by Elizabeth Hines | Aug 22, 2016 | Blog, Logistics, Manufacturing & Distribution, Strategy, Supply Chain
Improve your company’s financial performance by implementing a risk-management strategy that plans for everyday events and disruptions.
Supply chain disruptions can have a significant impact on business and financial performance. A recent PwC and the MIT Forum for Supply Chain Innovation survey found a strong correlation between the maturity of businesses’ risk-management processes and reduced decline in operational performance indicators in the face of disruption.
A supply chain company’s need for a well-developed risk-management strategy is clear. That means planning for disruptions beyond the big-impact events, like environmental catastrophes, cyber attacks, and geopolitical instability. Companies need to be better prepared to handle day-to-day bumps in the road.
Managing everyday risks
Managers will often consider cataclysmic events but ignore the smaller risks that create friction in the supply chain. Dealing with these smaller factors in a reactive and piecemeal fashion is inefficient and ineffective and can significantly hurt your company.
Consider the following tips when developing an effective risk-management strategy that focuses on the everyday risks:
1) Employ a robust strategy that is always evolving.
Consider all of the factors that currently influence your supply chain, and be vigilant in terms of new technologies or emerging risks that could impact operations in the future.
2) Put a leader in charge.
Choose someone experienced in crisis management, negotiation, and critical problem-solving. This leader should be skilled in diplomacy and remaining calm under pressure.
3) Make sure the strategy is flexible.
A strategy that it uncompromising and rigid can exacerbate issues.
4) Define your comprehensive process.
Develop a clearly defined process to mitigate events such as cash-flow issues, inventory risk, competitor interruptions, client credit risk and default, data backup and recovery, key client attrition, employee satisfaction and retention, social media use and abuse, and reputation recovery.
5) Include human resources in the strategy.
Consider moving employees into new roles as a solution. Moving an employee into a new role permanently (or for a specified period to deal with an event) can help mitigate issues.
6) Don’t hide the issue.
If there is a problem, be sure that the clients hear about the problem from you. Be clear, concise, and honest when you contact clients. Explain what the issue is and what you are doing to address it.
7) Get everyone on board.
Take the time to make sure everyone is educated about the strategy and who is in charge. If just one person knows the strategy, it will not be effective.
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by Elizabeth Hines | Aug 18, 2016 | Blog, Content Marketing, Marketing, Strategy
Transactional emails offer prime real estate for driving further customer engagement or action.
Your business probably invests a lot of time and effort creating marketing emails to send to your prospects and consumers. But have you thought much about the content of your confirmation and thank you emails?
New findings from IBM Marketing Cloud’s 2016 Email Marketing Metrics Benchmark Study suggest you should. The survey “examines messages sent by nearly 750 companies and 3,000 brands in 2015, using a wide variety of measurements to establish benchmarks on customer engagement (via multiple open, click, and device/email client metrics) and list churn (hard bounces, unsubscribes, and complaints).”
One important finding relates to how recipients engage with transactional emails, messages confirming a purchase or an action (such as signing up for a newsletter). In almost every respect, transactional emails outperform non-transactional emails. For example:
- Transactional emails generate roughly 2x the open rates of non-transactional emails.
- Transactional emails generate roughly 3x the click-through rates of non-transactional emails.
This should not be a surprise, since these emails are based directly on a person’s purchase or action. But what many companies don’t realize is that these messages represent an opportunity to drive further customer engagement or action. Adding a prominent call to action can encourage the recipient to join your email list, make an additional purchase, or otherwise move further down the purchase path.
Instead of a simple “Thanks for your purchase!” email, put a little thought into how you might keep that person interacting with your business. Here are a few ideas:
1) Ask them to review their purchases.
Include a link to the recipient’s account or orders page. This gets them back on your website, where you can add additional calls to action, advertise related products, or encourage them to join a loyalty program.
2) Offer an incentive for future purchases.
Encourage recipients to buy again soon by providing a discount code for their next transaction. This also helps build brand loyalty by showing customers you value their business and want them to come back.
3) Request they follow you on social media.
Provide links to your various social media accounts to build additional touch points with your customers and prospects. Suggest they post photos of themselves using the products they purchased, share their purchase (or link to the newsletter sign-up, etc.) with their followers, or enter your contest or giveaway happening on these platforms.
4) Show them how to use their purchase.
Link to content that can improve their experience with the product or service they just bought. Step-by-steps guides, how-to videos, images of other buyers using the product: give them valuable support to improve their user experience and to keep them engaged with your content.
5) Display similar or related products.
What else do customers buy when they make the same purchase? Do you have other products or services that go along with it? For example, someone buying a hammer might also be interested in nails, toolboxes, or screwdrivers.
6) Ask them to join your loyalty or rewards program.
