by Fronetics | Oct 17, 2017 | Blog, Content Marketing, Marketing, Strategy
Use these strategies to help your business generate revenue with content.
One of the biggest challenges inherent to content marketing is measuring how writing blog posts and posting on social media equals a revenue stream. I know I write over and over again in this space about how content marketing is one of the most effective strategies for growing business and generating revenue. But many in the supply chain industry still struggle to understand the connection.
I highly suggest listening to this podcast interview with Content Marketing Institute founder Joe Pulizzi. He talks about monetizing content. In summary, businesses need to be about more than just their products and services — they need to be a valuable resource for their customers. This is why content marketing works. It’s a move away from the promotion of products toward branding oneself as a source of knowledge.
But back to monetization. Here are some key takeaways from Joe’s interview about how to generate revenue with content.
Revenue models
Once you’ve established your outlets for content distribution (blog, podcast, YouTube channel, social media platforms, or other publishing outlets) and built an audience, how do you go about generating revenue? According to Joe, there are 10 different revenue opportunities.
The traditional opportunities that most companies think about are:
- Selling products
- Selling services
- Keeping customers longer
- Increasing yield
- Selling different products
But Joe says that there are five additional revenue-generating activities:
- Sell advertising on your site
- Create a sponsorship deal
- Launch a conference or event
- Sell premium content
- Ask for donations
Joe advises that business new to these ideas not try everything at once. “Try one revenue model every six months,” he suggests.
Rethink your marketing department structure
Chances are, your marketing department is set up far less efficiently than it should be.
Joe sees a trend of businesses setting up their marketing departments primarily as an opportunity for the sales team — in other words, they are leading “product-first.” “Yes,” he says. “Selling products is important. But you can’t lead product-first anymore. The only competitive advantage people have today is communication.”
It’s time for marketers to refocus on making markets and creating opportunities for organizations. It’s about creating and developing trusted relationships with your audience, and monetizing those relationships by doing more than selling products. Adopting a new vision for your marketing can turn it from a cost-center into a profit-center, with marketing being “profitable in and of itself.”
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by Fronetics | Oct 16, 2017 | Blog, Leadership, Talent
Google trains new managers in these six areas to make them highly effective leaders.
When you think of the word “manager,” you associate it with leadership. (Or, at least, I do.) But the two don’t necessarily go hand in hand.
Being a manager is just a position; a leader is something more. Oftentimes the skills that get people promoted to the managerial level don’t necessarily make them effective leaders. Then you’re stuck with managers that can’t lead, and that’s a problem. (See How to Be a Bad Leader: 6 Common Characteristics of Poor Leadership.)
Lucky for us, organizations like Google have spent years researching what makes an effective manager. Using Project Oxygen, an internal study analyzing more than 10,000 manager impressions, Google identified 8 habits of highly effective managers, which the company now uses to train new managers. Google shares this presentation through the re:Work website, which focuses on 6 key attributes.
6 key attributes of highly effective managers
1. Mindset and values
Dr. Carol Dweck, a professor of psychology at Stanford University, studied the science of growth mindset, the belief that intelligence can be cultivated. Project Oxygen showed that productive leaders live this philosophy at work. They are eager to learn, take risks, and challenge themselves — all of which ultimately boost their performance.
Also, Google empowers new managers to leverage their individual values in their management styles. This drives deeper meaning into their work and supports them when they, inevitably, need to make tough decisions.
2. Emotional intelligence
Emotional intelligence is the ability to recognize emotions in yourself and others, and leverage this awareness to manage behavior and relationships. Managers who are emotionally intelligent make better decisions, communicate more effectively, and seem more relatable to employees. They can better control the emotional climate of the workplace by anticipating employees’ needs and creating an environment that supports them.
3. Manager transition
Google has new managers share the challenges, surprises, and frustrations of their transition from individual contributor to supervisor. This not only teaches that it’s ok to be vulnerable and honest, but also encourages others to offer advice and to help devise actionable new strategies.
4. Coaching
A good coach nurtures and grows the talent on his/her team. The positive effects impact more than just team performance. Research by the Human Capital Institute and the International Coaching Federation shows that a strong coaching culture increases employee engagement and revenue growth.
Google defines good coaching as:
- Timely and specific feedback
- Delivering hard feedback in a motivational and thoughtful way
- Tailoring approaches to meet individual communication styles in regular one-on-one meetings
- Practicing empathetic “active” listening and being fully present
- Being cognizant of your own mindset and that of the employee
- Asking open-ended questions to discover an employee’s acumen
5. Feedback
“Embrace bad news to learn where you need the most improvement.” — Bill Gates
The purpose of feedback is to improve performance and foster professional growth. But words can hurt, and employees can interpret constructive criticism as an attack. Thus, the ability to provide feedback effectively is essential for any manager.
