today?” Regardless of the actual questions used, the example of innovation in a sales/marketing sense gives you the ability to try something new. This ‘something’ can take a variety of different formats, but most importantly it iis something that can move you towards a greater ROI. Especially if you understand the next step which is quantification. Quantification With each innovation, an action is taken – a product sampled, research conducted, a new sales pitch or value proposition delivered. To be truly effective with your marketing you must measure your results. The most successful marketing programs are always working to improve their return on investment (ROI). The key is to measure each independent element that could possibly influence your result. Using our example of the retail establishment, you wouldn’t want to ask all of your sales reps to start using a new pitch AND change their dress code. Doing so might dilute your ability to measure the effectiveness of a new sales script. Additionally, you wouldn’t want to change other store elements like the music or store layout at the same time – doing so would make accurate measurement next to impossible. Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration. Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating in small ways, continually testing and evaluating the results. Once you have your successes identified, you need to roll them out in a systemic fashion. All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now becomes your control. Your next innovation is only effective if it produces better results than your control. Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovations Customer Service - More Than 100 Surefire Ways to Lose Your Customers Innovation
If you do what everyone else is doing, you’ll get the same results – if you’re lucky. Most often, those who excel in any market are the innovators, those who are continually trying new things, creating new methods of doing business, or standing for something unique.Some people are saying that customer service is the pits these days with surly sales people leading the way. Just in case you haven't conceived of every method to further alienate your clientele, we have come up with a list of ideas that are certain to drive customers away from your business. With tongue firmly planted in cheek, we offer the following tips to you:Customer Service in General:1. A closed mouth gathers no foot…speak boldly!2. When the only customer service tools you have to work with is an axe, you will have hours filled with fun.3. Try to come to an amicable conclusion…the place where you and the customer both got tired of arguing.4. An irate custome Whether you’re Ben & Jerry’s ice cream, Apple computer, or Tommy Hilfiger, innovation is baked into the sale, marketing, and product development process. To illustrate, let’s take a look at your run-of-the-mill retail clothing store. When you enter the store, what’s the first thing the sales rep says to you? You guessed it, “How can I help you”? An example of applying innovation would be to have that same sales representative open with a new greeting, something like, “Hello, is it your first time visiting our store?”. If yes, there’s a perfect opportunity to discuss what makes you unique, how to navigate the store, and so on. If no, the same holds true… “Welcome back. Were you successful in finding what you needed upon your last visit? What can I help you with today?” Regardless of the actual questions used, the example of innovation in a sales/marketing sense gives you the ability to try something new. This ‘something’ can take a variety of different formats, but most importantly it iis something that can move you towards a greater ROI. Especially if you understand the next step which is quantification. Quantification With each innovation, an action is taken – a product sampled, research conducted, a new sales pitch or value proposition delivered. To be truly effective with your marketing you must measure your results. The most successful marketing programs are always working to improve their return on investment (ROI). The key is to measure each independent element that could possibly influence your result. Using our example of the retail establishment, you wouldn’t want to ask all of your sales reps to start using a new pitch AND change their dress code. Doing so might dilute your ability to measure the effectiveness of a new sales script. Additionally, you wouldn’t want to change other store elements like the music or store layout at the same time – doing so would make accurate measurement next to impossible. Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration. Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating in small ways, continually testing and evaluating the results. Once you have your successes identified, you need to roll them out in a systemic fashion. All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now becomes your control. Your next innovation is only effective if it produces better results than your control. Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovation Employers - Practicality or Theory? ds true… “Welcome back. Were you successful in finding what you needed upon your last visit? What can I help you with today?”In this world, we have set some rules for ourselves. We break them as we wish, and we fear to break some of them. Education and employment has one such rule. It is called ‘qualification’.How does one know if a person is qualified? Grant them a piece of paper. That piece of paper, in civilized language, is called a ‘degree’. This degree tells the outside world that this person is ‘qualified’ to do the job listed in the degree details. That the degree holder has had NOT a minute of practical real world experience is another matter.There is a person who has been doing his job, say, getting sales, for about 7 years, say. He has been doing his job well, that is why he is still holding it, right? In comes a Regardless of the actual questions used, the example of innovation in a sales/marketing sense gives you the ability to try something new. This ‘something’ can take a variety of different formats, but most importantly it iis something that can move you towards a greater ROI. Especially if you understand the next step which is quantification. Quantification With each innovation, an action is taken – a product sampled, research conducted, a new sales pitch or value proposition delivered. To be truly effective with your marketing you must measure your results. The most successful marketing programs are always working to improve their return on investment (ROI). The key is to measure each independent element that could possibly influence your result. Using our example of the retail establishment, you wouldn’t want to ask all of your sales reps to start using a new pitch AND change their dress code. Doing so might dilute your ability to measure the effectiveness of a new sales script. Additionally, you wouldn’t want to change other store elements like the music or store layout at the same time – doing so would make accurate measurement next to impossible. Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration. Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating in small ways, continually testing and evaluating the results. Once you have your successes identified, you need to roll them out in a systemic fashion. All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now becomes your control. Your next innovation is only effective if it produces better results than your control. Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovation Are You an Illegal Alien? Go Work at a Carwash nt, you wouldn’t want to ask all of your sales reps to start using a new pitch AND change their dress code. Doing so might dilute your ability to measure the effectiveness of a new sales script. Additionally, you wouldn’t want to change other store elements like the music or store layout at the same time – doing so would make accurate measurement next to impossible.There are Illegal alien issues in United States of America with over 24 million illegal immigrants in our nation at this time and the number of the legal aliens coming into the country is about one million per year. But where will all these illegal aliens work, as they must find jobs.If you are an illegal alien or any legal immigrant and you cannot find a job there are over 49,000 carwashes in the United States of America and many of them will hire you. In trade for hiring you they will exploit your labor pay you very little money and therefore make serious and obscene profits in their businesses because you're willing to work so cheap like a dog.Isn't it great you came to America to get a good job s Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration. Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating in small ways, continually testing and evaluating the results. Once you have your successes identified, you need to roll them out in a systemic fashion. All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now becomes your control. Your next innovation is only effective if it produces better results than your control. Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovation Greatness and the Silicon Valley Gold Rush es your control. Your next innovation is only effective if it produces better results than your control.Imagine you are rich. Very rich. Obscenely rich.Normal people in normal parts of the world only imagine being that rich at an abstract level. They don’t really believe it is possible. Or at least, they don’t structure their lives around the expectation of being obscenely rich.In the mid-nineties, a phenomenon happened here in Silicon Valley, which defied all laws of market economics. Companies could be successful without having to make money or be profitable. Success meant Billions of Dollars in market capitalization, and consequently, very rich Venture Capitalists, founders, executives and employees.Even receptionists, during this time, could conceive of making Millions. (Just to put it in pers Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your results become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI. Documentation The top innovators do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop. As new personnel come into your business, you want to make sure that the innovations and enhancements you’ve made to your sales and marketing practices are fully implemented. The best way to do this is to not expect an employee to memorize a 700 page employee instruction manual. Rather, they should become familiar with your way of doing business - which needs to be documented in a simple, easily understandable format. You know you’re at a company that does this well when you hear things like, that’s “the Walmart way” or “This is how we do it here”. It’s those companies that create living documentation that is easily understood and implemented that excel. Conclusion If you’re trying to enhance your marketing program, or create one from scratch, keep this methodology in mind: innovation, quantification, orchestration, documentation. This process will ensure constant growth and improvement in your marketing results. Don’t just take my word for it, look at most major brands or category leaders. Under the hood, you’ll find systems for innovation, ways of testing, measuring, implementing, and documenting in a seemingly effortless fashion.
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:A Guide to Gumball Vending Machines Your Job Search - Do the Opposite! Entrepreneur Business Plan Proformas - Reality Check
|