This is another way to offer incentives for future purchases and exclusive access to deals while your business gains additional information about the person.
7) Request they sign up for your newsletter, join your email list, or subscribe to your blog.
Encourage them to stay in the loop by opting into your content. You’ll stay in the sights of potential buyers that aren’t ready to make a purchase, and be on their mind when the time comes to buy.
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by Elizabeth Hines | Aug 17, 2016 | Blog, Strategy, Talent
If your job has left you to feeling stuck in a rut, try these steps to improve your professional life.
Summer vacations are over, and the year is more than half gone. Perhaps all those best-laid plans for boosting your career this year have yet to come to fruition. You may be feeling as burnt out as those last colorful leaves before they surrender to the fall.
If this frustration sounds familiar, it may be time to shake things up and move your career in a new direction. Carpe autumn!
Here are 9 tips to propel your career forward:
Make the move
Unhappy at your present job? Identify the reasons. If you are frustrated with your current role but you like your company, inquire about other positions within the organization. If none are a good fit or there are no growth opportunities, consider looking elsewhere. Use every job-search tool available — network, use a recruiter, and/or work with an executive search firm.
Network
There is tremendous opportunity in networking. Studies have found that the majority of jobs (between 49% and 80%) come about through networking. But networking offers more, like professional development and sage advice. You will make important connections that could bring you career success.
Create your own brand
A quick search on the internet or on LinkedIn and you will see: You are a brand. First impressions are now inclusive of your Facebook page, personal blog, your Instagram page, and Twitter account. Even your pins on Pinterest say something about you. Keep that in mind as you are posting personal content.
Work for someone intelligent
Working for someone smart brings you more knowledge and critical thinking skills simply through observation and example. You will grow professionally and personally.
Plan for the 12-24 months
Don’t get hung up on making a 10-year career plan. Look for the right opportunities, be flexible, and know the direction you are headed in, but don’t lock into a long-term direction.
Use your muscles
Research has found that a regular exercise routine can make you happier, smarter, and more energetic. Being fit can also brand you — giving a perception of health and stamina that signifies effectiveness, according to the Wall Street Journal.
Explore something new
Is there something your colleagues are doing or using that you aren’t? LinkedIn or Twitter for example. Take the leap!
Find your balance
Research by the Families and Work Institute found that 55% of respondents reported feeling overwhelmed by everything that is on their plate. A different survey found that 80% of people are unhappy with their work-life balance. Look at your priorities and keep only what matters.
Take a vacation
Have leftover vacation days? About 57% of Americans don’t use their vacation time. Taking time off is important to both your mental and physical health — and it has a positive impact on work performance and productivity.
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by Elizabeth Hines | Aug 16, 2016 | Blog, Data/Analytics, Logistics, Strategy, Supply Chain
Look at your financial metrics on a granular level, beyond the basic snapshot, to identify opportunities for growth.
Big data can show homogeneous revenue opportunities and cost inputs. But that overview is inadequate for determining how different aspects of your business are performing and where opportunity for growth may lie.
Essentially, you need to analyze your financial metrics at a granular level rather than in aggregate. For example, your business probably offers several products or services and feeds off of more than one revenue stream. Each must be evaluated separately in terms of value and profitability to determine how each is performing, rather than just examining your entire portfolio as a whole.
The key to increasing profits is not always blazingly obvious, but rather it is hidden in the minutia. There you will identify what is growing the business and what is not.
How to get down to the granular level of your financial metrics:
Consider your sales figures.
What is your profit — broken down by product, brand, region, etc.? Note any similarities and differences. Can you identify outliers? Can you identify what works and what your barriers are? If not, you must drill down further. For example, if a specific product is successful, why is this so? Is its success the result of a team or an individual? Can this knowledge or skill be applied to other products or services?
Identify products, brands, or services that don’t make financial sense.
You know they exist already. They are the ones that eat up your resources or simply no longer fit well with your brand. It may be time to eliminate ill-fitting clients, products, or services that don’t benefit the company. You then can pour the freed-up resources into higher-profit activities.
Know what the critical numbers are.
What is important to your business can be very specific to your industry. Inc. magazine’s guide to tracking critical numbers offers a great example: “A software consultant may focus on billable time, for instance, while a food retailer should be looking at sales per labor hour.”
Repeat this review process often.
This is not a one-time exercise. Typically, financials should be reviewed monthly, but each business will vary. Things that ebb and flow, like inventory or manufacturing output, should be reviewed each day, and the sales pipeline should be examined once per week.
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by Elizabeth Hines | Aug 15, 2016 | Blog, Content Marketing, Marketing, Social Media, Strategy
If your social media strategy doesn’t align with your business objectives and target audience, your marketing budget is probably better spent elsewhere.