Google teaches new managers to be consistent across their teams when delivering feedback, and to balance the negative with positive. It’s also important to treat these conversations as a dialogue, not a monologue. Being authentic and stating growth opportunities in a clear and compassionate way will build trust between new managers and their employees.
6. Decision making
Effective leaders take on the tough task of making decisions and, often, with little time to deliberate. Managers make decisions taking into account their personal values, as well as the values of their organization, and they must be consistent over time.
It’s also important that managers occasionally throw their ideas out to their team and ask for feedback. By creating solutions that are based on a comprehensive understanding of the issue, managers are able to make decisions based on their internal compass, as well as the feedback from others.
After implementing this new-manager training program, Google saw statistically significant improvement in 75% of its underperforming managers. That speaks to the impact these 6 areas have on the effectiveness of new managers. And managers have a major impact on the effectiveness of their teams. So a great new manager can be all the difference for a company. In the words of Andrew Carnegie, “People don’t like to follow leaders who are dedicated only to their own personal glory, but they will sacrifice everything for leaders and communities who give them a higher calling, a greater purpose.’”
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by Jennifer Hart Yim | Oct 12, 2017 | Blog, Data/Analytics, Logistics, Strategy, Supply Chain
Shippers should be tracking these last-mile metrics to drive down the high cost of last-mile logistics.
This post comes to us from Adam Robinson of Cerasis, a top freight logistics company and truckload freight broker.
Using technology to improve last-mile metrics is essential to driving last-mile costs down, but how do shippers know if the technology is helping or hurting? The answer to this question lies in using last-mile metrics to track key performance indicators and target levels of service to ensure accountability, visibility and continued reduction of costs in last-mile delivery.
A recent survey of customer service experiences, reports DC Velocity, revealed many retailers feel current technologies do not address their customer service needs, and as few as 3 percent of retailers cite full support as part of their current systems. Unfortunately, history teaches shippers that reducing costs means cutting customer service, but integrating customer service data into delivery operations and transportation systems is key to increasing a brand’s value. In fact, 72 percent of survey respondents believe it is very important to improve access to data for in-transit shipments, which includes last-mile delivery. Essentially, shippers need to track these 11 metrics.
1. On-Time Deliveries Are King of Last-Mile Metrics
The number of on-time felt or late deliveries are more important than any other metric tracked in last-mile logistics. These metrics provide a quick yes or no analysis of the effectiveness of your last-mile logistics strategy.
2. Fuel Consumption Rates
Last-mile metrics involving fuel consumption rates can vary and depend on the preference of the company, but how fuel consumption rates are calculated can greatly influence whether a driver is saving or wasting fuel.
For example, overall fuel consumption costs may be lower, but interval-based fuel consumption rates could show consistent, stopping and starting patterns that do not coincide with existing routes and drive up fuel costs. As a result, fuel consumption rates should be calculated by averaging the total fuel costs per driver, all drivers, per delivery vehicle and per route.
3. Last-Mile Vehicle Capacity Used Versus Available
Last-mile logistics should also consider the capacity utilized against the available capacity in all last-mile delivery vans. This metric is calculated by dividing the available capacity by the total capacity. Excess available capacity rates allude to poor loading procedures or the need to consolidate routes. The same calculation is used to calculate capacity used, dividing the capacity used by total capacity.
4. Planned Versus Actual Mileage
Planned versus actual mileage last-mile metrics are calculated by dividing the actual mileage per vehicle, driver, or route by its own planned mileage. Higher actual mileage rates reveal problems with route planning or unforeseen detours to route schedules.
5. Driver Hours In-Motion and Stationary
In-motion and stationary driving hours are expenses in last-mile logistics, and, unless your company employs a fully autonomous and drone-assisted delivery network, stops are necessary. However, the amount of stops and hours of both in-motion and stationary position can help measure performance of drivers. Excess stationary hours or excess in-motion hours are calculated by dividing the total amount of time drivers spend on a route by the number of hours in motion and the number of hours stationary.
6. Cost Per Item, Per Mile, and Per Vehicle
Last-mile metrics should track the cost per item, per mile, and vehicle associated with a specific route and the company as a whole. As a result, shippers should average the total costs per item for a given route and for the company’s shipments over a set period. The same average process should apply to both mile and per vehicle metrics, too.
7. Number of Stops
Last-mile logistics and metrics should also track the number of stops per vehicle. This is important to monitoring fuel costs, but it can also allude to poor route optimization practices. In other words, vehicles with a high number of stops should be reevaluated for ways to improve route schedules.
8. Average Service Time
The average service time metric can be complicated because it involves different data to calculate, depending on the source of an order. Most commonly, it is calculated by dividing the total service time at the store by the total number of deliveries. In other words, what is the average amount of time spent per order between the store, the warehouse, and other pre-shipping processes?
9. Customer Complaints
The need to manage customer service and address customer complaints leads to another metric in last-mile logistics, reports Talking Points With Adrian Gonzalez. What is the total number of customer complaints, and how do they stack up against the total number of deliveries? This metric is calculated by dividing the total number of deliveries by the total number of complaints received.
10. Order Accuracy
Order accuracy is calculated by comparing the known inaccuracies of orders against all shipped orders. Since some consumers may never report inaccurate orders, it is difficult to track a specific order inaccuracy metric. Instead, shippers should track order accuracy rates by dividing the total number of shipped orders by the number of orders not subject to customer service disputes, calls or complaints.
11. Damage Claims
A final last-mile metric to track is also about problems with orders: damage claims. Shippers should track the number of incoming damage claims against the total number of shipments. This is calculated by dividing the number of damaged claims by the total number of shipments. The resulting value is the percentage of damage claims in decimal form.
Using Metrics, Shippers Can Improve Last-Mile Logistics
Metrics allow shippers to understand the ins and outs of last-mile logistics, and metrics provide a means of measuring the performance of last-mile logistics plans against actual processes and their associated costs. As a result, shippers can make changes to their operations to improve last-mile services through last-mile metrics, and knowing more about last-mile needs is key to providing more than just the standard last-mile delivery options.
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by Fronetics | Oct 11, 2017 | Blog, Content Marketing, Current Events, Marketing
As peer recommendation becomes increasingly important to B2B buying decisions, user review sites can make or break a business.
How often do you consider going to a much-hyped summer movie but change your mind when a friend shares the terrible Rotten Tomatoes reviews? According to Quartz Media, many a summer movie has proven more “bust” than “blockbuster” after negative feedback on the movie review site.
Just as Rotten Tomatoes can sink a would-be summer blockbuster, user-review websites can have a toxic effect on your business.
B2B buyers are increasingly relying on peer recommendations in the purchase process. In fact, 67% of those surveyed in Demand Gen’s 2017 B2B Buyers Survey reported that peer reviews are an important part of evaluating a list of solution providers.
Third-party user review sites as peer recommendations
Third-party user review sites function like peer reviews, particularly in the B2B space, where a buyer can’t always get a good vendor recommendation at a neighborhood dinner party. They need industry peers that have experience with these vendors to provide honest feedback.
So when someone leaves positive feedback about your business on one of these third-party sites, it’s a huge win for you. Potential buyers will see your customer’s kind words and form a positive association with your brand name. It can be the difference in winning a new customer’s business.
Dealing with negative user reviews
While your business will benefit greatly from positive reviews, it’s important to acknowledge that not all reviews will be favorable. You need a strategy for dealing with negative reviews. Here are a few tips:
1) Ignoring a bad review won’t make it go away.
Take the time to respond to criticism online, publicly if possible. Acknowledge the concerns of the reviewer, offer solutions, and invite them to contact you directly to resolve the issue. Negative reviews don’t have to be disaster — they can even be an opportunity for growth.
2) Learn from your mistakes.
This one may seem obvious, but you’d be surprised how often business don’t take negative reviews seriously, only to make the same damaging mistakes over and over again. If the reviewer has a valid concern about your product or service, take the time to address it internally.
3) Encourage more reviews.
Reviews are a way to empower your customers, and they represent vast opportunities for your business. Seek them out!
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by Elizabeth Hines | Oct 10, 2017 | Blog, Consumer Electronics, Current Events, Manufacturing & Distribution, Strategy, Supply Chain
Of legal obligation, financial incentives, and convenience, what best drives consumers to practice proper e-waste recycling?
The United States is a nation of consumers, and there are few things we enjoy more than our electronic gadgets. Unfortunately, for every new device — or upgrade — introduced to the market, there’s an older model that becomes obsolete.
The world produced 41.8 million metric tons of e-waste in 2014, according to a study published by the United Nations University. So how can we combat this growing problem?
The recycling option… and sometimes law
Recycling products that we’re no longer using is always good practice. It can help protect the environment from hazards that are in our electronics and batteries. And many times, the device can be refurbished and donated to a person in need.