Almost half of CMOs report they do not feel prepared to manage the challenges that accompany the rise of social media. Regardless marketers report that they plan to double social media spending in the next five years.
Pouring money into increasingly complex and expansive social marketing campaigns will not guarantee success, however. Instead, Keith Quesenberry, author of Social Media Strategy: Marketing and Advertising in the Consumer Revolution, suggests that marketers need to boil their social strategies down to the basics to improve results.
“They must use fundamental marketing concepts and modify them for this new two-way, consumer-empowered medium of social media,” says Quesenberry in a Harvard Business Review article. He offers these four steps for developing a basic social strategy.
1) Identify your business objectives.
Any strategy your business adopts should carefully align with your goals. Are you hoping to grow brand awareness? Generate more leads? Rebrand your business? Your social strategy should serve those objectives.
2) Listen to your target audience.
Yyou should have a thorough understanding of who your target audience is and how they use social media. After all, millennials use different platforms at different times than, say, Fortune 500 CEOs. Quesenberry suggests using analytics tools within social networks and secondary research, such as the Pew Research Internet Project, Nielsen, or Edison Research, to identify larger trends in social media use.
3) Produce engaging content.
Create the kinds of content your target audience seeks, and distribute it through the platforms on which they seek it. How-to videos on YouTube? Thought leadership on LinkedIn? Optimize the material you distribute for each channel. Use the social channels that best suit your brand message, type of content, and target audience.
4) Link marketing goals to social media KPIs.
Measure key performance indicators such as social media click-throughs to purchase (if the goal is online sales), social impressions (for brand awareness), or number of campaign-specific forms completed (for lead generation).
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by Elizabeth Hines | Aug 11, 2016 | Blog, Content Marketing, Marketing
HubSpot and WordPress rank at the top of G2 Crowd’s list comparing platforms to create, edit, and publish digital content.
Businesses and marketers who do not have coding skills rely on web content management systems to publish their digital content. There are a number of different products available, so how do you choose which one is best for your business?
G2 Crowd is a popular business software review site that allows users to rate their experiences with different products to help others make better purchasing decisions. It has leveraged hundreds of user reviews and analyzed market-share data to create a rankings grid for web content management systems. Products with 10 or more reviews are ranked and placed into one of four categories:
- Leaders offer web content management products that are rated highly by G2 Crowd users and have substantial scale, market share, and global support and service resources.
- High Performers provide products that are highly rated by their users, but have not yet achieved the market share and scale of the vendors in the Leader category.
- Contenders have significant Market Presence and resources, but their products have received below average user Satisfaction ratings or have not yet received a sufficient number of reviews to validate their products.
- Niche products do not have the Market Presence of the Leaders. They may have been rated positively on customer Satisfaction, but have not yet received enough reviews to validate their success.
The top 10 web content management systems, with their score and category, are as follows:
1) HubSpot (89, Leader)
HubSpot is an inbound marketing software company that helps businesses transform their marketing from outbound (cold calls, email spam, trade shows, TV ads, etc) lead generation to inbound lead generation enabling them to “get found” by more potential customers in the natural course of the way they shop and learn.
2) WordPress (86, Leader)
WordPress.org is web software you can use to create a beautiful website or blog. They like to say that WordPress is both free and priceless at the same time.
3) Drupal (67, Leader)
Drupal is an open source content management platform powering millions of websites and applications.
4) Kenitco (61, High Performer)
Delivering more out-of-the-box functionality than other systems, Kentico makes enterprise-grade, integrated marketing manageable and affordable for businesses of all sizes.
5) Joomla (59, High Performer)
Joomla is a content management system (CMS), which enables you to build websites and powerful online applications.
6) Ingeniux CMS (50, High Performer)
Ingeniux CMS is an enterprise content management platform designed to manage the persuasive web. Easy one-click editing, personalized content, software-as-a-service delivery options, and 100% ASP.NET MVC.
7) Crownpeak (48, Higher Performer)
Crownpeak is the only cloud-first Digital Experience Management (DXM) platform with native Digital Quality Management (DQM). The result is easier, faster and more cost-efficient digital experiences for Marketing and IT teams and their customers.
8) Clickability (46, High Performer)
Clickability helps businesses succeed in a dynamic and competitive environment through internet-scale solutions integrated into a global platform.
9) Evoq Content (46, High Performer)
Evoq Content is DNN’s commercially licensed Content Management System (CMS).
10) idev CMS (44, High Performer)
idev CMS is here to make your life easier. Period. Gone are the days of looking at source code and trying to figure out how to format your website content. With the idev CMS, which is at the core of nearly every Americaneagle.com-built website, your website maintenance headaches will dissolve.
To learn more about the rankings grid, methodology, and the programs, visit G2 Crowd’s website.
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