Sometimes just asking people to recycle isn’t enough, though. Some governments have made it illegal not to recycle. For example, the EU has gone so far as to institute the Battery Directive. Understanding that batteries commonly contain elements such as mercury, cadmium, and lead, the EU has set an objective of improving environmental performances of batteries, and setting a standard for their waste management as well.
In the United States, cities like New York City have made it illegal to simply throw out electronic devices. Instead, residents need to bring their devices to a recycling center, many of them conveniently located at other electronic retail outlets.
Incentives
If less hazardous waste in landfills, a cleaner environment, and compliance with laws and regulations aren’t enough, how about saving money as an incentive to recycle e-waste?
Many manufacturers and retailers offer discounts on purchases with the return of old devices. Best Buy, for example, has experimented with trade-in and recycling programs that offer gift cards or cash for customers who bring in old devices. As programs like this can leave the retailer struggling to break even, they often aren’t financially attractive enough to be the sole incentive drawing consumers to recycle e-waste.
But one incentive that is very effective is also, probably, the most obvious — convenience. One survey found that 43% of respondents would be more likely to recycle e-waste were cell phone and battery recycling part of curb-side pickup.
The convenience of curb-side pickup for paper, plastic, and aluminum helped to make recycling ubiquitous in neighborhoods across the country. It’s the same thought process that leads researchers to believe that the convenience of a curb-side pickup will encourage more individuals to recycle their electronic devices and batteries.
This post originally appeared on EBN Online.
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by Fronetics | Oct 9, 2017 | Blog, Content Marketing, Marketing, Social Media, Talent
As peer influence becomes increasingly important in B2B buying decisions, empowering employee brand ambassadors will benefit your bottom line.
I recently attended a dinner party where I met a new acquaintance. We talked about our families, our hobbies and, of course, our jobs. She recently started working for a small business about which she was tangibly passionate. After listening to her talk, I went home, immediately started following the company on social media, and purchased some products.
Some companies are overlooking their greatest marketing tool: their employees. That woman made a big impression on me and actually influenced a sale. The experience reflects a trend that’s also growing in the B2B space: the impact of peer influence on buying decisions. In fact, 68% of B2B buyers say they give credence to peer reviews in the purchase process.
Imagine the number of people you could reach through each employee’s peer network. It’s a massive opportunity.
I’ve written lately about the rise of influencer marketing. It’s a strategy B2B businesses are starting to understand and use to their advantage. But you don’t need a Kardashian or even an important industry professional to get started. Employees are your most natural, ready-made influencers.
Here are 3 reasons to invest in making your employees brand ambassadors.
3 benefits of employee brand ambassadors
1. Increased social media reach
According to a study conducted by the MSL Group, employee advocates are connected to 10X as many people as their brand on social media, and can increase the reach of brand content by 561%. If your employees are posting about your company on social media, they’re reaching a much wider audience than your company page is.
While 57% of companies have a LinkedIn company page, 94% of B2B buyers use LinkedIn to distribute content. If your employees are posting company content to their personal LinkedIn accounts, imagine the potential range your brand has to reach new audiences. And these people aren’t hearing it from your corporate page. They’re hearing it from a peer connection. That’s definitely more powerful.
2. Increased brand engagement
When it comes to increasing brand engagement, there is no better place to start than with your own employees. Peer influence is a natural extension of employees who believe in your company and its mission.
While only 3% of employees share company-relevant content on social media, they actually drive a 32% increase in engagement. And their advocacy has a greater impact their peers’ buying decisions than you might imagine. Studies show that leads gathered as a result of employee advocacy convert 7X more often than other leads.
3. Elevated employee (and company) performance
While your employees are advocating for your company, they will also benefit from their new role as brand ambassadors. They will be more engaged and invested in their jobs. And the additional responsibility will foster a sense of pride and professional growth.
That pride translates to greater productivity. Companies with engaged employees outperform those without by up to 202%. But that’s not all! Companies with highly engaged employees saw a 20% increase in sales and a 10% in customer ratings.
Empowering your employees
Successfully reframing your employees as brand ambassadors requires creating a culture that empowers and incentivizes employee participation. Offer them the appropriate training or knowledge. Ask them to complete specific tasks (e.g., sharing company content), and give them room to be creative in their ambassadorship as well. Make sure you regularly engage them and thank them for their help.
Keep in mind: Employees are much more likely to participate if what you’re asking them to do is seen as complementary, not supplementary, to their workload. Make sure you are appropriately compensating them for any activity outside of normal working hours to avoid resentment. And, most importantly, keep the dialogue open. You never know how impactful your employee brand ambassadors can be.
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